Property Market. What Happens Next In 2017 / 2018? Focus Is RemortgageWritten by homebuy1
Remortgaging will peak in 2017. Homeowners lock into the best mortgage rates. Cash buyers and Investors will take advantage of desperate Sellers. Value for money.
2017 - 2018 Changes Are Happening To The UK Property Market
This year 2017 we have been apart of a rapid UK changing property market. The property cycle cogs are turning with dramatic results with the obvious now happening.
Buy To Let Market
The quantity of Buy to Let property being purchased in the UK has dropped due to the tax and stamp duty changes implemented.
The Investors that have cash can drive a hard bargain and Developers will return to discounting their property if they want to sell to Investors.
We are at least 30% down on Buy to Let and some companies that were in the buy to let arena are implementing new forms of investment.
A mix of the peer to peer structure where collectively investors can support a business model with security and get a return. With the benefit of being hands off.
These platforms are now moving into a second phase of change where they will be supporting say a student build where the Investors are in at the start and enjoying the returns after build complete.
It is no longer acceptable to run a Buy to Let on the cheap. Safeguarding the tenant is paramount together with the need for management companies, letting agents to excel.
Choosing the right letting and management company is difficult now. With the recent investigation on what fees are involved, the number of letting companies will decrease.
Their portfolio of property will be snapped up by many larger institutions, where the economy of scale will manage properties efficiently with the help of much improved IT management software.
We will see Letting companies turn back to Sales Agents with some chancing their luck on developing an online sales platform.
Managing a letting company will be transparent and the service regulated so that Tenants are being supported safely.
Online V Offline Sales Agents
The online revolution for sales of property was always going to happen and they have the advantage of coverage over the local high street agent.
They entice Vendors with low selling costs.
What has been forgotten is who gets the best price for a property?
Who is instrumental in getting deals across the line?
The good online platforms are encompassing a local approach and have a back office team to pull the completions through.
So which is best?
The good news is that in each area of the UK we have great local Agents that can deliver a bespoke service.
Their skill is to take away the pain for the Vendor and introduce local Buyers. To deliver a solution that is tailored on what the Seller needs.
A fast sale
The best price for their property.
A fee charged that represents value for money.
In the past Local agents have used preferred Conveyancers and Mortgage Brokers. This works because they have some control on getting a sale through.
Unfortunately this comes at a price and as such in now under investigation. Is it fair to Customers?
The answer in today's market is very easy.
Everyone uses price comparison websites to investigate what they should be paying for a service and who is in a specific market place that can provide a great deal.
It is now time that both Online and Local Estate Agents provide their Customers with choice with minimal hassle.
Online Gets Personal
First Time Buyers can decide in their own time to get to grips with their moving costs and then work out when they are likely to move.
Affordability is key here and some Mortgage companies have thought this through.
They accept a deposit from Mum and Dad and then after so many years the deposit is returned. This is the most innovative change in 2017. The Family Offset Mortgage. Barclays and Lloyds are named by Which.
If you are both selling and buying then you can compare online sale and purchase conveyancing quotes.
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The Customer can review their online conveyancing quotes without entering any personal details by cheapest, local and by Mortgage Lender.
They can when ready take a quote away and schedule a call directly from their chosen Solicitor.
The Homebuyer Solicitors are introduced to motivated Buyers and Sellers that are expecting a call.
We help Buyers and Sellers make the right independent conveyancing choices.
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