Broadband speeds could swing decisions on home buying

Many people that are looking to buy a home look at a range of different factors in order to help them to decide which home is going to be most suited to their needs. There are many things that people will look for in a property, such as local amenities and facilities, road and transport links, neighbours, etc. However, more and more people are also looking at the broadband access in the area before making their minds up.

This trend has resulted in broadband becoming an important selling point for estate agents, and some are now using the availability of high speed broadband as a valuable selling point for properties. Property website Rightmove and communications giant BT are two companies have teamed up to provide information on broadband for over one million properties that are up for sale on the Rightmove site.

The importance of broadband has increase because nowadays people require higher speed broadband for a range of things such as entertainment and shopping, education, communication, and business use.

An official from Rightmove said: “Broadband is becoming one of the most, if not the most, important considerations for prospective buyers. Many people fall in love with a home only to find out it can only get really slow internet. By listing broadband speed with all the other property details buyers will be able to weed out homes that don’t have high-speed access.”

Another official said: “As a leading UK website services like superfast broadband obviously interest us and we have recently looked into how it can benefit us, although we are not currently in any form of partnership with BT.”

Tags: importance, Estate agent, uk, estate, speed, high-speed access, Technology Internet

Third consecutive drop in asking prices

It has been revealed that asking prices for properties have fallen for the third month in a row, raising further concerns that the UK economy and the property market may be heading towards a double dip. The data comes from a report released by the specialist property website Right Move.

During the five weeks leading up to September 11^th the average asking price on a home put up for sale in England and Wales fell by 1.1 percent, taking the average asking price to £229,767. During the past three months sellers have dropped their average asking prices by 3.4 percent in total, equating to £8000 in terms of value.

The drop in asking prices over the past three month has wiped out half of the gains that have been made during the first part of this year. This gloomy data relating to property prices adds to a number of reports that have painted a bleak picture for the immediate future of the property market in parts of the UK.

Estate agents are currently reporting record numbers of properties on their books that remain unsold, as more people rush to sell their homes at the same time as a greater number of potential buyers decide to hold off committing to a mortgage or are unable to get finance to buy a property.

Officials from Right Move have said that there was a fall in the number of properties that came onto the market over the course of the month, with just over 26,000 properties a week going up for sale each week during the month, reflecting an 11 percent fall compared to August and resulting in the lowest levels seen since April of this year. However, the record number of unsold properties per estate agent stood at seventy nine.

Tags: property, Right Move, Estate agent, england, Wales

Double dip recession could stem from house price falls

Officials from the Royal Institute of Chartered Surveyors have stated recently that concerns over a double dip recession have been sparked as a result of house price falls. Earlier in the week the majority of estate agents reported that house prices had fallen for the first time in a year.

According to RICS there has been a surge in the number of properties coming onto the market whilst at the same time the level of interest from would be buyers has fallen as a result of a number of factors. This has sparked a drop in property prices following a period where property prices were regaining strength, and with the economy in the UK still fragile following the recent recession many are now concerned that the nation could be heading back towards a double dip recession.

The figures show that compared to the combined total of estate agents that reports stable or increasing house prices 8 percent more reports falling prices, and this was the first time since July of last year that a majority of estate agents had reported a fall in property prices.

Officials have said that falling house prices tend to take their toll on consumer confidence levels, and with a fall in consumer confidence there could also be an increase in the chances of a double dip recession. Scotland and the South West are said to be enjoying some level of stability, but all other areas of Britain have apparently been hit.

RICS said: ‘This is a reflection of both the increase in supply following the scrapping of HIPs and the more cautious stance from buyers. Significantly, the forward looking price expectations numbers suggest that this softer trend will continue through the second half of the year. However, agents are still generally optimistic about sales activity which should benefit from more realistic pricing of properties.’

Tags: house, double dip, Estate agent, prices, Royal Institute of Chartered Surveyors, recession

House price bubble formed due to higher demand for property in UK

Recent reports have indicated that s house price bubble is being formed in the UK, with the main cause of this being the high demand for properties compared to the low supply from sellers. Read more

Tags: Real estate economics, Real estate, Real estate bubble, National Association of Estate Agents, Estate agent, Danish property bubble of 2000s

Men ‘take care of finances during move’

Nearly half of men in a relationship will manage the finances for moving compared with 34 per cent of women, according to a new survey.

The findings from Halifax show that 65 per cent of couples will make a joint decision when to move or sell their property while couples are less likely to consult with each other the older they get.

Up to 72 per cent of those aged between 16 and 24 consult each other while only 58 per cent of the over-65s will involve their spouse in a decision surrounding moving house.

Gordon Edwards, managing director, Halifax Estate Agents, said: “Buying a house is the biggest purchase most of us are likely to make.”

“If you are deciding to sell your home, purchase a new property or sorting the finances for a move, it’s important to involve your partner in the decision-making process,” he said.

Meanwhile, more research from Halifax shows that County Armagh has the fastest house price growth in the UK with a rise of 331 per cent over the past ten years.

Tags: house price, decision-making, cent, Estate agent, director, finance, new property, relationship