19 Mar 12 Trends in the Cambridge Property Market
Housing markets all over the UK are prone to being somewhat volatile, and it is no surprise that the property market in Cambridge follows the same suit. The price of houses for sale in Cambridge fluctuates depending on the economy and currently, the average price of a house for sale in Cambridge is £343,589. The average time that a house will spend on the market before being sold in Cambridge is 99 days for a two-bedroomed house. Yet Cambridge is a hugely popular place to live, with a wide range of people from students to retirees and as such, the property market is a lively one.
So, just how do today’s figures compare to previous years, and is Cambridge a good place to invest in property at the moment?
April 2000-October 2011
In April 2000, a detached house for sale in Cambridge would have cost 104% less than in October 2011 and this is just one example of how Cambridge property market trends have changed over the last decade.
• In 2000, a detached house for sale in Cambridge cost £241742
• In 2011, a detached house for sale in Cambridge cost 493,316 (104% rise)
• A semi cost £158,773 in 2000 compared to £316,307 in 2011 (99% rise)
• A terraced house cost £132,362 in 2000 and by 2011, £305,559 (131% rise)
• A flat cost £84,330 in 2000 but in 2011, it cost £243,653 (189% rise)
The number of properties sold in Cambridge has also changed throughout the years, as in 2000, 27 detached properties were sold compared to 22 in 2011. A total of 61 semis were sold in 2000, but by 2011 this trend saw a huge decrease of 28%, with sale numbers down to 44. The number of terraced house sold also went down by 23%, from 62 to 48 in the same years but interestingly, the amount of flats sold went up, from 39 to 53 seeing an encouraging 36% rise in sales.
How Many Bedrooms?
The amount of bedrooms a property has doesn’t only affect the value of the home in 2012 but also its popularity with buyers. Three-bedroomed houses for sale in Cambridge that cost an average of £333,278 will be sold in 68 days, compared to one-bedroomed properties that cost £152,292 that take 165 days to sell.
Houses for Rent in Cambridge
Renting a house in Cambridge is popular due to the amount of students who reside in the area. Renting a house in Cambridge has also become more popular since the global economy had a meltdown as more and more would-be first time buyers have chosen and are still choosing to rent, rather than take a risk and buy. Houses for rent in Cambridge are not cheap, as the city offers endless amenities and entertainment districts that vary from shopping centres to theatres.
Prices are similar to properties for rent in other similar-sized cities such as Oxford, and while prices for houses to rent in Cambridge have gone up steadily over the years, there is no risk in renting in comparison to committing to a mortgage. With the economy on edge, a mortgage is a huge gamble to take, as a guaranteed income is not so guarantee-able at the moment!
Whether you are looking to rent or buy in Cambridge, the property market trends are always changing. Prices are climbing and are as high as one would expect for a city-location, and with Cambridge University continuing to attract new students every year – the property market in Cambridge will suffer far less than other cities.
Whether you are looking for houses for rent in Cambridge or houses for sale in Cambridge, HomesNow can help. You can find properties and estate agents in Cambridge, Milton Keynes and surrounding areas.
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16 Mar 12 A Fluctuating Housing Market in Cambridge Due to Students
Cambridge is a remarkable city in many ways. Perched on the edge of empty fenland and isolated from other urban areas, it is surprisingly compact and has thankfully avoided the endless suburban sprawl of many English towns and cities. However, it shares the same major problem that afflicts much of the more desirable parts of England; a severe housing shortage.
According to the University of Cambridge, it has almost 7400 staff catering for about 18,500 students though there are other FE institutions that swell these ranks to perhaps over 22,000 students. Many students are just passing through in the medium term and so look for houses to rent in Cambridge, while staff generally live in and around Cambridge for the longer term and often try to eventually buy their own home.
Houses for Rent in Cambridge
Across the wider Cambridge city area, 13% of households rent privately though this increases to 22% in the central area. In late 2006, average private houses for rent in Cambridge cost £755 per month, a figure inflated by the £965 monthly average for the central area. Local authority rents are considerably lower and sometimes supported by various forms of Local Housing Allowance.
Individual students come and go in a three or more year cycle (depending on whether they are taking a Bachelors, Masters or PhD) but overall, their annual numbers remain roughly the same, so the ultimate demand for student houses for rent in Cambridge is fairly constant.
Many students (and staff) are fortunate enough to be housed in the colleges:
• Jesus College tries to house all students either in college or in college-owned houses
• Fitzwilliam also tries to house all students either in college or in college-owned houses
• Queens’ usually houses all of its first-year intake in college
• Peterhouse keeps almost all students in college-owned properties with just a few rooms in college
As a result, the impact of students on privately owned houses for rent in Cambridge is actually much less than the raw data would suggest but still leaves many thousands looking for a renting solution.
Houses for sale in Cambridge
With the average age of first-time buyers now being 37 years and the banking-led economic downturn of 2007 still with us, the usually hot Cambridge housing market has cooled somewhat. Nevertheless, it is faring better than many other places.
• The average property price is still a blisteringly high £333,000, taking a range of 96 to 188 days to achieve a sale.
• Notably, it is the first time buyer market (one bed, average £160,685) that is slowest to sell, reflecting the squeeze on younger people.
• The City Council estimates that 74% of existing residents cannot afford to buy at present. On the plus side though, the buy to let market is buoyant, taking up an estimated 18-29% of houses for sale in Cambridge.
A major limit on the housing market is the small size of the city, which lacks the vast periphery of modern housing estates that is so common across England. As elsewhere, new home starts are sluggish with only 233 affordable homes targeted for 2011/12 in spite of planners requiring developers to include this feature. However, economic plans for growth in the city remain positive with a planned population increase to 134,000 (from 110,000) over 20 years, 86,500 new jobs and 71,640 new homes. With an existing shortage of affordable/non-affordable houses for rent or for sale and an expected increase in single person households, it is difficult to see how much of this optimism will be achieved.
Finding property in Cambridge does not need to be difficult. Visit HomesNowfor both houses for rent in Cambridge and houses for sale in Cambridge.
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27 Sep 11 The Housing Market in Stevenage
Stevenage was designated as the first post-war new town in 1946 although it was a small but successful town beforehand, being strategically placed on the Great North Road. Many of England’s towns and cities are fairly new, e.g. Manchester only came about in response to the Industrial Revolution, but new towns like Stevenage are different in that they were planned. Such new towns sometimes get a bad press; even the very successful Milton Keynes is regularly slated by the London media circus for its housing estates and traffic-free roundabouts, seemingly preferring London’s crowded flats and traffic jams. The generally higher supply side and sometimes overly uniform built environment does keep the price of houses for sale in Stevenage lower than surrounding areas, but this is great news for young working families struggling to get onto the property ladder.
The General Area
As mentioned earlier, Stevenage has excellent road links, being adjacent to the A1(M), and is situated only 30 miles north of London. It also has excellent rail links north and south on the East Coast mainline, making it very popular for commuters. The town sits in attractive Hertfordshire countryside and enjoys a number of parkland and woodland areas for recreation. Stevenage Town FC recently won promotion to League One and has a keen following. F1 racing driver Lewis Hamilton is a local lad, as are Ashley Young and Jack Wilshere, both Premier League and international footballers. As a designated new town, the population is still steadily rising (almost 85,000 in 2007) and is set to rise much further with the controversial planned enlargement of the town to the west. Estate agents in Stevenage are therefore going to have a busy time in the near future with so many new homes to sell.
Average Property Prices
With only a few exceptions, property prices across the UK are currently depressed as a consequence of the world banking crisis of 2007 onwards and the massive impact this has had on the world economy. UK unemployment is still rising while business confidence is falling, and mortgage funding remains hard to obtain on favourable terms. Currently, RightMove gives the average figures for houses for sale in Stevenage at £139,244 for flats, £173,243 for terraces, £207,153 for semi-detacheds and £321,885 for detacheds.
The disproportionate impact on first time buyers who currently need large deposits to join the property ladder is shown by the fact that it takes an average of 209 days to sell a flat, up 27% on a year ago while detacheds sell in 136 days, an annual increase in duration of only 5%. Of course, statistics are always subject to uncertainty, not least due to variations in compilation, so that another website actually shows detacheds at £370,841 in the past year. But the overall picture for Stevenage and the rest of the UK is clear: prices are generally depressed, first time buyer properties particularly so, and it can take a very long time to sell.
Who Would Buy in Stevenage?
Places like Stevenage are popular with working families who have members employed in London. Although the rail fares have climbed up steeply above inflation (a season ticket is about £3000 from Stevenage to King’s Cross), it is generally a lot cheaper to live outside the City and commute in. New cities are often attractive to younger families, not least because house prices are a bit lower but also because of all the facilities on offer like buses, shopping, schools, recreation, etc. There a various estate agents in Stevenage who are happy to help you in your search for a property there and they can often assist with finding a mortgage as well. The Internet shows a total of 14 estate agents based in the town, ranging from Acorn to Your Move, and between them you should be able to find all of the houses for sale in Stevenage.
Looking for houses for sale in Stevenage? Let HomesNow take some of the stress out of your house hunt by providing easy access to estate agents in Stevenage.
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21 Sep 11 Renting in Cambridge
Cambridge is an historic university city at the edge of flat fenland that stretches almost all the way to the North Sea at the Wash. Like its nearby cathedral city, Ely, it is an architectural oasis in an industrially farmed landscape. The River Cam flows through the heart of the city, with many famous colleges sitting alongside, making this one of the UK’s most beautiful cities. London, only 55 miles south, has good train links (King’s Cross or Liverpool Street) as well as access by road on the M11, but this is much more than just another commuter hub.
Many working-age people are attracted to live in Cambridge because they can find work (or study) either in the city or at the satellite science/industry parks on the periphery. Cambridge’s narrow medieval street system is ill suited to the average three-bed modern detached box, which means flats to rent in Cambridge are at a high premium
The Cambridge Property Market
This city is not a cheap place to buy or to rent. The strictly controlled physical limits to the city combined with an attractive townscape and healthy supply of well-paid, interesting jobs makes for a tight squeeze on the property supply side. In 2011, detached houses (in particularly short supply) were selling for an average of about £484,500, almost identical to the previous year in spite of the general depression in the national property market.
Semis, at about £250,000, were down by a surprising 25% and terraces were down 9% at a similar price. Flats in Cambridge, on the other hand, only suffered a 3% fall, to about £194,500. Combined with the current need for a large deposit up front, this means that even for Cambridge’s well paid young professionals, a mortgage to buy a property is a huge financial challenge, especially as prices are likely to remain stagnant at best.
The Cambridge Rental Market
Given the current financial problems with buying a house, flats to rent in Cambridge are at a high premium, even during an economic downturn. Of the city’s population of about 109,000 people, about a fifth are students who may only stay for about three years. Although colleges are working hard to increase their accommodation, many students still have to make their own arrangements away from college so it is not surprising to find that the proportion of flats here is higher than the national average.
One property search site has one-bed flats for rent in Cambridge ranging from just over £1000 down to £300 per month. These flats are suitable for one person only, who has to bear all the costs. The good news is that Cambridge is compact and flat, making the bike the best and cheapest way of moving around, especially as its roads easily clog up with traffic. This can save a small fortune in running a car, offsetting those rental costs while maintaining a good level of mobility!
Should you buy or rent in Cambridge?
First, you are financially lucky if you can afford to be thinking about the choice in the first place. Flats to rent in Cambridge are expensive and many tenants are students with either a very low income or none at all, plus a huge tuition fee debt burden to consider. Buying, however, is simply not an option until they have an established career, probably somewhere else in the country. Even those with a good job and adequate deposit might want to consider renting at present as there is little chance of prices rising in the near future and there are significant upfront costs such as legal fees, stamp duty and mortgage arrangement fees. Renting is comparatively cheap and flexible, which is why so many choose to do so.
If you are looking for flats in Cambridge, let HomesNow help you. Covering property in the Midlands and the East of England, HomeNow features many flats to rent in Cambridge.
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28 Jul 11 Renting vs. Buying in the UK
The UK is a very crowded island, with an estimated population of over 62 million concentrated into a number of urban belts, so it comes as no surprise there are numerous houses to rent and buy. This crowding reaches its peak in the south-east corner of England, with London and its masses of jobs sucking people in like an intergalactic black hole! Too many people and too little land are underlying causes of the housing shortage that has characterised modern Britain for too many decades, driving up property prices beyond the reach of many ordinary people. Fortunately, there is another solution to getting that all-important roof over your head, namely a choice of property to rent.
Advantages of Renting
Nowadays, we have a culture in the UK which actively encourages buying your home rather than renting, but this was not always so. In 1953, UK home ownership was only 32%, which means the vast majority had to find a property to rent. By the year 2000 though, home ownership more than doubled to 70%, although this figure has steadily fallen since 2005. This reversal has been driven by recent dramatic falls in house values and an extreme shortage of mortgage money due to the banking crisis, driving people back towards the following advantages of renting:
• Monthly rent is generally cheaper than equivalent property ownership because you are not responsible for maintenance and repairs
• Without those maintenance costs and the variability of mortgage rates, your monthly bills will be more consistent, making financial budgeting easier
• The rental deposit is relatively small compared to purchase and is returnable
• There are usually no legal fees to pay for
• You can move out at short notice, e.g. for a new job or better flat
Disadvantages of Renting
With the building of millions of council houses, there was a fair supply of affordable houses to rent, but Thatcher’s Conservative Government in the 1980s gave Council tenants the right to buy, resulting in over two million rental homes disappearing in a short period. Combined with a sudden slowdown in replacement Council housing, this left the rental market heavily dependent on private rentals, which are more expensive than Council rents.
Other rental disadvantages include:
• Landlords can often tell you to move out at short notice without giving a reason
• Rents can be increased at short notice
• You are limited in what you can do to change the look or quality of your home
• In spite of a legal requirement to do so, landlords sometimes fail to undertake repairs
• You have zero capital growth on your home
Advantages of Buying
As it involves finding a hefty deposit and forking out for an expensive mortgage over many years, there must be some very good reasons for so many people trying to buy their own home:
• Over time, property prices have risen faster than inflation, making home ownership a good long-term investment
• Provided the mortgage gets paid off, there’s the potential of living rent free in retirement, unlike having property to rent
• You can improve your home without asking permission from a landlord
• Capital acquisition provides security and the chance to pass on wealth
• You can’t be moved at short notice
Disadvantages of Buying
Home ownership (or at least a mortgage) is not always the best option compared to choosing houses to rent:
• The property market undergoes cycles of boom and bust, which can leave buyers with negative equity, i.e. their house is worth less than they paid for it
• People overstretch their finances to get on the property ladder (or snake!)
• Homes can sometimes be difficult to sell
• Mortgage interest rates can vary wildly, especially over a 25-year period
• Unemployment can mean you will lose your home and your capital investment if it gets sold cheaply at auction
Whether you choose to buy or rent is often decided by your individual financial situation, which varies from city to city, and family to family.
With many finding it hard to get a mortgage, there is currently much interest in houses to rent. HomesNow can help you find property to rent in the Midlands and the East of England.
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08 Jun 11 A Look at the Cambridge Property Market
What Cambridge has to Offer
In a word, opportunity is the magic ingredient for Cambridge’s success, an ingredient driven by the intellectual capital created by its world class University. The riverside setting is very pleasant and the college buildings are a match for anywhere in the world, but people are principally attracted to Cambridge because there’s so much interesting work. Obviously, the University directly employs many people and indirectly, many others rely on it for their income. However, there is one main development that has transformed its wealth; hi-tech industries. Currently, about 25% of Cambridge workers are employed in a hi-tech related position, a figure without parallel in the UK, and many of them are highly skilled and well paid. Just imagine the impact on the Cambridge property market!
Who Would Want to Live in Cambridge?
Anyone working in the hi-tech industry and who likes life outside a major metropolis would find Cambridge an attractive option. The Cambridge Science Park, first established by Trinity College back in 1970, consists of high-quality flexible laboratories and office space in an outstanding parkland setting. Working here is much more a pleasure than a chore. The businesses in this type of environment are software, electronics or biotechnology, leading to the name Silicon Fen or, alternatively, the Cambridge Cluster. Of course, the University itself employs approximately 11,700 staff with an estimated 77,000 other jobs depending on it, all of whom will be wanting a Cambridge property to live in.
Cambridge Property
Currently, the average property price in Cambridge is detached £525,770, semi £310,111, terraced £305,505 and flat £220,182, making an average of £321,121. The equivalent figures for nearby Bedford are respectively £342, 938, £192,746, £170,398 and £123,223, making an average of £223,059. Spot the difference; it costs roughly a third more to live in Cambridge. Also, even in a time of recession and with loans difficult to come by, on average, Cambridge’s much higher-priced properties sell in two-thirds the time of those in Bedford.
Cambridge Estate Agents
There are about 20 different estate agents currently operating in the Cambridge property market, a large number for a relatively small city and a sign of the demand for property here. Prices have fallen and it currently takes an incredible 100 days on average to sell a Cambridge house at present, incredible because it would often take only days or hours in the recent past. So, even here it has become something of a buyer’s market but only if you have no house to sell first.
How to Afford Cambridge Property
Assuming you are not a millionaire or even part millionaire, this is an expensive property market to buy into. However, being a small city the outer suburbs are actually still quite near to the centre so a short distance out will secure a much cheaper home. Be warned though that rush hour into and out of Cambridge is very slow, which is why cycling is so popular here. Alternatively, there has recently been huge housing development in the nearby cathedral town of Ely. Here, the average price is ‘only’ £242,269, not much more than Bedford yet only about 15 minutes away by train. Simples!
Finding Cambridge property does not have to cause you any undue stress. HomesNow can put you in touch with several Cambridge estate agents who will be able to assist you in your house-hunt.
25 Feb 11 Checking Out the Property Market in Northampton
Houses to rent in Northampton are currently in abundance and as many people are choosing to rent rather than buy in the wake of the recent worldwide recession; Northampton looks like a great option for a wide range of people.
Renting vs. Buying
The age-old debate of whether you should rent or buy a property never ceases to drum up a lot of confusion! While houses to rent in Northampton are easy to find, many people feel that renting a house as opposed to buying is like throwing money away every month. However, in the current economical climate it may be a good option, especially for first time buyers as loan rates on mortgages are higher than they were a few years ago after the recession dragged house prices out of reach for many.
If you have money to buy a home then there are some great properties available to buy in 2011 and you should speak to estate agents in Northampton to find out what you are likely to get for your money in the area. Compare the overall cost of renting as opposed to buying by looking ahead five years and remembering that with houses to rent in Northampton, just as with any major city or town, prices will rise the closer to the centre you get.
Facts and Figures
The number of houses sold between January 2010 and January 2011 is up by 5.6% with the average prices for a home being the following as of January 2011:
• Detached property: £280,000
• Semi detached property: £151,000
• Terraced property: £129,000
• Flat: £133,000
The only property type to see an increase over the 12 month period are flats with prices 25% higher than last year. Detached houses are down by 6%, semi detached down by 2% and terraced houses down by 7%.
Compare these figures to houses to rent in Northampton by looking at the following average rental prices (per month):
• Studio flat: £392.
• 1-bed flat: £457.
• 2-bed flat: £572.
• 3-bed flat: £654.
• 2-bed house: £565.
• 3-bed house: £660.
• 4-bed house: £1,002.
Whether you choose to rent or buy in the area your decision will likely be largely determined by the rates you are quoted from your mortgage company.
Why Choose Northampton?
There are many reasons to get in touch with estate agents in Northampton in order to find a house in the area and here are some of the top reasons why Northampton is a great place to live:
• The city centre is bustling with a variety of shops and local businesses including supermarkets and banks.
• Large cities and towns can be found just a short distance away, including Bedford, Birmingham, Milton Keynes and Luton.
• There are many job opportunities in the area.
• London is easy to commute to.
• Northampton is home to many top schools including the aptly named Northampton School for Boys and the Northampton School for Girls.
• The local university boasts around 10,000 students.
• The local transport systems are comprehensive offering trains and buses and the road networks are extensive with the M1 a few miles from the heart of Northampton.
• There are countless green spaces in the region, ideal for families and retirees to explore.
• Billing Aquadrome is one of the largest entertainment venues in the area.
Northampton is an ideal place to live for families due to the range of entertainment offerings in the area, from natural landscapes and parks through to good schools for all ages. Retired couples will benefit from the amount of useful amenities available and younger people looking for jobs will have plenty to choose from. With London and Birmingham within easy commutable distance, Northampton appeals to people from all walks of life.
If you want to learn more about houses to rent as well as buy then you should get in contact with estate agents in Northampton and ask to see their portfolio of properties.
Whether you would prefer to rent or buy, Northampton is an ideal place to begin your house hunt. Visit HomesNow for help on finding houses to rent in Northampton and estate agents in Northampton.
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17 Feb 11 An Insight into the Nuneaton Property Market
As a result of the complete meltdown of the international banking and financial system, across most of the country there has been a significant fall in property prices, with the Nuneaton property market being no exception. However properties in Nuneaton are still proving popular and the market is starting to pick back up again, largely due to the area’s local amenities and facilities, and houses for sale in Nuneaton are beginning to attract a lot of attention.
Low Times in the UK Property Market
During a period of relatively low inflation in most other commodities, the decade leading up to this present crisis witnessed a boom in property prices, fuelled by the twin fires of low supply in new house construction and high supply of money to buy housing. Added to this was the long-term British preference to buy rather than rent, based in part on the high cost and equally limited stock of rental properties. Today, the average price of property for sale in Nuneaton (population about 78,500) is almost £159,000. Perhaps the more telling figure is the average of 163 days to achieve a sale, which is almost six months, but houses to rent in Nuneaton as well as those for sale are beginning to pick up speed.
Nuneaton Today
The town has many modern facilities including a new swimming pool and sports centre but no cinema – although the nearest is only four miles away. Ropewalk Shopping Centre opened in 2005 to compete with larger shopping centres in the nearby cities and there is also the more established Abbeygate Shopping Centre. Nuneaton also has a pleasant country park called Hartshill Hayes for local outdoor recreation. Like other urban areas in the Midlands, there is a substantial but well integrated ethnic minority population, mainly from the Indian subcontinent, with one mosque and a couple of Sikh temples.
On the other side of the coin, today’s buyer in Nuneaton has to stump up around £31,800 plus stamp duty of about £1600, fees from lawyers and building societies plus removal costs that will take their total beyond £35,000 for the average house. And that’s before doing any carpets, curtains or possible repairs, and before those payments of over £600 per month for a mortgage of £124,000 kick in. Also, one salary will need to be about £35,000-40,000 plus a partner’s income to qualify. First time buyers are more likely to be looking at flats with a current average price of £84,735 in Nuneaton but they may well be paying for this out of a single income.
First Time Buyers in Nuneaton
So, with Nuneaton’s property prices still high in relation to average wages, a readjustment was probably overdue and eventually should provide opportunities for first time buyers to enter the market when the banks finally start lending without such tight restrictions on deposits. At least 14 estate agents cover the Nuneaton area and their books are well stocked with a range of properties for sale. The multitude of modern facilities and a range of decent schools in the area make it an attractive place to live for families. There are also many parks and the high street is lined with a choice of takeaway shops and convenience stores.
Private rentals might prove the better choice for some people looking to move into Nuneaton. For instance, a shared house currently has a single room for £50 per week near the town centre while a two-bed mid-terrace house is £325 per month. As a rail hub, the town is well situated for commuting as well, with London an hour away by train and Coventry only 10 minutes down the line, and many of the town’s residents find work elsewhere after the general decline in its textile industry and manufacturing. Proximity to the M6, M42, M69 and A5 provides further transport possibilities for commuters, while the Coventry Canal is best left to walkers and fishermen.
Despite the current economic situation, houses for sale in Nuneaton are still very much in demand. HomesNow can put you in touch with several estate agents in Nuneaton.
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01 Feb 11 An Insight into the UK Property Market
The UK property market is always a turbulent thing and property for sale in the UK is often at an extreme high or extreme low! Buyers with little equity such as first time buyers will be all too aware that the current property market is a game of two halves: one for the poor and one for the rich. The average loan-to-value reached a two-year peak in December but with figures at almost 59%, they are still way under the peak of 69% back in 2006.
Find a Property in the UK
Bigger homes are better value for money at the moment as lenders are being more generous to those looking at high value housing rather than those at the opposite end of the scale. The so-called house price crunch that occurred in the summer of 2007 left many home owners unable to sell for their desired price tags but as of the start of 2011, anyone buying a property for sale valued at more than £500,000 are enjoying the same borrowing rates as they would have done four years ago.
However, in stark comparison, for those who wish to buy a home worth around £125,000 the borrowing figures have gone up considerably and the amount that they are able to borrow is 9% less than 2007. The Bank of England reported figures that back up these claims; the availability of credit (secure credit) to households in the UK has been the same for the three months leading up to December and it is predicted that it will remain the same for the three months following. Borrowing is currently much easier for those with money mainly due to the fall in housing prices.
What Has 2011 Got in Store?
Take heed that if you thought it was hard to get a good lending rate as a first time buyer or someone with low equity that it looks set to get even harder in 2011. The Bank of England predicted that lenders will tighten their affordability criteria as the bank rates increase and this will lead to even higher lending figures. The demand for loans is likely to fall as the mortgage market continues to be stagnant and expensive. People are likely to delay their moving decisions until the summer this year in a bid to wait out the high lending prices and this will likely see the market come to a complete standstill. House and flats to buy throughout the UK are simply too expensive for anyone with a mid-range income and if you manage to find an affordable property in the UK it is unlikely that you will find an affordable rate to match!
Are Fixed rate Mortgages the Way Forward?
Many experts are advising the need to use a fixed rate mortgage as a way to avoid the high lending costs. Property for sale with a mortgage rate that is fixed throughout the specified term can be hugely beneficial to anyone entering a fluctuating market and has recently become a more popular way to purchase property for sale in the UK. Flats to buy in the UK are exactly the same as houses and all purchases carry a certain amount of risk, even when the market is running smoothly and a fixed rate mortgage allows people to buy safe in the knowledge of exactly how much they will have to pay back and when.
Getting around the problems that the UK property market is currently enduring is tricky but a fixed rate mortgage is proving popular with many. Other buyers may choose to bide their time and wait to see what the summer will bring.
When you are looking for property for sale, it need not be a stressful experience. Visit HomesNow for a wide variety of houses and flats to buy in the Midlands and the East of England.
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18 Nov 10 An Insight into Harlow
The Essex town of Harlow is a popular place to live largely due to its great location close to London. Harlow property is highly sought after and as such there is a surplus of Harlow estate agents offering a range of sales and rentals. Hertfordshire is close by and the town is part of the famous London Commuter Belt that makes Harlow a great place to live for eager commuters into the big smoke. Around 80,000 people currently live in Harlow and Harlow property is available to suit a range of budgets depending on your desired location.
What Does Harlow Have to Offer?
Harlow is a new town and there are many facilities and amenities on offer to locals and visitors such as shops, restaurants, bars and great transport systems. There are two rail stations found in the town and the most common rail line to take runs into London and back. Harlow is also located at Junction 7 of the M11 and Stansted Airport can be reached in a short drive. Bishop’s Stortford is also close by, as is Cambridge and there is an extensive bus system in place to allow locals to get around with ease.
The local hospital is located close to the town centre and Harlow property close to the town is highly regarded, as this is the heart of the action in the region. Harlow estate agents will be able to offer advice on which properties offer best value for money but many families choose to reside close to the schools in the region while retirees and young couples choose to live close to the centre. There are six secondary schools in the region making it a great place to live if you have children. Families can also make use of the local parks found throughout Harlow.
Sport enthusiasts will enjoy the local options as the local football team and rugby team are both highly respected in the town. There are four cricket clubs in the area and sports fans will be spoilt for choice! The centre of the town is home to the main entertainment offerings with bowling, a cinema and a range of shops available to browse through. The area is famous for its numerous sculptures found scattered around the town and these interesting pieces of artwork were created by the likes of Auguste Rodin to Henry Moore and Barbara Hepworth.
What is Attractive about Harlow Property?
Harlow property has been built in recent years with the environment in mind. There are many green spaces and Harlow Town Park is the most popular. Every estate is separated from the next by open green spaces and the estates also feature some of the aforementioned sculptures. Houses complete with garden acreage can be found further afield away from the estates and prices can range from affordable modern, one-bedroomed flats in the heart of Harlow through to expensive mansions that were built decades ago, boasting land as well as parking space.
Harlow is an attractive and developing town and its location close to the nation’s capital ensures that local Harlow estate agents are kept on their toes!
Being close to both Hertfordshire and London, Harlow property is in high demand from commuters. If you are interested in living in the area, there are many Harlow estate agents who can help you find your ideal home.
