The one thing no one wants to hear is house repossession in there neighborhood. Its bad for so many reasons. How good it is to read that house repossession is at its lowest for 4 years.

The Council of Mortgage Lenders (CML) recently showed the dramatic drop. A recent CML report showed the number of repossessions by mortgage lenders last year amounted to 36,200. This is the  lowest annual total since 2007.

We are all well aware that the recent UK recession has made things very difficult for home owners. It’s common to hear of worsening unemployment and other pressures to inflate figures this year.  The reality is, if you are behind on your mortgage, the mortgage company can start proceedings for house repossession.

But it seems that unlike previous recessions, this one is heading a different way.  If we have rapid inflation then you have the situation we had  in the early 1980s where owners paid off a generation’s mortgages.

Those who bought a home in the 1980s to early 1990s, and then held on through double-digit interest rates and the 1990s crash, have emerged with properties that have risen to be worth five to ten times their mortgage.

While falling property prices has brought tough times for those who have seen equity slashed, fallen into negative equity or even had their homes repossessed, there are others who are pleased that prices are falling.

Lower property prices are a boon to first-time buyers and those moving up the property ladder, but only if they can raise the substantial deposit needed to take advantage.

House repossession is back for 2012

Sadly the expectations aren’t good for 2012 when it comes to house repossession. CML anticipates around 45,000 repossessions and around 180,000 mortgages in arrears of 2.5% or more by the end of 2012.

Paul Smee, director general at the CML says, ”Low interest rates and good arrears management by lenders are helping the vast majority of those borrowers who face difficulties to keep their homes and get back on track”

Sadly house prices remain at a stable rate. This means those on the verge of house repossession are not going to be in a position to  increase to a point where they can sell any time soon. For others their repayment will continue to cover only the interest on their mortgage. While interest rates remain low, they will be merely propping up the lender’s balance sheet. When interest rates rise, they will be in difficulty as house prices will be forced down by forced sales further reducing any equity that they have gained.

Related posts:

1. House prices set to Rocket or Plummet
2. UK house prices rising fast
3. Repossessions high – UK Housing Market

Zoopla decides to show how to fight housing and homelessness. Teaming up with Shelter, Zoopla commits £25,000.

The economic situation over the past few years in the UK means many families are struggling to keep a roof over their heads. As a result, property website Zoopla.co.uk has today announced a fundraising partnership with national housing and homelessness charity, Shelter, with Zoopla committing to raise at least £25,000 for this cause in 2012.

As part of their commitment to make a difference and raise awareness of the issues surrounding bad housing and homelessness, Zoopla will work closely with Shelter to help support their charitable efforts and will participate, donate directly and identify new opportunities to raise funds in 2012.

Zoopla employees also lead the way on how to fight housing and homelessness

Zoopla employees have wasted no time in showing their commitment to the partnership by donating over £7,500 themselves already via payroll giving alone and committing to numerous events throughout the year, including Shelter’s annual Vertical Rush in early March, which involves scaling the 920 steps of Tower 42 in the City. Zoopla also plans to make fundraising for Shelter an integral part of the numerous trade events and awards it sponsors throughout the year including Lettings Live, the ESTAs and the Estate Agency of the Year Awards.

Alex Chesterman, Founder & CEO of Zoopla said: “Shelter does an outstanding job trying to help those have fallen on hard times. We recognise that charities like Shelter rely heavily on donations from businesses like ours and we are keen to do what we can. Our team are motivated and to meet or exceed the fundraising targets we have set for this year and to make a difference in the lives of those less fortunate.”

Tracy Griffin, fundraising director at Shelter, said, “We’re delighted to be working so closely with Zoopla and are very grateful for their support. The money raised through the partnership will support Shelter’s vital work to help families across the country find and keep a decent home. We are looking forward to developing a strong ongoing partnership.”

Shelter’s housing advice helpline 0808 800 4444 is open 8am-8pm Monday to Friday, 8am-5pm Saturday and Sunday.

Related posts:

1. Average buyer priced out of UK housing market in 2010
2. UK Housing Market is heading for a second slump
3. Repossessions high – UK Housing Market

Chelsea Building Society fixed rate savings could spark another price war for mortgage offers.

Chelsea Building Society is offering a five-year, fix-rate deal at an all-time low rate of 3.19 per cent.

The offer, which massively undercuts competitors in the five-year market, is available to borrowers below 70 per cent loan-to-value (LTV) with the arrangement fee of £1,495.

“The fee aside, Chelsea Building Society fixed rate savings is the lowest-priced, five-year, fix-rate mortgage deal we have ever seen. It signifies a fresh battle in the mortgage marketplace,” said Andrew Hagger from Moneynet.

Chelsea Building Society has launched the lowest ever five year fixed rate deal. But its worth noting that although Chelsea’s offer is cheaply priced, it doesn’t mean a 5 year fix is the right product for everyone.

Chelsea building society fixed rate savings may not be the best product for you

As the Bank of England base rate iscurrently 0.5 per cent, It is likely to stay very low for the forseeable future. So it may be wise to look at the range of base-rate trackers out there at the moment.

Borrowers wanting a mortgage of up to 70 per cent LTV can benefit from a rate of 3.19 per cent, or 3.39 per cent for the offset option. Both mortgages have a hefty arrangement fee of £1,495.

“This is the lowest five year fixed rate mortgage ever to come to the market, which is great for customers wanting longer term security in fixing what is likely to be their biggest monthly outgoing,” said Chelsea Building Society product manager

Chelsea Building Society was the fourth largest Building Society in the United Kingdom with total assets in excess of £13 billion at 31 December 2007. It is a member of the Building Societies Association. Operating mainly in South East England with its network of 35 branches, its head office is based in Cheltenham employing over a 800 staff. The society was established in 1875 as the London & Camberwell Building Society.

Related posts:

1. Mortgage for 10 year fixed
2. Fixed Rate Mortgage Up
3. Banks or building societies for approved mortgages

Its been on Zoopla’s mind for a long time, but Zoopla wont stop until its number one amongst the property search portals.

The merge of Zoopla, Primelocation.com and FindaProperty.com

It seems they have announced the largest step forward yet by merging all the other big names to take on Right Move. Zoopla Ltd and Digital Property Group, a subsidiary of A&N Media Ltd which operates property websites Primelocation.com and FindaProperty.com, have announced plans to merge.

This has been seen as an excelent move as it will provide the first serious challenge to compete against Rightmove since the internet provided property searches as a useful way of searching. Opinion is a merger such as the one announced is set to be a big win for estate agents and housebuilders across the UK, creating a clear alternative in a market that has had a single dominant player for a number of years.

Rightmove could be knocked off top spot by Zoopla

The combined business will be in a position to offer a superior value proposition and wider exposure and is expected to result in an audience to rival Rightmove, delivering at least as many enquiries to its members.

And for consumers either searching for property to buy or rent or doing market research, the combination will deliver a number of benefits including significantly greater coverage of property listings and enhanced features to help empower them with the resources that they need to make better-informed decisions in the UK residential property market.

Zoopla has become even stonger as they have put a huge budget into advertising in 2012. With London cabbies going purple and TV adverts like Kerching, Zoopla are insistent on moving to the top spot

Rightmove could be knocked off top spot by Zoopla - Zoopla’s Alex Chesterman gives his view:

“This deal will be transformational for both businesses allowing us to compete effectively in a market where it takes significant investment to challenge the current market leader.  But more importantly, the deal will deliver real value for UK estate agents and developers and we will be in a position to provide them with the widest possible exposure and be their most cost-efficient marketing partner.”

So what do you think, can Zoopla with the merger of Primelocation.com and FindaProperty.com really prove to be an even alternative to Right Move?

Related posts:

1. Zoopla Vs Rightmove App Round 5
2. Zoopla Vs Rightmove App Round 6
3. Zoopla Vs Rightmove App Round 4

There are things some will love about your your current property and other things that some won’t. But putting that into a few words is a challenge.

For me I love our house and would probably describe my current property as
Spacious, Authentic, Home

A couple of days back Right move asked its followers : If you had to describe your current property in three words, which three words would you use?

Describe your current property in 3 words

This is how followers responded to there current property question

• Best in world
• Way too small
• Portland Stone Cottage
• On the market
• Falling into disrepair
• Stunning, sea views
• Need loft room
• Still not finished
• Beautiful Dartmoor home
• Move right in
• Council own it
• Not sold yet
• Stunning Snowdonia views

You can see the full article on rightmove’s facebook page
http://www.facebook.com/rightmove.co.uk/posts/10150561696732162

Claire Sweeney was asked to describe her current property. but she wasn’t limited to 3 words

“I live in a very beautiful five storey town house in Pimlico in London. It has the traditional white frontage in a very lovely, quiet street and has a terrace at the back. I love interior design and I’ve made this house quite quirky, so it has my own individual stamp on it. I like having lots of light, so the sitting room is mainly white and silver with splashes of turquoise. I chose a Cole & Son silver wallpaper and added lots of turquoise glass vases and ornaments that reflect the light really well and give the room a wonderful glow. My bedroom is again decorated in white and silver with splashes of shocking pink. I treated myself to an amazing antique silver bed and accessorised with lots of bright pink cushions. I have mirrored furniture because, again, this reflects the light. When I moved in three years ago.”

“The house was a little dark. I wanted to make it brighter, so I did small things like adding mirrors to the back of the shelves. Otherwise, it only needed decorating. I do miss the views of a river, but it’s a very happy, rather special house and I think I’ll stay here for quite a long while. It may sound like it’s a large house and I do like space but, funnily enough, it’s very cosy and, because I have the room, friends and family can come to stay, which is fun.”

So how would you describe your current property? It doesn’t have to be in three words.

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Not everyone is a fan of Estate agents. For many years we’ve wondered whether online property portals like Tepilo from Sarah Beeny would start the disappearance of Estate agents. Basically the question do you need an Estate agent with Rightmove Zoopla and Tepilo adverts has been asked many a time.

So do you really save money by using an online estate agent? Some would prefer the security of using an Estate Agent they can see even though it may cost a few thousand pounds. Often because of the fear of the unknown.  All though we are talking about saving money, if an online agent doesn’t sell the property then you have nothing to save as they didn’t sell it in the first place!  Now that’s a false economy.

Today we present 7 reasons you need an estate agent with Rightmove, Zoopla or any other online presents

1. The fact that an online agent have already been paid almost deflates any motivation to see the property. As opposed to an Estate agent who is running at a loss until he gets a sale. I say a loss as he has already committed to an advert, and details to print, local property paper and so on. Will an online estate agent sell a property as well as a High Street estate agent. Where is the motivation to sell and achieve results once you’ve had your payment?  Small estate agents rather than a corporate ones are more likely to put every ounce of their energy into finding you a buyer quickly as they have far more at stake.
2. Local knowledge on property sales. Although Zoopla has some amazing property index and historical data, it has no human element and is often a long way of a realist price. I’m sure this will improve over time. A good estate agent will add value to the sale price. This is one of the reasons many still use high street Estate Agent.
3. Some buyers don’t really want to meet the vendors face to face. The Estate agent acting as an in between can help keep emotions in place. Homeowners can be very defensive about their homes even though they are selling them. So Estate agents can negotiate a happy medium to keep both buyer and seller at peace.

Are Estate Agents needed?

1. Estate Agents can use there experience to reassure potential buyers about the issues that a survey might bring up. Also   ct to any observations made at viewing stage. A vendor would not carry as much weight in the eyes of a buyer and they might be suspicious of any advice and information supplied.
2. The high street Estate Agent will have a network of contacts in the area and is better placed to know who is around looking for a property like yours. There are still many buyers that don’t use the online searches and will just register with Estate Agents in the area of interest. Clearly in more affluent markets buyers potentially would have registered with an agent they built a good relationship with and buy through them eventually. So the combination of Estate Agent with Rightmove should cover all basis.
3. Building trust with a client and establishing and maintaining integrity is essential. Many buyers still like to see the face of the Estate Agent they’re dealing with. The Agent has a duty of care to both vendor and buyer so many buyers prefer to work with certain agents they know and trust.
4. A duel business exist with many Estate Agents that isn’t so intuitive with an online agent. The point is Estate Agents that have both Lettings and Sales can often refer people from one side of the business to the other. If an Agent has a database of tenants it is highly likely they have a pool of potential buyers as well.

So having seen the value of Estate Agents we have to conclude that they still have a part to play.

Most online agents don’t cost very much (Tepilo is free!) then why not try both? Why not  have an Estate Agent with Rightmove. No need to flood the market with your property which can be off-putting to potential buyers but a balance of both might be the best way to go. Certainly  the combination of Estate Agent with Rightmove covers all basis.

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Where have all the properties gone? We are seeing Zoopla and  Rightmove report unusual changes in 2012. With high search and yet  low Rightmove results it’s clear that properties are not entering the market quickly.

The opening weeks of 2012 have revealed a remarkable need for finding property but very little to be found in the search results.

The January 2012 report says search activity is up 27%. Yet it’s the lowest ever number of new sellers.

Rightmove Blog Reports – Rightmove’s early indicators of housing market activity in 2012 show that interest in buying is strong despite the lack of mortgage finance. The willingness or ability of new sellers to come to market remains weak.

Search activity on Rightmove during the first 10 days of 2012 reached new record heights, up by 27% on the same period in 2011, as prospective movers intensively research the market.

Regarding these Low Rightmove Results

Miles Shipside, director of Rightmove comments on the Low Rightmove Results.
Old records are being shattered as search activity is up by a staggering 27% on this time compared to 2011. Potential buyers and sellers are looking more often and researching more thoroughly. In areas where there is a lot of property up for sale, buyers are looking hard for properties that tempt them. Potential buyers are wanting something really special in terms of value, potential, location or quality of finish.

The increased market fragmentation caused by the credit crunch means that success in selling now requires a very careful and complex micro-market analysis. Rather than a wishful price-punt to see what happens, care is being taken. There can be hotspots and blackspots by property type within the same geographic location depending on local buyer confidence. Other demographics and the ability to obtain a mortgage is effecting potential sellers. More than ever do your research and take expert advice.

Zoopla havent reported there findings officially on Low property results, but they and have focused on the purple cab advertising campaign along with the findings that buying beats renting in 94% of UK towns.

Related posts:

1. How do you search for property? Part 5
2. How do you search for property? Part 3
3. How do you search for property? Part 4

Chances are these homes will never be seen on Rightmove. Ok they are all based in America and Rightmove is UK based, but even so. Could you really afford these Hollywood homes?

So we present 7 homes you can’t afford

1. Bill Gates home

Bill Gates Home

He has the finest home technology. Apparently has an automated human dwelling. I bet it has windows too.The hillside is in an earthquake zone, so the foundation sits on concrete piers and uses tiebacks and steel reinforcements several times stronger than the minimums set by the building code. Massive retaining walls, several feet thick in places, created a drainage problem, solved by collecting runoff in buried pipes that feed into the estuary.

2.Eddie Murphy’s House

Eddie Murphy’s House

The Academy Award-nominated, Golden Globe-, Screen Actors Guild Award- and Golden Raspberry-winning actor and comedian lives here. Murphy’s all-brick, gated and walled 32-room property is in the East Hill section of Englewood and sits high on a 4-acre knoll. It is star-studded estate with a full-size racquetball court, an indoor pool with a glass roof, a two-lane bowling alley, professional recording music studio, elevator, and carriage house with gym.

3. Oprah Winfrey’s House

Oprah Winfrey - Montecito, California

Oprah Winfrey paid $50 million in 2001 for the 23,000-square-foot Georgian-style home she calls the “Promised Land.” Last year the spread was appraised at just under $85 million. For such a public persona, Winfrey ferociously guards the privacy of her home, situated on 43 acres. At a Barack Obama fund raiser last year, guests were strictly prohibited from entering the house, and cameras were forbidden.

4. Jennifer Lopez and Marc Anthony’s House

Lopez House - Los Angeles, CA

Good thing J.Lo and March Anthony have all this space what with their twins and all. Marc Anthony probably requested a house of this magnitude so he can hide from his wife’s diva demands. J.Lo lives in a seven bedroom and fourteen bathroom, 12,217 sq. ft home

5. John Travoltas House

John Travoltas House Ocala, Florida

John Travolta is an Academy Award-nominated and Golden Globe Award-winning American actor, dancer, and singer, best known for his leading roles in films such as Saturday Night Fever, Grease and Pulp Fiction, John Travolta is aviation-mad and has lived with planes outside his door for a while now, previously living in a fly-in community near Daytona but had to move after other residents said his jet’s were too big for their facility. Now he lives in his current house in Ocala, Florida and he has a airstrip where most people have a driveway.

6. Halle Berry House

Hale Berry House in Malibu, CA

Halle Berry’s owns an $8 million estate in Malibu, CA. Nearly every room has a coastline view. Halle Berry is an American actress, former fashion model and beauty queen. Berry has received Emmy and Golden Globe awards for Introducing Dorothy Dandridge, and an Academy Award for Best Actress in 2002 for her performance in Monster’s Ball, becoming the first and still only woman of African-American descent to have won the award for Best Actress.

7. Ryan Seacrest House

Ryan Seacrests - Los Angeles, CA

This 10,000 square foot crib once belonged to Kevin Costner. The house boasts five bedrooms, a media room, billiards room, tennis court, gym, pool, spa and staff quarters. Los Angeles, CA – Ryan Seacrest recently purchased Kevin Costner’s Los Angeles home for $11.5 million.

Now please let us know if you find any of these on Rightmove or Zoopla
We are convinced that these are never seen on Rightmove and never will be!

Do you know of any other Houses in this league?

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What do you expect to see on Rightmove rental properties ?  Recently Rightmove asked its followers that question.

It’s good they are taking feedback from Facebook followers. The full questions was “If you were looking for a rental property on Rightmove, what information would you want/expect to be included from the agent advertising it?” It seems that floorplans and photos are providing the biggest feedback. So we hope these will be considered on the next site update.

Rightmove has over 300,000 properties to rent throughout the UK.

But the listings don’t always have a all the details needed for rightmove rental properties.

Here are the top 10 missing items on Rightmove rental properties

1. As many photos as possible including interior and exterior photos.
2. Room dimensions and a floor-plan.
3. Specific details on fees and special terms of contract
4. Whether pets are allowed or not in the property
5. Council tax band  on every property
6. Who will be responsible for maintenance of the property
7. Whether there are any restrictions on the property.
8. Information about accessibility.
9. Reference check fee and registration fee if applicable
10. Local broadband speed available – Could Rightmove link up with BT and Virgin to document the available broadband speeds?

Rightmove have the widest range of property types and styles, from studio apartments to detached family homes.

Whether you are a student, young professional or a family, Rightmove is the tool of choice.

Have you found rightmove rental properties have some details missing?

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1. Rising Rental
2. Zoopla Vs Rightmove App Round 2
3. Rightmove hit as Google enters UK housing market

Affordable mortgages aren’t a thing of the past. According to the Telegraph today, Mortgages are at their most affordable for 14 years.

The claim is based on the average mortgage payments for new borrowers, first-time buyers and home movers. The Telegraph speak of only 27% of disposable earnings needed for mortgages in the fourth quarter of 2011. Mortgage payments for a new borrower are now at their lowest in proportion to earnings since 1997.

A 14 year high for Affordable Mortgages in UK

Affordable Mortgages for new borrowers have reached their most inexpensive levels for 14 years! Typical payments in some areas of Scotland and northern England are taking up less than a fifth of disposable incomes.
The details were released from Halifax this week. So although most families are feeling the pinch,the figures are implying a different situation. Halifax claim it marks the lowest proportion since spring 1997 when a 26% proportion was recorded. This stands well below the 37% average over the past 27 years.

Once again the study  highlighted a North, South divide. The least affordable areas located in London and the South East.
Kensington and Chelsea in London were named as the least affordable local authority district. Here mortgage payments  are taking up 78% of disposable income.

Martin Ellis, housing economist at Halifax, said:

“The cuts in mortgage rates in the last few years have resulted in a significant improvement in housing affordability for those able to raise the necessary deposit to enter the market.. The marked improvement in affordability was a key factor supporting housing demand in 2011. The prospect of an exceptionally low Bank of England base rate over the foreseeable future should maintain affordability at favourable levels in 2012. This should support the market over the coming 12 months, helping to offset the impact of the downward pressures on demand from the ongoing difficulties faced by households regarding their finances and uncertainty about economic prospects.”

Do you feel these figures are truly representative of things changing? Will affordable mortgages remain or are these clever figures from Halifax?

Related posts:

1. Banks or building societies for approved mortgages
2. Buying 14% cheaper than Renting
3. UK repaying more debt than borrowing in 2009