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

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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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?

No related posts.

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?

Related posts:

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

Will Uk house prices fall or rise in the coming year ? What will the 2012 house market bring ?
We take a look at what the experts are saying and look to see whether the housing gloom is about to lift.

While the average house prices in the UK will have actually risen by 1.3pc by the end of 2011, with inflation currently at 5pc, property values are falling in real terms.

Rightmove expect UK House Prices to drop

Predictions for 2012 UK house prices

The Telegraph predicts 2012 will not see a revivial. They report “Inflation and the eurozone debt crisis will have a negative effect on house prices next year.”

This is Money’s property expert Simon Lambert speaks of  Estate agents claiming of a stand-off between sellers and buyers. The sellers reluctant to cut prices and the buyers unwilling to pay over the odds. Home sellers must either have a desirable property to sell in an in-demand area or be willing to lower their expectations, if they want to get a sold sign up outside their house.

Rightmove report UK House prices will show uncertainty. 2012 will be just as challenging as they’ve been in 2011. Asking prices are expected to rise by a mere 2%. Inflation-adjusted house prices will continue to fall in 2012, or at best stand still.

Your Mortgage Decisions predict great variances in house price movement across the UK. With the  south and in particular London and the home counties faring considerably better than northern England, Wales and Scotland. It would not surprise me to see some gains as significant as 5% to 10% within a commutable distance to London, as has been the case this year for pockets of desirable housing served well by schools, transport links and good community facilities such as leisure and retail. Other areas are likely to see a more benign outlook with a neutral to 5 to 10% decline in the areas of highest unemployment.

Capital Economics expect prices to decline by 5% in both 2012 and 2013.
UK House prices often follow the USA trend the following year. so while the UK doesnt have any exciting changes, The United States are predicting a better change. Newspapers in New York predict a positive outlook. Wall Street expect the U.S. economy to keep growing, albeit at a sluggish 2% annual rate but fast enough to avoid a recession. In the CFA’s survey, only 12% of respondents said they expect the U.S. economy to contract in 2012.

Related posts:

1. House prices continue recovery
2. Halifax says house prices over 5 percent rise
3. UK house prices set to fall

Don’t you just love Phil and Kirsty, and there back again for another new series.
Catch the new series of Location, Location, Location on Wednesdays at 8pm on Channel 4.

Phil and Kirsty, like a favourite Aunty and Uncle they almost row in front of the nation on the great show
Property experts Phil Spencer and Kirsty Allsop were asked for advice on beating the house price slump. They are famous for their down to earth approach and no nonsense understanding of the UK house market. Below are there Top 10 Tips for beating the house Price Crash.

Phil and Kirsty Top Location Location location Tips

Phil and Kirsty from Relocation Relocation

1. Take Your Time

The advice we’d give in this market is largely the same as we’d give in any market. If you’re selling your house, don’t rush into buying. Take your time, even rent for a few months while you look to make sure. Any purchase in this OR ANY market should be for the long term, so it’s important to get it right.

2. Sit Tight

Here is some good advice in a recession from Kirsty Allsop.
Don’t engage with the market if you don’t have to. Unless you HAVE to move house, sit tight and wait it out.

3. Get A Good Deal

Phil from Relocation Relocation suggest you haggle hard when buying – bear in mind the house may soon be worth less than you paid for it – the market always has troughs and peaks.

4. Make Money from a Room

Rent out a room in your house. If you are struggling to make repayments on your mortgage, consider taking in a lodger to lighten the load.

5. Get a Kerb Appeal

The biggest challenge as a seller is getting people through the door – pay close attention to the exterior of your property.

6. Be Realistic

Phil and Kirsty often speak of  being realistic. It’s all relative  – remember, when house prices fall, you may take a hit on your own sale, but you can make this up when buying as the drop hits the whole market.

7. Sort Your Mortgage –its Costing You

For most people, their mortgage is their biggest debt – and in a credit crunch you want to limit your debt as much as possible. If you’re on an interest only mortgage, lessen your chances of negative equity by changing to a repayment. Before you do anything, though, seek professional advice from an independent financial advisor.

8. Take Advantage Of Rate Cuts

If you are already on a repayment, consider if you can take advantage of recent interest rate cuts to pay a little bit more of the capital each month. The more you pay, the faster you run from negative equity – and the quicker you’ll own your home outright.

9. Look After Your Property

Even if it’s not with a new bathroom or kitchen – keeping paintwork fresh, boilers regularly serviced and gardens well maintained can work wonders. And it’s cheaper to fix little problems rather than wait until they’re big ones.

10. Look For Innovative Ways To Get A Good Deal

Kirsty Allsop suggests house swaps are a good way to beat the stale market conditions. And for many types of people, like first time buyers, key workers or those in social housing, there are government and commercial schemes to help you get on the property ladder.

UPDATE: It seems Phil and Kirsty are really on form in the latest series on Channel 4

Related posts:

1. Revealed : The real Phil and Kirstie from location location.
2. How to negotiate like Phil and Kirstie
3. Location Location Location is back

Selling your house on the Rightmove web site is certainly a great way to be seen and find many more potential purchasers. But how do you get on there? Most good estate agents are experts in selling properties and will know that a web prescence is essential for capturing the market of people moving into the area. So the next question follows: how do you choose a reliable Estate agent in the UK market with a good Rightmove presence?

You won't see a RightMove estate agents in your road

As 25% of buyers found their property on the Rightmove web site, it is a priority to make sure your agent can advertise your home on Right move. You may find it is worth paying more to choose a proactive agent who will
ultimately achieve a better price for your property.

Before you commit yourself to one agent, take narrow down your estate agent list to approximately three finalists who you want to invite to do a valuation. Make sure you ask them how they will invest in marketing on behalf of the vendor and should, at the very least, take photos of your property. Also ask how long it takes to go live on Rightmove as it could take up to a week and yet shouldn’t take longer than a day or two after approval.

Rightmove enhanced advertising options

You may want to speak to your chosen agents about the Rightmove enhanced advertising options, Showcase and Premium Display to help sell your home even faster. You may need to negotiate with each agent to get the best commission rate though the lowest rate doesn’t always mean the best service.

Check out the estate agents profile describing their business. Does your estate agent belong to Ombudsman for Estate Agents or the National Association of Estate Agents. Royal Institution of Chartered Surveyors is also acceptable.

Don’t forget if the estate agents don’t impress you, it’s unlikely they’ll impress your Right move.co.uk visitors.

Related posts:

1. Pre-election house prices up – Rightmove
2. Are Estate Agents needed
3. How to advertise on Rightmove

10 Downing Street  isn’t for sale, but if it was…

With Right Move, Tepilo, Zoopla, Up my street or Find a property, we are a nosey bunch in the UK. If we aren’t buying property, we love to know what Mrs Jones paid for hers down the road. Or what the neighbours house looks like on an estate agents site. 10 Downing Street, colloquially known in the United Kingdom as “Number 10″, is the headquarters of Her Majesty’s Government and the official residence and office of the First Lord of the Treasury, an office now invariably held by the Prime Minister.

Just imagine if 10 Downing Street was for sale

So what if  10 Downing Street was for sale? well we know its not that simple if you want to move into that address and it certainly isn’t based on price alone. Though imagine for a moment if it was a simple as an asking price…

Zoopla recently valued the residential portion of 10 Downing Street, worked out under which PM value was lost and gained, calculated the stamp duty payable in April 2011 (at 5%, that’s £225K) if it was for sale on the open market, and identified and worked out the value of other 10 Downing Streets around the UK.

Here are their reported results for 10 Downing Street:

• Gordon Brown currently worth a £4,574,831
• Tony Blair when he left was worth £5,037,251
• John Major £1,644,558
• Margaret Thatcher £1,804,952

Zoopla also reports that property prices have risen since the last election in 2005 in each of the party leaders’ constituencies

• by over 12% in David Cameron’s;
• by just over 5% in Nick Clegg’s
• by almost 19% in Gordon Brown’s

So there you have it, thanks to Zoopla we now know it’s not been the best property boom in recent times, which of course we knew already.

Related posts:

1. Property Price Extremes
2. Property Listing Sites
3. House prices continue recovery

Did the Chancellors housing market boost give a small lift to the sector?

The Chancellor George Osborne’s Autumn Statement last week announced 35 transport initiatives that will boost a number of locations and thereby boost prices in the surrounding areas.

It may of been a slightly hidden benefit but it is expected to help boost the housing market in North Cambridge, North Buckinghamshire and North Oxfordshire and South London looks like finally getting the Northern Line Tube station as part of the Battersea Power Station redevelopment.Some are calling it the “Battersea buzz”  and are seeing a large property price increase with anything from 10 to 20 per cent ahead seasonal prices.

More housing market boosts will come next year in 2012. The Chancellor is funding improved links to the M56 and A6 at Manchester Airport.

Improved transport infrastructure always boosts the house prices. It is always a main factor in the choice home buyers make if relocating. Additional benefits will be seen the M3 near Portsmouth will similarly enhance some employment hotspots.

Housing market boost

The Chancellors housing market transcript:

We can today give the go ahead around the country to 35 new road and rail schemes that support economic development.

The Chancellors housing market boost started in the North West.

He continued…

We will electrify the transpennine express between Manchester and Leeds, build the Manchester Airport and Crewe link roads and work with Merseyside to turn the vision of the Atlantic Gateway into reality.

In Yorkshire and the Humber, there will be new stations and new tram capacity – and we will halve the tolls on the Humber Bridge.

I want to pay tribute to my HFs the Members for Beverley and for Brigg and Goole for campaigning with other local MPs over many years to make this happen. Under this Government it has.

In the North East we will bring forward investment on the Tyne and Wear Metro.

In the Midlands, the A45, the A43, the A453 link, the Kettering Bypass, and the M1 and M6 will all be improved.

In the South West, the Bristol link road and the A380 bypass will go ahead.

And for families across that region facing the highest water charges in Britain, the Government will cut the household bills of all South West Water customers by £50 a year.

In the East of England, we will make immediate improvements to the A14.

In the South East, we will build a new railway link between Oxford, Milton Keynes and Bedford that will create an estimated 12,000 new jobs.

Start working on a new crossing of the Lower Thames.

Chancellors housing market boost continued with news on how he will explore all the options for maintaining the UK’s aviation hub status, with the exception of a third runway at Heathrow.

Right here in London we will work with the Mayor on options for other new river crossings, for example at Silvertown.

And we will support the extension of the Northern Line to Battersea in partnership with the private sector. This could bring 25,000 new jobs to the area.

Devolved administrations in Scotland, Wales and Northern Ireland will get their Barnett share – and we’re working with them to improve the links between our nations, such as the M4 in South Wales and the overnight rail service to north of the border.

This all amounts to a huge commitment to overhauling the physical transport infrastructure of our nation.

What are your views on the Chancellors housing market boost? Let us know below.

Related posts:

1. Up to 8 years Time Before the Housing Market Reverses!
2. Rightmove : Broken housing market
3. Property price gap grows