Northfields

British Attitudes Towards Renting Rather Than Owning Changing

For the past few decades the vast majority of British people have aspired to be home owners, seeing bricks and mortar as the best investment and a symbol of independence.  But a recent report published by FindaProperty.com, one of the property websites that Northfields advertises its properties through, revealed that recently attitudes towards renting seem to have shifted.  Britons seem to have relaxed their attitudes towards long term tenancy.

Even as recently as April 2011, Northfields reported that 9 out of 10 tenants did not want to become lifelong tenants, as are many of our continental European counterparts.

However, Findaproperty.com's recent research seems to suggest that this attitude may have changed.  With Britain's rental market over-taxed with demand, it looks as though more and more people may be long-term, if not lifelong tenants. This new research found that when over a thousand young home movers were asked about their property plans half said "they didn’t expect to own their first home until they are into their 40s and 38% said owning a home ‘wasn’t critical’ to them".  26% of those who responded to the survey said they had ‘no issue’ with the prospect of renting long-term.  It seems from this survey that the state of the economy has shifted priorities quite significantly in quite a short space of time.

With fewer people able to save up the deposit required by mortgage lenders, more and more people are continuing to rent.  This delay in moving up the property ladder has driven rents across the UK up as more people were seeking rental properties.  According to FindaProperty.com, the average rent in the UK now stands at £880 a month, the highest price for renting a property ever recorded by the property website.

The rental rise is not the only change in the rental market - properties are also snapped up more quickly.  FindaProperty.com has noted that the time between a new property being listed for rent on the website and being successfully let has reduced by 10% over the past three months alone.

Government statistics back up the data of how many more people are renting.  Home owner-occupation has dropped from 14.8m (71%) in 2005 to 14.5m (67%) in 2009-10.

FindaProperty also points out the irony of the situation, stating that with rising rents it is now more expensive to rent than it is to buy. While mortgage companies may be demanding higher deposits that many find difficult to amass in order to secure a mortgage, once a mortgage is granted, mortgage payments are made more affordable by the low interest rates currently available. 

Choosing whether to rent or buy property is largely down to personal circumstance.  Northfields can help find the right property for you whether you are looking to find the perfect property to rent in West London or whether you need to find just the right property to buy in London.  Call us on 0208 840 6666 or register your details online and we'll let you know when a new property becomes available that might be the perfect fit for you. 

First Time Buyers Expected to Be at Pre-Credit Crunch Levels in London in 2012

Rightmove released its Consumer Confidence Survey just before Christmas.  This report surveys the public and takes the temperature of would-be house buyers in a bid to guage what state the market might be in in the near future.

The latest report from Rightmove contained some dire news for the rest of London, but some extremely exciting news for Londoners.

The over-riding thrust of the Rightmove report was that "First-time buyers are to remain on the ‘endangered list’ in 2012".  Of the respondents who said that they had an intention to buy in the next 12 months only 23% fell into the first time buyer category.  This figure is down from 26% a year ago, meaning that first-time buyers will remain an endangered species in 2012. 

It is believed that for the market to thrive, 40% of all buyers should in fact be first time buyers.  These percentages keep the market moving and buoyant.

Certainly, if you were hoping to sell your first home and make your first move up the property ladder, this news would be quite unwelcome.  But here is where the figures get really interesting.

In London, the percentage of people intending to buy their first home was 41.9%.  This is slightly over the required number to keep the property market moving and far outpaces the rest of the country.

Who are the first time buyers in 2012?

The average age of those who plan to make their first property purchase was reported at 32 years of age.  However, there are many in the 35 plus age bracket who still find themselves renting without much prospect of moving on.  

A whopping 56% of the surveyed first time buyers are expecting to have a £20,000 or more deposit for a
property.

How Do You Attract a First Time Buyer?

According to Rightmove's survey 61% of would-be first-time buyers think property prices in their local area are above what they consider to be fair and reasonable.  So it stands to reason, that pricing your property competitively will make your property stand out from the crowd and will mean that you will be able to achieve a quicker sale and move on to bigger and better things.

Striking a Balance

Of course, if you are looking to sell your first home so that you can trade up, you want to strike a balance between achieving a quick sale and getting the most you can for your property.  Here's how to do it:

1.  Arm yourself with a bit of research.  What price would make your property stand out in a crowded market place?  Search property listings for properties similar to yours.  Try and think like a buyer.  Would you want to view the property listed at £249,950, below the £250K stamp duty level?  Or would you rather view the property that is £255,000?  Also remember that most property websites allow you to search for properties within a certain price range, so if you keep your price within that price range, rather than just exceeding it, you will get more hits, therefore more viewing, and more offers.

Search the properties Northfields currently has for sale to get an idea of what properties and prices you might be competing with. 

2.  Use an expert.  Not everyone sees estate agents as being your friendly local property expert, but that is exactly what they can be.  Remember that estate agents want to sell your property quickly and for the best price we can achieve ,just like you do.  However, not all agents are created equal, so make sure to choose an agent who is backed by regulatory bodies such as the Property Ombudsman and the National Association of Estate Agents (NAEA).  Agents, like Northfields, who belong to such industry organisations are voluntarily part of the membership and are expected to fulfil certain standards of professionalism which will give you more peace of mind.  Also look for award winning agents, who will have been recognised as the best in the business by property experts.  Again, Northfields is constantly striving to be the best in the business and is regularly recognised with awards.

Valuations are free from Northfields and there is no obligation, so you can take advantage of our expertise and award winning knowledge to find the right balance between a quick sale and getting the best price possible.  

Arrange your free, no obligation valuation now by calling Northfields on 0208 840 6666 or click the link to request your free property valuation online.  

Planning on Buying Property in 2012? What You Need to Know

On theBest of Ealing website, Northfields shared some tips for selling your property in 2012. Based on some predictions from property website Rightmove.co.uk, 2012 looks set to be a year of what Rightmove is calling “micro-markets”, meaning that house prices will be dependent on the very specific conditions in your local area.

Because of these micro-market conditions, sellers are advised by Rightmove to depend on the local expertise of a trusted estate agent and to be aware of the current status of the property market in their area in order to  get their property sold. 

Like sellers, buyers will need to be aware that micro-markets will mean that conditions and prices will vary widely depending on the type of property and area where their house hunt in centred.  Buyers may find that they have very little choice of properties, or an over-abundance of choice. Some properties may be listed at bargain prices while others may seem over-priced.  For example, a family house in a very sought after school catchment area may fetch a higher asking price and may also get snapped up very quickly, while other properties have to be priced just right to even attract a viewing. 

Miles Shipside, CEO if Rightmove explains the current market: “It is clear that in these turbulent times the UK housing market is made up of many fragmented micro-markets that are performing very differently. Those that are involved in buying or selling next year need to understand their local market dynamics to help them deliver the right recipe for success. That will include gauging under- or over-supply of property types, buyer demographics and mortgage profiling, unemployment concerns and exposure to public sector cuts or the likelihood of external investment”.

Housing shortage

One thing buyers may want to keep in mind that currently, the UK is experiencing a real shortage of housing.  Fewer new homes are being built, but the population keeps rising.
Of course, the government has put in plans to ease the difficulty and red tape involved in getting planning permission as well as set in motion a plan to insure lenders against loss in order to get them lending more. However, neither of these plans have really been put into effect yet and so it remains to be seen if they will be effective in kick-starting the market. 

Added to that, if the Eurozone economy worsens and causes widespread unemployment, we may see more European workers immigrating here to look for work.  This may put even more pressure on the dwindling housing supply, especially in London..

So with so much demand and very little supply Righmove is predicting that house prices may not fall.  It is estimated that newly listed houses will rise by circa 2%, although Rightmove points out that “this national average will vary in the many local micro-markets”.

Rightmove expects that “the number of properties coming to market will be marginally below the 1.24 million recorded in 2011. This anticipated decline reflects the fall-off in sellers coming to market seen by Rightmove in recent months. It means that new seller numbers will be about a third down on the pre-credit crunch levels in 2007. The shortage of new sellers in some locations, and improving investor yields on rental properties, will help underpin prices and stave off a price collapse except in exceptionally adverse market conditions.”

This advice was quite different from some expert opinions, which felt that prices may fall in 2012 and it might therefore be advisable for buyers to wait to see if prices dropped.  The question is, what if you wait and prices rise?  Or what if prices do drop, but because of the reduced liquidity in the economic market (for example, due to the possible collapse of the Eurozone), you are unable to secure a mortgage?

First Time Buyer Numbers Down

Anyone who follows the news will know about the lack of mortgage financing that is available.  Large deposits are still being required and lenders continue to lend to only the most credit worthy borrowers.  Sadly, this does leave most first time buyers locked out of the market, unless their circumstances have allowed them to amass a large enough deposit.

It is expected that this method of financing will continue into 2012, meaning that there will be few first time buyers looking for property. A recent Rightmove survey found that of those who intend to buy over the next 12 months just 23% will be purchasing for the first time.  In a normal and bustling market, first time buyers would make up 40% of the house hunting group. 

With such a low number of first time buyers actively buying, those sellers who need to sell their starter homes in order to trade up, will need to price their properties attractively to make their next move on the property ladder.  This means that first time buyers or buy-to-investors who are able to secure a mortgage will be in an advantageous position in the market.

Buy-to-let landlords will have the perfect conditions, with investment properties widely available for sale and rental properties hotly in demand and rents rising.

The Tide Could Turn

Rightmove’s admits that their predictions could be thrown off course if the Eurozone financial crisis deepens.  Should the worst happen in the EU, then mortgage conditions could become even more difficult. If that were to happen, the number of sales would likely drop slightly on the levels seen in 2011.

Rightmove’s Shipside wound up his 2012 predictions by saying that: “We have had a few years of testing the resilience of the bottom of the market, and we seem to have found a base level that represents an uneasy equilibrium between repressed buyer demand and affordability, and what sellers are willing or able to accept.

The questions is, if you need to move for work, to accommodate a growing family, to downsize or whatever your need might be, why wait to see if prices drop?  Why chance mortgage financing becoming even more difficult to get? 

Use the last two weeks of 2011 to view properties and put in an offer.  Northfields’s Managing Director, Richard Palfreeman has always bought his properties in November and December as sellers who continue to market their property at this time of year are motivated to sell and are more likely to take a competitive offer. 

Take a look at the properties Northfields currently has available for sale  by clicking the link or better yet, register your details online so that you can begin to schedule viewings right now.  If this is the time when property experts buy, what are you waiting for?   

New Mortgage Regulations to be Released by FSA in 2013 Are a Welcome Change

The BBC recently reported that the The Financial Services Authority (FSA) are going to be introducing new mortgage rules in 2013 which are designed to prevent risky mortgage lending.

Risky mortgage lending is what of course, kicked off the problems with the economy.

Not only are the new FSA rules meant to protect the state of economy by using what they feel are “common sense” standards to evaluate the level of risk for a bank in lending to a particular borrower, but will also protect borrowers themselves from borrowing more than they can afford.

Mortgage lenders will be expected to better assess whether or not a loan is beyond the means of the borrower.

The BBC quoted Lord Turner, chairman of the FSA, as saying: "While the excesses of the pre-crisis period have largely disappeared from the current market, it is important to ensure that better practice endures in future when memories of the crisis recede and the dangers of poor practice return."

Learning from Past Mistakes

The hope is that the new regulations will prevent lenders from becoming complaisant.  The new rules are meant to prevent any back sliding of standards so that mortgages are not awarded to borrowers with only superficial checks into the applicant’s ability to keep up payments on their mortgage.

No more will mortgages of 125% like the “Together” mortgage, formally offered by Northern Rock, be allowed.  Nor will lenders be able to lend excessively, allowing borrowers to have mortgages worth up to 7 times their salary.  Nor will self-employed people be allowed to exaggerate their actual income using "self-certified" mortgages.

What the new rules mean for you

The main aim of new proposals (which are still being finalised) is to make sure that buyers are able to realistically repay their mortgage.  However, other elements like ensuring that mortgage applicants are given the correct advice and at the right time are also within the prevue of the new regulations. 

Under the new regulations, lenders will now be expected to:

• assume interest rates may rise from their current low levels.
• not let borrowers rely on the possibility of rising house prices to claim they can eventually repay.
• assess interest-only mortgages as repayment ones, unless there is a "believable" source of money to pay off the loan.

The FSA has had a change of heart as to whether mortgage applicants should have to detail exactly how they spend their money.  Under the current proposals the lender will check income details and evaluate a broad assessment of what the FSA is calling their "committed and essential household expenditure" instead.

Interest-Only Mortgages

Interest-only mortgages will still be available under the proposed new scheme with the proviso that the borrower must prove that they have a realistic plan to repay the mortgage.  That plan must not rest on the borrower assuming that they can depend on the rising value of their home.

Remortgaging

To allow for remortgaging, however some flexibility is being built into the scheme, so that those who secured mortgages before the new rules were implemented can still rearrange their financing with the same lender.

So if an existing borrower who already has a loan that wouldn’t be allowed under the new regulations will not be locked out of remortgaging.  If you had a pre-existing interest-only loan, a self-certified one, or one with a very small deposit, you will not be prevented from remortgaging.

New Regulations Intended to Allow More People Access to Fianance

The BBc reported that, "Existing borrowers will be unaffected and lenders will have the flexibility to provide new mortgages to some existing customers even where they do not meet the new affordability requirements," the FSA said.

"We will allow lenders to waive the affordability rules when entering a new mortgage contract - providing the borrower has a good repayment history," it explained.

The FSA had proposed changes to lending standards before but many critics felt that it would lock those with good credit histories but unusual lending profiles out of the market.  It is felt that these revised plans will prevent this sort of exclusion.

The new proposals will be welcomed by the self-employed, those in existing self-certified mortgages and people with negative equity.

Paul Smee, director general of the Council of Mortgage Lenders also welcomed this new set of proposed regulations calling them "workable and appropriate".

"The FSA's new proposals seem to strike broadly the right balance," he was quoted as saying on the BBC.

If you need to remortgage now, make sure that you are getting the best possible deal that you can.  Just like you would shop around for the best car insurance quotation, make sure you do some comparison shopping before remortgaging. 

Call Northfields today on 020 8840 6666 or re-mail us at sales@northfields.co.uk and we can refer you to an independent mortgage broker who will be able to provide you with free, no obligation mortgage advice - an independent broker is your best bet for finding the best deal. 

Ask the Agent: I Want to Buy a Property With a Friend, But What Are the Pitfalls?

Housing Minister Grant Shapps wants more people to buy houses with friends.  He feels that will quick start the housing market. He wants lenders to offer 'mates mortgages', so called because young first time buyers can pool their resources and buy property together. You can read more about the Mates Mortgage idea by clicking the link.

Buying property with your mates or family members may indeed be a great way to get on the housing ladder, but it can also lead to some potential issues and problems.  Peter Bolton King, CEO of the NAEA (of which Northfields is a member), talks you through some of the areas you should consider before buying a house with friends in this video:

 

If you are considering buying a property with friends or family members, find out exactly how much you could borrow by seeking the free, no obligation advice of an independent mortgage broker.  Call Northfields today on 0208 840 6666 or e-mail us at sales@northfields.co.uk  and we will be happy to refer you to an independent broker who can look across the entire market and find the best "mates mortgage" for you.

 

Looking for a New Career? Northfields Current Vacancies December 2011

Current vacancy list - December 2011

Looking for a career in estate agency? We have a variety of vacancies and offer a multi - award winning training programme:

Full-time vacancies

Valuations Manager - Central London Interviewing now!

Experienced Sales & Lettings Negotiators - Interviewing now!

Part-time vacancies

New Business Advisors - Central London Interviewing now!

If you are interested in any of the positions above, please e-mail your CV with a covering letter to recruitment@northfields.co.uk. Please note that due to the high volume of applications we receive, only shortlisted candidates will be contacted.

Five to View: 3 and 4 Bedroom Properties for Let in Ealing with One Week Free

Here are just five properties in Ealing and area that Northfields Estates currently has available to let and all of them have the added bonus of one week's free rent if you move in before Christmas.  What are you waiting for?  Book your viewings now!

1.  Seaford Road, Ealing W13 - £2,200 pcm


SPECIAL OFFER: FIRST WEEK'S RENT FREE IF YOU MOVE IN BY CHRISTMAS

• Large newly refurbished FOUR bedroom house on a quiet residential road
•  Bright front reception room with feature fireplace
• Fully fitted open plan kitchen dining area
• THREE Double bedrooms, one with en suite and ONE single bedroom

Click on the link for more info on this 4 bedroom house for let in Ealing including more photos and information or to book your viewing online.

2. Heathcroft, Ealing W5 - £3,500 pcm


SPECIAL OFFER:  FIRST WEEK'S RENT FREE IF YOU MOVE IN BY CHRISTMAS

Stunning FOUR bedroom detached house with plenty of living space and wood flooring throughout

Two reception rooms

Bright and modern eat-in kitchen

Spacious master bedroom with a balcony

The property further benefits from a 70' rear garden and off-street parking

Click on the link for more info on this 4 bedroom house for let in Ealing including more photos and information or to book your viewing online.

3. Maple Grove, Ealing W5 - £1,675 pcm


SPECIAL OFFER: FIRST WEEK'S RENT FREE IF YOU MOVE IN BY CHRISTMAS

A Delightful THREE bedroom house on a quiet residential road, moments from South Ealing station

Spacious and sunny reception room

Large, modern kitchen, open-plan to a dining room

Modern bathroom with bath and overhead shower

Private South-facing garden

Click on the link for more info on this 3 bedroom house for let in Ealing including more photos and information or to book your viewing online.

4. Florence Road, Ealing W5 - £2,500 pcm


SPECIAL OFFER: FIRST WEEK'S RENT FREE IF YOU MOVE IN BY CHRISTMAS

• Magnificent THREE bedroom, three bathroom newly built town house arranged over three floors in a private gated development minutes away from Ealing Broadway
• Comprises bright reception room with doors leading to a private garden
• Large eat in kitchen with integrated appliances
• Further benefits include off street parking on secure electric gated driveway
• Ideal for a corporate let or a family in a prime location in Ealing Broadway

Click on the link for more info on this 3 bedroom townhouse for let in Ealing Broadway including more photos and information or to book your viewing online.

5. Kingsbridge Avenue, Acton W3 - £2,999 pcm


SPECIAL OFFER: FIRST WEEK'S RENT FREE IF YOU MOVE IN BY CHRISTMAS

•  A newly refurbished FOUR BEDROOM semi detached family home next to Ealing Common
• The property benefits from oak wood flooring,TWO receptions, TWO bathrooms plus an extra WC and a conservatory
• Further features include a large front and rear garden
• Includes off street parking and a private garage
• Conveniently located a short walk from Ealing Common and Acton Town stations (Piccadilly, District and Central lines)

Click on the link for more info on this 4 bedroom house for rent near Ealing Common in Acton including more photos and information or to book your viewing online.

Don't see anything on this list that meets your requirements? Check out all the properties Northfields currently has for rent here.

Ask yourself - "If I were to find out that this property was no longer available, how would I feel?"  If the answer is "devastated" or "disappointed", you need to make sure that you book your viewing now.  Call our lettings team on 0208 567 6660.

The news is currently full of the buzz about the hot rental market. And the big news is that there are too many people vying for a limited number of rental properties. Beat other prospective tenants to the punch by registering your details. Our negotiators will often phone to tell you about a property that has just become available before it even appears on the internet, but only if you're registered.

So beat the competition by registering today - call our award winning lettings team at our Northfield Avenue Office for properties in Ealing or other West London locations on 0208 567 6660 or click the link to register your details with our lettings team.

Northfields Christmas 2011 Opening Hours

Our opening hours over the festive period are:

Friday 23rd December - 9-5pm                 
Saturday Christmas Eve - closed                                      
Sunday Christmas Day - closed                      
Monday Boxing Day - closed              
Tuesday 27th December - closed 
Wednesday 28th December - 10-4pm            
Thursday 29th December - 10-4 pm     
Friday 30th December - 10-4pm 
Saturday New Years Eve (Sat) - closed           
Sunday New Years Day - closed          
Monday 2nd January - closed             
Tuesday 3rd January - 9-7pm   

Even when our offices are closed to allow our staff and customers to celebrate the holidays, our website www.northfields.co.uk is open 24/7. 

Use it to browse for properties to rent across West London. 

Or look for properties for sale in the West London area. 

You can see photos, floorplans, maps and even book a viewing online.  If you haven't already registered with us, you can even tell us about your property requirements by registering online, by clicking the link.   By registering you are insuring that when we get back into the office, we'll be able to keep you apprised of all the latest instructions so you won't miss out on the perfect property.

If you are thinking of selling or letting your property in the New Year, be the first in the queue to request your valuation, by requesting your free, no obligation valuation online,  Just click the link.   

Happy Holidays from Northfields!
 

Spend, Save or Split the Difference: 2 Bedroom Properties for Rent in West London

When one of our negotiator's sits down with a prospective tenant on the hunt for the perfect property to rent, one of the first things that will come up is the budget. No matter what you want to spend, whether you are looking to splurge, save or split the difference, Northfields can help you find the right property at the right price for you.

Here are just three 2 bedroom properties for let in West London that Northfields Estates currently has available for rent. There's one to suit every budget.

Splurge

This property would be ideal for a corporate let.

 
£1,150 per week - Sloane Street

The essentials:

• Stunning and spacious third floor TWO bedroom, one bathroom flat finished to the highest contemporary standard
• Large reception room with separate kitchen

The "wow" factor

• Residential porterage
• Approximately 850 square foot
• Located within walking distance of the tube, Hyde Park and Sloane Square (Piccadilly, Circle and District line)

Click the link for more photos, a map, and information on this 2 bedroom apartment for let in Sloane Street or to book your viewing online.

Save

If your budget doesn't quite stretch to residential porterage, then this lovely and well located property in Hanwell may fit the bill.

 
£1,100 pcm - Townholm Crescent

The essentials:

• Two double bedroom first floor conversion flat
• Spacious bright reception room
• Neutral decor throughout

The "wow" factor

• Private garden
• Walking distance to Boston Manor Tube Station and bus links to Ealing Broadway
• Very close to the green space of Elthorne Park

Click the link for more photos, a map, and information on this two double bedroom flat for rent in Hanwell or to book your viewing online.

Split the Difference

If you want something that sits happily in the middle, budget-wise but still has two bedrooms and lots of appeal this may be the property for you.

 
£1,400 pcm - Victoria Road

The essentials:

• Newly refurbished TWO double bedroom flat on the eighth floor
•  Large open plan living and kitchen area with all built in appliances
•  Master bathroom plus and en suite shower room
•  Moments away from the North Acton (Central Line) station and local amenities

The "wow" factor

• Private balcony offering beautiful views over London
• SPECIAL OFFER - FIRST WEEK'S RENT FREE IF YOU MOVE IN BY CHRISTMAS

Click the link for more photos, a map, and information on this two bedroom flat for rent in Acton or to book your viewing online.

Call our lettings team on 0208 567 6660 and tell us what your budget is and we'll find a property that suits you within your price range. Or take a minute to let us know your rental requirements online.

Landlords Looking to Increase Their Portfolios Should Strike While the Iron is Hot

In its latest House Price Index report, Rightmove.co.uk reported that the market is ripe for buy-to-let landlords.  According to Rightmove, many agents are reporting that “buying activity is on the increase from investors”.

In the direct aftermath of the credit crunch, would be buy-to-let investors found securing finance difficult, but things are looking up in the borrowing department for landlords.  As lenders compete amongst themselves to attract dependable borrowers, buy-to-let investors reap the side benefits with lenders trying to attract landlords via higher loan-to-value ratios and lower interest rates.

Rents are widely expected to continue the upward trend we are currently seeing in the rental market.  Rightmove surveyed tenants and found that over half of the tenants surveyed expected rents to be higher in 12 months’ time.   This strong rental market is underpinning investor confidence with greater yields expected in the coming year.

Properties like the Freehold investment property pictured above which includes 8 apartments and a commerical unit, all with tenants and generating income already, will be much in demand.  (To find out more information about buying the pictured investment property, click the link)

Normally, buy-to-let investors have to compete with first time buyers for the limited funds available through lenders.  However, currently there are far fewer first time buyers offering up any sort of competition to landlords.  Lenders are also looking more favourably on landlords as it is expected that rental returns will continue to improve, allowing landlords to pay off their mortgages more quickly. 

Before racing off to secure yourself a mortgage, it is worth heeding a word of caution from the money advice website thisismoney.co.uk about buy-to-let mortgages.  This website wisely advises shopping around, saying: 

"Do not just walk into your bank and building society and ask for a mortgage. It sounds obvious, but people who do this when they need a financial product are one of the reasons why banks make billions in profit. If you are looking for advice consider using a specialist buy-to-let mortgage broker. Remember asking them for information means you are under no obligation to use them."

Read more: http://www.thisismoney.co.uk/money/mortgageshome/article-1596759/Ten-tips-buy-let.html#ixzz1flTK5Rvc

Another point to make about independent mortgage brokers is one that could save you a lot of money - independent brokers often have access to deals and rates that are not available on the high street so they are well worth seeing just to check that you have found the best possible deal.  You wouldn't take the first quote for car insurance you were offered without checking that it was the best you could find, so why would you do any differently when purchasing a property?  If you would like a referral for an independent mortgage broker, call Northfields on 0208 840 6666 or e-mail us at sales@northfields.co.uk and we'll put you in touch with someone who can make sure that you get the most out of your investment.

Miles Shipside of Rightmove offers his comments on the property investment climate: “Reports suggest that buy-to-let mortgage approvals are at their highest for nearly three years. With good prospects for long-term tenant demand from those that cannot buy and consequently solid rental returns, investors will be looking forward to seeing sellers suffer a longer than usual buyer slowdown this winter. The result is a window of opportunity for buy-to-let investors to bag some bargains, spend less on finance and charge more in rent”. 

When Shipside refers to the “longer than usual buyer slowdown this winter” he means that the usual seasonal slowdown that occurs when people are distracted by holiday festivities is expected by Rightmove to result in more properties continuing to linger on the market, thus he believes, forcing sellers to accept a lower asking price for their properties. 

While that may be true in some areas where the house prices have suffered, in the South East and in London in particular where house prices have been resistant to the economic woes haunting the North of England, would-be landlords in the capital will have to be savvy to bag the best investment properties.   

Buy-to-let investors should be sure to register with an estate agent.  A good agent will be looking to build up a relationship with their registered serious investors and will make sure that you hear about any new properties even before they can be published on websites and property portals.  So be sure to call a member of the sales team at Northfields on 0208 840 6666 to register your details or give us your property wish list via our online form.