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Should You Purchase a London House Quickly in The Current Market?

Is it wise to buy a house now in London’s fast moving property market?

As the UK economy continues to make a gradual recovery from a severe recession, house prices in the capital continue to rise. London has experienced record house price growth during the last three years, and many property experts are predicting that this situation will continue for at least the next three years. The question many property buyers are now asking themselves is “should I buy a London property fast, before prices escalate any further?” In order to reach the right decision, it’s worth performing a little research of your own into the local housing market.

Are you a first-time buyer looking to buy a home in London?

If you are a first-time buyer, it’s important to keep in mind that a home bought fast today needs to deliver value for the future – particularly if you’re hoping to upsize at some stage. A recent article on the Telegraph website revealed that buying a house in London when house prices have risen so quickly in recent years may not be a great idea.

Interest rate rises are seemingly just around the corner, and this could mean property value growth cools considerably over the course of the next few years. And while some property experts are predicting house price growth of up to 25 percent over the course of the next four years, there can never be any degree of certainty where house prices in the UK are concerned.

If you are like many first-time buyers in the UK, you will be thinking about building up equity over the course of the next decade or so, and cashing it in eventually for a bigger property as your family grows. However, with house prices in London so high at the moment, there is a risk that you’ll be buying at the very top of the market. It may be prudent to either buy just outside London, or to wait a few years until the Bank of England raises interest rates to what will be their long-term position.  Only then will house price growth stabilise.

Are you prepared to gamble on future house price growth?

Despite countless predictions of what is going to happen to London house prices over the course of the next few years, no one can say with any certainty exactly what the future holds. According to a recent report on the Thisismoney website, London house prices grew by almost 18 percent in the twelve months leading up to February 2014! This is around double the national average. However, the same report does suggest that this house price growth is spreading to other areas of the UK, and that may be a sign that people are now deciding that living in London is just too expensive.

According to the same report, the Office of National Statistics recently revealed that the annual rate of inflation is four times higher than the average wage increase. This situation is obviously unsustainable, and it might mean that house prices eventually reach their peak during the course of the next three or four years. Buying on the crest of this property value wave is something of a gamble, and you need to be aware of the financial repercussions if things don’t go your way.

Do you believe what experts are predicting?

It’s always a good idea to get financial advice from experts before buying property in such a booming market. A lot of people bought property at the height of the last bubble in 2007, and were left with property that depreciated by as much as 30 percent just two years later. However, this is easier said than done, as different experts and financial bodies are predicting very different futures for the London property market. The Royal Institute of Chartered Surveyors recently reported that the exceptional rates of house price growth recently experienced in most parts of central London have started to abate – no doubt because of the looming interest rates rises.

However, Savills believes that house prices growth will continue to remain strong until 2018, after predicting UK property values will grow by nearly 26 percent between now and then. The international estate agent also made the point that the annual rates of house price growth probably won’t stray beyond three to four percent during that period.

Instead of thinking ‘how fast can I buy a house in London’, show patience, get expert advice and bide your time until the effects of interest rate rises are obvious may be enough to ensure you get value for money and a property with future growth potential. If you’re sure you want to buy or sell property in the City or Greater London then check out our houses for sale in London – guide.

How important is living in London to you?

Some people become so used to living in London that they become blind to the possibilities of living elsewhere in the UK. Just moving a few miles outside the capital can often be the difference between a lifetime of renting and getting your foot on the first rung of the property ladder. Moving to a commuter town such as Reading could mean you get a lot more for your money.

A recent article on the Guardian website revealed that the careers of young Londoners are being jeopardised, just because of the rising cost of living there. Homes bought in London are selling for up to 105 percent of their initial asking price at the moment. If you are at the early stages of your career, and you insist on living in central London, the chances are you’ll need to share your home with others.

Unfortunately, the astonishing house price growth in London is expected to be far higher than in areas outside the South East of England for many years. Even if you can afford a property in the capital, upsizing as your life changes could become very difficult – especially given the fact that rich tycoons from American and Asia are snapping up investment properties all over London at the moment. If at all possible, moving a little farther afield could drastically improve your standard of living.

Can you afford to wait to buy a house in London?

The need to buy a house fast in London may take priority over everything else. If your job or private life requires that you live in the capital, waiting around to see what happens in the local housing market could mean you end up paying a higher price. A recent article on the Thisismoney website revealed that house prices in London rose by 2.7 percent in August 2014 alone. The average price of a home in the capital was £467,000 in August according to the same report, which meant homeowners saw the market value of their property rise by an eye-watering £12,279 in just one month. Gambling on the market cooling in the next few months may be the best idea, but it could mean you end up paying more for your home if it doesn’t go your way.

Whether you wait around for prices to cool or you act now to head off further house price growth depends on exactly where in London you are buying your home. For instance, there are some up-and-coming areas that are reasonably affordable yet are still showing strong house price growth – these areas include the likes of Shoreditch, Dalston and Brixton. The area around the newly developed Kings Cross is also in high demand; just a few years after it was considered one of the less desirable areas of the capital. And while prices in the likes of Peckham have increased by over 30 percent during the last three years, homes there are still a great deal more affordable than in most areas of central London. If you really have to buy a house in London, there are still areas that provide value for money and house price growth potential.

Are you prepared to look at alternatives to the traditional ways of buying a house?

Rather than scouring the highly competitive and inflationary open property market, you may be able to pick up a bargain if you have the funds in place and the freedom required to proceed with a house purchase in London quickly.

How do I sell a house fast London in today’s market, is a question hundreds of home owners throughout the City and the South East will wonder, for a number of reasons. They may be willing to sacrifice just a little value in exchange for the quick house sale they need. If you have a house to sell in London then a great place to get started is to perform a web search for local London estate agents or call us now and we’ll give you an instant online quote to buy your home.

House price growth in London has been phenomenal in recent years, and while that is fantastic news for homeowners looking to sell, it has been devastating for local people trying to get on the property ladder in the city. In truth, the rate of growth is already slowing, but there is always going to be a huge price differential between houses in London and houses elsewhere in the UK. As London house prices are expected to show an annual rise of at least three percent every year for the foreseeable future, now may be the time to buy property in the capital if you can. This article was brought to you by Flying Homes, the quick sale specialists, call us on 0800 68 99 420 or fill in the online form for a free quotation to sell your house.

House For Sale in London? Some Top Tips for Selling

Tips & Advice Guide – Houses For Sale in London

If you’re selling a property – have one or even several houses for sale in London then read our handy guide to the UK Capital’s real estate market.

London truly is one of the most vibrant, multi-cultural and exciting cities in the world. It is the home of several major banks and financial institutions, as well as some of the most recognisable landmarks in the world. Such is the popularity of Britain’s capital city, people from all over the world are striving to buy property in there. This relatively new phenomenon has led to soaring property values across the city, and now could be the time for you to cash in. If you are contemplating selling property in London, then there are plenty of buyers willing to pay a premium, but using our expert home buying services could save you an awful amount of time and hassle.

Whether you own a studio apartment in the city or a suburban three-bedroom house in one of the suburbs, if you need a quick house sale in London then Flying Homes can buy your house without you having to negotiate the notoriously volatile property markets. We have links with property buyers who want to purchase houses for sale in London and the South East. Entrusting us with the sale of your home means you will spend less time worrying about finding a buyer and more time planning your future.

Getting the right price for your London home with so many houses for sale in London

If you are lucky enough to own a home in London, you could be sitting on a goldmine. Prices are rising at unprecedented levels in most areas of the capital, but competition to find cash buyers is still strong – and that’s where Flying Homes come in. You can sell your house quickly by allowing us to find a buyer, so you won’t need to waste time consulting with London estate agents, local newspapers, and various other interested parties. Let us sell your house, and save the cost of estate agents’ fees and marketing activities.

While the property market in the capital is buoyant, as evidenced by the number of homes for sale in London, it is nonetheless highly sophisticated. There are many different boroughs and districts in the capital, and they are all experiencing their fluctuations. The first thing you need to do in your quest to achieve the highest possible sale price amongst competing houses for sale in London is to assess the local market. Research relevant property sales in your area, including sold house prices and how long properties are taking to sell on average. The Land Registry publishes information on transactions, the prices paid for homes in the capital and the House Price Index. You will also find relevant information on sales and ask prices in various areas of London on Rightmove and Zoopla.

Marketing a house for sale in London

Marketing a property with so many houses for sale in London is still an important part of the selling process – despite such a thriving market. According to an article on the ‘This is money’ website, predictions for house price rises in the capital halved, as home prices reach new highs and banks continue to put the squeeze on borrowers.

Can I sell my house without an estate agent in London? Yes! You can sell your property without expert help, but you will need the time and knowledge of the London housing market to succeed. You’ll need to create a house listing, find suitable advertising opportunities, plan, and host property viewings and negotiate with clients and their solicitors on your own. The capital of the UK is home to hundreds of estate agents with thousands of properties for sale in London, and choosing the right one with specific knowledge of your area could get the process off to the best possible start. The Rightmove website lists all the major estate agents in the capital, so this is a great place to start

If you ask yourself ‘what’s the best way to sell houses fast in London’ then enlisting the expert services of Flying Homes is the answer. We offer a reliable and reputable service – unlike the many quick home sale scams that are blighting the capital at the moment. We have working relationships with house buyers and property investors throughout London and the UK, and many of them have the cash to proceed with the purchase of your home right away, so you won’t have to search for London-based estate agents and worry about selling within a strict time-frame. Give us the responsibility, and look forward to a speedy, hassle-free experience.

What is the best time of year for putting houses for sale in London?

There is much debate about the date of year to sell your London property. However, a lot of property specialists regard the period between Christmas and late spring to be the most profitable, but this may not apply to London in quite the same way as it does to other regions of the UK.  There is a slight spike in demand when the festive season has passed, and people start to look forward to summer. Indeed, according to a recent RICS study, London house prices shot up by more than 17 percent in February 2014 – which is the largest monthly increase so far.

Regardless of the time of year you choose to sell your home in the capital, it’s always a good idea to bear in mind the subtle, seasonal differences that affect the house buying process. The weather and the changing priorities of buyers can have a profound effect on demand and the prices people are willing to pay – which should dictate how your market your property.

How are individual property markets within London performing?

If you are about to put your property on the market, it might be worth assessing what is happening in your part of London. The average house prices in what used to be relatively affordable boroughs are rising steeply, and the situation is highly fluid. For instance, according to the Land Registry, prices in the once deprived area of Hackney increased by 20 percent in 2013. Moreover, there are now only three districts of the capital where average house prices are below the £250,000 stamp duty threshold. Barking and Dagenham, Newham and Bexley are still a little below the all important £250,000 mark, but this is expected to change within the next two years.

According to official Land Registry figures, house prices of houses for sale in London rose by 14 percent between 2013 and 2014, and the average house price of £414,000 in February 2014 is expected to increase steadily over the next five years. Some of the property hotspots in London have seen a growth of more than 20 percent over the course of 2013, including Waltham Forest and Hackney. Other areas showing double-digit house price growth include Wandsworth, Southwark, Westminster and Hammersmith and Fulham. However, with plans afoot to halt the emerging property bubble in the south east of England, these price rises are not sustainable in the long run. If you want to cash in on the value of your property before the market starts to rebalance, calling upon the expert property services of Flying Homes will ensure you get a fair market price and a speedy conclusion.

What factors affect London house prices?

Despite the fact that the UK is still recovering from one of the biggest recessions in history, house price growth in London is extremely buoyant, (Update September 2016: Despite the impact of Brexit). Rather than there being a single reason for this phenomenon, it seems that several factors are contributing to the capital’s current property boom. For instance, economic growth is always one of the contributing factors to the rise in London house prices, and the growth in London is way ahead of that seen in other areas of the UK. Unemployment rates also play their part, as well as the overall confidence in the economy.

In normal circumstances, the availability of mortgages will usually dictate how buoyant the property market is. Since the banking crash of 2008, banks have been reluctant to lend to people unless they have an impeccable credit history, a highly reliable source of income and a substantial deposit. However, because of the huge amount of money coming from international markets such as Russia and the Far East, demand for premium property in London has surged in recent years. This phenomenon, coupled with record-low interest rates, means demand for housing has managed to increase despite the dearth of credit.

Of course, the fact that there aren’t enough affordable homes built in London should not be forgotten. According to an article on The Guardian website, 14,000 new homes are needed every year to meet the growing demand in London. And because they are not built, the lack of supply is driving prices up. London is increasingly being viewed as an international marketplace and somewhere to do business, but a real lack of housing is creating a mini property bubble that simply isn’t seen in property markets throughout the UK regions.

Things to do and see in London

London is the largest metropolitan area in Europe, and its highly successful financial services industry is creating an ever-changing skyline that includes some of the tallest buildings in the world. Most of the world’s major banks and financial institutions have a strong presence in the city – making it one of the world’s major financial centres alongside New York, Hong Kong, Tokyo and Beijing.

As well as being a modern and dynamic metropolis, London has a rich history and a proud tradition of monarchy. There are dozens of historical sites to visit, including The Tower of London, Tower Bridge, Buckingham Palace, Hampton Court and The Palace of Westminster. The city is also a world centre for the arts, and people from all over the world visit the capital in order to see stage productions in the West End or concerts at the Royal Albert Hall.

London had the privilege of hosting the Olympic Games for the third time in 2012, and the Olympic Park – located in the east of the city – has benefited from a comprehensive regeneration scheme as a result. This is just one of the ways in which this ancient city has been transformed during the last two decades, and it is an indication of the city’s growth and development into one of the most culturally diverse, forward-thinking and technologically advanced conurbations in the world.

At Flying Homes, we have been finding buyers for homes in and around London for many years. We have an intrinsic understanding of all the main boroughs within the city, which means we can provide you with an accurate, fair and relevant quote on your London property. We can secure more than 90% of market value for our clients in London, which means you can achieve something near current market value in a fraction of the time it would take on the open property market.

If you are contemplating the sale of your house in London, or you’re currently scouring the Internet for ‘buy my house’ services, Flying Homes has the experience and knowledge of the market to help. We have access to hundreds of cash buyers in the capital, and many of them are ready to get the ball rolling today. With no fees to pay and the prospect of receiving up to 100% of your home’s value, selling a house fast in London, is a quick and easy process, with Flying Homes help!

How do you Sell Your Property Fast in London?

We look at several ways to sell property fast in London and scams to avoid.

If you need to sell property fast in London, then you need to get in touch with Flying Homes. Did you know that many of our clients have received more than 94% of the sale price of their homes? Sell any property fast in London with our help. Check Out Flying Homes’ recently sold homes and compare the prices achieved here with other quick sale companies.

The good news is demand for property in London is usually high. Therefore a quick sale is relatively straightforward if a property is priced to sell. The bad news is that London is unaffordable for many people wanting to buy a house in London and for most moderate-income families looking to rent.

Options for selling property quickly in London

1. London property buying companies

A search on the Internet using the phrase ‘property buyers in London’ will turn up hundreds of companies who will buy your home fast but you’ll get less than its worth, this is the trade off for buying in a matter of days/weeks.

2. Using a local Estate Agent

Using an estate agency in London to sell fast. Some estate agents focus on the investment property sector, where in return for you pricing your home to sell, they’ll find you a buyer in a matter of days. These type of agents are somewhere between your traditional estate agent and a fast property buying company. They work like traditional estate agents but formalise the sale quickly, and you will pay a fee when the property sold. Estate Agents are supposed to market your home fairly on Rightmove or Zoopla but some unscrupulous agents may not do this and instead ‘suddenly’ produce a buyer who later turns out to be the estate agent himself or his pal, and you may lose thousands of pounds! Therefore make sure if selling this way that you see your home advertised on the portals for at least a few weeks.

3. London Property Developers

If your property in London has land with it, it will be worth a lot of money, therefore, approaching a property developer may be an idea. Often the best way is a joint development, as you’ll benefit from some of the profit for developing the site. However, this is not a speedy option like selling to a ‘quick sale company’ as often the London property developer will need to get planning consent on the land before a deal finalised.

4. Auctioning a Property in London

Selling your house at auction in London can be a great way to sell a home fast, but there is no guarantee it will sell on the day. Yes, it could sell quicker than the traditional way of using a London high street estate agent, but then it may not sell at all! The danger is that you set a ‘low reserve price’ in the hope that many potential buyers will bid the price up, and then only one person bids and you have sold the property too cheap. Often with Auctioning property, it depends on sufficient motivated buyers on the day.

How to avoid scams when selling your home in London

Some companies have been misleading customers with regards to selling their London property fast with a variety of scams, like the one above where the agent is selling your home, introduces his buyer.

Avoid being ripped off by following these tips:

  • Check the company out, use their business information and look them up on Companies House to see if they are real,  trading and not just a ‘back bedroom operator’ or website promising to sell your property fast in London when they are only intent on ripping you off.
  • If it’s a London estate agent that you are dealing with, then check to see if they are members of any professional property association, such as the Property Ombudsman and National Association of Estate Agents. Ask if they hold professional Indemnity Insurance – you will find that most reputable companies will.
  • Use a local London solicitor for legal advice throughout the sales process, and they will help draft and any documents related to the sale and clearly explain everything to you. Your lawyer can also check out the credentials of any buyer.
  • Some companies may offer to buy your property for an agreed price, then drop it at the very last minute (a process known as gazundering), so do some research on the Internet and see if there is a pattern of this reported by other unhappy sellers.

As you can see, there is a lot to consider if you need to sell property fast in London. Call Flying Homes for a chat in complete confidence if you want to sell your home quickly on 0800 68 99 420.

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