News | Barry Home Buyers

20/12/2018 By property

Biggest House Price Drop in 6 Years…what does it mean?

person holding new house keys

Over the last 2 months (November and December) the UK has seen the biggest 2 month drop in house prices for 6 years with an average of £10,000 being taken off the asking price for UK homes. Why is this happening and what does it all mean for people trying to sell their house quickly in the Wales and the rest of the UK?

The Numbers

Asking prices dropped across the UK by around 1.5% from November to December this year. This take the average house price down to £297,572, this may seem high but if you take into account the average price in London is still over £600,000 it is easy to see why this average figure is skewed. London prices are still dropping though so no where is safe!

The biggest drop in prices was actually in London but the South East and the North East also saw large drops.

Welsh House Prices

While other parts of the UK are suffering North Wales is actually see a rise in property prices and Wales as whole saw the highest annual growth rate in property price. Welsh property is also selling the fastest so the new is not all bad.

Overheated South

Some commentators are suggesting the property market in the South of the UK simply overheated and needs time to cool off. prices consistently rose in the South for a long period and as other factors affect the market it seems to have been hit badly.

Property For Sale

One factor that may be involved in the lack of stock. There simply isn’t as many properties on the market as there were in previous periods. However, less stock could actually push prices up so there are other factors at play here.

Brexit

There is very little doubt that Brexit and all the Surrounding uncertainty is causing some problems. Regardless of which side people are on they seem to be holding off selling and buying until the UK knows what is actually going to happen. There is an overall slow down and property prices are just part of it. It is understandable that some people want to see how things pan out before buying a new house but for those who need to sell quickly is it a bad situation.

Thankfully the Welsh property market seems to be doing OK but it is by no means immune. If you are trying to sell you house quickly then get in touch with our friendly team and we will get you an offer and can even buy your home within 2 weeks. We can help no matter what your financial situation is. Don’t risk rices falling in Wales too; if you want to be sure of a sale let us take the stress out of it.

19/11/2018 By property

Property Price Trends in South Wales

Swansea City

The value of your property is critical for so many reasons. Whether you are looking to sell your South Wales home fast for cash or you are hoping to sell thought the traditional estate agent route the ultimate value or what you will get for the property is obviously important. As most people know prices change over time and there are so many factors involved. There is no doubt Brexit is causing some uncertainty in the market and houses are slower to sell at the moment. If you need to sell your home quickly then get in touch with our team; we are able to make a cash offer on your home regardless of Brexit and other market forces!

Swansea Property Prices

Swansea has long been an important Welsh city and certainly the home of a lot of different types of property in South Wales. If we look over the last 20 years property prices have increased by a staggering 222%! That means the average property price has increase by around £124,000! We can then look a little closer and see that over the last 5 years this increase has been around 22% and even in the last 6 months prices have increased by an average of 3.39%. This is great news for “jacks” because looking at average figures suggests all property owners are gaining property value. The average cost of a house over the last 6 months is £162,000.

Cardiff Property Prices

The classic rivalry between Cardiff and Swansea may not normally extend to house prices but it seems over the last 20 years Cardiff just beats Swansea with a average increase of 247%. The average value change over this time is £180,600. Over the last 5 years the increase is 28.7% and over the last 6 months it is 2.58%. This means while Cardiff has gained more over the last 20 years Swansea is catching up this year! The average price paid over the last 6 months in Cardiff is £240,105 so considerably more than Swansea prices.

Newport Property Prices

The 20 year increase for Newport is 227% with an average rise of £127,000 which is similar to Swansea. Over the last 5 years the increase is 27.4% and over the last 6 months it is 4.65% which means this year Newport is showing a stronger average increase in property value than both Swansea and Cardiff. The average amount paid for a house in Newport is £170,200 which is just above Swansea.

Of course, these things can change very quickly and while things look good now we do not know how the coming months will affect these figures. This kind of thing can cause issues with negative equity especially where people buy a house at a high in terms of value and then things happen in the wider economy that causes that value to drop against a large mortgage. We have a lot of experience helping people in negative equity release themselves from the mortgage so they can move on and start again.

29/01/2016 By property

Sell my home faster

. Many people find themselves with their home on the market for months at a time before any interest at all. Then when something seems promising it often doesn’t transpire. This makes you feel downhearted and anxious. However in many cases, it is simple things that can prevent you from getting a quick house sale or even managing to get prospective buyers through the door to view your home. From décor to the environment or outstanding repairs, there are many things can easily put buyers off and delay a quick sale of your home.

Evaluating your home and making changes to make your property more attractive, can be the difference between your property remaining on the market for months or achieving your full asking price. This allows you to move forward and potentially make a profit. Depending on your reasons for selling your home, it may seem pointless spending money on repairs or making your home look attractive to buyers as you’re leaving anyway. You could of course choose to sell your home as it is; but this is likely to take much longer and result in much less monetary value. You can first contact your local estate agents: mainly, to find out what the maximum potential value is of your home. The value will give you an idea of what you could achieve.

It is needless to spend thousands of pounds on your property and start building extensions. However, you can certainly make a huge difference with a relatively little effort. Begin by ensuring the exterior is inviting. That is, grass and shrubs are tidy, paintwork is fresh and windows are clean. Never turn up a property that is overgrown with the curtains drawn. It’s all about opening up your home and making it bright and welcoming. When it comes to the interior of your home, make sure small repairs are done, it is clean and tidy. Consider giving everywhere a lick of paint, and remove any clutter or excess furniture which will help to open up your home and make it appear spacious and inviting. Moreover, think about when to put your home on the market as certain times of the year are better than others. Often selling a property in spring happens faster than during winter. When you do get viewings booked, ensure the property is free of pets, there are no odd smells and everything is clean and tidy. It is also a good idea to get advice from friends or neighbours who can help point out anything that can be done to improve the appeal of your home. Before you know it you will have offers pouring in!

26/01/2016 By property

Handling empty homes

Being in charge of empty homes could be challenging. At times it costs thousands of pounds in repair bills; need a keep up with energy and utility bills, mortgage payments and much more. Occasionally, a property can remain empty for lengthy periods of time, owing to a number of reasons. Landlords may be struggling to find tenants, a property owner may have passed away or perhaps a property is in a bad state of repair and is too dangerous for anybody to reside in it unless major work is carried out to restore it. Whatever the reasons are, it is a good idea to try and bring it back to its original state particularly as there is such a housing shortage within the UK. So whether you look to invest in developing the property or aim to get a quick house sale, it is important to deal with your empty property as soon as possible to avoid further on-going costs.

Firstly, you will need to investigate the problems the property may have. Whether you are aware of existing problems or you have just inherited a property, a home survey is a good start which can help to identify any underlying issues that need resolving. This is a good idea whether you choose to live in the property yourself, rent it out or put your home on the market. If you are on a tight budget, there may be help you can get from government schemes as well as asking friends to help with general maintenance. If you own the property outright, it may be worth considering getting a re-mortgage to help pay for any major repairs, which in the long run may help to avoid making a loss due to the state of the property. Otherwise you could opt to get a secured loan, or enlist volunteers to help with heavier work. If you are unsure or need advice, you can contact your local council or speak with an independent property or financial advisor who can help advise you with regards to budgeting or any help that may be available to you. While your property is empty you may be entitled to a discount on your council tax, so it is also worth checking as this could be economical.

Once your property is in a good state of repair you can then opt to rent it out which can help to recover some of the cost of repairs through rental income or put your home on the market. You could also consider marketing the property yourself in order to get a fast house sale which could also help to avoid fees from estate agents. However if you feel you are unable to carry out any repairs at all, you can still opt to sell the property in the state it is in. You may obviously make less money but you can then invest that money into a savings scheme and begin earning interest on it rather than having your property stood empty for any length of time. Often, you could sell property quick within a matter of weeks.

22/01/2016 By property

Primary Steps to Sort out Repossession

With the recent adjustments in house pricing and the economy, many people have been faced with the possibility of repossession in the last few years. This owes to the inability to keep up repayments on property mortgage. With the rising cost of energy bills and many people struggling with increased mortgage payments, it has resorted to many homeowners falling behind with their mortgage payments. If you find yourself in this position, the mortgage companies will try and come to alternative arrangements before resorting to repossession but this doesn’t make the situation any easier as it can be incredibly stressful and cause many problems in other aspects of your life.

When facing financial problems, it is important to communicate with your mortgage lender immediately. Early communication and making them aware of your situation can help to avert a possibility of losing your home, through reaching a payment agreement. Several factors can lead to financial problems other than house prices or changes in the economy. The two main factors among them, being a broken up relationship or loss of a job leading to repossession. A sudden change of some factors can mean that what was once manageable suddenly becomes unaffordable.

When people take out their first mortgage, they often tend to opt for a fixed rate deal within a limited span of time. The deal serves as security for a short time span. However, once it has elapsed you will find yourself faced with a large rise in the monthly mortgage payment, specifically if the base rate increases. Luckily, this isn’t a problem lately as Standard Variable Rates have seen a continuous reduction due to the drop in the Bank of England base rate.

There are varied options to try when avoiding repossession or at least avoiding the various negative consequences of repossession. This can be done through re-mortgaging or even considering a quick house sale which will allow you to sell your home quickly and possibly downsize to save money. You can communicate to your bank or mortgage lender about deals on re-mortgaging or other options that may be available to you. You will be expected to provide financial details in order to help negotiate repayments. If you cannot come to terms with your mortgage provider or they refuse any offers you have put forward, you will be in a better position legally as long as you proof a communicated urge to effectively resolve the situation while in court.

Lastly, it is also important to get professional advice. There are lots of companies such as Citizens Advice or National Debt line that offer free information and advice for anyone struggling financially or on the verge of losing their home. Nevertheless, you can as well speak to a solicitor who can help to iron out a repayment plan or settlement as well as help negotiate with your bank or mortgage provider. You will have to incur some legal fees involved with instructing a solicitor to help however.