The value of houses in Camberley have stabilised recently, this I think is down to demand locally.

I talk to many to many estate agents in Camberley, Farnborough, Yateley and other local areas and the mood is positive.

This may change with the intervention of the recent finacial policies set out by the the government, to reduce our country’s debts.

But according to the Nationwide Building society, the value of houses has decreased nationally.

Here is a snippet from their recent report.

“October saw a continuation of the modest downward trend in house prices that began at the start of the summer. The average price of a typical UK property edged down by a seasonally adjusted 0.7% month-on-month in October. The three month on three month rate of change a smoother indicator of the recent price trend fell to -1.5% in October from -1.0 % in September.

This is the largest decline over three months since April 2009, but is still well below the 5-6% rates of decline on the three month measure seen during the second half of 2008.

The annual rate of change which compares the current level of house prices against their level twelve months ago declined from +3.1% in September to +1.4% in October.

If the recent trend in house prices were to continue through November and December, the annual rate of house price inflation would drop to between 0% and -1% by the end of 2010. This would compare to a rate of +5.9% at the end of 2009.”

Obviously we will have to wait and see over the next few months before we get a truer picture locally.

Hello First Time Buyers in Camberley, Frimley, Farnborough, or wherever you are in the UK.

I Came across this advice in a video from the BBC.

Thought it might be worth an airing here.

Them national media boys are at it again, beating us all up with lots of bad news about the economy. But will be as bad in Surrey or Hampshire.

Of course statistics don’t lie, although they can be manipulated to suit the cause especially in the politics game.

Look at unemployment, up to over 2 million and it could get worse with some economists saying 3 million is likely, even a spokesman for the TUC acknowledged  that 3 mill. could be possible.

Most of the jobs lost are not local and its far worse up north, especially in the former industrial areas. But let’s not get complacent down south. I know quite a few people who have lots their jobs and others who are also very concerned about theirs.

Lord Turner, he’s the guy who has been given the job of reviewing the role of the FSA (the Financial Services Authority), has said that mortgages may become harder to get, with the loan to value of the mortgages having a minimum of 10-15% deposit required.

I don’t see that as a bad thing, its good that a buyer shows some commitment to buying a property by working harder to save for a deposit. But mortgage companies, banks and building societies should not make it tremendously hard and difficult to get a mortgage. There has to be a balance.

So I hope the government and the FSA do not go over the top, after all this is the same government that was talking about allowing mortgages with 7 times your salary.

International Monetary Fund report.

Yikes more bad news… according to the IMF the Uk is in a worse financial position than most of it G20 partners in fact it has said “Britain will take longer to recover from the recession than any other major economy”

Hold on to your hats, but don’t panic.

Need to Remortgage

There is no doubt mortgages are cheaper at the moment, but still people are not taking advantage of this.

I recently agreed a 250k remortgage for a couple who were on a 6.5% loan down to 3.9%…can you imagine the savings they made monthly, but more about that in another blog post.

If I can be of service please call me 01276 670777

Bye for now

Michael Usher

0.5% Bank Rate is good, but…..

Home owners in Surrey and Hampshire have seen their mortgage payments slashed in the last 5 months, well those that have a tracker mortgage or those we have helped recently to secure low mortgage rates.

Now the Bank of England have decided to print more money as well, (what a good idea, I wish I could do that) what we need now….is more lending please and all we can hope is that the banks do start to make funds available for desperate house buyers.

But of course we will all have to pay for it in the end. You can’t just print more money like its going out of fashion and not worry that this kind of action will not come back and bite you on the bum, because it surely well.

But, like the government, let’s not worry about that now, lets get the economy going again and worry about those other things in the future.

The local housing market.

I have been talking to quite a number of estate agents in Camberley, Frimley and Farnborough and they have all been saying that they are busier now than in the last 12 months and in some areas and with certain types of properties, prices are stablising.

But the banks and buiding societies are making things tougher all round. They are still insisting 0n 15, 20, or even 25% deposits, in fact its said that the government are contemplating on making it a law that there should be a deposit of at least 15%. Not sure about that.

10% deposit would seem fair and indeed workable. My first mortgage in the 80′s required 10% and yes it was hard to find that money, but I worked harder, did a job on the side and finally saved enough money to get my first house.

Prices of houses are higher now, but we all earn a lot more now.

Houses are also more affordable than they were this time last year and I know I keep saying it, but you can still get an even better bargain if you negotiate!!!!

So now its a case of saying hooray to 0.5% interest rates if you have a certain mortgage, but boo!!!  if you are a saver. Swings and roundabouts comes to mind. After all some savers had it good for so long.

As Forrest Gump said “Life’s like a box of chocolates. You never know what you’re gonna get.”

If I can help you in any way with you mortgage, please email me through the website or just pick up the phone, I wont bite.

Michael 01276 670777

website

We get offers all the the time….

And I have to say that 3.3% would be a good rate, but this is what is called the “Headline” rate, just to “oik you in” as the actor Mark Benton says in those famous Nationwide television ads.

Now I have to tell you that you have to jump through hoops to get a rate like that, but I’ll be clear and tell you something…(I have never been one to talk BULL)

But today I can achieve a two year fixed rate mortgage of 3.89%…Now this is obviously subject to status and you will need a deposit of 25-30%. Will it be available tomorrow, I don’t know.

Now you might say, “that’s a hefty deposit” but for some people who have equity in their houses already it is not. And believe me I have met many people still on standard variable rates, or of fixed rate mortgages that could do better by switching to fixed rate.

But for some it seems like too much trouble to change your mortgage, but if your are going to save money in the long term, YOU REALLY should consider taking the plunge and ask for advice. Thats what we are here for.

Other deals today include 4.99% fixed mortgage with a 15% deposit. Again subject to status.

LOCAL MARKET CONDITIONS

I am going to doing a series of recorded interviews with local estate agents to get a feel for the market and I will be publishing those on this blog in the near future.

So if you live in Camberley, Farnborough, Yateley or Aldershot, come back to this blog soon.

Michael

mums