You tell your customer that you have over 4000 mortgage products to choose from and that you’ll find the right one for him. The ratio, which is based on the customer’s estimate of his property’s value, is an important factor to consider when making a decision. Read here Property Valuation
Anyone who has mortgaged or wants to report in the near future is aware that an independent appraisal is required in the great majority of cases. In today’s real estate market, this may be both a distressing and eye-opening experience. Property valuers are increasingly negative about the UK property market, which has far-reaching implications for sellers, purchasers, mortgage lenders, and, most importantly, mortgage brokers and IFAs.
Home prices fell for 18 months in a row until December of last year, when the average house price in the UK rose only 0.1 percent, according to Home track, a London-based data analytics firm that provides a good assessment of a property’s value.
In most areas, last year saw the weakest – if any – increase in house values in more than a decade. There’s no denying that 18 months of falling average prices, or at the very least a significant slowdown in growth, have destroyed homeowner equity and undermined consumer confidence. According to Home track, the national average house price in December was £160,900, down 1.6 percent from in.
The messages to sellers are simple: supply is more than demand, and it is a buyer’s market. In the first quarter of last year, the number of available properties climbed by more than 30%. The average time it took to sell a house climbed by more than 20% to eight weeks last year. The average time between listing and confirmed sale in 2004 was 6.5 weeks. Last year, the sale price as a percentage of the asking price dropped to 93.5 percent, demonstrating that purchasers had considerable bargaining leverage over sellers and were able to get significant price reductions.