A study by the Office of Fair Trading (The OFT) has found that estate regularly misdescribe the homes they are selling.
The report shows that 24% of estate agents are not complying with consumer protection laws. Despite this, it seems that consumers still prefer to deal with a high street estate agent rather than rely entirely on the Internet.
The Internet is perhaps no more impartial than the high street agent. However, at least you are not subject to a hard sell. Given my local interest in the Kent housing market, I have noticed a new blog has started up that covers new homes in Kent.
The Kent housing market is a thriving on the back of improved transport links. The most significant being the high speed rail service that connects Ashford, Canterbury and Folkestone to St. Pancras International station in London.
12 November 2009
06 November 2009
House Price Rise of 4% in 2009
Savill's the upmarket estate agent is forecasting a year-end rise in house prices of 4% for 2009. This follows a fall of 8% in 2008.
The overall picture is very patchy, with the south generally outperforming the north. The bad news is that Savill's is forecasting a 6.6% fall in 2010. Why would anybody buy a house now if its going to be substantially cheaper in 12 months time?
One factor driving current demand is cheaper mortgages. With base rates still at 0.5% the mortgage lenders are making tidy margins. A rise in base rates is factored into most fixed rates. But there's still a wider margin than in previous years.
Living in Ashford, Kent the local housing market has been distorted by the arrival of the high speed train service to London. The market for new homes in Kent has been deflated for the past 18 months. So buyers are straining to access the housing stock. A neighbour recently put their house in the market for £75,000 more than they paid for it 2 years ago. It seems the house is now sold subject to contract. So maybe Ashford is performing better than other areas.
The overall picture is very patchy, with the south generally outperforming the north. The bad news is that Savill's is forecasting a 6.6% fall in 2010. Why would anybody buy a house now if its going to be substantially cheaper in 12 months time?
One factor driving current demand is cheaper mortgages. With base rates still at 0.5% the mortgage lenders are making tidy margins. A rise in base rates is factored into most fixed rates. But there's still a wider margin than in previous years.
Living in Ashford, Kent the local housing market has been distorted by the arrival of the high speed train service to London. The market for new homes in Kent has been deflated for the past 18 months. So buyers are straining to access the housing stock. A neighbour recently put their house in the market for £75,000 more than they paid for it 2 years ago. It seems the house is now sold subject to contract. So maybe Ashford is performing better than other areas.
Subscribe to:
Posts (Atom)