publication date: May 27, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
BBC Radio Nottingham Property Market Update
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News in Property
Latest on mortgages is good news bad news time. If you have the deposit and a clean credit rating, then things are getting a little easier as it's reported lenders are starting to compete on fees a little for finance. However, some lenders are choosing to issue Mortgage Agreement in Principles, then reject them for apparently the ‘slightest' thing when it comes to making a formal offer. This is an issue and the more help you can secure from people dealing with lots of different mortgage companies on a daily basis, the easier this process is likely to be.
Secondly the energy secretary has been busy. Apart from ‘possibly' driving at speed, he's looking at introducing his ‘green bill' at break neck speed with some rather concerning proposals about how people can keep warmer in the Winter. Although on the surface this looks like a good idea, it's riddled with problems and landlords beware - they are considering making it law to only rent properties that are ‘E' plus rated on EPCs.
Lots of things happening at the moment in the property market. One trend we are picking up is people selling their homes and deciding to rent for the rest of their lives rather than be tied down to a property you own. Rents are slowly but surely picking up and with the market in the doldrums for the next few months, demand is likely to continue to increase, so tie down properties and rental agreements sooner rather than later.
What's at the top end of the rental market and where can you find a ‘bargain basement'?
- Eight beds, one swimming pool, nice if we are truly to have a scorching hot summer!
- Plenty of space for any mates that might want to club together.
- To buy this would cost you around £2,000 per month with an interest only mortgage (£3,000 on repayment). The property is probably worth anything from £750,000!
- Renting, much more cost effective at a mere £2,200pcm
If your rental budget doesn't quite stretch to this and you need a bargain place to stay:-
The first one is in The Park:-
Although it says a ‘studio' it is really a room at 16 x 14 foot! But it's the Park and it's £300 per month!
This property is also a studio, in West Bridgford, perfect if you like the cricket and enjoy watching Forest. Also ideal if you like a curry - Kate's favourite is just a few doors down! And for £230per month it's cheaper than most rooms to rent in a house!
Find out what's happened to property prices in Nottinghamshire here!
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