20 April 2014
How to make sense of house price surveys
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If you’re thinking of buying property as an investment, or moving into a new area, house price surveys can be an invaluable aid.  But with so many available, which ones do you believe – and how do you make sense of them?  Here’s a quick guide to what they’re all about:

Land registry – this records all property sales in England and Wales, and publishes a monthly report on house prices.  Its quarterly survey provides an accurate insight into national and local trends – right down to postcode areas.

Government price survey – this monthly survey is generally less useful than the Land Registry, as it analyses overall trends for the UK.  It does however have separate figures for first time buyers.

Nationwide and Halifax – the best-known surveys of the housing market, provided by the UK’s two largest mortgage lenders.  Although they are very good as regards mortgage financed property sales, they do not include cash purchases.

Royal institution of Chartered Surveyors – this survey is all about confidence levels in the market, rather than actual prices.  The survey reflects the opinion of surveyors and estate agents and is an excellent gauge of the mood of the market and probable coming trends.

Hometrack and Rightmove – these are both produced by property websites.  Hometrack is an excellent guide to current prices and informs you whether asking prices are rising or falling.  Rightmove collates asking prices from it’s own website, which it claims to be 35% of all those homes on sale.

Your home will be repossessed if you do not keep up repayments on your mortgage.

You can choose how we are paid for mortgages; pay a fee, usually 0.5% of the loan amount or we can accept commission from the lender. In addition to this we will charge a £325.00 administration fee once a mortgage offer has been secured.

This article (How to make sense of house price surveys) is intended to provide a general appreciation of the topic and it is not advice.

For more information on this aspect of "mortgages explained", please contact Michael Jones on 0844 778 7279 or email us at mikemj-financial.co.uk. We will be happy to assist you.
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