Why the Fates of the Economy & the Property Market Are Always Entwined
- By Howard Ogollegos
- Published 10/24/2011
- Real Estate
- Unrated
The property market in the UK forms part of our economy. Since the financial crisis and the property price crash, there has been little in the way of recovery of the property markets. Economists have spoken out many a time in the past few months about how sceptical they are with regards to the recovery of the property markets in the coming years.
In such times as this when it may be difficult to see your home, another option may be to remortgage to unlock some of the value of your home in order to finance a home improvements project to increase the value of your property.
Martin Ellis, housing economist for the Halifax recently said: "The underlying trend in house prices continues to be one of modest decline". That view has been borne out by recent figures from the bank which show that house prices fell 3.7 per cent between April 2010 and April 2011. Data from the Nationwide, the UK's biggest building society, shows a similar trend.
The figures suggest that we will see a fairly stagnant housing market for some time to come. It is unlikely that there will be much improvement until the financial state of most consumers in the UK stabilises and they are able to afford to purchase property at the average property price. However the inevitable increases in interest rates by the Bank of England will slow the recovery of the UK property markets further.
What You Can do to Maximise the Value of Your Home: There are a number of ways in which you can improve the value of your home. These include: A loft conversion - Conver
ting your loft can increase the living space in your home and add an extra bedroom and bathroom to your home. The Halifax believes that it is the best way of adding value to your property, although bear in mind that the conversion work can be expensive.
The same lender stated that the project that adds the most value to a property is concerting the attic into an additional bedroom, especially when you add in an en suite bathroom. This can potentially add thousands to the value and can make the property attractive to a whole new set of buyers.
Redecorating the house - It is possible to increase the selling price of your home by redecorating. Again, you can use a remortgage to finance the work which may include painting, tiling or fitting new carpets. Redecoration is often inexpensive but can add value to your home.
Build and extension or conservatory - Adding an extension or conservatory increases the living space in your home by adding an additional reception room or bedroom. Ensure that you obtain the necessary planning permission before you start an extension project and be prepared for your home to be a building site during the construction.
An extension, although a large project, is well worth the time, effort and money. You can add more bedrooms, make the kitchen or other rooms larger or even add a garage. All of the these things add huge amounts of value to your property.
If you're worried about the value of your home then there are ways in which you can maximise your property's value. And, the best remortgage deals can not only help save you money on your repayments but also raise the funds you need to undertake the work.
In such times as this when it may be difficult to see your home, another option may be to remortgage to unlock some of the value of your home in order to finance a home improvements project to increase the value of your property.
Martin Ellis, housing economist for the Halifax recently said: "The underlying trend in house prices continues to be one of modest decline". That view has been borne out by recent figures from the bank which show that house prices fell 3.7 per cent between April 2010 and April 2011. Data from the Nationwide, the UK's biggest building society, shows a similar trend.
The figures suggest that we will see a fairly stagnant housing market for some time to come. It is unlikely that there will be much improvement until the financial state of most consumers in the UK stabilises and they are able to afford to purchase property at the average property price. However the inevitable increases in interest rates by the Bank of England will slow the recovery of the UK property markets further.
What You Can do to Maximise the Value of Your Home: There are a number of ways in which you can improve the value of your home. These include: A loft conversion - Conver
The same lender stated that the project that adds the most value to a property is concerting the attic into an additional bedroom, especially when you add in an en suite bathroom. This can potentially add thousands to the value and can make the property attractive to a whole new set of buyers.
Redecorating the house - It is possible to increase the selling price of your home by redecorating. Again, you can use a remortgage to finance the work which may include painting, tiling or fitting new carpets. Redecoration is often inexpensive but can add value to your home.
Build and extension or conservatory - Adding an extension or conservatory increases the living space in your home by adding an additional reception room or bedroom. Ensure that you obtain the necessary planning permission before you start an extension project and be prepared for your home to be a building site during the construction.
An extension, although a large project, is well worth the time, effort and money. You can add more bedrooms, make the kitchen or other rooms larger or even add a garage. All of the these things add huge amounts of value to your property.
If you're worried about the value of your home then there are ways in which you can maximise your property's value. And, the best remortgage deals can not only help save you money on your repayments but also raise the funds you need to undertake the work.
Howard Ogollegos
Howard O'Gollegos writes for Just Commercial Mortgages.com the UK's No.1 site for the latest commercial mortgage rates and commercial property finance news.
View all articles by Howard Ogollegos