With house prices falling, estate agents windows full of unsold properties and everyone feeling the pinch of the so-called "credit crunch, we thought we'd explore the benefits of renting.
The Royal Institution of Chartered Surveyors recently reported that there has been a drop in the number of properties changing hands to the lowest level since 1978 - lower even than during the depths of the recession in the early 1990s.
Sellers are finding it harder to obtain the asking prices for their properties and buyers are finding it harder to obtain credit. So what about renting? It is certainly something to consider.
It is suggested that the housing market may still have some way to go before it hits the bottom and begins to climb up again, this taken into account together with the fact that the Council of Mortgage Lenders has forecast that repossessions will rise by 50% this year to 45,000, means that by renting for a short term you may be able to snap up a bargain in the not too distant future.
If you are currently trying to sell your house it might be worth looking at the benefits of letting it until the property market picks up again. Rather than reduce your asking price, rent it out for a while and then re-advertise it at a later date.
"The residential property futures market", which is based on the Halifax index, indicated recently that prices would fall by more than 20% by 2011 and may not return to current levels until 2017. Many analysts have seen this predicution as overly pessimistic, but agree that things will probably get worse before they get better.
Coastal Homes in Rhyl, are home rental specialists and can advise on all aspects of letting and renting. They have many years experience and work closely with landlords and tennants to ensure that the whole process runs smoothly.
For more information on their services please see their features in the business guide on this site under "Letting Agents" and "Rental Property".
However many people still continue to sell and buy property and this also creates discussion about the current mortgage market. A year ago there were over 10,000 mortgages to choose from for prime borrowers, but financial analyst Moneyfacts says that now there are fewer than 2,400 for buyers to choose from.
This affects buyers, sellers looking for a "buy-to-let" mortgage and home-owners looking to re-mortgage - either to raise additional funds from the equity in their home, or because their current mortgage deal is coming to an end. Many lenders are withdrawing deals and some are setting new borrowing rules. The advice is to start shopping around for a new deal early, major lenders may let you reserve a deal three to six months in advance.
DS Mortgages offer independant advice on all types of mortgages.
They are able to search the current mortgage products available and find you the most suitable one, and because they are not connected to any lender in particular you can be sure you are getting impartial advice.
For more information on their services please see their feature in the business guide on this site under Mortgage Brokers.
