Author: |Posted: 12:20 pm on 03/07/09
Category: Buying & Selling, House Prices
The BBC has reported today that a council which was the first to prosecute a mother for lying on an admissions form to get her son into a good local state school has had to drop the charges. The woman in question gave her mother’s address when applying to the school, despite only living there for four weeks.
We all know that houses within the catchment areas of the best schools tend to be much more sought after – and therefore potentially much more expensive – than those either out of catchment areas or close to schools that parents would do anything to avoid sending their children to. So, if you do live outside the catchment area of the school you want your child to go to, what do you do?
Either you’re lucky enough to have sufficient funds to move nearer the school. Or you cheat. I know parents who have bent the rules when getting their children into a good school – some have rented nearby (and rented their own homes out in the meantime). Others have bought rental properties nearby and used these addresses to apply from – covering the mortgage on the property itself by letting it out to renters. And then, of course, some people just stay temporarily with friends or family who live within the catchment area.
So what’s fair and what’s clearly not? It’s not fair – but perfectly legal – that people who can afford to buy a house near the school do so when others can’t. But then, it’s our desire to send our kids to good schools that drives the house prices up in these areas. It’s not fair that people buy a rental property in which they pretend to live so that they can apply to the school they want their children to go to. But how can local councils police every single application to find out if they are really living there? And it’s not fair that children who go to good schools because their parents are either wealthy or lucky enough to be able to send them there grow up to be better paid, better educated adults, who then ensure their children go to good schools, too. But then that’s capitalism for you.
So, just how far would you go?
Author: |Posted: 11:53 am on 10/06/09
Category: Buying & Selling, House Prices, Property & Money, Property Development, credit crunch, expert advice
I thought Property Ladder made for fascinating viewing last night – especially as I bought my house in April 2007 at the height of the market. Luckily for me, unlike last night’s developers, I’m not thinking of selling any time soon, so I could watch the rollercoaster ride they were on with sympathy, but a certain detachment. Can’t wait for the rest of the series now, and I think this series, more than any other, deserves future revisits – in a year or so – to see just how these ambitious, would-be developers managed over time to realise their dreams, if at all.
If you’re looking for clarification of Sarah’s remarks about the housing market, we have our own expert take on the property market. It’s realistic, it’s not all pretty, but it’s by our expert Kate Faulkner, who knows exactly what she’s talking about. Don’t miss it. And let us know what you thought of last night’s show, too.
Author: |Posted: 4:43 pm on 08/06/09
Category: Buying & Selling, House Prices, Property & Money, Property Development
For those with even a passing interest in the housing market, the 4Homes Property Search is a worryingly addictive way of wiling away the hours. For 4Homes employees, it’s a great way to have fun while giving the impression that you’re working. read more
Author: |Posted: 10:33 am on 29/05/09
Category: Buying & Selling, House Prices, Mortgages & Home Finance, Property & Money
Nobody’s calling the bottom of the market just yet, but today the Nationwide Building Society said that UK house prices rose 1.2% in May – the biggest rise in over a year and a half.
Is this the start of the great house price recovery? Probably not. With the economy predicted to contract by 3.5% this year, unemployment set to rise, and the general scarcity of lending capital showing few signs of abating, May 2009 could well be a blip on the graph.
According to the Nationwide House Price Index, April saw a 0.3% fall (-15% year-on-year), while May’s 1.2% rise puts average house prices 11.3% down on 2008 prices.
Whether the recovery’s started or not, it does at least look as though the rate at which prices fall should be wholly more manageable than in 2008.
Learn more about how house prices are calculated, or read the full May 2009 Nationwide House Prices Report.
Which way do you think house prices will go? Has the market bottomed out? Let us know your thoughts by leaving comments below…
Author: |Posted: 10:28 am on 24/04/09
Category: Buying & Selling, House Prices, credit crunch
In these uncertain times, trying to make sense of daily and differing reports on house prices is a daunting task. So I’m not even going to try!
Kate Faulkner wrote a great piece for us on understanding conflicting house price reports, which is well worth a peek. If you want to make up your own mind, here’s some of the latest house price reports for your perusal.
Rock kickstarts lending with 70% rise in home loans
This Is Money
Estate agents downbeat on revival hopes
Financial Times
Northern Rock to report second year of losses after mortgage arrears rise
The Guardian
House prices may fall another 15%
The Mirror
Estate agents downbeat on tax hike as prices rise
Property Week
Housebuilder Persimmon reports increased interest from potential buyers
LDP Business (Liverpool)
Property prices on the rise
South West Business (West Country)
Author: |Posted: 10:06 am on 03/04/09
Category: Buying & Selling, House Prices
So yesterday we heard that house prices had gone up (if only a miniscule amount). Today, we hear that’s all wrong and they’ve gone down. So which is it? Well, the information we’ve seen shows that there’s currently a steady improvement in the market, but all this in comparison to a very poor performance overall. And, of course, no one knows how long this growth spurt will last. We’ll have more detailed information for you on this next week – keep your eyes on our Housing Market News & Views page.
Author: |Posted: 9:03 am on 02/04/09
Category: Buying & Selling, House Prices
The Nationwide’s March house price report suggests that prices rose by 0.9 per cent in last month. This is against falls of 1.9 per cent in February. Overall, prices are down 15.1 per cent on March 2008. The recent, modest rise pushed the average price back over the £150,000 mark.
Nationwide are warning us about getting carried away, though. It’s far to early to talk about a market recovery, although right now I think we’re all just content with a bit of market stabilisation.
You can read the full Nationwide March House Price Report here, and find out how Nationwide calculate their house price statistics here.
How will a rise in prices affect you? Can you see light at the end of the tunnel, or will the market start falling again? Please leave your comments below…
Author: |Posted: 12:13 pm on 25/03/09
Category: Buying & Selling, House Prices, Property Development
We all got used to seeing inexperienced developers making a killing on Property Ladder, usually due more to the rising market than their own profit-making prowess.
Now, Sarah Beeny is to examine how developers have adapted to a falling market, meeting some of the big winners and losers of the house price slump.
Her new show, Property Snakes And Ladders, forms part of the Channel 4 spring/summer schedule. Expect to see it on your screens in the not-too-distant future.
Are you a property developer? Interested in what Sarah will have to say in her new programme? Leave your comments below…
Author: |Posted: 5:23 pm on 24/03/09
Category: Buying & Selling, House Prices
We’ve just published an informative piece explaining exactly what makes house prices rise and fall. Consider it a beginner’s guide to housing market fluctuations.
The article is by Kate Faulkner, who is a real expert on all things property and homes-related.
Read the full article on what makes house prices rise and fall.
Author: |Posted: 1:12 pm on 24/03/09
Category: Buying & Selling, House Prices, Mortgages & Home Finance
February 2009 saw the lowest level of lending on mortgages since 1991, according to the British Bankers’ Association. The total amount borrowed on mortgages last month was just £9.2billion (down from 9.7billion in January).
While gross lending may be down, the number of individual mortgage approvals rose from just over 24,000 in January to 28,179 in February. This figure is inevitably well down on 2008, but it suggests that more people are buying more houses for less money. Sellers are willing to accept lower offers and those previously priced out of the market are finding themselves in a position to buy. With London house prices stabilising, there are some genuine signs of a modest market recovery and a correction of house prices to more realistic levels.
Findaproperty.com have more detailed info – note that mortgage approvals for house purchases are up, while remortgaging approvals are down.
What do you think about the latest figures, and how do they affect you? Please leave your comments below…
