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Property Market Tips – Forecast For Uk Buy To Let Property 2008
Well, after a year that started so well, I’m sure there are many investors who are not sure about investing and whether property is still a suitable investment vehicle. This article contains some key points that any purchase to let the investor should be aware of before making a purchase decision for property investment in 2008.
In my opinion, real estate investing always gives you the best return for your money, but for all you armchair investors; you need to lift the lever on your recliner and sit up straight for the new year to face the toughest challenges ahead.
Remember that every region will be different
This week there was an announcement from Nationwide about the property forecast for 2008. On the face of it, the 0% property growth forecast for 2008 does not sound good, but when you read past this catch figure of holders, begin to understand the regional differences. This figure takes into account the overall growth prospects for each region. Therefore, while Northern Ireland is expected to see an overall decline of -5%, Scotland’s growth is expected to increase by around +4% in 2008.
Ignore the general media about growth and look for localized reports of the areas you want to invest in. If you are online there are many sites that will give an overview like mouseprice.com BUT this information will always be outdated when compared to the knowledge of local estate agents and letting agents.
In general, more people will be put off by negative national press coverage, but that just means less competition for the shrewd investor who knows the best areas to invest in! Let most people read the media blurb while you get real insight into key locations by networking with local investors, engaging with local agents and professionals.
Likewise, each region will differ in terms of the level of rental demand and the need for housing. If you are focusing on student property make sure you know if the local University has new plans for the construction of halls or to transfer any courses to a different campus. These are critical factors that many people miss and will affect future demand and thus the rent levels obtainable in your area. Similarly for professional tenants, are there new businesses moving into the area or are there old businesses moving? Your local letting agent will be on top of all the information filtered through their local connections.
Make your broker work hard
Brokers are the key to a good mortgage that in turn provides you with a “good” or “could be better” buy to let investment. You may have the right place, but the wrong financial deal can spoil your plans. This is why you need a decent broker who knows what strings to pull (legitimately). A good broker can be the difference between a deposit of £10,000 or a deposit of £14,000 or a mortgage of £400 per month versus £450. Therefore, a good broker can leave you with £4,000 more in your pocket for the next investment or £50 per month better. It still amazes me how many brokers miss the fact that a 90% LTV is possible to buy to let and are quite happy to let go with an 85%.
Weigh all your financial options and ask about all the products available to you. Are you able to put down a lower deposit and get 90% financing because the rent is very good? In my opinion, an arrangement fee of £2k added to your loan does not make a difference in the long term, if in the short term you benefit from higher leverage; a lower down payment or mortgage payments that leave you with more money in the bank in the present while your investment grows to overcome the high arrangement fee.
Ask about base rate trackers available – The Times newspaper reports on November 15 that the Bank of England is looking to cut interest rates twice before next summer in an attempt to counter the problems of credit and predicting a general low growth of the housing market. In this information and based on the fact that interest rates have gone up and down since August 2006, it is much better to look for a basic rate tracker mortgage rather than a fixed rate which has become a choice ever most popular with our investors. Be in all the finances and newspapers to determine what is right for you at the moment! We live in a world where these perspectives are constantly changing.
In my opinion, I would not go for a variable rate mortgage for any type of purchase right now, as there is no guarantee that interest rates will fall that loans will follow. Borrowers are not required to reduce their variable rates if bank rates fall. As most lenders look to recoup losses incurred elsewhere, they’re not jumping at the chance to lower rates on their bread-and-butter variable mortgage products.
Be all the figures
You find a property that you like the sound of, how can you tell if the purchase price and the rental figures attached to it stack up?
1. Check previous sale prices for the area using a site like ourproperty.co.uk
2. Check current rental prices and demand through websites such as Rightmove.co.uk
3. Confirm your findings by speaking with a local real estate agent and rental agent. In the areas you choose to invest it is always a good idea to have a relationship with a rental agent and a local real estate agent for advice and help. Build on this relationship so that you are not just calling every now and then to probe for information, because they will soon become useless!
Watch out for developer pricing, you’ll often have a developer offering you a great deal with anything up to 25% off. In most cases, it will appear that the market price given by the developer is his own estimate rather than a proper valuation and the discount ends up being irrelevant. You may end up buying a new construction property for the current appraisal figure when you are expecting some equity in the property. To avoid it, do some research on the sites previously completed by the developer and find out if these sites have been affected by these devaluations and overpromises.
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