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Wrong, they're spending money on their current property to add value.
The two tradesmen I had in this year complained that potential new customers were calling them to do jobs like mine e.g. small patch up jobs not large ones since interest rates had gone up. (I was a returning customer.)
Yet in my area the price is still going up due to a total lack of properties coming up and when they do they are sold within 2 days. Rent for a 2 bed 1 bath mid terrace grew is about 7 years from about £500 to one property that went up for 1k this week. For a small northern town that is absolutely obscene. We don't seem to follow any housing or rent trends at all.
Sorry to hear about your father's passing, but well done in getting probate sorted in 3 months - it's frequently 6 months to a year before the process is complete and the benefactors can start looking at selling or letting.
...and remember, it's something that is being given to you, rather than something you "deserve".
Agreed but there is no excuse for the insurance companies to have not even begun drying the place out yet.
My father passed away in December -... so the house cannot be sold or let.
Sorry to hear about your father's passing, but well done in getting probate sorted in 3 months - it's frequently 6 months to a year before the process is complete and the benefactors can start looking at selling or letting.
...and remember, it's something that is being given to you, rather than something you "deserve".
My father passed away in December - a week before he died there was a burst pipe and two rooms were wrecked.
Despite constant chasing the insurance company and contractors have not even commenced work to repair the damage and so the house cannot be sold or let.
By the time the work is complete I suspect a tidy sum will have been wiped off the sale price (although this has been offset by the fact that the contents that were lost will not be replaced)
The weakest region was Scotland, while the West Midlands was the most resilient.
Prices in Scotland were down 3.1pc during the three months to March compared with the same period last year. But in the West Midlands, they were 1.4pc higher.
Robert Gardner, Nationwide's chief economist, said the housing market reached a “turning point” last year because of the market turbulence following the mini-Budget, which pushed fixed mortgage rates above 6pc.
The average five-year fixed mortgage rate for a 25pc deposit was 4.4pc in February, up from 1.8pc a year ago, according to the Bank of England.
Mr Gardner said: “It will be hard for the market to regain much momentum in the near term since consumer confidence remains weak and household budgets remain under pressure from high inflation.
“Housing affordability also remains stretched, where mortgage rates remain well above the lows prevailing at this point last year.”
Tom Bill, of Knight Frank estate agents, said: “More financial pain will enter the system as owners move onto higher fixed-rate deals.”
Alice Haine, a personal finance analyst at brokers Bestinvest, said the data “cemented the gloom for the property market”.
She said: “The red-hot property market of pandemic days – when buyers snapped up bigger homes in the race for space, aided by temporary stamp duty incentives – is now behind us with buyers and lenders taking a far more conservative approach towards home ownership.”
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