The UK House Market and how to Survive

According to the Nationwide Building Society, UK property market in 2006 has a "strong start" in, with the largest rise in house prices for 18 months with an increase of 1.4% in January. This was seen by the Nationwide as part of a "strengthening of the trend" since October, with confidence again were in the real estate market, but the high price of 2004 is not expected to return.

Jeremy Leaf of the Royal Institution of Chartered Surveyors said: "The property market is definitelySeeing signs of recovery "and he predicted that" modest price increases are expected to continue into the year. "

Fionnuala Earley, economist at Nationwide, said that she believed that factors such as the pension fears, declining consumer appetite for debt reduction and below-average economic growth would help to further restrain house price rises in 2006.

Another sign that people can regain confidence in the market next to a warning from the BBC to see that manyFirst-time buyers are willing to pay a lot to to in the first rung of the ladder property. The Yorkshire Bank has announced that more than one-fifth of first time buyers are currently willing to offer above the offer price to ask than a year ago, when fewer than one in ten were willing to pay above the price.

Gary Lumby, Yorkshire Bank, a spokesman said: "Buyers are starting 2006 in a more positive mood than last year, when it seemed much more uncertaintyabove which was received by the real estate market. "

While more first-time buyers purchasing a property is very advantageous as it allows for more movement in the market, increasing the number of buyers willing to pay too much could be cause for concern. With UK personal debt currently stands at £ 1.158 billion, and the buyer the possibility of future negative equity risk on the mortgage, some caution should be exercised by the thought of overpaying.

It isessential if any kind of investment that you get the right advice and ensure you can afford the payments. With something as important as the financing of your home, you should as much information and expert advice as possible. Many financial sites like Motley Fool Moneynet and offer free guided tours straight on mortgages and home buying, navigate to the many possible sources of error, the buyer can fall victim to.

A good starting placefor the purchase of a house is out the prices of houses in and around the area to move check-think, to see whether the house / under on price. A site like myhouseprice.com which data from the Land Registry checks governments can help with this type of information. Buyers should also make an impression from the local community is like. Web sites such as upmystreet.com homecheck.co.uk and useful sources of basic information such as average assetsPrices for the region, crime, schools, flood and pollution information, as well as the general demographics of the neighborhood.

Another important next step is to determine how much to borrow, it is possible, the amount needed (to hold all lenders rates, surveys, deposits, attorneys fees, moving, insurance, etc.), and the double control, shall be granted as much for the actual mortgage payments. This phase can be very nerve-racking, but it is absolutelyAvoid help serious future financial problems.

The prospective buyer can then purchase the house to determine the type of mortgage would be the potential final out to be the best for them. The decision to get on the mortgage is to make the difference of many thousands of pounds and it is essential that this decision is the best help available. The rate the lender can easily be compared by means of financial comparison sites like MoneynetMoney Facts or help, and what can be found for governments look at Financial Services Authority website.

It is recommended that before any buyer takes out a mortgage or other financially binding contract to classify an independent consultation. This is because while it's not really necessary if advice is not taken, there would be fewer reasons for a possible action and make financial compensation to the mortgage product should prove to be unsuitableat a later date.

the appropriate finance agreed and secured, then the home buyer covers may commence on the actual process of rapprochement house sellers in terms of surveys have been completed, and possibly with an offer with all the complications.

Useful addresses:
Moneynet mortgage guide (http://www.moneynet.co.uk/mortgage-guide/index.shtml)
Motley Fool Mortgage Guide (http://www.fool.co.uk/mortgages/articles/introduction.htm)

Disclaimer:
All information contained in this article for general information purposes and should not be construed as advice under the Financial Services Act 1986.

It is strongly recommended that the necessary technical and legal advice before binding into any contracts.

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