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Surge in auction interest

The Independent on Sunday reported that prospective homeowners are bypassing estate agents in favour of residential auctions.

The number of residential properties auctioned over the past 12 months has risen substantially, with more than 25,000 homes on sale in 2010, with more than 100 residential auctions held in December alone, with 2,000 lots sold generating revenues in excess of £370m.

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AUCTION YOUR PROPERTY WITH UKAL!

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Positive news for 2011?

Some reports today have been rather uncertain, even negative, in terms of 2011 property market, however certain commentators are more positive about the prospects for potential buyers in 2011.

"Lenders are becoming more flexible and have more funds available, which may lead to a favourable effect on the market in 2011," said Malcolm Waldron, regional director of estate agent Kinleigh Folkard & Hayward Financial Services.

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First-time buying in 2011

The tough mortgage environment in 2011 will impact heavily on first-time buyers, as the large deposits required by lenders and difficulties obtaining finance will continue to keep many from getting a foot on the bottom rung of the ladder.

According to the CML, with funding in short supply, the availability of mortgages for first-time buyers will remain limited, with lenders likely to continue to have only a "modest appetite" for advancing mortgages at higher loan-to-value ratios.

Mortgage lending to rise?

Although it was reported this morning on BBC News that mortgage lending rose in November 2010, Melanie Bien, director of broker Private Finance, told MSN Money today: "There will be some great buying opportunities in 2011, but the problem will be securing the mortgage finance to do it, as the lending market is likely to tighten further."

This echoes the recent warning from the CML that a critical new era of even tighter lending will be ramped up in the spring.

What's happening with interest rates?

According to reports on MSN today, Halifax, interest rates are likely to remain very low for some time, and they predict no more than one rise to the Bank of England base rate in 2011.

Is 2011 the year to buy property?

With the property market still weak and house prices expected to fall further in 2011, many commentators are claiming this could be the year to bag a property bargain. New research from the Building Societies Association (BSA) shows that public opinion about buying property in 2011 is positive. According to the findings, nearly two-thirds of us would buy immediately or within the next year, given sufficient money. But while low interest rates and competitive property prices may be tempting you to dip a toe back into the market, is this really the right time to buy?

First Time Buyers need £29,000

Research released today as indicated that First-time buyers are having to find average deposits of nearly £29,000 in order to get on to the property ladder.

The typical first-time buyer put down a deposit of £28,770 during 2010 - the equivalent of 21% of the value of the home they were buying, according to mortgage lender Halifax. The figure is nearly three times the typical deposit of £9,865 saved by people buying their first home in 2000.

Merry Christmas to you all!

We wish you a merry christmas

We wish you a merry christmas

We WISH you a merry christmas

And a HAPPY NEW YEAR!

The UKAL team will be signing off for a few days over the festive period, however our dedicated PA's will be on call 24/7 for anyone needing to speak with us urgently.  We hope that you all have a fun filled Xmas and a healthy and prosperous 2011!

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