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House Prices ΠBoom or Bust-

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House Prices ΠBoom or Bust- Powered By Docstoc
					Presented by Daniel Toriola
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House Prices – Boom or Bust? By Michael Challiner

Property booms are a real shot in the arm for those already nearing the top of the housing ladder. They’ve seen their property prices rise higher than they’d have dared to hope. The cost of borrowing has been low and house values wonderfully high. Life is not so good for first time buyers, desperate to make a start on their home-owning career, or for those needing to trade up to a larger home. It depends on what you read, or who you believe, as to which way you think the property market may go in the future. Looking at housing history of the past few years may make people desperate to get in on the act and youngsters may think it’s now or never. They may well be right …….. or not! One of the main spurs to the superb growth in the property market is the benevolence of the building societies. By relaxing their lending rules and encouraging people to “go for it” they have fuelled the rises. Historically, a buyer was limited to a mortgage of three and half times their income, or in the case of a couple, two and a half times their joint income. Now we have a new fast-track mortgage where as long as you can put down a 25% deposit, and are not a first time buyer, you can have a fast decision without providing actual proof of earnings. This is similar to the self-certification mortgages, which are designed for the self-employed, but this time it’s on a mainstream mortgage basis. The company offering this innovative product is Alliance and Leicester. They say that they still credit score their customers and limit the loan to 75% of the value of the property and that by fast-tracking the mortgage, customers get the benefit of a very early decision, enabling them to clinch the deal. With estate agents reporting rapid offers on properties, often by more than one prospective buyer, which may go on to sealed bids, the ability to have an almost immediate decision on their mortgage gives buyers the best possible chance of closing a successful deal. Buyers are racing to exchange contracts and seal the transaction. Demand is reported to be so great in some areas that gazumping is reappearing, something common in the 80’s property bubble. Conversely there are those who fear that this bubble may level out, rather than burst, and expect a slowing of the house price growth. Some economists have been giving this warning with monotonous regularity and have been surprised by the continuing strength of the market.

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Another aspect of the property market is the buy-to-let sector. Banks and building societies are relaxing their rules regarding rental income cover. Where they used to reckon you needed a monthly 125% or more of the mortgage interest to cover unexpected expenditure or periods where the property stands empty, they will now accept 100%. All well and good when things go right, but it only takes an interest rate rise or two to throw all the figures out and the 25% “buffer” was a useful tool. You can only use your own judgement, but we feel that some degree of caution may be sensible. When applying for a mortgage, be totally honest with your answers regarding your income and outgoings. Don’t take on more than you can handle and try to build in some margin of safety. For help and advice, an internet mortgage broker will be aware of all the best and latest deals. It’s a fast changing market, but they’ll trawl through the maze of mortgages and come up with some great deals, tailored to suit your individual needs. http://www.car-insurance-facts.co.uk provides great deals on online car insurance for its clients in the uk. Please visit our site for helpful information to aid you in making the right decision first time

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Overseas Investment - Security For Your Assets During the Economic Recession By Martin Gavin

The British economy, like the other major powers of the western world, lives and dies on the concept of boom and bust, and we have seen throughout the last hundred years that capitalist economics is a system that allows extreme growth and respective recession to flourish; the great depression of the 1930s was preceded by a decade of notable growth, growth in the 1980s led to 'Black Monday', and now the current downturn - which has been recorded as one of the worst slumps in decades - followed a period of grand expansion and growth. So, from the end of world war one to the end of to the start of world war two world economies saw a boom and a bust, followed then by a boom and bust from the end of world war two to the middle of the 1980s, and from, there, we have seen another period of boom and bust that will, if the pattern is to be beleived, come back into a period of boom. Our economic systems, then, are predicated on the knowledge that growth will lead to fall, and that means that overseas investment must in turn be predicated on investing at the right time. Now that investment is tied up in wealth and available assets, making it difficult of course to indulge in overseas investment during times of economic recession, but it is, paradoxically, the best time to invest; bust will be followed by boom, and so yields on return of investment are high indeed. The current economic climate is perfect for that process, and it is even more perfect - if such a term can be coined - for overseas investment; house prices in Britain accelerated massively during the 1990s, so that anyone who bought or began a mortgage on their house at the start of that housing boom and in almost all cases likely to have a substantial amount of equity, and that equity can be used to kick start a move into overseas investment. Why, though, is overseas investment a good idea at this time? The answer is because prices in some emerging property markets are much as they were at the very beginning of that 1990s property boom in Britain, so that equity can be used to buy property for minimal amounts, but with boom expected. To reiterate: a period of bust must in our economic system must necessarily lead to a period of economic boom. So a foray into overseas investment now would yield massive benefits when the bust is combated, and growth once again accelerates. So overseas investment in property is a perfect way to keep your assets secure; it is not tied up in stocks and shares, but in the tangible existence of property, and, with equity often available and with prices cheap, can bring a substantial, notable, and exiting return on investment. Look no further, then, than North Cyprus, for prime real estate in overseas investment and perfect assets for rental property and real estate; North Cyprus is the definition of real estate investing. For expert information on overseas investment, look no further than Martin Gavin. He writes for http:/www.whiterocksbafra.com

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