Tag: Refurbishment
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Capitalising on the New Permitted Development Rights
Property development could see a shift with the introduction of new planning laws announced by Chancellor Jeremy Hunt in his Autumn Statement. This shift opens a lucrative avenue for landlords and developers, presenting an opportunity to significantly enhance their income through property conversions. Understanding the New Permitted Development Right (PDR) PDR is a government initiative…
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Demand for Bridging Loans Remains High
Bridging loans have become a pivotal financial tool in the UK’s dynamic property market. These loans offer a swift, flexible solution for those needing immediate funds for property purchases or refurbishments. Understanding Bridging Finance One of the key attractions of bridging loans is their rapid processing time. Unlike conventional mortgages, which can take weeks or…
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Unlocking Your House’s Potential Without Planning Permission
The complexities of property improvement can be daunting, especially when it involves the tedious process of obtaining planning permission. The journey often entails exhaustive form-filling, long waits for decisions, and the unpredictability of dealing with different councils, each with its own set of rules and standards. However, there’s a silver lining for homeowners or investors…
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Bridging Loan Activity Surges in Q3 2023
The third quarter of 2023 has witnessed a significant resurgence in the UK bridging loan sector. According to Bridging Trends, there’s been a 15.3% increase in bridging loan transactions compared to the second quarter, amounting to a total of £191 million. This upswing from Q2’s £165.7 million underscores the growing reliance on bridging loans for…
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The Financial Realities of Renovating a Doer-Upper
“Unmodernised homes can be a great way to get a foot on the property ladder with massive savings, but don’t forget how much it can cost to get a doer-upper up to standard” – Tyrone Ekrem, Fair Fix Recent findings from Fair Fix, a group of boiler engineer experts, highlight the potential financial benefits of…
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Turning Challenges into Opportunities: A Single Woman’s Success in the UK Property Market
In 2008, as the financial crisis plunged property prices into a tailspin, many shied away from the real estate market. However, for Markella Mikkelsen, this was a golden opportunity. The Telegraph tells her success story. With reduced competition and lower prices, she saw a chance to start her buy-to-let business. Fast forward to today, Ms.…
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Fewer Bridging Loan Applications are Successful: What’s Going Wrong?
Recent data has highlighted a shift in the bridging loan market, with conversion rates—the percentage of loan applications that result in successful funding—experiencing a dip. Data from the Association of Short-Term Lenders (ASTL) shows a decrease in bridging loan conversions from 16% in the second quarter (Q2) of 2022 to 14.10% in Q2 of 2023,…
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UK Property Market Trends: What’s Selling Fast?
When it comes to the UK housing market, current trends are shining a light on which properties are being snapped up the quickest. Understanding these trends is essential for buyers, sellers, and investors alike. Zoopla break down the recent data to see what’s hot on the market right now and what properties are lingering on…
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Emerging Property Hotspots: The ‘Brain Gain’ Phenomenon
The UK property market is experiencing a fascinating shift as certain regions transform into housing hotspots, thanks to a phenomenon The Telegraph calls the ‘brain gain.’ This surge in demand and property value is closely tied to the increasing presence of high-tech and life sciences industries in these areas. Understanding this trend is essential for…
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Bridging Loan Completion Times Rising
The latest Bridging Trends data highlights the increase in bridging loan completion times. The time it took to complete a bridging loan extended from an average of 58 days in Q2 2023 to 62 days in Q3 2023. This delay is believed to be due to the “summer lull,” a seasonal slowdown that impacts many…