The current state of the housing market means that most home improvements are not adding any more to the asking price than they cost said the Abbey National.
A home extension can leave someone selling the property around GBP20,000 out of pocket if they were to sell straight after getting the work done, while a new conservatory or kitchen can easily leave them down by GBP14,000. The only home improvements the Abbey National feel are worth doing for those selling a property are the cosmetic ones such as decorating.
The key to home improvements then is to undertake them only if the plan is to stay in the property. This way they become a real benefit to the homeowner said an Abbey National spokesperson. It is understood that well over 8 million people will be improving their homes in the coming year which may prove a revealing statistic in what is a dormant market.
The Natwest Bank has announced a reduction to its tracker and fixed rate mortgage rates with cuts of up to 0.3 percent.
Most of the Natwest Bank mortgages have seen rate reductions of 0.1 percent, though a small number have had the full 0.3 percent taken off them, something anyone looking for a mortgage will appreciate. The bank has also introduced a three year tracker that steps down on its rate each year.
A spokesman discussing the rate cuts stated that the Natwest Bank was committed to doing what it could for borrowers in what are difficult times. They are pleased to be able to help both first time buyers and those moving on, feeling that both parts of the housing market need to be helped in order for growth to be seen.
The Halifax is to close over 50 of its estate agent branches across the country with the loss of around a hundred jobs.
The move by the Halifax comes on the back of what they have described as a significant decline in house sale numbers over the last 12 months. The heart of the Halifax estate agency business is in the North and Midlands, and it is here that they will focus most of their efforts moving forwards.
Around 550 people will find their estate agency branches closing but the Halifax will be able to relocate most of these people, with a hundred that will hopefully be taken up primarily through voluntary redundancies and natural staff turnover.
