Bridging over property bargains by the river
Online real estate portal and property website, Rightmove, have released their latest House Price Index for the month of November. One of the standout figures from the report was the annual decrease in prices found in two areas along the river in London presenting investors with property bargains to snap up.
Both Richmond upon Thames and Kingston upon Thames have seen their average house prices not only decrease by at least 1.5% compared with last month, but their annual falls are more than any other area of the capital. Kingston’s annual price change stands at -5.9% while Richmond’s is an alarming -6.1% compared with prices from this time last year.
The major reason for the dramatic drop in prices is the current climate of political uncertainty. Both Brexit and the upcoming December election have cast a heavy shadow over the property market. Miles Shipside of Rightmove was quoted as saying “I’ve seen lots of unusual events affecting the property market in my 40-year career, but a Brexit deadline followed by a snap general election six weeks later is obviously a new combination for me and for many thousands of buyers and sellers”. But whilst this may not be great news for people looking to sell the property, it is certainly a prime time for investors looking to snap up a bargain.
One of the ways individuals and brokers are financing property purchases is through a bridging loan. This type of short-term financing is ideal for people looking to act fast while there are property bargains to be found with the intention to flip once the market has returned to form.
Terms for a bridging loan are typically agreed within hours of an initial enquiry and the funds can be in place within days. This type of funding is perfect for people looking to make urgent transactions and take advantage of property auctions to find a deal. When buying property via an auction, investors can agree terms for a bridging loan before the event takes place and the funds in place within the 28 days period to complete.
If you would like to learn more about bridging loans or to make an enquiry, simply call our team on 0203 051 2331 or use our contact form to get a call back.