(Vocus/PRWEB) March 13, 2011
Property website, http://www.compare-property-prices.com has launched in the UK, providing a unique search facility for those who want to buy or rent property in the United Kingdom.
The website allows users to search for property by postcode or location and can also compares and tracks price trends, scoring properties available on the market using an impartial algorithm developed by the online marketing agency Orchid Box and powered by the Nestoria api.
The property market in the UK has experienced a patchy recovery in sectors during 2010, with a number of factors affecting a property sale. Buyers prefer the lowest price whilst sellers will be reluctant to accept low prices to secure a sale. Property market trends are linked to the wider economic prospect, recently this has included the pace of economic recovery and employment prospects, generally it could include economic performance and consumer confidence.
It remains to be seen whether the property market will witness a sharp fall, or a flat to modest fall in house prices in 2011 dues to low levels of sales during the start of the year. The exception to property price falls in 2010 was in London, where prices held up comparatively well to other areas of the country.
The website is a great tool for buy to let investors who can find the average rental yield in Manchester and evaluate which areas of the country would provide the best return on a property investment. According to the Council of Mortgage Lenders (http://www.cml.org.uk/) new mortgage applications was down by 29% in January 2011 compared to December 2010, with 28,500 mortgages approved. This is 12% lower than in January 2010 and 30% lower than January 2003, when 90,300 new mortgages were approved.
First-time buyers made up 10,500 of the 28,500 new mortgages in January 2011, despite easier borrowing requirements which has seen average down payment required from borrowers fall to its lowest levels in two years to just 20% and interest rates held at 0.5% (as of March 2011). Any increase in interest rates would add a significant amount to borrowers monthly repayments.
Compare Property Prices offers a unique way to look at the property market and rental prices in the United Kingdom, with options such as the 3 years rental yield graph letting investors know which places in the country will produce the greatest yield rental investment. For example a London WC1 rental yield for a 5 bedroom property would be 7.86% (much better than a savings account).
Use the unique search facility to compare rental and purchase prices across UK which uses real time property prices ranked according to similar past sales in the area to find the right property today, by comparing the average property prices in the area with that of the actual property and check if it is a thumbs up, thumbs down or possibly a star purchase.
One of the best aspects of this new, innovative, user-friendly website is that it provides an entirely free service for users. Using an intelligent search system users can find the average rental yield in Edinburgh to finding the best deals for buying and renting, whether it's a flat, apartment or house they are searching for. Compare Property Prices is actively looking to partner with mortgage or financial firms to help their users to get the best mortgage deals on the market. If you are interested please contact the Orchid Box team.
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