You are browsing:
Home
> Property News
>
2008 05 > Self builders advised to sell up first
GUIDES
News Categories
Buying Property
Credit Crunch
EPCs
Estate Agents
First Time Buyers
General
Home Information Packs
House Building
House Prices
Interest Rates
Landlords Buy To Let
Mortgages
Property Tax
Renting Property
Selling Property
Stamp Duty
Utilities
Credit Crunch
EPCs
Estate Agents
First Time Buyers
General
Home Information Packs
House Building
House Prices
Interest Rates
Landlords Buy To Let
Mortgages
Property Tax
Renting Property
Selling Property
Stamp Duty
Utilities
News Archives
2009 January
2008 December
2008 November
2008 October
2008 September
2008 August
2008 July
2008 June
2008 May
2008 April
2008 March
2008 February
2008 January
2007 December
2007 November
2007 October
2007 September
2007 August
2007 July
2007 June
2007 May
2007 April
2007 March
2007 February
2007 January
2006 December
2006 November
2006 October
2006 September
2006 August
2006 July
2006 June
2006 May
2006 April
2006 March
2008 December
2008 November
2008 October
2008 September
2008 August
2008 July
2008 June
2008 May
2008 April
2008 March
2008 February
2008 January
2007 December
2007 November
2007 October
2007 September
2007 August
2007 July
2007 June
2007 May
2007 April
2007 March
2007 February
2007 January
2006 December
2006 November
2006 October
2006 September
2006 August
2006 July
2006 June
2006 May
2006 April
2006 March
Self builders advised to sell up first
Posted: 20 May 2008 10:01:32 GMT
Homeowners wanting to undertake a self-build project have been warned against releasing the equity in their existing property to finance the construction.
Homeowners wanting to undertake a self-build project have been warned against releasing the equity in their existing property to finance the construction.
Homebuilding, the online portal for Homebuilding and Renovating magazine, has warned that, in the current climate, it would be more prudent for homeowners to sell their existing home first.
Jason Orme, editor of Homebuilding.co.uk, explained that releasing equity in one property to finance another would leave homeowners "doubly exposed if the market does crash."
Mr Orme explained: "Traditionally, what a lot of people have done is lived in their house and released the equity to get their self-build started, and really carried two mortgages on two properties at once."
According to Rightmove's May House Price Index, released yesterday (May 19th ), the average asking price for a property that has just come on the market has risen by 1.2 per cent from April to May.
Despite the downturn in the housing market, Rightmove's pricing Index shows the average asking price is now at a record high of £242,500.
© Houseladder Ltd
 
