• Bridging loan and development finance company, Finbri, explains how to improve your home-buying experience.
• A bridging loan offers an affordable solution for home buyers struggling with broken purchase trains.
• Navigating the property market in a climate of uncertainty, post-covid.

There’s nothing worse than being on the brink of securing a home purchase, only to find that the transaction has broken somewhere along the chain. The worst part about this is that these occurrences are distressingly common for homebuyers across the UK. In fact, latest figures show that up to 39% of UK property sales fall through as a result of buyers either making a lower offer; pulling out of a purchase agreement altogether; or from a chain breaking down. In post-covid times, a new dynamic has appeared with loads of buyers rushing back into the property market: buyers over-promising but then finding themselves unable to meet inflated prices, resulting in the falling through of sales.

The problem with this is that withdrawn offers mean the purchase chain is broken, disrupting the lives of many other people involved in the agreement, as well as additional administrative and financing costs. For buyers operating on slim margins, agreement fees and survey costs can run into thousands of pounds, which is not an ideal situation if finances are already pressed.

“Many properties are going under offer within hours of going on the market, and buyers are often offering above asking price to try to beat the competition,” said Danny Luke of Quick Move Now. “The problem is that the pressure can lead to impulse offers, that buyers later withdraw.”

In a volatile market, deals are more likely to fall through. With prices sharply rising, sellers may believe they can gain a higher valuation by opening up the floor to new offers; whilst buyers are usually more willing to trump existing offers or outbid one another. By contrast, in a falling market, buyers might submit lower offers with the hope that sellers will be desperate to accept. However, sellers might remove their properties from the market in the hope that better conditions will arise in the future.

Market volatility also extends to financing options: The Times reported that banks have been overwhelmed by mortgage applications in 2021, resulting in lengthy time delays for approvals, as well as purchases falling through when finance has been refused. This is because potential buyers initially believed they would be approved.

Climate of uncertainty

In addition to this climate of uncertainty, the pandemic has pulled home buyers in conflicting directions in terms of location. Some people have jumped at the opportunity to migrate out of crowded cities and into quieter countryside locations, enticed by the option of working from home and having more space. However, as companies return to their office spaces and the possible disadvantages of living further outside the city arise, this home-buying flow has now started to backtrack. Many now feel that the potential for poor mobile and internet connection, lack of entertainment and difficult methods of transport are not worth it when living in areas like the countryside. This has resulted in further chaos in the property sales market, with both buyers and sellers alike changing their minds as these conditions evolve.

Moreover, remote working has caused delays to the property market: for example, it’s impossible to survey a home remotely. Travel restrictions have made it difficult for some buyers to even view properties they may be interested in, possibly leading to hesitation when it comes to placing offers.

Popular property professional website, Rightmove, announced that the first six months of 2021 had been its busiest in 20 years, with property values skyrocketing by 6.7% between January and June. The expiration of the stamp duty holiday at the end of June also did little to dampen demand, said Rightmove: “High activity levels are continuing,” it confirmed.

The first indications of rising inflation began to appear in mid-November 2021, with experts predicting levels of 5% or more in 2022. This may increase pressure on the housing market, as property prices are likely to increase more rapidly, meaning sellers will be enticed by the prospect of higher valuations. On the other hand, lending will become more expensive, pricing some buyers out of the market and causing sales to fall through.

An affordable solution

For an increasing number of buyers, a bridging loan offers an affordable solution to the above issues. According to the Association of Short-Term Lenders (ASTL), In the last few months of 2020 and into the beginning of 2021, bridging loan applications jumped by more than 39% as compared to pre-covid times. Mainstream mortgage lenders can typically take around three months to arrange a deal, however, buyers may not be able to wait this period out if they want to secure a sought-after property. By contrast, bridging loans can be arranged more quickly, allowing the completion of the purchase, while still giving the buyer time to finalise the sale of an existing property, or arrange long-term financing. 

The advantages of a bridging loan extend beyond salvaging or securing a property deal. It can help the buyer avoid or reduce the cost of renting a property while waiting on a transaction to complete. This can also help save on the expense of extra home surveys, legal fees and financing agreement costs. Most importantly, the buyer can gain the peace of mind of a property transaction, especially in such a volatile climate.

According to Stephen Clark at bridging loan broker, Finbri: “In many property sales, speed is of the essence. If a buyer isn’t able to move quickly, sellers lose patience and look elsewhere, especially in a heated market such as this. The risk of a sale falling through, with all the consequent heartache and expense, means that bridging loans are an increasingly attractive option for many.

Bridging finance helps buyers to complete the purchase of their new home, solving many of their problems at a stroke. Typically, residential bridging loans are only for a few months, with repayment from the sale of an existing property. They are quick and simple to arrange and take the pain out of this notoriously difficult process.”

An emergency arises abruptly. You might get broken glass due to varying reasons. It could be due to sudden physical damage or the toll of the weather conditions. Regardless of the cause, the best thing you can do is stay calm and think the situation through.

But, it can be a challenging task. After all, depending on the type of breakage and how big, it could compromise the security of your place. Therefore, call for the best emergency glazing services near you available in your area.

Having an emergency glazier in contacts can never be a bad thing. It can help you avoid any panic action. You will have a reliable provider who will come and rescue you from the trouble by offering well-versed services. Therefore, it becomes pivotal to find the best emergency glazier in your area. Here is a checklist for you to follow:

Experience For Reliability

As you can understand, emergencies can arise at any time. A professional emergency glazier should have an emergency in dealing with the situation. Often, it requires them to be calm and act patiently. They have to maintain a certain level of professionalism to keep you calm and the situation under control. More importantly, they have to think and act fast as they are there to provide emergency services.

Therefore, experience comes heavily into play for these kinds of requirements. An experienced glazier for emergency would be ready 24/7 or anytime according to their shift. They are prepared to provide services at any odd hour if you call for them. More importantly, their response time has to be precise to reach you within an hour.

This reliability comes from experience. Thus, you should look for an emergency glazier with some expertise and apt qualifications.

Proficiency In Providing Solutions

Upon arrival, an emergency glazier’s job is to assess the situation. They will start securing the property or affected area immediately. Emergency glazing often includes boarding-up services to block the entry or opening from the broken window temporarily.

Once they secure the area with board-up services, they will help you come up with the best solution. The solution could be regarding any kinds of repair work you’d need. Even after providing you temporary fixes, they will return with apt equipment for the repairs and replacements.

A Wide Range Of Expertise

The world has evolved beyond anyone’s comprehension. There are different types of glass options available today. Therefore, an emergency glazing service has to be prepared for any kind of glass-related service, which they might have to replace or repair. Often, these include:

• Fire-resistant glass and pane for enhanced protection against fire and such.
• Reinforced or toughened glass for additional security and safety. Often, they are used for their toughness and strength.
• Laminated glasses for long-lasting appeal and safety, even sticking together after cracks and shatters.
• Float glasses.

It isn’t just about the type of glasses and panes. The variety of windows and glass structures like sash windows, double glazed windows, uPVC, tabletops, glass walls, shelves, and such would also impact. A professional emergency glazier has to be ready for any task related to glass repairs.

Affordable Will Always Be A Priority

An emergency glazing service shouldn’t cost excessively for you. Otherwise, you can always set up emergency board-up services. Emergency service should fall right under your budget. It is understandable if there are extra charges for the odd hours and emergency services for repair and replacement, but it shouldn’t be excessive.

Thus, you need honest and trustworthy emergency glaziers. If they have a compelling portfolio of past clients, that’s even better. Try to find the emergency glaziers in the company or service provider that takes care of your glazing news most of the time.

With proper consultation and the correct planning, you will receive the best options and advice. So, keep that in mind when choosing your service provider.

The Bottom Line – It Is About The Security

As long as you keep these points in mind, you will receive some of the best emergency glaziers in your area.

If you have children or pets living with you that may cause harm to the windows or glass, it is wise to have an emergency glazier in your contacts. You could’ve lost home keys and had to break the glass to get in. Now, you’d need emergency glazing at affordable costs. As mentioned earlier, it could just be weather conditions like strong winds.

The need for an emergency glazier is something you will find in the most unpredictable situations. Companies like All Glazing UK practices utmost proficiency and efficiency in delivering emergency glazing services. Therefore, if you ever need a trusted service provider, you can give All Glazing UK a call anytime. Get the most reliable and budget-friendly services.