Estate agency network Move with Us has launched a property search engine that matches individual properties to a home buyer’s budget.
It also calculates all costs associated with moving home.
The tool, which is tied to the website’s property search, indicates which properties the buyer can afford, and displays what the approximate monthly payments would be.
The tool takes into consideration factors such as income, loan to value and deposit size and does its sums based on current lending practices, which stress high deposits and a maximum 85% loan to value.
When users enter salary details, deposit amount and mortgage information, the tool operates a traffic light-style display warning with red, amber and green coloured houses which indicate to the buyers whether they can afford the home.
The service also highlights other properties in the neighbouring area, through an interactive map view, which might be more affordable and provide the buyer with better value for money.
Robin King, director of Move with Us, said: “The tool is aimed at supporting home buyers to find properties that are realistically within their means, based on current lending practices.”
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Comments
Richard: I have to agree somewhat with Brum agent. Whilst many HPC militants simply post to inflame Agents, the likes of rantnrave, Sibley's... (who you do not refer to specifically), FTB Dan and Mike Wilson (who you do...) offer reasoned debate and all seem to be genuine in their wish/need for lower prices.
Now, that does not mean that Agents then need to have a fire-sale of property; it does not mean that you need to go back to every vendor and demand a 50% reduction or you will withdraw your services - but it does give you some insight as to what an element of the buying public is thinking.
The most important feedback you need is that which you never get. A disgruntled customer very rarely tells you why - they simply walk away and use someone else. These people are telling you what others may not volunteer so readily.
May I suggest that the least we can do is be civil when they are civil in the first place. You may not agree with what they say - I don't - but why should you look unprofessional to boot?
'We are sorry, despite earning the national average salary and being debt-free you can no longer afford the same two-up/two-down that your parents' generation could.
May we suggest amending your search criteria to one-bed flats. We may also suggest you don't start a family as the two are mutually incompatible.
Thank you for looking!'
On a serious note, I would strongly advise the following website (Dr Karl's Mortgage Calculator - needs Java installed):
http://www.drcalculator.com/mortgage/uk/
Richard the so called idiots you mention tend to make an actual point. Whereas all you do is post insults. If you disagree with them why not make an actual point yourself instead of behaving, well, like an idiot!
No matter what the story same idiots post!
We are sorry, despite earning well above national average wages, you cannot afford a shed to live in.
We are sorry, your search has returned no properties you can afford. Please come back when your salary has increased by 100% or when you have taken on a second job.
We are sorry, your search has returned no properties you can can afford. For your interest, our 'year- slideometer' indicates that, had you bought 10 years ago, your search would have returned 283 properties within half a mile of your search postcode.
Thank you for finding out the obvious with us.
Takes no account of the fact that asking prices and agreed prices can be at least 20% different then.
Since this will be based on asking prices it not a very helpful tool. Just another attempt to prop up these unrealistic price levels.