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As we approach the half year stage, the second quarter has been very much like the first with properties selling fairly briskly, if priced correctly. With the exception of the two weeks prior to the General Election the year has been consistently active.
Although the Council of Mortgage Lenders (CML) have reported that lending is down 3% in May this year to the same month last year, this is likely to be due to shortage of properties coming onto the market.
At the moment most estate agents are inundated with new potential buyers registering but unfortunately there doesn’t seem to be the supply of properties to meet demand.
However we have seen some fantastic properties coming onto the market that are not selling, this is due to inaccurate overpricing. Some sellers are trying to name their price in the hope that buyers will pay it due to shortage of choice. In general it appears that buyers are not willing to pay over the odds for a house and would rather stay where they are, than run the risk of being caught out by any future change in prices.
The rental market is currently booming with record rents now being achieved, again due to lack of supply and strong demand. The number of potential tenants looking for property is at an all-time high.
The big questions are, have prices now plateaued? Is there any further growth in local prices?
As far as Richard James is concerned, we are more than happy with our performance in this second quarter. According to Rightmove data, since 1st January 2015 our Wellingborough office has agreed 90 sales with our closest competitor agreeing 64 sales and our Irthlingborough office has agreed 58 sales with the nearest competitor agreeing 14 sales.
Our half year performance illustrates that working seven days a week, accompanying every client to viewings, high quality marketing and great customer service statically gives our vendors the best chance of selling over other local agents.
A recent national estate agency survey, conducted by Relocation Agent Network, reports an increase in activity across the UK property market, since the General Election.
Conducted amongst its members, Relocation Agent Network found that 69% of respondents have experienced an increase in the number of buyers entering the market, since the May Election. Over half of respondents indicated that the number of buyers had risen by up to 10%.
The national network of independent estate agents also asked its members whether they had experienced a similar increase in the number of people putting their property on the market. Indeed, nearly half (48%) had experienced up to a 10% rise in the number of sellers, since the General Election.
Relocation Agent Network reports, an established UK government has meant a rise in the number of buyers and sellers entering the market. Whether you’re buying or selling, contact us today. As Relocation Agent Network’s appointed Local Expert for Wellingborough & Irthlingborough, we can guide you through the buying and selling process.”
We have recently had two adverts installed at the entrance to the local Tesco store in Wellingborough. Both promotional adverts are one metre tall and convey the message as local property experts, we can tell what your house is worth.
We have received positive feedback from customers old and new who see our advert each week as they do their weekly shop.
If you want to know how much your house is worth, ask us!
The Spring weather has arrived and NOW is the time to get your house on the market. That’s according to a recent Relocation Agent Network survey taken amongst its estate agency members across England, Scotland and Wales.
Relocation Agent Network found that the Spring months are a good time for potential sellers to put their house on the market. In fact a staggering 99% of the survey’s estate agents said so, with over half citing a ‘high level of buyer activity’ as the main reason why. An additional 36% indicated that – in addition to a high level of buyer activity – sellers should enter the market due to an increase in consumer confidence and more availability in the mortgage market, which is attracting more potential buyers.
It helps that the warmer weather and lighter evenings also make house hunting far more appealing, so why not put your house on the market now to make sure you don’t miss out on these buyers.
Thinking of selling in 2015?
Richard James is a selected member of Relocation Agent Network, who has chosen us as East Northants Local Expert, based on our customer service and a variety of other criteria. Not only does this prove our credentials as one of the area’s leading estate agents, but through our Network membership, we are able to offer sellers a completely unique channel of buyer that no other estate agent in Wellingborough or Irthlingborough can provide.
Data from property portal rightmove.co.uk states Richard James have agreed more sales in both Wellingborough and Irthlingborough than any other agent in the first fifteen weeks of the year.
We agreed 56 sales in Wellingborough with our nearest competitor agreeing 36 sales and in Irthlingborough we agreed 38 sales with our nearest competitor agreeing just 7 sales.
We require more properties to sell in the run up to the Summer period.
The changes to Stamp Duty in December 2014, have encouraged more buyers than normal into the market. The huge demand for property has then fuelled house prices, so although buyers are now paying less Stamp Duty, they are now paying more for the house.
Overall there are fewer properties available and this has meant buyers have to be more instinctive and make a decision quickly to avoid losing out. However, there are still some properties that are not selling, which in the majority of cases is down to the asking price not being attractive.
As we look forward, we question whether access to pension money from April will attract more Buy To Let buyers to the market, putting more upward pressure on prices.
With the General Election looming it is difficult to gauge if people will hold back and wait, as some have done in the run up to previous elections. It is unlikely any change of Government will have any significate impact on the market in the short term.
As far as Richard James is concerned, we have been more than happy with our performance in this first quarter. According to Rightmove data, our Wellingborough office has agreed 49 sales with our closest competitor agreeing 31 sales and our Irthlingborough office has agreed 33 sales with the nearest competitor agreeing 6 sales.
We personally feel the next quarter may be more challenging, as buyers start to question house prices and affordability becomes an issue.
According to a recent estate agency survey, revised changes to the UK Stamp Duty Land Tax, as outlined by the Government in December, has already had a positive impact on the housing market.
In December 2014, the Government announced it had cut Stamp Duty Land Tax for the majority of homebuyers, with the aim of making payments fairer. The Government estimates the tax reductions will help 98% of those who are liable to pay for the duty.
In a national survey conducted amongst its members, Relocation Agent Network found that 66% of respondents said that the tax cuts have had a positive impact on the market. When asked to explain the ‘positive impact’, the majority of survey respondents (68%) indicated that the number of buyers entering the market had increased by up to 10%. Interestingly, aside from the Stamp Duty changes, respondents said that ‘consumer confidence’ was another positive trend impacting the market (63%).
The national network of independent estate agents also asked its members whether the revised Stamp Duty changes has led to price increases for properties that were traditionally around the £250,000 threshold. Indeed, 75% said that they had. When asked to specify on the price increase, a resounding 91% reported up to a 10% rise.
As Relocation Agent Network reports a rise in the number of buyers entering the UK housing market, this survey brings good news for sellers. If you have a property to sell, contact us today. We’re Relocation Agent Network’s appointed Local Expert for East Northants which means we have access to out of town buyers moving into the area.
These charts illustrate property sales agreed is Wellingborough and Irthlingborough during the period 1st January 2015 to 12th February 2015, according to Rightmove.
We are pleased to report more home owners are successfully selling through Richard James than any other estate agent. Our Wellingborough office agreed 22 sales in the period and our nearest competitor 12. Our Irthlingborough office agreed 18 sales and our nearest competitor 5.
If you are thinking of selling, talk to us to find out why we are different.
Wellingborough 01933 224400 or Irthlingborough 01933 651010.
If you are thinking of selling in the near future, please contact to find out how much your property is worth.
Wellingborough 01933 224400 or Irthlingborough 01933 651010
House price inflation is continuing to slow, according to the latest results from two leading surveys.
The Land Registry said prices in England and Wales in the year to December rose 7%, down from 7.2% in November and the fourth month in a row that the annual rate has fallen.
The Nationwide building society’s latest survey shows a similar picture.
Although it found UK house prices rose by 0.3% in January, the annual rate of growth slowed to 6.8%.
The Nationwide said the average UK house price was £188,446 in January, while the Land Registry found the average house price in England and Wales to be £177,766 in December.
Both sets of figures show that average house prices have been at a plateau since last summer.
The Nationwide said the reasons for the slowdown in housing market activity since then “remain unclear”, as the economic background has in fact continued to improve.
“Annual house price growth continued to soften at the start of 2015,” said Nationwide’s chief economist, Robert Gardner.
He said the number of mortgages approved for house purchase had been about 20% below the level prevailing at the start of 2014 and surveyors continued to report subdued levels of new buyer enquiries.