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Category Archives: News
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.
2014 has been a good year for the local property market. The recovery, which gathered pace in 2013 continued into 2014 with house prices increasing, bringing more people out of negative equity or enabling them to accumulate a larger deposit to move on again. However, the second half of the year saw prices stabilise and the year draw to a close with the Wellingborough and Irthlingborough markets looking very healthy.
Certainly in Spring of 2014 the market looked as though it was going to overheat again with huge demand and buyers prepared to outbid each other. At the end of April, Mortgage Market Review (MMR) was introduced which meant lenders had to adopt stricter criteria to ensure the borrower is protected from debt. This put more emphasis on the borrower’s outgoings rather than income, ensuring the borrower can afford their repayments after their normal bills and “life style” commitments. Furthermore, lenders have to apply a stress test to ensure if interest rates were to rise by 3% their mortgage repayments can still be met.
The Governor of the Bank of England, on a couple of occasions, made a statement of potential interest rate rises, something which is unprecedented; normally rates are increased without notice. Maybe this was a warning shot to calm house prices, particularly in London and the South East. This certainly did create caution with local buyers and sellers.
As we move into 2015 there is great optimist for a stable and steady market, with analysts predicting a 3% yearly price increase in the region. However, as always there are many unanswered questions. With general election fever gathering pace, will some buyers and sellers hold off until after May? Will the reforms in pensions bring an influx of new buyers into the market hoping to get a greater return from owning a buy to let property? Will this put more pressure on demand for entry level properties?
Every year there are twists and turns in the housing market with different challenges to overcome but with the local economy in generally good shape we believe there will be strong activity from the outset with many buyers looking to take advantage of some of the outstanding mortgage deals available again.
If you are looking to sell or buy in 2015, please talk to us.
Lending for buy to let mortgages jumped to a whopping £8 billion in the third quarter of this year – the highest quarterly lending volume since 2008 and up from £5.9 billion in the same period of 2013.
These are just the latest figures to show the private rental sector going through a boom.
According to the Council of Mortgage Lenders lending in September – its most recent data – is 24 per cent higher by volume than in the same month last year, and 32 per cent by value. Paragon, one of the country’s chief buy to let lenders, says it has this year seen an 82 per cent rise in completions by investment purchasers.
Article by Graham Norwood – Letting Agent Today
Good on the property industry for trying new things but here are seven reminders that this year’s heavily-funded great idea might just be next year’s embarrassing turkey.
1. City Centre Living: It’s over a decade since the property industry forecast that so many people would want to rent in regenerated city centres that an infinite number of buy-to-let apartments could be built (almost all of them, it seems, in Leeds and Manchester). It’s great living in a city centre, of course…it’s just not for as many as some agents told us.
2. Online Auctions: Do you remember websites where you could see rival bids, allegedly from investors snapping up buy-to-lets without even bothering to visit them first? I wrote many online auction stories over the years – possibly more than the number of homes sold this way. Of course online bids are a valuable part of the auction process but the ‘promise’ that one day we would spend £250k through a click and without a visit never materialised.
3. Gated Estates: After some years of data showing declining crime in most areas of Britain, a few PRs still try to sell what’s left of the new-build gated concept – even though planners these days tend to avoid actually using gates and instead designing walkways to create the illusion of privacy. But these schemes are now considered socially divisive, which most come as a blow to those who like keeping poor people at bay.
4. 3D Floorplans: Just last year I was told by one of Britain’s poshest estate agencies that this was the way forward. I heard that soon no agency would be describing a property by using only the number of bedrooms and certainly not by saying how many square feet it had. Instead, cubic feet and cubic metres were the way forward. I’ve just checked that same agent’s website – 3D floorplans and cubic measurements are nowhere to be seen.
5. Fly-throughs: These were the 3D floorplans of their day, promising to transform our house-buying process online with CGI footage of how new homes would appear (but which somehow never conveyed the smallness of the rooms). Some are still about but most have flown away, replaced by far superior videos.
6. Tepilo: It’s still going but this website, which caused waves in 2009 and led to sexist abuse against Sarah Beeny by a few male estate agents, has hardly caught the public’s imagination. It’s changed, Dr-Who like, from a sale-by-owner platform to an online estate agency. But despite celebrity ownership and high levels of publicity, it seems a poor relation even within the online agency niche. It’s also got a small inventory: try scouring for homes in my postcode, EX3 …. there aren’t any.
7. Iraq: Yes, I said Iraq. The head of one high-end agency’s international department promised me back in 2003 that within five years there would be holiday homes widely sold in what was then the planet’s major troublespot. Well, five years on (and now, 12 years on) Iraq is still a tragedy for its residents, who do not include second-homers. That senior industry figure wins the Tony Blair Prize for Getting Things Right In The Middle East.
Article written by Graham Norwood – Estate Agent Today