Monthly Archives: March 2018

March 2018 Market Comment

RAFJust like the snow, the property market seems a little unsure as to what it’s doing, with the Office for National Statistics reporting a fall in UK property prices of 0.3% last month (0.5% in England), and property price growth slowing slightly from 5% to 4.9%.

However, ONS and Land Registry figures are always out of date by at least a couple of months as they do not reflect current buyer activity, which, in relation to the supply of stock, is the greatest indicator of the future direction of property values. The good news here is that buyer activity is up 20% on last month and 14% on last year.

This increased demand has partly come from a 20% annual increase in first time buyers entering the market as well as, importantly, a 15.3% monthly increase in the number of properties entering the market. It is the sellers of these properties who are some of today’s prospective buyers and these are the wonderful people who oil the wheels of the property market. For the past few years, many prospective sellers have been reluctant to put their property on the market because of worries about finding a suitable new property, but we have certainly turned a corner on this now.

Interestingly the number of investment buyers has fallen by around 14% on the year, but these have been replaced by the increase in first time buyers, which is a healthy position for the market, but less-so for tenants, who now face an average UK rent of £1367. Whilst the government has delivered some great incentives for first time buyers, they still need to find ways of helping those who are not in a position to find the £10,000 – £18,000 deposit required in order to buy a starter home.
So if you are contemplating a move – somewhere bigger, smaller, quieter or more convenient, now would be an excellent time to take advantage of the up-swell in demand this spring. Why not call us for a friendly no-obligation chat on 01933 224400 and let’s get you moving.

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Enter The Spring!

Spring blogSpring is traditionally a time of change. Brighter and longer daylight hours make house-hunting easier for working people, and sellers naturally want their property to look its best.

Job-hunters, who wanted to secure their Christmas bonus before seeking employment elsewhere, have by now settled into their new positions and feel confident about upgrading their home.

The school year is approaching its final term, which focuses the mind of parents who wish to make a move before the new academic year begins. They also want to avoid the house being over-run with children when people view, so term-time is preferred. The timing of holidays also plays a major part, meaning that many people are unable to move in the height of summer.

This leaves a relatively small window within which to sell in these “ideal” conditions. However, the consequent increase in the number of new vendors can prove competitive, especially as these sellers themselves are not yet in a strong position to buy. This does not mean that a price fall is imminent. It is often simply a reflection of a short-term over-supply that is usually corrected during the summer.

The rule of thumb for sellers is simply this: investigate what else is available nearby and make sure your house competes favourably, either by presentation, ease of viewing, price or ideally all of these.

So before the Spring syndrome sets in we would advise prospective vendors to consider putting their property on the market early, and then buy from a position of strength when there are more properties from which to choose. In doing so you’ll also become a stronger buyer when you yourself find your next home.

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Snapshot Of Regional Property Market

Dataloft MarchA snapshot of the regional property market courtesy of Dataloft and are colleagues at Relocation Agent Network

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Why Are The Brits Obsessed With Property?

ObsessedNo dinner party would be complete without talk of property values, gazumping, or someone who has made a killing, or a loss, on their home. We are obsessed with our bricks and mortar. More of us own our own home than any other European country – although this is decreasing as values have risen to unattainable levels for many.

On this crowded and class-conscious island, home ownership has always been associated with status and self-worth. Indeed, up until the late nineteenth century only property owners were allowed to vote. More recently, mortgages for the masses have further fuelled the thirst for ownership.

In less than a generation the proportion of adults living in their own home has leapt from a third to more than two-thirds. The pressures to buy are huge, but first time buyers are struggling to get a foot on the ladder unless the bank of Mum and Dad steps in. Mortgages for young people can be difficult to acquire and many parents, whose property wealth has grown dramatically over the past 30 years, are now moving to something smaller, thereby releasing equity for their fortunate off- spring.

So, more than any other time, the influence of the top of the market on the bottom of the market is greater than you might expect. Many of our top end sales are prompted by a bottom end need and the skill of a good estate agent is to ensure that the synergy between the two fits the needs of parents and children alike!

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