Posts with tag: property sales

Top Tips for Selling a Property in Winter

Published On: November 25, 2016 at 10:25 am

Author:

Categories: Property News

Tags: ,,,,

During the winter months, when the days are shorter, the property market is known for slowing down, but this doesn’t mean that buyers stop searching. If you’re thinking of selling a property in winter, follow these top tips from the National Association of Estate Agents (NAEA).

While many sellers postpone putting their property on the market until the spring, now could be the perfect chance for you to take advantage of those buyers still seeking a new home.

By following a few simple steps, you can ensure that you market your property in the best possible light to capture a buyer this winter.

The President of the NAEA, David Mackie, says: “Traditionally, sellers hold off from marketing their homes in the bleak winter months, because they think it’s a bad time to sell. But it is time to go against these outdated claims and get your homes market ready by making small but effective changes to make your home an inviting prospect for potential buyers looking to make a winter purchase.”

These top tips will help if you’re selling a property in winter:

Don’t forget the exterior

Make sure your property looks well maintained and cared for from the outside by washing your windows and walls to remove any dirt. You should also clear the path of leaves and ensure there isn’t any ice on the paths that could cause an accident. Remember that the first few seconds upon arriving at the property are the most important in impacting the buyer’s decision.

Keep the entryway clear

Top Tips for Selling a Property in Winter

Top Tips for Selling a Property in Winter

With the bad weather comes untidy and cluttered homes. Put a doormat down inside the door for you and your prospective buyers to wipe your feet on, and remove any excess shoes or wellington boots from the entryway.

Let the light in

With shorter days during the winter months, it is vital that you maintain a good level of lighting in your property to make it inviting to visitors. If you’re hosting evening viewings, create a warm and cosy ambience with lamps, and don’t forget to put any outdoor lighting on too. Always make sure that the bulbs are working before a viewing.

Welcome your guests

Decorating your property for the festive season may help your guests feel welcome and comfortable in the home. But don’t go too overboard, as you don’t want the property to seem over-cluttered. Buyers should be able to envisage themselves living in the home, so it’s worth making it as inviting as possible. Smell is also important, so think about lighting some candles or bringing in some winter plants.

Remember the garden 

Messy and unkempt gardens can detract buyers, as they suggest that they’re difficult to maintain. The winter weather can also tire garden furniture, so clear it away or cover it securely. It’s worth braving the cold and spending a few hours trimming back bushes, mowing the lawn, removing fallen leaves and creating a tidy outdoor space. It’s also wise to trim back overhanging branches, as this will encourage as much light into the property as possible. Increased rainfall over the winter months also takes its toll on the guttering, so check for leaves and other debris.

Tackle any DIY jobs

If you’ve been putting off DIY jobs, the perfect time to address them is if you’re selling a property in winter. Whether you have leaky taps or cracks in the walls, make sure you put them right before viewings. Although you might not notice these small defects, potential buyers will spot them immediately, and you don’t want them to get worse during the colder months.

Going away for Christmas? 

If you have a holiday booked this Christmas, don’t forget that the heating in your property should be left on at a low temperature (a minimum of 15°C), to prevent the pipes from freezing. If you’re going to leave the property vacant for a long period of time, but don’t want to leave the heating on constantly, make sure it is set on a timer. The NAEA advises leaving it on for longer spells at a lower temperature than shorter blasts at a high temperature. This will ensure that there are no problems for you to face upon your return. If you’re a landlord, remember that you must still protect your property when it is unoccupied.

Are you thinking of selling a property in winter? We hope you secure a successful sale with these tips!

London is Driving House Price Growth Yet Again, Shows Latest Data

Published On: November 15, 2016 at 11:10 am

Author:

Categories: Property News

Tags: ,,,

London is driving house price growth across the UK yet again, shows the latest official data from the Office for National Statistics (ONS)/Land Registry.

The figures for September – the most recent available – show an annual price increase of 7.7% across the UK as a whole, taking the average property value to £217,888. On a monthly basis, prices have risen by 0.2% since August.

House price growth

In England, prices rose by 8.3% year-on-year, to an average of £234,250. Since August 2016, prices were up by 0.2%.

Wales experienced an annual price increase of 4.4%, taking the average property value to £146,388. Month-on-month, prices rose by 0.2%.

In London, however, house price growth stood at 10.9% on an annual basis, pushing the average value up to £487,649. The capital experienced the greatest rate of monthly growth, at 1.4%, meaning it is now driving the UK yet again.

Annually, the East of England saw the greatest increase in property values, at 12.1%.

The North East experienced the lowest rate of annual growth, at just 1.5%. It also recorded the most significant monthly decline in prices, of 1.9%.

Average house prices by region

[table id=28 /]

Home sales

Between August and September, home sales dropped by 4.3%, with levels remaining lower than those seen in 2014, 2015, and before the Stamp Duty changes earlier this year.

London is Driving House Price Growth Yet Again, Shows Latest Data

London is Driving House Price Growth Yet Again, Shows Latest Data

Sales during July 2016, for which the most recent Land Registry figures are available, dropped by 28.1% in England, from 93,040 in July 2015 to 66,870.

The number of completed home sales in Wales fell by 23.4%, from 4,603 to 3,525 this year.

In London, home sales declined by a huge 43.3%, from 12,481 in July 2015 to 7,074.

There were 490 repossession sales in England in July 2016, and 54 in Wales.

The lowest number of repossession sales in England and Wales was in the East of England.

Commenting on the latest House Price Index, the Senior Economist at PwC, Richard Snook, says: “We now have three months of post-Brexit official housing figures, which show price growth remaining robust, but fewer properties changing hands. At the start of the year, we expected slower house price growth, but in fact, it has shown impressive resilience; in the first three quarters of the year, average annual house prices were up by around 8% across the UK compared to the same period last year.

“But high prices are causing some buyers to stay out of the market altogether. The ONS data shows residential transactions in September were just 93,000 – 11.3% lower than the previous year. This implies that underlying demand may be weakening as property becomes less and less affordable.”

The Founder and CEO of eMoov.co.uk, Russell Quirk, also comments: “Interesting to see London back behind the wheel and driving the UK property market once again, with the largest monthly increase. This, along with a number of other industry data sets, shows that the capital suffered from wobbly knees post-referendum, but now seems to have well and truly found its feet again. It will be interesting to see if, a few reports from now, Trump’s victory has any notably direct influence on the UK property market.

“We predict a slight price peak at the top end of the market, particularly in London, but little more than that. Elsewhere across the country, strong annual growth all-round.”

He adds: “Interestingly, the UK seems to be suffering from some form of property paralysis across the east, with both the south and North East seeing a monthly fall in prices, along with Yorkshire and the Humber.”

The Only Way is Essex for Quick Property Sales

Published On: November 9, 2016 at 10:13 am

Author:

Categories: Property News

Tags: ,,,

The only way really is Essex when it comes to quick property sales, according to the latest research by Knight Frank.

The Essex postcode of CM18 has been named the top area for the shortest time a property is on the market over the last six years.

Using its myPropertyGenius tool, Knight Frank found that properties in the CM18 area, which includes Harlow and Kingsmoor, are on the market for an average of just 36 days, or five weeks.

Nine of the top ten postcodes for quick property sales are outside of the capital.

The only London postcode to appear in the top ten is SM5 – the Carshalton area – with an average selling time of 42 days, or almost six weeks.

[table id=27 /]

The Only Way is Essex for Quick Property Sales

The Only Way is Essex for Quick Property Sales

The myPropertyGenius tool uses Knight Frank and Land Registry data. The figures used for this study range from the first quarter of 2010 to the first quarter of 2016.

The property firm found that it’s bad news for those thinking of selling a property in the capital, as it takes around 50 days for London homes to be snapped up.

Buyers in the Thamesmead district, in particular, are having a difficult time selling their properties, taking over seven weeks.

However, the issue only looks to be getting worse across the UK as a whole, with recent data from Rightmove showing that the average time a property was on the market in September was a huge 64 days.

The Head of Research at Knight Frank, Liam Bailey, explains why the capital is having such difficulty with quick property sales: “London has seen a shift in fortunes over the past 12 months, power has shifted in the favour of buyers, as their number has fallen while stock volumes have risen. Buyers have the luxury of taking more time over buying decisions – as a result, sales are slower.

“Why? Partially due to the rise in Stamp Duty, which has impacted more heavily on London.”

If you’re looking for a quick property sale in the capital, it may be best to put in on hold!

The Number of Million-Pound Houses in the UK Rises

Published On: November 7, 2016 at 11:34 am

Author:

Categories: Property News

Tags: ,,,,

The number of million-pound houses in the UK rose by 12% in the first half of 2016 compared with the same period last year, according to a report from Lloyds Bank.

However, the study also found that the average price of a million-pound property has gone down over the last two years.

The average price of a home sold for more than £1m has dropped by £135,251 between 2014-16. The bank believes that the price drop was partly due to a reduction in sales at the higher end of the market.

The Number of Million-Pound Houses in the UK Rises

The Number of Million-Pound Houses in the UK Rises

During the first six months of 2016, 6,684 million-pound houses were sold – up by 12% on the 5,946 sold in the same period of 2015.

The average price of a property selling for more than £1m has dropped from £1,862,578 to £1,727,327 over the past two-year period.

Even so, a buyer paying the average price would have still owed the Government a whopping £121,000 in Stamp Duty. Based on the total number of sales, this suggests that the Government has earned £808.7m from buyers of million-pound houses.

Changes to Stamp Duty in December 2014 have made it more expensive for buyers to purchase a home worth more than £937,500.

Virginia Water in Surrey has been named as the only million-pound town in Britain, while Cobham and Beaconsfield have lost their previous year’s status.

The North East of England has recorded the greatest rise in the number of million-pound property sales, with a huge 83% increase – due to 11 purchases.

Unsurprisingly, more than nine in ten sales of million-pound houses were in London, the South East and East of England, with Kensington and Chelsea and Westminster leading the way.

The capital saw 4,238 sales of million-pound houses in the first half of the year.

Scotland was the only part of Britain to see a decline in the number of million-pound home sales, with a 33% decrease.

The Private Banking Director at Lloyds Bank, Sarah Deaves, says: “Over the past year, there’s been an increase in the number of houses being sold for more than £1m, but there’s also been a dip in the average house price at this level for two years in a row.

“The strength of the London economy, Stamp Duty changes and the attractiveness of UK prime property to overseas buyers could all play a part in the boost to sales at this level.”

Indeed, recent reports claim that US property buyers are seeking refuge in the UK market following this week’s election result.

The average house price in the UK is now £217,411, according to the latest House Price Index from Halifax.

Property Transactions Drop by 5% in September

Published On: October 24, 2016 at 10:44 am

Author:

Categories: Property News

Tags: ,,,

Property transactions dropped by around 5% in September, according to figures from HM Revenue & Customs (HMRC).

Property Transactions Drop by 5% in September

Property Transactions Drop by 5% in September

The data gives an indication to the number of buyers who may have started their purchases over the EU referendum period – June or early July – based on the fact that transactions typically take between 12-14 weeks.

HMRC’s latest UK Property Transactions report shows that there were 103,400 residential deals in September, down on 109,640 in the previous month.

This represents a 5.7% monthly decline and 5.3% annual decrease from September last year, when 109,160 property transactions were recorded.

The figures appear more drastic on a seasonally adjusted basis, when they’re down by 4.3% on the month and 11.3% annually to 93,130.

The Head of Lending at the Mortgage Advice Bureau, Brian Murphy, comments on the findings: “Neither of these figures are either surprising nor cause for concern.

“August completions reflect purchases which were started in May, which is typically a busy month as it’s the tail end of the spring market, rather than June, which generally sees the start of the summer holiday hiatus, and September 2015 was exceptionally busy due to pent-up demand following the general election.”

He explains: “This figure could be affected by the continuing lack of stock available, but it does somewhat demonstrate the ongoing demand for property, which therefore is likely to underpin the market for some time to come.

“Having said that, we will have to wait and see the data regarding the number of transactions completed this month and in November, thus reflecting those who started their transactions in August and September, to get a better barometer in terms of market confidence.”

Have you put property purchases on hold amid market uncertainty surrounding the EU referendum? This may be the reason that transactions are down on recent months.

But has confidence returned to the property market yet?

Little Change in House Prices Recorded by Land Registry

Published On: October 18, 2016 at 10:46 am

Author:

Categories: Property News

Tags: ,,,

The UK House Price Index for August from the Land Registry and Office for National Statistics (ONS) shows little change in house prices over the most recent month for which data is available.

In August, house prices rose by an average of 8.4% on an annual basis, taking the typical property value in the UK to £218,964. Month-on-month, house prices rose by 1.3%.

House prices across the country

In England, prices rose by 9.2% over the last 12 months to an average of £235,573. On a monthly basis, prices were up by 1.4% on July.

Wales experienced an annual price increase of 2.7%, taking the average property value to £144,514. However, prices dropped by an average of 0.6% over the month.

Prices in London rose by 12.1% over the past year, putting the average property value in the capital at £488,908. Over the month, prices increased by 1.3%.

Regionally, the House Price Index found that the East of England experienced the greatest increase in house prices over the last 12 months, at 13.35%. Month-on-month, the South West recorded the highest growth, of 2.3%.

The lowest annual price growth was seen in the North East, at 3%, while the region was the only area to record a monthly drop in prices, of 0.2%.

UK property sales

Property sales across the UK rose by 8.4% in the year to August, up slightly from 8.0% in July. Although demand and supply were broadly unchanged on the previous month, the indicators remained

Little Change in House Prices Recorded by Land Registry

Little Change in House Prices Recorded by Land Registry

somewhat weaker than in 2015 and early 2016, according to the report.

Data for June 2016 – for which the most recent Land Registry figures are available – shows that the number of completed home sales in England dropped by 32.2% to 57,637, compared with 85,020 in the previous year.

The amount of property sales in Wales fell by 27.1% to 3,046, compared to 4,181 in June 2015.

In London, the number of completed home sales also dropped, by a huge 46.7%, to 5,966, from 11,202 in the same month last year.

There were a total of 526 repossession sales in England during June, with just 55 in Wales. The lowest number of repossession sales in England and Wales was in the East of England.

Little change in house prices 

Katherine Binns, of the HomeOwners Alliance, responds to the figures: “The latest house price data released by Land Registry shows little change in house price growth in August. Since the referendum result, both house sales and house price growth have eased. However, low mortgage rates and a shortage of homes available for sale should sustain house prices.

“As the economy and employment have held up following the Brexit vote, it will be interesting to see whether confidence returns and begins to unfold in autumn housing market activity, as buyers take advantage of attractive mortgage rates.”

Seasonally acceptable picture of the market

The CEO of eMoov, Russell Quirk, also comments on the findings: “Today’s figures from the Land Registry portray a pretty seasonally acceptable picture of the UK market during late summer, but with prices up 8.4% annually and still up 1.3% over the slower holiday months, homeowners have a lot to be reassured by.

“Looking annually, it’s a pretty familiar picture with London, the South East and East of England all seeing double-digit growth in house prices. Perhaps a little more unusual when looking at monthly growth is London, seemingly rocked by the leave vote, with an increase of just 1.3%.”

He continues: “Although the East of England and South East both enjoyed strong monthly growth, there are a few unusual front-runners placing well in the regional house price race. Both the East and West Midlands enjoyed strong monthly growth, at 1.6% each, but perhaps the real standout story is the South West, as the only area seeing monthly growth tip over 2%.

“Who knows, this uncharacteristic rise to the top could be a result of South West holiday goers making some snap decisions whilst down in the likes of Devon and Cornwall over the summer.

“Regardless, we’ve just seen one of our strongest months performance wise, with sales and listings both well up on previous months. So any current myths of the UK market on its knees on either side of the fence at present are myths indeed.”

Uncertainty following Brexit

Additionally, the Co-Founder and Director of online mortgage lender LendInvest, Ian Thomas, reacts to the House Price Index: “August was a tricky month for the housing market, with the uncertainty following the Brexit vote adding to the traditional summer slowdown. It has been a feature of this year that the housing market has had to deal with a succession of external factors denting demand. The conclusion of the Help to Buy scheme at the end of 2016 will be another one, which may particularly affect the sale of new build properties.”