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Housing Market Resilience Surprise Despite Economic Uncertainty

In our latest media release, Bob Burdett looks at the latest RICS report on the housing market.

 

Housing market demand remains strong despite uncertain economic conditions and the continuing fluctuation in Covid-19 cases in England says Robert Burdett, MD at James Leigh Property Management. 

Commenting on the October Survey published by the Royal Institute of Chartered Surveyors(RICS), Mr. Burdett said, “The analysis in RICS’ October survey is certainly supported by what we are seeing on the ground, which is that demand remains very strong with supply struggling to keep up. House prices continue to rise, although they have calmed somewhat since the end of the Stamp Duty holiday.”

Supply continues to be a challenge, but demand has defied forecasts. The end of the Stamp Duty holiday has been balanced by continued low borrowing rates, although the cost of borrowing is beginning to rise, despite the Bank of England keeping the Base Rate unchanged. The rate of increase is likely to slow further as the housing market enters the traditional slowdown over Christmas and the Winter.

Moving into Spring, supply is expected to improve as the housing market enters a period where it is naturally buoyant. That said, transactions are set to continue throughout the Winter despite the supply challenges and resulting house price rises as buyers take advantage of low interest rates, ahead of an anticipated rise in the Base Rate of interest in 2022.

Robert Burdett said, “We expect transactions to slow over Winter, as it always does, but we are still seeing brisk trade, so the signs are positive for a busy end to 2021, despite uncertainty around Covid-19, and the massive strain that the economy has been under.” Bob Burdett James Leigh Property Management

Since 2009 there have been 3.5 million first-time buyers entering the housing market, none of whom have experienced rising interest rates. Alongside this possible increase in mortgage payments is the spectre of the rising cost of living which could impact confidence and therefore prices. 

Robert Burdett said, “The factors impacting the housing market including the looming interest rate rise in 2022, supply and demand issues, seasonal variations and the rise in the cost of living could impact the market, but the fact is that it has shown remarkable resilience over the last 18 months, so there is much to be positive about as 2021 comes to a close and we look forward to 2022.”

 

The RICS UK Residential Market Survey October 2021 can be viewed here 

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Nuclear Power Stations & House Prices: Understanding the Impact

nuclear power stationsNuclear power stations are controversial. There’s no doubt about that. Public perception of the risks associated with an operating station and storage of nuclear materials can impact local house prices, but the relationship between nuclear power stations and local house prices isn’t as simple as that. 

Whilst the impact of nuclear power stations may superficially be negative, there is a complex relationship between housing needs, workers at a nuclear plant in the long term, and workers brought in during the construction phase, and local housing stock in the purchase and rental markets.

Nuclear Power Stations in the East of England

In the East of England construction on Bradwell B and Sizewell C is set to begin in the next few years. Both sites will employ around 9000 people during the construction phase, with 900 employed when the power plants become operational. Both are areas of relatively low population density and insufficient housing stock to deal with such an influx of people. That means that the housing market in the wider region will be impacted.

The Impact of Nuclear Power Stations 

Environment

Whilst the public perception of nuclear power stations is that they are polluting, the opposite is actually true. Since 1958, nuclear power stations have saved 2.3 billion tonnes of carbon dioxide. They have a lower carbon footprint than coal, oil, and gas power stations, and lower even than solar power. So living in close proximity to a nuclear power station compared to other industrial sites is arguably healthier in terms of clean air. 

Rental properties

There are two opportunities for buy-to-let landlords. Firstly, the construction phase of new nuclear power stations. Large numbers of workers will come into the area over a prolonged period of time. For a landlord, that means people with a known income, a set period of time living in the local area, and a known demographic. That removes much of the uncertainty when taking on a new tenant, as well as the certainty that for the period that a nuclear power station takes to build, properties are likely to be let. 

Secondly, consider that rental values are affected by house prices and the availability of suitable properties. Demand near nuclear power stations will naturally increase so landlords can expect rental values to increase, at least during the construction phase. There could also be pressure on housing stocks when nuclear power stations become operational, depending on local housing stock. 

House Prices

House prices are affected in the most simple form by supply and demand. In the case of a major infrastructure project, demand may outstrip supply. This is no different for the construction and operation of nuclear power stations. The major difference is the public perception of safety, although, with more awareness of environmental issues, proximity to polluting industrial developments will also play a part near other types of industrial sites.

So housing demand near nuclear power stations will rise. There will be demand for properties suitable for workers during the construction phase and ongoing needs in the long term. Considering the 9000+ workers needed during the construction phase and 900 or more thereafter, demand is likely to far outweigh supply. So expect house prices to rise. 


nuclear power stations and the housing market The Opportunities in the Housing Market near Nuclear Power Stations 

There are three key opportunities in the housing market near nuclear power stations during the construction phase and into their operational period.

 

1. Rental Properties

As demand increases, so will rental values. For the savvy landlord investing in property near the site before the construction phase begins could yield a higher rental yield than under normal circumstances. Values will be highest for the right properties during the construction phase where thousands of homes will be needed, and the closer to the site the better. These properties must be suitable for the demographic- people working in the construction industry with specialist skills looking for smaller homes for shorter periods of time. The working population will be transient, so shorter-term lets are likely to be in demand. 

2. House Sales

In the same way as rental values, as demand increases, so will house prices. This could have an impact on the wider region, depending on housing density and availability of suitable homes. So for those homeowners with in-demand properties, there is an opportunity to sell up at a higher price than under normal circumstances, especially if the prospect of living near a nuclear power station isn’t appealing.

3. Property Investors

For property investors with the knowledge of investment opportunities like major infrastructure projects, there is an opportunity where nuclear power stations are likely to be constructed. Investing in property for the purpose of selling on for a profit as property prices rise is a clear opportunity. There is, of course, risk involved in this strategy, so understanding the stages that any major project must go through, planning consents, consultations, and construction schedule is crucial to make the best judgements. We would also recommend taking professional advice. 


James Leigh Property Management – Powered by Keller Williams is an independent residential sales and letting agent with properties across Essex, London, and surrounding areas. In addition to sales, we manage over 150 properties for landlords across the region. To discuss any aspect of our blog, Nuclear Power Stations & House Prices: Understanding the Impact available properties or to discuss your property management requirements drop us a line

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Housing Market July Update

We keep a close eye on performance in the housing market. The data provided in the industry every month by companies like Rightmove, Zoopla, and Savills helps us understand the trends, provides us insight, and means that when we provide a valuation it’s based on not only our experience but data that supports our advice. 

 

So what’s been happening in the housing market in July?

Firstly, house prices. Nationwide has reported that house prices fell by 0.5% in July, with a 0.3% drop reported by Rightmove. Whilst that might suggest a cooling in the market, the fall overall has been caused by a drop in the top end of the market, typically the four-bedroom plus sector where a 0.8% drop has been reported. In real terms that represents an average drop of £4699. This could be caused by the tapering and end of the Stamp Duty holiday in September, where buyers can no longer make large savings.

In the mass housing market, however, house price growth remains strong. two bedroom, first-time buyers, and stepper three and four-bed properties remain scarce, with the resulting inflation in prices. Growth in this sector of the market sits at +0.6% for July, around £1328 on average, fuelled by continuing strong activity. The Stamp Duty holiday has had less impact on this sector of the market so its loss is having far less impact.

In June, there were 213,120 transactions, cooling slightly in July. Savills reports that it expects a slowing in August and a small spike in September. TwentyCi reports that July sales were still 23% above 2017-19 levels. The usual Summer slowdown doesn’t appear to have taken place possible as people take holidays closer to home, and housing is higher up their agendas.

What does this housing market data mean if I’m selling my home?

With demand still high across the board, even at the top end of the market where prices have dropped in July, sellers can expect to sell quickly, and at a good price. That doesn’t mean that pricing above the actual value is a good idea, but arranging a professional valuation and advice will give you the answers that you need.

With such high demand you can expect to arrange more viewings than under normal circumstances, and there are numerous reports of potential buyers getting into bidding wars to secure their new homes. 

Finally, Rightmove and other industry leaders are recommending that sellers sell first and then look to buy as the best way to secure your next property. That makes you as the buyer more attractive to a seller since you have already shored up your end of the chain.

There are, of course, many variables to consider, not least of which are local and regional variations, so speak to your local estate agents for advice and guidance and your valuation. And of course, listing your home for sale.


housing market July Update The team here at James Leigh Property Management, powered by Keller Williams, is here to help. As an independent estate agent, we have extensive knowledge of the local property market in both sales and lettings, and are here to help. 

Arrange a free valuation with us today online for a guide, and get in touch to arrange a home visit for a complete appraisal, valuation and to take the next steps to successfully sell your home.

Contact us by calling 01206 584 484 or email us

 


What about house buyers?

The housing market is currently a seller’s market, and that’s not likely to change until well into 2022. So buyers face some challenges, not least of which is high demand coupled with low availability of property for sale. This is acute across all sectors of the market. Demand for flats is lower than houses, and demand for houses in the first-time buyer and stepper sectors of the market is particularly high.

So there is less availability of suitable property, and as a result, prices are high and rising. There are, of course, areas where house prices are lower whether in local pockets, or the North and Midlands, but it may not be feasible for many people to relocate. 

But there are things that you can do to make yourself more attractive to a buyer if you are competing for a property:

  1. If you’re selling your home, sell first and buy second. That means that your commitment is clear, and your end of the chain is active.
  2. Make yourself an attractive proposition. Spend some time preparing for your mortgage application- you could have one agreed upon in principle. Be sympathetic to the seller’s timeline. If they’re ready to move quickly, do what you can to accommodate that. have your legal team ready. Have your conveyancer at the ready to act for you. If they’re going to take a few months, decide whether you can be accomodating there too. There may be other things unique to your seller to consider, so be sure to communicate well. Remember. People buy from people.
  3. Take advice from the estate agent on reasonable offers. If you really want the property you might have to negotiate, or even compete with other buyers, so make sure that your offers are not only affordable for you but attractive to your seller.

What’s next for the housing market?

The housing market will continue to grow for the remainder of 2021, with Savills forecasting 9.0% growth by the end of the year. Continued demand and limited supply will continue this growth curve, but towards the end of the year there will be a slowing in transactions, although they will still be some 35% higher than in comparable “normal” years.

But moving into 2022 the picture should begin to steady, Savills estimates, with an expected rise in interest rates in the way. Mortgage affordability limits that were introduced by regulators have become embedded and will affect high loan-to-value mortgages. Together these factors are expected to slow house price inflation between 2022-2025 to around 11-12%, Savills reports. 

So the picture will stabilise in the coming months, and although the housing market will continue to see house price inflation, the factors affecting it will limit its impact on the market for the next three years.

But this doesn’t mean that you should wait to buy or sell your home. House prices will continue to rise, albeit at a slower rate, but rise nonetheless. People with equity in an existing property will be able to take advantage of low loan to value rates, or trade-up, while first-time buyers and steppers should be mindful of interest rate rises on the horizon and consider affordability now and later on.


To speak to a member of our team about any aspect of our housing market updates, for advice and guidance, and to arrange a valuation and get your property on the market, call us on 01206 584484 or email us 

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June House Price Index 2021: Our Analysis

We’re into July already and both Rightmove and Zoopla have published their June House Price Index. But first a quick look back at housing marketing performance in May. House prices continued to rise at an unprecedented rate due to the combination of the Stamp Duty Holiday, rising demand, and lack of supply. Experts were split on how the market would perform over the Summer and into Autumn, with concerns over the market overheating. Other experts claimed that the end of the Stamp Duty holiday would take the heat out of the market and have a calming effect. 


June House Price Index Review

We took the view that the market would slow slightly, and as other Government support and restrictions begin to ease, supply would improve, and house price increases calm.

Looking forward to June, house prices continue to increase, with growth reported between 0.8% – 4.7%. The higher figure is reported by Zoopla, and is compared to a 2.2% increase in the same period in 2020. Rightmove reports that June’s house price growth is the highest since 2015, although at 0.8% is far more modest than Zoopla’s figures.

Homebuyers continue to search for homes that offer more space, including home offices, rural areas with access to the cities. Properties that offer the opportunity to make lifestyle choices remain highly sought after. 

Continued house price growth also means that 1.8 million homes have moved into a higher Stamp Duty band.

Taking a look at Rightmove’s June House Price Index, the picture is similar, although the figures are lower. They report a buoyant market, with demand continuing to outstrip demand, and performance versus the same period last year showing continued growth at a pace. 

However, Rightmove reports sales agreed in May at 17% ahead of the same period in 2019*, compared to 45% in April. And the price of property coming to the market continues to slow from 2.1% in April, 1.8% in May, and 0.8% in June. These figures indicate that the fast pace of the housing market is beginning to slow. Under normal circumstances, a slowdown could raise alarm bells, but in this case, it could provide time for the market to rebalance. In particular, the supply and demand issue where lack of available properties is driving house price increases.


June House Price Index
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June House Price Index Insights

Both Rightmove and Zoopla report that buyer demand remains very strong compared with the 2017-2019 period, although it is beginning to slow.  Activity is increasing among first-time buyers who are beginning to be able to access a broader range of mortgages and the Help to Buy scheme. The Stamp Duty Holiday will still apply to properties up to £300,000 so this market continues to attract Government support. 

Buyers seeking larger properties- over £500,000 – are driving price inflation in some rural areas as they seek properties that will provide changes including working from home and a more rural lifestyle. They are selling their properties in the cities and are able to buy larger properties. Inevitably this increases competition and drives house prices up. 

Finally, as the economy re-opens businesses are able to provide more substantive guidance to employees on how they will run going forward. Reports suggest that many businesses are moving towards more flexible working arrangements permanently, so employees are now able to make decisions on where and how they want to live including location, commuting time, type, and size of home.

*2019 is considered to be the most recent “normal” trading period for comparison.

Download the full June House Price Index from Zoopla here 

Review the full June House Price Indexfrom Rightmove here 


If you’re buying or selling, find out more about our services here 
To get your FREE online property valuation click here 

 

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Garden Features: Top #3 Tips to Utilise your Garden to Sell your Home

The choice and variety of garden features these days are almost dizzying. Step into any garden centre and you’ll be able to choose from water features, garden furniture, rocks, bedding, paving and chipped stone, pergolas, gazebos…..even statues and garden gnomes. The list is endless.

And in our own gardens, we can do what we like.

And in the same way that we all have a vision for the interior design of our homes, who doesn’t want to be able to enjoy the garden, whether that’s for barbecues, relaxing, having friends and family over, or space for the kids to play.

If you’re staying for good, that’s great. But in the same way that some features indoors can help or hinder a house sale, the landscape and features in your garden can have the same effect.


garden features

This vintage car looks great the way it’s been converted into an oversized planter. But it might not be to everyone’s taste, so it might raise questions in a prospective buyer’s mind. If I buy will it go? How much maintenance does it need? Is it safe? If there are easier options for your buyer to look at and buy you might lose out. Of course, you can explain what will happen with it. If it’s going with you then be proactive and explain that. And you might even find that your prospective buyer loves it and wants to keep it. It’s all down to personal taste!
 
 

Garden Features: #3 Top Tips to Remember

1. Keep it simple

Don’t ‘overdress’ your garden. We’re not suggesting a re-landscaping- that would be absurd. But if you are able to show off the really positive parts- areas to relax with friends, ease of maintenance, or space for the kids to play, that’s great. Put the chairs and cushions out, have your brolly up, weather permitting of course! Got a barbecue? Get it out where you would usually use it. If you can create the impression that your garden is functional and fun you will give your potential buyer a positive experience. If you’re a big fan of garden gnomes, fairies or even tortoises, can you unclutter by putting them away for a while?

2. Keep it tidy

Pretty obvious stuff this. Mow the lawn, have a good tidy up. If you have hedges or large plants that need pruning then do so before your house goes on the market. Everyone knows that hedges are hard work, so don’t create the impression that your potential buyer will be spending their leisure time tending to it instead of enjoying their garden. If you have pets, there’s some obvious tidying to do there too!

3. Keep in mind…

…that your potential buyer will have a vision of their own. So neat, tidy, and simple is the best strategy to present your garden in the best possible way. That gives your potential buyer the opportunity to experience what could be their garden, and create a vision in their own mind of what they might want to do with it. So try to unclutter, and try to understand in the eyes of your potential buyer what they might see and feel. Your taste is unlikely to be the same as their’s, so think about how you can help your buyer realise their vision for their next garden.


What are the most Impactful Garden Features that can aid a Successful Sale?

This is something that can change over time. Currently, buyers are looking for rural areas to buy, where properties can provide a better lifestyle. And part of that means office space in the home. For properties that have garden offices, or at least outbuildings that can be converted, there is likely to be a premium as people continue to work from home. The more practical features like this are more likely to attract a premium than landscaped features like raised beds, ponds, and pergolas, although these features can help a buyer to realise a vision if they are thoughtfully constructed.

Top 5 Garden Features to help you Secure a Successful Sale

The top garden features will vary depending on the buyer, their stage of life, and personal tastes and requirements. A young family will have different needs to a retired couple for example. But the top feature right now to increase the sale value of your home is a garden office. Many other features like pizza ovens, outdoor lighting, and pergolas may add value in terms of how quickly a house may sell, but they are unlikely to increase the sale value. So features that are desirable could be;

  • Outdoor lighting
  • Patio/decking
  • Raised beds
  • Outdoor seating area
  • Pergola

These are all structures that your potential buyer can alter relatively easily and cheaply by replanting, adding pots, climbing plants, and choosing furniture to suit their personal tastes. And if those structures are there already the new owner won’t have to spend money laying a patio or building a pergola, if that’s in their vision for their new garden.


If you’re considering selling, need some advice on garden features, how to prepare your home for sale, a valuation and to discuss your next steps, contact a member of our team here 

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Where do People Want to Live

When you’re looking for your first home- or next home, understanding your marketplace can help you to find a suitable property, negotiate effectively, and know what to expect in any given area. Not only that but as a seller, understanding what people are looking for can give you an edge over other sellers in the area. 

Keller Williams You Gov report So intelligence and research can provide you with an invaluable resource to help you to understand local influences on the housing market; those things that you can’t necessarily see, and trends that may be short-term, or have a longer-lasting impact.

Our friends at Keller Williams have produced a report “Where do People Want to Live” based on research carried out by YouGov  in January. It’s a useful resource to help you understand patterns in the housing market, whether you’re buying or selling a home.

Read the full report here 

 

 

 

A bit more about James Leigh property Management

The biggest reason why properties don’t sell is that most agents tell the vendor what they want to hear… and that usually means overpricing it to get the property on. We will never overprice properties for ego. We want to sell your property so will only ever give you an honest appraisal backed up by comparables.

We offer a bespoke package tailored to the needs of each client.

People will only buy your property if they know it is there. We use an array of marketing solutions to position your property in front of as many potential buyers as possible.

All offers are vetted and you will be given all the information possible to make an informed decision. If needed we can recommend Solicitors and our sales progression team will ensure the sale concludes as swiftly and smoothly as possible.


Selling your home? Find out more about our services and get in touch here 

Get a FREE valuation here 

In the market for a new home? Take a look at our available properties here 

Or call us on 01206 584484 

 

 

 

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#3 Reasons why you can still Win from the Stamp Duty Extension

The Stamp Duty holiday, introduced in 2020 was a big help for the housing market, but its end was causing problems of its own. A bottleneck when it was due to finish at the end of March was fully expected, and a brief hang-up in sales was anticipated during the following weeks. And there was much speculation over what might happen.

 

Would he or wouldn’t he?

 

The Chancellor confirmed the stamp duty extension at the Budget, meaning that 234,000 buyers who have agreed a sale from late last year to early March, who may not have expected to benefit, will now save nearly £1 billion if they complete by the end of June.


Stamp Duty Extension
 


#3 Reasons why you can win with the Stamp Duty Holiday Extension

 

1. The tapering announcement of further savings on the first £250,000 of any transaction also means that hundreds of thousands of buyers will benefit from savings of up to £2,500 if they agree a sale over the Spring, allowing four months for completion.

 

2. We forecast that around 280,000 home movers could save, over and above first-time buyers who mostly pay no stamp duty on these transactions.  We calculate that the majority of these transactions will be in the £250,000 to £500,0000 price bands followed by £125,000 and £250,000 price bands.

 

3. Buyers could still benefit from stamp duty savings if they start to progress their purchase now.  If you’re thinking of selling you need to spring into action now for you and your buyer to benefit.

 

So if you’re considering moving home, now could be a perfect time. Not only is the stamp duty holiday extension now available over the Spring, but there is additional support for mortgages, and lenders are beginning to re-introduce some of the products that were withdrawn last year.


 

Contact us today for an informal chat – 01206 584484

 

 

 


Use our FREE tool for your instant online valuation.

Get your valuation here 


 

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Dealing with the Elephant in the Housing Market

 

The Federation of Independent Estate Agents has produced its latest edition and it provides data on the current state of the housing market. In this blog, we take a look at the data and analyse what it means to house sales and lettings.

The housing market is now starting to overheat as people have rushed to complete purchases ahead of the end of the Stamp Duty holiday. This has now been extended until June so the bottleneck that this has caused should ease. And with a phased return after June the impact of the end of the Stamp Duty holiday should be manageable.

But the biggest challenge in the housing market right now is the clear evidence that shows that demand is outstripping supply. That’s been caused partly by the Stamp Duty holiday, but Covid safety concerns have led to a reduction in supply. 

And if we don’t see suitable properties coming onto the market soon we will see the inevitable price inflation caused by too few properties being chased by too many people. 


 

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The Headlines

  1. UK Demand for property has outstripped supply in 2021 so far

  2. Demand UP by 17.5% compared to the previous year

  3. Supply DOWN by 20.5% compared to the previous year

  4. There is now more property selling than there is coming onto the market to sell

  5. The market requires a correction


So why is this a problem?

In a world where markets aren’t keen on ‘severe corrections’, a severe correction in the housing market might be needed. The current situation is unsustainable so can’t continue for long before it causes the market to stall.

For example, data from the Federation of Independent Estate Agents shows that there is more property outside London which is Sold Subject to Contract than there is currently property for sale. And some areas of England are running out of properties for sale altogether.


Housing Market Performance: Sales Marketplace

All of 2020, compared to previous year

Demand up by 10%

Supply down by 1.5%

2021 to-date, compared to previous year

Demand up by over 17%

Supply down by 20.5%

Quite simply, demand is outstripping supply, and that is the root cause of the challenge facing the housing market in 2021.


To put this into context we can take a look at the Property Equilibrium Index produced by the Federation of Independent Estate Agents.

This report looks at past performance of the housing market and allows us to draw comparisons to forecast future performance.

Looking back, “normal” tends to be where demand is 73% of supply. To put that into simple terms, for every 100 properties for sale, 73 would get a sale agreed.



FOR SALE: The Questions you need to ask for a Successful House Move 

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Property Equilibrium Index

Annual Breakdown


 

 

 

 

 

 

 

 

 

 

In this chart, you can see that the housing market was stable in 2018/19 with little happening. In 2016/17 there was a slight seller’s market, increasing in 2020 and then 2021 so far shows a huge increase. This market can lead to price inflation due to lack of demand.

*Chart produced by Federation of Independent Estate Agents


Quarterly Breakdown

 

 

 

 

 

 

 

 

 

 

 

In this chart, set out by quarters, you can see where exactly we began to see this challenge emerge. Normal seasonal influences played a small part, but you can see clearly the change in demand in 2020, which has continued into 2021.

*Chart produced by Federation of Independent Estate Agents


Rental Property Market

Under normal circumstances, you might expect part of the housing market to perform well, but the other not to. So if sales are buoyant, rentals would be low, and vice versa.

Analysis by the  Federation of Independent Estate Agents shows that this is not the case during the pandemic. Under normal circumstances you could expect Let Agreed volumes to be 64% of new instructions. Supply and demand in the rental marketplace have been in equilibrium more or less throughout. In 2021 this has changed, with an increase in demand for rental properties. Property sales remain in much higher demand, but with the exception of London landlords should be pleased with performance in their sector. 


Final Comment 

The Federation of Independent Estate Agents indicates that estate agents anticipate an increase in instructions once the third lockdown ends and the vaccine continues to take hold in the UK. Sellers are likely to be more comfortable with people visiting their homes and are waiting for the right time to list.

A readjustment to the market is needed. A rise in house prices if demand isn’t met seems likely, so an increase in available properties is the best option for the market.

Sellers bringing their homes to market during the coming months can’t come soon enough. 


*Data and graphs produced by the Federation of Independent Estate Agents 

 

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The Questions you need to ask for a Successful House Move

Buying a home is one of the most stressful things that you can do. Whether you
are a first-time buyer, looking for a larger home for a growing family, or downsizing, it’s important to ask the right questions.

But it is easy to get caught up in the excitement of finding your new home and forget some of the key questions that we should be asking. We’ve put together some of this guide so
that you have an easy-to-use reminder of some of those key questions.


So what are the questions that you should ask yourself when you’re in the market for a house move?

Your particular circumstances will govern what you should be asking for your house move, but here is a list of questions that should get you started.

1. What Are the Motivations for your House Move?

2. What Will My Commute Be Like?

3. Where Is My Sphere of Influence?

4. Will This Home Suit Me Long Term?

5. How Are The Schools?

6. What Is The Local Area Like?

7. Does The Town Offer What I Want?

8. Do I Have The Skills And Finances To Decorate and
Upgrade my New Home?

9. Does The Home Fit My Budget?



FOR SALE: The Questions you need to ask for a Successful House Move 

 

Download our FREE guide now
 

 


It’s easy to get carried away and overstretch your budget, your capabilities, or what you need from a house move, so taking a common sense approach like this can allow you to balance objectivity with what is, after all, a very subjective, personal choice.

Once you’ve found some properties to view, there are questions to ask the sellers and estate agents. These questions are more objective and can apply to every property. Of course, take professional advice, and when you get to the survey stage, consider the information they provide very carefully.


Questions to ask about the House you are Buying

1. What must a Seller Disclose?

2. Can You Provide A Years Worth Of Utility Bills?

3. How Old Is The Roof And Major Systems and
Appliances?

4. Has Any Work Been Done to The House That Required
Planning Consent or Building Regulations Approval?

5. What Is Included In The Sale?

6. Is The Home In A Flood Zone?


Finally, there are questions to ask your estate agent, and research that you could do yourself about the local area.

If you understand local market conditions you are better placed to negotiate a good price for your new home.

Take a look at Zoopla’s latest House Price Index 


 

 

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Is the Housing Market the Economic Main Event of 2021?

Housing Market figures published in January by Zoopla show clear evidence that the demand for properties in January 2021 has outperformed the same period last year.

So is the housing market the main event for the economy in 2021? It might just be! 

  • Demand for homes is up 13% on the same period last year
  • 8% increase in new sales agreed.
  • Drop of 6% in available properties
  • House prices are rising almost uniformly across all English regions
  • The greatest impact is being felt where house prices are currently lowest.

The housing market has seen a quick start to 2021 despite the latest lockdown encouraged by the stamp duty holiday. The Coronavirus pandemic continues to drive moving intent amongst buyers, but the latest lockdown has meant that sellers remain cautious despite the fact that the housing market has remained open.


3 Key events affecting the Housing Market in Q1

  • The availability of properties coming onto the market has slowed compared to this time last year, falling 12%
  • And with the end of the stamp duty holiday at the end of March
  • There is likely to be a brief slowdown as the race to complete existing purchases slows new business in the market temporarily

But will the housing market grind to a halt when the Stamp Duty holiday ends?

No. But we do expect a brief slowdown in transactions during Q2 as people race to complete existing purchases. A short extension to the stamp duty holiday could mitigate this slowdown.

Data published by Zoopla shows that the housing market performed strongly during 2020, with a 47% increase in 2019, defying expectations. However, average completion times have extended by around two weeks to just under four months, which is unsurprising considering the restrictions on movement throughout 2020 and early 2021.

Read Zoopla’s full report below…


UK house price growth close to four-year high reports Zoopla

Rising buyer appetite and the slow growth in the housing market number of homes for sale are driving up house prices, according to our latest House Price Index. By Annabel Dixon UK house prices… 

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The housing market performed strongly during 2020, significantly higher than 2019, despite the movement restrictions and economic turmoil caused by the Coronavirus pandemic.

Despite the expected temporary slowdown in Q2 caused by the expected end of the stamp duty holiday, the indications for continuing strong growth remain extremely positive.

And the Governor of the Bank of England has indicated that he expects the economy to bounce back strongly, and this is a further encouraging sign that growth in the housing market will remain strong during 2021.


Demand for Properties Outstripping Supply as Housing Market Outpaces 2020 Performance

Read our latest media release

 


So what does this mean for mortgages?

There was a tightening of mortgages across the housing market during 2020. Lenders tightened their criteria, and many of the deals on offer dried up. In particular, the higher loan to value products that first-time buyers rely upon were withdrawn. Deals were still available, and mortgages agreed but at a lower rate. And yet despite that, the housing market performed above all expectations.

In 2021 lenders are expected to re-introduce some of the products that were withdrawn during 2020, in particular the 95% LTV products.

More info on this below…


 

Mortgage outlook for 2021: how it could affect you reports Zoopla

Whether you’re a first-time buyer, homeowner or landlord, we take a look at how mortgage trends could impact you in the months ahead. By Nicky Burridge First-time buyers First-ti…

Read more