Autumn has officially arrived; the nights are drawing in and there is a chill in the air as we move into the final quarter of the year. It’s hard to believe that Christmas is 72 days away!
Property market overview
The UK’s housing market has had plenty to contend with over the last year or so; the shock Referendum result, the uncertain conclusion to the snap election, additional taxes for investors, rising inflation, and slower wage growth to name a few.
That said, it is certainly not all doom and gloom.
Low interest and mortgage rates, record levels of employment and resilience in the economy have boosted confidence in parts of the market. First time buyers have been able to take advantage of weaker levels of investor demand.
UK Finance report that the number of first time buyers in the first five months of the year was 9% higher than in the same period of 2016, with approximately one in three properties sold to first time buyers, the highest level since January (NAEA).
Rightmove reported that between August and September average asking prices of homes coming to the market dropped by 1.2%. This is the first September fall recorded since 2013 and represents an average decrease of £3,660 per property which could be perceived as encouraging news for those looking to purchase a property.
However, sellers shouldn’t be too alarmed as the number of sales agreed is higher than this time last year, showing that demand remains strong for property that is priced correctly from the outset.
Secure that mortgage deal while you can
Many economists do not expect interest rates to rise until 2019. With the base rate at a record low of 0.25% since August, 2016, there are still some great deals around, with options to suit your requirements. If you are looking to buy a property, or you’re interested in changing mortgage lender to secure a better deal, talk to our friendly, award winning Mortgage Advisors at The Mortgage and Insurance Bureau who were voted the ‘Best Mortgage Broker in London’ at this year’s ESTAS and arrange a consultation.*
First class marketing is fundamental when it comes to selling/letting your home
A recent study by HSBC bank found that 93% of home searches start online meaning that the first impression that a prospective buyer or tenant will have your home is how it appears on the property portals.
When it comes to choosing an estate agent to work with, it’s important you feel confident in their marketing ability.
Professional photos, an appealing description, a floorplan and a video tour can be the difference between generating a high number of viewings when your property is launched and agreeing a sale or let within a couple of weeks, compared to getting little interest and advertising it for months.
Hoping to move home before Christmas?
If you’d like to put up your tree in a new home, now is the time to get the ball rolling. By being realistic with your asking price and presenting your home at its best to maximise your chances of a quick sale, you could be moved in and decorating your new home in time for the festive season.
We are on hand to help you every step of the way…
If you are planning on moving, seek the advice of a trusted estate agent prior to marketing to help ensure that when you launch your home for sale; your asking price will maximise those first 2-3 weeks of strong interest. Or, if you’re already on the market and feel that enquiry levels have dropped, now may be the perfect time to get another opinion.
With over 25 years’ experience in the local property market, we are committed to helping you move. If you are thinking of selling or considering renting your property, or if you are simply seeking some advice, we would love to help.
Contact the team at your local branch or pop along and speak to one of our property experts in person and discover a refreshingly different approach to marketing your home.
We look forward to hearing from you.
* Your home may be repossessed if you do not keep up repayments on your mortgage. We do not charge a fee for residential mortgage advice; however, there is an administration fee for processing each of your residential mortgage applications.