Legislative Changes The Biggest Threat To Landlords

Being a landlord can be very difficult and there are many challenges that must be overcome, including legislative changes. In recent times, there have been notable rental fee increases and to the outsider, this will seem like positive news for landlords.

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People Are Moving House Less Often – How To Sell To Them?

While it is correct to say that the number of people looking to buy property outstrips the supply of property, which has played a key role in the rising prices of the UK property market, it isn’t necessarily easy to sell your home. This is a highly competitive market and with recent findings suggesting that people are moving home less often, homeowners need to be proactive to ensure their property is found and then appreciated by prospective buyers.

The study was carried out by Savills for BBC News and they found that in recent times, property owners moved home, on average, 1.8 times. This contrasts with pre-2008 figures which saw homeowners moving home, on average, 3.6 times. This is twice the current ratio which is a clear indicator that property owners are moving fewer times in their life, and this impacts on the property market and the economy.

There are industries reliant on property moves

Don’t forget that there are industries reliant on people moving home, and with the volume of property moves falling significantly, these industries face more competition for a smaller number of transactions. An example of this would be removals companies who have likely found that there is less demand for their services.

people moving home

However, it is homeowners who are likely to be more perturbed about the decrease in property moves. This is the factor that makes it more difficult to sell property and property owners need to work hard to entice prospective buyers. It makes sense for property owners to be proactive and calling on the services of a skilled and experienced estate agent is a sensible idea. After all, if buyers are not moving home as often as they used to, you need to make sure that your property appeals to the needs of the buyers. You will find that additional space and flexibility with respect to the property and what can be achieved in the future are crucial factors, and if you have these aspects, you need to accentuate them when promoting the property.

People can take steps to sell your home in a slow market

There are ways for property owners to make their home more appealing to buyers or to stand out from the crowd in property listings. Some of the steps a homeowner should take include:

  • Thoroughly clean the home
  • Declutter the property, creating more space and remove personal items and belongings
  • Understand who will have an interest in the property
  • Prepare the outside of the home as well as the inside of the property
  • Make sure the property is priced effectively
  • Make sure that each room in the house has a clearly defined purpose
  • Create high quality images and video content of the property

If you can meet these expectations, it is likely that you will have a greater chance of appealing to prospective buyers and sell your home. When it comes to choosing the best local estate agent, you will find that Williams of Petersfield is the ideal agent. When it comes to performing well in a competitive marketplace, we are here to ensure your home is the one prospective buyers find and fall in love with.

Asking Price And Sale Price Gap Shrinking In UK

There are many factors to consider in the property market but in recent times, the gap between asking price and sale price has been a crucial factor for many people. Many sellers have been left disappointed with an asking price that failed to materialise and some property specialists have suggested this has been a strong factor in the dip of property being supplied to the market. If property owners believe that selling their home will not bring a sufficient or satisfactory return, they will be more likely to decide against entering the market.

In their year-end review of the property market, NAEA Propertymark stated that homes sold for less than their initial asking price 77% of the time. The organisation also said that only 4% of property sold for more than it’s initial asking price. This information correlated with findings from Zoopla dating to December of 2017 which stated that that the volume of properties selling for less than the initial asking price was increasing.

Rightmove suggests that more homes are selling for sales price

However, information provided by Rightmove in spring of 2018 suggest that an upturn has occurred with respect to sales prices and asking prices. The volume of property sold for the asking price has reached the highest level since June of 2016. Mind you, given that Rightmove said that 74% of homes still sold for less than the initial asking price for February of 2018, it may not be a cause for too much optimism just yet.

It is the percentage of properties that were sold for exactly the asking price that was the important figure though and this was classed as 22%. This would be higher than the percentage suggested by NAEA Propertymark for the whole of 2017 and it is the highest recorded figure in close to two years.

asking price

With asking prices also rising by 1.5%, which is the biggest increase for March since 2007, there is a cautious mood of optimism surrounding certain issues of the property market.

Are stamp duty changes impacting on property market and asking price?

While there are many factors influencing the property market, it appears stamp duty relief changes are having an impact on first-time buyers. In information provided by the NAEA, the January 2018 proportion of first-time buyers in the full market stood at 27% while in February of 2018, this had risen to 29%.

There are also factors that may not come across as optimistic from NAEA. The volume of property-hunters who registered at estate agents in the UK fell by 16% from January to February and by 28% from February 2017 to February 2018. As of the end of February 2018, the number of registered buyers per branch was 309. There was also a dip in the volume of properties for sale with each branch having 35 properties compared to a level of 36 each branch as of January 2018.

The ever-evolving nature of the UK property market can be difficult to stay in touch with. If you want to be confident that you are fully informed as to what is taking place in the property market, be sure to stay in touch with Williams of Petersfield. We are specialists in the local property market and no matter what change or move you may want to make, we are here to help.