Add Property Value With A Simple Step

This is the perfect time of year to take care of your radiators and make sure your home is well set up for what comes next this autumn and winter. At Williams of Petersfield, we are advocates of caring for your radiators, as this brings short and long-term benefits to your home.

If you need guidance on selling your home, or any other aspect of the housing market, we are here to help you.

Think about property value at all times

Property Energy Professionals Association (PEPA) has spoken about the importance of Energy Performance Certificate (EPC) ratings on property prices. The organisation has examined research carried out by Nationwide and said that properties holding an A or B rating carry a value that is around 5.2% greater than properties with an F or G rating.

With PEPE stating the average value of property stands at £280,000; this could see an additional £14,500 added to the house price.

Andrew Parkin, PEPA Chairman, says: “With property and energy prices continuing to rise and with increased global focus on energy efficiency and carbon emission reductions, the value of improving energy efficiency in properties is only likely to increase. It makes sense for homeowners to invest in an EPC now to find out what opportunities there may be to enhance the value of their property and reduce energy bills without waiting for the time when they may wish to sell.”

You can add value to your home

Andrew Harvey, senior economist at Nationwide, said: “Decarbonising and adapting the UK’s housing stock is critical if the UK is to meet its 2050 emissions targets, especially given that the housing stock accounts for around 15% of the UK’s total carbon emissions. With this in mind, we used our house price data to explore the extent to which owner occupiers pay a premium or discount for a home due to its energy performance rating. To do this, we included energy efficiency ratings from [EPCs] alongside the usual property characteristics data we use in our House Price Index.”

Andrew Harvey continued by saying; “This allowed us to control for other factors that can influence the value of a house or flat and isolate the impact of energy efficiency ratings alone. Government analysis based on the latest English Housing Survey suggests that if all eligible energy improvement measures defined in the EPC methodology were to be installed in the current stock of dwellings, 98% would be rated A to C, with just 2% in band D or lower. Installing all the recommended energy improvement measures in homes currently rated F or G would result in an average saving of around £1,780 per year.”

Andrew Harvey concluded by saying; “However, the installation cost for such measures is also high at an estimated £25,800, meaning a payback period of around 14 years. The government’s current aspiration is to upgrade as many homes as possible to band C by 2035. The average cost to improve a property to an energy efficiency of band C is c£8,100, though the cost is considerably higher for properties rated F or G. However, the pace of energy efficiency improvements is relatively slow given the scale of the challenge. For example, insulation installation is well below the 2012 peak, the last year of the Carbon Emissions Reduction Target and Community Energy Savings Programme. This suggests a need for further incentives to help decarbonise homes.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Make Informed Choices In Housing Market

You can look at many pieces of information to tell you how the market is faring, but property prices and mortgage approvals tell you a lot. This is something we know and care about at Williams of Petersfield, and we are on hand to ensure you make informed decisions when it comes to the housing market.

If you are looking to make a move and need any assistance, please get in touch, and we will be happy to help.

Stay in touch with Petersfield house prices

According to Rightmove, as of the end of September 2021, the average price paid for property in Petersfield is as follows;

Properties in Petersfield had an overall average price of £506,837 over the last year.

The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £724,455. Terraced properties sold for an average of £368,305, with semi-detached properties fetching £461,730.

Overall, sold prices in Petersfield over the last year were 17% up on the previous year and 16% up on the 2018 peak of £436,809.”

Mortgage lending has been high this year

Information provided by the Bank of England show £89bn of mortgage lending was approved between April and June 2021. This is the highest amount since 2007.

The majority of mortgage applications were made by people intending to live in the property, with at least 66.4% of applicants stating this.

Breaking this group down uncovers:

  • 24.7% as first-time buyers, which represents a 6.5% increase from a year ago and a 2.8% rise since the beginning of 2021
  • Home-movers rose to 41.7%, a rise of 18.3% on the previous year
  • Buy-to-let mortgages account for 11.3% of mortgage approvals, a fall of 3.1% from a year before

However, some names in the mortgage sector believe this positive activity might not last for too long.

Mark Gilliver, business Development director at mortgage software provider the Target Group, said: “Throughout the pandemic, the mortgage market has been in a state of fluctuation, initially seeing a drop in demand during the first lockdown, but then experiencing a boom in demand thanks to the stamp duty holiday initiative.”

Mark also said; “This in itself has led to heightened demand and therefore an increase in prices, forcing many to take out larger mortgages. Whilst some were able to build deposit nest eggs thanks to reduced outgoings, quarter two saw a boom in demand, as homebuyers looked to escape a costly tax bill.”

Mark Gilliver concluded by saying; “However, the Q2 results could be seen as outliers, as we are unlikely to see such a rush again for a while. With inflationary pressures and the threat of increased interest rates not far off, the next quarter could well tell a very different story. This could be a sign that the phase of bigger mortgages is on its way out now that the UK has reopened and spending on non-essentials items is reintroduced into the public’s budgets.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

What Turns Buyers Off?

We know there are many things buyers love to see when looking at a home, but what about the things that buyers hate to see when looking at present. It is vital vendors know what turns buyers off, and what can cost them money when it comes to the value of their home.

At Williams of Petersfield, we are pleased to say we help buyers and vendors connect. If you are looking for support or guidance in the local housing market, we are here to help.

What do you hate to see in a home?

A study carried out by Yes Homebuyers found the things that buyers hate to see when looking at property, and which significantly lower the value of a property:

  • Subsidence can lead to a reduction in value of 20% in a property
  • Taken at the average price of property in the UK (stated as £254,624), a 20% reduction would equal a loss of £51,000.
  • Japanese Knotweed is also recognised as an issue which has a serious impact on property value, and this can reduce your home’s worth by 15%
  • At the average price of property, a homeowner suffering from Japanese Knotweed can lose £38,000 in the value of their home
  • Even poor upkeep can impact the value of property, with a bad garden or shoddy conditions leading to a reduction of 14% in value
  • This drop is equal to £36,000 when you consider the average price of property in the UK
  • Items that impact the view of your property, such as mobile phone towers, new power lines or wind turbines, you can expect an average of 13% to be wiped from your property value
  • This reduction is around £33,000 based on average property prices
  • Having a nuisance neighbour is annoying, and this can reduce the value of your property by 10%, or close to £25,500
  • Similarly, if your property has suffered water damage or is a flood risk, the value is likely to drop by 10% and see you lose around £25,000 in value
  • If there is no convenient parking at your property, you can lose 7.1% of your value, which is around £18,000
  • Even having an unlucky house number, such as 13, can reduce the value of your home by 6%, which is around £15,000

There are many things people hate to see in a house

Other issues which reduce the value of your property include:

  • Structural issues can see you lose £13,500 in value
  • Local power stations can see your property drop £12,700 in value
  • If there is damage or odours left by pets at home, your property value can drop by £10,200
  • Cluttered rooms can cause a drop of £10,200
  • Damp and mould lead to a loss of value of £2,500
  • Asbestos can lower property value by £2,500
  • Woodworm can lead to a drop in property value of £1,300

Matthew Cooper, founder and managing director of Yes Homebuyers, commented: “Many of these buyer turnoffs can be easily and cheaply fixed, a process which should be well worth the effort and money thanks to the value they will restore to your home. Some of them, however, can be very expensive indeed. Severe damp issues and subsidence, for example, could cost as much to rectify as the value they restore. Furthermore, they can take an awfully long time to fix.”

Matthew Cooper also said; “In such instances, it might be worth considering selling your home at a reduced price rather than undertake the task yourself. Of course, you might struggle to find a buyer, as a result, but in most cases, a bonafide quick buy platform should take your property off your hands. Leaving you stress-free and able to focus on your onward purchase.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Homes Are Selling Fast – How Many Viewings Do You Need?

The nature of buying and selling homes has changed of late. It is understandable that many people have been wary of visiting property for a viewing. Virtual viewings have changed the way buyers consider homes, and it might be that it is driving the fast-paced nature of the housing market.

At Williams of Petersfield, we know the market has shifted in recent times. We’ve seen this with our clients, and we’ve seen it with the latest studies.

Many prospective buyers cannot arrange viewings

U-See Homes asked buyers about failing to arrange a viewing before the home was sold, and these are the findings:

  • 51% of buyers said they experienced homes being sold before they made it to the viewing stage
  • 33% of respondents said this happened with at least one quarter of their scheduled viewing
  • 9% said they couldn’t view the property for around a quarter and half of their scheduled appointments
  • 9% said they couldn’t view the property on at least half of their scheduled appointments

It can be hard to arrange a second viewing

U-See Homes also asked buyers if they saw a property once but then didn’t manage to arrange a second viewing because the house was sold. These were the findings:

  • 38% of buyers said this was the case
  • 15% of respondents said it happened at least a quarter of the time before they arranged a second viewing
  • 48% of UK buyers said they would be happy to submit an offer after an initial viewing in person with a second viewing conducted virtually
  • 36% said a virtual tour would have helped them avoid unnecessary viewings
  • 16% of respondents said they would submit an offer on a property liked after a virtual viewing, and without having seen it in person

Simon Dempsey, head of marketing for U-See Homes, commented: “Homes are selling like hotcakes in the current market and if you’re lucky enough to reach the offers stage, the chances are you’ll have some tough competition from a number of other eager buyers. For over half of homebuyers, the initial task of getting a foot in the door is proving too large an obstacle and many are finding the properties they have scheduled to view are flying off the shelf before they’ve even had a chance to view them.”

Simon continued by saying; “Virtual viewings can be a vital resource in overcoming this current property market pitfall, allowing you to get a very good idea of a home before viewing, or as a follow up to an initial viewing to reconfirm your feelings. Doing so allows you to at least remove the need for an unnecessary additional viewing in person and if you do want to make an offer, it can mean getting in ahead of the rest.”

Simon concluded by saying; “Of course, while virtual viewings can streamline the process, you need to make it to that all-important physical viewing first which is also proving a tough ask. That said, 16% of buyers would be prepared to submit an offer without seeing the home in person first – and even we’re a little surprised by that.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Stay In Touch With Latest UK House Prices

It is fair to say there has been a lot ups and downs in the housing market of late. If you are struggling to keep up to date with everything that is happening in the market, we are here to assist you.

At Williams of Petersfield, we take immense pride and pleasure in supporting you, no matter what move you wish to make.

Are you up to date with the housing market?

According to the latest UK House Price Index figures from the ONS:

  • Average property prices rose by 13.2% over the year to June 2021
  • This is the highest annual growth rate recorded since November of 2003
  • Average property prices in June were up 9.8% from May 2021
  • The average house price in the UK reached £266,000 in June 2021, which is a record high
  • The June 2021 average house price in the UK is £31,000 higher than the June 2020 figure

Rise in average house prices across the UK

Breaking the average house prices increase by country sees:

  • English house prices rising by 13.3%
  • Welsh house prices rising by 16.7%
  • A 12% rise in Scottish house prices
  • A 9% rise in the price of property in the north of Ireland

What do industry experts say?

Sam Mitchell is the CEO of an online property market company and he said; “House prices continued on their upwards trajectory in June, with the latest ONS figures capturing the final frenzy amongst buyers and sellers before the stamp duty holiday scaled back. Despite the tax break now only being available to properties under £250,000, there are still other factors at play that will likely contribute to further house price increases in the months ahead. Historically low interest rates, an uplift in 95% mortgages and savings accumulated during lockdowns are all going to allow more people to enter the market.”

Sam Mitchell concluded by saying; “Let’s also not forget that the UK is still faced with a major supply and demand imbalance issue. A lack of new stock that fails to meet the demand we see today is enough on its own to push prices up. Particularly when we all appear to be looking for the same thing – a desire for more space, bigger gardens, and that now essential home office.”

Marc von Grundherr, is a well-respected analyst in the UK housing market, and he said; “Another behemoth level of house price growth both on a monthly and annual basis, no doubt influenced by the first of the staggered extensions to the stamp duty holiday as homebuyers purchasing above the £250,000 threshold continued to scramble to secure a saving before the clock expired.”

Marc von Grundherr concluded by saying; “The London market has seen a lesser degree of property market manipulation as a result of the stamp duty holiday. As a result, the capital continues to trail where property price appreciation is concerned but we’re seeing a far more stable market start to emerge and one that is showing greater long-term momentum as both domestic and foreign interest start to return. Sales are increasing, sellers are achieving a greater level of asking price than they were just a few months ago, and all of these indicators suggest a property market resurgence is stirring.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Will Feng Shui Help You Sell Your Home?

When it comes to selling your home, it is natural to do whatever it takes to connect with buyers. At Williams of Petersfield, we are pleased to say we help homeowners present their house in a way that enhances its look, and makes it easier for buyers to connect with the property.

In recent times, there has been a focus on ways for homeowners to steal an edge in the market, and for some, Feng Shui has been mentioned!

What is Feng Shui?

1. Feng Shui is the ancient Chinese practice of arranging your home to promote good luck and abundance

2. It was originally used in homes, but can be applied to other places like offices or even cars

3. The goal of Feng Shui is to create a space that promotes happiness, health, and prosperity for its inhabitants

4. There are 3 main principles behind Feng Shui – Chi (energy), Yin Yang (opposites) and Ba gua (8 trigrams)

5. The way you arrange furniture in your living room should take into account these three principles so it’s balanced with the outside world

6. For example, a couch on one side of the room against a wall will block chi from flowing freely through the front door

Are you ready to change the look and layout of your home?

Research carried out by Manor Interiors suggest that 86% of property buyers said the initial layout and design of a property is important to them. Other findings include:

  • 70% of respondents said this influenced their most recent property purchase.
  • 38% of respondents said they made further changes to their new home as soon as they moved in.
  • 72% of respondents said they paid more for their home because they liked the design and layout.
  • On current market values, Manor Interiors believes a Feng Shui premium could add as much as £19,743 to a property value, based on the current average value being £256,405.
  • They also believe a negative Feng Shui state could reduce the property value by as much as £25,641
  • Manor Interiors state the difference between good Feng Shui and bad Feng Shui in a home as being as much as £45,384

Separate analysis from the International Journal of Housing Market and Analysis states positive Feng Shui could add as much as 7.7% value to a home, while poor Feng Shui could lower property value by 10%.

Farhan Malik, CEO of Manor Interiors, commented: “While you may or may not be completely convinced by Feng Shui, there’s no doubt that many of us will relate to the core principle of perfecting the design and layout of our home if only to suit our own personal tastes. Doing so can transform how we think and feel about our home and so it can certainly make for a happier home life and a greater appreciation for our property. It’s also understandable that this plays a role when looking to buy, both in terms of the homes we opt for and the price we’re willing to pay and research shows that positive Feng Shui really can have a substantial impact on property market values.”

Farhan Malik also said; “Whether you buy into it or not, it’s a particular focus of many housebuilders who market new build developments to foreign buyers where Feng Shui is deep-rooted within the culture of their native country. When furnishing these developments, we often have to consider how the furniture and layout of an apartment or house will not only impact the Feng Shui but also how we can maximise positive energy to increase appeal once it does go up for sale or let.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

There Is Confidence In The Property Market

These are challenging times in the housing market, but at Williams of Petersfield, we believe there is significant confidence in the property market. We see this when we speak with clients, and we see this in the major studies carried out in the housing market.

Market analysis carried out by the Building Societies Association (BSA) found:

  • 30% of respondents think this is a good time to buy property
  • This 30% is a drop from the 37% of respondents who said March was a good time to buy property, which is likely linked to the tapering off of the stamp duty holiday period, and the increase in property prices

What matters to home buyers?

The study spoke to people who are likely to move home or who will buy their first home in the next six months, and the following findings were made:

  • Location remains the leading priority for property buyers
  • 73% of respondents said obtaining more private outdoor space was vital, which represents a significant rise
  • 62% of respondents said moving away from built-up areas and being closer to nature was important
  • Finance was an important factor too, with many people looking to move to better manage their mortgage payments:
  • 51% of respondents cited reducing their mortgage payments as being a driving factor in switching
  • This represents a big increase over the 37% of respondents who cited this in December 2020
  • 59% of respondents said raising a deposit was likely to be the biggest barrier to them stepping on the property ladder
  • A lack of job security was cited by 48% of respondents, which is high, but less than the 68% cited by respondents in September 2020

Paul Broadhead, Head of Mortgage and Housing Policy at the BSA, said: “These latest results are an encouraging sign that the impacts of the Covid-19 pandemic are starting to fade for many, as confidence in the housing market remains strong. There’s no doubt that the government support measures introduced over the last 12 months, such as the Stamp Duty holiday, have been key drivers of the confidence we see. It does however appear that the market will remain buoyant as these incentives come to an end.”

Paul continued by saying; “Whilst the Nationwide Building Society House Price Index reports house price growth of over 11% in the last 12 months, and our research shows 50% of the public think further price rises are likely in the coming 12 months, it’s not surprising that raising a deposit has returned as the biggest challenge for those wanting to get on the property ladder. It’s therefore good to see that in addition to a number of societies supporting the government’s First Homes initiative, many have also re-introduced low deposit mortgages as part of their standard mortgage range.”

Paul Broadhead concluded by saying; “Amongst all the positive signs in the housing market, it’s important to note that almost half of the respondents have concerns about their job security. Whilst this is a declining trend, it remains clear that there are many people for whom the pandemic continues to have a negative financial impact and it’s important both for lenders and government to ensure that appropriate safety nets are available to give households the support they need when they need it”.

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

How Many Viewings Do Buyers Need?

It is fair to say the nature of the housing market has changed quite a bit in recent times. The lockdown period affected the market as you expect, and virtual viewings became an integral part of the house buying and selling process.

It seems as though, even as we move forward, this is likely to remain the case in the housing market. Prospective buyers can learn a lot about a property from a virtual viewing, and this is impacting how many physical viewings take place.

We know the local housing market in Petersfield

This is something we have experienced at Williams of Petersfield, and it is something that is coming to the fore in national studies.

A study by U-See Homes highlighted many issues in the housing market when it comes to buyers looking for a home.

Some of the most startling findings from the study include:

  • 39% of prospective buyers bought their house after just one viewing
  • 43% of prospective buyers required two viewings before deciding this was the house for them
  • 12% of prospective buyers needed three viewings before making an offer
  • 6% of prospective buyers needed at least four viewings before making an offer

Also, it seems as though viewings take less time:

  • 51% of viewings took 30 minutes or less
  • 41% of viewings took between 30 minutes and one hour

We can help you in the housing market

Other interesting findings from the study include:

  • 40% of prospective buyers said they viewed at least five properties before they found the one that was right for their needs
  • 23% of prospective buyers said they could have avoided these unnecessary viewings if there had been a virtual guide of the property on offer
  • 28% of respondents said if they had the option to via a home via a guided tour, they wouldn’t have needed an initial viewing

Simon Dempsey, U-See Homes, says: “We know that homes are going under offer incredibly quickly in current market conditions and we’re now starting to see a shortage of stock entering the market to satisfy the overwhelming buyer demand spurred by the stamp duty holiday. Homebuyers themselves are also acting at pace, with the vast majority taking just one or two viewings before making an offer and rarely spending more than an hour or two in the process. However, the majority are also viewing a number of properties before they discover their perfect home and while viewing times are brief, they can certainly start to add up when travelling from one house to the next.”

Simon Dempsey concluded by saying; “It’s clear that the wider availability of guided virtual tours could certainly help in this respect, reducing the need to view homes unnecessarily and saving a considerable amount of time for both homebuyer and agent alike.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Mature Homeowners Looking To Move

With so many moves taking place in the housing market these days, it is inevitable that people are thinking about what to do next. If you haven’t moved recently, it is likely to be on your mind, and you might be looking for a move that allows you to enjoy more space, or which better suits your current and future lifestyle.

At Williams of Petersfield, we know why people are moving, and we connect buyers and vendors.

We are pleased to say we have helped many people move home recently. Whether you are of retirement age, or it is something which is on your mind, we are here to assist you. When you are considering your options for the move that will allow you to make the most of your golden years, we are here to help you.

A lot of people are considering their next housing move

Downsizing has become a hot topic for many reasons in recent times. According to a study by a leading insurance company, 12% of people aged 50 or older in the UK plan to relocate.

Areas listed as “retirement migration hotspots” by the Office for National Statistics include:

  • Dorset
  • Shropshire
  • Wiltshire

Cities where the largest number of exits include:

  • London
  • Birmingham
  • Bristol

Why do you wish to move?

A recent study by Legal & General finds that over-50s have been influenced by the lockdown. People in this age group are now planning house moves, with the following reasons being important:

  • Wanting to live somewhere that provides a better quality of life, cited by 7% of respondents
  • A desire to live closer to family and friends was said by 4% of respondents
  • Looking to live abroad was stated by 3% of respondents

Things to consider before location:

  • The equity on your current home, and how it can be best used
  • How future proof will your new home be?
  • How will your living costs be affected by a move?
  • Will it be easy to maintain (or improve) your current lifestyle when you move?

Claire Singleton, CEO, Legal & General Home Finance, comments: “Relocating in retirement was already a well-observed trend, with older people reprioritising their needs as they enter the next stage of their life. As with many aspects of our lives, the challenges of the pandemic seem to have led many people to take stock of their current living situation. There can be many benefits to relocation, whether it is a better quality of life, more space or even the opportunity to be closer to loved ones. One thing that is clear is that many people will also see their decision informed by how their property wealth factors into their long-term financial planning.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

 

Strong Sales Pipeline In Housing Market

At Williams of Petersfield, we are pleased to say we have helped many buyers and vendors in the past year. This has been a busy time for the housing market, and a lot of moves have taken place.

This is something we have seen for ourselves, and it is also something which comes up in various studies.

Rightmove highlight the number of prospective property deals

The survey was carried out by Rightmove between 1st April and 12th April 2021 and 7,803 respondents engaged the study.

Rightmove stated the following highlights of their study:

  • More than 700,000 homes are marked Sold Subject to Contract and going through the sales process, the highest number Rightmove has recorded over the past ten years and 78% higher than in May 2019
  • New research among buyers expecting to benefit from the stamp duty holiday has found only 4% would abandon their plans to buy a property if they missed either the June or September deadline in England:
      • One in four (25%) said they would try to renegotiate the price with the seller
      • 13% said they would plan to buy a cheaper home
  • 131,000 homes worth over £250,000 were marked Sold Subject to Contract in England between July last year and the end of February and are still trying to complete before the June stamp duty holiday deadline

The sales pipeline, as of mid-June 2021 in Great Britain was 704,000 sales. This is the highest figure for more than a decade. At the beginning of 2021, the sales pipeline was 613,000.

Many people are still keen to move

Rightmove spoke with people looking to move by September, with the following findings:

  • 29% of respondents said they expect to move in time to capitalise on the stamp duty holiday
  • The most commonly cited reasons for looking to move include; buying a home with a garden, moving to the coast or the countryside, to move to a bigger home or coming across the ideal property
  • 4% of the group who plan on utilising the stamp duty holiday said they would abandon their plans if they missed the relevant deadline
  • 53% of respondents said they would carry on as planned
  • 25% of respondents said they would look to renegotiate with the seller
  • 13% said they would look to buy a cheaper property

Rightmove’s Director of Property Data Tim Bannister says: “The easing of restrictions, extended stamp duty holiday, better mortgage availability for first-time buyers, race for space and relocation plans have all combined to create the biggest conveyancing logjam we’ve ever recorded over the past ten years. We really hope those who had at least four months to make it through to completion will make it in time to beat the first stamp duty deadline, but with the tapering until September many will still make some savings so all will not be lost. The pace of properties coming on and off the market is also the quickest we’ve recorded, and agents are telling me they have multiple viewings followed by a number of offers within days of a property first appearing on Rightmove. At the start of this year we had anticipated a quieter second quarter of the year, but buyer demand and the pipeline has continued at pace, making it an incredibly busy time for agents and conveyancers in many areas right now.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

More Buyers Are Looking For Chain-Free Properties

If you are looking to sell your home, it makes perfect sense to know what buyers are looking for. When you are aware of what matters to buyers, and you can tailor your service to better meet these needs, you will find it becomes easier to connect with these buyers, and to ultimately sell your home.

This is something that matters to us at Williams of Petersfield. A lot of our work is based on bringing buyers and vendors together, and our knowledge of the local market in and around Petersfield is crucial to this.

There is a lot of activity in the housing market today

We also stay in touch with the latest findings from studies across the country. There is considerable interest in the property market right now, and we know people are looking for information, guidance and support.

One of the things that buyers are looking for is a chain-free property deal. If you are involved with a property chain, there is a chance of the deal collapsing even when you do nothing wrong. With this in mind, you can see why buyers are looking for this sort of deal.

We’ve also seen examples of homeowners renting property during the sales process. This creates a break in the process, which helps them to minimise their exposure to a collapsed property deal.

What do you want to do in the market?

This isn’t recommended for everyone, but it is something that some homeowners feel is right for them. We are more than happy to help you connect with buyers in the market.

Some highlights of the findings from YesHomebuyers include:

  • 56% of all chain-free properties have been bought by buyers
  • This represents a considerable increase in the couple of months
  • When comparing demand for chain-free transactions between March and June, demand has risen by 6%
  • In some parts of the country, such as Cambridge, demand for chain-free property has risen by 10% since March
  • Understandably, stock of chain-free property has fallen in 17 of 26 major cities

Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “Many homebuyers have now accepted the fact that a stamp duty holiday saving is no longer on the cards, but that they will have to contend with the long market delays that have materialised as a result of the initiative. In this respect, a chain-free purchase will, at least, provide some hope of reducing the transaction timeline, and so it comes as no surprise that their popularity has increased substantially in many major UK cities.”

Matthew concluded by saying; “Of course, the downside to this high demand is that chain-free stock levels have dropped across the majority of cities in recent months, although some do present a far better chance of finding one than others.”

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.