What Is Driving Property Demand?

If you are looking at the property market and wondering why there is so much activity and demand for homes, we are here to help you. While the UK is in a recession, there is a significant level of demand from buyers, and there is a greater number of vendors entering the marketplace.

At Williams of Petersfield, we are pleased to say we can help you understand the housing market. We have a considerable level of knowledge and expertise in the local area, and we work closely to ensure all our clients understand, and benefit, from what is happening in the national property market.

The housing market is currently buoyant

There has been considerable activity in the housing market since it re-opened. Some experts believe this is a temporary measure, but it has lasted until September, and there is no sign of slowdown.

The stamp duty holiday has changed the market

The stamp duty holiday, in place until 31st March 2021, provides buyers with the chance to save up to £15,000. This is a significant saving for many buyers.

Rightmove’s property expert Miles Shipside said: “This move will help to keep the nation and wider economy moving because keeping the current momentum going will help prevent destabilising falls in property prices as unemployment grows, and enable a quicker economic recovery. Lockdown prevented 175,000 would be sellers from coming to market so we hope this Stamp Duty holiday will provide the spur for those missing movers to come to market.”

We know that many people have questions about the market, and how they should progress next. If you are looking to sell your home, we can arrange a property valuation for you. We believe a property valuation is the ideal starting point for anyone looking to sell their home, and we are here to assist you connect with buyers, and make an informed decision.

Miles Shipside also said; “Home-movers will be grateful that the changes come into effect straight away so they don’t have to delay their plans, and what we could see now is people rushing to get a price agreed before some sellers put their prices up in the hope people will be able to pay more because of the tax savings.”

Some people wish to move before a second wave of the pandemic

There are fears about another wave and associated lockdown. If this was to happen, many people would prefer to be settled in their new home by this point. Therefore, a lot of people are looking to move home soon.

Jacqui Harley is the Head of Conveyancing at JMP Solicitors, and he said; “Whether you’re looking to get on the property ladder, move home, buy another property or add to your portfolio, now is a good time to get moving in the current climate as the housing market is particularly buoyant. We have compiled a list of top reasons to move now, to outline what is available in the current climate for those who act swiftly to make the most of this window of opportunity.”

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.

Solar Panels Can Boost The Value Of Your Home

With a heightened level of demand thanks to the stamp duty holiday, many vendors are engaging the local market. If you are looking to sell your home, but would rather take steps to improve the value of your home first, we can help.

At Williams of Petersfield, we are pleased to say we have assisted many home owners make changes which boost the value of their home. We believe solar panels are an effective way of adding value to your home, and will help you connect with willing buyers.

If you plan on selling your home, and would like a valuation of your property, please get in touch. We believe a property valuation is the ideal starting point for the sales process.

Going green helps you sell your home

A study by EffectiveHome, a company which specialises in solar panels, found that sales prices for homes with solar panels have risen by 14%.

The study suggests the average increase in value associated with installing solar panels is £32,459. Some areas which have benefited more than the average include:

  • Homeowners in London can expect to see their property value increase by £90,000
  • In Bristol, solar panels have been found to add £45,142 to the value of property
  • Edinburgh homeowners can add over £40,000 to the value of their home with solar panels

Going solar is tipped to help homeowners save more than £27,000 on their electricity bills over the lifetime of their mortgage. We know this is an issue homeowners in Petersfield need assistance with, and it is important you consider effective methods of reducing your monthly bills.

Benefits of solar energy include:

• Solar power is a renewable source of energy, which is of interest to many people

• You can lower your energy bills with solar panels

• There isn’t a great deal of maintenance associated with these panels

• It indicates the home, and its owners, is forward-thinking

Some potential drawbacks of solar energy include:

• There is an initial cost in installing the solar panels

• Your overall benefit is impacted by the level of sunlight you enjoy at home

• Some solar panels take up a considerable amount of space

Dan Graby is a Director at EffectiveHome, and he said; “With house prices currently experiencing a mini boom, it’s interesting to see what impact solar energy and benefits such as reduced energy bills and lowering carbon emissions is having. We hope our findings are a welcome surprise to property sellers across the UK who may be unaware that making energy efficient changes to their home, can make such a significant contribution to its valuation. There is a clear appetite amongst homebuyers to move to a property which is sensitive to spiralling energy prices, global warming and the environment we live.”

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.

Demand Is Sustained In Property Market

The introduction of the stamp duty holiday has been welcomed by many people in the housing sector. There is no denying many people are considering making a move, because of the substantial saving on offer. With vendors encouraged by the number of buyers in the market, there is a great deal of activity in all aspects of the housing market.

This is something we have seen in and around Petersfield, and it is something we have noted nationally. If you are looking to sell your home in Petersfield, please get in touch. At Williams of Petersfield, we are pleased to say we have assisted many local homeowners connect with buyers.

A property valuation helps sell your home

One of the most important tasks in selling your home is arranging for a property valuation. As local agents, we are perfectly placed to ensure you connect with buyers and sell your home. If you need any guidance or assistance in selling your home, please get in touch with us today.

Information provided by the property group Andrews for July 2020 suggests:

  • Viewings rose by 29% compared to the previous months’ viewing figures
  • Physical viewings increased by 45% in comparison with the previous month
  • In July 2020, there was close to 6,000 viewings, which equates to around 200 viewings per day
  • In April 2020, the average was 20 viewings per day
  • There was a rise of 12% with respect to offers made and accepted by vendors in July 2020

David Westgate, is the Group Chief Executive at Andrews Property Group. David said; “What a difference four months makes. In April viewings and instructions across the industry fell off a cliff as the country was gripped by coronavirus and the Government asked us to stay at home. But the rebound has been swift as lockdown eased and the Chancellor’s stamp duty announcement at the start of July gave the market a timely boost.”

We can help local buyers and vendors

We know most of the focus has fallen on buyers, but the stamp duty holiday should be viewed as a positive factor for vendors too. If you need assistance in selling your Petersfield property, we are here to assist you.

David also said; “Buyers and sellers alike have shown renewed vigour in the past six weeks. With a lengthy window of opportunity to purchase before the stamp holiday comes to an end, we expect buyer activity to remain buoyant over the coming months. And we saw an immediate uplift in valuations and instructions since stamp duty was frozen, with sellers keen to take advantage of motivated buyers and more confidence to list thanks to stable house prices.”

While there will be many challenges to come in the housing market, we are here to help.

David Westgate also said; “It won’t be all plain sailing from here, but the Government has shown how important it sees a healthy and stable property market for the general wellbeing of the overall economy. And house prices have proven to be extremely resilient in the past when faced by strong economic headwinds, which suggests the market is well placed to cope with some potentially heavy bumps in the road ahead.”

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.

Petersfield Delivers What Buyers Are Looking For In A Home

At Williams of Petersfield, we care about the local area, and we believe Petersfield is an excellent destination to set up home. Our experience in the area means we know what is on offer, and we know how welcoming the local community is.

At times like these, community is essential, and we think buyers will love Petersfield life. If you are looking for a home in the area, get in touch and we will be happy to talk you through the benefits of Petersfield life.

If you are looking to sell your Petersfield home, what better agent can you choose than one that is passionate about the local area? We will help you connect with buyers, and this sells your home. If you would like to arrange a valuation, get in touch and we will ensure you enter the marketplace with the greatest confidence.

However, we know some people might think we are biased. This is why we are glad to know what other people think of Petersfield. The OneDome site is a good source to get an overview of a local area, and we are pleased to say they think a lot about Petersfield. With an overall score of 7.6 out of 10, it is fair to say the OneDome site recommends Petersfield, and we agree.

Education scores 10 out of 10

Education is one of the most important features for buyers to consider when looking at property. School places and the standard of schooling impacts demand and local prices. Therefore, a perfect score in this field is impressive, and it is easy to see why there is considerable support for Petersfield’s schools.

Petersfield Infant School, Herne Junior School, Churcher’s College and The Petersfield School are all cited as good schools within walking distance from the heart of Petersfield. If you would like to know more about how the standard of schools impacts demand for homes in Petersfield, please get in touch.

There is a lot to like in Petersfield

Other highlights from the Petersfield report card includes:

  • Grocery shopping receiving a score of nine out of ten
  • Lifestyle receiving a score of seven out of ten
  • People who like a quiet life will appreciate the mark of seven out of ten
  • Petersfield is recognised as a safe area and has received a score of seven out of ten in this area
  • Transport has been classed as a seven out of ten feature in Petersfield
  • Green space has been marked as six out of ten

With so many positive reviews, we think you’ll love what Petersfield has to offer. To find out more, please get in touch.

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.

Petersfield – Stamp Duty Impact

If you want to know the likely impact of the stamp duty cut for buyers, vendors and the Petersfield housing market in general, we are here to assist you. At Williams of Petersfield, we aim to provide a specialist service to local buyers and vendors.

We know these have been challenging times for the housing sector, but many people believe the stamp duty cut will spark life into the market. Even though there was an initial flurry of activity when the market re-opened, there have been concerns as to whether this demand can be sustained. The introduction of the stamp duty cut will hopefully keep momentum going in the market.

Stamp duty cut and its impact on Petersfield property demand

On Wednesday 8th July, the Chancellor of the Exchequer, Rishi Sunak, has announced an increase in the stamp duty threshold in the Summer Update. The key points of the stamp duty changes are:

  • Stamp duty threshold is now £500,000
  • This increase in stamp duty threshold is set to run until 31st March 2021
  • The increase in stamp duty threshold takes place immediately

While the deadline of March next year seems a lengthy one, be wary not to dwell too long on your decision. Sometimes property deals can become protracted, and no buyer wants to miss out on savings when it wasn’t their fault. We are more than happy to talk you through the process if it helps you form an opinion on what you should do next.

Impact on the Petersfield housing market

According to Zoopla, as of July 2020, the average price paid for property in Petersfield was £487,817. This is below the stamp duty holiday threshold, which means all property purchases at the average price in this area will not incur a stamp duty charge for buyers.

The following table details the average price paid for property in Petersfield, as per property type:

  • Average price paid for flats in Petersfield: £244,378
  • Average price paid for terraced properties in Petersfield: £342,527
  • Average price paid for semi-detached properties in Petersfield: £440,118
  • Average price paid for detached properties in Petersfield: £721,388

The average price paid for flats, terraced properties and semi-detached properties in Petersfield falls beneath the stamp duty holiday threshold. This means all of these property purchases will incur no stamp duty charge.

With respect to the average price paid for detached property in Petersfield, there is stamp duty to be paid. However, the charge of £11,069 is a lot more appealing than the previous stamp duty charge, which would have been 26,069.40. Anyone buying property at this price in Petersfield will enjoy a saving of £15,000 on stamp duty.

It is good to see buyers saving money when it comes to snapping up property, but it should be noted this will be of benefit to vendors too. When there are more people looking for houses, vendors can feel more confident when it comes to placing their home on the market.

Some industry sources believe as many as 100,000 additional properties will be sold in connection with the stamp duty cut.

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.

Buyers Need A Community To Feel At Home

There are many reasons to enjoy life in Petersfield, but we feel the sense of community is one of the most important features for people looking at property in the local area. We know many people have always understood the importance of community, but in recent times, it is fair to say it has become even more important.

As we come to terms with the impact of the COVID-19 pandemic, and look to make our way forward, buyers will re-evaluate what is important to them. At Williams of Petersfield, we believe community features and facilities will be vital for buyers.

We know there have been studies highlighting demand from buyers for gardens and larger homes. Given the impact of the pandemic, it makes sense buyers want these things, but buyers have long wanted these features at their home. The changing issues buyers are looking for comes with the impact of remote working, and what is around people’s homes.

What is important to you at home?

We have considered the findings of a recent study by Redrow, the UK house builder. They spoke to more than 2,000 adults in the UK, and they have compiled a Top Ten of features buyers want. The Top Ten is as follows:

  • A park or village green with open spaces cited by 35% of respondents
  • Access to smaller shops such as grocers, baker and a Post office said by 33%
  • Having a Doctor’s Surgery nearby was listed by 32% of respondents
  • 31% of respondents requested bus and train routes nearby
  • The importance of a large supermarket close-by was cited by 28% of respondents
  • 17% of people who answered stated they wanted local cafes and restaurants
  • A pharmacy was listed by 15% of respondents
  • Good schools was only listed by 14% of respondents
  • Pubs and bars were named by 14% of respondents
  • Only 11% of respondents cited the importance of a hospital close-by

James Holmear is the Group Sales Director at Redrow, and he said; “Lockdown has changed our lives dramatically. More time spent in the home has made us reconsider how we use the space that we have, and how our homes can adapt to a more permanent change in the future. Even as more offices re-open, many people will opt to work at home, and people are planning to replace public transport with greener modes of community when they do commute.”

Buyer demand has shifted

James continued by saying; “This change has translated to huge shifts in buyer preferences on the ground. Now, we are experiencing more customers adapt their search to homes with extra space to work, and more people are looking for proximity to green space and local shops, over good schools, and cafes and restaurants.”

We believe Petersfield has a lot to offer with these aspects, and if you would like to learn more about the local community features, please get in touch.

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.

Vendors Must Keep In Touch With Buyer Demand

While vendors should focus on what they want to achieve when selling their home, there is a lot to be said for being aware of what buyers are looking for. If you can tailor your home or offer to better meet the needs of likely buyers, you will find it easier to connect, hopefully assisting you in the sales process.

At Williams of Petersfield, we are keen to help buyers and vendors connect. We know the local market, and we know what buyers are looking for. With our help, Petersfield vendors can connect with buyers, and enhance their chances of selling their home.

NAEA Propertymark figures offer insight into house hunters looking for homes

There has been a lot of information and statistics issued in the housing market since it re-opened after lockdown, but some bodies and organisations are more highly regarded than others. When NAEA Propertymark issues information, people listen. This is because it provides realistic information from estate agents across the country.

Some of the leading statistics revealed by the organisation include:

  • The number of house hunters registered per NAEA branch member increased by 7% between February and May
  • The number of house hunters registered per NAEA branch member rose from 322 pre-lockdown to 344 post-lockdown
  • In May, 70% of properties sold at a price that was lower than the initial asking price
  • The average number of properties available, per branch as of May 2020, was 35
  • This figure is a fall from the figure of 41 per branch recorded in May 2019
  • The supply of homes, based on year-on-year, figures fell by 15% between March 2019 and March 2020
  • Sales to first-time buyers in May stood at 32%, increasing from the 22% sales to first-time buyers in February

Mark Hayward is the Chief Executive of NAEA Propertymark, and he said; “It’s great to see the market up and running again, bringing some much-needed confidence back. With estate agents following new socially distanced protocols and the demand for viewings soaring, we are set for an exciting summer.”

Mark continued by saying; “It will be interesting in the coming months to see if the lifestyle changes triggered by the COVID-19 pandemic will have an impact on house sale locations, especially in and around commuter towns.”

More support for first-time buyers?

There have been calls from MPs for more to be done to support first-time buyers looking to step onto the property ladder. Warrington North MP Charlotte Nichols said; “The Government must be proactive in ensuring that the banks assist first time buyers rather than wealthy landlords to access homes on the market. Too many young people are losing life opportunities to the Covid-19 pandemic, and this must not be another instance of that. I have written to the Secretary of State for Housing to ask what measures will be taken to support first time buyers.”

Eleanor Williams is a Finance expert at Moneyfacts.co.uk, and she said; “First-time buyers are a vital part of keeping the mortgage market moving, and so it comes as great news that lenders are again starting to relaunch products in the higher LTV tiers. Concern has been raised about the possibility of house price falls and consequential potential negative equity situations, making lenders understandably more cautious about lending in these higher-risk circumstances.”

Eleanor continued by saying; “Lenders have also found though that they have been overwhelmed by the level of demand for these brackets of products, resulting in some needing to withdraw deals only recently relaunched in order to manage their workload. Consumer demand is clearly evident, and the re-introduction of more deals for those with a 10% deposit, or even less, by more lenders would hopefully provide prospective purchasers with the choice they need to move forwards with buying a home.”

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.

Petersfield Vendors – Stage The Outside Of Your Home And Sell It

With buyers placing even more importance on garden space and the outside of homes, vendors need to tailor the way they present their home. Many homeowners are more than happy to stage the inside of their home to attract buyers, and given the increased level of demand on garden space, we believe vendors should consider staging the outside of their home.

At Williams of Petersfield, we are pleased to say we have assisted many local homeowners to connect with buyers. By knowing how to make your garden more appealing, you can enhance the chances of selling your home quickly, and for the best possible price.

The demand for outdoor space is obvious

The first monthly market survey report from the Royal Institution of Chartered Surveyors (RICS) since the housing market re-opened provides a number of reasons why vendors must focus on the outside of their property.

The RICS survey collects opinions of agents across the country, so it offers useful insight into what property market professionals expect to see in the industry. The survey reported:

  • 81% of agents predict an increase in desire for homes which have a garden or a balcony
  • 74% of respondents predict an increase in demand for homes located close to a green space
  • 68% of respondents believe properties with privacy and less communal space will be in greater demand

Simon Rubinsohn is the Chief Economist at RICS and he said; “There are already signs that those looking to buy a house are responding to the conditions created by the pandemic by seeking out properties with gardens or balconies and nearer green space. These and other similar features are likely to increasingly command a premium over higher-density urban locations, according to respondents to the survey.”

Gardens matter for property buyers

There has also been backing for these predictions from one of the leading property portals in the United Kingdom. Their studies suggest that while gardens have always been a popular search term for buyers, there has been an increase in prospective buyers looking for outdoor space in their next home.

Rightmove’s housing market analyst Miles Shipside said; “During lockdown people have been re-evaluating what their must-haves are, and both buyers and renters are craving a home with its own outside space rather than a flat. Usually home-movers tell us the kitchen photographs are the most important when they’re looking at a property advert, but now agents should consider giving greater prominence to pictures of gardens and outdoor spaces to attract the attention of prospective renters and buyers.”

There is consensus that outdoor space is important. Of course, when outdoor space becomes a common feature in the market, there is a need to ensure your garden stands out for the right reasons.

This is why staging outdoor space is going to become a critical feature in the property market.

Consider these areas when staging outdoor space to sell your home

  • Always start with the decluttering and cleaning process, as this creates space and makes the area look more attractive
  • Carry out repair work, focusing on paths, property walls and property doors and windows
  • Create borders around different types of plants and flowers
  • Mow the loan and ensure all borders are tidy
  • Ensure all border barriers, such as fences, are in good condition
  • Consider adding lighting to the outside of the property as this will enhance security, safety and functionality
  • If you have space for people to gather, consider adding garden furniture

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.

Petersfield Vendors – Legal Kerb Appeal Sells Your House

One of the most important things you can do when selling your home is to make buyers feel confident. If a buyer feels positively about your home, and that they will receive value for money with the purchase, they are more likely to make an offer.

Therefore, it makes sense to show your home is in good condition. You also want to prove you have every legal issue taken care of. At Williams of Petersfield, we are pleased to say we have helped many local homeowners sell their home, and we believe taking care of the legal kerb appeal makes a positive difference in the sales process.

What is legal kerb appeal?

Legal kerb appeal, in the words of Chris Salmon, who is a co-founder and Director of Quittance Legal Services, is; “Simply, legal kerb appeal is the strengths of the property when considered from a legal perspective. Legal kerb appeal could also involve proactively addressing any potential legal issues before a buyer is found.”

In an interview conducted on the Property Road website, Chris was asked about what vendors should look to do to ensure they are ready to sell their home in the near future.

Chris responded by saying; “If you are on or are thinking of going on the market, we’re pushing the concept of ‘legal kerb appeal’. Sellers will be entering a buyers’ market, and must do everything they can to improve their chances not only of finding a buyer, but also completing the sale.”

He continued by saying; “For example, if the property has a roof terrace without planning permission, the buyer’s solicitor will pick this up. Instead, the seller’s solicitor can identify a suitable indemnity policy and offer it as part of the sale. This proactive approach will reassure buyers and avoid delays later in the process.”

How will the housing market move forward?

Chris was also asked about what he thinks will happen in the property market when the industry moves forward. He said; “The consensus is that the pent-up demand that emerged shortly after the 2019 election will gradually resume. It’s very likely that in-progress transactions will suffer a logjam as capacity challenged property services firms struggle to fulfil a rush of requests for searches, surveys and managing agent information. We anticipate significant delays for up to a few months after the lockdown eases.”

Steps in managing legal kerb appeal

With so many sources discussing the importance of legal kerb appeal, most vendors will be keen to incorporate it into their sales process. Here is a list of steps you should follow in managing legal kerb appeal before and during the sales process:

  • Complete all property transaction forms
  • Anticipate which problems are likely to occur, and resolve them
  • Involve external parties and management agents as quickly as possible
  • Collate all documents as early as possible
  • Start the process of recovering or replacing missing documents as early as possible
  • Agents, vendors and legal professionals should work together to find solutions

The earlier you start, the better

As with most things in life, and certainly as with many things in the sales process, the sooner you start, the better. When it comes to legal kerb appeal, the sooner you start to put things in order, the better for you.

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.

Vendors With A Pet? Tips To Sell Your Home

Selling your home can be a lot of work, and vendors must overcome a lot of obstacles in their way. In the current climate, selling a house is a tricky proposition, and this is why Williams of Petersfield is here to ensure you receive the best standard of service, no matter your circumstances. If you’re a vendor with a pet, we have tips to help you sell your home. Continue reading “Vendors With A Pet? Tips To Sell Your Home”

Vendors And Buyers Want Help From Traditional Agents

When the housing market re-opened, there was a significant spike in demand, which is perfectly understandable. During lockdown, some people’s circumstances will have changed, and other people will feel like a change of scenery, after having spent a lot of time at home. Continue reading “Vendors And Buyers Want Help From Traditional Agents”