Up to the minute property news relating to Petersfield and surrounding areas, for October 2018. Continue reading “Petersfield and Surrounds Property News: October 2018”
In a study undertaken by Sainsbury’s Bank, 9% of adults in the United Kingdom have expressed an interest in obtaining a buy to let mortgage this year. If all these people followed through with this aim, it could lead to close to five million new landlords in the UK. Continue reading “Looking To Become A Petersfield Landlord? We Can Help”
Christmas is still a long way away and hopefully you aren’t having to spend too much time thinking about it. There will be some people with a lot of things to arrange who like to plan as early as possible but for most of us, the start of September is not a time to worry about the festive season. It is not even a time to be worried about Halloween. However, if you are a Petersfield homeowner who would like to sell your home by Christmas, it is best that you make plans as soon as possible.
The main reason you should start making plans is that the average length of time for a property sale, from the moment an offer is accepted to the moving date is 13 weeks. At the beginning of September, there is only 17 weeks to Christmas. This doesn’t give you much time to get everything sorted and even the best property moves are likely to experience a blip or two. At Williams of Petersfield, we are pleased to say that we are property market experts and we have helped many Petersfield residents sell their home. However, even we have experienced some challenging matters when selling property and we recommend having as much time as possible.
Households want to be ready for a fun Christmas
It is understandable that households will have a deadline for selling their home. Christmas is an event that draws people together and there is a great deal to be said for having the family together at that time of year. No one wants to celebrate Christmas in a home filled with moving boxes or in a house with no decorations up because you are keeping the property clear to welcome prospective buyers.
It is common that homeowners start with a date they want to have moved by and then work backwards to start the selling process. We have helped many clients work in this matter. Issues like school holidays, job issues and significant dates for people have all shaped the moving process but it would be fair to say that the festive period has influenced many decisions in the property market.
Has Christmas planning impacted on asking prices?
Some industry experts have cited the impending festive deadline as a reason why asking prices has dipped across the country. There is still a notable gap between sales prices and asking prices in the UK but in the past month, asking prices have been lowered. Even though there are many influencing factors to consider, it has been noted that a desire to have a property deal concluded in time for Christmas may have shaped the thoughts of some sellers and the asking price they have been happy to set.
At Williams of Petersfield, we are on hand to help you sell your home in an effective and efficient manner, no matter the time of year. If thoughts of Christmas impact on your plans, come and speak to us and we will do what we can to help you sell your home.
In selling your home, communication is vital. Whether this applies to the exchange of legal documents, setting a price or making sure that everyone is clear who the most likely buyer is, it is vital that clear communication is at the heart of the sales process. Continue reading “People Want To Face Communication With Agents: We Deliver”
Up to the minute property news relating to Petersfield and surrounding areas, for September 2018. Continue reading “Petersfield and Surrounds Property News: September 2018”
Whether you are a buyer or seller, you will have an interest in how first-time buyers are faring. If you are a first-time buyer, you hope to see favourable market conditions. If you are another type of buyer, improvements for first-time buyers could lead you to facing increased competition in the marketplace. If you are selling your home, you want to see more buyers in the market and the increased presence of first-time buyers may be of benefit to you.
No matter what you are looking to achieve in the property market, Williams of Petersfield is here to assist you.
Many are happy to see an increase in first-time buyers in the market
Information contained with the e.surv Mortgage Monitor suggests that for June of 2018, first-time buyers accounted for 23.4% of the market, which is an increase on the 22.4% of the market in May of this year. While this isn’t a significant increase and it is best to be wary about jumping to conclusions on monthly changes, anything which suggests that the number of first-time buyers is increasing will be positive for many people.
It is natural that first-time buyers will be pleased by this increase but if you are looking to sell your home, an increase in first-time buyers is likely to be positive news. Anything which suggests that there are willing buyers in the market and more people are stepping on to the property ladder should be a positive move forward for the market.
Changes in the mortgage market impact on many people
There was also an increase in the volume of larger deposit borrowers, which represents those with mortgages which account for up to 60% of the loan-to-value, and this moved from 32.8% to 32.9% over the month. The mid-market, which represents those putting down up to 25%, fell from 44.8% to 43.7% over the course of May to June.
In total, there were 66,345 mortgages approved for June and there have been many lenders across the country offering low rates for lenders. Not everyone is pleased with this and on social media you will find many people criticising lenders for offering mortgage deals which were last seen before the financial crash. However, if you are looking for a mortgage and have struggled to find the solution that is right for your needs, it is likely that you will be pleased to see that there are more options. Also, if you are selling your home, you will be pleased to learn that there are more options for buyers in obtaining a mortgage and this will hopefully improve circumstances for people selling their property in the UK.
At Williams of Petersfield, we know how challenging the property market is, no matter what you are looking to achieve. If you need support or guidance with your next move, contact Williams of Petersfield and we will be happy to help. Whether you are selling your home, or you want to step on or move on to the property ladder, we are here to help.
It is important that landlords remain up to date and fully information of all regulations that impact on their business. While many of these regulations make sense and create better living conditions for tenants, the fact that there are so many new regulations and updates to consider, places landlords under considerable pressure. Even landlords who are keen to fully comply with regulations sometimes struggle to remain up to date, but Williams of Petersfield aims to assist Petersfield landlords remain fully informed.
While there is no date announced for rented properties to have electrical installations tested every five years, it looks likely to be implemented soon. There have been various calls for this measure to be introduced over the year with the most recent occurring at the end of 2017. It is likely that this move, backed by a variety of working groups from leading industry bodies, has shaped the recent Government decision.
New measures will be introduced soon for Petersfield landlords to be aware of
The plans were introduced by James Brokenshire, the Housing Secretary, alongside a package of measures which are aimed at improving the standard of building safety. It was also announced that there will be a consultation in building regulations, with this arising from the review undertaken by Dame Judith Hackitt. Very few people would argue against improving standards with respect to rental accommodation but there is a need to ensure that landlords can make these changes and alterations without harming their own business.
The news has been welcomed by the Electrical Safety First group, with their Director General Phil Buckle stating; “We are delighted the Government has finally recognised the importance of regular electrical checks in the private rental sector which protects both tenants and landlords. Electrical Safety First has led the charge for this to be made a legal requirement for UK homes and successfully lobbied for these to be introduced in the PRS in Scotland – with Wales and Northern Ireland set to follow suit.” This is a group that has lobbied for these changes, so are understandably pleased with this outcome.
MPs from all parties have backed these plans
The organisation was quick to point out that their calls for these tests have been supported by 71% of MPs, which includes support from all political parties in the country. With this sort of backing, it was always likely that these changes would be passed, and it is another issue that Petersfield landlords will have to consider.
By itself, these additional checks on electrical appliances shouldn’t cause too much bother but it is the fact that there are so many tests and checks for landlords to deal with which creates a problem. If you are a landlord in Petersfield who is struggling to remain fully informed about what you need to do to run your business, contact Williams of Petersfield. We are local lettings specialists and we are here to provide you with the support and guidance you need to run your business in an effective manner.
If you are considering the rental market, or you just want an overview of the complete property market in England, you’ll be interested to note that one in five households currently rent privately in the country. With 20% of the market, this is a notable part of the market and with predictions suggesting that this will increase further in the next few years, it is easy to see why many people are considering the rental market.
It should be stated that homeownership is still the most common tenure in England with 63% of households. There are 14.4 million homes in England with owner-occupation status and 34% of English properties are owned outright and 28% of properties in the country are currently under mortgage.
There is also the social rented sector to consider and this accounts for 17% of households in England, which is equivalent to 3.9 million households.
Owner-occupation levels have fallen in the past decade
Statistics provided by the English Housing Survey offers an insight into the current market and recent behaviour. Something which will be of interest to investors is the fact that owner-occupation has dropped considerably from its peak in 2003, when it reached 71%. There has however been a consistent level since 2013/14 so it may be that the market is plateaued with first-time buyers replacing people selling up to move on or who pass away. 2013/14 was also the year when the number of outright owners was greater than the number of mortgage holders, a return which has remained true since then.
An aging population shapes the property market
While there may be many reasons for this status, it is likely that the aging population of the country has influenced this. After all, with people living longer, they have hopefully paid off their mortgage before now, which is reflected in the status of property owners.
While shared ownership has been stated as a way of getting on to the property ladder, it only accounts for less than 1% of all owner-occupiers which equates to around 136,000 households. Another interesting issue from the findings is the fact that homeowners are getting under. In 2016/17, homeowners under the age of 35 accounted for 9% of the market. Just two decades ago, the same group accounted for 18%.
In the same time-period, there has also been a significant increase in the size of the private rented market. In fact, this has accelerated greatly in the past 10 years, with 2 million households being added to the sector in this time, resulting in 4.7 million households being classed as private rental property in 2016/17.
A variety of factors shape the property market, and therefore, so many investors have confidence in the rental market. There are so many signs that indicate this will be a market that continues to grow for years to come, offering confidence for people looking to enter the market. If you are a Petersfield landlord looking for support or you would like guidance on becoming a landlord in Petersfield, contact Williams of Petersfield and we will be more than happy to assist you.
Up to the minute property news relating to Petersfield and surrounding areas, for August 2018. Continue reading “Petersfield and Surrounds Property News: August 2018”
There has been some discussion in the property market of late about the need to manage expectations when selling property. A lot of this is down to the fact that the asking price have been rising sharply while sales prices are coming in at a much lower level. Continue reading “Gap Between Asking Price And Sales Price Hits 45%”
Sometimes in life, the difference between success and failure is taking advantage of opportunities that come your way. Being aware of opportunities and being ready to act quickly or make a decision helps you achieve success. This may be the sort of approach you would expect to read in a business manual but it is an approach that can help you achieve success in the property market, and it is why you must be aware of downsizing. Continue reading “Can You Capitalise On Demand For Downsizing Options?”