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.

95 Percent Mortgage Guarantee Scheme Launched

For many buyers, the hardest aspect of buying property is saving for the deposit. This is why the 95% mortgage guarantee scheme, which is now in effect, will be of benefit and interest to many prospective buyers.

At Williams of Petersfield, we work closely with many people in the local area. We know there is considerable demand for property right now, and we can help.

The criteria of the scheme is based on:

  • Buyers can purchase property valued up to £600,000 with a 5% deposit
  • The scheme is open to first-time buyers, and existing homeowners
  • The scheme is not limited to new-build property, it can be used on all manner of property
  • The scheme aims to help buyers by incentivising lenders to provide more affordable mortgages to more buyers

Can buyers in Petersfield benefit from the mortgage guarantee scheme?

With the £600,000 threshold in mind, it is helpful to be reminded of the average price of property in Petersfield.

According to Rightmove, as of the end of April 2021, the Petersfield housing market can be described as follows:

Properties in Petersfield had an overall average price of £463,407 over the last year.

The majority of sales in Petersfield during the last year were detached properties, selling for an average price of £660,352. Terraced properties sold for an average of £358,202, with semi-detached properties fetching £458,345.

Overall, sold prices in Petersfield over the last year were 5% up on the previous year and 6% up on the 2018 peak of £436,809.”

As can be seen, the average price of detached properties, the most commonly sold property type in Petersfield, is above the threshold, but the average price of all properties is below. So, if you are looking to buy a home in Petersfield, and you require assistance in saving for the deposit, help is likely to be available.

Robert Jenrick, Housing Secretary, comments: “For too many people, no matter how hard they work, homeownership can seem out of reach. One of the biggest divides in our country has been between those who can afford their own home and those who cannot. That’s why we are determined to do everything we can to help hard-working families and prospective first-time buyers get their feet on the housing ladder in an easy and affordable way, to level up this country. The new mortgage guarantee scheme which comes into effect today will give providers the confidence to lend and help families and young people get on the property ladder without the prohibitive burden of a large deposit.”

This measure should help buyers

Tim Bannister, Rightmove’s director of property data, says: “The new mortgage scheme could help some first-time buyers bring their plans forward if they have a lower deposit but are still able to pass the affordability checks, and will be welcomed by those who last year we’re struggling to come up with a 15 or 20% deposit. Although the number of new properties coming to the market is improving, it’s still nowhere near enough to satisfy the buyer demand that is already at record levels, and so more people choosing to trade up will be vital to open up more choice at the start of the property ladder.”

Tim Bannister also said; “The combination of not enough stock and high demand will help underpin prices, and over the past five years asking prices of a typical first-time buyer home have already increased by £23,000 on average, so those who can now afford to buy a home will be trying to make the move quickly in case prices rise further.”

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 Petersfield Buyers Benefit From Small Mortgage Guarantee Scheme?

While the extension of the stamp duty holiday was the headline issue for property matters in the March 2021 Budget, it wasn’t the only measure announced. One of the biggest problems for property buyers is saving for a deposit.

The small deposit mortgage guarantee is great news for buyers who have been struggling, and hopefully, many prospective buyers will find assistance here. Also, existing homeowners who have found their attempts to move thwarted by the required budget will benefit too.

Will small deposit mortgage guarantee change this process for first-time buyers?

If you are interested in the small mortgage guarantee scheme, you should check if you can buy a property under the scheme. There is a threshold of £600,000; and to be eligible for the scheme, the property you buy must be priced no higher than this level.

As of the end of March 2021, Rightmove says the following about the Petersfield housing market:

Properties in Petersfield had an overall average price of £428,729 over the last year.

The majority of sales in Petersfield during the last year were terraced properties, selling for an average price of £353,247. Detached properties sold for an average of £622,206, with flats fetching £225,461.

Overall, sold prices in Petersfield over the last year were 4% down on the previous year and 2% down on the 2018 peak of £436,809.”

Andrew Harvey, chief economist at Nationwide, said: “We have seen a significant widening in the gap between the least affordable and most affordable regions. London has been the least affordable region for most of the past 40 years – the house price to earnings ratio in the capital reached a record high in 2016 of 10.2 and remained elevated at 9.2 at the end of 2020. Scotland currently has the lowest house price to earnings ratio at 3.2, closely followed by the North at 3.3. Looking over the longer term, Northern England and Scotland have historically seen lower house price to earnings ratios than Southern England, Wales and Northern Ireland.”

There is support for property buyers

Andrew Asaam, mortgages director at Halifax, said: “We know that lockdown restrictions have made it more practically challenging for those buying and selling, but the stamp duty holiday has helped drive record levels of mortgage approvals as those held back by lockdown race to make savings. Raising a deposit is still the biggest struggle for those looking to take their first step on to the property ladder. We know that first-time buyers will benefit from steps that make a deposit more attainable and we’re committed to lending £10 billion to help people buy their first home this year.”

Zoopla’s head of research, Gráinne Gilmor spoke about first-time buyers returning to the market. Gráinne said; “Our data suggests that first-time buyers are returning to the housing market. The level of interest from people looking to step onto the housing ladder was up 5% in the first six weeks of this year compared with the last three months of 2020. We’ve also seen a 18% increase in the number of sales agreed on homes worth between £100,000 and £250,000, a price band typically associated with first-time buyers, in the first seven weeks of this year.”

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.

 

Connecting With Property Buyers This Spring

It is likely there will be considerable activity in the housing market this spring. As we move out of lockdown, many homeowners will look to make changes which allow them to make more out of life.

Also, there were a number of property market measures introduced in the 2021 March Budget. Many households will have examined their options, and it is likely some will find these schemes and new support to be of benefit to them.

If you are looking to sell your home, Williams of Petersfield is here to assist you. We have helped many local property owners connect with buyers, and we can do the same for you.

To improve your chances of connecting with buyers, it is vital you know what they are looking for.

Know what buyers are looking for

The study from GetAgent examines how people have changed in the past year when it comes to owning property. Homeownership is a dream for many people and households, but does the dream end with merely owning a home?

We know many people we work closely with spend a lot of time and money transforming their home. By doing so, they create a house where they feel at home.

The findings from the study were as follows:

  • 38% of homeowners said owning property was their main aspiration
  • 45% of respondents said that there was more to property ownership than having a roof over their heads, and it’s important that their home fits with their lifestyle
  • A further 17% of respondents said it was very important that their home fits with their life

The survey also asked people to rank what was important to them in their home, with the following results:

  • 24% of respondents said safety was a priority
  • 20% said size was a priority
  • Energy-efficiency was stated by 19% of respondents
  • 8% said having a garage
  • 6% said having a garden mattered
  • A home bar mattered to 4% of respondents
  • 3% of respondents stated an integrated media system mattered

People want to love their home

Colby Short, Founder and CEO of GetAgent.co.uk, commented: “There’s no doubting we’re a house-proud nation but the definition of being house proud has certainly evolved over the years. Gone are the days of presenting a pristine show home to impress friends and family and today, we love to put our own unique stamp on our properties in all manner of ways.”

Colby concluded by saying; “For some, it’s energy-efficient improvements such as solar panels, for others a space to get their hands dirty working on their latest project is important. Others prefer to entertain, while the latest technology integration or entertainment system makes some of us tick. Whatever it is, we love to spend time at home doing the things we love and so it’s no surprise that they’ve become more of an extension of who we are rather than simply a roof over our heads.”

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 Downsizing Impact All Buyers And Vendors?

When it comes to looking at the housing market, it is natural people only pay attention to the issues that they think impact them.

Property news about locations where they don’t wish to live or buy a home carries no relevance to them. Similarly, property news regarding property types or sizes that don’t interest will be unimportant to them.

However, the way the property market is connected might mean these matters have a bigger influence on your attempts to move than you think.

You might not think downsizing is relevant for your next move. It could be you think downsizing is only for elderly people looking to buy a more manageable home, or people looking to move to a more affordable property.

These circumstances are common, but there is also connectivity to other buyers and vendors.

If you are looking to buy a larger home, your ideal house might be one placed onto the market by a downsizing household.

If you are looking to sell your home as you move to a larger property, the ideal buyer for your current property might be someone who is downsizing to your current size.

Therefore, downsizing is a key issue in the housing market, and at Williams of Petersfield, we will keep you informed with what is happening right now.

A study by Audley Group indicates a growing number of older homeowners are considering downsizing sooner than they intended to. Admittedly, this research has been carried out by a retirement homes developer, so there is a likely bias to their findings.

The survey of people aged 55 or older found:

  • 34% of respondents wished to live in a better area
  • 29% of respondents wanted to live closer to their family and friends

There is growing demand for retirement property

According to the Associated Retirement Community Operators, again a body who have a vested interest in the market, suggests 85% of retirement property providers experienced an increase in sales and lettings in autumn 2020 compared to the previous year.

The same study also provided the following returns:

  • Higher sales and lettings in 2020 compared to 2019 were stated by 30% of respondents
  • 25% of respondents said they saw sales and lettings at least 50% higher in this field

Rightmove information also suggests a movement in this manner

While there has been considerable focus on larger homes, Rightmove information suggests bungalows have been in significant demand. Their findings suggest:

  • The number of properties sold in 2020 was 7% higher than for 2019
  • There was a shortage of bungalows listed for sale, falling 10% on the 2019 figures
  • By comparison, the drop for houses was only 3% in this time period
  • The average asking price for property rose by 4% to £317,583

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.

Buyer Search Changes In 2020

It is fair to say 2020 was a year like no other, and this was reflected in the housing market.

The end of the year was a strong time for the property market, but there was also a period earlier in the year when the market was placed on hold. So, there were a lot of ups and downs.

There was also a lot of fresh challenges, which changed the way people evaluate what is important to them. The lockdown periods saw many people spend a lot more time at home, and this has resulted in a shift in what prospective house buyers deem important in a property.

What matters to you in a home?

Information provided by Good Move offers insight into what buyers were looking for, and how this differs from previous years.

The searches which experienced the highest growth compared to the previous year are as follows:

  • Apartment with balcony (147%)
  • Apartment with hot tub (139%)
  • House with tennis court (127%)
  • House with swimming pool (109%)
  • House with driveway (107%)

The rise in searches for a balcony shows how important fresh air and privacy are for people!

Functional searches matter in the new normal

Other increases worth paying attention to are functional searches. There was a 106% increase in searches for a driveway, a 101% increase with respect to conservatories and there was a 77% increase in searches for a double garage.

Where were people searching for homes?

There was a lot made of people leaving London, and we have experienced an uplift in demand for homes in and around Petersfield.

The following list shows some of the most notable uplifts in property searches:

  • A 73% increase in searches for houses for sale in Buckinghamshire
  • There was a 72% rise in searches for houses for sale in Berkshire
  • West Yorkshire experienced a 69% increase in house searches
  • There was a 61% rise in searches for homes in Hertfordshire
  • Surrey experienced a 59% rise in searches for houses for sale

Nima Ghasri, Director at Good Move, comments: “Against all odds, this year has positively impacted the UK housing market and completely transformed the way buyers and sellers look at properties. More and more people are moving away from flats and apartments and into homes with outdoor space, and we’ve also seen many people looking to move away from cities into more rural areas.”

Nima Ghasri also said; “As we approach the New Year, we wanted to look back on the year in property search and reveal what potential buyers were actually looking for this year. It’s interesting to see that they have been searching for more luxurious features such as a swimming pool and tennis court, no doubt due to the increase of time spent at home and leisure facilities closing due to the pandemic. It’s also fascinating to see the areas where people are searching for properties the most, with South-East and Northern England the two hotspots. As we move into 2021, we look forward to seeing how the property market adapts to buyer’s needs.”

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.

Reliable Broadband Becomes Even More Pressing

With remote working becoming an increasingly popular factor in the housing market, we know people are expanding their property search. An area like Petersfield is likely to appeal to more buyers now, as there is a greater sense of freedom.

Of course, just because people have greater freedom to live further from their place of work doesn’t mean they have freedom from work. There is a need to have a suitable home office set-up, and this means broadband dependability is essential.

If you plan on selling your home, you must ensure your broadband is dependable, as it is a vital factor for buyers in the modern era.

Reduce internet speeds cause problems

A study by comparethemarket.com finds 36% of homes have reported reduced internet speeds. This comes at a time when 74% of households are using the internet more. If this extrapolated across the country, close to 10 million households will have suffered in this manner.

The study indicates more than one in ten respondents’ class their internet connection as “bad”. However, 84% of respondents haven’t yet switched or even considered changing broadband supplier.

80% of people struggling with their broadband say their work is negatively affected by these issues. 23% say they have been unable to work at these times.

Some of the most pressing concerns for users occur when:

  • Multiple users are online at the same time
  • When they have to use video calls
  • When they stream
  • When their service drops out regularly

Holly Niblett is the head of digital at comparethemarket.com, and she said: “The millions of people who rely on their broadband at home for a wide range of reasons – work, paying bills and keeping in contact with friends and family – know first-hand how frustrating and inconvenient a poor internet connection can be. We know from our own research that the COVID-19 lockdown has seen almost three-quarters (74%) of households increase their internet usage, yet many are stuck on inadequate and expensive packages that don’t meet their requirements.”

While there is frustration at broadband problems, only 16% of internet using households in the UK have switched or are considering switching.

There are many reasons to switch service

Of the people who have switched, the following responses have been found:

  • 48% switched for a faster and more reliable service
  • 44% of these movers have chosen to pay the same or less for a better service
  • 38% of people switching did so to ensure their broadband and TV package come from the same provider

Holly Niblett added: “In shopping around for a better deal, customers have access to a range of fast and affordable broadband packages that can cost less than their existing deal. When comparing broadband packages, customers should be mindful that many providers bundle broadband with TV packages, which can work out cheaper than purchasing the two separately.”

 

 

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 Help Turn Tenants Into Buyers?

The stamp duty holiday scheme has been of significant help to many people in the housing market, but not first-time buyers. Many FTBs have felt overlooked in the property market, but at their recent party conference, the Conservative Party have claimed they will usher in new assistance for first-time buyers.

Boris Johnson announced plans for a new scheme to help people arrange long-term fixed rate mortgages for up to 95% of their home’s value.

What help might be on offer?

Zoopla have classed the key points from the Prime Minister’s speech at the Conservative Party Conference as:

  • The Prime Minister has promised to increase the availability of mortgages for buyers with small deposits
  • The government believes it will enable an additional two million people to buy a property
  • Johnson said it would represent the biggest expansion of homeownership since the 1980s

Mark Hayward, Chief Executive of NAEA Propertymark, comments: “We welcome the Prime Minister’s comments today which shows a positive change in tone by promoting a generation of renters to become a generation of buyers. We encourage lenders to come on board and support this initiative to enable first time buyers to enter the property market by future proofing the financial burden many face. We want to see intent become action quickly so that first time buyers can make the most of the current stamp duty holiday and continue to stimulate the housing market.”

Industry experts have their say

Craig McKinlay, New Business Director at Kensington Mortgages, comments: “The ‘Generation Buy’ scheme will be, in effect, a replacement for Help to Buy. Only a few lenders are dipping in and out of the high LTV market at present with ‘flash sales’ due to sheer demand – so this should reassure some lenders to enter more permanently and support first-time buyers.”

Craig also said; “However, for others, the scheme could lead to further capacity issues for those being selective with their offering to manage demand. On the whole though, like the introduction of Help to Buy in 2013 helped boost confidence and ease lenders back into the small deposit market, we hope this scheme will do the same.”

James Forrester, Managing Director of Barrows and Forrester, comments: “Today’s (6th October) announcement will no doubt excite a nation of aspirational homebuyers who have already been sent into a frenzy over the prospect of paying no stamp duty. However, for Boris Johnson to claim this will help fix our broken housing market is not only laughable but quite frankly an insult to those who find themselves priced out of homeownership. The cause of the dire situation we find ourselves in is the Government’s sustained failure to build enough affordable housing year in, year out.”

James also said; “The inadequate supply of housing to meet demand is one of the driving factors that has caused house prices to spiral and to continue to mask this failure by further fuelling demand is irresponsible. Instead, their time would be better spent reallocating wrongly classified green belt land so it can be utilised for housing and preventing the big housebuilders from drip-feeding housing supply in order to keep their profits up.”

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.

 

Connect With Buyers And Sell Your Home

At Williams of Petersfield, we know the clock is ticking with respect to the stamp duty holiday. If you are looking for guidance and assistance in making the right move, get in touch, and we will be more than happy to help you.

There is increased buyer demand for homes, and if you are thinking about selling your home, now is the ideal time to make your move.

Tim Bannister, Rightmove’s director of Property Data, said: “Increased competition for second-stepper homes has pushed prices to a record this month for those looking to take the next step up the ladder. Needing more space has always been the most popular reason for moving house, but now there’s a new urgency for extra space to be able to work from home, which means that there are different sets of buyers competing for the same type of property.”

Tim continued by saying; “At the start of the year a fourth bedroom was very much a luxury for buyers trading up, but it’s now emerging as a must-have for those who are able to take that step. With overall asking prices just a few hundred pounds shy of July’s record, and buyer demand at an all-time high, those currently looking for their next home are likely to find that only offers close to the asking price will be considered, especially for larger homes.”

Do you know what buyers are looking for?

If you want to connect with willing buyers, you need to give them what they are looking for. If you aren’t sure what buyers look at during the viewing process, help is at hand.

An innovative study carried out by comparethemarket.com offers insight into what prospective buyers look at, and test, when viewing a prospective property. These might not be the factors which make or break a buyer’s resolve to make an offer, but if problems arise, a buyer might not be inclined to follow up their initial interest in the property.

Some of the most commonly considered points include:

  • The quality and condition of radiators
  • Access to a garden space
  • The level of water pressure
  • Cupboard doors
  • The comfort of beds
  • How well the oven works
  • How light switches work
  • The accessories which add a touch of personality to the property

Mark Gordon, head of mortgages at comparethemarket.com, said: “UK house prices are currently on the up and with the stamp duty holiday prompting more buyers to get on the property market, it’s a competitive time for homeowners looking to sell their home. We conducted this experiment to determine the areas of the home buyers look at most to help sellers maximise their chances of a sale. Some sellers may not have considered these factors when preparing their homes for viewings, so we hope our insight will help them focus on the areas they should check and freshen up.”

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.