Strong Start To 2022 Housing Market

Now that we are in April, with spring blooming all around us, it is fair to say the housing market is moving into a busy time of year. Of course, the housing market has been busy throughout 2022 so far.

At Williams of Petersfield, we know the local housing market well, and we stay in touch with what is happening nationally.

This ensures you get all the information you need to make an informed decision.

Mortgage searches are on the up

The 2022 property market got off to a flying start with mortgage search volumes by advisers increasing by close to 80%. This is according to information provided by the Legal & General Mortgage Club.

In comparison to the December 2021 figures, the January 2022 numbers rose by 91%. There was also a significant increase in searches on behalf of first-time landlords, which rose by 63%.

The information also suggests The Bank of Mum and Dad was a huge supporter for these buyers in January. Searches for people with gifted deposits increased by 88% in January 2022. There was an increase in the searches for landlords with gifted equity by 82%.

Challenges in the mortgage market

We know there are many financial challenges these days, and the January findings suggest a lot of people are looking to take better control of their finances:

  • There was an increase of 157% in searches for lenders willing to accept applicants with an unsatisfied default
  • There was an increase of 77% in searches for applicants with unsecured arrears
  • For applicants with missed mortgage payments, there was an increase in 90% of searches
  • There was a rise of 134% for applicants with a debt management plan
  • Searches for interest-only mortgages increased by 85%

Kevin Roberts, director, Legal & General Mortgage Club, comments: “There is still healthy demand in the mortgage market, but there are also signs that the cost-of-living squeeze is beginning to drive some borrowers to remortgage or find alternative mortgage solutions that help them better manage their finances. Advisers will have a critical role to play in helping many of these borrowers to secure a new fixed-rate mortgage or find a lender that is willing to support those with more complex circumstances. When advisers are dealing with these volumes, or with a case that doesn’t quite fit lender criteria, the role of technology cannot be overstated. Automating processes such as administrative tasks can give advisers back time to focus on helping borrowers secure the right mortgage for their needs. Our research tools continue to be an ally to intermediaries, and we remain committed to helping support brokers through new tech where we best can.”

Contact Williams of Petersfield for all your 2022 housing market 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.

Homes Are Moving Fast In Spring 2022

With a significant level of demand for property these days, it is no surprise homes are welling quickly.

This is something we have seen for ourselves at Williams of Petersfield, and it is something that is happening across the country.

If you are looking to sell your home with a minimum of fuss, please let us know.

Do you want to sell your home quickly?

In February 2022, 61% of properties were sold subject to contract in the first 30 days. In February 2021, only 43% of properties were sold in this manner. This is according to OnTheMarket, a property portal in the United Kingdom.

Jason Tebb, chief executive officer of OnTheMarket, said: “This faster-paced market doesn’t offer much opportunity for taking your time to come to a decision. With competition for available stock strong, buyers who aren’t organised and prepared to be decisive face missing out.”

Confidence remains strong for buyers

OnTheMarket also spoke with property buyers about how they feel about buying a home. The double-impact of rising mortgage rates and the cost of living becoming more expensive, could affect buyers. However, findings suggest there is still confidence amongst property buyers.

  • 75% of property buyers were confident of buying a home within three months
  • 82% of vendors were confident of selling their house within three months

There is heightened demand for property in the housing market. This is not a new phenomenon but information provided by the latest RICS Residential Market Survey suggests more new buyers are coming to the market.

Positively, the most recent report also suggests there has been an increase in the number of homes listed for sale.

Simon Rubinsohn, Rics chief economist, said: “Huge clouds of uncertainty hang over the economic prospects as energy prices continue to surge and the Bank of England grapples with how to manage monetary policy in this challenging environment. Despite all of this, there is little evidence yet that the mood music regarding the expectations for house prices or rents is shifting. It may well be that these trends ease as the deteriorating macro environment begins to bite, but the message that keeps recurring, both for sales and lettings, is there are in aggregate many more prospective purchasers and renters than properties available.”

How is the Petersfield housing market faring?

According to Zoopla, 254 properties have been sold in Petersfield in the last 12 months, and the average sold price for a property in Petersfield in the last 12 months is £575,783.

For the average price of the different property types sold in Petersfield across the last 12 months, please see below:

  • Detached: £886,665
  • Semi-detached: £472,786
  • Terraced: £427,555
  • Flats: £263,436

We know the local market well, and if you are looking to make a move in, out or around Petersfield, we are here to assist you.

Contact Williams of Petersfield for all your 2022 housing market 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.

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.

March Budget – Housing Issues

The March Budget mainly focused on measures being introduced to halt the Coronavirus, which meant the housing market didn’t receive as much focus as people expected it to. Given housing was a priority for the Conservative Party in the build-up to the General Election, it is understandable that this was tipped to be at the heart of announcements.

Of course, times change, and there was a need to focus on halting Coronavirus, and providing support for those who need help. However, there were still some housing measures introduced, and as you would expect, there has been debate as to how suitable these measures are.

Stamp duty surcharge will be introduced

In 2021, there will be a 2% surcharge on stamp duty for non-UK residents buying property in the country. A lot of people have said this is a sensible move, and one which will help people buy property. Of course, there is also an opinion that this is unlikely to create the outcome many people hope for.

Some of the criticism levelled at the measure include the fact it is a measure mainly focused on the London property market. Another complaint is related to the measure being introduced next year, which means there is nothing to stop prospective non-UK buyers snapping up property this year.

Mark Hayward is the Chief Executive of NAEA Propertymark, and he has spoken about the stamp duty surcharge, saying; “If introduced, this policy allows those in the UK to have a better chance at purchasing a home. However, overseas buyers tend to purchase properties in prime central London which are completely unaffordable to most homebuyers anyway. Therefore, this move will not help those that need it most.”

Richard Donnell is the Director of Research & Insight at Zoopla, and he said; “The additional 2% Stamp Duty surcharge for non-UK resident buyers represents the latest in a long series of tax reforms, and may have a short-term impact on demand in higher value markets once it is introduced. For those who are looking at a longer-term hold, the additional upfront purchase cost will diminish in significance over time. In the interim, however, there will likely be some increased activity among non-UK residents looking to purchase before the new rules come into force.”

Is enough being done to support landlords?

There has also been criticism for the Government for not doing enough to support landlords and the letting industry. The Residential Landlords Association and the National Landlords Association issued a joint statement criticising the lack of backing for this sector.

The statement said; “The Government is undermining its own efforts to boost homeownership through its attacks on the private rented sector. By choking-off supply and making renting more expensive it is tenants who are hardest hit. Ministers need to wake up to the reality of the damage their tax measures are doing to the private rented sector and support landlords to provide the new homes for private rent we desperately need.”

Whatever move you intend to make in 2020, you can rely on Williams of Petersfield to provide you with support and guidance. We are pleased to provide you with a property valuation, which is an essential component in placing your property on the market. No matter what assistance you require, contact Williams of Petersfield today, and we will be more than happy to assist you.

Will There Be Stamp Duty Changes In Budget?

There is every chance the March 2020 Budget will be significant for the housing market. The Conservative Government has announced significant plans regarding the UK housing market, and this Budget represents their first chance to bring these changes to the fore.

Stamp duty is crucial in the sales process

Whether you are buying or selling a home, stamp duty is critical. While no one knows what will be announced, there is a growing expectation of stamp duty charges for non-UK residents who buy property. Some experts have tipped changes to the stamp duty threshold.

Richard Donnell is the Director of research and insight at Zoopla, and he has spoken about proposed stamp duty changes in the Budget. Donnell said; “It’s time for the Chancellor to turn his attention to the core housing market and review the price bands and five per cent stamp duty rate that covers averaged priced homes across large parts of London and the commuter belt. No government wants to cut taxes indiscriminately, particularly when losses could be high. However, any cut to the rate of stamp duty could stimulate much-needed marketed activity in southern England in particular.”

Mark Bogard of the Family Building Society, issued an open letter to the Chancellor, saying; “Our view is that SDLT should be reviewed urgently and changes made to the rate to encourage downsizing and free up the market.”

Neil Cobbold, is the Chief Sales Officer at PayProp and he isn’t sure if stamp duty will change in this Budget. He said; “Stamp duty is a hot button for consumers and property professionals, so the calls to reform the system are always plentiful in the lead up to a Budget. It appears that the Prime Minister has put any plans to overhaul the controversial tax on ice. However, Boris Johnson has previously said that stamp duty rates are ‘absurdly high’ so there could be changes later in his tenure.”

Cobbold also said; “In the meantime, property professionals and consumer groups will continue to lobby politicians to reduce the pressure. Reconsidering the three per cent surcharge on additional homes and the tax rates which affect the very top end of the market would be a good first step.”

There is a broad range of opinions on this Budget

Matthew Hillyer is an associate director of a loans company and he is also hesitant to say stamp duty will be cut. He said; “My response to clients who have asked about stamp duty cuts, has been that it is highly unlikely. A government who is taking a big economic hit from Brexit is not going to be giving out any tax breaks on what is a very good income generator for them. If house sales were slowing down solely due to the level of stamp duty people have to pay then the government may consider reducing the tax. But all the evidence we are seeing since the start of this year is that it was the fear of a Labour government and possible property and wealth taxes that was actually stopping people buying in the prime space.”

At this point, we don’t know what will happen in the March Budget, but whatever is announced, we are here to assist you. We are pleased to say we have helped many Petersfield vendors sell their home, and this remains the case in 2020. We are happy to arrange a property valuation for you, and we take you from start to end with the sales process. Contact Williams of Petersfield today, and we will be delighted to assist you.