Make Informed Choices In Housing Market

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

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

Stay in touch with Petersfield house prices

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

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

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

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

Mortgage lending has been high this year

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

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

Breaking this group down uncovers:

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

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

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

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

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

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

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.

Rental Market Boom In Places Like Petersfield

Relevancy is crucial when it comes to property and lettings market news. You often find there is a story relating to good news about the property market, but it only refers to certain places, or places which have a certain type of housing.

In recent years, the London housing market dominated the media, and it seemed as though every story related to the capital, and wasn’t relevant to the rest of the country.

Things have changed in the past year, and there is no denying that people are looking away from London with greater intent these days.

Petersfield has a great deal to offer

It is not as though Petersfield is the number one place people think of when it comes to commuting to and from London. Even nowadays, with commuting less common, there are other places that buyers gravitate towards.

However, the train journey between Petersfield and Waterloo Station isn’t that much longer than an hour. Also, if you only have to commute a few times per month, these trips will be more than manageable.

Rural settings are fantastic

A lot has been said about buyers looking outside of big cities, and setting up in rural settings. The same can be said for tenants. There is a great deal to be said for living in the countryside, and enjoying a more sedate pace of life.

We believe Petersfield has a lot to offer, and is the ideal base, even for people who still work in the heart of London. We also know that we are not alone in this thought.

We have spoken with many would-be buyers and tenants of late, and we know this area appeals. We also stay in touch with the latest reviews and studies, and we know areas like Petersfield are in huge demand right now.

Some key findings of the recent study include:

  • Rents outside of London have risen by 8% in the past year
  • Average rents in Inner London have fallen 17.7% when looking at the year-on-year figures
  • The increase in rents (of newly let properties) outside of London is the biggest since these records began in 2012
  • In Outer London, rents rose by 5.3%
  • In the South East of England, rents grew by 10.6%

In a separate study carried out by Zoopla, the time taken to let a property has fallen by 30% compared to this time last year.

Stuart Williams, Director of Thirlmere Deacon, commented: “Investors who have been closely monitoring market movements will recognise that there’s been a shift in tenant preferences and an increased demand for properties located in commuter towns. Our new development is an ideal opportunity for those seeking to secure a buy-to-let property in an established commuter location. Through thoughtful planning, the conversion makes the very most of the available space to create unique, modern and spacious apartments finished with high-quality fixtures and fittings. In addition to the in-apartment features, the development offers excellent facilities including secure bike storage, additional storage facilities, lift access, daytime concierge and allocated parking spaces (available to 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.

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.

 

Petersfield Property Owners – Declutter And Sell In 2021

With 2021 starting with another lockdown, it is likely many people have spent a lot of time at home. If you are looking for an activity or project to fill your time while at home, have you considered decluttering your home?

Spring cleaning time is fast approaching, and this is an ideal opportunity to transform your home. There is a great deal to be said for freshening up your home, and if you are looking to create more space, this is a hugely effective practice.

Of course, at Williams of Petersfield, we believe the decluttering process is crucial when it comes to selling your home.

Decluttering your home before listing it for sale delivers the following benefits:

  • Your home will look larger, which should make it more attractive to prospective buyers
  • The process adds perceived value to your property
  • A decluttered home offers fewer distractions to prospective buyers
  • A decluttered property helps prospective buyers imagine themselves in the home

All homeowners can benefit from decluttering

However, you don’t need to be in the process of selling your home to benefit from the decluttering process.

A study in 2019 asked people what motivates them to declutter their home, and give their house a spring clean. The following answers were recorded:

  • To reduce stress or act as a mood booster – cited by 35%
  • To create a minimalism style at home or to help build sustainability – cited by 21%
  • More space was needed around the home – said by 19%
  • To refresh the property for the spring season – listed by 12%
  • To increase productivity – named by 6%
  • To find and then sell unused items – cited by 6%

Decluttering might change your shopping behaviour

If you are looking to change your shopping behaviour, you might find decluttering is of benefit to you.

The same study also uncovered people’s thoughts on their shopping habits after the decluttering process:

  • 5% of respondents said they stopped shopping after decluttering their home
  • 34% of respondents said they shopped less often after decluttering their property
  • 30% said they shopped more mindfully after decluttering their house
  • 30% said there was no change to their shopping behaviour after decluttering their home
  • 1% of respondents said they shop more now after having decluttered their property

Lizzie Grant, is the founder of organisation site Declutter on Demand and self-proclaimed professional organiser. She spoke about decluttering as a great way to start the New Year or start a spring clean.

Lizzie spoke to the Independent, saying; “A wardrobe is a good place for many to start as it’s sometimes easier to pull out things to get rid of that are too tight or old. Make sure you sort them into piles and put into bags straight away. Create a ‘keep’ pile, one to donate (or sell) and then a recycling one for old clothes. Stick to this so that you don’t fall into the trap of deliberating and dithering over times.”

Lizzie also recommends tackling your ‘junk drawer’, saying; “Let’s be honest, everyone has one where items that don’t have an official home get shoved. Try getting everything out and throwing away things that are no longer useful to create a ‘useful drawer’ instead.”

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 Property Market – A 2021 Snapshot

It is fair to say 2020 was a year like no other, and many of us would have been delighted to have seen the back of it.

However, the start of a New Year is a good time to take stock, reflect on what has happened, and make changes for the year which lies ahead. If you are looking to make the most of 2021 in the housing market, we are here to assist you.

At Williams of Petersfield, we are pleased to say we have helped many local buyers and vendors in and around Petersfield. If you are looking for help, or you are keen to make a move, get in touch.

We know the Petersfield market well, and we follow information and news from the leading property portals.

As of the end of December 2020, Rightmove said the following regarding the Petersfield housing market.

Properties in Petersfield had an overall average price of £407,495 over the last year.

The majority of sales in Petersfield during the last year were terraced properties, selling for an average price of £347,133. Detached properties sold for an average of £634,330, with flats fetching £220,618.

Overall, sold prices in Petersfield over the last year were 9% down on the previous year and 3% down on the 2017 peak of £420,155.”

At the end of December 2020, Rightmove had a total of 95 properties listed for sale in Petersfield.

Of the 95 listed properties in Petersfield, 16 are listed as detached properties, while 8 are classed as semi-detached property.

Flats are the most common property for sale in Petersfield

There is a moderate increase when it comes to terraced properties, with 19 terraced properties listed for sale in and around Petersfield according to Rightmove near the end of December.

Therefore, it shouldn’t be a surprise that the most popular form of property listed for sale in Petersfield is flats. There are 43 flats listed for sale in the local area. There were six bungalows listed for sale in Petersfield at this point.

Garden space and parking spots are in high demand

The most popular search term used by property buyers in 2020, according to Zoopla, was gardens. Parking was also another common search term, with garage space rounding out the top three terms.

If you are looking for these features in a property, you will be pleased to know they are available in abundance in and around Petersfield.

Of the 95 listed properties in Petersfield, 63 have been listed has having a garden.

If you are looking for property with a dedicated parking space, there are 77 listings with parking for property in Petersfield.

A total of 55 properties for sale in Petersfield are listed as offering a garden and parking space.

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.

Williams of Petersfield – Easter Hunt

At Williams of Petersfield, we love walking around the local area and taking in the fantastic buildings and views on offer. However, if you walk the streets every day or you are more than familiar with what Petersfield has to offer, you sometimes need to view the local area with a new purpose. Continue reading “Williams of Petersfield – Easter Hunt”