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.
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.
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?”
Being a landlord is difficult. Many people look at rising rents and increasing demand for rental accommodation and assume that being a landlord is a simple and straightforward process. This is far from the case though. Just keeping up with changing regulations is a full-time role in itself and at Williams of Petersfield; we aim to provide Petersfield landlords with as much assistance as we can. There are new HMO minimum standards being introduced from October 1st 2018. Continue reading “Petersfield Landlords: Ready For New HMO Minimum Standards”
Up to the minute property news relating to Petersfield and surrounding areas, for July 2018.
Even though there are many factors shaping the behaviour of the property market in England, there is consensus that a lack of affordable homes is a key factor. Brexit may be the issue that receives most media coverage but if there were more homes on the market, there would likely be more affordable homes and the level of pressure that buyers feel in the market would be lower.
At Williams of Petersfield, we know that many people have concerns about the property market, and they are keen to stay in touch with the latest news. You will also find that people are keen to hear predictions for the property market and information provided by the National Landlords Association is of interest to prospective buyers, property owners and even tenants.
The NLA suggests landlords selling up is likely
The NLA conducted a poll of its members and they found that in the next 12 months, around 20% of landlords are looking to sell property. Of this group looking to sell their property, which equates to around 380,000 landlords, 45% of landlords are looking to sell flats or apartments.
This news is likely to be welcomed by first-time buyers. Flats and apartments are the properties most commonly bought by people stepping on to the property ladder for the first time, so if the market is flooded with these properties, first-time buyers should have a greater chance of buying.
Given that a crucial component of property prices being high is the fact that demand is greater than supply, a significant increase in the supply of properties could lead to prices falling. That is the hope of many people, but of course, when it comes to property prices, the market doesn’t always behave in the manner that you expect it too.
Tenants wouldn’t view this news as positive
While this report will be viewed as positive news by people looking to buy property, it will be concerning news for tenants and people priced out of the property market. Many people find the rental market challenging as it is but if the supply of flats and apartments to the market dropped significantly, there could be ramifications for the market.
It would be reasonable enough to assume that rental fees would rise, and many people would find themselves priced out of the rental market, never mind the property market. Also, with flats and apartments being popular in the rental market, there could be a significant fall in the supply of suitable homes.
There is no guarantee that these predictions will come true. It may be that landlords find it easier to say they intend to sell property in a survey than it is to sell in real life, but there is no denying that the property and rental market will be significantly impacted on if these changes come to pass.
No matter what your aims or ambitions are in the Petersfield property market, it makes sense to be fully informed. At Williams of Petersfield, we look forward to assisting you and if you require any guidance, get in touch and we will be keen to assist you.
Up to the minute property news relating to Petersfield and surrounding areas, for June 2018.
If you own property, you should be looking to increase the value of property. Whether you are looking to sell your home soon or not, it makes sense to care for your property and make changes that increase the value. Continue reading “Top Tips To Increase Value Of Property”