Brexit Delay Leads To Property Listings Increase

It is fair to say there has been an awful lot of focus on Brexit in recent years. Every aspect of life connects to the upheaval, and of course, the property market has been affected by the political changes. While the Petersfield market hasn’t been as severely affected as some areas, it is vital for residents to be aware of how the overall market is performing, especially with the latest Brexit delay.

Uncertainty harms the property market, and Brexit has left many people feeling uncertain about what is going to happen next. It is easy to see why many buyers decided against making a significant commitment, and if buyers don’t buy, vendors don’t sell, and there is no movement in the property market. This may not immediately touch the Petersfield property market, but a slowdown in house sales affects everyone.

Some buyers have decided now is the time to list their property

However, with the latest Brexit delay, which may see a decision come in October, or perhaps not, it seems as though some vendors have decided enough is enough. After the March deadline passed, a notable number of homeowners listed their house, with the April 2019 listings being 0.8% up on the April 2018 listings. This may not seem like a massive list, but in a year to year terms, it is worth considering.

Brexit sales

Also, a leading estate agent states that 49% of significant towns and cities experienced an increase in new properties coming on the market in April 2019 compared to March 2019. London was immune to the positivity, perhaps suggesting there is still a significant concern in the capital about what lies ahead, but in many places across the country, there was a sizable rise in property listings.

Many areas have experienced a sizable increase in listings on a month to month basis thanks to Brexit delay

For the month on month figures, Stevenage experienced a 69.4% increase in listings while Salford saw 43.8% more homes available to buy. Chichester witnessed a rise of 33.8% in listings while King’s Lynn welcomed 33.3% more homes on the market. Other areas seeing a sizable increase in the month on month listings include:

  • Ipswich rising by 22.5%
  • Gloucester increasing by 20.1%
  • Carlisle rising by 19.8%
  • Warrington witnessing a rise of 17.6% in listings

There is growing positivity about the market, especially with concerns about a No Deal Brexit subsiding.

Sam Mitchell is the Chief Executive Officer of Housesimple, who released a statement, saying; “Home owners wasted little time in marketing their properties once the new Brexit date was confirmed. There was inevitably a slight lull in market activity in early April, but activity has picked up noticeably since 12 April, and although we’ve seen a more subdued spring bounce than in previous years, under the circumstances, seller numbers are at healthy levels, particularly in the North.”

Whatever move you wish to make in the property market, make an informed decision by contacting Williams of Petersfield. We are pleased to say we have helped many homeowners sell their house, and we are here to help, so get in touch.

How Long Does It Take To Sell Your Petersfield Home?

While each property sale is unique, people like to know likely timescales. In the property market, average figures are often significant. A vendor shouldn’t expect to receive the average price for their Petersfield home, but if they are planning, the average sales price for similar homes in their area provides a guideline for budgeting. Similarly, if you want to buy a home, you’ll look at average house prices in an area, and determine if it fits your budget.

Therefore, if you want to know how long does it take to sell your Petersfield home, you should start by looking at average times. Information culled from Rightmove, and HM Land Registry provides a platform to review local selling times, and the data for Petersfield postcodes is interesting.

How long do you expect to take to sell your Petersfield home?

Many of you will have an interest in the GU31 postcode area. This is one of two postcodes covering the Petersfield post town area, playing hosts to areas like Petersfield, Buriton, Elsted, East Hampshire and Chichester. The average time taken to sell property in the GU31 postcode stands at 23 weeks. This is higher than the average in most other local postcodes, so don’t be surprised if it takes a bit longer to sell your home if you hold a GU31 postcode.

According to Zoopla, the average price paid for GU31 property in the past 12 months stands at £505,384.

In the GU32 postcode area, covering East Meon, West Meon, Sheet, Steep and East Hampshire, the average time taken to sell a property is listed as 18 weeks. Compared to the average time of 23 weeks associated with the GU31 postcode, selling your home will feel easier here! A period of five weeks can feel like a very long time when you are selling your home.

Property house sale

In figures provided by Zoopla, the average price paid for GU32 property in the past 12 months is £458,330. The difference in average price paid between the two postcodes may be a factor in the difference in the average time taken to sell a property.

You can speed up property sales

Of course, there are ways you can improve the sale of your home, and it is possible to sell your home more quickly without compromising on the quality of the sale. Steps to consider include:

  • Select the most suitable buyer, not necessarily the buyer who places the highest bid
  • Price your home accurately
  • Enlist the services of a skilled and qualified estate agent with a local agent

The right estate agent has a huge role to play in selling your home and speeding up the process. At Williams of Petersfield, we are delighted to say we have helped many local vendors sell their home promptly. We know the local area, and we know what buyers want, which means we can aid vendors.

This knowledge ensures we assist you connect with buyers, and to sell your home quickly, contact us, and we’ll be happy to help.

First Time Buyers Rebel Against Rising Costs

Buying a home is expensive, and it is easy to see why a first time buyer struggle to step on to the property ladder. However, while buying a home is costly, many first-time buyers believe they spent too much money on purchasing a house.

A study undertaken by Comparethemarket, speaking with more than 2,000 property owners, states that around 50% of first-time buyers made expensive mistakes when buying their house. Respondents believed that they spent too much money on conveyancing, removal firms and mortgage brokers.

Broker services come under fire in study on first time buyer market

The study says 31% of respondents are looking to lower the costs of the mortgage broker service when they next buy a home. 25% of respondents said they would try to reduce removal costs when they next move house and 20% of respondents are keen to lower conveyancing costs.

property buyer

13% of people questioned are eager to lower survey costs, and 5% are looking to find better value for money estate agents. However, there is a caveat that as first time buyers don’t have a property to sell, their dealings with agents may be limited.

In follow-up questions in the survey, 15% said they wish they had haggled on the property price and 10% believe they made an error in using their entire savings to pay for the deposit. Using your savings in this manner makes it impossible to leave money aside for emergencies or carry out improvements around the home. 8% of respondents said they wish they had found a better mortgage broker and 6% wish they had a more detailed survey carried out of their home.

Many buyers automatically turned to their bank

One intriguing element comes with the fact around a quarter of first time buyers turned to their bank for a mortgage rather than comparing the market. Of course, this is likely to be a key element the company behind the survey was looking to find, so this may be skewed, but buyers are advised to shop around and find the best deal. 19% of respondents stated an opinion that mortgage brokers provide no value when buying a property.

Mark Goldson of Comparethemarket, said; “People with no prior experience in purchasing a property may not be aware which services and products offered to them on the home buying journey are mandatory and which are discretionary and, importantly, whether they are good value or uncompetitive. The whole buying procedure can be intimidating, particularly for those going through the process for the first time.  Fears around hidden fees and dealing with estate agents, lawyers, surveyors and mortgage companies are legitimate and strong enough to put off people from trying to make a purchase.”

There is no denying that buying a house is expensive, but many first-time buyers are unsure of how to best spend their money. There is a great deal to be said for slowing down when you buy your first home and taking in as much guidance as possible.

Whatever move you are keen to make in the property market, it is best to call on the experts for help. As a first time buyer, if you need guidance or assistance, contact Williams of Petersfield, and we will be more than happy to assist you.

Tips To Get The Best Price For Your Home

If you are going to sell your home, you may as well get the best price for it. The higher the price you sell your home for, the more options you will have with your next move. Also, when you sell your home for a great price, you can take a sense of pride and achievement from your efforts. If you like to get one over your neighbours, what better way to leave for a new home than by selling your former home for an excellent price?

At Williams of Petersfield, we are here to help you get the best price for your home, regardless of what motivates you. We are pleased to say we have helped many homeowners achieve a fantastic price for their home and we look to help you.

Make sure you value your home appropriately

An essential starting point when selling your home is to have it evaluated. If you don’t have a valuation for your home, you run the risk of making a grave error in pricing your property.

If the price of your home is too low, you will generate interest, but you will lose out on some money. If the cost of your home is too high, you may not create any interest at all in your home. Also, some vendors have found that starting high while planning to reduce the price if you don’t generate interest is not a sensible strategy.

Buyers are savvy, and a falling house price doesn’t necessarily say the house is a bargain to them, it indicates the house has a problem. This price reduction may not entice many buyers, and this means you may struggle to sell your home even with a lower price tag.

Therefore, vendors must price their home accordingly, and a proper valuation is the starting point. Hiring a professional to review your home and provide you with an analysis of its merits and worth, you have information that can be used to make an informed decision.

Know all the factors that influence what buyers are willing to pay for a home

However, the price you should charge for your home isn’t solely about the value. Other factors influence what buyers are willing to pay for your home. The overall level of demand for homes in your area and the number of homes on the market shape buyer behaviour. It doesn’t matter if your home is in excellent condition, market conditions and forces may reduce the price you can set when selling your home.

UK first time buyers

While there are many steps involved with selling your home, including offering a clean and decluttered home, it is hard to argue against the importance of the fee you set for a home. Buyers have search parameters when they view houses online, and if your home isn’t within these search terms, buyers will not find your home.

At Williams of Petersfield, we know the local market. This knowledge ensures we can help you set the right price for your home. We will also help you to reach out to buyers effectively, so if you want to sell your home, contact the Petersfield experts.