What Is Driving Property Demand?

If you are looking at the property market and wondering why there is so much activity and demand for homes, we are here to help you. While the UK is in a recession, there is a significant level of demand from buyers, and there is a greater number of vendors entering the marketplace.

At Williams of Petersfield, we are pleased to say we can help you understand the housing market. We have a considerable level of knowledge and expertise in the local area, and we work closely to ensure all our clients understand, and benefit, from what is happening in the national property market.

The housing market is currently buoyant

There has been considerable activity in the housing market since it re-opened. Some experts believe this is a temporary measure, but it has lasted until September, and there is no sign of slowdown.

The stamp duty holiday has changed the market

The stamp duty holiday, in place until 31st March 2021, provides buyers with the chance to save up to £15,000. This is a significant saving for many buyers.

Rightmove’s property expert Miles Shipside said: “This move will help to keep the nation and wider economy moving because keeping the current momentum going will help prevent destabilising falls in property prices as unemployment grows, and enable a quicker economic recovery. Lockdown prevented 175,000 would be sellers from coming to market so we hope this Stamp Duty holiday will provide the spur for those missing movers to come to market.”

We know that many people have questions about the market, and how they should progress next. If you are looking to sell your home, we can arrange a property valuation for you. We believe a property valuation is the ideal starting point for anyone looking to sell their home, and we are here to assist you connect with buyers, and make an informed decision.

Miles Shipside also said; “Home-movers will be grateful that the changes come into effect straight away so they don’t have to delay their plans, and what we could see now is people rushing to get a price agreed before some sellers put their prices up in the hope people will be able to pay more because of the tax savings.”

Some people wish to move before a second wave of the pandemic

There are fears about another wave and associated lockdown. If this was to happen, many people would prefer to be settled in their new home by this point. Therefore, a lot of people are looking to move home soon.

Jacqui Harley is the Head of Conveyancing at JMP Solicitors, and he said; “Whether you’re looking to get on the property ladder, move home, buy another property or add to your portfolio, now is a good time to get moving in the current climate as the housing market is particularly buoyant. We have compiled a list of top reasons to move now, to outline what is available in the current climate for those who act swiftly to make the most of this window of opportunity.”

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.

Solar Panels Can Boost The Value Of Your Home

With a heightened level of demand thanks to the stamp duty holiday, many vendors are engaging the local market. If you are looking to sell your home, but would rather take steps to improve the value of your home first, we can help.

At Williams of Petersfield, we are pleased to say we have assisted many home owners make changes which boost the value of their home. We believe solar panels are an effective way of adding value to your home, and will help you connect with willing buyers.

If you plan on selling your home, and would like a valuation of your property, please get in touch. We believe a property valuation is the ideal starting point for the sales process.

Going green helps you sell your home

A study by EffectiveHome, a company which specialises in solar panels, found that sales prices for homes with solar panels have risen by 14%.

The study suggests the average increase in value associated with installing solar panels is £32,459. Some areas which have benefited more than the average include:

  • Homeowners in London can expect to see their property value increase by £90,000
  • In Bristol, solar panels have been found to add £45,142 to the value of property
  • Edinburgh homeowners can add over £40,000 to the value of their home with solar panels

Going solar is tipped to help homeowners save more than £27,000 on their electricity bills over the lifetime of their mortgage. We know this is an issue homeowners in Petersfield need assistance with, and it is important you consider effective methods of reducing your monthly bills.

Benefits of solar energy include:

• Solar power is a renewable source of energy, which is of interest to many people

• You can lower your energy bills with solar panels

• There isn’t a great deal of maintenance associated with these panels

• It indicates the home, and its owners, is forward-thinking

Some potential drawbacks of solar energy include:

• There is an initial cost in installing the solar panels

• Your overall benefit is impacted by the level of sunlight you enjoy at home

• Some solar panels take up a considerable amount of space

Dan Graby is a Director at EffectiveHome, and he said; “With house prices currently experiencing a mini boom, it’s interesting to see what impact solar energy and benefits such as reduced energy bills and lowering carbon emissions is having. We hope our findings are a welcome surprise to property sellers across the UK who may be unaware that making energy efficient changes to their home, can make such a significant contribution to its valuation. There is a clear appetite amongst homebuyers to move to a property which is sensitive to spiralling energy prices, global warming and the environment we live.”

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.

Demand Is Sustained In Property Market

The introduction of the stamp duty holiday has been welcomed by many people in the housing sector. There is no denying many people are considering making a move, because of the substantial saving on offer. With vendors encouraged by the number of buyers in the market, there is a great deal of activity in all aspects of the housing market.

This is something we have seen in and around Petersfield, and it is something we have noted nationally. If you are looking to sell your home in Petersfield, please get in touch. At Williams of Petersfield, we are pleased to say we have assisted many local homeowners connect with buyers.

A property valuation helps sell your home

One of the most important tasks in selling your home is arranging for a property valuation. As local agents, we are perfectly placed to ensure you connect with buyers and sell your home. If you need any guidance or assistance in selling your home, please get in touch with us today.

Information provided by the property group Andrews for July 2020 suggests:

  • Viewings rose by 29% compared to the previous months’ viewing figures
  • Physical viewings increased by 45% in comparison with the previous month
  • In July 2020, there was close to 6,000 viewings, which equates to around 200 viewings per day
  • In April 2020, the average was 20 viewings per day
  • There was a rise of 12% with respect to offers made and accepted by vendors in July 2020

David Westgate, is the Group Chief Executive at Andrews Property Group. David said; “What a difference four months makes. In April viewings and instructions across the industry fell off a cliff as the country was gripped by coronavirus and the Government asked us to stay at home. But the rebound has been swift as lockdown eased and the Chancellor’s stamp duty announcement at the start of July gave the market a timely boost.”

We can help local buyers and vendors

We know most of the focus has fallen on buyers, but the stamp duty holiday should be viewed as a positive factor for vendors too. If you need assistance in selling your Petersfield property, we are here to assist you.

David also said; “Buyers and sellers alike have shown renewed vigour in the past six weeks. With a lengthy window of opportunity to purchase before the stamp holiday comes to an end, we expect buyer activity to remain buoyant over the coming months. And we saw an immediate uplift in valuations and instructions since stamp duty was frozen, with sellers keen to take advantage of motivated buyers and more confidence to list thanks to stable house prices.”

While there will be many challenges to come in the housing market, we are here to help.

David Westgate also said; “It won’t be all plain sailing from here, but the Government has shown how important it sees a healthy and stable property market for the general wellbeing of the overall economy. And house prices have proven to be extremely resilient in the past when faced by strong economic headwinds, which suggests the market is well placed to cope with some potentially heavy bumps in the road ahead.”

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.

Vendors With A Pet? Tips To Sell Your Home

Selling your home can be a lot of work, and vendors must overcome a lot of obstacles in their way. In the current climate, selling a house is a tricky proposition, and this is why Williams of Petersfield is here to ensure you receive the best standard of service, no matter your circumstances. If you’re a vendor with a pet, we have tips to help you sell your home. Continue reading “Vendors With A Pet? Tips To Sell Your Home”

Vendors And Buyers Want Help From Traditional Agents

When the housing market re-opened, there was a significant spike in demand, which is perfectly understandable. During lockdown, some people’s circumstances will have changed, and other people will feel like a change of scenery, after having spent a lot of time at home. Continue reading “Vendors And Buyers Want Help From Traditional Agents”

How People Are Responding To Working From Home

It would be fair to say many people are considering if remote working is the best thing for them, and their employer. There is a range of benefits associated with working from home, and if businesses can save money without compromising on quality, it is likely many firms will change their standard working practices. Continue reading “How People Are Responding To Working From Home”

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.