High Value Of Homes For Sale – How Can Vendors Stand Out?

The total value of property currently for sale in Britain stands at £117bn, which is all the indication you need to know there is still life in the housing market.

How can vendors stand out from in a competitive marketplace?

In order to make their house more appealing to buyers and encourage higher offers, homeowners can take some steps to stand out from the competition. Homeowners can start by ensuring that their house is in good condition before putting it on the market. This includes repairing any damage, painting any faded areas, and decluttering. They should also stage their home in a way that makes it look inviting and appealing to potential buyers. Additionally, homeowners can make themselves available to show their home to interested buyers at their convenience. By taking some extra steps, homeowners can increase their chances of selling their house quickly and for a good price.

How does a good estate agent help homeowners connect with house buyers?

A good estate agent will help homeowners connect with potential buyers who are interested in their property. They will be able to provide homeowners with advice on how to make their house more appealing to buyers and can answer any questions that homeowners may have. Additionally, a good estate agent will be able to negotiate on behalf of the homeowners to get them the best possible price for their property. By working with a good estate agent, homeowners can increase their chances of selling their house quickly and for a good price.

These are things we pride ourselves on, and if you’re looking for guidance or support, we are more than happy to help you as best we can.

Colby Short, Co-founder and CEO of GetAgent.co.uk, commented: “The housing market is yet to show any signs of running low on steam and it seems as though every week there are reports of property values reaching new record highs. This house price performance is being driven by a sustained level of market activity from the nation’s homebuyers and this demand, coupled with a lack of stock, is the driving factor behind house price inflation. So when you consider that there are almost 380,000 homes currently listed for sale across Britain, worth a huge £117bn in the current market, and this still isn’t enough, it really does put our appetite for homeownership into perspective.”

How are house prices in Petersfield faring?

According to Rightmove, as of the end of August 2022, house prices in Petersfield are as follows:

Properties in Petersfield had an overall average price of £425,588 over the last year.

The majority of sales in Petersfield during the last year were flats, selling for an average price of £249,030. Terraced properties sold for an average of £409,566, with detached properties fetching £669,550.

Overall, sold prices in Petersfield over the last year were 14% down on the previous year and 4% down on the 2019 peak of £445,153.”

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.

Need Help Securing A Property Deal?

With so much demand for homes, you would imagine buyers would be keen to conclude the deal as quickly as possible. However, a recent study indicates 32% of property deals fell through between January and March of this year.

A quarter of the transactions which collapsed did so because the buyer was unable to arrange finance.

It is vital that buyers and vendors aware of mortgage lenders tightening their criteria when it comes to offering mortgages. These are challenging times financially, and it is no surprise to see lenders acting in this manner.

The managing director of the company behind the study, Danny Luke, said; “Property prices have been climbing and climbing in recent months. At the same time, the UK has been experiencing a steep rise in inflation and lots of people are beginning to really feel the pinch from steep rises in the cost of living. It was inevitable that the squeeze on people’s wallets would begin to be reflected in mortgage companies’ affordability assessments. From our conversations with potential buyers and estate agents, it is clear that lenders are being more cautious about which properties they’re prepared to lend on and how much home buyers can afford to borrow in light of rising day-to-day living costs. Energy prices have already risen by 50% for most UK households, and they look set to increase even further through the latter half of this year and into 2023. That, of course, has a significant impact on homeowner affordability.”

There are many reasons why property deals collapse

While a more cautious approach by lenders is a significant factor in collapsed property deals, it would be wrong to suggest this is the only factor. Other reasons for failed property sales in the first quarter of this year included:

  • 34% of failed sales were down to the buyer changed their mind about the purchase
  • 25% of failed sales occurred because the seller stopped the deal, citing slow progress
  • 8% of failed sales are attributed to the buyer looking to renegotiate on the previously agreed sales price
  • 8% of failed sales are down to a change in the buyers’ circumstances

We can help you better manage the sales process

Danny also said; “The property market has defied many predictions over the last two years, remaining buoyant and thriving despite challenging external conditions. Demand has remained strong since the end of the stamp duty holiday, and a shortage of properties coming to the market has led to exponential house price growth. However, both buyers and sellers are beginning to show more caution. Steeply rising living costs and worries about future financial security will undoubtedly impact buyer confidence.”

Danny continued by saying; “It’s little surprise that 34% of failed sales are attributed to the buyer changing their mind about a property after agreeing on a sale. There is such stiff competition for properties at the moment, that it’s easy for buyers to be pressurised into agreeing to a higher purchase price than they’re comfortable with, in order to secure a property. A few weeks in, when the sale really begins progressing, it’s understandable that buyers might start to get cold feet about the agreed sale price – which accounts for 8% of failed sales – or pull out of the purchase altogether.”

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.

March Ideal Time To List Your Home

Given the demand for property in the housing market, there is no bad time to list your house for sale. However, from what we have seen, and what has been said by many specialists in the housing market, we believe March is the ideal time to list your home for sale.

Leading property portal suggests market will be busy in spring

A new study undertaken by Rightmove, which examines property moving data over the last five years (albeit excluding 2020) provides a number of interesting findings:

  • March is the month of the year when most buyers enquire about property
  • Around 75% of properties listed for sale are being bought, which compares well with the historical figure of 50%
  • On average, homes are currently finding a buyer in 39 days
  • Historically, homes find a buyer, on average, in 59 days
  • Historically, the number of new properties coming to the market is strongest in March
  • Even with this, March remains the strongest month to sell because of the high level of buyer demand
  • April and May are also strong months for sellers in the property market

What does the expert say?

Tim Bannister, Rightmove’s Director of Property Data, was quoted by Property Reporter as saying; “Spring has long been known as a peak point in the housing market calendar, with many buyers and sellers trying to get into a new home for the summer months. However, this interesting study confirms that for those considering selling this year, March has historically been the best time to come to market on average. For any sellers who might be conscious of coming to market at a time when the number of new listings has traditionally been high, the data shows us that the level of demand in March means sellers are likely to meet with multiple potential buyers competing for their home.”

Tim Bannister concluded by saying; “This spring is certainly shaping up to be a busy one, with buyer demand, new listings coming to market for sale, and valuation requests to estate agents from future sellers all continuing to increase compared to last year. Gardens are likely to be high on the list of priorities for home-movers, as outdoor space continues to be a strong consideration factor when deciding on a next home.”

Study into property completion dates

June was highlighted as the busiest month of the year. Over the past five years, an average of 68,546 property deals are completed in June. This correlates with the property transactions agreed at the start of the year, which we know is a busy time of year.

March was recognised as the second busiest month of the year in the property market. Based on figures over the last five years, an average of 63,547 property transactions were completed in March. This is likely to correlate with property deals agreed before the holiday season making it over the line.

However, if you aren’t ready to move quickly, don’t panic. The study indicates the average number of property deals which are completed each month remains above 50,000 all the way through to December.

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.

What Comes Next In The 2022 Housing Market?

At Williams of Petersfield, we are happy to help as many people as we can in the Petersfield housing market. We have assisted many buyers and vendors, and we know what people are looking for locally.

For the national market, we stay in touch with what is being said by the experts, and this helps us to help you make an informed decision.

What do the experts think will happen in 2022?

Grainne Gilmore from Zoopla was speaking with colleague Richard Donnell (as reported by the Property Industry Eye website), saying; “Richard, our latest house price report reflected what has happened in the market over the past 12 months. Prices are up 7.1% on the year, and 6.6 million homes have risen in value by more than £30,000. This is not what many would have predicted at the start of the pandemic back in March last year.”

Richard responded by saying; “Yes, the market in 2021 has been remarkably busy for agents, considering we are in a global pandemic. But, the pandemic itself has been one of the drivers of buyer demand, with many households taking lockdowns as an opportunity to reflect on where they were living, and the space in which they were living. Add to this the stamp duty holiday, and we have seen transactions rise to 1.5 million – translating into around one in 16 privately-held homes changing hands in 2021.”

What will buyers look for in 2022?

One of the biggest factors in shaping buyer activity in the past couple of years has been the need for space. It is likely that this will continue as we move forward, especially when there is still so much uncertainty over the pandemic.

Grainne said; “The rise of Omicron is causing more uncertainty for the households, and the wider economy, in the coming weeks. Our data shows a slowing in buyer demand, but it is very much in line with the usual seasonal trends. We expect a bounce back in demand in the days following Christmas and into the New Year. However, could Omicron have any impact on supply?”

Richard said; “The housing market is usually busiest in the first couple of months of the year with a spike in new listings as well as a surge in buyer interest. Starting last year with restrictions and schools closed put off many sellers. So long as schools remain open and we don’t see widespread restrictions then we would expect a strong flow of new instructions.”

What other factors will influence the 2022 housing market?

One of the reasons it is so hard to predict what will happen next in the property market is because there are so many factors involved with the process. This is why there is a need to consider as many of the factors that will shape buying processes and supplier demand as we can.

Grainne said; “There will be more economic headwinds next year, but the ‘pandemic-led’ search for space has further to run. Office-based workers will still be recalibrating their working practices and their home life, and some may choose to make a move because they no longer have to live so close to their workplace. This will continue to put upwards pressure on houses situated in wider commuter zones and more rural and coastal areas. There is more room for prices to grow in the more affordable areas, and we forecast average price rises of 4% next year, and 1.2 million transactions, roughly the same level as between 2014 and 2018. How long do you think the pandemic will continue to impact the housing market?”

Richard said; “When we look back at the pandemic in five to ten years we will recognise it marked a major turning point in the link between home and work and people’s attitudes to their home. The pandemic has engendered some seismic changes in how people want to work, and how they will work in the future. This trend has further to run, as more office-based workers decide how far they can live from the office if they do not have to be there every day into 2022 and 2023. Together with other structural factors such as an ageing population, the result should be a greater proportion of homes trading each year, bucking the decline over the last five to ten years and supporting the size of the market for agents and lenders.”

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.

Strong Sales Pipeline In Housing Market

At Williams of Petersfield, we are pleased to say we have helped many buyers and vendors in the past year. This has been a busy time for the housing market, and a lot of moves have taken place.

This is something we have seen for ourselves, and it is also something which comes up in various studies.

Rightmove highlight the number of prospective property deals

The survey was carried out by Rightmove between 1st April and 12th April 2021 and 7,803 respondents engaged the study.

Rightmove stated the following highlights of their study:

  • More than 700,000 homes are marked Sold Subject to Contract and going through the sales process, the highest number Rightmove has recorded over the past ten years and 78% higher than in May 2019
  • New research among buyers expecting to benefit from the stamp duty holiday has found only 4% would abandon their plans to buy a property if they missed either the June or September deadline in England:
      • One in four (25%) said they would try to renegotiate the price with the seller
      • 13% said they would plan to buy a cheaper home
  • 131,000 homes worth over £250,000 were marked Sold Subject to Contract in England between July last year and the end of February and are still trying to complete before the June stamp duty holiday deadline

The sales pipeline, as of mid-June 2021 in Great Britain was 704,000 sales. This is the highest figure for more than a decade. At the beginning of 2021, the sales pipeline was 613,000.

Many people are still keen to move

Rightmove spoke with people looking to move by September, with the following findings:

  • 29% of respondents said they expect to move in time to capitalise on the stamp duty holiday
  • The most commonly cited reasons for looking to move include; buying a home with a garden, moving to the coast or the countryside, to move to a bigger home or coming across the ideal property
  • 4% of the group who plan on utilising the stamp duty holiday said they would abandon their plans if they missed the relevant deadline
  • 53% of respondents said they would carry on as planned
  • 25% of respondents said they would look to renegotiate with the seller
  • 13% said they would look to buy a cheaper property

Rightmove’s Director of Property Data Tim Bannister says: “The easing of restrictions, extended stamp duty holiday, better mortgage availability for first-time buyers, race for space and relocation plans have all combined to create the biggest conveyancing logjam we’ve ever recorded over the past ten years. We really hope those who had at least four months to make it through to completion will make it in time to beat the first stamp duty deadline, but with the tapering until September many will still make some savings so all will not be lost. The pace of properties coming on and off the market is also the quickest we’ve recorded, and agents are telling me they have multiple viewings followed by a number of offers within days of a property first appearing on Rightmove. At the start of this year we had anticipated a quieter second quarter of the year, but buyer demand and the pipeline has continued at pace, making it an incredibly busy time for agents and conveyancers in many areas right now.”

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 Vendors – Legal Kerb Appeal Sells Your House

One of the most important things you can do when selling your home is to make buyers feel confident. If a buyer feels positively about your home, and that they will receive value for money with the purchase, they are more likely to make an offer.

Therefore, it makes sense to show your home is in good condition. You also want to prove you have every legal issue taken care of. At Williams of Petersfield, we are pleased to say we have helped many local homeowners sell their home, and we believe taking care of the legal kerb appeal makes a positive difference in the sales process.

What is legal kerb appeal?

Legal kerb appeal, in the words of Chris Salmon, who is a co-founder and Director of Quittance Legal Services, is; “Simply, legal kerb appeal is the strengths of the property when considered from a legal perspective. Legal kerb appeal could also involve proactively addressing any potential legal issues before a buyer is found.”

In an interview conducted on the Property Road website, Chris was asked about what vendors should look to do to ensure they are ready to sell their home in the near future.

Chris responded by saying; “If you are on or are thinking of going on the market, we’re pushing the concept of ‘legal kerb appeal’. Sellers will be entering a buyers’ market, and must do everything they can to improve their chances not only of finding a buyer, but also completing the sale.”

He continued by saying; “For example, if the property has a roof terrace without planning permission, the buyer’s solicitor will pick this up. Instead, the seller’s solicitor can identify a suitable indemnity policy and offer it as part of the sale. This proactive approach will reassure buyers and avoid delays later in the process.”

How will the housing market move forward?

Chris was also asked about what he thinks will happen in the property market when the industry moves forward. He said; “The consensus is that the pent-up demand that emerged shortly after the 2019 election will gradually resume. It’s very likely that in-progress transactions will suffer a logjam as capacity challenged property services firms struggle to fulfil a rush of requests for searches, surveys and managing agent information. We anticipate significant delays for up to a few months after the lockdown eases.”

Steps in managing legal kerb appeal

With so many sources discussing the importance of legal kerb appeal, most vendors will be keen to incorporate it into their sales process. Here is a list of steps you should follow in managing legal kerb appeal before and during the sales process:

  • Complete all property transaction forms
  • Anticipate which problems are likely to occur, and resolve them
  • Involve external parties and management agents as quickly as possible
  • Collate all documents as early as possible
  • Start the process of recovering or replacing missing documents as early as possible
  • Agents, vendors and legal professionals should work together to find solutions

The earlier you start, the better

As with most things in life, and certainly as with many things in the sales process, the sooner you start, the better. When it comes to legal kerb appeal, the sooner you start to put things in order, the better for you.

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 To Prepare A Home For Sale After Lockdown

With the Government announcing the housing market can re-open, a lot of people have been keen to engage the market as quickly as possible. Both Zoopla and Rightmove, leading property portals in the United Kingdom, have unveiled stats indicating there was significant pent-up demand in the market. Continue reading “How To Prepare A Home For Sale After Lockdown”

DIY Work Is In Demand During Lockdown – Top Tips

With so many people spending more time at home, and looking for projects which will keep them active, it is likely there will be a DIY boom during lockdown. With many leading DIY and hardware stores re-opening, offering the chance for homeowners to buy equipment and materials, homes across the country will be restyled. Continue reading “DIY Work Is In Demand During Lockdown – Top Tips”