Stevenson Whyte's Sale Office Setting New Records
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The above property is on Moor Nook in Sale and was sold by our Sale Moor office within 24 Hours!!
It was instructed by our Sale Moor office on Friday evening and by Saturday morning there were already several enquiries coming in about the property. We spoke to the interested parties and organised for them to have a viewing of it later on that same afternoon.
Upon coming in to the office on Monday morning we phoned the viewers from the weekend for their feedback and by midday we had negotiated a full asking price offer, which was accepted by the vendors.
So the property had been made available, had viewings arranged on it and was sold all within 24 hours! This is an achievement we are very proud of and needless to say the owners of the property on Moor Nook are very pleased with the service they have received.
Increased activity and house prices in M33
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As an estate agent based in the Sale area we have noticed a period of increased activity over the last few months, with more and more buyers registering every week.
The high level of demand has been struggling to be met by the availability of popular property types, which has lead to shorter selling periods for those home owners looking to sell. This activity we have been seeing has also lead to a rise in the prices for property. In January this year the average price paid for a semi-detached property in the M33 area was £232,159* and in February the average price had risen to £245,489*.
So with fewer properties available for potential buyers now looks like a good time to sell for any home owners in the Sale area wanting to move. Historically more people choose to market their property for sale over the months of July, August and September, which means there is more competition and therefore vendors have to be more competitive on their price.
If you are a home owner in or around the M33 area then why not get in touch and make an appointment with us to provide a valuation of your property.
Help To Buy ISA
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Following on from our last Help To Buy article we posted, here is a bit of information on the new Help To Buy ISA that was announced in the recent budget.
We have had a number of people ask us since the budget was released, what does this new Help To Buy ISA do, how does it work and what do we need to do next. So we have put together the information below to try and help answer those questions.
The basics of it are this; If you’re a first time buyer, save up to £200 a month towards your first home with a Help to Buy ISA and the government will boost your savings by 25%. That’s a £50 bonus for every £200 you save. You can receive a bonus of up to £3,000.
There is a little bit more to it than that obviously so this next bit of information provides the more detailed overview.
- new accounts will be available for 4 years, but once you have opened an account there’s no limit on how you long you can save for
- accounts will be available through banks and building societies from Autumn 2015
- you can make an initial deposit of £1,000 when you open the account – in addition to normal monthly savings
- there is no minimum monthly deposit – but you can save up to £200 a month
- accounts are limited to one per person rather than one per home – so those buying together can both receive a bonus
- only available to individuals who are 16 and over
- the bonus is available to first time buyers purchasing UK properties
- minimum bonus size of £400 per person
- maximum bonus size of £3,000 per person
- the bonus will be available on home purchases of up to £450,000 in London and up to £250,000 outside London
- the bonus will be paid when you buy your first home
We hope this information helps to shed a little bit more light on this latest addition to the Help To Buy scheme. However should you need any further help we at Stevenson Whyte are always happy to assist with this and any other matter relating to the buying, selling or renting process. Why not get in contact with us by either sending us an email, registering on the site or giving our offices a call. Alternatively if you would like to see someone you can always call in to either our City Centre office or our Sale Moor office.
2015 ELECTION AND WHAT IT MEANS FOR THE PROPERTY MARKET
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Housing is a hot topic in the run up to the election on May 7th. With people struggling to save for a deposit, banks becoming stricter on mortgage lending and a lack of affordable housing, it’s no surprise that all of the main parties are making pledges around housing in their manifestos.
But for those of us out there that are home owners, potential buyers, landlords and tenants, how much do we really know or understand about what could happen after the general election?
Well hopefully this will help to provide some valuable insight in to the possible affects on the property market post-election.
It is fairly common knowledge that periods of political instability make home buyers skittish. Despite this, it is expected that in the three months post-election the number of sales will be at similar or even higher levels to the same three months in a non-election year, which is a pattern that as been observed before as trust in the new government builds.
Labour is proposing a mansion tax that applies to homes worth over £2 million. It will be a tiered system like income tax, but there is no definite decision on each band.
Even though the funds the policy would raise go straight to the NHS, it could see a decrease in purchases of higher value property.
Help To Buy Scheme
In previous blogs we have posted, we have commented on the benefits of this scheme and how it can help not just first time buyers but also those looking to make the next step up.
However, depending on the outcome of the election it could see the scheme scrapped or reduced and this will undoubtedly have an affect on the wider housing market.
One possible outcome if the scheme was to be scrapped is that this could leave many potential buyers struggling to afford to buy a property and either go in to rented or stay in rented. This would mean a drop in demand and could therefore cause house prices to stop rising or even a potential dip.
There has been some speculation over interest rates leading up to the election, however the rate has remained at the record low of 0.5 percent and The Bank of England Monetary Policy Committee (The MPC) is delaying the timing of its next meeting, with members due to make up their minds regarding interest rates on 8 May, the day after the election. It will announce its decision on 11 May.
Although there is still some risk that the interest rate could be put up depending on which party wins or which two parties decide to form a government, it is widely expected that this rate will continue in to 2016 and may not be changed until the second quarter.
This is positive news for home owners and even landlords as it means it is unlikely that the costs of their mortgage will rise.
The MPC also wants the power to control how much mortgage lenders can give out in relation to the cost of the property being purchased.
This could also impact on demand as lenders become more cautious, the availability of mortgages could be affected and again leave some buyers unable to afford to get on the property ladder.
One talking point surrounding this subject is the possible introduction of guaranteed three year tenancies and what impact it could have on the rental sector.
This policy has its critics and fans from both sides of the rental coin.
While the view of some is that it will cause some landlords to quit the sector due to the unsuitability for them to provide such a lengthy guaranteed term, others feel that it would help both tenants and landlords. The tenant would be safe in the knowledge that they want have to be looking for another home in the space of a year. The landlord would also know they have the property rented and don't have to worry about any potential gaps in rental income and it is possible that a tenant wanting a three year tenancy is likely to maintain a property better than one who is going to be gone in six or twelve months.
All parties are in agreement that we need more homes. Labour repeated its promise to boost house building rates to 200,000 a year by 2020, the Lib Dems announced it would build more social housing and five new garden cities, and the Conservatives pledged to build 100,000 new starter homes that would be offered at a 20 per cent discount to first-time buyers under 40.
The conservatives, however, do also want to extend the right to buy scheme, which has come under fire from some saying that this will only help to worsen the issue of a shortage of affordable rented property and because it is something that is subsidised by the tax payer.
So the big question now is which party is going to strike the right balance and which one should you vote for. Therefore we have provided the link below to a pre election report from Bilfinger GVA which summarises the key pledges that could affect the commercial and residential property markets.
What do tenants want from letting agents?
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A Tenant Survey from 2014 has been released, which asked tenants what they look for from letting agents.
Other desirable qualities that were highlighted in the survey were agents responding quickly to any queries (37 per cent) and being easily contactable by email or phone (32 per cent).
The survey also asked tenants what they want from property management agencies. The results were broadly similar, but with a few differences. For instance, 43 per cent highlighted a straight-forward and honest approach as important, while 39 per cent cited the use of reliable contractors as desirable.
Here at Stevenson Whyte we firmly believe in offering a good quality service and that fees are clear and transparent. So if you are looking for a property to rent why not send us an email our give us a call and we will be happy to help with your search.