October Property Market Update
Prices Remain Strong
The average price of a house is still on the up, according to analysis of the figures by Halifax.
Looking at all the stats, the bank noted that through September the average UK property price is now priced at a record £267,587. What’s more, annual house price inflation is up to 7.4 per cent, from 7.2 per cent.
This is interesting because the Stamp Duty deadlines have passed, and so it is good to see prices still buoyed.
The slight fly in the ointment might be the fact that the Bank of England figures show the number of mortgages approved to finance house purchases fell in August 2021 by one per cent.
There are small signs that there is a slight softening of the market overall.
Here in Devon, we are still selling properties for, or above, the asking price. What’s more, it is only taking days for some properties to sell, and just hours for properties to rent out.
If you’ve been thinking about doing something with your property, now is still a good time. With supply of good property still at an all time low we are seeing huge volumes of viewings on property, an example is Elmfield Road where we have had 16 viewings in a week.
An ongoing issue in the property market has been further highlighted in a report that looks at key trends in the sector.
Landmark Information Group’s Property Trends Report shows that for a fifth consecutive month, there has been a low number of properties coming to the market. Demand, as they say, is outstripping supply.
There could be a number of reasons for this, but we would say that if you really want to sell, get your property on the market now. There will be interested parties lining up to look around and any one of those could be a potential buyer.
Around 64 per cent of UK homebuyers say they feel confident negotiating over property prices, reports PropertyWire. But six in 10 admit “the biggest challenge is timing and knowing when to negotiate”.
It’s an interesting one. On the one hand, people say they are confident but actually, they don’t really know when to negotiate. With many situations where there is competition for a property it is putting people off from offering lower than the asking price. Our advice is that you are better to put your best foot forward and make an offer otherwise you will be considered not interested in the property and will not be given the chance to purchase.
It’s what one might call a paradox. But, there’s a way through. Use an estate agent who can use their knowledge and expertise to negotiate at the right time.
We can do that for you! We know the Devon inside out and so are able to take action when we need to.
Going Green Paying Off
Have you installed eco-friendly systems in your home? If you haven’t, you could be missing out.
This has been written about by many, including Property Reporter, which says that property website Rightmove has looked at house prices and Energy Performance Certificates.
It’s been reported that people who have “upgraded their rating from an F to a C, are adding an average of 16% to the price achieved for their home”.
That’s a huge jump, but before you do anything, have a look at the costs involved and the efficiencies made. You’ve got to make sure the figures work for you.
Chartsedge are your local property experts for the area. Call us on 01803 505115 or email email@example.com to find out how we can help you buy a new home or sell your property.
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