Price of new-to-the market properties nationally have increased by an average of 1.1% this month according to Rightmove, the largest month-on-month increase for over a year and the biggest at this time of year since 2016
Family home sector locally is outperforming other sectors in key metrics as their housing needs outweigh uncertainty:
Mid Range family homes locally are holding value better than other sectors, particularly when compared to a fall of 0.1% nationally for all properties. They are more likely to sell, with number of sales agreed nationally down 0.4% year-on-year while the national average price drop across all price ranges is 1.6%
Slightly more willing to come to market, with 0.7% more new sellers than this time a year ago, compared with a 1.2% fall in new-to-the-market sellers nationally suggest families need to move outweighs any Brexit concerns.
Brexit delay could boost spring market activity as short-term uncertainty recedes
Overview
The uncertain political backdrop continues to hold back the market, with new seller asking prices, the number of properties coming to market and the number of sales agreed all below this time last year, according to Rightmove. However, despite this, local MARKET ACTIVITY REMAINS RESILLIENT and there are signs that more property maybe coming to the market, so now could be A Good Time To Move Home. Would-be buyers and sellers still have housing needs to satisfy, especially in the mid-range family home sector. We have also seen an improvement in the upper end of the market over the last 6 weeks or so, which is encouraging.
Miles Shipside, Rightmove director and housing market analyst comments: “The rise in new seller asking prices reflects growing activity as the market builds momentum, egged on by the arrival of Easter. Some sectors of the market and some parts of the country have strong buyer demand and a lack of suitable supply. However, on average, properties are still coming to the market at slightly lower prices than a year ago. It’s one of the most price-sensitive markets that we’ve seen for years, with buyers understandably looking for value or for homes with extra quality and appeal that suit their needs.”
Shipside adds: “Properties in this middle sector offer the ideal escape route to families looking for more bedrooms, more space and their choice of schools. They are often second-steppers out-growing their first property and it gets harder to postpone a move with growing children. They may have already delayed for a year or two waiting for Brexit clarity, and understandably their patience is wearing thin. While some movers are awaiting the outcome of deal or no deal, many families are keeping on dealing in the housing market.”
The EU’s offer of a Brexit extension until October coincides with what is usually the busiest moving season. While it is only a postponement, it lasts for long enough to relieve some of the short-term uncertainty, and so it arrives at an opportune time for the housing market.
No doubt there are still a lot of twists and turns to come, but we believe this extension should give hesitating home movers encouragement that there is now a window of relative certainty in uncertain times. We are anticipating an upturn in activity levels and a wave of relief that releases some pent-up demand to take advantage of static property prices and cheap fixed-rate mortgages.
To date this year, according to Rightmove’s statistics, we have Agreed Sales On 35% More Homes than our nearest competitor, so if you are contemplating a move make sure you consult the right agent, Harrison Brant.
KNOWLEDGE - INTEGRITY - RESULTS
OPENING HOURS
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Friday 21st December 2018 |
8:45am-6:30pm |
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Saturday 22nd December 2018 |
8:45am-3:30pm |
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Christmas Eve 24th December 2018 |
CLOSED |
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Christmas Day 25th December 2018 |
CLOSED |
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Boxing Day 26th December 2018 |
CLOSED |
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Thursday 27th December 2018 |
10:00am-4:00pm |
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Friday 28th December 2018 |
10:00am-4:00pm |
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Saturday 29th December 2018 |
8:45am-5:00pm |
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Monday 31st January 2018 |
8.45am-5:00pm |
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New Year’s Day 1st January 2019 |
CLOSED |
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Wednesday 2nd January 2019 |
8:45am-6:30pm |
We would like to take this opportunity to wish you
Compliments of the Season and Best Wishes for the New Year
Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000.
In London and other expensive areas, the first £300,000 of the cost of a purchase up to £500,000 by first-time buyers will be exempt from stamp duty.
Breaking News: Interest rates have increased
By Kevin Dunks on November 2, 2017 in Interest Rates, Mortgages
The Bank of England has just announced a 0.25% base rate rise. This is as most had predicted…
The base rate last changed in August 2016, when it was cut to a record low of 0.25% in the wake of the Brexit referendum. Before that, it had held steady at a historically low rate of 0.50% since March 2009.
Low-interest rates have been instrumental in the growth of the property market since the credit crunch. It has also been very helpful for making home buying more affordable for first-time buyers. However, the new current rate increase to 0.50% doesn’t need to spell doom and gloom, it’s just reverting to last years rate.
A rate rise will mean that anyone on a variable or tracker rate mortgage will have higher mortgage costs. However, an increase of 0.25% is unlikely to cause a huge impact on your household finances if you haven’t overstretched yourself on your mortgage borrowing.
Mortgage rates available now still look amazing and provide affordable payments to those looking to remortgage or buy a home.
Kevin Dunks at Number One Mortgages recommends that if you’re on the banks standard variable or tracker rate mortgage, or if you’re fixed term mortgage is ending soon, that you seek independent mortgage advice on how to get the best deal for your circumstance. Contact the experts at Number One Mortgages for help with your objectives – 01273 736536.
At Harrison Brant we are always looking for new and inovative ways to market our client's properties.
We are proud and excited to advise you that as from today we will be part of OnTheMarket.com
OnTheMarket.com is a state-of-the-art new website, which is dedicated to presenting properties beautifully, clearly and accurately. It features a clean, simple search and an elegant design with no distracting advertising and no unnecessary information – just hundreds of thousands of sale and rental properties looking their best.
We also wanted to share with you the OnTheMarket.com launch TV commercial which will be on air from Sunday 1 February.
http://blog.onthemarket.com/content/onthemarket-com-launches-tv-campaign-watch-2/
So whatever your interest, if you’re in the market, do please take a look round OnTheMarket.com. And to find properties you won’t find anywhere else, set up a property alert today.
Harrison Brant becomes an approved trader with the Consumer Code Approval Scheme Members of The Property Ombudsman scheme celebrate their Sales Code approval with the Trading Standards Institute As a member of the UK’s largest property ombudsman scheme, Harrison Brant is one of 11,745 residential sales agents that have signed up to TPO’s Sales Code of Practice. The Property Ombudsman (TPO) has now become the first property organisation to have a Code of Practice approved by The Trading Standard Institute (TSI) under their Consumer Code Approval Scheme. More than 95 percent of the residential sales market is signed up to TPO’s Sales Code of Practice and redress service, which is a free, independent and impartial dispute resolution service for consumers. This news means all home owners and buyers using any of Harrison Brant’s two offices across Shoreham & Southwick are all covered by TPO’s Sales Code of Practice. Harrison Brant is now listed on TSI’s online directory of approved traders. Consumers will be able to look for TPO sales agents through TSI’s dedicated database on www.tradingstandards.gov.uk and through the Citizens Advice Bureau’s website, to find a member of an approved code in their area. TPO sales agents will now be able to display the TSI Approved Code logo in their advertising, branches and within company literature . Confirming the news, Property Ombudsman Christopher Hamer said: "I am delighted that TPO has become the largest organisation to win approval from TSI for its Consumer Code Approval Scheme. The TPO Code is a recognised set of standards throughout the industry but it is important that it is also seen as being independently approved by a credible organisation. "With the OFT’s withdrawal from the code approval process it is good news that TSI have stepped in to fulfil the important role of rigorous examination and approval for consumer-focussed codes." Mr Hamer added: "This news means that agents who are members of TPO actively offer the highest level of consumer protection for buyers and sellers. We are in active discussions with TSI to achieve scheme approval for the Lettings Code of Practice."
Stamp Duty Land Tax is to be changed at midnight after today’s Autumn Statement by Chancellor George Osborne. Apparently 98% of home movers will save money under the new scheme. Use this calculator to see how much you could save. http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm