GeorgeHartshorn, Author at Property Market News

STAMP DUTY HOLIDAY BOOST FOR BUYERS

In July, the Chancellor announced immediate plans for a Stamp Duty Holiday on the first £500,000 on residential property purchases.

This has been a huge boost for homebuyers and the property market as a whole. Buyers are making substantial savings when purchasing a home and this has meant additional sales with buyers and sellers who had previously been hesitating, now striking while the iron is hot and deciding to move home.

On a £300,000 purchase the saving is £5,000 (a new luxury bathroom) whilst on a £500,000 property the saving is a whopping £15,000 (average cost of a bespoke fitted Kitchen with appliances).

This could be a once in a lifetime opportunity if you are looking at moving home. In the coming months and years, the taxman could be looking to recuperate some of the lost revenue that he has suffered during the lockdown. Taxes could rise (including stamp duty) in the future so this is an opportunity not to be missed.

Speaking as a buyer, my only regret is I moved house last November and have already stumped up a sizeable Stamp Duty payment to the Treasury in the last few months. Such is life.

If you would like to take advantage of this incredible opportunity or need further advice on moving home in the current market, please call our office on 01926 298 298 and we will be delighted to offer a free consultation.

Thank you Mr Sunak…

Accepting An Offer On Your Property

Selling property is a process that many homeowners have limited experience of and it can be a maze of processes. However is some instances it can also be relatively straight forward and choosing the most suitable buyer can streamline the whole process and substantially increase the liklihood of a successful result.

Once you’ve marketed your property for sale and received viewings the offers will start to come in. It’s easy at this point to play buyers off against one another in order to drive the sale price as high as possible. However this is also an ideal opportunity to cherry pick the best buyer that can proceed to completion in the smallest time frame with the minimum amount of fuss.

There are a number of factors that drive the suitability of buyers and these include:

Finances: does the buyer require a large mortgage or are they a cash buyer?

Chain Details: Does the buyer have a property to sell and if so how long is the chain?

Solicitors: Does the buyer already have a solicitor. If they do is it an established local practice with local market knowledge and experience?

Your Estate Agent can advise you on the suitability of any particular buyer. The amount they have offered is clearly an important factor but you should strongly consider the buyer’s circumstances and sometimes it may be better to accept an alternative offer if the underlying circumstances are superior.

Having the luxury of multiple offers often depends on how well the property is marketed and correct exposure to the best potential buyers, including both active and passive purchasers. Elizabeth Davenport are experts at maximising the number of viewings on a property and this in turn often leads to multiple offers and finding the best candidate to purchase. Call us today on 01926 298 298 to arrange for your free, no obligation valuation.

BUSINESS AS USUAL – YOUR SAFETY FIRST

July has seen record activity levels at our Warwickshire branches. The number of viewing requests, new valuations and properties coming onto the market is currently eye watering. Good news if you’re a buyer as there is going to be more choice with more properties available for sale. At the same time there also appears to be more buyers searching.

The Stamp Duty holiday announced 2 weeks ago certainly seems to have had a big impact and with the clock already ticking, many people have taken the decision to move home in 2020 and take advantage of the huge savings on offer from the Chancellor, Rishi Sunak. Purchasing a property at £500,000 prior to March 31st 2021 will save you a cool £15,000. Normally this money is simply deducted upon completion of purchase, you get nothing in return, not even a receipt! Wouldn’t you rather spend the money on a brand new luxury Kitchen or even a couple of dream family holidays?

If the answer is yes then give us a call today for further advice about selling your property. If you are located in Kenilworth, Leamington Spa, Warwick or surrounding villages then we are here to help and offer professional advice.

Of course your safety is paramount and all of external appointments are now conducted with face masks, gloves and proper social distancing. If you arrange an appointment to come into our office then rest assured there are screens at all of our desks to protect you and your family.

We look forward to working with you.

Prepare For a Quick Sale!

Like most things in life, preparation can be key to a successful outcome. Or put it another way “If you fail to prepare then you are preparing to fail” goes the saying.

So why would you need to prepare for a quick sale of your home? Because quite simply finding a buyer is one of the simpler parts of the process in the current buoyant market (there is currently lots of pent up demand from buyers after the lockdown). Once a buyer is secured, the complicated legal process begins and this can take several months but on average takes around 12 weeks, depending upon the urgency of those involved and how quickly all parties are to getting paperwork filled out, responding to queries, etc.

If you are suitably motivated then you can begin preparation for this process beforehand. Start by finding a good local solicitor/conveyancer. Local means one that is based in the same town and will be familiar with most of the local housing stock as well as already having relationships with other local solicitors and Estate Agents. In addition you can begin filling out some of the paperwork required by the solicitors. “Property Information Questionnaires” are standard forms used by all conveyancers. We can provide one for you before a buyer is even found and you can get a head start on other sellers by completing it at the start of the process.

The majority of agreed sales that do fall through are as a result of delays in the legal process that drag the sale out and ultimately a change in circumstances down the line by either the sellers or the buyers causes a change of mind and a collapse in the process.

If you make the best preparations possible and help speed the process along by liaising closely with the Estate Agent and your solicitor you will increase your chances of success and a speedy move to your next home.

For more expert advice on the moving process or to get your property on sale call our office today on 01926 298 298 and we’ll be delighted to help.

PENT UP DEMAND SEES HIGH LEVELS OF PROPERTY ACTIVITY

After several weeks of paralysis, the property market has returned with a bang. Activity levels have quickly reached those achieved during early March and the 2 preceding months.

Sales completions have begun again, those sellers that were unable to finalise their sales prior to the lockdown are now able to get moved, buyers who previously couldn’t get removals services can now do so again and solicitors who were furloughed during April and May are now back and getting the legals finalised on outstanding property transactions.

So it really does seem to be “Business As Usual”. The “doom-monger” media predictions seem to have got it wrong yet again. Their stories of a collapse are nowhere to be seen, the reality on the ground is strong buyer demand (pent up in many cases after weeks of inactivity) coupled with sellers keen to get moved. Mortgage rates remain at record lows and the sales agreed over the last couple of weeks reflect stable prices, the majority of sales agreed through Elizabeth Davenport have been for full asking price or even higher.

Safety measures remain paramount of course, if you wish to view a property that we are advertising there are now strict procedures in place at all physical viewings. All of our properties have “Video Viewings” available for you to watch online first, this has avoided many wasted viewings where the property perhaps wasn’t suitable for the prospective buyer, reducing potential risks to all concerned. If you are selling then this means only the most suitable buyers will be looking around your home.

If you do have a property to sell and want expert advice on the current market conditions then call our office and we will be delighted to assist on 01926 298 298.

Brexit, Coronavirus, panic buying. How will your property sale or purchase be affected?

The national Brexit crisis of 2019 now seems like a feeble storm in a teacup compared to the latest news headlines and developments. Aside from people’s fears regarding their own family’s health and wellbeing, most of us could also be forgiven for wondering what financial burdens Coronavirus may bring.

In terms of the property market, the signs of a slow down haven’t materialised at date of writing (11th March 2020). Whilst houses aren’t shifting at the same rate as sanitiser or loo roll, record sales were recorded by our Kenilworth & Leamington Branch in February and March has begun in much the same mould. Buyers clearly aren’t being deterred and are getting on with it. Sellers seem a little more hesitant and so there is a shortage of quality new property coming to market, thus if you’re considering selling then there couldn’t be a better time to take the plunge.

Once you have decided to go on the market then there may be some precautions worth taking. Consider what provisions your Estate Agent is taking to ensure your property continues to be marketed during the coming weeks. What contingency plans do they have in place in case their staff are unable to come into work, will they still be able to take calls and enquiries or will your house sale be forced to self isolate?

At Elizabeth Davenport, we have made extensive plans for every eventuality including ensuring that our phone lines will be fully manned in the coming weeks and months, allowing your home to be marketed fully and a sale achieved. Check with your current agent what provisions they have put in place, if they “umm and arr” (or don’t answer the phone!) then it may be time to wash your hands of them.

If you would like further information or advice regarding your property sale then please call one of our helpful agents who will be delighted to chat and offer advice. We are here to help.

The importance of de-cluttering your home

When you decide to sell your home the presentation of a property is vital to making that all important first impression to potential buyers. When I say first impression, I don’t mean when hopefully a potential buyer makes an appointment to view, I mean when a buyer first sees a picture of your home amongst lots of other similar properties online.

I’ve been saying for some time now that in my opinion how the property is presented for the photographs has become the most important factor for selling your home at a good price. Why is this? This is because without making your property stand out on websites like Rightmove and OntheMarket.com, buyers may never give you the opportunity to make a great first impression in person, by declining to make a viewing appointment in the first place.

De-cluttering rooms as we know is key in making a property more appealing. This is because the rooms feel bigger, look tidier and so become more inviting. There is also less chance of offending potential buyers! The masters of presenting properties for sale are of course the new homes developers many of whom are large national home builders who have large resources at their disposal. Their show homes are often the ultimate examples of how to successfully present property for sale: beautiful furnishings and fittings coupled with no clutter whatsoever.

Of course if you live at the property this is harder to achieve, personal belongings and children’s toys have to go somewhere after all. However, with some clever thought and sticking to the principal of less is more (perhaps consider putting a few things into storage), your property will attract more interest online and therefore more requests for viewings.

MORE VIEWINGS = HIGHER DEMAND = HIGHER PRICE PAID + FASTER SALE TIME.

At Elizabeth Davenport we know what it takes to sell your home at the highest price the market will pay. If you are thinking of moving or know a family member or friend who is, please give us a call today for some free and friendly advice.

Avoiding Common Pitfalls of Property Viewings

The question we get asked the most on this is “Should the agent or the homeowner conduct the viewings?”

The short answer is that either of these methods can work well. A confident homeowner can do the job very well, the key is simply not to try too hard. You have to understand that you can’t hard sell a home to someone. They will often get a feel within a minute or two of entering the property and if it’s not for them then no amount of sales tactics will change their mind. So if you are orchestrating your own viewings, simply be friendly and helpful when buyers come round to look. Point out things that may not be obvious to a potential buyer such as underfloor heating or proximity to good local schools. DON’T point out the glaringly obvious (“This is the toilet”) and DON’T bore them to death with the technical details for the boiler.

You should also ensure that your home is presentable. Work on small repairs and improvements before inviting potential homebuyers for a viewing.

Take the opportunity to tell the buyers exactly what you have enjoyed the most about your time living at the property. Be honest and sound passionate and don’t make it sound sales like.

If you do not fancy the prospect of watching strangers nose round your home than ask the Estate Agent to do the viewings on your behalf. If you go down this route then it is very important to let the agent do their job and make yourself completely scarce. And that means popping out prior to all arranged viewings, a stroll to the park or to Costa is a good idea. There is nothing more off-putting to a potential buyer than being shown around a nice property by the Estate Agent, only to walk into the Living Room and find the homeowner lounging on the sofa with a bowl of peanuts watching daytime TV!

If the buyer leaves the house feeling awkward then that is exactly what they will remember about the property………..it felt awkward. So you can rest assured they won’t be making an offer.

REMEMBER. Buyers simply need to be given the opportunity to look round un-rushed and unhindered and fall in love. Then they are likely to make an offer…………..

Safe As Houses!

Recent results showed that house prices in the midlands rose by 33% in the last decade from 2010 to 2020. This compared to average wage rises of 20% during the same period. The price rises were in line with the average across the country, London predictably faired the best with 66% rises whilst other regions in the north and west didn’t fair anywhere near as well.

Rises were way short of those seen in the previous decade. The 2000s saw big property price increases, the midlands saw 108% whilst London faired slightly better at 111%. However these figures still didn’t come close to those achieved in the 1980s when prices in the midlands rose by a whopping 196% over a 10 year period.

On average, prices in the midlands over the last 40 years have risen 88% for each decade. That’s an incredible statistic and illustrates the huge and constant upward pressure on prices. For sure there have been periods of stagnation and falls (notably during the credit crunch when the lack of availability in the mortgage market drained the supply of funds available), but the reality remains that when demand outstrips supply prices will continue to head north.

With a continued shortage of new properties being built and a growing population, this isn’t going to change any time soon so property will remain an excellent investment vehicle into the forseeable future. And with no immediate signs of interest rate rises, the benefits of putting money into savings are hard to see, whilst investing in stocks or shares is a huge gamble unless you know exactly what you’re doing.

The phrase “As Safe as Houses” is here to stay, so if you are after a solid investment or simply looking for your next home, there’s never been a better time to venture into the world of bricks and mortar. If you already own property in the Kenilworth, Leamington or Warwick area and want to know the up to date value, call Elizabeth Davenport for expert advice today on 01926 298 298.

On your marks, get set for 2020…

Goodbye 2019. Here comes 2020…

And here are our predictions for the property market for the coming 12 months:

A year where uncertainty becomes certainty, a year where dithering and delay become a time for action. A year where homeowners who weren’t sure become sure and a year where the need for homes and the need for relocation drive the property market as they should, rather than outside unrelated forces.

What does this all mean for the homeowner on the ground? Essentially it will mean more choice when shopping around for a new home, more confidence when going on sale or renting and more positive decisions leading to an all round healthy market.

All of this coupled with continued record low interest rates is excellent news. If you are thinking of moving in 2020, then traditionally January quickly becomes a busy time with lots of activity. This continues into Spring with February, March and April being 3 of the busiest months of the year, usually with activity only slowing down during the school summer holidays, purely for logistical reasons with many families away on holiday.

If you are selling, please bear in mind that once a buyer is found the legal process takes up to around 3 months to complete, so taking steps sooner rather than later is advisable. If you want to start the ball rolling then please call our office for a free market appraisal of your property. Our expert consultants can advise on any essential preparations prior to marketing and answer any other questions you may have about the process in general. Call us today to book an appointment.

In the meantime, from everyone at Elizabeth Davenport Estate Agents please do have a very Merry Christmas and Happy New Year. We look forward to working with you in 2020.