News
01-12-11
How to Sell Your Home in a Buyers Market
One topic that continues to fill the media’s column inches is that of house prices.
As a nation of home owners, whose financial health and confidence are largely dependent on the value of the UK's stock, we have a seemingly insatiable appetite for the numerous house price indices and reports published by everyone from the Halifax to the Royal Institution of Chartered Surveyors (RICS).
One thing is for sure, there has been much discussion over the last few years regarding a slowdown in the property market and things look unlikely to change in the short term.The residential market has changed dramatically over the last six months and is now very much a ‘buyers’ market’.
As a result, any prospective vendor serious about selling will not only need to choose an experienced and reputable estate agent but must also market their property at a realistic price.And, with buyers in short supply, they need to be looked after.
Firmly in the driving seat of any transaction, they may no longer be prepared to wait while any problems concerning a property they wish to buy are resolved.
Such delays can be caused by many factors but most commonly arise from circumstances such as the property having been extended or altered in the past without the appropriate planning, building regulation or covenant consents, or the necessary FENSA and other building regulation compliance certificates not having been obtained for replacement windows, electrical works and boilers.
It is therefore more important than ever that you instruct your solicitor the moment you have decided you wish to sell your property and not after the property has already gone on the market or, worse still, once a buyer has been found.Your solicitor will be able to discuss with you your selling requirements, recommend an estate agent, obtain your deeds and arrange for you to complete all the necessary forms that are required to be produced to a buyer’s solicitor once a buyer has been found.
Carrying out this task before you have even found a buyer will enable your solicitor to prepare the contract papers, identify any missing documents and arrange for copies to be obtained, and resolve any issues that may otherwise cause a delay in your sale.Once a buyer has been found, your solicitor will then be able to immediately submit a full set of contract papers with all the relevant documentation to your buyer’s solicitor, thus reducing the opportunity for delays and problems which could even lead to your buyer deciding to withdraw from the purchase of your property.
If you are planning to buy or sell property and you simply want a hassle-free and fast move, talk to the local experts at Fastmove – an initiative for faster and smoother home moves involving 23 law firms, 17 estate agents and many more local companies in the Plymouth travel to work area.
Look for the Fastmove logo which is your stamp of assured local quality and great value for money. Fastmove lawyers can save you up to £1000 on your conveyancing* and are all committed to making your move as stress free and smooth as possible.
Further information can be found by visiting the website at www.fastmove.info where there are helpful moving hints and links to all members.*Based on the average charges made by a sample of five Fastmove conveyancing firms for a couple selling and buying freehold properties at £175,000 and £249,000respectively compared with a leading national conveyancing organisation (figures accurate as at August 2010 and reviewed at June 2011).
By Simon Stevenson, Thornleys Solicitors
01-12-11
How to Sell Your Home in a Buyers Market
One topic that continues to fill the media’s column inches is that of house prices. ...read more
01-11-10
How Do You Sell Your Home in a Challenging Market
It's a buyer's market - so how do you sell your home? ...read more
01-07-10
Will the Demise of Hips Boost the Local Housing Market?
Local estate agents are reporting an increase in properties coming to the market since the Government's decision to scrap Home Information Packs - known as HIPs.
Hardly surprising, as obtaining a HIP usually involved a seller having to part with hundreds of pounds even before putting their home on the market.
With more houses on the market, are property prices likely to come down?
Not according to The Royal Institution of Chartered Surveyors (RICS) whose recent survey claims house prices are rising in most parts of the country, despite the suspension of HIPs and the subsequent boost in housing supply.
Local agent Ben Dreher of Mansbridge and Balment agrees: “We’ve definitely seen an uplift in terms of properties coming to the market.
“People who have seen a property they want to buy can quickly get their house on the market without having to worry about the hassle or cost of getting a HIP done.
“It’s freed up the market for sellers to take a speculative approach and we think more stock on the market means it’s a better market.
“We’ve got more to offer people and, as long as properties are priced accurately, they will continue to sell - we had a very good June”
Introduced in 2007, HIPs were intended to improve the home moving process by making the packs available to prospective buyers and therefore making it easier for them to obtain information about properties.
But they were criticised for being unhelpful, unnecessary and bureaucratic with some commentators arguing they made little difference to the home moving process.
As well as energy performance details, HIPs contained a report on water and drainage services and the results of local authority searches - switching the cost of searches from buyer to seller.
Sellers will still need to have commissioned, but not necessarily received, an energy performance certificate (EPC) before marketing can start. This means that a seller, or person acting on their behalf such as an estate agent, must have instructed an accredited Energy Assessor to carry out an energy performance assessment.
The EPC, which formed part of the HIP, is required under EU law and the fixed penalty for not providing one is £200.
While the abolition of HIPs is generally welcomed, spare a thought for the thousands of people involved in the production of the packs, many of whom may lose their jobs, although providers could still have a part to play in the market as buyers and sellers will require EPCs.
Still confused?
If you are planning to buy or sell property and you simply want a hassle-free and fast move, talk to the local experts at Fastmove – an initiative for faster and smoother home moves involving 25 law firms, 18 estate agents and many more local companies in the Plymouth travel to work area.
Look for the Fastmove logo which is your stamp of assured local quality and great value for money. Fastmove members are all committed to making your move as stress free and smooth as possible.
Further information can be found by visiting the new website at www.fastmove.info where there are helpful moving hints and links to all members. ...read more
01-06-10
What the New Government Means for the Housing Market
04-05-10
Moving Home... Should You Believe the Headlines?
Some recent media headlines will have made uncomfortable reading for homeowners, but should we in Plymouth believe the latest housing market hype?
The Mail talked of householders in a hurry to sell before the election ‘decimates’ the property market.
Closer to home, the Plymouth Herald reported that the election was ‘sparking a rush of houses on the market’.
But the reports behind the headlines do not appear have such a bleak outlook.
The housing market survey fuelling the media debate was released in April by the Royal Institution of Chartered Surveyors (RICS) and does indeed claim the number of people putting their homes on the market has picked up
But it also suggests house prices are continuing to rise and RICS members expect sales to increase, albeit at a slower pace, with prices likely to stabilise.
Property website Rightmove, which compiles prices of properties as they come on to the market, attributes the increase in vendor activity to the return of previously snowbound sellers, rather than the election.
It agrees prices are at a standstill, but cites a first quarter price gain of 3.7 per cent despite the impact of the severe weather at the start of 2010.
So, what is the true picture locally?
James Clarke, Director of Plymouth-based Lang & Co, says: “Our levels of instructions have remained pretty constant - we certainly haven’t seen a dramatic influx of properties on the market due to the election.
“For most people it is life that dictates when they need to move – such as new babies or children starting school– rather than any political agenda.
“Where we have seen policy affecting buying behaviour is with the recent stamp duty changes encouraging first time buyers to purchase properties above the previous £125,000 threshold.
“Spring is traditionally a buoyant time for the market, especially for larger properties and we have had a number of really high quality instructions in recent weeks.
“I would say prices remain stable which is quite positive for all of us – we don’t want peaks and troughs – and as long as the election doesn’t bring major changes to incomes or taxes I can’t foresee it having a dramatic effect.”
So if you’re thinking of moving, don’t let the headlines put you off! Talk to the local experts at Fastmove – an initiative for faster and smoother home moves involving 25 law firms, eighteen estate agents and many more local companies in the Plymouth travel to work area.
Further information can be found by visiting the new website at www.fastmove.info where there are helpful moving hints and links to all members. ...read more
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