News
23-03-09
What is happening to Plymouth’s housing market?
According to the Land Registry, a typical Plymouth house lost £21,250 last year with the price of the average house in the city falling to £127,760, down 14.3 per cent from a peak of £149,010 in 2007.
Across the country prices still appear to be falling slightly - average house prices declined by 2.3% in February 2009 according to figures released by the Halifax - although this followed a 2.0% increase in the previous month.
But if you are looking to sell and buy another home within the same market, does the price actually matter?
Lower house prices are good news for first-time buyers as that first step on the ladder gets easier to reach. And housing is becoming more affordable - the house price to earnings ratio, a key measure of housing affordability, has recently fallen to its lowest level for six years.
Admittedly, this is not a great market for ‘down-sizers’, but those buyers and sellers choosing to ‘up-size’ face a smaller differential in price and therefore a smaller mortgage.
Added to this, our lowest ever level of interest rates is helping to generate activity in the housing market with some Plymouth estate agents reportedly experiencing their best sales and viewings rates for over a year.
Estate agents are not the only businesses affected by the housing market. Local solicitors have seen dramatic changes in the market for conveyancing – that is, the legal services required for your house sale and purchase.
Mike Goldsmith, Company Secretary of Fastmove, a consortium of 30 Plymouth solicitors and 56 across Devon and Cornwall, says: “Times are tough, no doubt about it, but our members remain committed to keep Plymouth moving.
With around 28% of house sales falling through between negotiation of sale and completion, a home mover’s choice of solicitor has never been more important. Fastmove members are all local and independent, meaning callers won’t be put through to a call centre.
Mike says: “Our solicitors work with clients to reduce the stress and anxiety often associated with moving home. You won’t be connected to a remote call centre when you phone us – our network of local offices means you can phone, e-mail or drop in to see us in person. We’re all based in Devon and Cornwall, so our local knowledge helps to ensure a fast, smooth problem-free house move.
Our Fastmove promise underlines our commitment to quality and customer service provided by experienced and trained staff.
THE FASTMOVE PROMISE
The Fastmove Promise is your guarantee of a high quality service:
1. We help make your home move quicker* and easier.
2. We are independent, and offer competitively priced solutions.
3. We are local to Devon and Cornwall, so our local knowledge helps to achieve a fast, smooth, problem-free house move for you.
4. We are committed to quality and customer service provided by experienced and trained staff.
5. We don’t use call centres – our network of local offices means you can phone, e-mail or drop in to see us in person.
* If the finance is in place Fastmove firms can demonstrate average savings of 60 days between the time of offer and exchange.
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
01-04-10
Would you use a supermarket to sell your home?
01-03-10
Property matters - Motives for moving
01-02-10
Property matters: Moving home? Let Fastmove help!
01-03-10
Property matters: Motives for moving
01-12-09
No Need to Worry about Changes Ahead!
21-10-09
Moving Home? How to Avoid a Horror Story!
28-09-09
Estate Agents Launch Buy Local Campaign
28-09-09
Moving Home? Make it Easy!
11-09-09
Choosing an Estate Agent to Sell Your Home
05-08-09
Good News For Home Movers
Mortgage approvals by high street banks have risen for the third consecutive month. ...read more
04-06-09
Fastmove Solicitors - Go Local!
20-05-09
Legal Advice? Go Local!
22-04-09
Plymouth Ahead of the Game!
03-04-09
New Home Selling Regulations
23-03-09
What is happening to Plymouth’s housing market?
02-05-09
Raising the Bar as Local Initiative Meets the Law Society
16-01-09
New Initiative to Help the Housing Market
20-10-08
Cornwall Solicitors Join Forces
23-04-08
Make Your House Move Fast Movers!
04-04-08
Jeremy Enjoys a Good Vintage!
13-02-08
