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It appears that the continuing rise in house prices and numerous reports on affordability have not deterred first-time buyers from entering the market.
According to new research from Connells, 49% of all property purchase valuations carried out in July were made on behalf of first-time buyers, a figure which has risen 6% on the five-year average.
The latest Survey and Valuation report from Connells detailed a considerable rise in transactions from first-time buyers as it showed 36,000 loans taken out in the month of June, this is the highest number seen from the demographic in 11 years with a huge 22% month-on-month rise and 6% year-on-year.
Corporate Services Director, John Bagshaw, commented on the findings of the report, stating that “Demand from first-time buyers is supporting the housing market at the moment. People are eager to get on the property ladder, with record high employment and competitive mortgage rates. But this doesn’t mean it’s an easy task to get a foothold in the market. Economic conditions are still tough”
Bagshaw suggests that while many first time buyers are eager to get on the housing ladder, the market can still be tough and feels they should receive further assistance; “With the value of a typical property rising £10,000 in a year, first-time buyers still need help. Perhaps they could be given an exemption from stamp duty”
This recent report also shows that there has been a small drop in new landlords entering the market, and suggests that “Government policies, including the stamp-duty surcharge and reduction in buy-to-let mortgage relief” have most likely made potential new property investors slightly hesitant to get involved in the buy to let market.
“People are still investing in the buy to let sector, but they’re typically existing landlords looking to expand their portfolio and increase profits to offset increasing tax bills. But the stamp duty surcharge, combined with the reduction in buy to let mortgage tax relief is potentially dissuading new small scale, amateur landlords from entering the market,” Bagshaw added.
The property market has also seen a rise in remortgaging to 36%, 10% higher than the five-year average as consumers are securing more long-term fixed rate deals as they take advantage of the competition amongst lenders when refinancing their home.
Propertymark, the go-to consumer organisation which helps people buy, sell, rent and let their homes, today launches its first national television advertisement to highlight the importance of using an agent who is ‘Propertymark Protected’.
The advert will appear across popular channels such as More 4, Home, Good Food, Eden, Discovery, Sky Sports News and Sky Living reaching approximately 30million adult viewers.
We are proud to be a member of Propertymark, which unites the know-how and experience of the five leading membership organisations1 for services in lettings, sales and auctions. The organisation creates a single voice which promotes professionalism and integrity among those working in the property industry. By holding its members accountable and by empowering consumers with knowledge and advice, Propertymark protects consumers and their money during their property transactions.
Val Shakespeare from Royston and Lund comments: “By displaying the Propertymark logo in our agency window we’re letting consumers know they’re in safe hands and their money is protected. The launch of the television advert will help to raise further awareness of the work Propertymark is doing to support consumers and we hope as a result, people will proactively look for the ‘Propertymark Protected’ logo when choosing an agent in the future.”
David Cox, ARLA Propertymark Chief Executive, and Mark Hayward, NAEA Propertymark Chief Executive, said: “At present, consumers don’t know where to go for property advice or can’t be sure if they are dealing with a professional. Propertymark is changing this by acting as a stamp of approval for consumers when they seek property expertise. With the help of our members, some of whom participated in the filming of the advert, we’re encouraging consumers to look for the ‘Propertymark Protected’ logo. This means they’re dealing with a professional who has opted for regulation in an unregulated sector and will ensure their money is protected.”
It appears that house hunters in the UK are prepared to pay considerably more for a house with a beautiful view located in a major town or city.
According to new research from HouseSimple, buyers are willing to pay an additional 30% for a nice view, which on average, adds approximately £78,400 to the price tag of the home.
The research found that in large urban areas where public green spaces are quite scarce, such as Sheffield, Liverpool, Cardiff, Glasgow and Middlesbrough, a great view can almost double the price of the home.
Properties that featured a view of Sheffield’s popular Endcliffe Park, were valued at a massive 121% higher than the city average. Similar statistics were seen in Liverpool, as homes with a view of Sefton Park saw property prices that were 112% higher than the city average.
Also, as expected, greenery in the country’s capital fetches a high price, with properties with a view of Hyde Park selling for 97% higher than the London average.
Although there were some areas throughout the UK in which being close to a major park had little to no effect on the price of the home, it’s clear that for most buyers, it seems to be near the top of their wish list.
These stats come as no surprise as only last month it was reported just how essential a bit of greenery is for home buyers, with almost half of them stating that they wouldn’t even consider a home that didn’t feature a garden.
CEO at HouseSimple, Alex Gosling said “In large urban areas where many properties don’t have a garden or access to a communal garden, living near public parks or green spaces is often one of the top wishes amongst buyers
“That high demand inevitably impacts on the price people will pay, but many buyers may not realise just how much of a premium they could be paying. That doesn’t mean there aren’t good value properties around some of the UK’s urban green spaces, but for real value, it’s probably worth looking at roads that are a short walk away”.
Some examples of available properties with views:
Trent Basin, Nottingham £395,000 - http://www.royston-lund.co.uk/property-for-sale/nottingham-portside-street-nottingham/ng2-4ds/1005078
Princeton House, West Bridgford £119,950 - http://www.royston-lund.co.uk/property-for-sale/nottingham-princeton-house-west-bridgford/ng2-7rf/1900778
Riverbank House, The Embankment £249,950 - http://www.royston-lund.co.uk/property-for-sale/nottingham-victoria-embankment-victoria-embankment/ng2-2jy/1680127
Boundary Road, West Brigdford £825,000 - http://www.royston-lund.co.uk/property-for-sale/nottingham-boundary-road-west-bridgford/ng2-7by/1886173
Melton Road, Tollerton £375,000 - http://www.royston-lund.co.uk/property-for-sale/nottingham-melton-road-tollerton/ng12-4en/1832588
Gotham Road, Kingston on Soar £765,000 - http://www.royston-lund.co.uk/property-for-sale/nottingham-gotham-road-kingstononsoar/ng11-0df/1531495
Our residential lettings department in West Bridgford are currently recruiting for a motivated and enthusiastic Weekend Assistant.
Duties will include;
Meeting and greeting the general public, answering and assisting with our busy phones for both the lettings and property management sectors.
Arranging viewings and valuations on a computerised diary system and dealing with minor property repairs as well as general office tasks.
Applicants must have first class communication skills and an excellent confident telephone manner. Computer knowledge of Windows is required.
Working hours:- Saturdays 8.45am – 4.00pm & Sundays 9.50am – 12.00pm
Please email your CV for consideration, with a covering letter to Stephanie Caine
We had a great response from our recent colouring competition with some lovely feedback from all who took part! Congratulations to Louis Wass aged 6 and Seb Riggott aged 7 who both won two passes each for Astroworld.
According to a recent study, the UK property market has seen a sharp increase in demand over recent months.
New data from the National Association of Estate Agents (NAEA) suggests that the gap between supply and demand continues to grow as the supply of properties took a slight fall between the May and June of this year.
The study from the NAEA found that on average the number of sales agreed per branch rose from 10 in May to 11 in June.
In addition to this, the number of first time buyers also saw growth in the month of June as 30% of sales completed were buyers who were jumping onto the property ladder for the first time, the highest number of first time buyers that we’ve seen all year.
Demand for homes is also on the rise as the NAEA reported a 10% increase in the number of registered buyers per branch in the same month, rising from 350 to 384 potential buyers per branch throughout the UK. This is also a 16% increase in the number of buyers per branch in the same month in 2016 showing a consistent rise over the past year.
While demand continues to climb, supply has gone slightly in the other direction, with the average number of properties per branch falling from 40 to 37.
Chief Executive at the NAEA, Mark Hayward, offered his comments on the findings stating, “In May we saw a period of political uncertainty, with new buyers stalling their house search until after the election. In June however, it seems the market has bounced back, with the number of house hunters rising.
“Although we have seen a decrease in the number of houses available per branch, we have seen a rise in the number of sales which is typical of this time of year as buyers and sellers push through their property transactions ahead of the quieter summer months.”
Our Residential sales department in West Bridgford are currently recruiting for a highly motivated and enthusiastic full time Sales Negotiator. Experience is preferred although not essential.
You will be working within a team of negotiators and the role will include registering new applicants, booking property viewings and negotiating offers between applicants and vendors as well as dealing with sales progression. Daily duties will also include meeting with and welcoming clients, managing and dealing with to telephone, website and email leads and using internal software. Therefore being able to provide excellent customer service at all times is essential.
If you are organised with excellent communication skills and have a passion for the residential property industry, this opportunity could be for you!
Hours of work: 8.30am –5.30pm weekdays, and 9am-4pm every 3rd Saturday on rota
In order to apply for this position, please e-mail your cv with covering letter to email@example.com or contact Val Shakespeare for more information on 0115 9811888.