Welcome to our Autumn Newsletter...
Merseyside house prices are beginning to slowly increase which reflects the national trend documented in the August 2015 RICS Residential Market Survey, results locally and nationally highlight new buyer enquiries which are exceeding the available stock. All our offices have reported six consecutive months of increases in prospective new purchasers significant increases in viewings and sales. RICS report most parts of the UK continue to see rising demand, led by significant improvements in the West Midlands, the North West and Wales.
For the first time since 2007 it’s a good time to be a home seller, the only area not showing signs of significant recovery is above £1 million where supply exceeds demand. Our Financial Services team report that The Mortgage Market Review (MMR) had an impact on tightening the criteria for large mortgage loans although we are beginning to see the shackles being released as the reform was just too stringent.
Within the City Centre student driven summer market we had over 1500 applicants registering within a six week period, almost double last years numbers, overseas students make up a significant proportion of the applicants with UK based students making their decisions earlier. The city landscape is changing an abundance of new student blocks; the traditional student areas are suffering fueled both by City nightlife and the quality of new accommodation. Our dedicated students letting team have had a busy month.
The Auction market continues to flourish supported by an increasing volume of new Buy To Let Mortgages supporting the first time and professional landlord. The product choice is very broad now for mortgages with over 12,000 products available in comparison with 3,300 in 2010. It really is worthwhile speaking to one of our Financial Services experts to guide you through a complex market.
In summary, 2015 has recovered nicely from the traditional pre-election lethargy and looks like it will be a stronger year than 2014.
I hope you enjoy the rest of our Newsletter and if you have any comments to make, please do send us an email and we'll ensure we get back to you.
Rob Farnham Chief Executive, The Venmore Group
What's happening in the market? Spotlight on CH48 and CH47 ...
In our local area, the total volume of properties sold in the first seven months of the year dropped by 22.5% The biggest drop is for CH49 which has seen sales drop from 257 to 147 properties for the seven month period.
There a number of reasons for the drop in sales primarily to do with stock availability in these postcodes with the number of properties coming market significantly lower than in 2014. In August 2014, Rightmove advertised 727 properties for sale and in August 2015 that figure had dropped to 616. Since the beginning of August all of our offices are reporting stronger instruction numbers so the signs are that instructions are getting back to normal levels.
August normally has a summer lull. However this year there was a significant increase people registering who want to buy a property meaning viewings dramatically increasing and as a result the number of sales being agreed much higher than this time last year. The market going forward is looking positive with more competitive mortgage products being launched supported by an average saving of around &2,485 per transaction since the stamp duty reform in December 2014.
Whilst the general market is looking healthy, the top end of the local market is still tough . Stamp duty reforms have helped up to around &925,000 but above this figure the stamp duty reform has had the reverse effect. For example stamp duty on a &2,000,000 home was &100,000, and now that would cost you &153,750. From Land Registery data only two properties have sold in excess of this figure on Merseyside during 2015 and both sold by our business.. The Mortgage Market Review (MMR) last year also had an impact on tightening the criteria for large mortgage loans although we are beginning to see the shackles being released as the reform was just too stringent.
BFL started trading when local West Kirby, Hoylake and Greasby rugby lads, Nick Bradshaw, Rob Farnham & Paul Lea opened for business in Hoylake and West Kirby back in 2003. As well as being at the very heart of selling property locally, BFL is the largest Estate Agency and property services groups in the North – West employing over 150 local people. We sell and rent more properties than any other Agent in the area and we are the only Agent that can offer a full range of other property related services such as Auction, Commercial, Survey, Mortgage, Conveyance and the arrangement of removals.
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