The speed of properties selling is partly down to the scarcity of properties coming to market, a local and national trend. Buyers can only purchase what is available, and as recent reports from industry bodies such as RICS suggest, homes for sale in many areas of the country are approaching record low numbers. The past six months has seen us registering significantly more buyers at all price points than sellers, this results in shorter selling times and also a nervousness about actually putting your own home on the market.

Record low mortgage deals make the market attractive for buyers at all sectors, lower deposit percentages for first time buyers is also a market stimulant. Our in-branch mortgage advisors have mortgage rates fixed for the first two years at close to 1%, rates not seen before.

If you’re on the fence about moving now’s the time to take advantage of our free market appraisal which informs you on price, marketability, speed of move and how to dress for sale, combined with a bespoke house search for your new home. Talk to one of our branches, they’d love to help.

Rob Farnham Director Venmores

Despite the concerns of many in the run-up to the vote on whether the UK should leave the European Union, the property market remained steady and prices continued to increase following the Brexit decision.

Over the 12 months since the decision to leave the EU, recent research has found that the average price of a home in the UK has risen from &212,950 to &220,094, meaning a 3.35% increase in value.

There were predictions from some that Britain leaving the European Union could have disastrous effects on UK property values. There were even claims that prices could fall by 18%, which came from former Chancellor of the Exchequer, George Osbourne, forecasts that seem quite drastic a year later.

By region, it was the East Midlands that saw the largest growth with a 3.84% increase in value over the last year, closely followed by the West Midlands at 3.62%. The East of England (3.46%), the North West (2.92%), and Yorkshire and the Humber (2.92%) all made the top 5 of the highest growth by region.

Looking deeper into the some of the statistics, it was revealed that regions in which the majority voted ‘leave’ saw a larger increase in value than those who voted ‘remain’, with ‘leave’ voters seeing a rise in value of 2.27% (taking the average value to &195,957) over the past 12 months, while ‘remain’ voters only saw an increase 1.36% (taking the average value to &250,840) in the same period.

It was no surprise to us when it was reported numerous times over the last year that first time buyers were relying heavily on their parents to take that first step onto the ladder, but now there are reports that even those buying their second home are using the Bank of Mum and Dad to get them across the line.

According to a new report from Lloyds Bank, 32% of them need financial support from relatives to take their second step onto the property ladder. These buyers were either gifted or borrowed, on average, &21,131.

It was also found that roughly half of the second steppers had previously been given just over &20,000 on average from relatives to get them across the line when buying their first home, with 41% of these buyers overpaying on their mortgage to increase their equity.

The research from Lloyds Bank determined that there was a &126,000 price gap between the average home for a first time buyer and the ideal home for a second time buyer. On average, second steppers will only have &105,068 equity in their first home, leaving a gap of just over &20,000.

The response from participants showed that just over a third (35%) of potential buyers can’t afford to move and almost a quarter of them (23%) decided to delay having a family until they own their own home. It was also revealed that 13% of respondents had changed their careers in order to help with buying a second home.

Mortgage Director at Lloyds Bank, Andy Mason, spoke on the statistics from the report, he said “Parental support continues to play a vital role in helping young people to get on the property ladder. However, It is clear that despite improved conditions for this part of the housing market, second steppers will still rely on the Bank of Mum and Dad, with hard-pressed parents being once again called on for financial help.

“Without this extra financial support, second steppers believe that they wouldn’t be able to make the next move on the property ladder for some time.”