News Round-Up For Property Sellers

News Round-Up For Property Sellers

When selling your home, it's important to know what's going on in the property market. Whether it's the latest house price report or what buyers are increasingly looking for, immersing yourself in all things property could indirectly speed up your sale or help you to secure a better sale price.

With all this in mind, we've put together a round-up of all the biggest headlines recently affecting the UK's property sellers. This means you don't have to spend hours scouring the web, sifting out what's relevant and what isn't, as it's all in one place. Here it goes…

Triple threat of reports points to summer market bounce

After last year's wall to wall growth, 2015 hasn't been quite as straight forward. You may have read it time and again, but the prospect of a general election did have a significant effect on the property market.

Now, though, with the confidence a majority government brings, we are starting to see signs of a full-blown summer bounce. Over the past week, three separate reports have highlighted this resurgence.

Firstly, mortgage consultancy Equifax Touchstone, which provides data which covers 92 per cent of the market, reported that mortgage borrowing increased across the board in May when compared to April.

Residential owner-occupier borrowing increased by 2 per cent to £11.1 billion and buy-to-let borrowing increased by 7.8 per cent to £3.4 billion. This is a combined 3.3 per cent increase in mortgage sales volumes month-on-month.

Then, the surveying division of Connells reported that June saw a whopping 42 per cent increase in property valuations when compared to May, this also represents a 23 per cent rise on June 2014's figures.

And finally, the Halifax published its latest House Price Index, which calculated that house prices jumped 1.7 per cent in June and 3.3 per cent over the past three months.

These are very positive signs and hopefully there will be more like this to come as we move into August.

Fracking could cut house prices but boost rental sector

The government recently released an official report on the controversial topic of shale gas extraction – otherwise known as fracking.

The report says that in areas close to fracking sites – were it to go ahead – house prices could fall by as much as 7 per cent as increased pollution and noise will make it harder to sell property.

On the other hand, the report speculates that fracking could boost an area's rental market as it would encourage an influx in workers looking for short and medium-term accommodation.

Have we become a nation of 'lounge lovers'?

Well, according to a report from Sainsbury's, we have. The received wisdom is that the kitchen is our favourite part of the home, but the supermarket's research found that 56% of people it surveyed said the living room was in fact their favourite room, while 54% also said it was where they spend the most of their time.

Now, although this is only a survey and a relatively small representation of the population, it highlights the importance of not just focusing your efforts on the kitchen when trying to impress prospective buyers.

Location remains the key for Britain's buyers

A report recently released by Clydesdale and Yorkshire Banks found that for 59 per cent of property buyers living in the right area remains the top priority. Now this may sound pretty obvious, but it is always good to have the things buyers are most interested in fresh in your mind and tailor your viewings and marketing accordingly.

So if buyers are still keen on location, make sure you extol the virtues of your property's surrounding areas and the benefits of moving to your location for a buyer.

Millennials determined to get on the property ladder

We often hear that first-time buyers are having a hard time of it in current conditions. However, NatWest's most recent annual survey of millenials – the demographic of the population reaching adulthood around the year 2000 – found that the majority are determined and convinced that it won't be long before they are taking their first steps on the property ladder.

The survey found that 35% of 26-30 year-olds and 33% of 30-34 year-olds said they think they will be able to afford a deposit in the next five years.

This is good news if you're already selling or thinking or about selling your home as this pool of potential buyers is vast and is most certainly Britain's next generation of property purchasers.

That's it for now, we'll be back later in the month with another round-up of news for property sellers.

If you're thinking about selling your home, our knowledgeable and personable team at Tepilo are on hand to help 24/7, you can get in touch with us on: 0844 3878377.

What's more, our instant online valuation tool can give you a good idea of how much your home could be worth in the current resurgent market.