Latest Headlines: What Do Property Sellers Need To Know?

Latest Headlines: What Do Property Sellers Need To Know?

The property market is fast-moving and always changing, and when you're selling your home its important to know what's going on.

Scouring the news for the latest property headlines can be time consuming. That's why every month we round up the biggest stories that property sellers need to know about...

Some buyers make their decision in 30 seconds

An estate agency recently carried out a small survey of around 250 people which determined that 47% of buyers take between one and five minutes to form an impression of a property during a viewing, while others take less than 30 seconds.

While only a small dataset, this study shows the importance of first impressions for property buyers. If, as the seller, you get it right, your chance of getting an offer after a viewing could be dramatically improved.

The survey also revealed that some of the old house selling clichés still have their uses. Cleanliness, smell and fresh flowers are all crucial in forming a good impression, the buyers said.

Meanwhile, the most popular and effective gesture for the buyers surveyed was a ‘welcome in’, such as the presence of fresh flowers, followed by the smell of baked bread.

One thing to avoid, according to the study, is artificial aromas, which many felt could imply that sellers were trying to hide something sinister.

Rightmove goes from strength to strength

As well as some pretty impressive financial figures, Rightmove's half year trading statement showed us that if you're selling a property, it needs to be listed on Rightmove.

Rightmove's traffic has increased at a steady pace and the site now records 110 million visits every month, as well as 1.5 billion page views per month.

Interestingly, the site also says that 60% of its traffic now comes from mobile devices. This makes it even more important that your images and descriptions are suitable for and appealing to a mobile audience.

Commenting on Rightmove's success, its chief exec Nick McKittrick said: “Our share of traffic amongst the top four property websites has increased significantly as people search and research the only place with over one million properties for sale and to rent in the UK.”

Average house prices finally above pre-recession peak

Official data from the Land Registry for June shows that the average property price in England and Wales has finally over taken the pre-recession peak recorded in 2007.

Before the financial crisis, the Land Registry recorded the highest average price of £180,983 in November 2007. In June, thanks to annual price growth of 5.4%, the average price reached £181,619.

This figure represents a monthly rise of 1.1%, with London recording the best annual growth figure of 9.2%. The smallest annual rise so far this year has been recorded in Yorkshire and The Humber at 1.4% as average prices fell by 0.9% between May and June.

When it comes to transaction numbers, the Land Registry's most up-to-date information is from April. The number of completed house sales fell by 19% to 57,180 in April this year when compared with the same month in 2014.

The widely reported reason for this was uncertainty from both buyers and sellers in the run-up to the general election in May. Since then, though, there have been a number of reports which indicate that the summer market has bounced back, as we reported last month.

Buyer demand for homes at eleven year high

As well as an increase in average prices, there is also an increase in the number of prospective buyers, another boost for the nation's sellers.

The National Association of Estate Agents, known as the NAEA, reported that in June there were an average of 439 house hunters registered per estate agency branch. This is the highest figure recorded for eleven years and represents a 15% increase on the previous month when the average was just 383.

The Association also declared that housing stock continued to fall; from 46 properties available per branch in May to 44 in June.

Increased demand and depleted stock levels represent a boost for property sellers as there are more buyers to compete over fewer homes on the market.

However, many commentators are concerned with the lack of homes coming to market and have repeatedly called for more homes to be built in order to stave off a full-blown housing shortage.

Owner-occupation could fall to 60% by 2025

The renting phenomenon is not going anywhere, according to a report released by huge business firm PricewaterhouseCoopers (PwC).

The study estimates that the UK's current level of owner occupancy (68%) will plummet to around 60% in the next decade as one in four homes will be privately rented.

PwC's senior economist Richard Snook says that the long rise in the owner occupation rate since World War II has now 'gone into reverse'.

All that said, the study predicts that there will be a record number of people who own their home outright by 2025.

At the moment there are around 8.4 million homes owned outright with no mortgage debt and in 10 years PwC says this will be closer to 10.6 million, equivalent to around 35% of all homes.

That's all for now, we will be publishing another news round up for property sellers towards the end of August.

If you require further advice about selling your home, Tepilo's friendly and experienced team are available to help you 24/7. You can contact us on: 0844 3878377 or 01702 870878.

And, if you're thinking about putting your home on the market, our instant online valuation tool can give you an idea of how much it could be worth.