The Latest News Affecting the Property Market

The Latest News Affecting the Property Market

The latest news affecting sellers

As summer comes to a close and buyers and sellers ramp up their property marketing activity in the run up to, er, Christmas, it's key to keep your finger on the pulse when it comes to housing headlines.

 

Don't worry, though, there's no need to go scouring the web for hours on end. Here at Tepilo we've rounded up the biggest and most important stories for prospective property sellers, so you don't have to...

Sellers boosted as housing demand remains at 11-year high

After what was reported as a record high in June, the National Association of Estate Agents (NAEA) recently claimed that housing demand in July increased even further.

In July, the number of house-hunters registered with the average NAEA member branch jumped from 439 to 463.

This is the highest level of demand recorded since August 2004. The figure then was 582, which shows we're still some way off the peaks recorded just over a decade ago.

Unfortunately for first-time buyers, sales to this demographic fell in July to just 23% of all sales.

The other key statistic from the NAEA's latest report is that housing supply increased by 25% in July, when compared to June.

The number of available properties per average estate agency branch reached 55, the highest since September 2013.

This shows that competition between sellers is on the rise as we move into Autumn which means making your property stand out from the crowd is more important than ever.

 

Labour leader hopeful says buy to leave should be banned

Jeremy Corbyn, MP for Islington and shock Labour leadership front-runner, has suggested that were he to win this month's leadership election, he would consider a ban on the purchase of homes by non-UK based entities or by companies and offshore trusts.

He says that overseas buyers and companies purchasing homes and leaving them empty to appreciate in value would 'by no means solve our housing crisis'.

In the housing section of his manifesto Corbyn says he could give local authorities powers to levy higher council tax rates or there could be a new tax on empty homes.

Referencing the capital, Corbyn commented: “Many other cities around the world have taken steps to ensure homes go to people who live and work in the city rather than to people who see the homes as assets for financial speculation. Highly populated cities like Hong Kong and Singapore have taken steps to discourage overseas buyers.”

 

Small dip in house price growth but market remains steady

The latest data released by government source the Land Registry shows that prices in England and Wales rose 4.6% in the year to the end of July – which represents a small dip from an annual rate of 5.4% recorded just a month earlier.

This means the average property in England and Wales is now £188,861, after a 1.7% increase during July.

Looking over the past year, the East of England has experienced the highest rises with prices increasing by 8.9% between July 2014 and July 2015.

Meanwhile, the lowest annual price increase was recorded in the North East at just 0.4%.

There was one monthly price decrease recorded in July in Wales at 0.3%.

For those interested in the prime property market, the number of properties sold in England and Wales for over £1m decreased by 21% to 878 from 1,113 a year earlier.

These figures are good news for sellers, as more buyers may be encouraged to enter the market now that price growth is no longer outpacing their budgets.

 

'Wee' know how to get property photography right

Unfortunately for some property sellers, bad property marketing photos slip through the net with other agents…

A photograph of the view from an Edinburgh flat which recently appeared on an estate agent's site as well as on Rightmove, and subsequently received lots of attention from the press and on social media, clearly showed a man in the distance urinating against a wall.

Now there's a reminder to make sure you check your photographs before pressing the submit button! We're sure everyone involved in the incident is 'relieved' that it's now over.

That's all for now, we will be back soon with another round-up.

 

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 now that we move into the prime Autumn selling period, our instant online valuation tool can give you an idea of how much it could be worth.