Property sellers – Here's what you need to know this month

Property sellers – Here's what you need to know this month

When selling your home you need to be as prepared and well equipped as possible. Keeping up with the latest property news can help you gain the edge you need to succeed in an extremely competitive market.

That said, trawling industry news sites and newspaper property supplements is time consuming and many sellers may not have the hours or inclination keep up to date.

That's why every month we condense the biggest stories to make sure that if your home is on the market or you're thinking about selling, you’re as informed as possible.

Here's our latest round-up…

Sellers boosted as stock drought continues

You may have heard that there is a shortage of property coming to market at the moment. Well, according to the latest figures from the National Association of Estate Agents (NAEA), housing supply is at an eleven-year low.

The number of available properties per estate agency branch dropped by a third between July and August from 55 to 38. This is the lowest level of supply recorded by the NAEA since January 2004, when the average was also 38.

If you're thinking about selling, then, these figures reinforce the notion that now is the right time to get your property on the market. With fewer properties available every month, the nation's property buyers are on the lookout for anything new. What's more, increased competition among purchasers means you could achieve a higher sale price for your home.

Redress scheme updates codes of practice

The Property Ombudsman Scheme (TPO), the largest redress scheme in the UK and the scheme which Tepilo is a member of, has recently announced that it has revised its codes of practice to include new legislation and regulations that have come into play over the past year.

Redress allows consumers – property buyers, sellers, tenants and landlords – to access a complaints procedure in the event that they are unsatisfied with the service provided by their agent. Organisations like The Property Ombudsman Scheme have been formed to provide an independent and fair service for consumers.

The news that TPO has updated its guidelines and codes of practice is extremely positive – especially for landlords as there have been several high profile law changes affecting the rental sector in recent times.

Pensioner sellers could benefit from huge property price growth

A report recently released by Key Retirement shows that homeowners aged 65 and over have experienced property wealth growth of over £17 billion in the past three months.  

In the half decade since the firm began monitoring the property price appreciation for the over-65s, total pensioner property wealth has increased by 14% or £111 billion, equating to £23,700 for the average homeowner.

So for anyone over 65 who is thinking of downsizing or selling their home it looks like there are some serious gains to be made.

 

Mortgage lending and approvals on the up

We've seen that property supply is dwindling but some figures recently published by the Bank of England show that demand from buyers remains high, and that the mortgage market particularly is in rude health.

The Bank of England claims that mortgage lending increased in August by the largest proportion in seven years.  

In August mortgage approvals for house purchases hit 71,030, up from 69,010 the month before.

That's it for now, we'll be back again soon with another news round-up.

If you're thinking about selling your property our instant online valuation tool can give you a good idea of how much it could be worth.

For further advice on buying or selling property, you can get in touch with Tepilo on 0844 3878377 or 01702 870878.