News round-up: The latest property selling headlines are in…

News round-up: The latest property selling headlines are in…

Selling your home and the subsequent moving process can be complicated – particularly if you're relocating for the first time...

You'll need all the advice and knowledge you can get your hands on – and the latest news and the guidance of a good estate agent are two of the best resources you'll find.

That's why each month we provide a round-up of some of the latest news stories which could affect property sellers on their journey to relocation.

Here's what's been happening in the world of sellers, buyers and homes since the turn of the year...

 

Supply of homes has halved in last decade

We often hear about the UK's housing crisis and how demand continues to outweigh supply when it comes to homes and the latest set of figures from the National Association of Estate Agents (NAEA) really do back up this theory.

The NAEA's most recent survey of its members found that the average number of properties for sale per estate agency branch fell to 37 in December – almost half of the 72 recorded during the same month in 2005.

Looking just a year back and supply still seems to be struggling – as in December 2014 there were 45 homes available with the average estate agency branch.

On the demand side, in December 2014, there were 360 potential buyers registered at the average agency branch, this is up from 302 in December 2005.

These figures are some of the clearest yet to demonstrate the benefits of selling in the current market – there are lots of buyers and not many homes which increases the chances of achieving a higher sale price and a quick selling time.

 

Average deposit rises as borrowers pay more

The average property buyer is paying a deposit of £81,721, according to figures from Mortgage Advice Bureau (MAB), which says this represents a 15% rise in the past year.

It also calculates that the average purchase price for a property is now £252,990 – some 9% higher than a year ago.

This means the average buyer's loan-to-value (LTV) fell to 68.2% in December, over 1% lower than the previous year.

MAB reports that this is the lowest average LTV recorded since June 2010, so maybe mortgage borrowers have been able to save more recently?

 

We're more trusted than politicians, but still some way to go…

We recently found out the results of the 33rd annual Veracity Index from Ipsos MORI which ranks professions based on how trustworthy they are deemed by the public.

Unfortunately, it's fair to say that estate agents don't always have the best reputation among the public. The results of the poll partially represent this sentiment with just politicians and bankers coming below estate agents. 

A quarter of those polled said they trust estate agents to tell the truth, compared with 16% for politicians and a healthy 42% for builders.

Thanks to a minority there's still some way to go for agents to improve their reputation, which makes choosing a great estate agency – which is part of a redress scheme – even more important when selling your home.  

 

Conveyancing guidance launched for public

Conveyancing turns out to be the bane of the moving process for many buyers and sellers.

In fact, the Legal Ombudsman reports that conveyancing – the legal transfer of a property from one party to another – accounts for 23% of the 7,500 complaints it receives each year.

Therefore, the Ombudsman has decided to publish new guidance on the conveyancing process which is meant for first-time buyers but will be helpful for anyone with concerns about the part of moving home.

The Ombudsman says that most of the conveyancing complaints it receives centre on poor advice, delays or poor information about costs.

The guidance can be viewed in full here.

 

Sellers taking advantage of stock shortage with high asking prices

We've already heard about the nation's shortage of homes for sale but, according to home.co.uk, many of the UK's property sellers are already well aware and using it to their advantage.

The property website recently reported that sellers are pushing up their asking prices, knowing that there is a strong selection of buyers after a limited supply of property.

Home says, for example, that in December the average asking price in Greater London increased by around £15,000.

The site calculates the current typical time on the market as 117 days, 9 days fewer than in January 2015.

Plenty of sellers seem to be reaping the rewards of the buoyant property market and now could be your turn to do the same.