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Here you will find a range of articles, blogs and property market report that you may find of interest. Please click the buttons below to read more and feel free to share to your preferred social media channel.

Understanding the Property Market: £/sq.ft Trends in the UK, South West, and Melksham

The property market in the UK is a complex and multifaceted entity, characterised by a myriad of factors that influence property prices and values. One of the critical metrics often underutilised to gauge the value of property is the price per square foot (£/sq.ft). This figure provides a standardised measure, enabling comparisons across different regions and localities. In this article, we will delve into the £/sq.ft figures for the UK as a whole, the South West region (and how that…

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June 2024 – Property Market Comment with Richard

Welcome to the June 2024 Property Market Comment. And if you are wondering if news of next month’s election has had much influence over the UK housing market, the answers is no. We Brits appear to quite blasé about these things if a pandemic and talk of various wars can’t hold us back, then why should an election? In the past of course, the political parties had substantially different policies, so the outcome of the election had a huge bearing…

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Why Hasn’t the Melksham Property Market Crashed?

The UK property market has demonstrated remarkable resilience despite facing significant challenges over the past 18 months. Many analysts in the autumn of 2022 predicted a severe downturn in house prices, driven by economic uncertainty, a cost-of-living crisis, and rising mortgage rates. Yet, contrary to these grim forecasts, UK (and Melksham) house prices have remained relatively stable. This article delves into the reasons behind the unexpected stability of the property market, providing insights for buy-to-let landlords and homeowners alike. Economic…

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A Melksham Landlord’s Perspective on Recent Trends

Over the past few years, the UK rental market has experienced significant fluctuations, with rents increasing dramatically during the Covid-19 pandemic. Between 2020 and 2022, demand far exceeded supply, driving rents to unprecedented levels. In the South West for example, the average rent has risen from £913 per calendar month (PCM) to £1,339pcm YTD in 2024. However, the last 12 months have seen a slight increase in the number of properties available for rent, both nationally and regionally, leading to…

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How Does the General Election Affect Melksham House Prices?

The recent announcement by the British Prime Minister regarding the next general election set to take place in early July 2024 has inevitably stirred discussions about its potential impact on the Melksham property market. Historically, general elections are periods of heightened uncertainty, often leading to speculation about their effects on house prices and transaction levels. However, examining past trends reveals a relatively stable market, with only minor fluctuations in transaction volumes. House Prices To Remain Steady Data from previous election…

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Making Sense of the Melksham Property Market’s £309 per Square Foot Value

Melksham, a vibrant town with a diverse property market, offers countless opportunities for homeowners seeking their next home. However, navigating this landscape requires a strategic approach to avoid common pitfalls. If you're a current Melksham homeowner weighing up your options for a potential move, this guide will shed light on some key factors to consider. The Diverse Landscape of Melksham Properties Melksham boasts an array of properties varying in age, size, and style, which means there's something for everyone. Some…

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May 2024 – Property Market Comment with Richard

Here's Richard with an update on the property market as we head into the month of May. What we thought had been a typical spring market last month is now tinged with some mixed messages. Historically the new listings that came on over Easter would generally be selling quite readily by now. We have in fact had a number of solid successes locally over the past few weeks and we’re proud of our sales figures. However, if we are to…

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Is it a Melksham Buyers’ or Sellers’ Property Market?

Navigating the property market in Melksham? Understanding the current market dynamics is essential whether you're looking to buy a dream home or sell a cherished property. Recent data reveals a fascinating surge in property transactions across the UK, with Melksham included in all this bustling activity. As of April 2024, property sales and listings have increased significantly, indicating a robust market. Yet, what does this mean for you? Is Melksham a buyers’ market, favouring those looking to purchase, or a…

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Miss the 12th of June 2024 Deadline and You Might Miss Christmas in Your New Home.

As May comes into view, with the anticipation of the warm summer months ahead of us, with sun-drenched hot beaches and cold ice cream, the thoughts and contemplations of Christmas seem a million miles away. Yet many people who wish to move would like to be in for Christmas. If that is you, listen up, as you might be surprised by what I tell you. Melksham home buyers and sellers dreaming of celebrating Christmas 2024 in a new home, the…

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Melksham Property Owners Reap £7,051 Yearly Gains Since 2001

As we are now nicely into 2024, it's certain the Melksham housing market over the last 18 months has been a little more restrained than 2020, 2021 and early 2022, and I believe that the ‘steady as she goes’ outlook will continue into the rest of 2024 and beyond. As property ownership is a medium to long-term investment, it is important to see what has happened to Melksham house prices. Since the start of the Millennium (Jan 2001), the average…

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2-Bed or 3-Bed Melksham Homes: Which Sells the Fastest?

Understanding the nuances of property sales is essential for both homeowners and investors in the dynamic Melksham property market. A few weeks ago, I stated that of the Melksham properties that have sold subject to contract (stc) in the three months of Dec, Jan & Feb, it took an average of 72 days to sell. Now time has moved on, looking at the Jan, Feb and March Melksham house sales, this has slightly improved, so now … The average Melksham…

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April 2024 – Property Market Comment with Richard

Watch Richard's April 2024 Property Market Comment on our YouTube Channel Welcome to the April 2024 Property Market Comment. As expected, we now very much find ourselves in a typical spring market with strong activity from buyers and sellers alike. A surge of much - needed new listings came to market over Easter and, last month alone, the number of listings across the country was up 17% on its long - term average. This is very good news for those…

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What are Bungalows worth around the UK?

Bungalows continue to be a unique asset in the UK property market, offering the charm of single storey living. In 2023, they carved out a significant niche, with 81,823 out of the 915,705 properties sold in 2023 being bungalows. Despite their smaller size, the demand for these quaint single storey dwellings remains evident, reflected in their higher average pound per square foot value at £371, compared to £329 for the overall market. Bungalows represent a fascinating contrast: while they boast a…

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Does Next Door Really Matter?

When people put their property on the market, most people go to great lengths to ensure it is as saleable as possible. Fresh paint, a tidy garden, new carpets and a kitchen facelift all have their place, along with a host of other pre-sale improvements. These are, mostly, all good and worthwhile. However, when it comes to saleability, the most important element is “how does it compare to the property down the street that has just come onto the market?”…

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Melksham Q1 2024 Property Market Report

In the articles on the Melksham property market, we like to provide an insight into the real story of what is happening in our Melksham (and national) property market and address the misconceptions that some of the ‘doom monger’ media have been spreading. Despite almost daily reports of a housing market crash since September 2022, the data shows that the British (and Melksham) property market is doing OK. So, let’s dive into the stats and start with the life blood…

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Melksham’s £19 Billion Inheritance from Baby Boomers Won’t Save Gen X and Millennials

Many Melksham people I talk to in their late 30s to late 40s are relying on the inheritance from their Baby boomer generation parents to help them in their home buying and retirement future. It is true there is £2 trillion (£2,040,861,524,790 to be exact give or take a few pennies) tied up in equity in the property of everyone in the UK who is aged 65 years and older (to add context to that the NHS costs £181bn per…

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72 Days to Sell a Property in Melksham

Whether you are a Melksham landlord looking to liquidate your buy-to-let investment or a Melksham homeowner looking to sell your home, finding a buyer and then getting the legal work done can take a frustratingly long time. It is a step-by-step process that can take many months. One of the worst parts of house selling is not knowing how long you might be stuck at each step. Independent research shows that, in the last 12 months, every estate agent in…

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The Melksham Property Market Report for March 2024

As a practised estate agent based in Melksham, I like to monitor the Melksham property market, compare it to the UK property market, and then share it with Melksham homeowners and landlords. For February 2024, the UK property market has seen a continuation of the solid start in the first month of the year. Therefore, in this article, I want to see if that national trend mirrors or differs from the local market in Melksham. In the first nine weeks…

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March 2024 – Property Market Comment with Richard

Hot on the heels of a Spring Budget which reflects a cautious approach to economic recovery, with fewer tax cuts than many had expected. Although we are in an election year, we are still recovering from both Brexit and the pandemic, so perhaps this is not surprising, and the budget is likely to have minimal impact on the recovering property market. It is of course good news that the economy is expected to grow and inflation to fall. All of…

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How has the Spring Budget affected Melksham Homeowners and Landlords?

The Spring Budget 2024 this afternoon has introduced some changes that could significantly influence your Melksham property strategies and investment outcomes. Here’s a comprehensive mini update: Capital Gains Tax Cut: A major highlight is the reduction in the higher rate of property Capital Gains Tax from 28% to 24%. This tax is applicable when you profit from the sale of properties that aren't your main home, such as buy-to-let properties, business premises, or inherited properties. The expectation is that lower…

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The 5 Step Process to Decluttering Your Melksham Home to Sell

This is our five-step decluttering guide to greatly aid Melksham homeowners in both enhancing their living space and boosting their property's appeal to potential buyers. Here’s our structured plan that progresses from simple to more challenging tasks: Step 1: Start with Surface Clutter Begin by tackling the visible clutter on surfaces such as tables, kitchen worksurfaces, and shelves. This initial step creates immediate visual improvement and sets a positive momentum. Remove any items that don't serve a functional or aesthetic…

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Melksham’s Restless Homeowners

  There are 28.4m households in Britain, of which 17,693,200 are owned, worth a total of £5,127,807,837,600 (£5.1 trillion). When you add all the private rented homes and council houses, that figure reaches just over £8.5 trillion! Over the last six years, 76,669 UK properties have sold each month, meaning the average British homeowner moves every 16 years and 7 months. This data disproves a standard theory that British neighbourhoods are becoming more fleeting and transitory. On the face of…

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UK Property Market Soars Above 2023!

The 2024 UK property market has demonstrated remarkable resilience and growth, outpacing the sales figures achieved in the first two months of 2023, compared to the same two months in 2024. It's an interesting time for British homeowners and prospective sellers as we observe an upward trajectory across the board. Leading the surge, London boasts a staggering 19% increase, making it the beacon of the property market's strength. The South East and East Midlands closely follows with an impressive 15.8%…

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39.97% of Melksham households are 3-bedroom homes. Is that enough?

As an estate agent with a keen eye on local Melksham property trends, it becomes imperative to delve into the nuanced landscape of property types, mainly through the lens of bedroom distribution across various tenures. This analysis enriches the knowledge base of Melksham homeowners and landlords and positions them advantageously in making informed decisions. At the heart of this exploration lies the categorisation of properties based on tenure: owner-occupied, owner-occupied with a mortgage, privately rented, and social housing. When dissected…

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Take Advantage of the Leap Year

This year is a leap year – the 29th February only occurs every four years – which is about as frequently as many people used to move house during the heady days of property speculation that sparked the boom market. Nowadays most buyers and sellers are more level-headed and don’t leap from place to place quite so often. They tend to move for “real” reasons such as a change of job, children on the way, downsizing, debt, divorce, schools, etc.…

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Melksham and UK First-Time Homebuyers: A Tale of Rising Fortunes

As the heartbeat of the UK's property market quickens, first-time buyers in Melksham and across the nation have witnessed a remarkable evolution in housing affordability from 2015 to 2023. The average price paid by those stepping onto the property ladder paints a picture of both challenge and opportunity. In 2015, South West aspirant first time buyers paid an average price of £183,408, a figure that, while substantial, was tempered by regional economic conditions and national housing policies. It was a…

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The Future of the Melksham Buy-to-Let Market in 2024

The UK's property market is facing a significant challenge as the availability of homes for rent has plummeted to its lowest level in five years, exacerbating the difficulties tenants face in finding affordable accommodation. This alarming trend was highlighted in a recent analysis, which revealed that in 2023, only 261,542 private rental homes were available per month in the UK, marking a steep decline from the 379,459 monthly average of rental homes available in 2020 - a drop of 31%,…

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February 2024 – Property Market Comment with Nigel Fitzgerald

The good news is..... Sales are UP by 14.8%. Viewing ratios are UP. New instructions are UP. However, Nigel's key message for sellers is that 'the art of pricing' is still very important. We have seen an extremely positive start to what we recognise will be a more seasonal property market here in Melksham. Our role is still the same, we connect people to properties. If you are thinking of selling, feel free to book your valuation with the team…

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1 in 6 Retirees Renting in Retirement

In the ever-evolving UK housing landscape, renting is not just for the young. In fact, just under 1 in 6 retirees (975,230 of the 6.36million retired households) live in private rented accommodation. The golden years are seeing a surprising trend as more and more retirees are choosing to rent. This shift is influenced by soaring Melksham house prices and the desire for flexibility in later life. While the dream of homeownership persists for many Melksham people, the practicality of renting…

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We are bringing back our local school’s initiative for 2024!

We are thrilled to re-introduce our beloved local school initiative for 2024! In this initiative, Lock & Key will proudly donate 10% of our selling fees to one of the primary schools in Semington, Seend, or Broughton Gifford. This offer is extended to our clients who have ties to these schools.* Our commitment to local causes extends beyond just business. Through various engagements with charities, community groups, and sports associations, we deeply value and understand the significance of giving back…

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February 2024 – Property Market Comment with Richard

Will there be love in the air for your property move this February? Here's Richard with an update on the property market right here, right now.  So let’s look at the current market. As we said last month, there is nothing dramatic happening, which is generally a good thing, as it leads to stability and confidence. Interest rates were held and it looks like we’re in for a gentle reduction in mortgage rates over the coming months and years.…

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House Sales Up 14.8% on 2023 as Mortgage Rates Fall

Yet is it a sellers’ market in Melksham? The number of agreed UK property sales until the last Sunday of January (28th) is 8.35% higher than a year ago. Tumbling mortgage costs have encouraged buyers and sellers to return to the property market. There is a more buoyant picture for the UK property market in the first four weeks of January 2024 compared with the same first four weeks in 2023. Every UK region has seen an increase in the…

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Is 2024 a Good Time to Sell Your Melksham Home?

As a seasoned estate agent serving the Melksham community, I've always prided myself on offering transparent, informed advice to local homeowners. Today, I'd like to provide a balanced perspective on the current housing market trends and what they could mean for those contemplating selling their Melksham homes. The housing market is an ever-evolving landscape, and recent forecasts present a mixed bag of predictions that Melksham homeowners should consider before placing their 'For Sale' signs in their front gardens. According to…

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January 2024 – Property Market Comment with Richard

With 2024 now in full swing, Richard gives us an overview of where the property market as it is, today. With hope in the minds of many looking to buy and sell and stability on the agenda for those closing watching the property market. If you are interested to discover you property's value, reach out to the team today and book in your valuation here.

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The UK Property Market in 2024: A Robust Start with Implications for Melksham

As an experienced estate agent based in Melksham, I have been closely monitoring the trends in the UK property market. As of January 11th, 2024, the market has shown a solid start, a trend worth exploring, especially in how it might mirror or differ from the local market in Melksham. In the first 11 days of 2024, the UK property market recorded 22,402 homes sold subject to contract (stc). This figure represents a significant increase compared to the first 11…

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Mortgage War Will Save Melksham Homeowners £2,893 a Year.

In a recent financial turn, Melksham residents are experiencing a wave of relief as mortgage rates across the UK take a surprising dip. This reduction, led by major lenders, signals a potential opportunity for the Melksham housing market, directly affecting homeowners, landlords and first-time buyers in the town. Let's delve into what this means for the local market, weighing up both the opportunities and the need for realistic expectations. The Welcome Decline in Mortgage Rates Leading the charge, Halifax announced…

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Melksham’s Guide to Mortgage Independence: Removing a Name from a Joint Mortgage

In Melksham's dynamic property market, understanding the nuances of changing your mortgage, such as removing a name from a joint mortgage, is essential. This guide simplifies the process for Melksham homeowners looking to navigate this potentially complex situation. The Two-Step Process for Melksham Homeowners Step 1 - The Mortgage Part: This resembles remortgaging. Review your current mortgage to see if it's still favourable or if switching lenders could offer better terms. The lender will reassess the remaining party's creditworthiness and…

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Why didn’t Melksham House Prices Crash in 2023

As I review the performance of the Melksham property market in 2023, it's evident that despite the challenges, the housing sector in the town has shown remarkable resilience. At the beginning of the year, many commentators in January 2023 suggested house prices would drop like a stone in 2023. The Halifax thought there would be an 8% drop and the respected Nomura Bank 15%, yet according to the Land Registry, they ended 0.5% higher. Looking at the Land Registry figures…

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2024, a New Year – Maybe a new Melksham Home?

As we settle into the first few weeks of 2024, you may contemplate moving home. Whether it’s a quest for more bedrooms or reception rooms, a desire for a larger garden, a view, a move closer to the countryside, or downsizing, the New Year symbolises new beginnings. In navigating this journey, selecting the right Melksham estate agent becomes crucial to help you move. Begin by consulting those closest to you. Recommendations from friends and family can provide valuable insights, particularly…

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How the 11.2% Saleability Drop in the Melksham Property Market Might Impact Your 2024 Home Moving Plans

The Melksham housing market, like many others, has experienced a notable shift in 2023. The percentage of home sales agreed and moved (completed) compared to those withdrawn from the market unsold has decreased relative to 2022. Looking at independent data for the Melksham area (SN12) … In 2022, 67.8% of properties that left the books of Melksham estate agents agreed a sale, exchanged contracts, and the owners moved home (500 Melksham area properties exchanged and completed vs 237 properties that…

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Christmas 2023 Competition Winner

Thank you to everyone to entered our competition. There can only be one winner.... [drum roll moment]  Congratulations to Stacey Jones.  On behalf of the team, we'd like to thank everyone who got involved this year. There were some excellent film suggestions. This is what Stacey commented: 𝘔𝘺 𝘧𝘢𝘷𝘰𝘶𝘳𝘪𝘵𝘦 𝘊𝘩𝘳𝘪𝘴𝘵𝘮𝘢𝘴 𝘧𝘪𝘭𝘮 𝘩𝘢𝘴 𝘨𝘰𝘵 𝘵𝘰 𝘣𝘦 “𝘦𝘭𝘧”. 𝘐 𝘭𝘰𝘷𝘦𝘥 𝘪𝘵 𝘸𝘩𝘦𝘯 𝘪𝘵 𝘤𝘢𝘮𝘦 𝘰𝘶𝘵 𝘪𝘯 2003 𝘣𝘶𝘵 𝘯𝘰𝘸 𝘐 𝘨𝘦𝘵 𝘵𝘰 𝘦𝘯𝘫𝘰𝘺 𝘪𝘵 𝘵𝘩𝘢𝘵 𝘭𝘪𝘵𝘵𝘭𝘦 𝘣𝘪𝘵 𝘮𝘰𝘳𝘦 𝘣𝘺 𝘸𝘢𝘵𝘤𝘩𝘪𝘯𝘨 𝘵𝘩𝘦 𝘊𝘩𝘳𝘪𝘴𝘵𝘮𝘢𝘴…

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The Art of Pricing Properties Right

As we stand at the threshold of 2024, facing economic uncertainties and a shifting housing landscape, the significance of correct pricing in Melksham's property market has never been more pronounced. This comprehensive guide delves into the crucial aspects of property pricing and its profound impact on the property market transaction process. Melksham's Property Market: A Brief Overview Melksham's property market presents a unique blend of historical charm and modern appeal. The Melksham property market caters to diverse preferences, from classic…

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7 Tips on How to Keep Your Family Happy During Christmas.

Here are 7 tips to help keep your whole Melksham family happy during the Christmas season: 1. Set realistic expectations: It's important to remember that Christmas is just one day and that it's okay if everything doesn't go perfectly. 2. Involve everyone in the planning: Ask family members for their input and ideas for activities and traditions. This can help everyone feel included and contribute to a sense of unity. 3. Be flexible: Plans may change and that's okay. It's…

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December 2023 – Property Market Comment with Richard

Welcome to the December 2023 property market comment. So here we are at the end of a quieter year from the property market as a whole, although we have seen some remarkable results for our clients over the past few months. It’s tempting to suggest that now that interest rates appear to have peaked, unemployment levels remain low and post-Covid norms are slowly returning across the economy, that the property market will re-ignite its upward trajectory. However, we’d urge a…

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Boost Your Melksham Home’s Appeal with These 5 Must-Try Exterior Upgrades

Enhancing your Melksham property's curb appeal is an investment that pays off whether you're selling or staying. Discover these five effective ways to elevate your Melksham home's outdoor aesthetics and create an inviting atmosphere. Transformative Exterior Paint & Staining Fresh paint can work wonders for your home's first impression. It's a cost-effective upgrade that speaks volumes. The colour you choose sets the tone, with neutral shades offering timeless appeal. Consider bolder choices for your front door to add a touch…

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Melksham’s Guide to Property Co-Ownership: Unveiling the Options

Embarking on your first property purchase is indeed a thrilling experience. Whether you're planning to share this venture with friends, family, or a significant other, understanding the nuances of co-ownership is crucial. Let's delve into the distinct methods of joint property ownership available in Melksham: 'Joint Tenants' and 'Tenants in Common'. Exploring the Types of Joint Ownership in Melksham: Joint Tenants: Opting for joint tenancy in Melksham implies that every owner possesses equal rights to the entire property. The law…

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Melksham Property Market: Which homes are selling the best?

Inflation, interest rates, house prices down, house prices up ... the newspapers are full of column inches on Brit’s second favourite topic - the property market (the first being the weather obviously!). Those of you that read my articles on the Melksham property market know I like to look further afield to compare the Melksham market with the regional and national markets. The one thing that is immediately apparent is that the UK does not have one property market. House…

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Our Take on Chancellor Hunt’s Autumn Statement & the Melksham Housing Market

The Chancellor Jeremy Hunt announced on Wednesday lunchtime a series of changes in his Autumn Statement. These changes, though not revolutionary, are set to benefit various sectors of the Melksham property market, including private renters, landlords and first-time buyers. One significant update is the increase in the Local Housing Allowance (LHA). Next year, the LHA will rise to cover the 30th percentile of local rental market rents. This adjustment, long advocated for by landlord and lettings agency groups, aims to…

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Understanding House Surveys in the UK

Understanding House Surveys in the UK: Responsibilities, Types, and Differences When embarking on the substantial investment of buying a home, it's crucial to ensure that your purchase is sound and worthwhile. This is where house surveys come into play, offering a detailed inspection of the property's condition before you commit to the purchase. In the UK, the dynamics of who organises and pays for these surveys vary depending on location. Who is Responsible for Arranging and Paying for a House…

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The Future of Melksham House Prices

In the ever-changing landscape of the Melksham property market, predicting future house price trends can be akin to navigating a labyrinth. The past two years have witnessed unprecedented upheaval, primarily due to fluctuating interest rates that significantly impacted household finances, reminiscent of the challenges not faced since 2008. The average rates for fixed-rate mortgages have dramatically risen, notably from late 2021. This hike in the Bank of England base rates has led to a substantial increase in monthly mortgage payments,…

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