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The Chancellor of the Exchequer has delivered a multi-billion spending budget, with significant investment for tackling the coronavirus outbreak and infrastructure improvements.
The Affordable Homes Programme has received a new £12 billion multi-year settlement, with £1.1 billion to support 70,000 new homes in high-demand areas across the country.
The government confirmed the introduction of a new Stamp Duty levy, for non-UK purchasers. At 2% this is lower than anticipated and will not apply to purchases until April 2021.
The Housing Minister is set to announce significant changes to the planning system later in the week following the Budget.
Momentum is building across the UK housing market as spring approaches. The ONS (Office for National Statistics) report average property prices are rising in every region of the UK for the first time in nearly two years.
Property price growth is currently strongest across Yorkshire and the Humber and the East Midlands, with price growth across the capital at its strongest level since October 2017.
The Royal Institute of Chartered Surveyors (RICS) and Rightmove report there has been a notable increase in buyer demand in January with both the HMRC and Rightmove citing sales volumes are on the rise.
Both market appraisals and new instructions are on the up, according to both RICS and Rightmove although demand currently outpaces supply. Prospective vendors are well advised to contact their top selling estate agent – Lock & Key independent estate agents. 01225 707342
Last month we reported a sense of renewed optimism in the air. Well we were right! The post-election-post-Brexit surge means that the property market is once again buzzing with activity. And it’s not only our own agents who are working flat out to service our clients - Rightmove reported a 15% uplift in buyer enquiries to estate agents generally in the month immediately after the election compared to the previous year, followed by a 12% uplift in sales agreed last month compared to January last year.
The latest Housing Report from NAEA Property mark suggests that sales are already up by 20%, of which first time buyers represent 29%, up from 24% this time last year.
Look folks, exactly what I have been saying.
There have been 1.3 million new buyer enquiries in the month since the election (13th December to 15th January), a 15% increase year-on-year according to Rightmove.
A 2.3% monthly increase in the price of properties coming to the market was also reported, the biggest monthly surge ever recorded for this time of year.
There certainly seems to be more optimism in the market. Provisional figures from the HMRC suggest a 6.8% year-on-year rise in sales volumes in December while house prices across the UK are rising at their strongest level in a year according to the official UK House Price Index.
As a new dawn approaches with the UK set to leave the EU this Friday and a Budget planned for March 11th, will the Boris bounce keep bouncing? I believe it will.
A fabulous welcome to 2020 in numbers and activity through our doors…
Our first week back and in the first 5 days, we have listed 14 new instructions, 6 Net Sales, 8 offers, 5 completions, 41 viewings and lastly…. MANY cups of coffee to keep us going!
Looking for an estate agent who has HIT THE GROUND RUNNING FOR 2020?
Lock and Key are THE top selling estate agent in Melksham. Call us on 01225 707342.
As we predicted, the end of December proved to be one of the busiest in estate agents’ living memory. The apparent end of three years of Brexit confusion, prompted by the definitive general election result intensified buyers’ feeding frenzy between Christmas and New Year. We were open for business during that time and our clients are now reaping the rewards, with a number of sales having already been agreed.
Those buyers and potential sellers who understandably adopted a wait-and-see approach during those politically uncertain times are now expressing their pent-up desire to move and the brakes are off.
This does not however mean that prices will suddenly rise. This is because the increase in new buyers entering the market will be more or less matched by the number of new sellers entering the market between now and Easter. So activity and transaction volumes will rise, which is good for those buying and selling as the additional fluidity provides greater choice and faster moves.
The key message to sellers is that as long as you are not unrealistically ambitious on your asking price, then you WILL sell. This is a time of renewed hope and optimism. We are a stable and prosperous country that has definitively moved away from uncertainty – and we are passionate about home ownership!
If you’d like to take advantage of the opportunities of the moment, then please feel free to call us at Lock & Key on 01225 707342 for a free marketing proposal and suggested asking price valuation of you property. No strings attached and you might be pleasantly surprised!
Hi All, here I am (Nigel) from Lock & Key who caught up with our recent Christmas Competition Winner: Bev Harris at I D Newman Butchers in Melksham to hand over this wonderful Christmas hamper...there was even a Christmas peck too :-)
Congrats Bev and on behalf of the Lock & Key team, we hope you have a wonderful Christmas 2019. xx
UK consumers are set to spend £567 each on Christmas this year, up 1.3% on 2018 according to the latest edition of the Deloitte ‘Christmas Survey’. At £299 over half (53%) of expenditure will be on gifts.
Based on population estimates in the UK, if every adult spent this amount, total expenditure on gifts across the UK this Christmas would top £15 billion. In comparison the total raised in charitable giving across the UK in 2018 was £10.1 billion.
Are you involved in Agents Giving – the official charity for the property industry? Consider the gift of giving this Christmas.
FINALLY- Melksham and the property market. We have a result! Whether or not it is your preferred outcome, at least the confusion suffered by the UK, and the property market in particular, is at an end. Like it or not, it looks like Brexit will now formally happen on 31st January 2020 and politicians can then get on with debating other issues, as they should.
As far as property is concerned, D-Day has now arrived. Countless buyers and sellers, who had been sitting on their hands for months, if not years, now have a green light to press ahead with a move. Most people have not been directly affected by any Brexit-related issues, but have nevertheless maintained a “wait and see” attitude. Yet the need to move remains the same - issues such as a job change, a new baby, children moving schools, death, divorce, debt etc are still the key drivers. Frustration had set in because these motivating influences are very real but there was a reluctance to act on them until the uncertainty was over. Now that there is a relatively clear way forward the brakes are off!
I just wanted to say a big thank you to Nigel and the Team for their support on the sale of our house. This was the 1st house sale we have made and was daunted by the thought of selling and moving on, having made so many happy memories. Nigel and the Team were very positive and supportive, and the added bonus was full asking price of our house.
Thank you again, Stuart and Sarah, Foxglove Close, Melksham
Figures released from various sources suggest that the market – in terms of house prices at least, are holding their own, despite the political uncertainty we are currently witnessing. Year on year figures range from +0.6% (Land Registry) to +1.1% (Halifax). Nothing spectacular as an investment return, but it does demonstrate once again how resilient and reliable property can be – especially when it is regarded as a home rather than a commodity.
In the absence of the speculative buyers of yesteryear, the fact is that today’s buyers still need to buy and they have real reasons for doing so – job, marriage, children, divorce, debt, death etc. Affordability is at a record high and both unemployment and interest rates remain at a record low. In other words, all the metrics are in place for sustained stability in the housing market. If anything were to have dramatically affected the property market – it would have done so by now; and any issues caused by a weaker pound have apparently been offset by an influx of overseas investors looking to pick up a bargain.