I can’t believe that we're already half way through March!
So far the property whirlwind continues with avid interest in pretty much all properties. If you’re not getting viewers at the moment on your property, then it’s time to seriously analyse what’s going wrong. Here are a few tips which may be obvious but are often overlooked. Declutter but don’t depersonalise; get rid of all the excess stuff that has accumulated over the years, put it in storage, give it to a friend or charity. Consider removing any bulky furniture that makes the room feel smaller than it is. Give the walls a fresh lick of paint; neutral paint will make your home seem lighter and bigger. Create a good first impression; give the front of your property some loving care and attention.
A recent report highlighted that the number of mortgage approvals had risen 33% annually, with house purchases up 27%. There is considerably more confidence in the market and we need more property to satisfy present demand. Mortgage rates are low and lending is easing.
Below are quotations from some leading housing related authorities which serve to back up my previous statements.
Rightmove – Active start to 2016.
NAEA – Supply of available housing halves in ten years.
RICS – Near term price expectations reach 20 month high.
Nationwide – House price growth remains steady in January.
Halifax – Quarterly house price growth at 2.2%.
Here in Newport we have been having multiple offers on some of our properties and buyers are actively asking us to seek out certain types of property. This kind of activity is making my clients shrewd negotiators. And many properties are going for or close to the asking price, dependent on the realistic value of the property. We do run the risk sometimes, particularly when our clients have chosen to market their property at a speculative price, that when a really good offer comes in, it is ignored and the buyer, feeling hard done by, will not increase and eventually finds a property which comes at a more realistic price.
Overall my advice if you are thinking of selling is make hay while the sun shines.
Lastly, I would like to introduce our latest recruit Liz Edwards who lives here in Newport and brings a lively sense of humour along with a thirst for knowledge and a friendly inquisitive nature. I am sure she will be a great asset to the company.
Mark Bielby FNAEA
Residential Sales Manager