It’s fair to say that COVID 19 still dominates all the headlines, and not just the property ones.
It’s clear that whatever is happening on the politics and economics side of things will continue to have an impact one way or another on the housing market.
What is certain though is that the property sector is interesting and always presents opportunities!
Here at Open House Norwich we are seeing large numbers of people wanting to move, particularly to properties with a garden. And, we know that when priced correctly, a nice home will attract offers fairly quickly after hitting the market.
If you’re looking to move, simply give us a call on 01603 977785 to start the conversation.
Now, here’s a pocket-sized roundup of the highlights from us covering what’s been happening in the housing market recently. (If you want to know more about the local Norwich market drop us an email at email@example.com.
House Prices on the Up
House prices rocketed in the initial weeks after lockdown restrictions were eased. That’s the verdict of Russell Galley, the managing director at Halifax. Writing in the Halifax House Price Index, Galley said that analysis showed that during August, prices “rose sharply”, up by 1.6 per cent on a monthly basis, and up a whopping 5.2 per cent on the same time last year.
This is an interesting one because we all expected prices to do something after being unlocked from the enforced pause, but the increase is way ahead of expectation. There is definitely demand there though, so if you are considering a move, do speak with us about putting your property on the market.
Covid-19 Evictions Update
If you’re a buy-to-let landlord, then you will have been keeping a watchful eye on the ban on evictions that was put in place due to COVID-19. The ban first came into play in March, and it was extended in June, but it has now come to an end. We think that while the ban has ended, it’s worth watching this space because there are serious calls from councils and homeless charities for it to be extended yet further as COVID-19 does not seem to be going away any time soon. Remember though, as the Independent reports:
“No evictions will happen over the festive period. Landlords now have to give renters a minimum six-month notice period until 31 March, 2021”.
The report says this does not apply if people “have been accused of anti-social behaviour, fraud, rent arrears of more than six months, and domestic abuse”.
We at Open House Norwich keep abreast of the news and we’ll let you know of any changes as they happen.
The Price is Right
New research from Rightmove shows that to get your house moving quickly, you need to price it right – from the start. Research by the property website showed that “sellers are twice as likely to find a buyer if they have an offer accepted on the initial asking price”.
What this means is that you must set the price right from the beginning, not inflate it to try and squeeze a few more pounds. While we’re in the business of selling properties, we want to help you sell your house for the asking price and we will always give you an honest appraisal of what it is worth.
To find out how much your property might be valued at, give us a call on 01603 977785.
Increase in First-Timers Looking at Buy To Rent Properties
It’s being reported that more and more first-time buyers are looking to enter the buy-to-let market. The Legal & General Mortgage Club says that it carried out research into its own SmartrCriteria tool, which advisors use to show which lenders will lend to buyers. It showed an 18 per cent increase in “search combination for first-time buyer, first-time landlord and non-owner occupier”.
Interestingly, and perhaps again driven by the staycation nature of holidays this year, short-term holiday lets and Air BnB properties also ranked highly in search criteria. It’s fascinating to see how search terms change, and that savvy investors are finding opportunities.
Open House Norwich have a number properties which we think would be ideal for this purpose, so if you’re looking to get on the buy-to-let trend, call us on 01603 977785.
There’s an interesting footnote on the price increases since the initial lockdown restrictions were lifted. It’s all about gardens and how attractive they are to homebuyers. While there has been an increase in prices, it’s noticeable that if you have a garden, your property is more likely to catch the eye of a potential buyer according to RICS Royal Institution of Chartered Surveyors.
Why? Well, we think it is because many people are still having to spend time at home, whether working from home or having a staycation. Therefore, if you have a property with a good-sized garden, it’s currently a huge selling point.
Our team love to scour the news headlines about property, and are delighted to bring you our monthly property market updates. If you are thinking of buying or selling, please get in touch with us on 01603 977785 or firstname.lastname@example.org for expert home moving advice in Norwich