Top of the Buyer Wish List

As 2022 roars ahead and the prospect of new properties coming to the market is waited on with bated breath, we looked into what buyers are wanting from their homes and their estate agents to top their figurative wish list.

Topping the buyer’s wish list is speedy sales, as well as homes that have gardens and garages.

Gardens

Ever since the onset of the global pandemic and lockdowns during the covid waves, buyers have seen the importance of garden space.

Outdoor space provided additional space for workouts and fresh air during the lockdowns, yet following the ease of restrictions, people began to see the additional potential for more luxurious space for barbecues, outside jacuzzi and additional space for home-based working during the summer months.

Today, the garden remains a key consideration for homebuyers with 45% wanting a larger garden space for outside activity with their families.

Garages

The large majority of homebuyers top a form of parking at their intended home as an essential, with 94% of today’s homebuyers wanting it as part of their decision-making process.

This includes either a garage or driveway access instead of a communal or shared parking area with other residents of the street. This can also be because of the positive drive for EV vehicles in the future requiring a charging point that can be situated inside of a garage connected to the house. Once again, homebuyers are looking to what the future looks like to buy property in Stockport and this consideration is now more serious than ever.

Speedy Sales

Speed of sale remains the biggest factor in what a buyer wants from estate agents Stockport.

The biggest factor is that many want a more independent service that has more of an overall area focus instead of a national agency with monthly sales figures on their mind, preferring an individually tailored service over one that has a broader concentration on sales.

Contact the team at Joules estate agents today for buying a property advice, guidance on how to sell a house and advice on renting a house in the Stockport area.

Read More

What to Consider When Selling Your Home

In the 2020s, it can be one of the most overwhelming experiences in selling your home – not to mention a challenge in knowing where to start and how to navigate the entire process with so much uncertainty around the market.

The biggest challenge to hit you is whether it is financially viable to do so, especially if you don’t yet have another home to move to. In today’s market, you will need an independent voice to help you determine what the market is currently like, what property in your area can sell for and the costs associated with moving – or even downsizing.

Whilst many national estate agencies will provide several partner solutions that benefit them, your best friend in the decision and benefits of your move will probably be more independent estate agents Stockport – able to provide a vastly more informed and far-stretching approach to how to sell a home.

Who Will Sell Your Home?

There are many different avenues you can choose to sell your home, each with its advantages and disadvantages. Among the best of them is selling via a local and trusted independent estate agent.

The skills and expertise of an estate agent enable a smoother process, helping you to sell faster, conveniently and at a preferred or better price. Local knowledge goes a long way towards selling a property, and with independents having a greater emphasis on knowledge and connections of the area, they can provide a more tailored service in comparison to a national company.

Trust and Reputation

Among the strongest reasons people choose to buy property in Stockport from a local estate agent is because they will have stronger relationships with businesses and residents within the area.

They will most probably have helped residents and businesses within the area find their ideal location for a good, smooth price and transaction. This extends to helping assist in selling a property also, giving confidence that people automatically trust. When your property is listed by a trusted business, people automatically take notice of either their own needs or those of friends looking for local property. Good word spreads fast, and you will be surprised just how many enquiries are made in quick succession – helping you to find your ideal sale.

Local relationships are not just about shops and bus stops around the area – they are about all aspects of living in the area and people looking to stay within it but upscale their homes.

Contact the team at Joules estate agents for selling your home with confidence that you will be treated right and get the right service.

Read More

stamp duty refund

Warnings Over Fake Stamp Duty Refund Claims

New homeowners who realised their dream to buy property in Stockport should be aware of cold calls from scammers advising on speculated stamp duty refund claims.

HMRC revealed that a recent spate of stamp duty refund claims failed to meet very specific criteria.

Familiar Patterns

Much like the Research and Development Tax refunds popular a few years ago, this has been the work of rogue tax agents calling new property owners after finding them through land registry records and property search websites.

The promise of money back through unrealised overpayments on stamp duty is an attractive draw, with over a third of claims for ‘multiple dwelling relief’ refunds being incorrect. HMRC are raising enquiries into the claims, but many are done after the agent has taken their fees – leaving the homeowner facing the pickup of the difference and repaying the interest from incorrect refund claims as well as a potential penalty.

The Hollow Promises

Recently, one homeowner was informed he had overpaid as much as £60,000 worth of stamp duty, claiming that the home may have been designated as two properties despite it being just one.

Other false submissions claim that bedrooms are classed as separate dwellings and in consideration for a ‘multiple dwelling relief’ claims due to the en-suite and built-in wardrobe which could double as a kitchen if simple things like a microwave or kettle were put in.

Another case involved a new homeowner with a six-bedroom home who claimed the property was not residential due to having an office above their detached garage.

Don’t Get Caught Out

Throughout HMRC investigations into these spurious claims, the majority of these claims do not succeed – however, they do lead to unnecessary bills that fall onto the unsuspecting customer. If you do talk with one of these agencies, it is always worth motioning to them that they are responsible for any fines or payments associated with the claim in writing – but that may not protect you.

The No Win, No Fee basis that these agents work with may sound too good to be true, and that is mainly the case. With many new homeowners looking to get as much money as they can during the cost-of-living crisis, promises of easy money must come with real caution.

If you have been approached about a stamp duty refund, it is best to take independent advice – including from your estate agent Stockport.

If you have any questions or queries concerning how to sell a house or buy property in Stockport, contact the team at Joules today.

Read More

current uk housing market

Are Price Cuts and Slower Sales Times Hitting the Market?

If there is something consistent with the current uk housing market, it is that it is continuing to be inconsistent with the outlooks that many people have. The property market at this very moment is starting to get hit by certain price cuts and slower sales times.

Positive News

There is positive news from the research, however, with new supply shown to be up 7% on the five-year average. However, the total stock remains down 37%.

Demand is also 61% above the five-year average, which intensifies the balance lacking when it comes to supply. This has helped average sold values in reaching a new high on the house price index by being up 8.4% annually, but down 9% in March.

The warning comes that the rate of growth will slow further and potentially hit 3% by December. The price cuts signal an increase in buyer resistance to higher prices and an indication that price growth may hit a natural ceiling – even within the high levels of demand.

High Levels

High levels of buyer demand for those looking to buy property in Stockport means that the market continues to move quickly, but the time to sell – between listing a property and agreeing on the sale – is starting to rise across the majority of property types.

This measure may continue to rise during the remainder of 2022 as buyer demand levels will start to slightly fall, punctured by changing sentiment related to the current costs associated with living and personal financing scenarios across the nation.

The current uk housing market is buoyant enough that should a property come to market competitively priced, a multi-bid scenario is likely to unfold with final offers going over the guide price. Despite mortgage rate hikes, they remain cheaper than those of 2015 and demand remains stoic for accurately priced family homes.

For more information on how to sell a house or want to buy property in Stockport, contact the team at Joules Estate Agents Stockport.

Read More

selling a home

Is It a Wise Move to Sell Your Home Before You Buy or Not?

Buying or selling a home at this current point in the market certainly comes with a large number of considerations, but the biggest one to ask yourself is if you should buy or sell your home first.

There is no straightforward answer to this complicated dilemma either. Both certainly have risks as well as significant advantages. It will all come down to you having the time, money and patience.

Buying and selling a home is typically a long and unpredictable process and it requires a lot of thinking ahead. The decision you make not only affects you but also your family if you have one. You have to look at your situation, your finances and how much time you have to make it work.

Where You Are At

There is no correct way of approaching the property market, which is why you need to keep options open to ensure you don’t miss out on the right situation.

Where you are currently situated will play the biggest influence on either buying or selling first. If you sell your house first, you will need to assure you have temporary housing whilst you wait on the new property to become available to move into or comes onto the market. Moving twice can certainly be a doubly stressful experience so you need to decide if this is something you want to put your family through.

Single people may not mind the wait in temporary accommodation and feel comfortable renting a property until the right home becomes available.

Your Finances

Finances play an even bigger role – especially following the era of uncertainty that the pandemic produced on employment. If you decide to sell before you buy, you will need to factor in rental costs for a temporary property.

If you buy before you sell, there are also financial implications as to do so you will need to qualify for two mortgages, and your debt-to-income ratio to make this work may be too much of a stretch. If you have the finances to make buying before selling work, it certainly can be beneficial – though far less common.

Your Time Permitting

The time you are working with is just as important as the above, as many people have a set timeframe before things get complicated. Selling your home first can ensure a quick sale, whereas buying a home before selling gives you more time to find the desired home.

Selling first certainly puts you in a powerful spot for negotiation on the asking price, and that not only puts you in a favourable position with buyers but also provides you with a price range from your sale that helps you find an affordable home.

Buying first affords you more opportunities to view more properties to hopefully secure your dream home, and as house prices rise you still have a home until things begin to calm down.

Contact the team at Joules Estate Agents Stockport for information on how to sell a house or if you are looking to buy property in Stockport.

Read More

mortgage interest rates

Buyers Facing the 13-Year High Mortgage Rates

A vast number of buyers are being cautioned to act with haste to secure decent mortgage pricing as the mortgage interest rates have topped a 13-year high as of the beginning of May.

High-Rise

At the start of the month, the Bank of England’s Monetary Policy Committee increased the base rate to 1% from 0.7% and – with it expecting inflation to hit 9% over the next few months from its previous 8% forecast – it looks likely to hit 10.25% by December. This foreshadows potential interest rate rises in an attempt to bring those rates down.

Estate agents Stockport are not heralding an immediate market impact as a result of the latest hike, but warnings to buyers that it may start to get a bit harder and have a lot more expensive on the mortgage side have been raised – especially with the rising price of bills.

Anxious State

The influence on how much buyers are comfortable paying for a property may be highlighted from this shift, as well as what type of home they have on the radar. With continued lack of stock on the market being the biggest issue, buyers are in an anxious state.

They are not as anxious concerning the rising house prices and mortgage rates, but more with the limited choices to choose from. Buyers who are on the hunt for a mortgage appreciate that while rates are on the rise, they are still incredibly low at this point.

The now regular increases in interest rates, as well as the seemingly-weekly adjustments in mortgage rates and the escalating costs associated with living, are undoubtedly looking to impact the housing market at some juncture around the corner.

First Time Buyers

First-time buyers look to be hit in all directions by rising rent rates, higher interest rates and more stringent lending criteria. Whilst they look to come off with the sharp end of the stick, they also play a very vital role in the housing market’s operation from the bottom of the ladder straight to the top.

As the later year sees further interest rates rise, demand is not predicted to be affected – especially amongst the higher loan to value mortgages from first-time buyers. This may slow price growth in areas supported by these buyers, where lower disposable income margins get hit by increased living costs and affordability is affected by mortgage interest rates.

Prices are not expected to fall with the labour market being strong and interest rates remaining at their historically low levels.

For more information on where to buy property in Stockport or how to sell a house, contact the team at Joules estate agents Stockport today.

Read More