current property market

Expectations from the Current Property Market

With the market for buying property in Stockport steadily getting back into the swing of things people have pondered on what the possible future holds for the Stockport buying and renting scene.

As the House Price index uncovered, Stockport held among the best year-on-year house price increases at 3.9pc. So why is this area on the increase during this time?

Lockdown Blues

Whilst it is plausible that browsing while in lockdown was a factor, the large percentage of increase in these early stages could be attributed to more research into properties before viewing them which in turn leads to people ready to buy upon viewing that the property is satisfactory in person.

Whilst this is making selling and renting of properties a quicker and more satisfactory drive to sign off on a property, physical house viewings have been on the increase with the number of sales on the ascension due to these new procedures to aid in procuring interest and acquisition.

Estate Agent Aid

Estate agents have found new avenues to be mutually beneficial in communicating with prospective clients via these options, as many in lockdown have grown tired of their surroundings and opt for something new.

With the housing market facing the biggest challenge over the last five months due to the devastating effects of covid-19, forward-thinking estate agents have taken onboard these ‘new normal’ implementations to better service the industry and those affected by their housing needs during this time.

As Stockport is a progressive entity in many aspects, the adaptation to the needs of the housing industry is at the forefront of practice throughout it’s buying and renting scene. For those looking to sell their homes and buy new, Joules is the trusted independent estate agents giving the best advice on how to sell a house as well as buying property in Stockport.

Get in touch today for the latest property information.

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green home grants

Government Announces Green Home Grant Scheme

On the 8th July, Chancellor of the Exchequer, Rishi Sunak, announced the Green Home Grants Scheme in his Summer Statement. The scheme will involve the government issuing UK homeowners with up to £5,000 worth of vouchers to help make their homes more energy-efficient.

The scheme is part of a £3 billion green jobs package and aims to create 100,000 green jobs in the hope of recovering the economy following months of lockdown. The Treasury aims for approximately 650,000 homes to receive an upgrade. This can create utility savings of up to £300 a year for families, bringing the UK closer to its 2050 target of achieving net-zero carbon emissions.

Landlords and homeowners can apply for the vouchers from September, covering up to 66 per cent of the cost per household. This will help fund energy-saving upgrades such as insulation or double glazing. What’s more, low-income families may benefit from up to £10,000 of government vouchers to support improvement works.

Which energy-saving home improvements will be covered by the grant?

There is yet to be a published list of what the Green Homes Grant will cover, but here are some confirmed home improvements.

●     Wall insulation

●     Roof insulation

●     Double glazing on windows and doors

What can people do to save even more money?

●     Choose a green energy provider

●     Invest in solar panels

●     Swap to wind power

●     Install ground source heat pumps

●     Switch to solar water heating

Not only can the Green Home Grants Scheme help save you money in your home, but they can also add to the value of your property should you decide to sell. If you are looking to sell your home in the Heatons, there is no better estate agent than Joules. To learn more about our property services, get in touch.

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stamp beauty

Stamp Beauty!

The chancellor of the exchequer has today announced a radical & imaginative change to stamp duty. From today there will be a stamp duty holiday until 31st March 2021, on properties up to £500,000. Typically for buyers buying up to £250,000 that’s a saving of up to £2500 whilst if you are buying up to £500,000 you can expect to save as much as nearly £15000 . This is a massive incentive for people who are either in the process of buying a home or are considering the possibilities of purchasing. The idea is clearly to boost the property sector which contributes massively to the UK economy.

Recent research has suggested people who were considering moving before lockdown are largely inclined to still do so. These measures could well act as a tipping point which is clearly the intention. In truth the property market in the south Manchester area & into Cheshire has been buoyant since the government allowed activity to recommence 6 weeks ago. More supply is needed for the demand & hopefully that will also be achieved by the new stamp duty thresholds. The chancellor also announced a package of measures to encourage the employment of young people with a message that “jobs, jobs, jobs” is the name of the game.

Once again this is an intention to promote confidence in the economy & to reduce unemployment levels which had been suggested could escalate over 4 million taking us back to the worst of times last seen in the Great Depression of the 1920’s & thirties. As an industry we welcome todays news & our only concern is the beginning of next year there could be a degree of panic buying as purchasers push to get a completion before the deadline before the concession expires.

Given that a typical sale can take 2/3 months to complete & more besides when there are chains involved as sales are agreed in January there is a relatively small window of time to ensure you make the saving. In that sense, I can see a lot of conditional offers being made specifying that the offer only applies if the transaction completes before deadline day. Equally, as we then enter Springtime, a traditionally buoyant time of year, there may be a vacuum created as people hold back not just because stamp duty levels have resumed but also the implications of the worldwide pandemic  & the forecasted recessionary period that is expected as a result. For now, though buyers can celebrate Stamp Beauty.

To find out more about the new guidance click here: https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates 

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What do you have to declare when selling a house?

What do you have to declare when selling a house?

When selling your property, it would be easy to assume that the buyers are solely responsible for checking out the quality and suitability of the property before going ahead with the purchase. However, it is the responsibility of the seller to disclose certain information to potential buyers before you go ahead with exchanging contracts.

As part of the standard conveyancing process, the seller must fill in a “Property Information Form”, also known as a TA6. This document is there to inform buyers of any information about your property that they would be unable to learn elsewhere. In other words, any hidden issues must be disclosed before the buyer makes their purchase.

This document is a crucial part of the pre-contract documents, making it legally binding. The buyer has the right to sue you if you either lie about an issue or hide it altogether.

What must you declare when selling a property?

Here are the things you must declare when putting your property on the market:

●     Hidden problems such as asbestos

●     Noisy, disruptive or even dangerous neighbours

●     Applications for planning permissions, whether they’re pending, denied or approved

●     Any altercations on the property – certificates must be included

●     Building insurance details

●     Major problems found in previous surveys such as subsidence

●     Proposals for nearby development/construction

●     Local crime rate

●     Pests or problems such as Japanese knot weed

●     Location of the property to things such as motorways of airports

●     Outstanding debts associated with the property

It is important to note that what you have to declare is subject to change when selling your property. This is because the form will likely be updated and extended numerous times over the years. We recommend speaking with your solicitor when selling your property as they can advise with what you must declare at the time.

Ready to sell your property?

If you are looking to sell your property in the Heaton’s, let Joules Estate Agents help. We are proud to find new homeowners who wish to start a life in Greater Manchester, so get in touch to learn more about our services.

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buy to let

Buy-to-let is no longer the investment of choice for some people

Searches for buy-to-let mortgages has dropped to merely 17.99 per cent versus 65.94 per cent for standard residential services. This is a significant drop from the recent highs of 24 per cent of all mortgage searches, according to research by Twenty7Tec.

The long-term average for buy-to-let searches currently stands at 19.78 per cent – this is according to figures from the mortgage technology provider.

Thinking about the mortgage market statistics for the week ending 30th May 2020, James Tucker, CEO of Twenty7Tec, said: “There are some broader macroeconomic challenges ahead – including the changing terms of the mortgage holiday and furlough and how these will affect employment rates, and household incomes and finances and the supply and demand in the housing market.

“As we navigate through the coming weeks, we will continue to issue weekly figures to make sure that buyers, intermediaries and lenders are all best placed to make the right decisions.”

Mortgage Lender slashes fees on large buy-to-let loans
At the same time, buy-to-let loans above £500,000 are now offered by The Mortgage Lender with a reduced completion fee of 0.5 per cent, and from 0.75 per cent for loans above £750,000. The reduction is available for individual, limited company and HMO/MUB applications up to 75 per cent loan-to-value (LTV)

The Mortgage Lender sales director Steve Griffiths commented: “Reducing the completion fee on landlord loans over £500,000 provides brokers and their clients with better value in an important area of the market which has seen a reduction in lenders and products during the recent crisis.

“The reintroduction of physical valuations in England last month was the beginning of a return to normal and that trend will accelerate as brokers deal with pent up demand for refinancing options.

“Larger loans can present more complex scenarios so our business development team are on hand – virtually – to help brokers with any cases they want to discuss.”

For the latest developments during and after lockdown, get in touch with Joules Estate Agents today.

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house valuation

Why video valuations might be here to stay

  1. We have recently seen the reintroduction of physical property viewings in England, reopening the property market which had been on pause since lockdown began.

However, this isn’t the end of digital services in the property industry, especially when it comes to getting a house valuation…

Introducing video valuations

In the weeks following the introduction of tight lockdown measures, some estate agents are offering virtual viewings and valuations and valuations to keep the property market afloat. Using platforms such as Zoom or Facetime to tour the property, property owners can go through with a virtual house valuation without having to travel to the location.

While in-person property visits are allowed by following social distancing rules, there is still a restriction on the number of viewings allowed per day. And as agents have a backlog of valuation appointments made before and during lockdown, virtual alternatives will help keep the market running.

“They’ve been really successful for us,” said Steve Brown, branch manager of Winkworth Blackheath. “In the last two-and-a-half weeks we’ve done 27, in a few different ways.”

How many valuations should I get?

Typically, most homeowners receive 2-5 valuations before their home is listed for sale. It will come down to how long the property has been on the market, whether the seller is familiar with recent local sales prices and whether their expectations are in line with those of buyers in our current climate.

Desktop mortgages

A desktop mortgage is a mortgage approval based on automated house valuation and can vary from lender to lender. Some will offer a mortgage restricted to 75-85 per cent loan-to-value. The mortgage valuer will look at the property market value group, as well as recent sales in the area and other factors.

Desktop valuations aren’t always available if the property has too many variables that cannot be determined without a home visit. Common property types that may not be eligible include new-builds, flats, and properties in unique or up-and-coming areas.

“Re-allowing surveyors to enter homes as long as a distance of two metres is maintained means that physical valuations can get going again,” says Miles Robinson, head of mortgages at online broker Trussle.

“Some lenders, such as HSBC and Virgin Money, have already confirmed that valuations are starting to be booked in.”

For the latest developments during and after lockdown, get in touch with Joules Estate Agents today.

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