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Property Price Market Update November 2009

Quick snap shot:

Not surprisingly, figures in the run up to Xmas are showing a typical slowdown, but aren't suggesting YET that we are on our way to a 'double dip' with property prices. No doubt in an effort to avoid stamp duty increases on 1st January, the number of properties sold versus for sale has actually jumped from 31% to 34% back towards August's peak of 36%. The recovery of house prices to 2007 levels though is some way off with prices still down around 20% less than the 2007 peak. Regionally some areas are still struggling to recover at all with Telford and Sleaford only converting around 16% versus the 34% national average and a 40% 'normal market conditions'.
  
Need an independent valuation of your home? or one you want to buy? Then contact us on 0845 838 1763 or email enquiries@designsonproperty.co.uk to find out how we value properties.

What to do if you are a Buyer in 2010

Here are Kate's Top Five Property Buying Tips for 2010:-

1. Make sure you have your finances in order and as much money for a deposit as possible.
2. Don't automatically fix your mortgage - seek professional and varied advice from an Independent Financial Advisor, a Mortgage Broker as well as your bank. 
3. Don't rely on the internet to find a home. It's a good research tool, but you must visit and get on with local agents while property stocks are so low. Also take a walk around the area - even put a note through a home you really like!   
4. Try to get a 10%+ discount on the REAL value of the property. If it's been up for sale for more than six months it's likely to be overpriced or something is wrong with the property.
5. Take your time. Buying the right home is an incredibly difficult task. Don't be bullied into making offers or rush into buying. Consider offers on new builds - especially if the company's year end is February or March!

What to do if you are a Seller in 2010

If you are looking to sell, then follow Kate's Top Five Tips for 2010:-

1. Check out the competition first. How many other properties are on the market like yours (eg similar location, same number of bedrooms/features such as garden space/garage etc).
2. See how many properties are sold versus for sale. Find a long street with 10 for sale or sold boards. If more than 4/10 are sold, it's a good market, if it's less than that, to sell you will HAVE to price competitively. 3. Ensure that your property is either 'ready to move into' ie needs no work or 'needs some work'. The most difficult property to sell is one that is half done - it narrows your market too much.
4. Choose your estate agent very carefully! Not all agents are the same, some offer a great service, some truly dreadful. The estate agent that will sell your home will price it fairly, do good marketing and already have buyers that want/can afford your property on their books.
5. Be prepared to negotiate. If you are offered 10% less, then try to get this money off the person you are buying from. We have NEVER sold so few properties in the UK, so, despite 'bouyant' property price reports, the market has nowhere near recovered!

What to do if you are a Property Investor in 2010

Here are Kate's Top Five Property Investing Tips for 2010:-

Buying in a normal market as an investor is tricky, buying in a property/economic recession is much more difficult. It's easy to 'think' you are buying a good deal, but get INDEPENDENT and PROFESSIONAL verification of property values before you go ahead.

1. Avoid 'no money down' deals. Most if not all are illegal now due to the six month rule. This rule was put in place to protect YOU so don't use so called industry 'work arounds'!
2. Work with property professionals if you are new to investing. Many people are getting it wrong and losing a lot of money (tens of thousands of pounds). Don't risk going it alone.
3. Work out your exit strategy FIRST and what you want from your property purchase, eg what income after tax, what capital growth after tax - when? Then you can assess a deal based on these parameters.
4. Make sure you understand how inflation, interest rates and the problems in the economy will affect you and your property portfolio.
5. Ensure you have an independent finance and experienced legal company - NEVER use those recommended by property investment companies unless you check contracts/finance deals directly with a lender and a seperate legal company.

What's Happening in my Area? 
"Property markets" really operate within a three mile radius as 80% of people buy property locally (in most areas) so national stats don't really help us understand what's happening in our own area.

In fact what we are seeing is probably the biggest difference regionally than we've ever seen. This is shown by For Sale Sign Analysis's data which tracks the number of properties sold versus for sale.

Click here for Best Performing Areas
Including: Harpenden, Warwick and Brentwood.

Click here for Average Performing Areas
Including: Milton Keynes, Devizes and Daventry.

Click here for Worst Performing Areas
Including: Birkinhead, Kettering and Malvern.

Want FSSA data for your particular area? Then call 0845 308 2004 or email enquiries@designsonproperty.co.uk

The Independent also published a great article by Rob Griffin on which areas are likely to recover! You can compare this to Savills in depth Residential Focus Report which also predicts areas that will recover first and what regional growth can be expected over the next ten years.

Best Performing Areas

 

Town

Percentage of Sold versus For Sale Boards

Harpenden

69.0%

Banstead

58.8%

Lewes Road

58.1%

Wokingham

57.4%

Blackfen

56.5%

Dulwich

55.2%

Fleet

54.1%

Bradley Stoke

54.0%

Farnborough

53.4%

Warwick

53.1%

Trowbridge

52.1%

Eltham

52.0%

Wickford

51.9%

Plympton

50.5%

Petersfield

50.0%

Tilehurst

49.8%

Cheshunt & Waltham Abbey

49.2%

Brentwood

48.5%

Dalston & Hackney

48.2%

Ivybridge

47.6%

Kemp Town

47.3%

Eastleigh

47.1%

Littlehampton

46.6%

Basingstoke

46.2%

Chichester

46.2%

Lewes

46.1%




Average Performing Areas

Town

Percentage of Sold versus For Sale Boards

Milton Keynes

44.9%

Maidstone

44.1%

Fareham & Porchester

44.0%

Chislehurst

43.7%

Fishponds

43.5%

Peacehaven

43.1%

Orpington

42.6%

Western Road

42.2%

Thornbury

41.5%

Kingswood

41.3%

Rugby

41.2%

Bath

40.6%

Leamington Spa

40.1%

Dartford

39.8%

Arundel

39.5%

Devizes

38.0%

Gravesend

37.4%

Plymstock

36.9%

Pershore

36.4%

Grays

35.9%

Gosport

35.8%

Banbury

35.7%

Barton

34.0%

Stratford Upon Avon

32.7%

Hereford

32.2%

Daventry

32.1%

Sutton Coldfield

32.1%





Worst Performing Areas


Town

Percentage of Sold versus For Sale Boards

Birkenhead

11.5%

Telford

15.8%

Sleaford

16.8%

Nuneaton

17.1%

Hale

17.6%

Bearwood

18.1%

Hinckley

18.5%

Wednesbury

20.8%

Stourbridge

20.9%

Walsall

21.7%

Evesham

22.7%

Great Barr

23.2%

Emerson Green

25.0%

Malvern

25.2%

Bedworth

27.9%

Wymondham

28.8%

Attleborough

29.1%

East Ham & Plaistow

29.5%

Wellingborough

29.5%

Kettering

30.1%


 

Free Property Articles

  January 2010 Nottingham Property News with Kate Faulkner on BBC Radio Nottingham
  Top Five Tips to Buying a New Home in 2010
  What to do if you are a Property Investor in 2010
  What to do if you are a Seller in 2010
  What to do if you are a Buyer in 2010
 
NALS Conference Chair 2016

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