Increased Activity in the Midlands Housing Market Post Election
Local estate and letting agent Spencers is seeing a return of property sellers and homebuyers to the local marketplace following the result of the General Election.
Activity in the local housing market was sluggish in the run up to the General Election. Consumers do not like uncertainty and some people had delayed putting their property on the market until there was a clear result following the General Election.
Commenting Liam Hancox, Regional Director for Spencers, said:
“Now we have clarity following the General Election we are seeing greater activity in the local housing market, especially in the £2 million plus markets facing the prospect of a Mansion Tax.
“We anticipate this Conservative led Government to turn its attention from implementing policies that stimulated demand in the housing market to addressing the lack of housing supply. Sticking to its pledge to boost housebuilding through the provision of more affordable housing and more garden cities should prove welcome.”
The economy is growing and real wage growth is now positive after five years of falls. This along with interest rates at an historic low and no suggestion that they will increase any time soon, as well as more competitive mortgage products available, for some people there has never been a better time to buy, sell or invest in property.
Even for those who are not looking to move, lower interest rates are making remortgaging a more attractive prospect for mortgage borrowers, particularly those on the lenders standard variable rate. Consumers believe that the Mortgage Market Review (MMR) has made it more difficult to get a mortgage and some people are choosing to rent for a longer period of time in the hope that this will change. However, consumers should feel reassured and encouraged that the processes have been put in place to protect them and ensure that they have the right product for them.
Spencers expect these next few weeks to be a busier period for us helping more people to move home this summer. The surge of buyers looking to purchase a home is creating more competition in the market for sellers. Here Spencers offers some top tips to help you sell your home this summer and ensure your property stands out from the crowd:
1. Garden refresh – Make sure your garden is looking bright and colourful and above all welcoming. Take advantage of the beautiful British summer by displaying your garden furniture and showing off your lovely hanging baskets and freshly cut grass.
2. DIY - Consider making minor improvements. Things like wonky shelves, loose door handles and missing tiles are often overlooked by sellers but can be off-putting. There are often cheap, quick and easy to fix and can improve the overall 'look and feel' of the house.
3. Always de-clutter and make a home neutral - De-clutter your home and minimalise personal possessions, as a 'blank canvas' can help buyers to visualise how their furniture, belongings and personal style can be added to the property.
4. Choose the right estate agent - An agent with a strong local network of branches and an extensive Internet presence will inevitably have access to more buyers. The estate agent should be keen to get the best price for your property and sell your home in the timescale you require.
5. Correct asking price - Make sure you do your homework and find out what prices similar properties in the area are selling for. Try to get a valuation of your property from two or three different estate agents and don’t always choose the highest or lowest valuation. Choose the one who gives you the most confidence that their coverage will maximise the number of buyers that will hear about your property.
6. Know your local amenities – Find out what amenities are available in your local area, such as sports facilities, schools, shops, transport links, doctors surgery. It’s also good to learn what community groups offer both children and adults during the school holidays
Commenting Liam Hancox, said:
“It is sensible to ensure a property is presented to attract potential buyers. The general appearance of a property, including the internal decoration, could be the deciding factor for buyers choosing between a number of properties.”
If you are thinking of selling or buying a property and require further information about the local housing market, please contact Spencers for more details – email: firstname.lastname@example.org or visit www.spencers.co.uk