According to Rightmove, the average price of a property coming onto the market has risen by 1.3% this month as a result of houses being listed from a quieter December market into the busier January one – this price rise is the largest for January since 2020 and more than double the 20 year average of plus 0.6%. The average new seller asking prices are still 0.7% lower than last year, highlighting that many new sellers are being realistic about their expectations as the market continues to recover from the impact of the recently volatile mortgage rates. However, the jump in the number of properties coming to market and the strengths of this month’s price rise also shows that new sellers are more confident about the year ahead.
Rightmove’s early snapshot of buyer and seller activity since the start of the year is tentatively promising for those looking to get moving in 2024 after a hesitant 2023.
The number of houses coming to market for sale is also 15% higher than the start of last year, following a record number of sellers launching on Rightmove on Boxing Day.
The most positive early indicator for 2024 is that the number of sales being agreed is 20% higher at the start of the year than in the same period last year. This also shows that many sellers are pricing attractively enough to tempt buyers who were hesitant to commit a year ago when the outlook for mortgage rates and buyer affordability was much more uncertain.
More new sellers are now entering the market and with more confident pricing. It is important that sellers who are keen to find a buyer, don’t get carried away with this New Year enthusiasm when setting their price expectations. Elevated mortgage rates and the wider cost-of-living squeeze are still limiting buyers’ spending power.
Accurate and realistic pricing for their local area is the recipe for success for sellers looking to move quickly in 2024.
Since the 27th December, Rightmove has seen nine of it’s ten busiest days for prospective movers beginning the process of getting a Mortgage in Principle, to see how much they are likely to be able to borrow form a lender and therefore the type of home they may be able to afford. January is on course to be the busiest month for people getting a mortgage in Principal on Rightmove since the service was launched in 2022. Whilst it is early days, this is another positive early sign that future movers are getting their budgets and plans in place.
The average 5 year fixed mortgage rate is now 4.86%, compared to the peak of 6.11% in July last year. As some best-buy rates edge closer to 4% and a first Base Rate cut since 2020 is expected later this year, there is overall a more stable backdrop for the mortgage market that this time last year.
David Phillip commented “after a stop-start market in 2023, initial signs suggest a smoother year for movers in 2024. More new sellers are entering the market and with more confidence in pricing – it is key that sellers who are keen to find a quick buyer price realistically and don’t get too carried away with their price expectations. We have a database of people looking to move to the North Leeds and Wharfedale area, and early activity in 2024 suggests an improved market on 2024”
David Phillip FRICS has been selling and marketing properties for over 30 years – if you would like a free, no-obligation market appraisal, call David Phillip Estate Agents on 0114 676 400. W: davidphillip.co.uk
Covering Bramhope, Adel, Cookridge, Otley and Pool-in-Wharfedale.
According to Rightmove a record number of sellers cam e to market on Boxing Day. The portal recorded a 26% increase in new sellers, which beat the previous record of last year.
Not only was there an active increase in the number of new sellers coming to market but there was also an increase in buyers contacting Estate Agents from Christmas Day – this almost quadrupled in numbers, and was 17% higher than Boxing Day last year.
Visits to the Rightmove platform were up 84% between Christmas Day and Boxing Day and were 8% higher than 2022 the property website said.
Tim Bannister, Rightmove’s property expert said “The scale of this year’s Boxing Day bounce is an early positive sign at the start of the year that buyers and sellers are out there and taking action, likely including some movers who had put their plans on hold last year”
Adding to the positive figures from Rightmove, HSBC have this week reduced their mortgage rates closely followed by the Halifax – not only in this for new home buyer mortgages but also for people looking to re-mortgage.
David Phillip commented “we have had an excellent start to 2024 with the number of vendors looking to list in January outnumbering last year which correlates with the Rightmove activity – adding to this, the good news this week about mortgage rates means we envisage a positive start to the year”
If you are considering selling your home and would like a free market appraisal then call David Phillip FRICS on 01134 676 400
David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds LS16 9AN w: davidphillip.co.uk
HSBC became the first major bank to offer fixed rate deals under 4% yesterday with rivals expected to follow suit shortly.
HSBC took an axe to its five-year fixed rate, slashing it from 4.79 percent to 3.94% for re-mortgaging home owners with 60% equity – this is positive news as its rates were on offers to borrowers looking to re-mortgage , a departure fromm the recent trend of pricing in favour of pricing that favours those moving home.
From Thursday, HSBC’s two-year fixed rate for remortgages will dip below 4.50% for the first time since June last year. For those looking to fix longer term, HSBC is now offering a 10 year fixed rate deal starting from 3.99%, suggesting that the bank is convinced rates are only going to lower.
The cuts come after Britain’s largest mortgage lender Halifax, cut the price of its two -year fixed-rate mortgage from 5,64% to 4.81% on Tuesday. Taking up that new rate on a £200,000, 25 year mortgage would cut monthly repayments from £1,245 to £1,142, saving £98 per month or £1,176 a year.
Leeds Building society and a number of smaller specialist lenders announced that thy too were cutting rates.
Many homeowners saw their monthly payments double as they came off deals that were taken out years earlier when the cheap deals were available.
Experts have predicted that there could be as many as four Bank of England interest rate cuts in 2024 prompting providers to start cutting their fees. With large numbers of borrowers anxiously approaching the expiry of fixed rates taken during the ultra-low period, this is a welcome move, and hopefully more lenders will follow suit.
Homeowners were given a boost last month when swap rates fell heavily after data revealed November’s rate of inflation had come in lower than expected at 3.9%.
David Phillip commented ‘we thought that the new Year would start with a bang and that’s proving to be the case – we have had a busy week with vendors looking to launch their properties in January and as a result of the recent news around mortgage rates and growing confidence in the future of the economy this will have a positive impact on those looking to move home’
If you are considering moving home in January and would like a free market appraisal call David Phillip FRICS on 01134 676 400
David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds, LS16 9AN w:davidphillip.co.uk.
Covering North Leeds, Bramhope, Cookridge, Adel, Pool-in-Wharfedale and Otley
Christmas is a time when families travel far and wide to meet up at Christmas, presents are loaded in the car, everyone is feeling festive but is your car prepared to travel for the long journey.
Before you drive:-
- Make sure your tyre pressure is correct, if they are flat or over-inflated they can burn more fuel on the journey or wear out your tyres
- Check engine oil and top up if necessary
- Carry a spare plastic bag, essential for children to fill with rubbish, but also key if your children suffer from travel sickness
- Refill the window wiper fluid to avoid the dirty triangles on your window screen, window wipers should be changed after a year
- Take a spare tyre – better to be safe than sorry
- Fill up with enough fuel
- Radiators might have leaks or cracks, it’s worth testing the strength of the anti-freeze too
- Keep a few essentials in the car – fully charged mobile phone, de-icer, ice scraper, wellingtons, torch and a few snacks
- On your drive make a couple of stops to break up the journey, but keep the children entertained by having a few games up your sleeve
- Battery failure is one of the most common causes of breakdown, sluggish starting is a sure sign that your battery is getting old.
- So if you are driving home for Christmas, have a safe journey and give yourself plenty of time, especially when the roads are likely to be busier and people are rushing to get to their destination. I’ve just looked on the long range weather forecast, and hopefully we will be snow free before Christmas.
If you are travelling up to North Leeds or Wharfedale for the festivities and you decide you would like to stay here for good, call David Phillip FRICS to help you find the perfect home, we have a database of people looking to move that we can match to properties in the area. Call 01134 676 400
If you are thinking of selling your home in the New Year and would like a free market appraisal, please give David a call
David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds, LS16 9AN w:davidphillip.co.uk
Covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Otley and Pool-in-Wharfedale
At David Phillip Estate Agents we are starting to feel very festive, we really love the Christmas events and traditions in Yorkshire, which made me wonder what other traditions might be taking place this Christmas around the world. Here are a few:-
Mince Pies, inspired in the Middle East and brought back by the crusaders. Early mince pies contained meat, fruit and spices. They commonly had 13 ingredients that were thought to represent Christ and the Apostles and were a large oval shape to represent the manger. Meat had disappeared from the recipe by Victorian times. We love the Mince pies from Betty’s
Mistletoe, hanging mistletoe in the home is a pagan practise, but I hadn’t realised that for each kiss a berry had to be plucked until none remained!
The Christmas tree has been around for many years in Northern Europe, but when Prince Albert put up a tree at Windsor Castle in 1841 he started the evergreen trend.
In Sweden – there is the Yule Goat made from straw, who is believed to guard the Christmas tree. In the Swedish city of Gavle the community comes together to build a 43 foot tall goat at the start of advent – this has happened every year since 1966, although since this tradition started the goat has been burned down 29 times – the last time in 2016!
Straw is commonly used for decorations in Scandanavian homes because it reminds them that Jesus was born in a Manger.
In England, the turkey is the star of the festive feast – Turkeys were first brought to the UK by William Strickland in 1526, and although the bird became fashionable in high society in the 19th century, it was enjoyed by the masses when Edward VII made it de rigueur as part of the Christmas Dinner.
Imagine though if you live in Greenland, the traditional Christmas dish Kiviak takes a full 7 months to prepare and begins with hollowing out a seal skin and stuffing it with small sea birds known as auks to ferment. On Christmas day the treat is served straight from the seal!
Spiders are considered to be the symbols of goodness and prosperity in Poland which is a perfect sentiment for the Christmas season – Spiders webs are common on Christmas trees because, according to legend a spider wove a blanket for baby Jesus.
In Iceland there is a tradition known as Jolabokaflod – people exchange books on Christmas Eve and then spend the rest of the night reading and eating chocolate – as a result, Iceland publishes more books per capita than any other country – this sounds a really good tradition.
In Norway, people hide brooms in a safe place on Christmas Eve, as it is believed that witches come out to look for the brooms to ride on.
In Venezuela, the residents of Caracas head to church on roller-skates on Christmas morning – the main roads are shut to allow for this tradition to take place.
So, that covers some of the world’s more unusual Christmas traditions Whatever your plans are this year, we hope everyone is enjoying making the most of the Christmas in North Leeds, and if you are thinking of celebrating Christmas in a different home next year and live in North Leeds inc Bramhope, Adel, Cookridge or Wharfedale then please call David Phillip FRICS for a free market appraisal.
David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds t: 01134 676 400 or visit our website davidphillip.co.uk
Average fixed mortgage rates on five-year fixed rate deals have fallen for a fourth consecutive month as reported by the latest Moneyfacts UK mortgage Trends Treasury Report data.
The average two-and five-year fixed rates fell between the start of November and the start of December, to 6.04% and 5,65% respectively – this is at the lowest level since June 2023.
The average two-year fixed rate stands at 0.39% higher than the average five-year equivalent, this is much narrower than last month’s difference of 0.43%
The average two-year tracker variable month on month rate rose to 6.1%
Lat month had the highest range of product choice for the 5th month, with 5,694 different options available, this is the highest level in over 15 years when in March 2008 there were 6,192 products. The choice of mortgage de als for borrowers with a smaller deposit or equity have also continued to rise in numbers. Less that a year ago there were fewer than 500 deals. There are over 250 deals for buyers who are only able to stretch to a 5% deposit, this is compared to 144 deals a year ago.
Moneyfacts also reported that the average shelf-life of a mortgage product fell to 17 days down from 20days – this is a sign that lenders are vigorously repricing as the end of 2023 approaches – lenders will also be working hard to achieve their end of year targets, and this will likely result in better deals for borrowers looking to re-finance.
David Phillip commented ‘this is excellent news for people looking to take out a mortgage or re-finance. With mortgage rates becoming more settled, potential movers who have been biding their time and waiting for a calmer market may decide to act the early part of next year – early bird buyers start their search on Boxing Day. This year’s upturn will be eagerly awaited by those who are eager to sell’
David Phillip FRICS has sold properties in all market conditions, if you would like confidential advice on the state of the preopty market or a free market appraisal, then please call on 01134 676 400.
David Phillip Estate Agents , 86, Leeds road, Bramhope, Leeds LS16 9AN w:davidphillip.co.uk
Covering Leeds, North Leeds, Bramhope, Adel, Pool-in-Wharfedale, Otley and Cookridge
It is that time of year again when the Christmas trees go up (ours has been up for well over a week at home), becoming the centrepiece of our family festivities We will cover their branches with beautiful baubles, gifts for friends and families lovingly wrapped underneath its branches and sparkling lights.
So, do you go for a real or fake tree, here are a few tips on helping you choose which is best for you?
Cost – a fake tree may cost a little more than a real one bit if you use it year after year you’ll end up saving money and that cost saving over the years could be huge. We invested in a lovely Balsam Hill tree four years ago, which I will look forward to dressing again this year, it is easy to put up and includes the lights already fitted!
In terms of how much it costs to keep the fairy lights shining through December and into January, a whole months of Christmas tree energy would cost approximately £9.79 – with LED bulbs costing even less
Environmental – Real trees don’t contribute to de-forestation as you may think, Christmas tree growers tend to plant one to three trees per tree cut down – a tree will generally take between 10-12 years to grow, however, many different bugs, fungi and parasites can attack and kill trees, so farmers may use pesticides to keep consumers’ trees healthy until they are harvested. However, a fake tree may have twice the carbon footprint of greenhouse gasses of a real tree, although real trees do end up in landfill, and decomposing trees and nutrients back into the earth.
Convenience – when you do haul your ‘fake’ tree from the loft, you won’t end up with pine needles all over the place or bring microscopic mould spores into the house (that can set off allergic reactions in some people), and you won’t have to trawl around various tree grower outlets looking for the ‘perfect’ tree with the hassle of transporting it home, dragging it through the hall and erecting it straight and balanced – and again think of all those pine needles!
Cosmetics – fake tree manufacturers have really got their act together and have improved so much that they can just look like the real thing – we have a silver birch from Balsam Hill – it looks so realistic and comes fitted with hundreds of sparkling white lights which look amazing and are put on better than anything I would have the patience to do!
Safety – fake trees are usually flame retardant which is really important for large public buildings such as hospitals, airports and stately homes. When real trees dry out they can become quite flammable – fake trees are also better for allergies. Always remember to unplug the tree before leaving the house or going to bed
However, when all things are considered, if you do find the most beautiful real tree then it can be perfect for Christmas. – and, if you are wanting to see an amazing Christmas tree, we always visit Castle Howard and Harewood House at Christmas – their trees and decorations are amazing.
So… if you are looking to sell your house, have your market appraisal and photographs taken before the Christmas decorations go up, although they will look lovely throughout December, you don’t want signs of Christmas on your property listing, and remember there is an audience spike in the number of viewers on Rightmove from Boxing Day to January.
If you are considering selling your home in 2023, beat the Christmas rush by calling David Phillip Estate Agents on 01134 676 400 for a free market appraisal w:davidphillip.co.uk a: 86, Leeds Road, Bramhope, Leeds, e: info@davidphillip.co.uk
Covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Huby
The annual sales event has arrived, and this looks to be another busy day of online shopping, (although Black Friday has been a week of offers for some companies) when most brands and retailers look to give shoppers some amazing savings. Yet many people are unaware of the phenomenon’s history and unsure about the use of the name before it became associated with the shopping craze. Here are a few facts about Black Friday
Advice for shoppers
It is easy to get carried away on Black Friday, so here is some advice for shoppers
At David Phillip Estate agents we won’t be having a Black Friday event - we have worked really hard on our pricing model to ensure we offer fairer fixed fee packages (not commission) to save you money and uncertainty – and also give you choice. So if you are looking to sell your home in 2024 and would like a free market appraisal (and you can’t get better value than that) call David Phillip FRICS on 01134 676 400 w: davidphillip.co.uk a: 86, Leeds Road, Bramhope, Leeds
Covering, Leeds, North Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley
Happy shopping!
Lee Rowley has been appointed as the new Housing Minister replacing Rachel Maclean who was sacked from her role earlier today.
Since September 2022, Rowley has been serving as Parliamentary Under Secretary of State in the department for Levelling Up, Housing and Communities – he now takes on this important role in the Governments housing agenda.
Prior to this appointment, Rowley held the position of Parliamentary Under Secretary of State in the Department for Business, Energy and Industrial strategy as well as the role of Government Whip, Lord Commissioner of HM Treasury from September 2021 to July 2022.
He becomes the 16th Minister to hold the post since 2010 and takes up the role on the evening of the Renters(Reform) Bill being introduced to committee. He was first elected as the Conservative MP for North East Derbyshire on 8th June 2017.
Prime Minister Rishi Sunak has asked Rachel Maclean to step down as Housing Minister as part of his cabinet re-shuffle. She becomes the 15th housing minister axed since 2010
Ms Maclean posted on X formerly known as Twitter confirming her departure. It read “I’ve been asked to step down from my role as housing Minister. Disappointed and was looking forward to introducing the Renters Reform bill to committee tomorrow and later the Leasehold and Freehold Bill. It has been a privilege to hold the position and I will my successor well.
Ms Maclean was appointed to the role on February 7th 2023 and previously served as justice Minister between September 7 and October 28 2022.
Mr Sunak began a reshuffle yesterday after sacking Suella Braverman. Macleans departure is part of a re-shuffle aimed at addressing current Government challenges in the polls.
David Phillip Commented ‘given how important housing is to our society it is a shame we have such ministerial musical chairs in this department which is one of the fundamentals of the economy as well as people’s sense of security and well-being. Many of the issues in the current property market go back before Macleans time in the role – the fixes are not quick either. We await the announcement of the new Housing Minister”
David Phillip FRICS has been selling properties in North and West Leeds for over 30 years, if you are considering selling your home and would like a free market appraisal call 01134 676 400.
David Phillip Estate Agents , 86, Leeds Road, Bramhope, Leeds LS16 9AN w:davidphillip.co.uk
Covering Leeds, North Leeds, Bramhope, Adel , Cookridge, Pool-in-Wharfedale, otley
"*" indicates required fields
