You have just inherited a property, and according to research, 36% of us are likely to do so.
This can be a very emotional time especially if you have inherited as a result of a relative’s death.

Certain questions will spring to mind immediately – should you rent it, sell it, or move into the property.

If you are the executor or beneficiary, you will have to wait until probate is complete. This means that you don’t have to rush to make a decision. It can sometimes take several weeks until probate is granted. Probate is when the executors of the will sort out the deceased’s affairs and settle any outstanding debts before assets are handed over to the beneficiaries. There is very little that can be done at this time. However, it is a good idea to create a short-term plan to maintain the home whilst the estate settles. You’ll also need to provide for the upkeep of the property and start thinking through your long-term goals. Discuss any ideas with siblings or any other heirs who may have a stake in the property.

During probate, the executors of the will are required to transfer ownership of the property into the beneficiary's name via the land registry – these forms are available on the government website.

If there is a mortgage on the property, lenders are usually sympathetic. It is a good idea to inform the mortgage company as soon as possible. Most mortgages do have a grace period which means repayments can be suspended until the estate is sorted. When a person dies without a will, you would need to apply for a ‘grant of representation ‘ to access the bank account. If the deceased person has life insurance, then this can be used to clear the mortgage. If there was no life insurance, then the lender can let you know what is expected.

The property is yours once the executors of the will have settled debts and taxes.

Inheritance Tax could be due. If the combined value of the deceased’s estate comes to more than £325,000 then 40% will be due to pay to the taxman. If you sell the property, then you would also have to pay capital gains tax.

Capital gains tax is only due on a property if you decide to sell. Capital gains tax is also due on any profit. This is levied at 18% on gains from residential property if you are a basic-rate income tax payer. If you are a higher or additional rate taxpayer, then the rate rises to 28%. Everyone gets a capital tax allowance of £12,000.

Inheritance tax is due within 12 months of death and should be settled by the executors of the estate. It is possible that this can be paid in annual instalments, which should hopefully avoid a situation where the property has to be sold to settle the inheritance tax bill.
Income tax is due if you start earning income from the property however, stamp duty is not levied on inherited properties.

If you decide to sell the property, then it is a good idea to start clearing the contents.

Keep you items you want to keep, sell or donate others. If the contents are worth money, then sell via an auctioneer – we recommend Hartleys’ Auctioneers in Otley.

If the deceased person has lived in the property for a number of years, then it is likely that there is some de-cluttering that needs to take place. At David Phillip Estate Agents, we can also recommend a decluttering company.

If the property is being sold and it does require some modernisation, it may be helpful to strip out the carpets and paint the walls – this will make the property look more appealing. At David Phillip Estate Agents, we can recommend the best course of action in terms of updating.

Once the property is on the market, then it is generally the same as selling any other home. You can also market the property whilst it is going through probate, however, you cannot complete on the sale of the property unless probate has been granted. This can take a number of weeks or even months if the estate is a complicated one.

If this is the first property you have owned, once inherited, it means you are no longer a first-time-buyer, which means you may have to forfeit any Government initiatives currently in place.

If you have inherited a property that is currently being rented out, then you may become what is known as an ‘accidental landlord’ – this happens because you weren’t initially intending to become a landlord, but circumstances have forced you to become so.

The third and easiest option is to move into the property. You will need to put the property in your name on the mortgage if there is one. At this point, you will have to pass the usual affordability and credit checks.

Hopefully, the above answers some of the initial questions you may have, but it is always better to contact your solicitor. If you do require a probate valuation then call David Phillip FRICS on 0113 4676400. David has been undertaking probate valuations for many years, and will assist with any questions you may have.

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds LS16 9AN, covering Bramhope, Pool-in-Wharfedale, Adel and Cookridge

W: davidphillip.co.uk  e: info@davidphillip.co.uk

When thinking of buying a new property, the deposit is the biggest expenditure you are likely to
have. You may have been saving for quite a while, putting savings away each month and have
reached that all-important target – congratulations!

When you are working out your ‘buying a house’ budget, there are also other fees, including moving
fees and mortgage fees for example, that need to be included. It all adds up and can easily plunge
you into debt if an unexpected bill hasn’t been taken into consideration.

Here’s what you need to know about and budget for:-

• Mortgage Fees: On top of your deposit, you need to take into account the charges that your mortgage provider will require as part of the application process. These can vary from a few hundred pounds to several thousand. If you shop around though, you can find mortgage deals that are starting to look more affordable. We recommend speaking to Victoria Black at Mortgage Solutions on 01423 787 0077
• An electronic transfer fee is often applicable when the mortgage is paid out. This is in the
  region of £50
• Surveyors' fees: This may be viewed as a necessary evil to comply with your mortgage. Having a professional survey undertaken could save you thousands of pounds in the long run. A basic survey could be as little as £200 to £300. You can pay extra for a homebuyer's report or even a full structural survey – this may expose issues with the property that, going forward, may cause you headaches in the future.
• Legal fees: You will require a solicitor to carry out the legal searches on your property. This covers local, environmental and water and could unearth flooding, planning permission, neighbour dispute, etc. Fees for these are typically less than £200.
• The solicitors' purchase fee could cost around £1000 plus, depending on your purchase. For example,
  buying a leasehold property would cost more than a freehold. The solicitors' fee may also include additional costs such as ‘Help to Buy ISA’, where a gift has been provided, etc.

Stamp Duty Fees

• Stamp Duty: Depending on the purchase price of your property, you will need to pay stamp duty to the Government. To find out how much stamp duty you are likely to be paying, please take a look at the Government stamp duty calculator online.
• Estate Agent fees: You only pay Estate agent fees if you are selling a property. If you are a
  first-time buyer, you don’t need to budget for this. The fees are typically around 1%; however, at
  David Phillip Estate Agents we operate a fixed rate fee. This means that you are aware of what
  the fees are right from the outset. VAT is charged on top of this and is not payable until the completion of the sale. Fixed fees at times when the economy is a challenge certainly enable
  you to budget your property purchase more efficiently.

Moving Costs

• Moving costs: Unless you are prepared to rent a van and move yourself, then you will need to budget for a professional removal company. You may also need storage costs. If there is a gap between moving from your current house and moving into your next property, we can recommend several companies in North Leeds.
• Decoration and refurbishment costs: It is worth being clear exactly what is included within the
  sale, this is part of the fixtures and fittings form. Anything noted in the property advert is
  included. If you need to buy carpets, curtains, curtain rails and more, these can quickly eat into
  your budget. Where possible, always get quotes up front.

You have now saved your deposit and accounted for all the costs, so now it is time to find the
perfect place to live, and if you have a house to sell in the process and require a free market
appraisal call David Phillip Estate Agents on 0113 4676 400

w: davidphillip.co.uk
a: 86, Leeds Road, Bramhope, Leeds, LS16 9AN

Selling Houses in Leeds and covering Bramhope, Adel, Cookridge, Pool-in-Wharfedale, Otley and
North Leeds

We have several house sales currently going through to completion, the owners are motivated and enthusiastic about moving on to their next home. Moving house represents a transition in life, and whilst the ‘grown-ups’ in the house may focus on many of the practical elements of moving, change is easier for adults to accept than for children. Many of our buyers are moving to Bramhope specifically for the wonderful school, so children are invariably involved in the house move and we like to ensure these children are happy!

The emotional impact

For a child, moving home can have a greater emotional impact, certainly in terms of the losses the
move represents. This may be the loss of a safe and familiar environment, the potential of leaving
friends behind, having to start again or being the new person at school. The impact can be huge, but
there are ways to keep your children reassured and enthusiastic about the future move.

• Talk to children about the move and do it at an early stage, so that they have time to get used to the idea. Offer reassurance every step of the way.
• If your child can’t join you when undertaking viewings, take some photos or a video of the
  potential new home and the area in which it is located. Think about the school, play areas and
  outdoor space- at David Phillip Estate Agents, many of our homes have videos or 3D virtual
  tours you could show them.
• Discuss the new home with them, and give them lots of facts and information, not only about
  the new home (where they will eat, sleep and play) but the surrounding area too. Use facts
  that are appropriate for their age group and level of understanding.
• Although children can’t get involved in the bigger aspects of the home purchase, they can get
  involved in helping decide on colour schemes and decorations. By doing this, they will feel part
  of the process. Have them draw pictures of how they will arrange their new room and what
  colours they will use. Give them new pens and an album they can keep adding to.

Moving day

• Moving day can be stressful for parents – children are always listening and may pick up on your
  anxieties. On this busy day, it may be a good idea for children to be with relatives or friends.
  If the children are with you, get them to document the move through photographs and then
  create a ‘moving day’ chapter for the photo album.
• Just before you leave your old home, walk through each room and say “goodbye” – this helps young children to develop closure.
• When toys are being packed into boxes, explain why and where they are going. A child may worry that they are disappearing for good otherwise.
• Don’t buy a new bed or bedding when you initially move home – this can create a feeling of
  Insecurity. Do prioritise your child’s bedroom as the first to unpack
• If you have a school-age child, the big question is whether they will like their new school and
  make new friends. If the move takes place over the summer holidays, then the child has more
  time to get used to the idea and is making a fresh start with the rest of the children. Although
  the child may have to spend the summer without their old friends. Organise things so that children
  are not bored or lonely.
• Arrange for friends and family to visit. If they are too far away, arrange a video call before you leave your old home. Give your child an address book, arrange a party and have each friend add to a ‘goodbye memory book’.

A stress-free move

Once you have moved, get back to the status quo as quickly as you can. Children are resilient and will
adapt well to the move relatively quickly. They will almost certainly enjoy their new home and the
lifestyle that goes with it as much as the old one, but by following simple steps, you can ensure the
lead-up to the big day and beyond is stress-free and one of excitement for your child.

Application deadline for schools

The North Leeds area has some amazing schools, we frequently find families want to move to the
area specifically for schooling. If you are looking to move home for your child’s education, then the
next key date is September 2025 for secondary schools. To be living in your catchment area before
this date means that April is a great time for marketing your home.

If you are considering selling your home then contact David Phillip FRICS on 0113 4676 400

w: davidphillip.co.uk
a: 86, Leeds Road, Bramhope, Leeds, LS16 9AN.

Selling homes quickly in North Leeds and covering Bramhope, Adel, Pool-in-Wharfedale, Otley,
Cookridge and Alwoodley

The average date of the first lawn cut in the UK is around March 23rd, 2025, although this is generally dependent on the weather and local conditions. The 2nd week of March is generally supposed to be the best day to do the first cut of the garden lawns. This day is officially known as ‘first cut Sunday” – a term coined by Flymo – homeowners look to get their gardens in tip-top condition with Easter not far away and Spring being one of the best times to sell your home.

So, this Weekend is a great time to Spring Clean your garden – so what do you need to do?

What do you need to do on First Cut Sunday

Focus your initial energy on hardscaping – this is the time to repair damaged walls, level out steppingstones, clean out gutters, fix fences, benches, decks, sheds and raised beds.

Clear the patio and clean the paving – over time, moss, algae and debris will build up on a patio making it look a little unsightly but also this could make it unsafe too.

Use a dedicated patio cleaner or bleach, altho-ugh specialist cleaners are also available. Rinse the patio before and after cleaning, give the area a vigorous scrub, leave for 5 to 10 minutes, pressure wash to remove stubborn dirt, and then give a final rinse. Remember to use thick gloves and eye protectors.

Cut the lawn. Our garden lawns play an important part in our al fresco summer enjoyment, providing a place to relax and read, host parties and provide a space for the children to play, so it is important to get the first cut right to set up the lawns for summer use – but only when the grass is dry enough to cut.

Helping Wildlife

In the spirit of helping wildlife do you need to mow a whole area or could you just have a patch leading through wildflowers and also before you are about to mow, check for any animals - Hedgehogs can often be found in piles of grass and leaves.

Before cutting, take time to clear any mess around the area including dead sticks, leaves and any rubbish that may have gathered. Check for stones and thick branches as these may damage the mower blade. If required, have your mower serviced before the first cut too, there are many local companies who offer a collection and delivery service for lawnmowers, but book early as these sometimes have a long lead time!

Never cut more than one third on your first cut as this can stress the grass. Don’t try to shear it off in one go, cutting the grass too short too fast is known as ‘scalping’ which can lead to disease and weed infestation – reset the blades on your mower to the highest cutting position to just take off the tops, if your garden is small then you could use shears or a strimmer. Your usual mower should cope once you have got the grass down a bit.

Clear up dead perennial plant stems and tatty ornamental grasses by cutting them back close to the ground – they will soon start to re-shoot and you don’t want this year’s healthy green foliage growing up through last years’ dead bits!

Prune hybrid roses to around knee height, this will make it easier to work on the borders afterwards. New English roses should not be hard pruned – just give them a light tidy-up to improve their shape.

Clear away prunings, dead leaves and rubbish, then weed thoroughly, this is no-ones favourite garden pastime but with the correct mind-set, weeding isn’t such a painful exercise. The best time to weed is just after it has rained, when the soil is moist and loose. Grab the right tool a pair of gloves and a bucket. Tackle the roots and all the vegetation – fully remove the plant before it goes to seed so that it doesn’t have chance to grow back.

Always work from the back of the borders towards the front

Always work from the back of the borders towards the front and as you finish each patch, sprinkle on fertiliser and prick the soil surface to aerate the ground, work in the fertiliser to keep it looking tidy.

Now is also a good time to clean out debris from the pond, water feature or bird bath. Maintaining good hygiene in your garden beds will help to keep pests and diseases at bay.

Though most annual flowers need the soil to warm up a bit before planting, some plants such as pansies, nemesia and osteospermum daisies won’t mind if you plant them in the garden early.

Plant Spring Pots

It will soon be time to plant spring pots, and you could order summer flowering bulbs and seeds now from your local garden centre.

So your garden is now looking lovely and all that hard work is likely to pay off.

David Phillip Commented ‘If you are looking to sell your home, then Spring is traditionally one of the busiest times to sell according to Rightmove - gardens are starting to look lovely and photogenic, and the nights are getting lighter for viewings – so after  ‘first cut Sunday’,  why not call us to arrange a free market appraisal, houses in Bramhope and North Leeds have some beautiful gardens.

David Phillip Estate Agents, 01134 676 400 w: davidphillip.co.uk  a: 86, Leeds Road, Bramhope, Leeds.

Covering Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley

On 22nd May, Rishi Sunak announced the General Election ill take place on 4th July, and as campaigns are hotting up as the major parties jostle for voters, one thing that we haven’t heard much about yet is the housing market.
Elections normally lead to increased uncertainty and potentially some stalling in market activity, however there are currently 392,000 homes in the sales pipeline working their way to see buyers already in the process of progressing to sales completion pulling out of their sale which is positive.
Nationwide which tracks house prices at the mortgage approval stage, has found that the broad price growth trends seen in the six months leading up to an election tend to continue in a similar vein over the six months after the polling date. The notable exception was the 2019 election , when prices plummeted in its aftermath as a result of the Covid-19 pandemic (shortly followed by the stamp duty holiday).
In Rightmove’s Spring survey which gathered more than 14,000 responses between 18th and 23rd May found that 95% of prospective buyers said a general election would not change their plans which again is positive news for the housing market.
Tim Bannister of Rightmove said “over the past four years, home-movers have faced numerous challenges, including a global pandemic, a shortage of housing supply and rapidly changing prices. For many, 2024 is finally the year to make their move, and they are determined to proceed with their plans to secure their next home”
Rightmove’s own research into buyer demand in the run up to the 2015 and 2019 elections showed that it remained steady. This was measured by recording the demand from the number of people who sent enquiries to their website.
David Phillip commented that “increased certainty of the political landscape” would help to “support confidence in the market, but I see the property market poised for a robust summer, showing resilience and stability in the face of political changes. Affordability remains the most significant factor in the housing market, currently indicating that the pace and scale of the interest cuts will have more of a substantial impact on the market than the timing or outcome of the general election”
Zoopla commented that they don’t see the election having as big an impact as in previous years, particularly as there is not a huge divide in policy between the two main parties.
We have to hear exactly what housing policies the major political parties would enact should they form the next Government, but some of those involved in the sector have set out the actions they would like to see after 4th July.
- One thing most referenced by the experts is Stability – since 2010 there have been 15 housing ministers (or 16 if you take into account that Lee Rowley has held the role twice!)
- One way that could help to accelerate house-building is to streamline the planning process, which is highly complex and challenging
- Another industry bug bear is the length of time it takes for homes to complete in England and Wales – greater digital integration would ‘speed up’ transactions and reduce fall-through dates
- Will there be a reform of the Stamp Duty - The Chancellor has unveiled an election Family Home Tax Guarantee, where stamp duty will not be raised over the next 5 years -
So if you are considering whether the General Election should change your plans to sell up, the latest advice is to plough on and take advantage of the very buoyant Spring market.The long term fundamentals of supply and demand continue to be a driving force in the property sector and as forecast unexpectedly strong August market is likely to be on the cards, especially if we see interest rates continue to fall.
David Phillip has over 30 years selling properties and especially in times when the country goes to vote – if you are considering selling your home and would like a chat around how the Election may impact (or not) on the property market, call now on 01134 676 400
David Phillip Estate Agents, Bramhope, North Leeds, w:davidphillip.co.uk e;infoatdavidphillip.co.uk
Covering North Leeds, Bramhope, Adel, Cookridge, Pool-in Wharfedale and Otley

If you are selling your home, ask your Estate Agent how many viewings they are achieving on Rightmove? – the higher the number of viewings, the better the chance of a sale.

David Phillip Estate Agents are currently achieving 185.5 average detailed views per property per day in LS16 and LS21 – the average number for this area is 89.5, which means that we are achieving almost 100 extra views per property per day and hold the number one position of all Estate Agents in this area.

How are we achieving this?

We have beautiful photographs of all our properties, taken by a professional photographer (not just images taken from a 3D virtual tour which saves the Estate Agent money but also means the photographs are inferior too) – we use drone footage and area videos to show the property in its’ beautiful surroundings, this is particularly pertinent for homes in North Leeds.

Property videos are immersive and allow customers to take a walk around the property – we think marketing properties is not just about static photos and literature.

3D vitual tours provide people with the opportunity to view a property form the comfort of their sofa 24/7 – this is an excellent marketing tool if people are working during the day or living a long way away from the property.

Site maps show the size of the overall plot – people are buying a garden as well as a home.

All of the above are reasons for potential purchasers to stay on our properties on Rightmove longer than on our competitors which is key for our vendors.

In 2022 we were number one for property views too, which shows our ongoing commitment to marketing our clients properties in the very best way possible.

If you are considering selling your home and would like a free market appraisal contact David Phillip FRICS on 01134 676 400

David Philip Estate Agents, 86, Leeds Road, Bramhope, w:davidphillip.co.uk

Covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley

Details taken from Rightmove plus 27/04/23 – average detailed views per property per day in LS 16 6,7,8,9 and LS21 1,2,3

According to Rightmove, the average price of property coming to the market has risen this month by an average of 0.2% (+£890), this is lower than the average at this time of year but is a reflection on new sellers heeding their agents’ advice to price realistically to tempt the Spring buyers.

Despite the economic headwinds, first-time-buyer type properties hit a new record price of £224,963 this month. Because the rental market is facing record rents, buying is still a compelling for those first-time buyers who are able to clear the deposit and mortgage hurdles.

The average first-time-buyer mortgage rate for a 5-year fixed with a 15% deposit mortgage has now fallen to 4.46%, with the lowest rate for this mortgage type currently at 4.19%.

Sales numbers have recovered to be in line with the more normal pre-pandemic market of March 2019, and have also exceeded last September’s level, after which they plunged by 21% following the Mini-Budget aftershocks. The agreed sales volumes are so far defying the expectations of many, which is positive.

In Yorkshire and Humberside the monthly average price increase has risen by 1.2% and 3.9% year on year.

Agents are reporting that many sellers have transitioned out of the frenzied multi-bid market mindset of recent years and understand the new need to tempt Spring buyers with a competitive price. The current unexpectedly stable condition is likely to tempt more sellers to enter the market who had been considering a move in the last few years but have been put of by its frenetic pace. Buyers may have struggled to find a home that suited their needs in the stock-constrained market of recent years and will now find more choice available. However, those who have decided to make a move, should not wait around too long to make an enquiry if they see the right home for sale, as not only is the number of sales agreed now back to pre-pandemic levels, but homes are also on average selling more quickly than there were at this time in 2019.

On the Market expect 500,000 sales completions in the first half of 2023 which means that the market is on track for potentially over 1m sales in 2023 – sales activity is being supported by 65% more homes for sale compared to march 2022 and falling mortgage rates.

While mortgage rates have fallen back towards 4% for new loans, the average homebuyer still has 20% less buying power than a year ago, this however doesn’t mean that that house prices are falling anywhere near this amount it does mean buyers are seeking out better value-for-money.

Zoopla observed the motivations for home moves continue to support activity. They state that there is some upside to the outlook for sales completions over 2023 with factors supporting the desire to move.

Working from home 1-2 days a week is becoming the norm for many office-based workers, a shorter commute is no longer so important so people can look further afield for a home than has been the case in the past.

The spike in retirement caused by the pandemic is also a trigger for home moves. At the same time, cost-of-living pressures will continue to encourage some to down-size from larger homes that are more expensive to run.

The market is going through a soft re-pricing process but arguably, the market is more in balance than at any time for the last three years. The positive news is that buyers and sellers are agreeing sales to support an increase in sales activity. There is no evidence of a major mismatch between buyers and sellers that would suggest house prices and transaction volumes are going to suddenly drop lower.

David Phillip commented “the beginning of the Spring market has been a real turning point in terms of house sales, both buyers and sellers appear to have adapted and accepted the current economic and property market conditions. There are now more attractive fixe rate mortgages available, providing buyers with more confidence, and there has been a noticeable increase in sales activity in the North Leeds area”.

If you are considering selling your home, and Spring is one of the best times to move, call David Phillip FRICS on 01134 676 400.

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds, LS16 9AN w: davidphillip.co.uk e-info@davidphillip.co.uk

Covering Bramhope, North Leeds, Adel, Cookridge, Pool-in-Wharfedale and Otley

The latest data shows that there has been a 10% monthly increase in mortgages approved by banks and building societies – this is the first increase since August last year.

43,500 mortgages were approved for residential purchases in February, this is up from January levels of 39,600 according to the office of national Statistics, however the monetary value of mortgages lent out was the lowest since April 2016 at £0.7 billion v £2 billion.

Experts said, this also reflected the effects of the mini-Budget, as the uncertainty had delayed impact on property completions.

Jason Tebb, CEO of On the Market said “February saw another decline in net borrowing of mortgage debt by individuals, although there was a welcome pick-up in approvals for house purchases, an indicator of future borrowing compared with January.

“the uptick in approvals for house purchases for the first time since August 2022 suggest that the uncertainty around the mini-budget fallout, rising interest rates and inflation has calmed to an extent.

“looking forward, consumers may feel less confident in the short term with another rate rise this month and inflation rising slightly, but even in challenging markets, there are those who need to move. With various price indices suggesting a gradual slow down in price growth or gentle decline in values in some areas, would-be buyers may be encouraged if they think prices are becoming more achievable, combined with interest rates finally peaking. There is no reason why sellers who listen to their estate agent and price realistically should not do well in this market”

David Phillip commented “the uplift in mortgage approvals shows that the Spring surge in market activity is underway, and while the volume of mortgages being approved is unlikely to return to the highs of last year, an increase in buyer activity bodes very well for the wider health of the property market. We are seeing an increase in the number of property market appraisals and the area of North Leeds comes into its own in Spring with gardens and the area looking beautiful and perfect for marketing”.

If you are considering moving home and would like a free market appraisal call David Phillip FRICS on 01134 676 400 w: davidphillip.co.uk a: 86, Leeds Road, Bramhope, Leeds LS16 9AN.

Covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley

 

The average price of property coming to the market has risen by 0.8% this month to £365,357 mainly due to a 1.2% jump in the largest home sector (or top of the ladder).

Nationally, new seller asking prices are now £5,800 below October’s peak, with annual price growth continuing to ease and now at +3.0% as the market cautiously moves towards pre-pandemic activity levels despite the recent economic turbulence. The data from Rightmove continues to point to a market on a much more stable footing than many anticipated and is cautiously transitioning towards the activity levels of the more normal market of 2019 which is good news for buyers and sellers.

Tim Bannister of Rightmove commented ‘the beginning of the Spring season sees stability and confidence continuing to return to the market as it recovers from the turbulence at the end of 2022. The pace of the market reached an unsustainable level in the last two years, and was on track to slow to a more normal level, although the speed of this slowdown to more normality was accelerated due to the reaction to September’s mini- budget. While higher mortgage rates and economic headwinds have raised challenges, many home-owner’s who were effectively side-lined in the frenetic bidding wars of the last two years will find that a slower paced market gives them time to plan and secure their next move as we enter the traditionally busy spring-buying season”

Zoopla states that it is possible to take two opposing views on performance in the current market sales market. The glass-half-empty view is to look at trends on a year-on-year basis comparing this year to the red-hot market conditions a year ago. The glass-half-full view compares the current market to the pre-pandemic years (2017-2019) when activity levels were much more similar to the current market.

Average mortgage rates have fallen back from their peak of last year, with average rates for a 15% deposit five-year fixed mortgage now 4.65%, edging down from last month’s 4.75%. and October’s 5.89%, although this is higher than 2.48% in March 2022, the mortgage rates do appear to have reached their new level.

On the market state that 69% of active buyers in the UK were confident that they would purchase a property within the next 3 months and 62% of sellers in the UK were confident that they would sell their property within the next 3 months – again despite the market turbulence, buyer sentiment remains reassuringly steady, it also appears that sellers  are more encouraged by the longer term outlook than the shorter-term.

There are still challenges ahead, particularly in regard to inflation which increased slightly last week but concerns appear to be short term rather than medium to long term. The Prime Minister has pledged decisive action to halve inflation by the end of the year, and while it’s some way off its 2 percent target, it’s moving in the right direction,.

Although On the Market split their data into buyers and sellers,  many sellers are also buyers, so even if they have to sell slightly off the top of the market, assuming they’re moving up the ladder, they’ll also spend relatively less on their next property as the trading gap narrows.  If there was a strong argument for moving then surely that is it.

Despite recent market turbulent Zoopla state that market is still on track for a soft landing with modest price falls of up to 5% (not the 10% that is been bandied about across some media platforms) although hyper-local pockets in desirable areas in North Leeds should in most cases be exempt from excessive price reductions.

Sellers looking to take advantage of traditionally strong buyer interest during the Spring moving season should seek the expertise of a local Estate Who will undertake accurate valuations and achieve a realistic price – for a free market Appraisal call David Phillip FRICS on 01134 676 400

David Phillip Estate Agents, 86, Leeds road, Bramhope, Leeds  w:davidphillip.co.uk   e: info @davidphillip.co.uk

Covering Bramhope, Leeds, North Leeds, Cookridge, Adel, Pool-in Wharfedale, Otley

Back for its eighth year, the Great British Spring Clean is the nation’s biggest mass-action environmental campaign.

The Great British Spring clean and Great Big school clean 2023 will take place from March 17^th to April 2^nd and you can pledge to pick up a bag of litter or more from today.

You can choose to pledge as an individual as a group or as a school.

Last year the army of litter pickers #litterheroes pledged to pick nearly half a million bags of litter.

This year is focusing on the pride our #litterheroes have for their local community.

New research reveals that more than 8.5 million adults in the UK have done litter-picking at least once in the least past six months. That’s a million more people than watched the end of Happy Valley!

Everyone deserves to live in a community that they can be proud of, but sadly half of UK adults (43%) currently agree that they feel proud of their community – I know about the pride we feel in Bramhope, North Leeds.

The good news is that litter-picking is a simple action that anyone can do to make an immediate and visible difference to their area – 85% of those who took part in last year’s Great British Spring Clean reported that taking part made them feel  more pride in their local area. And 74% said it improved their mood too!

So if you want to take action to protect the environment this Spring and show more pride in where you live, join the Great British Spring clean and pledge to pick up a bag - or more – today.

If you require further information about this fantastic initiative please visit keepbritaintidy.org

If you are considering moving home and would like a free market appraisal with David Phillip FRICS call 01134 676 400

W: davidphillip.co.uk 86, Leeds Road, Bramhope, Leeds, LS16 9AN

Covering Leeds, North Leeds, Bramhope, Adel, Alwoodley, Pool-in-Wharfedale and Otley