An increasing number of house-buyers are now being tempted back to the market with major banks cutting rates on hundreds of mortgage deals. The cost of fixed-rate mortgages also began to drop as buyers leave behind the eight interest rates of 2022.
The National Association of Property Buyers (NAPB) say that those looking to secure a property are “now benefitting from a more balanced market, for the first time in years”. With the recent slowdown in the housing market, this means that there is more room for negotiations when it comes to buying property – this is also very enticing for purchasers.
According to Rightmove, demand from buyers rose by 55% this month, compared with the two weeks before Christmas. The number of prospective buyers contacting Agents is also up 4% compared to the same period in 2019 – this is the biggest New Year Bounce since 2016 after the extended lull at the end of the year.
David Phillip commented “owning property is still in most cases cheaper and more desirable than renting and the house price rises that we have seen since the pandemic were always going to be pretty unsustainable. The market is now returning to the normality of 2019 and buyer and seller confidence is now starting to return to the property market”.
“if you are considering selling your home, it is key that you price your property realistically but competitively – at David Phillip Estate Agents we have been voted as having 100% sales valuation accuracy on the All Agents web site”.
David Phillip FRICS is currently undertaking free market appraisals for anyone looking to sell – call for information on 01134 676 400 w:davidphillip.co.uk 86, Leeds Road, Bramhope, Leeds, LS16 9AN.
Covering North Leeds, Bramhope, Adel, Cookridge, Pool-in- Wharfedale & Otley.
The beginning of a new year marks a fresh start and chapter, but unfortunately for some, this can include divorce or the dissolvement of a civil partnership. One of the biggest financial dilemmas you’ll face is deciding what to do with your family home. Andrew Milnes, business principal and mortgage adviser at Mortgage Advice Bureau Bingley (who we recommend to our clients requiring a mortgage), answers some frequently asked questions on the subject of home ownership and separation/divorce. Separating from your partner is an incredibly stressful time, so it’s important not to become overrun by your emotions. Don’t bury your head in the sand, speak to an expert adviser who can guide you through your options during what can be an extremely challenging period of your life.
If one of the parties wants to stay in the property but can’t afford the mortgage on their own there are several options available in this scenario, however, the first port of call is to check what benefits you might be eligible for. Once you have a better overview of your finances, you’ll be able to understand how ‘short’ you will be each month, if at all and plan from there.
It might be that your ex-partner can continue to support you and your family by paying spousal maintenance however, if that is not an option, you may have to consider selling your property.
Alternatively, a number of lenders offer DIY mortgage innovations which you may qualify for, such as those within Generation Home where a ‘Deposit Booster’ allows friends and relatives to invest in a property upfront and interest free. It’s ‘Income-Booser’ feature supports affordability by making it possible to add immediate family members to a mortgage.
If you can’t agree on whether to sell the house or not and you and ex-partner are locking horns over whether to sell the family home and you don’t believe it may be possible to come to a mutually beneficial agreement, you may get a court order.
In this instance, a judge will make the decision for you based on the facts presented to them. This can be a costly process in terms of time and money and is often stressful for both parties. It is possible to appeal against the judge’s final decision, however, there is a very strict time frame for this and it is likely that you’ll be left with significant legal costs if you lose the appeal.
There is the option of getting a mortgage on your own. Regardless of whether you are looking to re-mortgage or buy your ex out to invest in a new place, the sooner you get your finances in order the better.
Your employment status will also have an impact too, and if you’re employed, you’ll need to present documents when speaking to a broker including your last three months’ worth of pay slips, your last three months of bank statements, your last P60 and if you are self employed there may be other statements required.
If there are children involved in the separation/divorce, then ultimately the courts will always be to make sure any children under the age of 18 have a secure home to live in.
If you require further information for any type of mortgage, then please just give Andrew Milnes a call at MAB Bingley on 01274 568832.- https://www.mortgageadvicebureau.com/mortgage-advisers/main-street-bingley/meet-our-team/andrew-milnes
If you are considering selling your home and would like a free market appraisal then call David Phillip FRICS on 01134 676 400 w: davidphillip.co.uk 86, Leeds Road, Bramhope, Leeds.
David Phillip Estate Agents:- Covering Leeds, Bramhope, Cookridge, Adel, Otley, Pool-in-Wharfedale.
If you Google ‘house price crash 2023 UK’ then approximately 96 million results pop up – the half-empty glass doomsters have been extremely busy! ‘Will there be a house price crash’, ‘Experts predict housing market will cool in 2023’ and ‘Is a UK house price crash on the horizon’ are some of the many headlines, but the list goes on and on as these doomsters make their predictions, which so far in 2023 are proving to be way off the mark as the key portals release the first raft of data.
There was a similar scenario in early 2020 when the same people were predicting a property meltdown due to the pandemic and its resulting lockdowns and previously in 2018 when the threat of a ‘no Brexit deal’ followed by an election etc fueled the fires of these doom-mongers.
Now, on the back of the disastrous Liz Truss mini-budget in September which resulted in a dramatic increase in interest rates and hike in mortgage rates, the electricity and energy price rise increase as a result in the war in Ukraine – the doomsters are still predicting a property Armageddon.
How wrong they are – having just received the house price index from Rightmove, along with similar data from On the Market, this is actual data rather than predictions – the housing market is far from crashing with the following observations
With similar alarming headlines about the rise in mortgage rates at the end of last year, fixed-rate mortgage pricing continues to edge downwards, with several lenders reducing rates which may further help restore positivity in the market-place.
So… whilst the ‘glass half empty’ doomsters continue to spread their negativity, the Estate Agents are busy arranging market appraisals and selling homes.
David Phillip commented “we have started January 2023 in a very positive way, with a number of new instructions about to be launched in Bramhope and the surrounding areas – the key to selling quickly is to ensure properties are priced correctly by taking advice from an experienced local Estate Agent who knows the area inside and out – we have already listed and sold a property on Hall Drive in in seven days which shows there are plenty of buyers looking to move”
So if 2023 is the year in which you decide to sell your home call David Phillip FRICS for a free market appraisal on 01134 676 400
Covering Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley-http://www.davidphillip.co.uk
*On the Market property sentiment index January 2023 (reporting on December 2022 data)
** Rightmove Houseprice index January 2023
Looking for a quick sale – choose an Estate Agent reaching a great audience and getting the highest average views per property per day on Rightmove*
If you are looking to sell your home, reaching the greatest audience (the most potential buyers) is a key factor to achieving a quick sale. The National Property Portals ensure you are reaching ‘motivated’ buyers looking to move to the area.
At David Phillip Estate Agents we subscribe to the following portals
Not only is it key that your property is posted on as many sites as possible, the way your property is presented is vitally important too. At David Phillip Estate Agents we create the ‘ultimate property listing’ on Rightmove which could include – featured property, premium listing, 3D virtual tour, beautiful photography, drone footage and descriptive copywriting.
In 2022 on Rightmove, David Phillip Estate Agents had the highest average views per property per day in LS16 at 221.7 v 189.9 average – this is a key fact if you are selling your home
So, if you are considering selling your home in 2023 call an Estate Agent that not only ensures you reach the greatest audience in the most effective and professional way possible but also an agent that has a fresh and motivated database of people looking to move into the area too.
David Phillip FRICS t: 01134 676 400 w: davidphillip.co.uk a: 86, Leeds Road, Bramhope, Leeds
Covering North Leeds, Bramhope, Adel, Pool-in-Wharfedale and Cookridge
*details taken from Righmove Plus Jan- Dec 2022 – average views per property per day
Tips for de-cluttering plus a photographic enhancement service to help you de-clutter!
You want to move house, but have accumulated so much ‘stuff’ over the years that the idea is a little scary, and with Christmas out of the way you may also be left with wrapping paper, boxes and your Christmas tree on top of it all! – although by now you have hopefully had the trees re-cycled! If this sounds like you, then you may need to de-clutter, particularly if you are thinking of moving home. There are two reasons for this, the first, to make your home as tidy and presentable as possible to enhance your photographs and improve your viewings, the second is so that your move is less costly and also less stressful.
At David Phillip Estate Agents we recommend to start on your primary rooms first as these are the rooms that people will look at on Rightmove or Zoopla. Try to be ruthless, if items don’t relate to your present lifestyle and have no place in your future aspirations, and are of no sentimental value then get rid. Clothes that no longer fit can be taken to a charity shop, and likewise books that you have read.
Taking things to the tip isn’t always the only option, why not hold a stall at your local car boot sale or sell things online on sites such as e-bay and Gumtree.
Facebook has local pages where you can sell unwanted items, and local community sites such as the ones for Bramhope, Adel and Cookridge make ideal places to sell your unwanted items locally – do a search on Facebook to find details.
Another option is to give items to friends or family who will make use of them, and of course charity shops.
After Christmas there is of course extra de-cluttering or re-cycling
By removing clutter and not allowing it to build up again is like learning a new habit as well as being quite therapeutic, however, if you are wanting to market your home at the beginning of 2023 , why not take advantage of the David Phillip photographic enhancement service too. We can take a photo of any room in your home and by using clever photography we can make that untidy room market ready and de-clutter it which is all part of our bespoke packages.
January is a good time to sell, and we know more people view Rightmove and Zoopla at this time of year. So, if you are considering selling your home, call David Phillip FRICS for a free market appraisal on 01134 676 400 w: davidphillip.co.uk a: 86, Leeds Road, Bramhope, Leeds LS16 9AN
Covering North Leeds, Bramhope, Adel, Cookridge, Pool-in- Wharfedale and Otley
Activity in the UK Housing market picked up at the start of the January according to Rightmove, with cautious expectations of the lift continuing.
The property portal says that although it is early days there are some signs of positivity in the first few weeks in January with the number of prospective buyers up 55% compared with the two weeks before Christmas, with buyers contacting agents up 4% compared to a comparable period in 2019 – this is also the biggest New Year Bounce since 2016 after the extended lull at the end of the year.
The jump in demand helped to push up the average new seller asking prices by 0.9% (or £3,301 ) in January, the biggest increase at this time of year since 2020 as New Year sellers test the market, the property platform said. However, average asking prices are still lower than at their peak in October – enquiries are however lower than the buoyant market of this time last year.
Would be sellers jumped into action with 5th January the third busiest day ever for people asking agents to come out and value their home, an early sign of confidence for the year ahead.
The property portal On the Market stated that, although December is traditionally a quieter month, their data indicates that 60% of properties were sold stc within 30 days. This demonstrates that motivated vendors who priced their homes accurately were still able to transact, this figure is a considerable improvement on 42% in November after the market was rocked by the mini budget. This is also up on 53% the previous December at a time when the market was significantly more buoyant
On the Market also stated that fixed-rate mortgage pricing continues to edge downwards with several lenders reducing rates, this may help restore positivity in the market. Previous expectations of base rate peaking at 6% or even higher are now looking wide of the mark and with the Prime Minister vowing to bring inflation under control, buyers may be confident that the recent mortgage rate volatility is behind us.
Rightmove’s Tim Bannister said “these statistics based on the largest sample of any UK housing report gives reason for some positivity at the beginning of 2023. Given that the pause for Christmas came unexpectedly early last year, it was important to see whether buyers and sellers would pick up their plans again at the beginning of this year or wait to see what the first few months might bring.
‘The numbers certainly suggest that activity has bounced back after Christmas and agents will now be busy trying to match the likely revised expectations of buyers and sellers as we move towards the important Spring season.
‘We expect that the full effect of affordability constraints and last year’s mortgage rate rises will hold back some segments of the market in the first half of the year, but our leading market indicators may start to identify some green shoots of growth that will go on to strengthen the second half of 2023.”
David Phillip commented “Although it can be tempting to read too much into a couple of sets of data, if you thought nothing happened in December, then this wasn’t the case in 2022. It demonstrates yet again that there will always be those who need to move, but properties need to be priced effectively if there is going to be a realistic market for those who are serious about buying and selling in 2023 – taking advice from an experienced local agent who knows the local area inside and out is going to be more important than ever as the market moves against a backdrop of higher interest rates and a higher cost of living”
If you are considering selling your home and would like a free market appraisal call David Phillip FRICS on 01134 676 400, 86, Leeds Road, Bramhope, Leeds LS16 9AN w: davidphillip.co.uk
Covering Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley.
In recent months it was key to have sold your home prior to putting an offer in on a new house, and in most cases we were only undertaking viewings with potential buyers who had already sold their home, were cash buyers or were in a rented property.
The market has now slowed down a little to the levels of 2019 and it may be the case that you have sold your own property, but are struggling to find somewhere to move to – so what are the options if this is the case?
Firstly, Congratulations, you are in a great position, particularly if you managed to secure the sale at a good price – the mini-budget in September 2022, the increase in inflation, household bills and also in some cases mortgage payments may mean that the property market sees some pricing adjustments in 2023. If you have an offer you are happy with then this puts you in a good position in 2023.
Because you have sold your home, you now have a very clear position re your budget, knowing exactly how much you will make from the current sale which in turn means you also know exactly how much you can afford when you find your next property.
A buyer who has already sold is very appealing to someone selling as this means you are chain free. In current market conditions, many buyers are looking to re-negotiate the price of the property they are purchasing and there is also a level of uncertainty around mortgage rates – being chain free is definitely a bonus.
Rather than panic-buying a new property, renting or moving in with relatives may be an option, providing you with more time to find the right property – this is a good option if you don’t mind moving twice, potentially having to store furniture and also if you don’t have young children (or pets, as some rented properties don’t allow).
Rather than moving at a slow pace, you could agree to an exchange date but with a longer time- period between exchange and completion, this delay could give you time to find a new home without ‘stringing along your purchaser’. Beware though, if your buyers have a mortgage, there may be a limit on how long the offer is valid for, and if it runs out then the new rate may be higher which is something your buyer will definitely want to avoid.
Ensure you are being as proactive as possible to find a home – set up alerts on all the key portals – at David Phillip Estate Agents our properties are listed on Rightmove, Zoopla, On the Market and Home on Film – we can help you set up property alerts.
We also have a relevant and fresh database of people looking to move, so make sure you have registered your requirements with us. We will always ‘match-out’ properties before they appear on the portals and we frequently sell properties before they even appear on the portals too.
Ensure that your finances are in order, if you do have a mortgage, how long is it valid for? – this is a key part of your timeline as many lenders are increasing their rates.
So you are in an enviable position to find a new home, the key thing is not to panic and worry that you will be homeless – if you are using an Estate Agent they will also be able to manage the whole process for you.
If you are looking for a new home call David Phillip Estate Agents, we can add you to our property database and January is traditionally a time when more properties come to the market.
If you have not yet sold, but are considering moving in 2023, call David Phillip FRICS for a free market appraisal on 01134 676 400
86, Leeds Road, Bramhope, Leeds, LS16 9AN, w: davidphillip.co.uk e:info@davidphillip.co.uk
Covering North Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley
After September’s significant leap in mortgage rates, they have started to fall as lenders grow in confidence and market conditions have started to stabilise.
The bank of England has raised the base rates nine times since December 2021 which not surprisingly has had a major impact on mortgage borrowing costs.
But while the bank’s attempt to curb increasing inflation has seen the base rate hit 3.5% rather than the 6% many analysts had predicted; inflation is now expected to peak at around 4.5%.
Falling mortgage rates provides a major boost for many would-be home buyers, many of which have been forced to re-evaluate plans to purchase a property in recent months – Nationwide for example has reduced its mortgage deals by up to 0.6% in recent weeks, with other lenders set to follow suit.
Former housing analyst, Anthony codling, of Twindig said: “The Bank of England has revealed that mortgage rates fell in December. If we combine the impact of falling mortgage rates and softening bouse prices, many would-be homebuyers may feel themselves priced back into the housing market suggesting that despite challenges elsewhere in the economy, it is not all doom and gloom.”
On average, mortgage rates have fallen since the period following the ill-fated Liz Truss mini budget when stirling volatility and market uncertainty meant that some lenders including NatWest, Barclays, Halifax and Virgin Money all pulled deals and brought them back to the market at higher prices. Although they are still higher than at the beginning of September 2022, the rate for a typical, new two-year fixed-rate home loan peaked at 6.65% in October it has now dropped to below 6%.
This has resulted in a far more settled picture as people start to have a little more confidence in the market and this is expected to continue as the year progresses, although some are sitting tight for the time being.
David Phillip commented “although new instructions are lower in January 2023 than the previous year, where people are listing their properties we are seeing a good level of viewings – Dale Cottage on Hall Drive in Bramhope was launched last Tuesday – we have already had three offers on this property which is very encouraging. If properties are priced and marketed correctly, then people are receiving offers and ultimately sales on their properties”.
If you are considering selling your home 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 info: e-mail@davidphillip.co.uk
Covering Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley
The 12th night is upon us and The Christmas Trees and Decorations are sadly now being taken down for another year, so if you live in North Leeds and your tree is currently temporarily in the back garden, what are the options for removing it. Do you re-cycle (how and where?) or do you dispose of your tree (how where and how much?)
According to the British Christmas Tree Growers Association, between six and eight million ‘real’ Christmas trees are sold in the UK every year. A typical six to seven foot high Christmas tree is between 10 and 12 years old: Nordmann Firs are the most popular in homes making up to 80% of those sold with Norway spruce making up 10-15%
So now that the decorations are down, what are the options for dealing with the tree:-
Some tips on making tree removing easier
So now that you have removed your Christmas Tree and decorations, and the children are back at school, this could be the ideal time for getting your property ‘market ready’ with a view to selling.
If you would like a free market appraisal with David Phillip FRICS, please call us on 01134 676 400. A: 86, Leeds Road, Bramhope, Leeds w: davidphillip.co.uk
Covering Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley
The average asking price of newly listed property dropped by 2.1% (-£7,862) in December to £359,137, this is a bigger dip than usual at this time of year as sellers who are determined to find a buyer quickly adjust their expectations and adapt to a less frenzied housing market, this means by the end of 2022 prices were 5.6% higher than the previous month and slightly below year ago versus 6.3% annual growth in 2021. Yorkshire and Humberside saw a reduction of 2.5% but annual growth of 7.3% which is one of the UK’s most positive movements and according to Zoopla leaves Leeds in 6th position in cities in the UK, behind Nottingham, Manchester, Birmingham, Liverpool and Leicester.
Economic headwinds including rapidly rising mortgage rates, cost of living pressures and lower consumer confidence mean that some would-be buyers may have paused their plans in the very short term, however over the past three weeks, the number of people enquiring to Estate agents is up 4% on the same period in 2019, and there are also signs that discretionary buyers will have used the Christmas/New Year period to weigh up their options – the number of views of homes for sale on Rightmove is up 11% on last year. This indicates that there are many ready-to-go buyers, monitoring and waiting for this year after the uncertain last few months of 2022 following the September mini-budget. Zoopla predicts that the sharp fall in demand has now plateaued – some buyers will also have thought that they may get a better fixed-rate mortgage deal and a more stable outlook by waiting until the beginning of this year. Rightmove’s data suggests that there are many ready-to-go movers out there waiting for what they feel to be the right time to enter the market in 2023.
Tim Bannister, Rightmove’s Director of Property Science predicts a more normal market in 2023, however, affordability constraints will prevail in some segments and sectors of the market much more than others which makes a national average price prediction for new to the market properties more difficult than usual this year. This will lead to a more pronounced hyper-local market , where one side of a city, town or even street could fare better, depending on the types of property available and the desirability and affordability of the exact location.
After many months of having to act extremely quickly, there may be less urgency in the market as buyers wait for the right home to become available for their needs and some sellers will hold out hoping for a price that matches their expectations – this could lead to a stand-off in the early weeks of 2023 between some sellers who are in no rush to drop their prices, and those more hesitant buyers. This may lead to homes taking longer to sell at the beginning of this year and a return to the more normal time to find a buyer.
2023 will see a more even balance between supply and demand. Rightmove don’t expect a surge in forced sales which would cause a glut of properties for sale and contribute to more significant price falls this year, however there is a group of buyers who are very keen to purchase before their mortgage deals that have been pre-approved run out. – this is reflected in their modest average fall of 2% next year.
Buyer interest remains stronger in more urban settings where jobs are being created and there are more services. Family housing in city suburbs and commuter areas have registered above-average demand over the last year, while demand in City Centres has remained weaker – this is very good news for the North Leeds area, where continued employment growth will stimulate housing demand over 2023 in these affordable city regions.
Post pandemic the pricing of flats has underperformed the rest of the market as people looked for space and gardens exacerbated by the concerns over cladding and leasehold charges – Zoopla expect an increase in demand for apartments as buyers seek better value for money. This will be improved as the Government moves to ensure cladding problems are remediated in most buildings – only a small proportion of the UK’s apartments are now impacted by cladding meaning opportunities for buyers seeking better value for money in 2023.
David Phillip commented “after two and a half years of frenetic activity, it is easy to forget that having multiple bidders on a property was the exception rather than the norm in pre-pandemic years, and there is likely to be a small period of readjustment for home-movers as properties take longer to find the right buyer – there are however still many people looking to move, we launched Dale Cottage in Bramhope yesterday on Rightmove and the Key portals and have already arranged 7 viewings, a mixture of enquiries from the portals but also from our relevant and fresh database.
“if you are considering selling, it is important to price and present your property correctly, and work with a good local Estate Agent who knows every corner of the area – this is vital for both buyers and sellers”
If you are considering selling your home, choose an estate Agent that has over 30 years’ experience valuing and selling homes in North and West Yorkshire – call David Phillip FRICS for a free market appraisal on 01134 676 400 a: 86, Leeds Road, Bramhope, Leeds, LS16 9AN w: davidphillip.co.uk
Covering Bramhope, Adel, Cookridge, Pool-in Wharfedale and Otley
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