The average price of properties coming to market rises by 0.9% to a new record of £371,158 according to Rightmove, as a shortage of property for sale continues to underpin prices. This may seem surprising given the market uncertainty that followed the Governments mini budget which took place in late September which resulted in some market uncertainty as mortgage rates continued to rise.

Zoopla show house price growth stands at 8.1% year on year driven by the strength of demand and sales agreed during the last 6 months

There is little sign of downwards price pressure on existing properties for sale, although the market currently stands with the number of reductions up 2% on 23% of all properties reduced. It is likely that property prices will drop in November and December as they usually do, and it will be important to distinguish these seasonal price changes from market changes caused by other factors. Though price forecasts are at the front of mind of many, there are economic events that are playing out before any predictions can be made for 2023.

Currently Yorkshire and Humberside are seeing a 0.7% month on month increase and a 10.1% increase year on year according to Rightmove, and Zoopla ranks Leeds as 4th in the UK at plus 9.1%, slightly behind Nottingham, Manchester and Birmingham.

The political and economic turmoil over the last few weeks has resulted in average mortgage rates spiking above 6%. The health of the housing market is inextricably linked to the health of the economy and in particular the cost of borrowing.

The sudden increase in mortgage rates, represents the largest interest rate shock for new buyers since he late 1980’s. The immediate impact according to Zoopla has been on houses without mortgages arranged at cheaper rates – this explains why the measure of new buyer demand fell by a third since the mini budget. It is similar to what typically happens in late November ahead of the Christmas slowdown.

The slight dry up in buyer interest has been spread uniformally across all markets, however those with cheap loans secured, as well as cash buyers, are continuing to make offers and agree sales, albeit at a slower rate than this time last year.

Pent-up demand to move remains. Households rushed to secure low-cost mortgages over summer as rates started to rise. The Bank of England data for mortgage approvals showed an unseasonal jump in mortgage approvals in August, up 17% over the month.

The shock to demand comes at the end of another strong year with around 293,000 sales in the pipeline, most of which are expected to complete. Fall throughs though are increasing, mainly as a result of a lack of affordable finance but the UK is still on track for nearly 1.3m sales in 2022.

David Phillip commented “what’s going to happen to house prices is understandably on the minds of many home-owners right now, especially after the market uncertainty following the disastrous Mini-Budget which led to an increase in Mortgage rates and a nervousness in the property market.

Since the appointment of a new Prime Minister and Chancellor, there has been a slight uplift in the market and a lowering of mortgage rates announced earlier last week. It is likely it will take a bit of time for the market to settle in to a new, more ‘normal’ level of activity over two years of market frenzy, especially with new developments happening almost daily at the moment”.

The rapid rise in average mortgage interest rates has understandably caused some would-be home-owners movers to pause their plans and wait to see how the next few weeks and months unfold.

Levels of negative equity would remain minimal, certainly by historic standards. A nationwide 10%  fall in house prices would result in a small handful of negative equity cases from purchasers with high loan to value mortgages made in 2022. This highlights how the housing market has been increasingly driven by buyers using equity more than borrowers reliant on high loan-to-value mortgages

Overall demand is down by 15% in the last two weeks compared with the same two weeks last year, but it is still 20% higher than the more normal market of 2019.

Looking at the different market sectors, it appears that first-time buyers have been the hardest hit, as higher rates may prove to be a step too far for those who were already stretching their finances, however the Government have introduced further savings on stamp duty which may go some way to help this sector.

The vast majority of buyers who had already agreed their purchase are still going ahead and they are keen to see them through and complete their sale quickly with rates secured.

The outlook for transactions and pricing in 2023 is sensitive to the economic climate. It will also be impacted by how much buying power – due to higher borrowing costs – feeds into achieved prices.

The most important part of the equation is how quickly mortgage rates fall back to 5%, a level that Zoopla see as a tipping point for house prices. Events are moving fast in the world of politics and financial markets. On balance, Zoopla believe that mortgage rates will start to decline before the start of 2023 and this will continue into next year. Should mortgage rates fall back quickly in the next quarter, the outlook for next year will be completely different.

If you are considering selling your home and would like a free, market appraisal and discussion about the current property market call David Phillip FRICS – David has over 30 years selling properties in North and West Yorkshire in a variety of market conditions, combined with his local knowledge and accurate valuations you will feel much more confident when selling your home.

Call 01134 676 400, David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds LS16 9AN w:davidphillip.co.uk

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

Autumn is a great time to observe nature at its most beautiful – animals are preparing for winter, the colours are amazing and flowers are turning into seeds and pods. Outside activities in the garden is an excellent time for children to learn about nature whilst also developing the following skills:-

There are more activities than you might think as Autumn turns nature into the ‘ big yawn’ before winter:-

It is important to make your garden safe for children

Using your garden in the autumn will provide your children with childhood memories, developing skills and ways to keep the garden tidy ready for winter.

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

Covering Bramhope, Adel, Cookridge, Pool-in-Wharfedale, Otley, Huby

The new PM Rishi Sunak has appointed (rather surprisingly) Michael Gove for the job of Secretary of state for the department of Levelling Up, Housing and Communities yesterday as part of his cabinet re-shuffle.

This appointment is a return for Mr Gove who spent 10 months in the role between September last year and July this year. He was eventually sacked by Boris Johnson, just days before the PM announced his resignation.

The announcement comes after the new PM stressed his commitment to the troubled levelling up agenda.

During his time as Housing Secretary, Mr Gove made progress on a number of key housing issues affecting the sector of the market.

He struck an agreement with Developers that would see them fix fire safety defects (cladding issues) on many of the buildings they constructed – this broke the impasse on the building and safety crisis earlier in the year.

He also brought in a number of amendments to the Building Safety Bill, which would put in place legislation to protect leaseholders from eye-watering fire safety remediation bills.

It was also a tenure that unpicked many of the policies that his predecessor Robert Jenrick put in place.

This was evident when he reviewed the plans put forward in Mr Jenrick’s Planning white paper, and then subsequently dropped many of them.

Melanie Leech, Chief Executive of the British Property Federation said “Michael Gove will be able to hit the ground running and we look forward to working with him again. The Property Industry is a critical partner on levelling-up and by unlocking investment we can the drive the changes we need in our communities up and down the Country.

Michael Gove replaces Simon Clarke, who was in the role for 49 days.

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds, LS16 9AN. T: 01134 676 400 w: davidphillip.co.uk

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

Increased mortgage rates have started to fall this week, offering some respite for worried homeowners.

The average two-year fixed-rate mortgage has dropped by 0.11 percentage points, falling to 6.54 percent from 6.65 percent last week when rates hit a 14-year high according to analyst Moneyfacts.

Someone with a £400,000 mortgage would be £662.64 better off on the lower rate over the two year term.

Lenders have also reduced their five-year deals, with the average rate now at 6.41 percent down from 6.51%.

This morning Santander reduced its two-year fixed rates by up to 0.15 percent and its five year deals by as much as 0.5 percentage points.

Its cheapest five-year fixed rate deal is now 5.37 per cent down from 5.48 per cent.

Coventry Building society also cut its fixed-rate deals, with its two-year fix at 5.7 per cent and its five-year deal now at 5.34 per cent.

David Phillip commented “this could be the first signs that more stable market conditions will give lenders the chance to cut fixed rate mortgages where they can, many buyers will have their fingers crossed that rates will start to come down in 2023 before they have to re-finance”

The market has reacted very positively to Rishi’s appointment as PM and Jeremy Hunt remaining as Chancellor, with a significant fall in gilt yields and swap rates, which allows lenders to cut rates further than the modest cuts just announced by HSBC and Coventry.

If you are considering selling your home, David Phillip FRICS has been successfully selling properties in North and West Yorkshire for over 30 years. During this time he has sold properties in a variety of market conditions – add this to his wealth of local knowledge and experience and you can be sure you are using an Estate Agent that will confidently deal with your property sale when the markets are experiencing a little turbulence.

David Phillip Estate Agents 01134 676 400, a: 86, Leeds Road, Bramhope, Leeds, LS16 9AN w:davidphillip.co.uk

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

We are about to launch a property in Bramhope. When I visited yesterday, the owner’s small daughter showed me around the property prior to staging. She was very engaging and was totally aware of what home moving home meant to her and her younger sister.

This got me thinking, that as adults moving home, you are about to move home and are enthusiastic about the future and entering a new phase of your family life. Moving house represents a transition in life and whilst the ‘grown-up’s’ in the house may focus on many of the practical elements of moving, change is easier for adults to accept than children

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 a new person at school. The impact can be huge, but there are ways to keep your children re-assured and enthusiastic about the future 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 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.

The North Leeds area has some amazing schools, we frequently find families want to move to the area specifically for schooling. National Offer Day was last week, we hope that parents managed to secure the school of their choice for their child. If you are keen to move before the November Admission deadline for Senior schools, then now is a great time to look for a new home. If you are looking to move or sell your home then now may be an ideal time to start marketing of your property.

If you would like a free market appraisal with David Phillip FRICS then please call us on 01134 676 400 w: davidphillip.co.uk a:86, Leeds Road, Bramhope, Leeds, LS16 9AN

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

Autumn is now in full swing, the trees are looking golden and the leaves are starting to fall. When there is a chill in the air, you may be tempted to take the ‘less is more’ approach however, tidying your garden in Autumn not only keeps it looking neat in Winter, but also means that you will get a head start in Spring. .

Autumn is the perfect opportunity to get rid of dead vegetation left over from summer, clear out your gutters and tidy up your borders, this month is all about picking up and packing down before the arrival of Winter.

Here are some top tips to make the most of Autumn in the Garden.

Tidy up Borders

To ensure that you have a beautiful display next Spring, remove dying leaves and collapsed stems from herbaceous perennials , either by hand or with secateurs, dig up annuals and plant your beds with pansies, bellis daisies and wallflowers. Cut back any perennials that have faded to around 5cms above ground level – leave some seed heads as these are great for insects and birds to enjoy whilst also providing some beautiful winter silhouettes on a sunny day.

Once your borders are tidy and clean, spread a thick layer of well-rotted manure, bark chips or compost. Don’t worry about fully digging in as the worms will help with this.

Harvest pumpkins

Pumpkins that were planted in April, May and June will be ready for harvesting in October. Big or small, they make fun Halloween decorations and can be added to sweet and savoury dishes. If you have any spare, hollow them out to make a new bird feeder

Collect Autumn leaves

Autumn leaves fall in large quantities in October and November. If you leave them in place they can smother the grass and fill the crowns of herbaceous perennials.

A few leaves that are out of the way such as under hedges can provide shelter for overwintering wildlife. Remove leaves from your garden and paths though – as these can be slippery.

Clean out your compost bins

The big Autumn clear up of borders and vegetable plots will generate a lot of plant material for your compost heap. Clear out last year’s compost and use it around the garden, making room for this year’s waste.

If your compost isn’t quite ready, turn it to improve decomposition, and create a new heap next to it for fresh organic matter. You can never have too much compost!

Work on the lawn

Remove moss and thatch using a rake and add to the compost heap. Use a moss killer if you have large amounts of moss. Brush in a sandy tip dressing afterwards followed by an application of Autumn lawn feed to prepare your lawn for the cold winter months.

Autumn is also a great time to add new turf to ensure it will be established before the summer months.

You can cut the grass for the final time of the year at the end of October but ensure that the last cut is slightly higher than during the summer months – this will help prevent your lawn for winter frost and damage

Make leaf mould

Once leaves reach a crumbly texture, spread as much as you can throughout your borders. Beech, oak, alder and hornbeam rot fairly quickly while sycamore, horse chestnut and walnut may take a little longer. Shredding leaves first will help to speed things up, but in general, this is not a fast process

Plant evergreens

During the drab months of winter, evergreens provide structure and interest. Warm soil and cooler air temperature make Autumn  the perfect time to fill gaps in your borders with evergreens like daphne and sarcococca which provide glossy leaves and beautifully fragrant flowers, even in the depths of winter

Maintain garden equipment

Before you put away the lawn mower, it’s well worth investing in a service to ensure that it is in perfect condition when you need it in Spring, this includes, changing the oil, adding fuel stabiliser to the fuel system or removing all fuel from the mower, replacing the spark plugs and air filter, sharpen and balance  lawn mower blades.

Shears and secateurs need sharpening and spades, forks and other tools benefit from a good wash. Ensure that you dry everything thoroughly and oil metal parts to prevent rust. Linseed oil can be used to protect wooden handles - ensure you dispose of rags carefully as linseed oil can combust as it dries

Clean out nest boxes and feeders

Take down bird boxes and empty them of old nesting materials, unfertilised eggs and other debris that may carry diseases. Also remember to clean off feeders and birdbaths, and regularly re-fill them

Sort out your garden pond

Scoop o

ut any leaves before they sink down to the bottom and start to rot. Remove pond pumps and fountains that are no longer in use. Wash them thoroughly and then store over winter

Put away plant supports

Cut down annual climbers in borders and climbing beans in vegetable plots and remove the dead stems and foliage from their supports. Wash off any soil and then treat with preservatives. Store indoor over winter

Now that your autumn garden is clean, tidy and ready for winter, not only will the view from your house be so much more pleasant but when Spring arrives you will have a really good head start for when it’s time to get going again.

Gardens in Bramhope are blessed with having some beautiful and very well- tended gardens, outdoor spaces now add a price premium to your house sale. If you are considering a move (and October is a great time to market your home for a January move) and would like a free market appraisal call David Phillip FRICS on 01134 676 400 w:davidphillip.co.uk  a: David Phillip, 86, Leeds Road, Bramhope, Leeds LS16 9AN

 

World Values Day is an annual campaign to increase the awareness and practise of values around the world. Values are increasingly the focus of public debate and discussion but their role in our lives and their importance for are wellbeing are not always understood. Values are what make us who we are, they are the compass guiding everything we do – our choices and our actions.

World Values Day, provides an opportunity to think on our most deeply held values and explore and act on them with other individuals, groups and organisation.

At David Phillip Estate agents we have our unique set by which we proudly stand:-

Take a look at our clean sweep of 5 star customer reviews on @allagents – read what our clients are saying about us, our values are very much holding true.

For two years running we have won the All Agents gold, silver and bronze People awards – these are awards voted for by our clients and based around the highest number of 5 star reviews in LS16.

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

Most people use gas to heat their homes, and as prices continue to soar all users are looking for ways to cut their usage. Just as you may have suspected, space, heating and water heating are the biggest gas guzzlers, here are some tips on how to help cut the cost of gas in your homes and keep you warmer too.

Check that the timer is set correctly

Heating can tend to stay in a property for about an hour unless you have very draughty windows and doors, so if you leave for work around 8.30am, you only need to boiler on from 7.30am to 8am, and definitely not until 8.30am.

The principle is the same for an evening, switch the heating on 30 mins prior to coming home and switch off an hour before bedtime.

It is a myth that keeping your heating on low throughout the day saves you money

Turn down the water heater

Most heaters have a dial that allows you to turn down the temperature. As the water heater is often the second most significant user of gas in the home, this small tip can pay dividends – if your water is too hot to touch as it comes out of the tap then it is likely you are wasting money, so alter the dial!

Service or replace your boiler

Emergency repairs can be very expensive so it is better to have your boiler regularly serviced – most will last 10 years but after this time they start to become inefficient wasting both gas and money. When you replace look to get an energy efficient one and also check out any schemes that the government may have that help financially towards your boiler’s replacement

Pay for what you use

Some people have their gas bills estimated, in the current climate, avoid this and only pay for what you use rather than what your supplier thinks you have used – which may be higher.

Keep an eye out for any Government assistance and schemes

I have previously posted a blog hi-lighting all the Government schemes that can assist over the next few months, take a look at  www.davidphillip.co.uk

Move your sofa away from the radiator

Keep warm air circulating by removing heavy pieces of furniture away from radiators. Moving your sofa even six inches away from the radiator will allow heat to flow, also bleed your radiators from time to time.

Wash your clothes at 30 degrees

Make sure you wash a full load when you can, and reduce the temperature to 30 degrees.

Insulate your home

In an un-insulated home, a quarter of all heat is lost via the roof. Although loft insulation is not cheap, heat rises upwards and it acts as a barrier for cold air entering the property too, so in the long-run this is definitely a good investment particularly as the price of gas rises. Cavity wall insulation is also a good investment

Turn off radiators that you don’t use and close your curtains

Turn off radiators in spare rooms and use something to block draughts coming under doors into the rest of the property. Closing your curtains will keep the warmth in as heat starts to escape as the sun goes down.

So… by following the tips above you may save money towards your gas bill, but adding a few layers of  clothing and also buying a heated blanket will also keep you warmer too!

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds LS16 9AN w: www.davidphilip.co.uk

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

Moving home is often rated in the top five most stressful things in your life, but there are things that you can do in advance or avoid ensuring completion day runs much more smoothly.

People tend to move locally which is always less stressful, but there can still be some unexpected surprises that you can plan in advance to avoid.

Declutter, declutter, declutter

Moving home provides a great opportunity to clear out all the things you’ve not used, won’t require and ‘stuff’ that will take up valuable space in your new home. There may be books that you have read ages ago, clothes that you have not worn in months, things in the garage, the garden shed, ‘under the stairs’ and in the loft. If you start this planning stage in good-time then it means you will save costs on removals by only packing what you really need.

Don’t underestimate the number of boxes you will need

Packing boxes can work out to be expensive, so once again start planning in advance – post on your  local social media site, there will be a few people who have probably recently moved into your local area who will be more than pleased to give you their packing boxes – you could also ask your local supermarket too.

Buy marker pens, masking tape and of course bubble wrap – everyone always runs out of bubble wrap!

Label boxes

Always label boxes with the rooms they are to be unpacked in, a couple of items that are inside i.e cutlery, pans, lightshades etc and also maybe add the priority of unpacking – the ones with clothes you need and urgent toiletries could benefit with ‘open now’ added on the outside of the box and ‘open later’ for the things that are not so urgent and you can take your time unpacking.

Think about children and pets in advance

Keep children involved as much as possible as it is an emotional move for them too, but keep them out of harms way. Moving day can be very hectic, so it is always sensible to have the children and pets out of the property – and safer too, especially with large items of furniture, vans moving backwards and forwards at the property, safety gates will have been removed, plus chemicals and household products normally out of reach could now be easily accessible – plus your new home may not yet be child-proof and safe – or pet proof either.

Don’t leave packing to the last minute

Start packing the things you don’t need every day (seasonal clothing, books, things from the attic etc), and start in good time! Removal companies can book up weeks in advance, so don’t leave it too late to organise – also remember to hire the correct removal firm, different firms offer different services – do you need storage, how much have you got to move, how many rooms are there in your new home – don’t forget the loft and outdoor space -  do you need packing boxes, and what things can you pack/move yourself – remember to keep you valuables including documents close by.

Sometimes there can be unexpected charges

39% of people moving in Britain were hit by unexpected charges, and of those 44% were hit by charges of over £500 – so it is definitely worth planning ahead and budgeting carefully. At David Phillip Estate Agents we can recommend removal companies who can match your requirements.

By planning these things well in advance, you can make removal day a lot easier, less stressful and provides a more calming start in your new home.

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

Jeremy Hunt the new UK Chancellor has today ‘junked’ the bulk of his predecessor Kwasi Kwarteng’s tax cuts in an effort to calm markets.

The Chancellor is reversing almost all tax measures that were announced in the growth plan 3 weeks ago that have not started parliamentary legislation he said in a video this morning, these include:-

The Stamp Duty land Tax cuts will remain in place benefiting home buyers and in terms of the energy bills support review, the government has announced unprecedented support within its Growth Plan to protect households  - this will be reviewed in April when a more targeted system will then be put in place.

David Phillip Commented “a reversal of the proposed tax cuts could take the edge off inflation and slow down some of the pressure we are seeing on rates for fixed mortgages. With more breathing room, lenders should feel the confidence to put more mortgage products back to the market which is good news.

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds LS16 9AN t: 01134 676 400

W:davidphillip.co.uk

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

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If you are considering selling your home, choosing the right Estate Agent is key.
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86 Leeds Road,
Bramhope, 
Leeds, LS16 9AN

T: 01134 676 400
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