If you are considering selling your home and would like a free market appraisal then call an Estate Agent selling houses in North Leeds – David Phillip 01134 676 400. https://davidphillip.co.uk/
86, Leeds Road, Bramhope, Leeds LS16 9AN
Covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley
September nearly always sees an increase in asking prices from August, but this year’s increase of 0.8% is double the long-term average according to the new data from Rightmove https://www.rightmove.co.uk/
This rise in prices beyond the usual seasonal norm has been driven by a strong recovery in activity this summer when compared with the more subdued market at this time last year.
The latest figures show that the average price of property coming to the market for sale is up 0.8% this month or £2,974.
It appears that the traditionally busier Autumn market has arrived earlier than usual, with many buyers and sellers spotting a window of opportunity to act – this has also been supported by the falling mortgage rates.
However, despite some of the strong headline figures this month, beneath the surface the market remains cautious. Pricing correctly is still proving to be a key to a successful sale. There are still some uncertainties ahead, including which section of the market could be affected by announcements in October’s Autumn statement and, on a positive note the timing of a second Bank Rate cut which may happen as early as this week.
Rightmove’s Tim Bannister said: The Autumn action has started early with a strong rebound from both sellers and buyers compared to the subdued market we were seeing at this time last year, continuing the momentum from the ‘better-than-expected’ summer market.
“the certainty of a new government followed by the first Bank Rate cut in four years invigorated the market, opening a window of opportunity for movers to act. Some of this will be pent-up demand from those who had to hit the pause button until now
“however, windows of opportunity need a momentum of good news to stay open, and there are still some uncertainties ahead”
The number of sales being agreed between buyers and sellers is up by 27% compared to the same time in 2023 – the number of buyers contacting agents is also up by 15% compared with this time last year.
Buyer choice has been improving, and the average number of available homes for sale per estate agency has increased – this is a result of a 14% increase in new properties coming to the market for sale compared with last year, but there still isn’t a glut of homes for sale. This figure is only up by 3% when compared with the more normal pre-pandemic 2019 market.
The average property is taking 60 days to find a buyer on average which is three days longer than this time last year in even better market conditions. This suggests that value-conscious buyers are taking their time to find the right home at the right price, leading to a two-speed market.
Attractive homes priced accurately are likely to be met with interest from buyers quickly. Additionally though the downward direction of mortgage rates is welcome for mover sentiment.
Rightmove’s weekly mortgage tracker shows that the average 5-year fixed rate is now 4.67%, which is much lower that the peak of 6.11% in July 2023. While some can afford to move and are seizing the current window of opportunity to act, others will still need to wait for mortgage rates to reduce and affordability to improve further.
Bannister added “early autumn movers who are acting quickly and taking advantage of the improved market conditions are getting the pick of quality homes for sale. Homeowners who are thinking of coming to market soon shouldn’t let the increased activity make them over-optimistic though and they must price competitively to sell.
David Phillip commented “before the election the market slowed down, however, this August was the busiest we have seen for a number of years’ and we are seeing more sellers coming to market. There is a positive sentiment amongst buyers and sellers. Houses need to be priced correctly to achieve a quick sale and are hopeful that there will be a good run in autumn and in the run up to Christmas”.
If you are considering selling your home and are looking for a potential January house-move then now is a great time to think about marketing your property. If you would like a free market- appraisal, choose an estate agent selling houses in North Leeds - call David Phillip FRICS on 0113 4676 400
David Phillip Estate Agents 86, Leeds Road, Bramhope, Leeds, LS16 9AN https://davidphillip.co.uk/
Covering Leeds, North Leeds, Bramhope, Pool-in Wharfedale, Adel and Cookridge
It is Friday 13th today, and some people will be superstitious about moving on this day, in fact, some people won’t move today, and especially if they are moving into a house that is number 13! When you move home, you will receive lots of good luck cards from and friends and relatives, but there are a few superstitions and traditions that will help to bring you good fortune. https://www.rightmove.co.uk/
Aside from the hassle of moving when the weather is wet, it is believed that if you move on a sunny day, you will have more luck in your new home (check out the long-term weather forecast!), it is sunny today, even though it is the 13th – Thursday is supposed to be the luckiest day to move and some traditions say you should move when the moon is waxing.
When you cross the threshold of your new home make sure you enter by the main door, and leave for the first time from this door too
Leave your old broom (and its dust) behind, Feng Shui traditions say leave your past in the dust and start afresh in your new home.
Ringing a bell in your new home can ward off negativity and create a fresh vibe in the home – opening the windows and letting in the sunlight at the same time as ringing the bell helps symbolise new beginnings. Some people like to stuff fennel through the keyhole or hang it over the front door to ward off witches. Put your right foot forward when stepping into a new property and in the Phillipines, new homeowners will scatter coins in the living room to bring prosperity and new luck
Light a candle or burn sage (with some nice smelling lavender) in a fireproof bowl, this is known as ‘smudging’ – this is a native American tradition that is said to cleanse your new home and remove any negativity. Burning a nice candle on your first night will also do – and help you to relax too!
According to Jewish tradition the combination of bread (which symbolises meals to come) and salt (which will fill your life with flavour) given as a gift from family and neighbours will bring you wealth, hospitality and prosperity. Sprinkle salt in each room and around every doorway upon first entering your home, this will ward off any evil spirits
Also on the tradition of food – pouring milk over rice and letting it then boil over will give the home an image of the abundance of wealth and food the inhabitants can enjoy.
Once you have moved into your home, if you are planning to hang new photos or make a start on a gallery wall, ensure you leave it until the morning. According to tradition, you should put down your hammer and nails after sunset or else you could risk waking up the tree Gods!
And finally hold a housewarming party which will bring lots of fun and happiness into your home – good luck.
If you are looking to move house soon and would like a free market appraisal, then choose an Estate Agent selling houses in North Leeds - call David Phillip FRICS on 0113 4676 400 w: davidphillip.co.uk a: 86, Leeds Road, Bramhope, Leeds https://davidphillip.co.uk/
Covering North Leeds, Bramhope, Adel, Cookridge, Otley and Pool-in-Wharfedale
There is a lot to think about when moving home, especially if you are doing the move with children and you have ‘first choice’ school in mind.
Getting your children into a school with an impressive Ofsted https://www.gov.uk/government/organisations/ofsted rating can be key, and a good school reputation can influence the property market and make a location much more desirable.
Nearly a quarter of parents have moved house to be within their desired school catchment area. According to TES families willing to move are prepared to pay out a 12% premium for their desired catchment area.
Rightmove analysed the prices of properties in Key areas and worked out that a typical nationwide catchment area with schools assessed as ‘outstanding’ could add a premium of almost £52,000 to the value of a property.
School catchment areas are based on a child’s permanent address. Both secondary and primary schools should be able to provide information on their defined geographical catchment areas. You can then find out if you are close enough to be considered for a place.
Children living outside the catchment area are unlikely to be offered a place at what may be the school of their choice, therefore if you have a young family it is key that where you are living or more importantly move to is going to be the best for your child’s education.
The application date for places in primary and Junior schools for September 2025 is 15th January so, if you are looking to move children to a new school, living in the catchment area by January 2023 would be helpful.
North and West Yorkshire boasts some excellent schools. Take a look at our website for further information w: davidphillip.co.uk, and if you live near a highly desirable school, and are considering selling then now is the ideal time to start marketing your property.
If you would like a free market appraisal with David Phillip FRICS call 01134 676 400 https://davidphillip.co.uk/valuations/
David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds LS16 9AN selling properties in North Leeds and covering Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Horsforth
Selling your home includes many factors - timing is key. The end of July and August are considered two of the worst months to sell, as many potential buyers are away on a well-earned summer break. This year we have had the General Election. We have also had the European Football finals which have been a distraction from house selling too.
If you have a family home, it may be true that August could be tricky as parents are busy entertaining children or taking holidays that are limited to school calendars.
However, August may be one of the best months to sell! Many home movers who marketed their homes in spring may find they cannot attract and accept offers until summer, meaning they will be searching for homes in August. This is a great time to put an offer in on a property, particularly if you are part of a chain.
We often find that buyers are more motivated to purchase if they are looking outside the traditionally busy months.
Yes, the market is slightly slower than other months, but it is also less saturated. This means there is less competition and fewer options for purchasers. With a smaller selection of homes to choose from buyers therefore are far more likely to find your home on https://www.rightmove.co.uk/ . It is also a much less hectic time to undertake viewings.
Having beautiful photographs is key. Summer provides the best lighting for incredible photographs. Gardens are out in full bloom and viewings can be conducted late into the evenings.
Home-movers see Christmas as a deadline to have moved by. Marketing your home in August means you can potentially be in your new home, enjoying the festivities with family and friends.
Solicitors are less busy than in the Spring months, which means that because they have less cases to work on there is more time to spend on yours. Likewise with removal companies which mean that when you come to complete on the sale of your property you are more likely to get the date you want to move.
Although the market may be a little slower in August, there are certainly some great reasons why it may be one of the best months of the year in which to market your home.
If you are considering moving, choose an Estate Agent selling homes in North Leeds. David Phillip FRICS can provide you with a free market appraisal. Please call 0113 4676400. https://davidphillip.co.uk/valuations/
David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds w:davidphillip.co.uk Covering North Leeds, Bramhope, Adel, Cookridge, Horsforth, Pool-in-Wharfedale.
The Bank of England (BoE) has announced it will reduce the Base Rate to 5% this month, a reduction of 0.25%, and the first cut in four years. Base rates had been held at 5.25% since August 2023, after 14 consecutive rises.
The Bank had been raising, and holding, rates to tackle high levels of inflation, which was in excess of 10% in early 2023 – way above the government target of 2%. It was announced in June that inflation had fallen back to its target of 2%, and inflation remained at the same level in July.
There had been much speculation around how the Bank might vote today, with the markets predicting an equal chance of an interest rate hold, and a 0.25% cut.
The split opinion around whether the Bank might hold or reduce rates today was related to ‘service inflation’ remaining stubbornly high in the month to June. This is inflation relating to ‘services’ – such as hospitality and culture – rather than the ‘goods’ that might go into your basket of shopping.
The Bank’s focus is to strike the right balance between lowering inflation and keeping the wider economy healthy. This drop shows the Bank’s belief that its plan to control inflation is working. And that to continue to hold rates may have a negative knock-on effect on businesses and households, further down the line.
Back in January, we saw an unexpected rise in inflation, which resulted in mortgage rates edging up throughout the spring. But off the back of positive inflation news over the last few months, which saw inflation return to its 2% target, we’ve seen more settled mortgage rates.
Off the back of the certainty brought by a new government, and mortgage lenders competing for new business, we’ve seen mortgage rate drops gather pace in the last couple of weeks. In fact, we saw the arrival of the first sub 4% rate seen for many months for borrowers with larger deposits, and we can expect more lenders to follow suit in the coming weeks.
The average 5-year fixed rate is down from 6.08% in July 2023, to 4.87% this week, and the average 2-year fixed rate is down from 6.61% in July, to 5.25%. You can check the current average mortgage rates for different terms and deposit sizes here, which we update weekly.
Our mortgage expert, Matt Smith, says: “The highly anticipated Base Rate cut has finally arrived, and while those looking to take out a mortgage soon shouldn’t expect to see drastically lower mortgage rates, we would expect the downward trend we’ve started to see continue. This sets us up for hopefully further cuts to come, and when we have seen further reductions to the Base Rate, people should really start to see the impact. However, it’s important to keep in mind that mortgage rates are widely expected to eventually settle at higher levels than previously, with the market view that Base Rate may eventually fall to about 3.25%.”
Changes to the Bank’s Base Rate can impact how much interest you’ll pay on loans, including mortgages. If you’re on a fixed-rate deal, your monthly payments won’t change until the end of your deal. And if you’re on a tracker mortgage, or a variable rate mortgage that follows Base Rate changes, this month’s Base Rate reduction will mean your monthly payments will take on this drop.
If you’re thinking of moving home soon, a good way to find out how much you could borrow is to use a mortgage calculator. You can get a personalised result by applying for a Mortgage in Principle, which will take you one step closer to a mortgage offer.
In July 2023, the Mortgage Charter was launched to help those struggling to meet their monthly payments, as well as borrowers who are coming to an end of their fixed rates soon.
The Mortgage Charter encourages lenders to be flexible and offer borrowers the chance to lock in a new deal up to six months before their current rate ends. Of course, borrowers can also look at moving to another lender – commonly known as remortgaging – but this can take longer, as you have to go through a normal lending process, such as income checks, the legal process, and maybe a valuation of your home.
This all takes time, and you would want to make sure you’re looking around a few months before the end of your current deal to avoid falling onto your lender’s on to a Standard Variable Rate – which will cost more than the repayments you’d have made on a fixed rate mortgage. The current average for SVRs is 8.21%
Lenders’ ‘stress test’ calculations – which is how they calculate whether someone could afford a mortgage were their repayments to jump considerably – are directly linked to the Standard Variable Rates that we just talked about above.
The ‘stressed rate’ is usually the lender’s SVR, with at least 1% added on top. So, if lenders’ SVRs reduce in line with this Base Rate cut, we might start to see affordability improve, because the stressed amount will now be lower than if Base Rate was at 5.25%.
You can read more about how lenders calculate affordability for mortgages here.
The Bank of England’s Monetary Policy Committee meets every six weeks to discuss and vote on whether interest rates should go up or down, or stay the same.
History has shown that after interest rates have increased over time, they have remained flat before starting to come down. So while we’re now seeing the beginning of the downward curve, it’s extremely unlikely that rates will drop back to the historic lows we saw back in 2021.
Right now, it’s looking more likely that, barring any shocks to the wider economy, the Base Rate will continue to edge downwards for the rest of the year and into 2025 – the market is currently forecasting one more rate cut of 0.25% by the end of the year. Though as always, this could change depending on what happens in the broader economic environment.
Despite the recent General Election and the Euro Football tournament, Rightmove https://www.rightmove.co.uk/ have recently stated that the vast majority of people have been getting on with their house-move, and in June, the number of sales being agreed is 12% ahead of last year which is very encouraging. The average time to secure a buyer is now back to a less than 60 days after the peak of 84 days(!) in January.
Further good news for home-movers is that the financial markets expect that the first Base rate cut will be in August or September. Although this expectation could change it is a boost for home-movers as we move towards what could be a very buoyant Autumn Market. If you are considering selling your home, then now is the time to arrange a market appraisal so you are ready to launch in time for the seasonal market bounce.
In North Leeds, well priced properties are moving quickly - last week, David Phillip Estate Agents sold a property within 7 days on Wellhead Close in Bramhope that was priced realistically but competitively so, if you are considering selling, it is key that your home isn’t overlooked in favour of something priced correctly.
We frequently see properties overpriced on Rightmove, these can often be ‘vendor-led’ prices and therefore are not surprised when they fail to sell and have to have one or more price reductions – particularly at the top end of the market.
Below are the 8 good reasons not to overprice your home, (most of them are common sense too!)
Your property could take longer to sell
Homes that are overpriced can take more than two months longer to sell compared to accurately priced properties according to Zoopla.
Most buyers use property portals like Zoopla and Rightmove to kick start their search for a new home, and one of the key search filters is the maximum price you want to pay.
As a seller, if you price your home too high, it is likely to appear in fewer searches and bypass many potential buyers, it may also compare unfavourably to homes listed in the same price bracket that have been realistically priced – and that is a big chunk of the market.
While it may be tempting to test the water with a high price, or list at ‘offers over’ reasoning that you can always discount later, if your home does not sell, this approach is likely to trigger suspicion among potential buyers. People tend to be wary of properties that have been on the market for too long, assuming there must be something wrong with them.
Bear in mind also, that a price reduction will be noted next to the home for sale on the property websites.
Some agents will advise you market your property at ‘offers over’, however through experience this may dissuades people from looking at your property – buyers fear that they will be outpriced and therefore don’t even bother viewing – if the property had been listed at a ‘guide price’ then people know more realistically what they are likely to pay – this also means that your home is likely to get more viewings too generally resulting in more offers, and therefore potentially a price over the marketed guide price.
Sometimes agents may put in an inflated offer to secure the property instruction, only to reduce and re-negotiate further down the line – at this time other interested parties may have moved on to another property.
All properties need a valuation survey carried out by their mortgage lender, and even if you have found a buyer at an inflated price, then it may return a value below the offer accepted (de-valued) – at this point the buyer may try to negotiate a discount or even pull out of the sale altogether. If the buyer does pull out, then you may need to re-advertise your house arising even more suspicion.
Buyers prefer properties that are fresh on the market rather than those that have been listed for some time – and you only get one chance to make a first impression. If you price correctly then you may have several buyers interested at the beginning which could push up the price naturally.
If you have priced your house too high in the first place then you may not get this interest.
Sellers who overprice their homes, risk the local property market changing while they wait to sell. The market may adjust, and if your home has had a price that has been inflated then this could potentially cause problems further down the line.
Homes that have to be discounted can take up to 2 months longer to sell, that could be enough time for the market to shift down a gear.
At David Phillip Estate Agents, we are finding that people who have sold their property and ready to proceed are in a much better position to have an offer accepted on their dream home. Currently the position of the buyer is as important as the offer being asked. Property chains can be long and complex and not everyone will be prepared for you to find a buyer at your overpriced asking price.
Given the time it takes for overpriced homes to sell, you may decide to instruct a new agent in the hope that they might be more successful in finding a buyer – at David Phillip Estate Agents, we have sold properties unsuccessfully listed by other agents, but our fees need to be paid too, this can put the overall price up. Unlike other agents, we do not tie you into lengthy contracts as we are confident in our ability to market and sell your home – as long as your property is priced correctly.
At David Phillip Estate Agents we have 100% sales valuation accuracy according to @All Agents, the property industry’s biggest review site. We are not surprised that home-movers have given us this score, David Phillip has over 30 years’ experience and knowledge selling properties in North and West Yorkshire, we also subscribe to some of the Industry’s best pricing portals to add extra weight to our valuation.
Add this expertise to our beautiful marketing, our extensive database of people looking to move and our clean sweep of 5 star reviews and you have the perfect formula for selling your home.
So, if you are considering selling and would like a no-obligation, accurate valuation from an Estate Agent selling houses in North Leeds, then call David Phillip FRICS 0113 4676 400. https://davidphillip.co.uk/valuations/
David Phillip Estate Agents 86, Leeds Road, Bramhope, Leeds LS16 9AN
Covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley.
As speculation grows that the Bank of England could opt to cut the interest rate for the first time in four years next week, lenders are continuing to drop the cost of their mortgages. After 14 hikes in the base rate over the last two years, this is welcome news for people who have struggled with mortgage re-payments.
Nationwide this week reintroduced sub 4% fixed rate mortgages as it cut rates by up to 0.25% across its two, three and five year fixed rate products. HSBC also trimmed their rates on new deals.
With a summer price war appearing to intensify ahead of the Bank of England Interest rate drop, which could be expected as early as August 1st (although some experts believe it may not happen until September), Barclays and TSB have become the latest lenders to cut their fixed rates.
Barclays announced cuts of up to 0.1% to a wide range of its residential purchase and remortgage deals (effective from today 26th July). The lender is offering a 5 year deal for a fixed rate home purchase at 4.04%, with at least 40% cash deposit (60% loan to value) with an £899 fee for borrowers, while Barclays Premier Banking customers can get the same deal at 4.03%
TSB has lowered selected fixed rates from today for new and existing customers by up to 0.2%. with a £995 fee and a two-year fixed rate for home purchase from 4.54%, or at 4.14% over 5 years with a deal requiring at least 40% cash deposit.
A number of other lenders including Skipton, Mpowered and Atom Bank have also reduced their borrowing rates this week. https://www.bbc.co.uk/news/articles/c0470j9l8kno?at_medium=social&at_link_id=0E242C22-49B3-11EF-9D41-E29CB2943FD3&at_campaign=Social_Flow&at_ptr_name=facebook_page&at_format=link&at_campaign_type=owned&at_link_origin=BBC_Wales_News&at_bbc_team=editorial&at_link_type=web_link
In terms of the overall mortgage rate forecast, UK Finance said in its latest housing and mortgage market forecasts for 2024 and 2025 ‘while it will take some time for the pressure on household finances to recede, we expect things to look up in 2025’.
David Phillip commented “there appears to be growing confidence that the Bank of England will cut interest rates next week, the latest reductions will provide significant savings for those looking to re-mortgage or secure a mortgage – this is an opportune time to consider locking in a fixed rate” .
When mortgage rates reduce it is a good time to consider a potential property move – if you are thinking of moving home, David Phillip Estate Agents are busy selling homes in North Leeds. If you would like a free market appraisal, call 0113 4676400 https://davidphillip.co.uk/valuations/
David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds w davidphillip.co.uk - Covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Horsforth and Pool-in-Wharfedale
Home-movers are having to deal with more diversions than usual at this time of year. The General Election and the Euro Football tournament have now been and gone. Property prices have reduced by 0.4% (-£1,617) as sellers try to capture the attention of buyers with a more tempting price heading into the thick of the Summer Holidays as well as the Olympics.
Rightmove’s millions of data points show that most people have been getting on with the property sales process during the General Election campaign despite some concern that this would lead to a slow-down in activity. Having the next Government in place provides the political certainty that is likely to aid home-mover confidence leading into the second half of the year. https://www.rightmove.co.uk/news/house-price-index/
The number of sales being agreed is now an encouraging 15% above the same period a year ago when we ere approaching the peak of mortgage rates – last month’s figure was 6% above last year. This positive sales figure shows that the serious home hunters have been largely undeterred by the General Election and have quite simply been ‘getting-on’ with their house sale.
The average time to secure a buyer nationally has also returned to normal levels after a gradual spike at the end of last year which peaked in January 2024 – more encouraging signs.
What is more pressing to home-buyers is when the first interest rate cut will be – there are signs that some (although not many) pockets of movers are waiting for this before acting – the last four weeks have remained stable when compared with this time last year – the only area that has seen a slight drop is the first time Buyer’s market, which understandable has been waiting for news re any incentives as a result of the election.
A base rate cut is expected to lead to lower mortgage rates, which could be a game changer for some would-be-home movers. A first base rate cut over four years, together with the new political certainty, could set the scene for a very positive Autumn market as a result of a more confident outlook and improved affordability in the second half of the year.
David Phillip commented “the General Election can quite often lead to an uncertain market, however this year we are experiencing healthy supply and demand levels which shows that the General Election has had little impact. With CPI inflation down to 2% and potential base rate reductions ahead, we remain optimistic for a healthy Autumn market”
If you are considering selling your home in the busy Autumn market use a local Independent Estate Agent that knows your area inside out. Call now for a free market appraisal on 0113 4676 400 https://davidphillip.co.uk/valuations/
David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds, LS16 9AN w davidphillip.co.uk
Covering North Leeds, Bramhope, Adel, Cookridge, Otley and Pool-in-Wharfedale
Propertymark the UK’s leading professional body for Estate Agents has recently published an ‘in depth’ publication ‘The future of home buying and selling’ which sets out the myriad of challenges facing home movers, including the amount of time it takes to complete on a sale. https://www.propertymark.co.uk/
Propertymark’s monthly market report (the Housing insight report) has also identified how long it takes to progress from the acceptance of an offer (ie sold stc) to exchange of contracts which represents a critical juncture in the overall process, as this is the point when both the sale and the purchase become legally binding.
Delays in reaching the point of exchange can often make the process more stressful for buyers and sellers, but it also slows down the housing market as well as increasing the number of failed transactions.
According to research by Propertymark, in March 2016, 78% of transactions progressed from offer acceptance to exchange of contracts within 12 weeks, whereas in March 2024, the figure was just 29% - which is a significant deterioration.
When Propertymark dig further into their analysis for different exchange periods, it is clear that there has been a growth in the number of exchanges taking 13-16 weeks and 17+ weeks, at the expense of those taking 5-8 weeks and 9-12 weeks. The number of exchanges taking 1-4 weeks has been relatively stable throughout the last decade- the quicker the exchange the less intricacies and the smaller the chain.
Most Estate agents have seen an increase in the time from sale to exchange, Propertymark canvassed opinions with the following observations:-
“it used to be three months, now typically it’s edging towards five or six, which is utterly ridiculous for everyone concerned”
“5 years ago it took eight weeks tops using pen and paper. Now with computers and online searches – it should be as fast as Europe, but it’s not”
At David Phillip Estate Agents we totally concur with the above comments.
Estate Agents identified key challenges and delays, which they believed accounted for the bulk of the problem. Firstly agents reported that the sales process is outdated (Dikensian) and was administratively intensive. Furthermore, the administrative burden has been growing due to successive legislation change, with agents adding:-
“Solicitors are often under resourced, lenders are taking too long to send out mortgage offers and local authorities often have a backlog of work. Generally the whole system is much slower to the previous 30 years.”
Agents noted that despite the existence of technology, which could be leveraged to streamline the process, the adoption and integration of these technologies was patchy at best – and now even more paperwork is required.
“The system is awfully dated with solicitors having different methods – some do digital, some don’t. It needs to be streamlined and digitised” says one agent.
There are now much more challenges in the operating environment, where previously, if there was an issue, someone would likely take a ‘view on’, now a massive indemnity insurance industry has been created and secondly, nervous buyers may think there is a major problem when there is not.
Propertymark also asked Conveyancers for their views on the elongation with results as follows:-
When the dematerialisation of deeds took place in 2002, when title deeds were digitised, it meant that conveyancers and lenders no longer had to physically store deed packages, which were returned to property owners.
Although this meant that owners were no longer charged for the storage of deeds, this created another problem. Whilst land and charge certificates were digitised, the rest of the deeds were not, including old searches, planning documents, building regulations, warranties and guarantees, indemnity insurance policies, and even more memos from the conveyancer who acted on the purchase outlining how and why they took a view on any issues with the title – as a result, conveyancers must now recreate the title for each transaction – this is very time consuming.
There is also now much more third-party data that is required – titles are now much more complex, which many lenders will not lend on eg properties with onerous lease terms or managed freeholds or estate rent charges.
Property owners are also sometimes not aware of what is required in the process – important ‘stuff’ is often put in a drawer and forgotten about until it was time to pack up – usually on the day of completion.
The Conveyancing Association suggest that guidance in the UK Finance Handbook means conveyancers can no longer ‘take a view’ on discrepancies in mortgage instructions or valuations and must update the lender every time. In addition more valuations have assumptions, which previously would have been answered by the deed package.
There are things that Estate Agents could do that would speed up the whole process, at David Phillip Estate Agents we have the following in place:-
We do not use call centres – all of our staff are up to speed with every sales progression (the element between selling a property and completing on it) – we discuss each property in our morning meeting.
Our CRM system (Customer Relationship Management) is Alto, part of Zoopla, so we have some of the best technology supporting the sale and the property sales progression.
Property File enables buyers to keep track on their progress – hi-lighting key milestones and targeted dates.
We advise all clients on actions they should start undertaking right at the beginning of the property sale – HM Land Registry title documents, elements around planning, guarantees, electrical and gas checks, damp guarantees/warranties, asbestos surveys (if relevant). If the property is in a conservation area, consent for the work will be required.
It is also key to instruct a solicitor as soon as possible, rather than once the property is sold – solicitors can then advise of instruction paperwork and property title well in advance. At David Phillip Estate Agents we work with some great local solicitors Winstons Solicitors https://www.winstonsolicitors.co.uk/ and Hallam’s Solicitors in Leeds https://hallamsolicitors.co.uk/ we also recommend Newsted and Walker in Otley, especially if Probate is involved in the sale https://www.newsteadwalker.co.uk/
Getting ID together can also be completed well in advance, lenders are required by law to check this.
So although the legal process from sale to completion is lengthy there are elements that can be undertaken early to speed things up and using a smaller independent agent (without a call centre) definitely has advantages.
David Phillip commented “the process, although more digital and less antiquated in many cases takes place in an operating environment that is much more challenging with more third-party involvement. At David Phillip Estate Agents we run a post-sale process that is as streamlined as it possibly can be. We have invested in the best technology to support and do not believe in using call centres”
It will be interesting to see if the new Labour Government change any of the processes for the better, but the house-selling process from a legal point of view definitely requires a review.
If you are considering selling your home and would like a free market appraisal use an Estate Agent selling properties in North Leeds. Call David Phillip FRICS call 0113 4676400. https://davidphillip.co.uk/
86, Leeds Road, Bramhope, Leeds LS16 9AN w: davidphillip.co.uk Covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Pool-in-Wharfedale and Otley
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