Botley: 01489 797377

botley@clarkemews.co.uk

West End: 023 8047 3747

westend@clarkemews.co.uk

Independent property agents covering the eastern suburbs of Southampton and rural villages

Recognising that moving home is a stressful time, our professional team is able to help you every step of the way. Whether you are buying or selling, nothing is too much trouble.

Clarke Mews have partnered with St James School to help them raise money. We are delighted to present the parents, staff and associates of St James School Association (SJSA) a reduction of £100 on our normal sole agency fee, if instructed to sell.

The reduction will be made from the fee on completion of the sale, and a donation of £100 will be made to St James School Association as part of their fundraising to provide equipment and improvements to the school.

Please contact sjsa101@hotmail.com for more information on how to save yourself £100 or get in touch with 01489 797 377 or 023 8047 3747 to book a valuation of your property today.

The Land Registry reports that sales volumes in the second quarter of 2016 was down 30% on the first quarter of the year. This represents the lowest quarterly level of sales on record since 1996.

There has been a dearth of property for some time and because of a lower level of property transactions, house prices have been underpinned. This will undoubtedly change as we see more and more new houses being built in the local area i.e. West End, Hedge End, Bursledon, Sarisbury Green, Warsash, Whiteley, Botley and Boorley Green.

This should stimulate the market providing  a comprehensive choice of property, and will lead to a return of normal market conditions with prices softening. Should you consider a move in the near future, in our view, between now and Christmas is a good time to sell.

This post first appeared on Clarke Mews.

 

There are lots of properties on the market that are overpriced, so how can you be sure that the asking price is the right price?

Over valuing occurs for several reasons. Estate agents can find themselves in a tricky position, trying to win an instruction when competing with other agents, over valuing may be the only way they can take the instruction. Alternatively, they may be pressured by the seller to put the property on the market at a higher price than they would otherwise recommend.

Putting a market value on houses is an objective exercise- three agents will rarely come up with the same value on a property, and the more unusual the property, the greater the discrepancy is likely to be.
So how, as a buyer, do you establish the ‘correct’ price for a property?

The asking price is therefore not always the right buying price. A fair proportion of sellers often want to test the market initially whilst they look for an alternative property to purchase. The circumstances of the purchasers are also very relevant particularly if they are not in a chain and can be flexible on agreeing a completion date. Nobody likes an aggressive purchaser and some sellers quite rightly will refuse to be bullied into accepting a lower price.

Ultimately the price agreed has to be a figure the buyer can afford and the seller feels happy to accept. This will encourage both parties to cooperate towards a successful exchange of contracts and completion.

Since the 1975 in-out referendum, where Britain decided to remain in Europe, the average price of property has outperformed shares and eclipsed the growth in value of gold. In fact, only 30 out of 164 quarters (18%) since Q2 1975 have seen negative house price growth.

Property crowd funding platform, Property Partner, has been crunching the numbers and their research has revealed that the UK housing market has seen a more than eighteen-fold increase (1751%) in average prices since the last time voters were asked whether Britain should stay in or out of Europe.

Compared to other investments, residential property has outperformed all other asset classes including stocks and shares (increased 9.5 times since 1975) and gold (up by more than 12 times).

Residential property prices in London have risen the most, rocketing by 3200% – almost double the annual UK average house price growth – since the second quarter of 1975 when Prime Minister Harold Wilson put forward a referendum on what was then known as the European Economic Community (EEC).

Today, a little more than four decades on and just over two months from the UK’s second ever European referendum (June 23), the average UK house price is now £198,564. Back in June 1975, house hunters were being asked to fork out on average £10,728 – today, in real terms, taking into account inflation, that would have been just £99,949.

TSB has credited record mortgage lending as one of the main factors behind a reported 53% rise in statutory profit before tax.

Paul Pester, TSB Chief Executive Officer, said: “As customers continue to vote with their feet and move their banking to TSB we’ve seen a record growth in our customer deposits, a record number of people choosing TSB for their mortgage, and more customers than ever before willing to recommend TSB to friends and family.

However, there’s plenty to do as we continue on our mission to bring more competition to UK banking. The extra firepower we now have behind us from Sabadell is helping us to take on the big banks in new areas, such as through our new “Pick and Protect” home insurance product.
So, whilst I think TSB is doing its bit to break the stranglehold the big five banks have on the UK market, we can’t do this alone. We need the CMA to use the once in a generation opportunity they have to help us bring the full force of competition to bear on the UK banking market. We want all bank customers to know what they’re paying for their banking; all customers – including overdraft users – to be able to switch easily; and all customers to be aware of their right to switch banks. Only then will competition really start to work and the culture of UK banks finally shift to serving customers on their terms – rather than on the banks.”

According to the latest report from Hometrack, city level house price inflation was given a boost buy a rush of activity ahead of the changes to stamp duty and reached the highest rate of quarterly growth since 2004 – hitting 4.2%.

The data revealed that BTL investors have been in search of higher yielding property in the face of tougher lending criteria, meaning more investment in lower value cities.

Year on year house price growth across UK Cities reached 10.8% outstripping the 8.7% reported across the rest of the UK. The highest increase in the last quarter was recorded in Liverpool as prices rose off a low base and closed the gap to other major cities such as Manchester and Leeds where house price growth is running at over 7% per annum – the highest year on year growth since 2007.

Richard Donnell, Insight Director at Hometrack, said: “The acceleration in growth in the last quarter has, in part, been down to stronger demand from investors, especially those searching for higher yielding property and seeking to beat the stamp duty deadline. With that deadline now passed, the question is how weaker investor demand will impact house price inflation in the second quarter of 2016. Especially at a time when home buyers start to consider the implications of the EU referendum for the economy and mortgage rates.

In the recent past, periods of accelerating house price growth have coincided with changes in market sentiment and demand notably following the introduction of Help to buy in 2013 and after the 2015 General Election. We believe house prices will continue to rise but a moderation in investor demand and greater caution in the run up to the EU referendum will limit further acceleration in prices. Most likely the rate of growth will slow more rapidly in high value, low yielding cities such as London where prices will be more responsive to weaker investor demand.”

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Dear Tammy, Graham & Team, a note to thank you so much for your expertise on the selling of Botley Road, Burridge. Thank you also for the bouquet of flowers. We are truly delighted with the change we have made. Yours sincerely, Mrs Yobs.

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