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Aldreds Chartered Surveyors
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Our next auction is on 22nd June 2017 at 12noon. The event will be held at Great Yarmouth Racecourse.

 

We have a diverse range of lots including terrace houses, a large property in South Gorleston and various commercial premises.

 

Call 01493 853853 for more information.

 

 

Recent Nationwide Building Society statistics (one of the most reliable house price stats in my opinion) reported a slight fall in UK house prices in both March and April. They also reported year to year growth running at 2.6%, the lowest level for four years.

 

What does this mean? Clearly house prices cannot rise and rise. It is our feeling at Aldreds that we may now see prices plateau as affordability issues kick in and supply and demand start to meet.

 

Many people think of house prices either booming or crashing, however, there are often large amounts of time when house prices can be very flat. Most recently the period from 2010 to the end of 2012 saw very level house prices post the 2008 crash and after the 2009 bounce back. A level market can be a good thing as stock of property for sale is generally higher meaning a buyer often has a choice of property and a seller can be more confident when pricing their property.

 

 

With a buoyant housing market coupled with changes to how landlords and second home buyers are taxed, the government has racked in over £11billion from SDLT (Stamp duty) over the last year.

 

Stamp duty is clearly a big earner for the government. A house buyer purchasing their primary residence pay no stamp duty up to £125,000, 2% of the amount over £125,000 to £250,000 and 5% on the amount over £250,000. There are higher bands too, however, they are very rarely reached in East Norfolk and North East Suffolk.

 

However, purchasers buying properties that are not their primary residence get hit with another 3% levy at every stage. This would include buy to let investors and second home purchasers.

 

With the UK deficit on all parties mind with a general election forthcoming it will be interesting to see if there are any commitments either way with regards to stamp duty in the manifestos.

With the general election on the horizon it is unclear what will happen with the proposed ban on letting agents charging fees to tenants. There was a ban proposed that was going through a consultation process. However, a new or change of government may result on the ban never coming in. Some agents charge disproportionate fees to tenant. At Aldreds we charge a nominal £110 on application to cover the cost of the process and a small fee for the renewal of a tenancy.

 

ARLA the trade body of letting agents has said that the referencing process should be exempt from any ban due to the direct cost involved and the importance of the process to tenants and landlords alike.

 

ARLA said “Referencing ensures that tenants do not take on a financial commitment which is unsustainable. Referencing reduces the risk of tenants falling into rent arrears which often results in them being evicted and subject to County Court Judgments. This can lead to a drop in credit rating and difficulty sourcing other rental properties or making successful mortgage applications, along with difficulty sourcing low cost credit from mainstream suppliers. Quality referencing helps to reduce homelessness. While it is frequently said that referencing is available for a few pounds this is not accurate. Our primary research has shown that agents list referencing as one of the single most time consuming aspects of the role.”

 

Are you selling an in-demand property-type? Are you looking for a home in a sought-after area? According to a recent survey by Relocation Agent Network, the type of property and area that buyers are looking to move to has remained largely unchanged when compared to seven years ago.

Popular Properties
Taken amongst Relocation Agent Network members across England, Scotland and Wales (including us), the survey not only found that two to three bedroom houses were the most in demand in 2010, but they are the most sought-after property this year too. Indeed, over 81% of survey respondents – the vast majority – indicated that two to three bedroom houses were the most in demand so far this year. That’s just one percentage point (82%) below what respondents indicated in 2010.

City Centre Vs. Suburbs
The most popular area-types also remained relatively unchanged, with respondents rating ‘suburban areas’ and ‘town/city centres’ as the top two in demand areas for both 2010 and 2017. Interestingly this year, suburban living climbed 11 percentage points (57%). This was compared to 46% of 2010 respondents indicating that the suburbs were the most popular area-type. And the number of people searching for properties in rural areas actually fell this year to 3%, compared to 11% seven years ago.

Thinking of selling?
Aldreds is a selected member of Relocation Agent Network, who has chosen us as East Norfolk & North Suffolk’s Local Expert, based on our customer service and a variety of other criteria. Not only does this prove our credentials as one of the area’s leading estate agents, but through our Network membership, we are able to offer sellers a completely unique channel of buyer that no other estate agent in East Norfolk & North Suffolk can provide. Visit www.relocation-agent-network.co.uk/how-we-can-help-you.aspx to find out more.

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