Autumn Bounce?
Traditionally September and October have always been busier months in the housing market.
Families can put their plans to move off through the summer break whilst kids off schools and flights to sunny destinations take priority.
Listing your property or starting your search in the autumn means you still have time to complete a move before Christmas.
If you are thinking of selling or buying call us today to discuss your options!
Inflation falls again – could this be good news on interest rates.
This morning the latest inflation figures have been released and show a fall back in the annual rate from 7.9% to 6.8%.
This is coupled with the news over the last fortnight that lenders have started to reduce their fixed rate mortgages on the presumption that the Bank of England base rate may be nearing its peak.
What does this mean for the housing market? Higher interest rates and the cost of living will continue to have an effect but a stable rate of borrowing and a more favourable out look can only be a good thing.
Many buyers are still seeking to purchase and move. We have had a healthy start to August and some well priced properties are attracting good levels of interest.
Thinking of selling? Call your local Aldreds office today!
Sales Progression – The most under rated thing estate agents do.
When house sellers choose an estate agent, they will often consider their experience at selling houses, their marketing package, how they present their properties and where they advertise.
Many sellers pay little or not attention to what procedures agents have in place after the all important sale is agreed.
At Aldreds we pride ourselves on pro active and thorough sales progression. When a sale is agreed the negotiator who handled it will see that sale through to completion. Initially they will check that the person offering is in a strong position by checking out any chain of sales and making sure they are all in place, by asking for mortgage agreements or proof of cash and by getting ID for the buyers. They will then instruct solicitors to go ahead. Routine monitoring is carried out to avoid fall throughs such as making sure mortgage valuations are instructed and talking to solicitors and estate agents involved with the chain to ascertain that searches etc are applied for.
By carrying out these checks we hope to cut out fall throughs as much as possible and make the process as smooth as possible for buyers and sellers alike. If problems or hurdles crop up we can help by acting as a go between and talking to solicitors and agents in the chain to find resolutions.
Although cancelled sales happen, we know that the approach of our fantastic staff and the procedures we have in place helps to keep them to a minimum.
10,0000 raised for Break and the MAB foundation!
Aldreds were delighted to support the Mortgage Advice Bureau golf day in June. The results are in and over £10,000 was raised for two wonderful causes.
Well done to Stephen, his team at MAB and all who supported it!
Looking forward to next year!
Good news on inflation!
Some better news for the economy with inflation falling to 7.9% - a bigger fall than expected! Drive mainly by lower energy prices. Food inflation also started to fall back but does remain very very high.
This may mean that future interest rates are less severe and fixed mortgage rates (that have expected rate changes already built in) could soften.
Time will tell and watch this space!
Good bye to the old and in with the new
13 years ago, Aldreds took a big leap and came away from paper based systems. We signed up for a client relationship management system (CRM) called Expert Agent.
This took some getting used to after years of files and different coloured paper! However, once we had adjusted and our systems were in place we reaped the rewards through better office systems, improved email contact with sellers and buyers and steam lined office practices.
This week we jump to ALTO. A more modern replacement. This will allow us to combine our lettings and sales systems giving us more straight forward operating procedures.
Base rate rises have effect on market – but sales are still being agreed!
Have the Bank of England base rate rises effected activity and house prices? Absolutely. Are properties still being sold? Definitely.
There is no doubt the cycle of interest rate rises that started in the summer of 2022 have adjusted the market. Higher mortgage payments will have an effect in many ways including bringing people to the market looking to downsize and making families hold of on their moving plans.
Is the housing market dead at the moment? Not at all. Our Gorleston office is about to record their strongest month on new sales since summer 2022. This has been achieved by working hard with our vendors on marketing and pricing strategy whilst proactively matching buyers and sellers.
How does the market compare to post credit crunch 2008? – At the moment it is stronger. Banks are still keen to lend but at higher rates. Mortgage availability is good.
Still time to move in 2023. If you are thinking of selling give us a call!
New Starter in Gorleston Office!
A big Aldreds welcome to Louis Sansom Williams who has joined our team in Gorleston office.
Louis is brand new to estate agency and is joining us as a trainee. In the two days he has been with us he has made a flying start and is showing great enthusiasm!
All the best Louis!
Good luck for the future
All the best for the future to Bronwyn Moxey who is leaving us for pastures new. Bronwyn joined us during the pandemic and worked in both rentals and sales departments in Great Yarmouth office. We wish you the best for the future! New starter pending! Watch this space!
Pressure on government over stamp duty.
An influential group of MP’s are putting pressure on the government to raise the threshold for stamp duty even further.
The Conservative Growth Group calls it an unfair tax and calls for it to be scrapped for most occupied homes but not second homes and investment purchases.
Stamp duty currently starts at £250,000 for all buyers except first time buyers where it starts at £425,000. This means that first time buyers in this area are already unlikely to pay stamp duty.
