How is the market?
A question as estate agents we get asked a lot.
An interesting way to gauge this is by looking at total sales in an area over a year and comparing it with previous periods.
In the years between 2020 and 2022 yearly sales agreed in the NR31 postcode were always in excess of 1000. This dipped in 2023 to just over 600. A drop of 40%.
This year has been better. Sales agreed over the last 365 days in NR31 currently sit at 804. A big improvement on what we were seeing in 2023 but still way off what was seen immediately ‘post covid’.
This tells us we have a recovering market but in our opinion one that still requires careful pricing and excellent marketing.
Rise in inflation threatens further interest rate cuts.
Inflation went up slightly in July to 2.2% up from 2%. A small rise and inflation still way below the double digit inflation we saw in 2023. However, we will have to see how the Bank of England views this rise when its monetary policy committee next meet!
Performer of the month!
Congratulations to Chris Fielding who is Aldreds Performer of the Month for July.
The amount of work Chris gets through in a month is absolutely phenomenal and his passion and commitment to his clients is clear to everyone.
To be honest he could have won it lots of other months this year.
Well done Chris!
More news on renters reform bill!
There is some very sensible news coming from Whitehall regarding the Renters Reform Bill and its bumpy ride through parliament.
After the 3rd reading the Renters (Reform) Bill was voted through yesterday evening to its next stage. Housing Minister, Jacob Young confirmed that Section 21notice won’t be abolished until the court system is deemed ready. The government will require the Lord Chancellor to assess the county court possession order process in England and its enforcement before the end of Section 21 (no-fault evictions).
The other good news is another key amendment – only allowing tenants to give notice after six months (rather than the originally proposed two months) – was also approved, with exemptions such as death of a tenant or victims of domestic violence being considered.
These sensible amendments, despite Labour’s objections, will give landlords considering their options some confidence and will no doubt go some way to stem the flow of landlords selling their rented properties due to concerns about this new legislation.
We will keep you informed of the developments as they are announced.
Sienna joins the team!
A big Aldreds welcome to Sienna Vincent who has joined us as a trainee in our Great Yarmouth office!
Sienna is a GY girl! She has already been with us a week and has settled in well!
We hope you have a long and enjoyable career with us!
