Are we in a ‘normal’ housing market?
If you listen to the press the housing market is either booming or crashing…but that isn’t the reality.
For long periods of time, it can be operating with well priced, well marketed properties selling but not necessarily flying out the door.
That may be where we are at the moment.
Looking at the data. In East Norfolk and North East Suffolk, about 35% of houses listed as sold stc. We have seen this as low as 15% and as high (straight after covid and during the stamp duty holiday) as 80%. This 35% mirrors the national average. This means the 65% of houses are looking for buyers giving house hunters choice which is why we have seen house prices quick stable over the last 18 months with only small rises and falls recorded.
What may happen in the future? Interest rates have been falling but the surprise rise in inflation may slow this. It certainly seems like the normal and healthy housing market we have now will continue for the rest of 2025 with supply and demand quite consistent and good levels of sales being recorded.
Inflation rises to 3.5%
The battle with the cost of living is back with inflation rising to 3.5% way above the governments target of 2%. But still way below the double digit inflation we experienced a few years ago.
The rise has been put down to the recent rise in household bills. However, the rise in National Living Wage and higher National Insurance Contributions for employers will have also had an effect as businesses raise prices to cover these increases.
We must wait to see if this changes the Bank of England stance on reducing interest rates. There had been hopes that the base rate would continue to fall through 2025.
Performer of the Month (part 2)
April was a great month and therefore we have broken with tradition and crowned two members of our team.
Congratulations to Lewis Hamilton – Senior Negotiator in Great Yarmouth Office.
Lewis was nominated by both Great Yarmouth Office Associate Director, Chris Fielding…and Office Manager Jackie Reed for contributing to a fantastic new sales month and delivering excellent customer service in the process.
Well done Lewis!
Performer of the Month (part 1)
In a break with tradition, we have two performers of the month for April.
Firstly, congratulations to David McMaster who worked his absolute socks off in April including securing, doing the admin for and launching over 40 new managed properties for our rental department!
Well done David and here is to a fantastic May!
Can I see your passports Mr/Mrs Landlord
If you have sold a house recently you will be aware of the need for estate agents to do ID checks on their clients as well as house purchasers. We also have to carry out various anti money laundering (AML) checks through the process.
From mid May these checks will also need to be made against Landlords and Tenants. We already have to see ID for tenants as part of our ‘Right to Rent Checks’, however, we will also need to do the AML checks. ID and AML checks will also need to be carried out on landlords.
The good news is that these won’t need back dating on current tenancies unless there is a change such as a renewal (soon to disappear under Renters Right Act anyway).
So, if we do ask to see your ID we do apologies for the intrusion. However, you should take it a reassurance of our diligence and compliance with property law and regulations
Easter Opening Hours
Good Friday 10am to 1pm
Easter Saturday Normal Hours
Easter Sunday Closed
Easter Monday Closed
Back to normal 9am Tuesday 22nd April!
Wishing all our clients and customers a happy and restful Easter!
Performer of the Month
Congratulations to Michael Adderley who is Aldreds Performer of the Month for March.
Michael is a Sales Negotiator in our Great Yarmouth office and performs many accompanied viewings.
Nominated by Chris Fielding – Associate Director, Michael had a fantastic March and really stepped up in a very busy month whilst helping numerous clients get moved before the end of the stamp duty holiday. His can do attitude and positive outlook really counted during a busy and stressful month!
Well done Michael and congratulations!
Preparing for The Renters Rights Act – Landlords, what should you do to prepare?
This bill is in its final stages and looks to become law in early Autumn. There are so many changes and Landlords are naturally very concerned about what they should be doing to prepare.
For existing tenancies, there is not a great deal that can be done. However, if you have very difficult tenants, rent arrears, antisocial behaviour or any other serious concerns about your current tenants, perhaps now is the time to use the Section 21 while you still can.
For all new tenancies we cannot recommend more strongly that landlords take out rent & legal insurance cover (very few providers offer cover on existing tenancies) in order to protect themselves in the event of tenants failing to pay rent or refusing to move out. This new legislation with put enormous pressure on the court system and will create significant delays in obtaining possession. Hence, rent and legal insurance cover with provide peace of mind and financial assurance if the worst were to happen.
This legislation will bring many additional administrative requirements such as additional prescribed information at the start of the tenancy, landlord registration, changes to notices, changes to rent increases to name but a few. Failure to adhere to this raft of new legislation will not only seriously impact on the ability to obtain possession, but also could come with financial penalties. Hence, if you are not using an agent, we can only strongly recommend you use a good local letting agent who is fully prepared and trained for this new legislation. Aldreds lettings are here ready to assist and give sound, practical advice and award winning service at very reasonable fees.
Promotions at Aldreds!!
Congratulations to Lewis Hamilton who has been promoted to Senior Negotiator. Lewis has over 20 years experience in estate agency and first worked at Aldreds between 2004 and 2008. He rejoined us last summer in Gorleston but is now making waves in our busy Great Yarmouth office. If you want to contact Lewis give him a call on 01493 844891 or This email address is being protected from spambots. You need JavaScript enabled to view it.
Performer of the Month for February
Congratulations to Tara Hart, Lowestoft Office Manager who is Performer of the Month for February. Lowestoft office smashed all their targets out of sight in February whilst still giving fantastic service to our clients and customers. Tara was nominated by Branch Manager Darren Capps to recognise the huge effort she put in and contribution she made!
