Linda Crapper, Director, Saxton Mee comments on the current state of the market.
When house prices and the market nearly came to a standstill in 2008, banks made it extremely difficult to obtain finance, and we saw a worldwide recession encompassing us.
For many people, this was like going from riches to rags, sales were at a virtual standstill.
However, I am glad to report that sales over the last five years have gradually increased and we are heading ever closer to the sales achieved in 2008.
I am regularly asked “Are house prices going to rise?” The answer is yes in certain areas but only marginally.
The main price brackets we have seen increase are between £100,000-£200,000 and £300,000-£500,000.
For houses priced above the £500,000+, there are definitely less buyers around compared to prior to the recession.
When buying a house it is important to remember “location, location, location”.
The presentation of a property is also a key selling point to bear in mind.
This year, Saxton Mee North West, having branches at Crookes and Hillsborough, have achieved excellent results with an increase in sales of in excess of between 20%-27%.
The rental market continues to boom and I can report that our properties are usually rented within the first week of being marketed.
Funding for the New Homes sector is an ongoing issue. However, we are hopeful that the government’s new Help To Buy Scheme which expands on the previous scheme, will assist this ailing market.
Whilst first-time buyers are encouraged to save, we are seeing more and more needing help from ‘The Bank of Mum and Dad’ for their deposit.
Buyers are having to save much longer which means they are older when buying their first house.
I am a great believer in buying your own home. It has always been a good sound investment overall, however, we must all be aware prices can rise or fall.
My father taught me that bricks and mortar were always a good investment. I always try to encourage people to move further upmarket, because when they come to retire, they can always sell their assets.
It is the only asset we do have that is not taxable at the moment.
This means, in turn, when retiring, it does give us some extra cash, hopefully. We do see a lot of people depending on this, especially in today’s market.