Despite one of the wettest summers on record, there has been little if no dampening effect on the property market in West Berkshire and North Hants.
The Diamond Jubilee, European Football Championships, WImbledon, Tour de France, Open Golf, Test Cricket and, of course, the Olympics have all captured the imagination and time of everyone but transaction levels have remained strong.
There has been some tailing off of in terms of the volume of enquiries from buyers but those that are registering and looking are serious and are making positive decisions to purchase.
The number of new properties coming to the market has also reduced slightly but again, sellers are, in the main, being realistic on price and good levels of sales are being made.
Basically we are maintaining transaction volumes but, with a reduction in the amount of property coming to the market, our stock levels are reducing. This, in turn, will help maintain prices whereas across the UK generally there are signs that prices are falling slightly.
Correct pricing remains key and the major property website Rightmove has launched a campaign aimed at ensuring sellers are realistic and stand the best chance of securing a sale.
The lettings market remains strong with demand continuing to match or outstrip supply although there are some signs of “overheating” with growing numbers of potential tenants finding it difficult to pay the high levels of rent that the market is commanding.
We have always recommended that landlords balance getting the last pound coin of rent with the need for a quality tenant and our vigilant approach to referencing and on-going management means that arrears levels remain low.
The mortgage market remains tight but there are some excellent schemes available for purchasers, buy to let investors and those looking to re-mortgage. Schemes from 2.99% for a five year fixed rate exist, albeit requiring a significant deposit, and greater competition between lenders for business will undoubtedly help borrowers.
Re-mortgaging is proving to be a sensible option for many, either to simply reduce monthly outgoings or to raise capital for home improvements or to purchase an investment property.
Towards the end of 2012 there will be an equalisation of gender in regards life cover and for many this could result in higher premiums. It could therefore be advantageous to secure a policy now. Our advisers will be pleased to advise on mortgages and protection products.
August is traditionally a holiday month and with the Olympics dominating TV screens I would perhaps be overly optimistic to think that the market will be “firing on all cylinders” I do however believe that, for those who take the time to investigate, it could prove to be a good month to get moving.
David Sansome
Managing Director
