This month has been a good one for us having encouraged people to sell with the benefits of doing so during the summer. Things don’t shut down and if you are a seller with an agent like us there is no need to wait until mid-September to bring your property to market.
Earlier this month Propertywire wrote that average UK house prices are up 8.7% year on year for the month of June and this is still an encouraging environment in which to get the best when selling your home, particularly important if you are a second stepper and looking to move up to a larger home. They also stated that the UK moving market has hit a nine year high with more people moving home now than in 2008.
There are still some great mortgage deals around and some lenders are offering borrowers the ability to spread their mortgage term further from 25 to 40 years in some cases – this is ideal for some first time buyers. With the Bank of England recently dropping their base rate to 0.25% this makes the market even more favourable.
Propertywire stated that mortgage arrears are at the lowest since records began 20 years ago. This means that the market is strong, with buyers viewing their purchases as long term investments. First time buyer lending was up 25% in June compared to last year. Really there has never been a better time to invest in property.
Chris Plummer from Tortoise Property says “Locally, we have seen a stronger market in August than we experienced in 2015. Although we have not seen the return of investors in the numbers seen prior to the stamp duty rise, the 25% increase in first time buyer lending is a welcome opportunity for first time buyers to enter the local market. As the strong Autumn market approaches we recommend a fresh valuation for vendors that may have had their house valued as recently as the spring as prices continue to rise.”
If you are thinking of selling your home and are interested to see what it is worth, try our free online instant valuation tool. Certainly if you are looking to trade up, then with values increasing steadily there will be more equity in your current home. If your property has not been sold STC by your agent, consider re-launching it with us using our successful marketing strategies and see how our 12 Week Marketing Plan can help you.
Recently Sold:
A three bedroom property also available on West Lake Avenue, Hampton Vale with an asking price of £190,000
The property comprises of Lounge, Kitchen / Diner, Three Bedrooms, Private Rear Garden and Garage.
A four bedroom property at Bayleaf Avenue which was for sale at £275,000
The property benefits from a fabulous open plan kitchen/ dining room, lounge, four bedrooms, ensuite to master bedroom and a family bathroom. Outside there is a driveway providing off street parking for 2 cars and a single garage. To the rear is a private garden.
New Properties coming to market this month:
A five bedroom property available at County Road, Hampton, Peterborough with an asking price of £325,000.
The property benefits from a spacious entrance hall, Kitchen/ Breakfast room, Utility room, Large Lounge, and Dining Room, Master Bedroom with dressing area and en-suite, Bedroom Three with ensuite. Three further bedrooms, and family Bathroom. Outside there is a shared private driveway providing parking for up to four cars and a detached double garage. And a hot tub in the garden.
A four bedroom property available on Mallory Drive, Yaxley, Peterborough with an asking price of £260,000.
The ground floor comprises of entrance hall and cloakroom, lounge with patio doors opening onto the garden , separate dining room and kitchen. The first floor comprises of a large master bedroom with en-suite, two further double bedrooms and and a single bedroom and family bathroom.
Contact us on 01733 592020 for further information on any of our properties keep an eye on our website and our facebook page where we regularly update our latest stock.
I hope you are enjoying our blogs, new ones are available weekly and our back catalogue can be found on our blog at www.tortoiseproperty.co.uk/blog