Heading in to the last half term before the summer holiday period here at Tortoise we are still seeing a demand for family homes. The market now is settling down after the new increase to stamp duty. Transactions are slightly lower year on year for April as many transactions were completed in March to head off this rise.
The Telegraph reported that house prices have hit a record high and this growth means that house prices have risen five times faster than wages. This is certainly the case in some areas, but here in Peterborough the market is still buoyant with reasonable rates of employment and lots of homes available for the second steppers who have more disposable income.
With the referendum hitting in June will some peoples concerns affect the market both pre and post potential Brexit? It is not the actual referendum that will potentially affect the market, it is the possible effect it will have on the economy and the ripple effect that causes on the property market. Here in Peterborough at least there are no current signs of a market slowdown pre referendum.
Chris Plummer says “We are also seeing changes in the mortgage market, on one hand we are seeing residential mortgages being made available past the age of 85 as well as the return of the 100% mortgage but with the twist of these mortgages being guaranteed by the bank of mum and dad, while on the other hand we are seeing some buy to let mortgages become more restricted following the prudential regulation authority’s consultation paper.”
New Properties coming to market this month:
A three bedroom detached property at Long Pasture, Werrington for sale at £170,000
A three bedroom detached property at Tilman Drive, Hempstead for sale at £225,000
A five bedroom detached property at High Court Way, Hampton Vale for sale at £325,000
A three bedroom detached “Summer Palace” property at Morehay Lane, Kings Cliffe for sale at £595,000
Recently Sold:
A three bedroom, semi-detached family home at Bushy Court, Hampton Hargate selling for 100% of asking price.
A four bedroom, townhouse, ideal for a family at Daisy Drive, Hampton Vale, selling for 99% of asking price.
A two bedroom, property at Willoughby Court, Welland, selling for 97.5% of asking price.
A four bedroom, townhouse at Archers Wood, Hampton Hargate selling for 99% of asking price.
A spacious three bedroom property at Coriander Drive, Hampton Vale, Peterborough selling for 99% of asking price.
Here at Tortoise our portfolio is expanding with homes for sale typically being on the market for no more than 12 weeks. We have a great selection of family homes being based in Hampton and 3 and 4 bedroom modern homes are very attractive in this area. Being an easily commutable distance to Cambridge and Bedford, the rail links into London also make this an attractive area to buy if you work in the City.
One of the more recent properties we have taken on is ‘Summer Palace’ – a stunning 3-bedroom character property in Kings Cliffe. Surrounding by its own spacious gardens this fabulous property combines modern style and country charm. On the banks of Willow Brook this is the ideal property for those that combine working from home with the office. Take a look at our video:
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