Each agent will report a slightly different stance on the market at the present time of asking. Whether it be a direct reflection of events taking place within their branch at that time, a view that they wish to share as part of a wider strategy to ignite the market or hard cold facts regurgitated from the latest Land Registry Housing Market report.
With this in mind, I have tried to share a brief view in this brief article that encompasses all three of those perspectives.
To give a flavour of what the averages look like… within our region the average house price is £132,999.Wider within the UK the average house will set you back £226,185. Nearly double.
Our region has seen a 4.1% annual increase in the average property price next to a UK average of 5.1%. A refreshing statistic that for once puts the North East on trend with the rest of the country.
It is even more exciting to hear is that the North East has seen the highest rise in average house price of all the regions this month where the average property value has risen 3.3% in comparison to the previous month that was analysed. The statistic although very positive does not mean that all current marketing values need to be lifted as the increase is in sold prices and not market values which can sometimes be different.
The Land Registry have collated information from other industry data and surveys and reported that the expectation of vendors is declining, undoubtedly due to the incessant doom and gloom often reported.
This may well also be linked to the decisions of vendors deciding to delay putting their property on the market, which we see day to day. For the 17th month running there has been a reported lack of new stock coming to the market.
Contrary to this common view, there has never been a better time to sell which is shown with the increased buyer activity (viewings up 20% in the last fortnight) in our Barnard Castle office. Having agreed many sales in the last few weeks there are a wide variety of buyers waiting for the right property to come onto the market as stock levels are still very low.
There is a huge amount of information available in the full Land Registry Housing Market report which is updated on a monthly basis, however, to speak to one of us in person about the market in the immediate locality or if you are interested in knowing more about selling or letting your property, please contact our professional and friendly team at Barnard Castle on 01833 690390.
Is now a good time to sell my property?
Many vendors are driven by external factors when selling their property, such as the requirement for a larger dwelling or the need to relocate for work purposes. Therefore the timing of a sale is not always something they are able to dictate. We find that correctly priced property will sell at any time of the year providing it is well presented by the agent and advertised appropriately by a proactive team who are familiar with the property and the local market. Undoubtedly, properties are often more photogenic during the spring and summer months but clever photography can show any property in its best light at any time of year.
Should I redecorate?
This is a question we are often asked and the answer very much depends on the property’s current condition. If your property is habitable and relatively neutral, our advice is often to leave the walls and flooring for the new purchaser to put their own ‘stamp’ on. If the decor style is particularly ‘wacky’ or dark then it may be beneficial to neutralise the colour scheme. We provide tailored advice to our clients during our initial property appraisal to offer our experienced opinion on the best way forward.
How long will it take to sell my property?
How long is a piece of string? Be aware of agents who will promise to find you a buyer in a given period of time. Buyer activity peaks and troughs throughout the year, often without a tangible reason. A reaction from the market cannot be guaranteed until the market has been tested and will vary property to property. However, as a generalisation, some form of market response should be seen within 3 months of launch, whether that be in the way of viewings, telephone enquiries or, in the best case scenario, an offer. From this initial market response we are able to review the marketing strategy and either adjust it or agree a sale.
Should I sell off part of my property, such as a garage, separately?
This largely depends on the size of your property, in the case of a garage/storage building its proximity to the house and the availability of alternative parking/the storage capacity of your home. Another big question to ask yourself is how much value the garage would add to the buyer’s property should you, for example, be considering selling to a neighbour. Individual advice should always be sought as while a separate deal may seem like an attractive proposition it could compromise the sale-ability of your property. At free market appraisal stage, our valuers will always consider your options to maximise the property value.
Do I need to consider my tax position?
If you have lived in your property for at least the last 2 years prior to sale then you should benefit from Principle Private Residence relief and therefore should not pay any Capital Gains Tax. If you are selling an investment property/rental property then we recommend that you consult your accountant/financial advisor prior to selling. If you are selling a property that you have inherited your solicitor will advise on what professional valuations are required and subject to the size of the overall ‘estate’ there may or may not be Inheritance Tax to pay.
If you are thinking of selling or letting your property and would like further information on anything touched on above, or have another query, please contact your friendly and professional local team:
Alnwick, Northumberland –01666 603581
Wolsingham, County Durham – 01388 529579
Barnard Castle, County Durham – 01833 690390
Bedale, North Yorkshire – 01677 425301