Author: Antony Antoniou

Antony Antoniou MAPD, has been involved in property for over two decades, in developing, sales and rental. With an inherent love of property and a comprehensive knowledge of Northampton and the surrounding area, he is well placed to deal with all aspects of the sales process, from sourcing, valuing, marketing and sales progression.
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UK Housing Market Analysis: October 2024

Trellows Property Market Update October 2024

UK Housing Market Analysis: October 2024

Executive Summary

The British property market has experienced a notable upturn, principally driven by the most favourable mortgage rates witnessed in 15 months. This renaissance in market activity has manifested in a 25% surge in property transactions compared to 2023, whilst maintaining measured price growth that reflects ongoing affordability constraints. The average UK house price now stands at £267,100 as of August 2024, marking a modest year-on-year increase of 0.7%.

Mortgage Market Developments

The lending landscape has undergone significant transformation, with the average five-year fixed-rate mortgage at 75% loan-to-value dropping to 4.3%, a marked improvement from 5.5% recorded the previous year. This represents the most attractive rates since May 2023, catalysed by fierce competition amongst lending institutions. The enhanced affordability has proved particularly beneficial for borrowers with substantial equity positions.

Regional Market Dynamics

### Strong Performance in Affordable Regions
– Northern regions and the Midlands continue to demonstrate resilience
– Price growth reaching 2.5% in more affordable localities
– The East Midlands and North East have witnessed transaction volumes exceeding 30% growth

### Southern England’s Mixed Picture
– The South West, South East, and East of England demonstrate negative year-on-year price growth
– London has executed a remarkable turnaround, transitioning from -1.7% depreciation to a modest 0.5% appreciation
– Northern Ireland leads the regional performance metrics with 5.5% growth, representing a significant catch-up phase following previous underperformance

## Supply-Side Analysis

### Chain-Free Properties
A noteworthy 32% of properties currently listed on Zoopla are being marketed as chain-free, with distinct patterns emerging across property types:
– Outside London: One and two-bedroom flats dominate the chain-free segment
– Within London: Two and three-bedroom houses represent the majority of chain-free offerings

### Investment Property Liquidation
The market has observed a significant influx of previously rented properties, constituting 13% of current listings. This trend is particularly pronounced in London and the South East, accounting for 53% of such properties, where:
– Modest rental yields
– Elevated mortgage costs
– Subdued capital appreciation
have collectively diminished investment returns.

## Coastal and Rural Market Dynamics

Several coastal and rural postcodes have experienced remarkable supply increases exceeding 40%, including:
– Truro
– Torquay
– Exeter
– Bournemouth
– Lincoln
– Norwich

This surge can be partially attributed to impending council tax modifications, with many English local authorities planning to double charges on second homes from 2025.

## Price Negotiation Trends

The market continues to favour pragmatic negotiation:
– 37% of successful transactions are concluded at values exceeding 5% below initial asking prices
– Sellers maintain aspirational pricing strategies whilst demonstrating increasing flexibility
– Buyers benefit from expanded choice and retain significant negotiating leverage

## Market Activity Indicators

### Buyer Demand
– 26% increase in prospective buyer enquiries compared to 2023
– Sustained improvement in transaction volumes across all regions
– Enhanced affordability metrics supporting maintained momentum

### Property Supply
– 12% increase in available properties compared to the previous year
– One-fifth of current listings represent properties previously marketed within the past 24 months
– Similar proportion of listings have undergone price adjustments exceeding 5%

## Future Market Outlook

### Short-term Projections
– Anticipated continuation of modest price appreciation
– Projected stability in transaction volumes
– Expected mortgage rates to stabilise between 3.75% and 4.25% into 2025

### Market Stabilisation Factors
– Rising household incomes improving affordability metrics
– Competitive mortgage market maintaining favourable lending conditions
– Balanced supply-demand dynamics supporting sustainable growth

### Risk Factors
– Global economic uncertainty potentially affecting interest rate trajectories
– Regional variations in market performance likely to persist
– Implementation of local authority tax changes affecting second home markets

## Recommendations for Market Participants

### For Sellers
– Maintain realistic price expectations
– Consider market position carefully when setting asking prices
– Prepare for longer marketing periods in certain segments

### For Buyers
– Capitalise on favourable mortgage rates whilst available
– Conduct thorough market research to identify value opportunities
– Maintain strong negotiating positions through proper preparation

## Concluding Observations

The British property market demonstrates encouraging signs of recovery whilst maintaining balanced growth dynamics. The combination of improved lending conditions, steady demand, and measured price appreciation suggests a sustainable trajectory for the remainder of 2024 and into 2025. However, success for both buyers and sellers will continue to depend upon realistic expectations and strategic approaches to market engagement.

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key takeaways from Labour’s first 50 days in office

key takeaways from Labours first 50 days in office

key takeaways from Labour’s first 50 days in office

A Comprehensive Analysis of Property and Housing Initiatives

Following the first fifty days of Labour’s administration, the property sector has witnessed numerous significant policy pronouncements. This analysis examines the key pledges and their potential implications for the British housing market.

## “Get Britain Building Again” Campaign

The cornerstone of Labour’s housing strategy centres on an ambitious pledge to construct 1.5 million new homes over the coming five-year period. This declaration has garnered mixed reactions from industry specialists and economists alike.

### Implementation Strategy
Labour’s proposed methodology encompasses several key elements:
– Reintroduction of mandatory housing targets for local authorities
– Prioritisation of brownfield and “grey-belt” development sites
– Comprehensive reform of planning processes
– Preferential access for local residents and first-time buyers regarding affordable and social housing schemes

### Industry Response
The announcement has prompted varied responses from sector experts. Neil Jefferson, Chief Executive of the House Building Federation, expressed optimism to the Financial Reporter, suggesting that Labour’s proposed planning reforms directly address what he considers the primary constraint on recent housebuilding efforts.

However, The Economist’s detailed analysis presents a more nuanced perspective. Their econometric modelling, which considered current construction rates, interest rate trajectories, and demographic trends, suggests the initiative may have minimal impact on overall house prices in isolation. Nevertheless, they acknowledge the potential for more substantial long-term effects should this increased construction rate persist beyond the initial five-year period.

John Doyle, Head of New Homes at OnTheMarket, offered a measured assessment:
“The weeks following Labour’s electoral victory have proven particularly noteworthy for the new homes sector. The 1.5 million homes commitment presents considerable opportunities, particularly given our well-documented housing supply shortfall.

“Nevertheless, enhanced opportunity brings commensurate pressure. Local authorities will face specific numerical and temporal targets, whilst maintaining exacting standards regarding quality and specification across all demographic segments, from first-time buyers through to retirement accommodation.

“The coming five-year period will reveal what equilibrium can be achieved and its broader impact on the housing market landscape.”

## National Planning Policy Framework Reforms

To facilitate their ambitious housing targets, Labour has announced comprehensive reforms to the National Planning Policy Framework (NPPF). These modifications aim to streamline and expedite the planning permission process.

### Key Reform Elements
The proposed reforms encompass:
– Reinstatement of mandatory housing targets
– Enhanced accessibility to brownfield and “grey-belt” sites
– Introduction of “golden rules” for green-belt development, stipulating:
– 50% affordable housing requirement
– Mandatory environmental enhancement
– Sufficient infrastructure provision

Additionally, Labour has committed to appointing 300 new planning officers to bolster application processing capabilities.

### Expert Perspectives
While property developers have largely welcomed the streamlined planning processes, academic experts have raised pertinent concerns. Urban Planning professors from the University of Manchester emphasise the crucial importance of experience and meticulous attention to detail when evaluating large-scale development proposals. They highlight potential risks regarding:
– Housing quality and safety standards
– Environmental impact assessment
– Infrastructure capacity evaluation

## Renters’ Rights Reform

Labour has committed to advancing the previous government’s Renters’ (Reform) Bill, whilst incorporating additional protective measures for tenants.

### Principal Elements
The enhanced legislation aims to:
– Abolish no-fault evictions
– Establish mechanisms for tenants to challenge rent increases
– Prohibit rental bidding wars
– Extend Awaab’s Law to encompass the private rental sector, introducing penalties for landlords who fail to address damp and mould issues promptly

### Stakeholder Concerns
The British Landlords Association has expressed reservations, suggesting these measures could potentially diminish investor confidence in the rental market. They warn of possible unintended consequences, including:
– Existing landlords divesting their portfolios
– Reduced investment in rental properties
– Potential contraction of available rental stock

## Energy Efficiency Initiative

The government has allocated £6.6 billion over five years towards improving energy efficiency across five million homes, representing a significant commitment to environmental sustainability and cost-of-living reduction.

### Implementation Framework
The scheme will operate through:
– Direct government grants
– Subsidised low-interest loans
– Collaborative partnerships with:
– Local authorities
– Devolved administrations
– Private sector financial institutions

## Educational Policy Impact on Property Markets

Labour’s proposal to remove private schools’ charitable status has already influenced property market dynamics. OnTheMarket data reveals substantial increases in property searches near prestigious grammar schools:
– King Edward VI Camp Hill (Birmingham): 166% increase
– Dartford Grammar School (Kent): 151% increase
– Various London locations: >100% increase

This trend may intensify as the January 2025 implementation date approaches, potentially driving localised price appreciation in affected areas.

## Forward Outlook

Whilst fifty days represents a significant period in political terms, the government faces nearly five years of implementation challenges ahead. The ambitious scope of their proposals has generated considerable discourse across industry sectors. The forthcoming Autumn Budget is eagerly anticipated for additional detail regarding:
– Specific funding mechanisms
– Implementation timelines
– Performance metrics
– Regulatory frameworks

As these initiatives progress from policy to implementation, their success will ultimately be measured against their stated objectives of increasing housing accessibility, improving rental sector conditions, and enhancing energy efficiency across Britain’s housing stock.

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Property Market Update for Northamptonshire NN7

Trellows Market Update

Property Market Update for Northamptonshire NN7

The property market in Northamptonshire NN7 has seen significant activity and fluctuations over the past year. Let’s delve into the data to understand the trends and dynamics shaping the housing landscape in this area.

Average Property Prices

Properties in NN7 have shown resilience in terms of their average prices over the last year. The overall average price stood at £405,037, showcasing stability despite various market pressures.

Property Types and Prices

The market in NN7 exhibits diversity in property types, catering to different preferences and needs. Here’s a breakdown of average prices based on property types:

– **Detached Properties**: The majority of sales in NN7 were detached properties, commanding an average price of £544,201. This suggests a preference for spacious and standalone homes in the area.

– **Semi-Detached Properties**: Semi-detached properties also saw healthy demand, with an average price of £310,951, making them an attractive option for buyers seeking a balance between space and affordability.

– **Terraced Properties**: Terraced properties, while generally more affordable, still fetched a respectable average price of £258,287, appealing to those looking for compact and cosy living spaces.

Market Performance

Despite the resilience shown in average prices, the market in NN7 experienced a slight downturn compared to the previous year, with sold prices being 6% lower. However, there was an 8% increase compared to the peak prices recorded in 2021, indicating a gradual recovery and potential for long-term growth.

Market Activity

The number of properties on the market, properties sold subject to contract, and properties available paint a picture of ongoing activity and interest in the NN7 area.

– **Properties on the Market**: Currently, there are 395 properties on the market, suggesting a healthy inventory for prospective buyers to explore.

– **Properties Sold Subject to Contract**: Over the past year, 194 properties have been sold subject to contract, indicating steady transactional activity.

– **Properties Available**: With 201 properties still available, there are ample opportunities for buyers to find their ideal home in NN7.

Recent Sales

Address Bed/Type Price Date Sold Tenure
47, Oaklands, Bugbrooke, Northampton, West Northamptonshire NN7 3QU 4 bed, semi-detached £297,500 28 Feb 2024 Freehold
2, Wallwin Close, Roade, Northampton, West Northamptonshire NN7 2NA 3 bed, detached £360,000 27 Feb 2024 Freehold
9, Church Way, Grendon, Northampton, North Northamptonshire NN7 1JE 2 bed, detached £312,500 5 Feb 2024 Freehold
18, Chaplins Drive, Roade, Northampton, West Northamptonshire NN7 2PX Semi-Detached £285,000 29 Jan 2024 Freehold
4, The Green, Church Stowe, Northampton, West Northamptonshire NN7 4SN 5 bed, detached £725,000 17 Jan 2024 Freehold
8, Lancers Way, Weedon, Northampton, West Northamptonshire NN7 4PH 4 bed, terraced £230,000 17 Jan 2024 Freehold
364, Grendon Road, Whiston, Northampton, North Northamptonshire NN7 1NP Detached £505,000 16 Jan 2024 Freehold
Manor Farm, Roade Hill, Ashton, Northampton, West Northamptonshire NN7 2JH Detached £720,000 9 Jan 2024 Freehold
52, Hillside Crescent, Nether Heyford, Northampton, West Northamptonshire NN7 3LS 2 bed, detached £280,000 3 Jan 2024 Freehold
22, Main Road, Hackleton, Northampton, West Northamptonshire NN7 2AB Terraced £225,000 3 Jan 2024 Freehold
4, Laddermakers Yard, Bugbrooke, Northampton, West Northamptonshire NN7 3RG Detached £600,000 19 Dec 2023 Freehold
7, Garners Way, Harpole, Northampton, West Northamptonshire NN7 4DN 3 bed, flat £320,000 18 Dec 2023 Freehold
11, Harmans Way, Weedon, Northampton, West Northamptonshire NN7 4PB 3 bed, semi-detached £212,500 15 Dec 2023 Freehold
51, Salcey Avenue, Hartwell, Northampton, West Northamptonshire NN7 2HQ 3 bed, semi-detached £260,000 15 Dec 2023 Freehold
3, Walkers Way, Roade, Northampton, West Northamptonshire NN7 2GA Semi-Detached £310,000 15 Dec 2023 Freehold
Wisteria House, 1, Kings Lane, Flore, Northampton, West Northamptonshire NN7 4LQ Detached £250,000 11 Dec 2023 Freehold
14, The Banks, Hackleton, Northampton, West Northamptonshire NN7 2AF 3 bed, semi-detached £220,000 8 Dec 2023 Freehold
Hilltop, Roade Hill, Ashton, Northampton, West Northamptonshire NN7 2JH 4 bed, detached £586,500 8 Dec 2023 Freehold
16, Bedford Road, Denton, Northampton, West Northamptonshire NN7 1DR 4 bed, detached £710,000 1 Dec 2023 Freehold
8, Dukes Green Road, Kislingbury, Northampton, West Northamptonshire NN7 4AX 4 bed, semi-detached £370,000 30 Nov 2023 Freehold

Conclusion

In conclusion, the property market in Northamptonshire NN7 exhibits resilience and diversity, offering a range of properties to suit varying preferences and budgets. Despite minor fluctuations, average prices have remained stable, indicating a robust market with potential for growth. With ample inventory and ongoing activity, NN7 presents an attractive opportunity for both buyers and sellers in the housing market.

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Property Market Update – Berkshire August 2023

Trellows Property Market Update

Property Market Update – Berkshire August 2023

**Exploring House Prices in Berkshire: A Year of Trends and Transactions**

When it comes to the real estate market, numbers tell a story of their own. In Berkshire, a picturesque county in the heart of England, house prices have been painting an intriguing picture over the past year. From soaring detached properties to charming terraced homes, the landscape of the Berkshire housing market has seen its fair share of ups and downs. Let’s dive into the data to understand the trends and transactions that have unfolded in this charming corner of the country.

**Average Prices and Property Types**

Berkshire, known for its historical significance and stunning landscapes, has been a hotspot for homebuyers and investors alike. The past year witnessed an overall average property price of £543,680 in the county. But that’s just the tip of the iceberg. Delving deeper, we find that the majority of transactions involved detached properties, which fetched an impressive average price of £911,087. Semi-detached homes followed suit, with an average price of £503,728, while the quaint terraced properties garnered a respectable average of £416,907.

**Year-on-Year Growth and Peaks**

The Berkshire housing market hasn’t been idle. Over the last year, sold prices surged by 4% compared to the previous year’s figures. And for those keeping track of historical milestones, this surge was an 11% leap from the peak prices recorded in 2020, which stood at £489,743. This upward trajectory signifies the resilience and desirability of properties within this charming county.

**Spotlight on Transactions**

Behind every price tag lies a unique story, a history of transactions that have shaped the landscape of Berkshire. Let’s take a peek at some notable transactions that have transpired recently:

1. **7, Gwyns Piece, Lambourn, Hungerford, West Berkshire RG17 8YZ**
– Property Type: 4 bed, detached
– Price: £345,000 (Sold on 22 Jun 2023, Freehold)

2. **3, Sunray Estate, Sandhurst, Bracknell Forest GU47 8EQ**
– Property Type: 3 bed, detached
– Price: £540,000 (Sold on 21 Jun 2023, Freehold)

3. **39, Guildford Road, Chertsey, Surrey KT16 9BH**
– Property Type: 1 bed, terraced
– Price: £245,000 (Sold on 19 Jun 2023, Freehold)

… and the list goes on, with each address telling a tale of its own.

**A Glimpse into the Future**

As we peer into the future of Berkshire’s real estate market, one thing remains clear: the allure of this county continues to capture the hearts and wallets of buyers and investors alike. With its mix of property types and steady growth, Berkshire is undoubtedly a region to watch closely. As trends evolve and transactions unfold, the housing market here promises to be a journey of both history and opportunity.

In conclusion, the house prices in Berkshire have had an eventful year, marked by rising averages, diverse property types, and intriguing transactions. With growth surpassing historical peaks, the Berkshire housing market is a testament to the enduring charm and value of properties in this English county. Whether you’re a seasoned investor or a hopeful homeowner, Berkshire’s real estate landscape offers a canvas of possibilities waiting to be explored.

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Property Market Update – Leicestershire August 2023

Trellows Property Market Update

Property Market Update – Leicestershire August 2023

**Exploring House Prices in Leicestershire: A Snapshot of the Market**

Are you curious about the property market in Leicestershire? Whether you’re a potential buyer, seller, or just an avid observer of real estate trends, understanding the current state of house prices can provide valuable insights. In this blog post, we’ll take a closer look at the recent trends and notable transactions in Leicestershire’s housing market.

**Average House Prices in Leicestershire**

Over the past year, properties in Leicestershire have exhibited interesting price dynamics. The average price for properties in the region settled at approximately £275,284. This number serves as a broad indicator of the market’s health and can help potential buyers and sellers gauge their expectations.

**Property Types and Their Prices**

Property types play a significant role in shaping the real estate landscape, and Leicestershire is no exception. Let’s break down the average prices based on different property types:

1. **Semi-Detached Properties:** Semi-detached properties were the dominant choice among buyers in the past year. The average price for a semi-detached property in Leicestershire stood at £253,827.

2. **Terraced Properties:** Terraced properties, known for their charming character, commanded an average price of £204,217. These homes often offer a mix of history and functionality.

3. **Detached Properties:** If you’re seeking more space and privacy, detached properties might be your preference. On average, these homes fetched a higher price of £416,012.

**Noteworthy Transactions**

Let’s delve into some specific property transactions that occurred recently, offering a glimpse into the diversity of the market:

1. **17, Barlestone Drive, Hinckley:** This 3-bedroom detached property changed hands for £320,000 on June 20, 2023. The property provides freehold ownership, making it an attractive prospect for homeowners.

2. **67, Chepstow Road, Corby:** A detached property with historical records dating back to 2006, this residence was sold for £380,000 on June 20, 2023. Its freehold status adds to its appeal.

3. **1, Parkers Close, Blackfordby:** For those seeking a detached property with 2 bedrooms, this home was sold for £182,500 on June 19, 2023. Its freehold ownership adds to its appeal.

4. **95, Lavender Avenue, Coventry:** A terraced property offering historical records dating back to 2012, this residence was sold for £260,000 on June 19, 2023. Its freehold status adds to its appeal.

5. **6, Warmsley Avenue, Wigston:** This 3-bedroom semi-detached property, boasting a history dating back to 1999, changed hands for £266,000 on June 19, 2023.

**Final Thoughts**

As evident from these recent transactions, Leicestershire’s housing market is diverse and dynamic. Whether you’re interested in the classic charm of terraced properties, the space offered by detached homes, or the practicality of semi-detached residences, the market has something for everyone. Understanding the trends and prices in the market can provide a solid foundation for making informed decisions, whether you’re a buyer, seller, or just a keen observer of real estate developments. Keep an eye on these trends as they evolve, and who knows, your dream home might be just around the corner in the beautiful region of Leicestershire.

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Trellows Property Market Update – Cambridgeshire July 2023

Trellows Property Market Update

Trellows Property Market Update – Cambridgeshire July 2023

**House Prices in Cambridgeshire: A Look at the Market Trends**

Cambridgeshire, known for its prestigious universities, picturesque countryside, and vibrant cities, has become a desirable location for property buyers and investors. As the region continues to attract people from all walks of life, let’s take a closer look at the current house prices in Cambridgeshire and the trends that have shaped the market over the last year.

**Overall Average Price**

Over the past year, properties in Cambridgeshire had an overall average price of £376,949. This figure encompasses various types of properties, ranging from detached houses to flats, and provides a general understanding of the region’s property market.

**Detached Properties**

Detached properties have dominated the market in Cambridgeshire, with the majority of sales falling under this category. The average price of a detached house in the region was £515,434 over the last year. These spacious and independent homes have proven to be popular among buyers seeking privacy and ample living space.

**Semi-Detached Properties**

Semi-detached properties, another sought-after choice for families and first-time buyers, had an average selling price of £338,312. These homes offer a good compromise between affordability and space, making them a practical option for many buyers.

**Terraced Properties**

Terraced properties, often offering a charming and compact living space, had an average selling price of £306,726 in Cambridgeshire. These homes can be a great choice for buyers seeking a sense of community and a central location.

**Market Trends**

The property market in Cambridgeshire experienced significant growth over the last year. Sold prices were 7% higher compared to the previous year, showcasing a strong demand for properties in the region. Moreover, prices were up by an impressive 14% when compared to the 2020 peak of £330,837, indicating a sustained upward trend in property values.

**Noteworthy Sales**

Let’s take a look at some notable property sales in Cambridgeshire:

Date sold Property Address Property Type Sale Price (£) Tenure
23 May 2023 25, The Oaks, Soham, Ely, Cambridgeshire CB7 5FF Detached £625,000 Freehold
19 May 2023 93, Appletrees, Bar Hill, Cambridge, Cambridgeshire CB23 8SW Detached £430,000 Freehold
19 May 2023 17, Star Lane, Ramsey, Huntingdon, Cambridgeshire PE26 1JJ Detached £295,000 Freehold
19 May 2023 4, Vicarage Close, Oakington, Cambridge, Cambridgeshire CB24 3AN Detached £475,000 Freehold
19 May 2023 Flat 4, The Grange, 65, High Street, Somersham, Huntingdon, Cambridgeshire PE28 3JB Flat £105,000 Leasehold
19 May 2023 15, Westhawe, Bretton, Peterborough, City Of Peterborough PE3 8BA Detached £573,000 Freehold
18 May 2023 25, Vicarage Way, Trumpington, Cambridge, Cambridgeshire CB2 9NT Detached £840,000 Freehold
17 May 2023 44, Roman Way, Godmanchester, Huntingdon, Cambridgeshire PE29 2RW Terraced £310,000 Freehold
17 May 2023 17, Weddell Road, Haverhill, Suffolk CB9 0LE Detached £330,000 Freehold
17 May 2023 8, Malting Yard, Ramsey, Huntingdon, Cambridgeshire PE26 1DL Flat £130,000 Leasehold
17 May 2023 9, Atkinson Street, Peterborough, City Of Peterborough PE1 5HW Terraced £180,000 Freehold
17 May 2023 29a, Woodpecker Way, Great Cambourne, Cambridge, Cambridgeshire CB23 6GZ Semi-detached £170,000 Leasehold
16 May 2023 37, Listers Road, Upwell, Wisbech, Norfolk PE14 9BW Detached £325,000 Freehold
16 May 2023 1, Osprey Road, Biggleswade, Central Bedfordshire SG18 8DZ Terraced £315,000 Freehold
16 May 2023 15, Bridge Road, Bedford MK42 9LJ Semi-detached £260,000 Freehold
16 May 2023 16, School Road, Terrington St John, Wisbech, Norfolk PE14 7SE Semi-detached £140,000 Freehold
16 May 2023 64, Ross Close, Saffron Walden, Essex CB11 4AY Flat £265,000 Leasehold
15 May 2023 10, Payton Way, Waterbeach, Cambridge, Cambridgeshire CB25 9NS Semi-detached £395,000 Freehold
15 May 2023 8, Mill Road, Impington, Cambridge, Cambridgeshire CB24 9PE Semi-detached £575,000 Freehold
15 May 2023 424, March Road, Turves, Peterborough, Cambridgeshire PE7 2DW Semi-detached £165,000 Freehold
12 May 2023 22, Granta Terrace, Great Shelford, Cambridge, Cambridgeshire CB22 5DJ Terraced £525,000 Freehold
12 May 2023 161, Padholme Road, Peterborough, City Of Peterborough PE1 5JA Detached £240,000 Freehold
12 May 2023 3, Pattens Close, Whittlesey, Peterborough, Cambridgeshire PE7 1FA Semi-detached £260,000 Freehold
12 May 2023 291, Arbury Road, Cambridge, Cambridgeshire CB4 2JL Detached £575,000 Freehold
12 May 2023 9, Hartley Close, Waterbeach, Cambridge, Cambridgeshire CB25 9NG Semi-detached £288,000 Freehold

 

These sales illustrate the diversity of properties available in Cambridgeshire and the varying price points in the region.

**Conclusion**

Cambridgeshire’s property market has seen impressive growth over the last year, with detached properties leading the way in terms of popularity and price. As the region continues to attract residents and investors alike, it remains an area of interest for those looking to purchase a property. Whether you’re searching for a spacious detached house or a cozy terraced home, Cambridgeshire offers a range of options to suit different preferences and budgets.

 

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Trellows Property Market Update – Buckinghamshire July 2023

Trellows Property Market Update

Trellows Property Market Update – Buckinghamshire July 2023

**Introduction**

In the last year, Buckinghamshire has experienced a significant rise in property prices, reflecting a flourishing real estate market. This blog post will delve into the recent trends in house prices in Buckinghamshire, highlighting the average prices for various types of properties and examining the changes over the past years.

**Overview of House Prices**

Over the last year, the average price of properties in Buckinghamshire reached an impressive £506,845. This figure indicates a steady and robust real estate market in the region.

**Types of Properties and Their Average Prices**

1. Detached Properties:
Detached properties emerged as the most popular choice for buyers in Buckinghamshire during the last year. Their average price stood at £814,573, attracting those seeking spacious and independent living spaces.

2. Semi-Detached Properties:
Semi-detached properties were also in high demand, with an average selling price of £459,400. Offering a blend of privacy and community, these homes garnered considerable interest from buyers.

3. Terraced Properties:
Terraced properties, known for their charm and character, were sold at an average price of £383,653. These houses appealed to those looking for a cozy and connected living environment.

**Price Trends Over Time**

Comparing the recent data with historical figures, the house prices in Buckinghamshire have shown a remarkable growth trajectory. Over the last year, sold prices in the region have surged by 5%, demonstrating the resilience of the local property market. Moreover, these prices were 13% higher than the peak recorded in 2020 when the average price reached £448,197.

**Notable Sales**

Let’s take a look at some notable property sales in Buckinghamshire over the past month:

Date Sold Address Property Type Sold Price Tenure
23 May 2023 5, Borrowdale Avenue, Dunstable, Central Bedfordshire LU6 3PF 2 bed, semi-detached £385,000 Freehold
19 May 2023 9, Hazely, Tring, Hertfordshire HP23 5JH 4 bed, detached £380,000 Freehold
19 May 2023 17, Schuster Close, Cholsey, Wallingford, Oxfordshire OX10 9GY Terraced £457,000 Freehold
19 May 2023 16, Ripley Road, Broughton, Milton Keynes MK10 7BE Semi-Detached £355,000 Freehold
19 May 2023 24, Broom Hill, Cookham, Maidenhead, Windsor And Maidenhead SL6 9LW Semi-Detached £610,000 Freehold
19 May 2023 6, Cedar Court, 40, Oval Way, Gerrards Cross, Buckinghamshire SL9 8PD Flat £610,000 Leasehold
19 May 2023 778, South Seventh Street, Milton Keynes MK9 2PT 2 bed, terraced £230,000 Leasehold
19 May 2023 The Orchard, 45, Sixty Acres Road, Prestwood, Great Missenden, Buckinghamshire HP16 0PE Detached £1,200,000 Freehold
18 May 2023 9, Wick Road, Wigginton, Tring, Hertfordshire HP23 6EL 3 bed, semi-detached £620,000 Freehold
18 May 2023 41, Shelley Road, High Wycombe, Buckinghamshire HP11 2UW 3 bed, detached £565,000 Freehold
17 May 2023 Anthorn, Cannon Lane, Maidenhead, Windsor And Maidenhead SL6 3PH 4 bed, detached £650,000 Freehold
17 May 2023 19, Tyrrell Way, Towcester, West Northamptonshire NN12 7AS 3 bed, terraced £280,000 Freehold
17 May 2023 27, Glenwoods, Newport Pagnell, Milton Keynes MK16 0NA 2 bed, terraced £220,000 Freehold
16 May 2023 Flat 46, Panorama Apartments, 2, Harefield Road, Uxbridge, Greater London UB8 1GW Flat £295,000 Leasehold
16 May 2023 18, Copthall Lane, Chalfont St Peter, Gerrards Cross, Buckinghamshire SL9 0DB 3 bed, semi-detached £623,800 Freehold
16 May 2023 38b, Verney Walk, Aylesbury, Buckinghamshire HP21 8ED 2 bed, flat £160,000 Leasehold
16 May 2023 The Jays, Salmons Lane, Prestwood, Great Missenden, Buckinghamshire HP16 0PY 2 bed, detached £596,000 Freehold
16 May 2023 Flat 18, Moonstone Court, Dashwood Avenue, High Wycombe, Buckinghamshire HP12 3FG 2 bed, flat £235,000 Leasehold
15 May 2023 39, Engaine Drive, Shenley Church End, Milton Keynes MK5 6BA 3 bed, semi-detached £150,000 Leasehold
15 May 2023 5, Carnweather Court, Tattenhoe, Milton Keynes MK4 3DL 4 bed, detached £650,000 Freehold
15 May 2023 31, Fairway, Princes Risborough, Buckinghamshire HP27 9DH 3 bed, detached £600,000 Freehold
15 May 2023 Pinefield, Stony Lane, Little Kingshill, Great Missenden, Buckinghamshire HP16 0DS 4 bed, detached £1,100,000 Freehold
15 May 2023 191, Marlow Bottom, Marlow, Buckinghamshire SL7 3PL 4 bed, semi-detached £610,000 Freehold
15 May 2023 1, Bakery Mews, Great Missenden, Buckinghamshire HP16 0AQ 2 bed, detached £731,850 Freehold
15 May 2023 7a, Priory Avenue, High Wycombe, Buckinghamshire HP13 6SQ 1 bed, flat £210,000 Leasehold

**Conclusion**

The real estate market in Buckinghamshire has seen remarkable growth over the last year, with average house prices reaching £506,845. Detached properties, in particular, have been in high demand, commanding an average price of £814,573. The overall surge in property prices, which has outperformed previous years, signifies the region’s enduring appeal for homeowners and investors alike. As the market continues to evolve, Buckinghamshire remains a captivating destination for property seekers seeking a blend of tranquility and urban amenities.

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Trellows Property Market Update March 2023

Trellows Property Market Update

Trellows Property Market Update March 2023

An overview of the UK residential property market

Summary

This month saw the 11th interest rise in 15 months, taking the base rate from 0.1% in December 2021, to 4.25% a rise of 4,250%. The current rate may not be high by historical standards and still remains lower than the median average, but following 15 years of historical lows, that have resulted in much higher borrowing overall, the effects of the increase have had an enormous effect on borrowers, as the larger average mortgage has amplified the effects of the increase, but how does this affect the market overall?

Background

This month, the UK base rate has risen to its highest level since 2008. There are many contributing factors to  the need for the base rate to rise, although it was inevitable that the base rate has been at a historical low since the last financial crisis and therefore, it was only a matter of time.

In real terms, the current rate of 4.25% is having a greater impact on borrowers that it would have done in the past, due to the higher earning to borrowing ratio, as the value of mortgages has risen exponentially.

With inflation for 2022 ending at over 10% (although it much higher in real terms) and although it was predicted to fall this year, the latest figures for March, confirmed that contrary to falling, inflation had risen to 10.4% which signalled the latest rate rise.

The true impact of higher borrowing costs along with the general slow-down of the property market has not made its way to the public forum yet, as there is long time lag between agreed sales and published figures.

The sales that are completing now, are still for the main part, sales that were agreed before the disastrous mini-budget, that rocked the money markets, it then takes upwards of three months from the point of completion before figures are published on the land registry website.

The figures that we do have, indicate that on average, property is already at or below the figure it was at he beginning of 2022, with further falls on the horizon.

However, if we then factor in an anticipated compound inflation rate for 2022-2023 by the end of this year, that is on course to be in excess of 20%, then we can see that in real terms, property need only fall by 10% which is being accepted to be a minimum, by most of the industry pundits, whether they admit it openly or not, for house prices to end the year 30% lower than they were at the start of 2022.

In addition to this, there has already been a fall in wages(adjusted for inflation) of around 5% minimum, with the possibility of a further 5% fall by the end of this year, which has seriously effected affordability.

The inevitable fall in prices, is not by any means anything to be alarmed about, the combination of affordability, due to inflation and lower wages (when adjusted for inflation) in addition to all the other factors within the UK economy, but should we be alarmed by this and expect a property meltdown?

The short answer is no, there is always a correction in property prices at some point in the cycle and this is simply that time now. The impact of exiting lockdown, rocketing energy costs and an over-heated market, thanks to the stamp duty holiday have contributed to the ‘perfect storm’ which should not come as any surprise to any of us.

London property market snapshot

Interest Rates 2020-2023

Average house price change since 2007

Average UK house price annual percentage change was 6.3% in the 12 months to January 2023

Completed house sales 2015-2022

The average house price change since January 2023 is even steeper than the fall in 2008.

statistic id290623 monthly completed house sales volumes in england and wales 2015 2022

As we can see, July 2022, was clearly the peak of the current cycle, with completions falling to their lowest level since 2008 (with the exception of the lockdown)

Additional contributing factors

The Renter’s Reform Bill’ is expected to get through parliament in the next few months, which will transform the rental market significantly. This on top of the Section 24 income tax act, has contributed to an exodus of buy-to-let landlords from the market. Although there is an increasing entry in the buy-to-let market by the corporations, (15% of property sales in 2022, were to institutional investors) with Lloyds Bank declaring that it intends to be the UKs largest landlord by 2025 and even Tesco making an entry in the ‘Build-to-Rent’ market, these institutional investors are not likely to be taking up the properties off-loaded by exiting buy-to-let landlords.

On top of this, there is the anticipated raising of the minimum EPC rating for rental properties, from the current ‘E’ to a ‘C’ in 2025, although this has yet to be confirmed. This has certainly added fuel to the fire, with over 60% of rental properties in the UK being rated ‘D’ or lower, the cost to landlords could be prohibitive.

In addition to this, yet more bad news for landlords, has been the recent increase in the ‘stress-test’ by most buy-to-let lenders. When this was introduced, it was set at 125% of the rental income, that is to say, that the rent needed to be at least 125% of the prevailing interest payments. However, many lenders have increased the rate to as much as 141% in recent months, which added to significantly higher rates, many landlords are failing the stress tests and therefore unable to re-fix with a better deal, leaving them exposed to BTL variable rates, which are as high as 9%.

All this factors combined have spelt disaster for the thousands of individual BTL landlords.

Conclusion

Whilst the current situation may seem to be the recipe for Armageddon in the property market, there are also many reasons why the market will not grind to a halt.

First Time buyers:

There is without doubt a growing number of first time buyers, who should be very careful about buying at this time with a small deposit of course, as they risk finding themselves in negative equity for the next few years, but as the slide in prices begins to ease, there will be a tipping point, where those who can, will begin to enter the market..

Next Time Buyers:

Regardless of the situation in the property market, this need not be an obstacle to those who need to move and for those moving upwards, there could even be a benefit. The key here is to ensure that you are using a good estate agent, who is not only going to be realistic about the property market, but one who will also work hard to ensure that your property is noticed amongst the increasingly growing number of properties coming to market.

Albeit in lower numbers, properties are still selling, but it is only those that are priced realistically that are finding buyers. The key for next-time-buyers is that although they may need to take an offer lower than they had hoped for, that drop can/should also be reflected (in percentage terms) on the property that they are buying.

If you want or need to sell, in the current climate, the worst thing that sellers could do, is to go on the market too high, the longer that their property is on the market, the lower the final selling price will be.

Investors

There is a large number of investors, already looking for a bargain, but far more who are waiting for the fall to level off, before they begin to enter the market, therefore many of the properties that are either on the market, or due to come to market this year, will find buyers, albeit at a lower price, which will cushion the fall.

Demographics

The ownership of property has changed significantly over the last two or three decades, with an increase in numbers who are either renting, or mortgage free. Those who need to rent, will continue to do so, regardless of the rising rents, even if many do decide to resume living at home, the demand for rental properties continues to out-strip supply.

These two factors combined, result in the effects of higher interest rates impacting a smaller percentage of households in the UK, therefore the likely hood of the housing crisis of the early 90s, where thousands of homeowners were handing back their keys, very unlikely.

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What is happening to the UK property market

What is happening to the uk property market

What is happening to the UK property market

Whether you’re applying for your first mortgage, or you’re already a homeowner, you’ll know there’s a lot of news coverage about interest rates, inflation and mortgage loans right now. 

So what’s happening, and why? How it might affect you will depend on what type of mortgage deal you’re looking for, or the type of deal you’re on – and how much longer is left on the term of your loan. 

Plus, forecasts on rising interest rates are changing quickly, along with wider economic conditions. No one knows for sure what’s ahead, but we’re still seeing tens of thousands of people requesting to view properties each day, which is the same level that we’ve seen all month.

So if you are thinking of moving, or if your mortgage term is coming to an end soon, here we’ve tried to help answer some of the questions you might have. 

Why are mortgage rates rising now?

Before this week, mortgage rates had already been increasing throughout the year. The Bank of England sets the ‘base rate’, which lenders use to set their own mortgage rates. In January of this year, the base rate was 0.25%. Since then, it has gone up incrementally and is currently 2.25%. 

The Government sets the Bank of England an inflation target of 2%, but the current rate is 9.9%. It’s the Bank of England’s responsibility to make sure inflation is low and stable, so they need to bring inflation back down. The way they do that is by increasing interest rates. 

The Bank of England forecasts inflation to rise to about 11% in October, and that it will stay above 10% for a few months before starting to fall. 

Rising interest rates have led to an increase in the average mortgage rates that are available. As an example, if you have a 10% deposit and choose to take out a two-year fixed rate mortgage, the typical rate that was available in January was 2%. That increased to an average of 3.9% at the end of August. These rises had been predicted and lenders were able to factor them in gradually. 

Mortgage rates have been rising further this week because when unexpected things happen in financial markets, they’re likely to have a direct impact. Last Friday (23rd September), the Chancellor’s mini-budget unveiled the biggest tax cuts for 50 years, including a stamp duty cut for home-movers in England and Northern Ireland.

This has resulted in a lot of speculation about how these cuts might impact the UK’s finances. The value of the pound has seen record falls, which is likely to drive inflation up further. As a result, it’s widely believed that the Bank of England may need to raise interest rates faster and higher than previously forecasted. 

At the minute, there’s a suggestion from the financial markets that the bank base rate could rise to 5.8% by next spring. This has impacted the underlying costs of fixed-rate mortgages. This is why some lenders have repriced deals and others have temporarily removed some or all of their products. Some of the lenders who have withdrawn products are expected to return with new deals in the coming days and weeks.

How might increasing interest rates affect my mortgage?

If you’re a first-time buyer, moving home, or remortgaging, it’s likely you’ll be impacted by the changes. If you have a fixed-rate deal, the good news is that it will be business as usual, and your monthly repayments won’t change, at least until your current deal ends. 

If you don’t do anything, at the end of your deal you’ll automatically move on to the lender’s Standard Variable Rate (SVR). These rates tend to be higher than other mortgage rates and are generally changed to reflect movements in the Bank of England’s base rate. 

Take a look at how your repayments would change if you have a 25-year mortgage term and are looking at a fixed-rate for £200,000, based on rates increasing from between 2% to 6%. 

Fixed mortgage rate (£200,000 over 25 years) Monthly payments Increase in monthly payments
1% £754
2% £848 +£94
3% £948 +£194
4% £1,056 +£302
5% £1,169 +£415
6% £1,289 +£535

 

If you’re among the estimated 15% of borrowers with a variable or a tracker mortgage, your monthly outgoings will almost certainly go up. The interest rate paid on tracker mortgages is usually anchored against the bank base rate plus a set percentage. For example, the current base rate of 2.25%, plus 1%, would mean you’d be paying 3.25% interest right now. 

Can I still get a fixed-rate mortgage deal now?

Some lenders have withdrawn their fixed-rate products, while others have increased their prices in response to the rapidly changing costs of their funding. But it’s definitely worth finding out what your options are. 

If you’re on a tracker or a variable mortgage, you could shop around to see if you can find a cheaper option with a fixed-rate mortgage. However, you might have to pay an early repayment charge first. You could speak to a qualified mortgage broker or adviser if you’re unsure which options would be best for your individual circumstances. 

I’m on a fixed rate, what are my options when my deal ends?

If your fixed-rate deal is due to end within the next six months, you could see what your options are for locking in a deal now. 

Many lenders will allow existing customers to apply for new deals up to six months before their current rate ends without having to pay an early repayment charge. This is often called ‘product transfer’ or ‘switching’. This is a relatively easy process as you’re staying with your existing lender, so you won’t need a solicitor or a property valuation, and there’s no need to prove your income. 

If you’re looking to move lenders – whether you’re remortgaging or moving home – you may want to start well before your fixed-rate deal ends, as the application process can take several months or more. 

There is so much fluctuation in the mortgage market right now, you might want to look at what your lender has to offer or speak to a mortgage broker to find out which deals are available to you. 

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Elizabeth line property guide

Elizabeth line property guide

Elizabeth line property guide

 

Canary Wharf has been a long slow burn ever since the late 1980s when Margaret Thatcher decided to transform acres of derelict dockland in east London into London’s second financial centre.

Those early days were full of mishaps and disappointments — the cost of the Docklands Light Railway spiralled, and critics pointed out that once its offices cleared out the area became a ghost town.

But since 2012 things have changed, radically. No longer simply a place for bankers to earn a crust, Canary Wharf has become a modern destination in its own right.

You can relax in the Crossrail Roof Garden or Jubilee Park, shop at Crossrail Place or a series of underground malls, admire the boats at South Dock, learn to sail at the Docklands Sailing and Watersports Centre at Millwall Outer Dock, eat at the kind of restaurants where an expense account is a help — notably Roka (Canada Square), Ippudo London (Crossrail Place) or Hawksmoor (Water Street) — or stroll over to West India Quay where Grade I listed waterfront warehouses have been redeveloped with bars and restaurants.

The Canary Wharf Group puts on scores of cultural events each year, like the Winter Lights Festival and public art displays.

“When I tell people I live in Canary Wharf the majority of people say: “Oh it’s so boring, there is no character”,” said Kevin Tang, 51, who has lived in the area since 2000 with his husband Geffrye Parsons, 56.

Crossrail journey times

Canary Wharf to:

Tottenham Court Road: 13 minutes

Paddington: 18 minutes

Heathrow: From 54 minutes

Timings include ten minutes for interchange at Liverpool Street, eight minutes for interchange at Paddington, in force until 2023

“I think people should come and look at it now. It has actually got lots of character, because of the architecture. You feel very metropolitan when you live here, it is what modern London is all about. And it is heaving at the weekends with people coming to eat and drink and shop.”

The resident population of Canary Wharf has spiralled since the start of the 2000s as new towers have flown up. In 2011 there were 12,500 people living in the Canary Wharf ward, according to Tower Hamlets Council. By 2020 it had jumped to 19,000 and this is projected to leap to around 40,000 once all the new homes in the area are completed.

New landmarks on the skyline include Herzog & De Meuron’s One Park Drive, a 58 storey giant; prices currently start at £840,000 for a one bedroom flat.

There has also been heavy investment in flats built to rent. The largest to date is the Newfoundland tower, which was completed last summer. Its 636 flats cost from £2,383pcm for a one bedroom flat, and £3,335 for a two bedroom flat.

Average house prices since work on Crossrail started

2012: £371,700

2022: £603,000,

Growth: 62 per cent

Source: Hamptons

Beyond the official Canary Wharf estate new towers are being built overlooking South Dock, technically in the Isle of Dogs The 53 storey Amory Tower (formerly known as The Madison) and the 75 storey Landmark Pinnacle — where studio flats start at £559,000 — both completed last year.

Kevin, a property developer, and Geffrye, who recently took early retirement from his career in finance, reserved a flat in One Park Drive back in 2018 — the one-bedroom property, with phenomenal view from one of the highest floors, cost just over £1 million.

In the interim they rented a flat at 10, George Street, a purpose-built rental block, in 2020 before moving to their home at the start of this year.

They chose Canary Wharf partly because they were excited by the prospect of owning a home in Herzog & De Meuron’s first UK residential project. They travel frequently so living in a safe, lock up and leave home was another pull, along with the direct links to Heathrow that come with Crossrail’s long-awaited opening.

Their longer term plan is to move to Canada, and they plan to use the flat as a pied-à-terre, with the option of renting it out while they are not in the UK.

James Hyman, head of residential at Cluttons estate agents, estimates that around 70 per cent of Canary Wharf’s flats are bought by investors able to let a two-bedroom flat for around £2,200 per week.

Would-be owner occupiers can get a bit more for their money by opting for a resale flat rather than something brand new — around £750,000 would buy a two-bedroom apartment.

Hyman thinks the biggest challenge Canary Wharf’s market has faced over the past couple of years has not been the pandemic and absence of overseas buyers and local office workers.

It has been the building safety crisis and the subsequent demands for buildings to pass fire safety checks. “So many of those blocks still don’t have the right documentation to satisfy a lender and that has slightly suppressed the market,” said Hyman.

As a result, prices have inched up by just three per cent in the past two years.

Hyman agrees with Kevin that the appeal of Canary Wharf is its uniqueness. “It is a very sophisticated part of London if you want modern, purpose built living,” he said. “It is owned by a Singapore-based business, it is maintained to a Singapore standard and is probably the closest environment to utopia that exists.

“And Canary Wharf has changed massively over the past 10 years. It is buzzy at the weekend. The retail is West End standard, there are restaurants and bars. A lot of people who live in Canary Wharf don’t work there. Historically you only lived there if you also worked there.”

The future

The Canary Wharf Group has started work on the five million sq ft Wood Wharf development, which will include a hub for tech companies plus more than 4,000 new homes to rent or buy. The wharf will also include lots of new restaurants like street food sensation Mercato Metropolitano, due to open “imminently” within 10 George Street.

And at North Quay, there are plans to create a life sciences hub, several apartment buildings, a casino, nightclub, and skatepark.

To counteract all this steel, grass, and concrete, it was announced earlier this year that Canary Wharf chiefs are working with the Eden Project on plans to create a “green spine” through the docklands, featuring parks and gardens, boardwalks, bridges, and floating pontoons through the centre of the neighbourhood.