From the category archives:

East Devon

Time to prepare your home for sale

27/04/2012

Mike Dibble, who is the Director based at Bradleys Estate Agents Sidmouth Office, has put together a few pointers for sellers before they put their property on the market. Mike is well placed to part with this advice as he has over 32 years experience in local estate agency.

“ It is well worth investing some money and effort into making your property as appealing to potential buyers as possible,” commented Mike. This can greatly improve your chances of a quick sale at the price you want as you compete with other properties in your area that historically come on in the market at this time of year. Mike has put together his top tips on how to show your property in its best light:

First impressions count!

Spruce up the front garden, add some colour with pots and baskets and give the front door a fresh lick of paint if needed. Remember some potential buyers will do a ‘drive-by’ before booking a viewing so make sure your property has ‘Kerb Appeal’

Look at which rooms could benefit from freshening up. If you do repaint make sure you decorate the whole room and avoid obvious touch ups. Don’t invest in expensive décor, as a buyer is likely to change it once they move in. Clean carpets make a big difference and also make rooms look bigger.

Declutter!

By having a good clear out you’ll make rooms more spacious, and you’ll be very glad you’ve done it when you come to move! Avoid hanging lots of stuff on the back of doors; it’ll make it seem cramped if you can’t open them fully. Declutter and get to the ‘car boot sale’.

Get cleaning!

Giving your home a good spring clean and keeping it that way will show the property has been cared for. Kitchens and bathrooms in particular need to be clean and tidy and it is worth considering replacing them if they really have seen better days. If you’re thinking about major work to your house to get a better price, do ask our advice first – we’re happy to come round for a chat even if you’re not going to be putting your house on the market immediately.

Get outside!

After kitchens and bathrooms it is nice gardens that buyers list as a priority, so don’t forget the outside of your property. Back gardens should be tidied up in the same way you would indoors. Even if you haven’t got a burgeoning Kew Gardens make the most of the space and show off its potential to a prospective buyer.

Finishing touches

When you start having viewings you need to make sure the house is tidy; make sure floors and surfaces are clear, washing up done etc. Make sure blinds and curtains are open, especially during the warmer months to let plenty of air and light in. This will also help create a fresh natural smell, which is far more appealing to potential buyers than pungent artificial room fresheners or last night’s dinner.

If you would like advice on your particular property and where it would be worth investing your time and/or money in improvements along with an up to date valuation please contact Mike at Bradleys Sidmouth office on 01395 578444.

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End of stamp duty holiday encourages South West first time buyers

14/02/2012

in East Devon,North Devon,Somerset

UK Housing Market Survey House sales in the South West edged up slightly during January as an increased number of first time buyers looked to beat the stamp duty holiday, which expires in March, says the latest RICS UK Housing Market survey (14 February 2012).

15 per cent more surveyors in the region reported rises rather than falls in newly agreed sales since the beginning of the year. From March 24, first time buyers will no longer be exempt from stamp duty on properties under £250,000 and some surveyors note this has produced an increase in activity at the lower end of the market. In light of this, respondents were optimistic about prospects in the near term, as a net balance of 34 per cent of surveyors predicted transaction levels to pick up over the coming three months. This represents the strongest reading since August 2011.

In spite of this relative optimism, prices across the region continued to drop, with 37 per cent more surveyors reporting price falls rather than rises. Across the UK, London once again saw the strongest reading in terms of prices, while the West Midlands and Wales saw the biggest falls, with surveyors reporting net balance readings of -54 and -41 respectively.

Supply remained relatively steady during January, with 15 per cent more surveyors reporting increases rather than decreases in new homes coming onto the market. This is the third consecutive positive reading for new instructions in the region. Alongside this, overall new buyer demand dipped slightly in the first month of the year, demonstrating that the recent lift in activity has been driven by one-off factors, with 14 per cent more respondents in the South West reporting falls rather than rises in new buyer enquiries.

Despite a relative upturn in interest from some first time buyers prior to the end of the stamp duty holiday, surveyors report that lack of affordable mortgage finance continues to hold back the market. Looking ahead, while a cautious optimism surrounds future transaction levels, the same cannot be said for future prices.

A net balance of 33 per cent more surveyors expect prices in the region to continue falling over the coming three months.

Michael Newey, RICS housing spokesperson, commented: “With first time buyers no longer exempt from stamp duty as of the end of March, it seems that some are looking to purchase homes before the deadline and, as a result, surveyors are relatively optimistic for the coming months. However, many problems with the market still exist and the lack of affordable mortgage finance is still preventing many from getting onto the property ladder.

“Prices are still falling across the region, and expectations for future prices are also rather subdued.”

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Outlook for South West commercial property hit by economic uncertainty

17/01/2012

in East Devon,North Devon,Somerset

Falling occupier demand and flat availability in the South West drove down commercial property rental expectations in the final quarter of 2011, says the RICS UK Commercial Market Survey (January 11, 2012).

Overall tenant demand continued to fall in the final three months of the year, with 12 per cent more surveyors reporting decreases rather than increases in interest from prospective tenants.

With demand falling back, overall availability remained flat with a net balance of one per cent of chartered surveyors reporting increases in vacant floor space. Retail and office space saw the most increases with net balances of +10 and +9 per cent of surveyors reporting increases, while industrial space saw available space fall back (net balance -13).

Falling demand and flat availability continued to impact on overall rental expectations which weakened over the quarter, moving further into negative territory (-36 per cent). This trend was visible in all parts of the UK with the headline rent expectations net balance even in London recording a negative result.

Perhaps unsurprisingly, inducements continued to increase in the three months to December as landlords attempted to attract potential tenants. 22 per cent more respondents reported rises rather than falls in incentive packages. Surveyors across the country report that in this difficult market, many would-be occupiers are requesting reductions in rent and higher inducements.

Nationally, against a backdrop of increasing economic uncertainty and continued constraints on bank funding investors appear to have become a little more cautious with a drop in enquiries in the final part of last year likely to translate to a lower level of activity in the early part of 2012. Capital value expectations have also eased with a more negative view of the prospects being taken in all three sectors.

Simon Rubinsohn, RICS Chief Economist, said:

“Rental expectations in the South West have predictably become a little more negative in the face of the recent run of grim economic news. While this seems to be the case across almost all of the UK the one area that continues to buck the trend is prime London offices. However even here our indicators suggest that demand for space is a little less strong than it was.

“Meanwhile, the on-going shortage of mortgage finance is set to dampen investment activity. Confidence is key to a sustained recovery in the sector and this is going to be hard to bolster until the key issues surrounding the European sovereign debt crisis are resolved.’’

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March 24, 2012 deadline for first time buyer tax savings

09/01/2012

in East Devon,North Devon

Westcountry TEAM is issuing a reminder to all first time buyers looking for residential property priced between £125,001 and £250,000, that the current zero Stamp Duty rate applies until March 24, 2012.

Stamp Duty LandTax, to give it its proper name, is a Government tax paid by buyers on residential property transactions. As it stands, all purchases with a price up to and including £125,000 are exempt from the tax. On March 25, 2010, the Government extended this zero rate for first time buyers looking to purchase to a value of £250,000.

However, the exemption for first time buyers seeking a home with a value of between £125,001 and £250,000 ends on 24^th March 2012 and, providing this deadline isn’t extended, first timers will have to join buyers who have owned property before in paying 1% on purchase prices at this value.

So, estate agency members of Westcountry Team, one of the largest networks of independent estate agents in the South West, are urging first time buyers looking to purchase at this level to do it sooner rather than later, to take advantage of the saving. Those who make a purchase within the £125,001 to £250,000 bracket after this date will be eligible to pay up to £2,500.

Roger Hemming, director of Roger Hemming Estate Agents in Honiton, said: “First time buyers are currently enjoying total exemption of Stamp Duty on residential property purchases up to a value of £250,000 but as it stands, this will end on March 24, 2012 so they have only really a few weeks to find their new home and get the transaction moving in order that it is completed before the deadline. Many won’t be spending £250,000 but those looking at around the £150,000 mark will have to pay the 1% Stamp Duty if their transaction completes after this date, which means they will have to find £1,500 in addition to their deposit and the cost of removals, etc. No-one has cash to throw away at the moment, least of all first time buyers who may have struggled to save for the deposit and moving costs, and £1,500 is a hefty sum for anyone’s pocket. If this kind of money can be saved then we’d urge anyone who is eligible to do it now, while there’s still time.”

The current rate of Stamp Duty Land Tax for purchases of residential property of between £250,001 and £500,000 is 3%; £500,001 to £1million is 4% and those paying over £1million for their new home are paying a whopping 5%.

For further information or to get the ball rolling and find your dream home and save thousands in Stamp Duty, contact your local Team estate agent. There are over 100 Team offices in the Westcountry and hundreds nationwide, all working together to sell and find the right homes for clients. For further information about Team, visit www.westcountryteam.com.

Contact Roger Hemming on 01404 45343. To browse property for sale throughout the region or to find your nearest Team estate agent, go to www.teamprop.co.uk.

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South West housing market sees rise in newly agreed sales

13/12/2011

in East Devon

The South West’s housing market saw a rise in newly agreed sales during November, but economic uncertainty continues to hold the market back from any meaningful recovery, says the latest RICS UK Housing Market survey (December 13 2011).

Newly agreed sales rose in the region, with six per cent more respondents reporting sales increased rather than decreased (from a negative net balance of -2 per cent in October). Alongside this, the average number of sales per surveyor (per branch) moved to 15 in the three months to November, which is just below the national average. Surveyors in the South West report that despite the traditional end of year slow down, there are still willing buyers and some sales are still taking place.

Turning to the national picture, during November, surveyors were again asked about the factors which they felt were holding back activity in the housing market. Most cited was uncertainty in the economy and this rose to 89 per cent of respondents (compared to 79 per cent three months ago). Availability of mortgage finance came in at 70 per cent, while fear of house price falls remained steady at 42 per cent.

Back in the South West, the house price balance continues to be negative, with 35 per cent more chartered surveyors reporting price declines rather increases in November. However, this is a stable reading from the previous month.

Looking ahead for the region’s housing market, it remains a broadly similar story to that signalled for much of 2011. Price expectations remain barely changed at -31 per cent while the net balance for sales expectations is still in positive, albeit low, territory at + 6 per cent. Surveyors in the South West anticipate that fears over jobs and the Eurozone will continue to hold the market back for the foreseeable future.

Tim Maggs, from Maggs & Allen and RICS South West spokesperson, comments:

“It is encouraging that newly agreed sales have picked up in the face of the endless diet of negative news from Europe and the turmoil in financial markets. However, a meaningful recovery still seems some way off.

“While the proposed mortgage indemnity scheme is clearly likely to provide some assistance for the South West’s market and is to be welcomed, its focus on the new build sector will inevitably mean that it only offers support for a relatively small share of the market.”

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Rental demand rises in the South West

09/12/2011

in East Devon,North Devon

The latest RICS Residential Lettings Survey reports rising tenant demand in the South West during the three months to October 2011.

Tenant demand remained strong in the region, with 19 per cent more chartered surveyors reporting demand rose rather fell. Respondents note that a lack of mortgage finance is the main reason for the large numbers turning to the rental market. However, fears over the economy are also playing a part, with renting seen as a safer option than purchasing a property in the current turbulent economic climate. Unlike many parts of the UK, supply of rental property to the South West’s rental market actually rose in the three months to October, with new landlord instructions moving to a net balance of +16 per cent. Surveyors note that some properties, particularly family homes, are now coming to the lettings market after unsuccessful sales campaigns.

As a result of increased supply levels, rental prices stabilised in the region – although surveyors note the picture is mixed depending on where you are in the region. Both landlords and tenants are aware of the financial climate and landlords are keen to keep good tenants even if it means accepting reduced rents. Given the rebalance between demand and supply, future expectations for rental prices remain positive – albeit low. Two per cent more surveyors expect rents will rise rather than fall over the coming months (down from 11 per cent more). Surveyors predict rents will increase at a faster pace for houses rather than flats.

RICS spokesperson James Scott-Lee commented: “The disappointing economic message communicated by the Chancellor in his Autumn Statement and the prospect of further job losses in some sectors and areas over those previously envisaged is likely to continue to strengthen the South West’s residential lettings market in the near term – particularly in terms of demand levels.” Comments from Chartered Surveyors across the region Martin Taylor MRICS, Goocg and Burley Ltd, Newent, Gloucestershire Typically at this time of year there is an increase in the number of properties, particularly houses, to let. There are tenants in the market who have sold and are taking six month lets, which is working to the advantage of landlords who want to sell, but don’t want empty property over the winter. This is a new trend. Landlords and tenants are aware of the financial climate – tenants want value for money, while landlords want to keep good tenants, even if it will mean accepting reduced rents. Robert Killen MRICS, Robert Killen, Wotton Under Edge, Gloucestershire Rentals for better quality rural property (say over £1200 pcm) in this part of the country are becoming tough. There are fewer prospective tenants and they want to pay less.

Peter Thomas MRICS, Smiths Gore, Exeter, Devon Much of this survey does not apply to this office as we deal mainly in individual rural properties on private estates. However it is fair to say that the market for let properties remains strong. Ian Matthews, Stratton Creber, Exeter, Devon There is still plenty of activity from potential tenants. I am not getting sufficient quality properties to service the demand. My typical demographic are young professionals looking to secure 1 or 2 bedroom properties, but I have a distinct lack of new landlords. Rents are holding up well despite the economic downturn.

Philip Greenway FRICS, Chesterton Humberts, Taunton, Somerset The market dropped off in August and never picked up in September or October. Applicants have become nervous about the economic situation and are not committing to even changing tenancies. There have been some signs of improvement at the end of October but a number of agreed lets are falling through or applicants are being rejected. Most trying letting period ever.

Alison Whitfield, Whitton & Laing, Exeter, Devon The local rental market is still very buoyant. Lots of tenancy applications are complex due to insecurity of jobs and poor credit ratings leading to unsuccessful applications. Landlords still expecting the best tenants at the highest rents and are not flexible with their requirements, which tenants are increasingly struggling to meet.

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Paula Cunningham - Director - Living Property

The government have announced today that it will not be extending the stamp duty holiday that it put in place in 2010 and extending until 24^th March 2012.

This means that property buyers will be faced with an additional cost of up to £250,000 if they complete their purchase after the 24^th March 2012. After this date entry level stamp duty will return, meaning 1% tax on a purchase between £125,000 and £250,000.

Those thinking of buying on investing in property in 2012 may consider bring their plans forward to beat the tax deadline date, but beware if you don’t find in early January you are unlikely to see the deal complete before the deadline as sales are reportedly taking an average now of 92 days.

Paula Cunningham – Director

Living Property Waveney Lettings & Management

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