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There are several factors that are worth considering with respect to the UK property market. The price of property will always be the key factor and the number of sales being made is worth looking out for too. However, aspects like mortgage approvals is also important because this can provide insight into the market. If more mortgages are being approved, it indicates that lenders are happy with the market and it creates the platform where prospective buyers can purchase a home.
It is important to review statistics in the right way and to consider what it means. The use of different statistics can often be illuminating. If for example, the number of UK mortgage approvals was rising but the number of property sales was falling, there is obviously an issue between these two states as you would assume if mortgages are being approved that people are going to buy homes.
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One of the biggest issues that many people have had with the property market, outside of the price of property, is the difficulty in making a complaint about poor service or after being treated poorly. Given the importance of the property market and the sums of money involved, it is inevitable that there will be some people who act in a less than satisfactory manner. There is also the fact that there is a lot more at stake with this market, and therefore, there is a need for people to feel as though they can make a complaint in confidence.
Therefore, Government plans to create a single property ombudsman has been welcomed. It is hoped that the ombudsman would have responsibility for a wide range of complaints from inferior quality building work all the way to ensuring landlords offer a high standard of service to tenants. The new body would, under the proposals put forward by the Government, be able to order compensation where it has been found that a complaint is justified.
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If you are looking to sell your home, you need to use every advantage that you can. It makes sense to call on the services of a skilled or experienced estate agent and at Austin Property Services, we are here to help you out. You should also look to present your home in the best manner, price your home properly and set out to make the most of the chances you have when placing your home on the market. However, what if there was a specific day you could list your property that would help you to sell your home.
This is an approach which has been considered by Emoov who say that the 17th of March is the best day to place property on the market with the aim of maximising a sale. Of course, this is St Patricks Day and it may be that you will enjoy the luck of the Irish in making a quick sale, but it appears there is more thought to the process than just good fortune.
The thinking comes from the following facts:
- In 2017, Emoov found their busiest month for sales was June
- The average number of days to sell a property is 96 days
Taking these two factors together, the calculation is that placing your property on the market on the 17th of March means you should be able to benefit from the busiest time of year for sales.
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The past few years have been fairly difficult for landlords but anyone hoping that things would become easier shouldn’t hold their breath. One new issue that is likely to impact on landlords is the General Data Protections Regulation, GDPR, which comes into effect from May of 2018. This new legislation is likely to impact on a wide range of industries and people all across the United Kingdom and the housing sector is likely to be impacted.
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It is widely accepted that it can be difficult for first time buyers to make their way on to the property ladder. This is why it is good to see that there is a growing level of assistance being offered to first time buyers. In November of 2017, the Government announced that stamp duty would be removed for first time buyers when the price of property was less than £300,000. There was also an announcement that first-time buyers purchasing a property between the price of £300,000 and £500,000 would pay a reduced amount of stamp duty.