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Shaun Mellor Property - Leeds
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Sales head up while sale time heads down 20 November 2020

* Demand levels and sales activity remain bouyant in the UK housing market. Rightmove report agreed sales were up 50% in October, with properties selling (sold SSTC), in just 49 days, 15 days faster than a year ago.

* Buyer demand across England was 49% higher year-on-year during the first six days of Lockdown 2.... Read More

Fisrt Time Buyers 18 November 2020

* The average mortgage for a first-time buyer across the UK is just shy of £194,000, as FTB numbers fell 29% in the first half of 2020 versus 2019.

* The average deposit for a FTB is now £47,059, purchasers requiring a mortgage at 80% LTV. There are 52% fewer 80%+ LTV products available on the market now than in March, 12% fewer than in July.... Read More

Reasons for renting 12 November 2020

* According to The Property Academy Tenant Survey 2020, just over half of tenants rent because they can"t afford to buy and almost half rent to suit their lifestyle.

* Stepping onto the property ladder is hard and Covid-19 has added to this with stricter lending criteria.... Read More

Whats the ideal length of a lease? 11 November 2020

* There is a substantial mismatch between current lease lengths and ideal lease lengths. However, there is more to it than that. Opinions on ideal lease length vary with age and household types.

* For renters aged over 45, the ideal lease length for most is 24 months plus, actual lease length is most often 6 to 12 months (61%).... Read More

Housing market activity breaks records 06 November 2020

* Nationwide October House Price index reported an astonishing 5.8% annual house price growth, the highest rise since January 2015. Mortgage approvals were at their highest since September 2007, with 91,454 in the month.

* Data suggests the recovery of the economy has slowed with only 2.... Read More

Deadline Closes In 31 October 2020

* With the stamp duty holiday set to end on 31st March 2021, buyers should get a move on if they want to take advantage of stamp duty savings of up to £15,000.

* In normal market conditions most sales agreed before the new year will complete by 31st March.... Read More

Transactions return to pre-covid levels 24 October 2020

* An estimated 98,010 transaction completed in September marking a return to pre-covid levels.
* With a surge in buyer demand and newly agreed sales this summer, we expect to see an increase in transactions over the next few months.

* Newly agreed sales in the three months to September were 53% higher than the same time last year.... Read More

How energy efficient are rented homes? 22 October 2020

* The government has proposed to increase the minimum energy efficient standards for the private rented sector to EPC Band C by 2030. Consultation is underway and finishes at the end of the year.

* Around 5 million households across England and Wales live in the private rented sector.... Read More

Time is running out! 09 October 2020

* With just under 26 weeks of the stamp duty holiday left, even with homes selling 31% faster than before lockdown, sellers only have 10 weeks to list their properties if they want to complete in time.

* According to The Advisory, the average time to sell a property, from first day of marketing to completion, is on average 18 weeks and in a hot market, like today, it can take on average 16 weeks.... Read More

Price It Right 02 October 2020

* It is no surprise that homes that are priced ‘right" sell more quickly. Such homes currently sell 26 days quicker than homes that have experienced a price reduction, according to new research by Rightmove.

* Correctly priced properties are nearly twice as likely to be Sold Subject to Contract within four months of listing than those that have had their asking price reduced, 63% and 32% respectively.... Read More

Residential Rents Rising 25 September 2020

* ONS reported a 1.5% annual increase in private rents in August. Agents are reporting an increase in tenant demand and positive short-term rent expectations, suggesting that many markets will be insulated from the end of the eviction ban and the furlough scheme.... Read More

Homes are moving faster since lockdown 18 September 2020

* The time to sell a home has fallen by more than a quarter in the UK. No surprise considering buyer demand, since the start of the year, is +34% higher than over the same period in 2019.

* The number of days between first marketing a home to receiving an offer is on average, since lockdown was lifted, 27 days.... Read More