Property News In Leeds - Shaun Mellor Property

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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

Challenges of a first-time buyer 11 September 2020

* While attention is focused on equity-rich buyers making lifestyle changes, it"s easy to overlook the first-time buyer for whom buying has become a little more tricky – and avocado on toast is not to blame.

* First-time buyer property prices have risen from £142,473 in 2010 to £241,025 today.... Read More

View on the rental market 11 September 2020

* The August sentiment survey by Royal Institution of Chartered Surveyors (RICS) gauging the mood of agents, showed improvement in the lettings market. Tenant demand has continued to increase and short-term rental growth is expected.

* Tenant demand has continued to rise sharply following a large decline during lockdown.... Read More

Which buyers are causing the spike in housing market activity? 04 September 2020

* July"s mortgage data confirms a spike in housing market activity. Mortgage approvals are almost back to "normal" levels, however newly agreed sales are much higher, suggesting a surge in cash buyers.

* 66,281 mortgages were approved in July, -0.... Read More

Recovery Continues for sales 28 August 2020

*The housing market recovery continues. 70,710 transactions completed in July, 14.5% up on June. Numbers are still down on last year but the surge in new ‘sales agreed" will boost completions over the next few months.

* 8,930 more sales completed in July than in June.... Read More

The Top 10 Mortgage Lenders 28 August 2020

* The UK"s top ten mortgage lenders lent a staggering £220.7 billion in 2019, increasing their market share to 82.4%, up from 80.4% in 2018.

* The top ten lenders retained the ranking they held in 2018, Lloyds Bank the largest lender followed by Nationwide and NatWest.... Read More

Stamp Duty Holiday Deadline 21 August 2020

* With just over 32 weeks of the stamp duty holiday left, and with the average property taking 18 weeks to sell, vendors have 14 weeks to list their properties if they want to make the most of the stamp duty holiday.

* According to The Advisory, the average time to sell a property, from first day of marketing to completion, is between 16 and 25 weeks.... Read More