There are currently nearly 150 ‘Statutory Provisions’ that apply to lettings and the benefit of much of the legislation – particularly the laws that have come into force since 2006 – is that properties have become safer for tenants. Landlords now have a high degree of responsibility for the health and safety of their tenants, from removing potential hazards and installing fire safety measures to ensuring the fabric of the property itself is maintained to a good standard.
The mix of tenure of properties is a substantial yardstick of the attributes of homes in a local market. One of the best parts of the planning system in the UK is that social housing is heavily mixed in with the private stock so we don’t get large geographical divides between people as is the case in urban France. This also shows how many people are renting, which has gone up nearly everywhere in the last ten years.
This chart shows how prices in the local area compare with those in the region and the national picture. Given our geographical position relative to the national economic centre of gravity, the relative price levels are what we’d expect.
For this month’s market update, we’ve decided to take a look at what percentage of total sales each house type accounts for each quarter. Whilst it doesn’t show the actual number of sales, it’s very useful for seeing what each property type is contributing to the total level of transactions. It also permits year-on-year comparisons, which negate the impact of seasonality.
Outside space has always been a sought-after commodity, whether it’s acres of land or a balcony with pleasant views. Most property searchers have a few items on their list when looking for a new home, with some form of outside space usually near the top. But remember, gardens, balconies and terraces aren’t just eye candy; they also add value to properties.
How far people travel to work says a lot about the nature of an area. For example if people live and work in market towns there is likely to be a lot more community spirit to experience in daily life. When people are travelling further afield to work, they effectively spend their days on two different communities. It will be interesting to see if community spirit increases as people work more from home.
Quarterly analyses of house price movements are a great way of seeing year-on-year changes. This chart is a particularly useful way to look at the market because it strips out seasonality, which can distort things and lead us to show things that might be inaccurate.
In this analysis we’ve looked at how sales of property types have stacked up over time (literally!). For each of the last eight years we show what number of sales are accounted for by flats, terraces, semi-detached and detached homes. This analysis is very useful because it shows not only the total number of sales, but the types of properties it comprises.
As one year ends and another begins, we thought we’d take a look at what’s happened in the The Heatons market over the last 12 months, and what a year it has been. It’s true that something of a ‘cold front’ has been moving across most of the country, but the strong fundamentals which underpin the SK4 market mean that we’re well placed to weather any storm.
If you haven’t already heard, first time buyers will NOT pay stamp duty up to £300,000 with immediate affect. We are still waiting on clarification if this applies to people who have already exchanged. This could save some first time buyers up to £5,000, which will certainly help people moving onto the property ladder.
As this will now bring more first time buyers out of the wood work it will increase demand at the lower end of the market place. The ripple effect of this will see demand for people to move up the property ladder, so larger family homes will also see the benefit.
This is great news to our local market and the UK property market as a whole, which is much needed due to the constant negative news stories surrounding the property market recently and Brexit causing uncertainty.
The other good news is funding for new builds will be supplemented by £44bn which should fuel a very positive housing market in 2018 and going forward.
If you would like any advice on how this may effect you directly please do not hesitate to contact me personally