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UK Property Figures for July: 13 Year Sales High

After Chancellor Rishi Sunak announced his decision to remove stamp duty on sales until April next year, there was always going to be interest in how this might effect the property industry. Last week, the NAEA announced UK property figures for July, and with the exemption of stamp duty in mind, the results are not surprising.

The overriding headline is that sales are at a thirteen year high, with sales per branch not reaching current figures since June 2007. Branches on average sold 13 houses throughout the month of July representing a massive 44% increase from July of last year. 

As you might expect, the increase in sales has come from an increase in demand, undoubtedly due to the stamp duty exemption. Between June and July there was a 13% increase in house hunters signing up at branches, indicating the effects of the Chancellors decision. This is also a significant increase in comparison to last July. Year-on-year there has been a 35% increase in new signups at branches, representing a large incline in demand.

Perhaps surprisingly, despite the increase in demand, sale prices have declined. 8% of sales were completed above the asking price in July compared to that of 10% in June. Prices agreed below the asking price tell a similar story, with 60% of sales being agreed below asking price during July.

Finally, supply of properties has played a role in these figures too. Between June and July of this year there has been a swift incline in the number of properties for sales across estate agent branches in the UK. During June of this year agents had, on average, 37 properties on their books. During July this figure rose to 43 properties, showing a sharp rise in the number of properties for sale and perhaps giving an insight as to why prices have dropped.

Overall, it has been a busy time for estate agents with plenty of movement still expected in the months to come. We’d be more than happy to help with your latest move, so come and visit us at our Newton Abbott office to get things started!

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UK Property Sales High

The NAEA recently announced the results of the property sector for July of this year and the results are certainly interesting and include a UK property sales high not seen for thirteen years.

It was noted that branches of estate agents sold an average of thirteen houses during July. This figure has not been so high since before the financial crisis in June of 2007, making it a UK property sales high for that period. Looking at this on a year-to-year basis also makes for interesting reading, with a 44% increase in comparison to July of last year signifying a remarkable increase.

With large increases in the number of sales there has come a decrease in the sale prices of properties. Just 8% of sales were agreed above the asking price, down from 10% in June. Add to this the fact that 60% of sales were agreed for below asking price and it is clear there has been a slight decline in sales prices.

The decrease in sale prices, somewhat surprisingly, comes with an increase in demand. The NAEA reports an increase of 13% in new house hunters registering per branch in July when compared to June. Year-on-year the statistics align, with a 35% jump in new signups in comparison to July of last year.  

Along with demand, supply also rose. In June of this year branches across the UK would have, on average, 37 properties for sale. In July this jumped by six to 43 properties on sales at each branch, representing an increase in supply. However, year-on-year there has only been a minimal change with an average of 41 properties available throughout branches in July of last year.

The figures certainly represent a large change for the property market during July and one that is likely to continue into August and beyond. Head on down to our Bovey Tracey office and have a chat with us to discuss your options!

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UK Property Market Sales High

Last week, the NAEA announced a thirteen year high on the number of sales agreed per branch during July. On average, branches sold thirteen houses throughout July, a number not previously reached since June 2007, before the financial crisis.

Year-on-year, there has been a 44% increase when compared to July 2019, signifying just how pivotal the Chancellors decision to remove stamp duty has been on the property market.

Despite the increase in sales, sale prices seem to have fallen. Only 8% of properties sold for over their asking price, down from 10% in June of this year. Additionally, 60% of sales were completed for less than their asking price.

Interestingly, the slight decline in sale prices has come with a rise in demand. From June of this year to July, the NAEA reports an increase of 13% in new house hunters registering. Couple this with an increase of 35% in new signups from July 2019 and the increase in demand is evident.

While demand rose, so too did supply. There was an increase of six available properties per branch between June and July, rising from 37 to 43. Although, it must be noted this is only a marginal increase when compared to last years stats.

These figures certainly show a willingness to buy in the current market and with no stamp duty its no wonder why. If you’re looking to take advantage of this, why not pop down to our Teignmouth office or get in touch via phone? We’d be happy to help.

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Update for sellers

Our offices are now open – but we are proceeding with caution.

Eight weeks have now passed since we were placed on lockdown and the estate agency industry virtually stopped. During that time we have been working hard behind the scenes to keep potential buyers keen and positive about the market and we’ve  also been managing sales that are going through the conveyancing process.

As you will have seen in the media, on Tuesday evening we were given the green light to re-open in order to begin getting the market moving again. There was no advance warning to the industry and so we found out at the same time as the general public.

We are now returning to work but we have to ensure the safety of our staff and customers and so we have been busy creating the procedures that will become applicable for the foreseeable future.

We are closely following the advice that has been published by the government in order to ensure that we are doing all we can to help keep everyone safe.  If you would like to read the government advice you can do so by clicking this link: https://www.gov.uk/guidance/government-advice-on-home-moving-during-the-coronavirus-covid-19-outbreak

To ensure we return in a controlled manner, we are opening the offices from 9am until 1pm Monday to Friday to begin with, this will enable us to have a member of staff in the office during the morning and to carry out essential appointments in the afternoon.

We need to ensure we follow the guidelines as best we can, and your help is greatly appreciated and in particular your attention is drawn to the following:

  • Initial viewings should be done virtually wherever this is possible we can help you to do this.
  • All physical viewings should be limited to members of the same household and open house viewings should not take place. – We have a great offer for you, details will follow soon.
  • If people are being shown around your current home, you should open all internal doors and ensure surfaces, such as door handles, are cleaned after each viewing with standard household cleaning products.
  • As most people choose to, we recommend that you vacate your property whilst viewings are taking place in order to minimise your contact with those not in your household.
  • Anyone involved in any aspect of the home moving process should practice social distancing in line with public health advice.

As an additional precaution we have created a health assessment for all viewers to complete before the appointment. They will sign this electronically in order to confirm that they present a minimal risk to you.

We are also doing our best to ensure that viewings are only carried out by potential purchasers who are able to buy or who have at least agreed a sale on their own property.

Thank you so much for your understanding during this time. We really appreciate your patience as the market gets moving again. We are in uncharted territory but can assure you that we continue to work hard and always keep your best interests at heart.

Thank you.

James Cooper MNAEA

Director

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Moving Home Advice – Covid-19

This is the latest advice from Government in regards to the property market during COVID-19

What does this mean for my property move which is scheduled whilst the stay-at-home measures to fight coronavirus (COIVD-19) apply?

  • What does this mean for my property move or purchase which is scheduled whilst measures to fight coronavirus apply?

    People are free to move home, however the process of finding and moving into a new home is likely to be different, as those involved in the process will need to adapt practices and procedures to ensure that the risk of spread of coronavirus is reduced as far as possible. It is vital that everyone stays alert and safe.

    • Initial viewings should be done virtually wherever this is possible and property agents should help you to do this.
    • All physical viewings should be limited to members of the same household and open house viewings should not take place.
    • When physically viewing properties, where possible, you should avoid touching surfaces, wash your hands regularly, and bring your own hand sanitiser. The number of people on a viewing should be minimised to those from your household that absolutely have to be there. If you need to be accompanied by small children, you should try to keep them from touching surfaces and ensure they wash their hands regularly.
    • If people are being shown around your current home, you should open all internal doors and ensure surfaces, such as door handles, are cleaned after each viewing with standard household cleaning products.
    • As most people choose to, we recommend that you vacate your property whilst viewings are taking place in order to minimise your contact with those not in your household.
    • Anyone involved in any aspect of the home moving process should practice social distancing in line with public health advice.
    • When moving between properties, you and those in your household should try to do as much of the packing yourself as you can. Where this is not possible, you should speak to removal firms in advance. There is further advice about this below.
    • If you are particularly worried about the risk of infection, then speak to the professionals involved, your landlord, estate agent or removers as they may be able to put in place extra measures.

    Everyone involved in the moving process must follow social distancing to minimise the spread of the virus.

    1. Preparing to buy, sell or move home

    You can put your home on the market and start to look for properties you want to move into. If any member of the household being viewed is showing symptoms or is self-isolating then estate agents should not physically visit the property.

    • You can begin to market your home and estate agents are able to visit in order to take photos/videos of the property.
    • To help prevent the spread of infection, we encourage people to do the majority of their property searching online; for example only physically viewing those properties which you believe you are most likely to want to move into.
    • As usual, you can also start to bring together the documentation necessary to sell your property (more information on these documents is available in the government’s guidance on how to sell homes).
    • If you wish to buy a new build property you should make contact with the developer in the usual way. You should be able to view the show home or visit the particular plot you are interested in purchasing, although there will be appointment systems in place.

    2. Viewings

    People should use virtual viewings before visiting properties in person where possible, in order to minimise public health risks. If any member of either the household being viewed, or the household undertaking a viewing is showing symptoms of coronavirus or is self-isolating, then a physical viewing should be delayed. All viewings should take place by appointment and only involve members of a single household.

    • We encourage people to do their property searching online wherever possible. Initial viewings should be done virtually wherever this is possible and physical viewings should only be conducted where buyers are seriously considering making an offer on a property.
    • To support this, agents may ask home occupiers to conduct virtual viewings. This will help reduce the number of properties people need to visit before finding their future home.
    • Viewings should be conducted by appointment only and no open house viewings should take place.
    • If your property is being viewed, you should open all the internal doors prior to the viewing, and allow access to handwashing facilities and ideally separate towels/paper towels.
    • As most people choose to do, we encourage that you vacate your property whilst viewings are taking place in order to minimise your contact with those not in your household.
    • When viewing a property, all parties should wash their hands and avoid touching surfaces where possible. Agents will ask you to restrict the number of people who accompany you on a viewing so that social distancing can be practised, and only those in your immediate household should be there.
    • We expect agents to accompany clients on a viewing but follow social distancing rules wherever possible. Where viewings are unaccompanied, agents should make sure viewers and homeowners understand how they should conduct themselves.
    • Once the viewing has taken place, the homeowner should ensure surfaces, such as door handles, are cleaned with standard household cleaning products and towels disposed of safely or washed as appropriate.

    3. Making offers or reservations

    You are free to make or accept an offer or reserve a property as normal.

    • There is a greater risk that parties may need to delay their move because someone is showing symptoms of coronavirus or self-isolating. Where needed your legal adviser should advise you and help make sure that any contracts or agreements are as flexible as possible to accommodate this risk.
    • Prospective purchasers may wish to visit a property again once they have agreed a sale, for example to measure up. Where this has been agreed to, the above advice on prioritising virtual visits, hygiene measures, maintaining social distancing at all times and mitigating contact where possible should be followed.
    • Purchasers may also want to send in tradespeople to carry out inspections. Where possible these should be scheduled with one person visiting the property at any time. No tradespeople should enter a property where a member of the household is showing symptoms of coronavirus or self-isolating. Where a tradesperson is visiting the property, the occupier should maintain social distancing, wash their hands regularly and minimise contact as far as possible, for example by staying in another room. These visits should be carried out in line with government safer working guidance.

    4. Property searches and surveys

    Your legal representative should be able to carry out searches on your property online in order to progress your transaction and you can contact them to discuss likely timescales.

    Your surveyor can undertake surveys of the property you wish to purchase.

    • Surveyors should not enter a property where a member of the household is showing symptoms of coronavirus or self-isolating.
    • Where possible we encourage inspections to take place by appointment only, with one person visiting the property at any time. Surveyors should follow government guidance for professionals working in other people’s homes and guidance on social distancing.
    • If your home is being surveyed, you should ensure the surveyor has access to all the parts of the property they need to inspect, and make efforts to minimise contact with the surveyor, for example by staying in another room whilst they are inspecting your home.

    5. Agreeing to move

    Once you have agreed to move home by exchanging contracts or signing a tenancy agreement, you have entered into a legal agreement to move. We encourage all parties to be as flexible as possible over this period and be prepared to delay moves if needed, for example if someone becomes ill with coronavirus during the moving process or has to self-isolate. You should not expect to move into any home where people are ill or self-isolating.

    • Your legal adviser should be able to help you to ensure that any contract you enter into has sufficient flexibility to allow the purchase to be delayed in the event that an individual in one of the parties contracts coronavirus or has to self-isolate.
    • We encourage you to be as flexible as possible if you are asked to delay your move, and in turn, you can speak to your legal advisor about this.

    6. Moving your belongings

    Removal firms are able to operate, although they may need to adjust usual procedures in order to ensure moves happen as safely as possible.

    • We encourage you to contact removal firms as early as possible in advance of your move.
    • You and your household should also try and do as much of the packing yourself as possible. However, where this is not possible, you should speak to your removal firms in advance.
    • We ask that, where possible, you clean your belongings, with standard domestic cleaning products before they are handled by others, including removal firms.
    • Whilst the removers are in your home, you should ensure any internal doors are open and seek to minimise your contact with the crew, maintaining a distance of at least 2 metres where possible.
    • All parties should wash their hands and avoid touching surfaces where possible to reduce the risk of transmitting the coronavirus.
    • You should not provide refreshments but you should ensure they have access to hand washing facilities, using separate towels or paper towels if possible, which should be washed or disposed of safely afterwards.
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save time and move without added stress

We’re excited to announce that we’ve just launched a brand new service for our customers!  We’ve created Chamberlains Concierge (powered by Justmovein) which aims to help customers moving home. Towards the end of a conveyancing process, you have enough to do with sorting and packing. The last thing you want to be thinking about is sorting out the council tax, phone line, or power for your property or the one you are moving too. To help, we created Chamberlains Concierge – a free service for our customers. Chamberlains Concierge allocates you a dedicated move manager who will look after you and take care of things like switching your council tax, phone lines, tv package, gas, water and electric.

Save yourself time and stress, avoid ages on hold to lots of companies and let us help. There is no cost to our customers for this service, it is completely free!

Soundgood? Fill in the short form and we’ll take care of the rest.

[gravityform id=”45″ title=”true” description=”true”]

 

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Arm yourself with the best information

Moving home, might see quite a long way off for some, especially as we’re at home in a lockdown that just seems to keep going.  Despite the lockdown, there are things you can do to get yourself prepared and armed so that you are ready to go, as soon as the lockdown eases.

We always encouraging appointing a solicitor to act for you as soon as possible when you are buying or selling – It can literally take weeks of the process by getting sorted in advance! It means that a solicitor can get a file open for you, deal with your ID and send you initial forms to complete so that they are ready to start the process the day you agree a sale or purchase.

If you would like to discuss getting ahead and dealing with some of the paperwork while you are at home, before hectic lives resume then just let us know, we’ll get you a quote on a no sale no fee basis. just visit: chamberlains.co/conveyancing to get started.  There is nothing to lose and you could potentially save weeks on the time it takes to move.

If you’d prefer to discuss with us further, please do let us know.

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Update from us

It’s been over five weeks since the lockdown began and so we wanted to get in touch to let you know about what we’ve been doing behind the scenes.

As you will already be aware, we have furloughed the majority of staff which has enabled us to survive an extended lockdown and protect the jobs of our valued team. I’m happy to report that all staff and their families are safe and well too. We are all still keeping in touch regularly over a virtual coffee, the weekly zoom team quiz is great fun and everybody at Chamberlains is keen to return to work and the offices as soon as possible, so that we can pick up from where we left off and get homes sold and let as quickly as possible.

From day one of the lockdown we were able to route all of our phone lines so that calls can be answered as normal and added in a voicemail system which email’s us messages so that you can be sure we don’t miss any enquiries. We have also updated our website to give visitors the latest updates from Government when it comes to moving. Just go to our homepage to take a look.

We’ve also added functionality to our website to allow prospective customers to book virtual valuations over video call which has proved a success. We’ve been able to give homeowners advice on what DIY jobs are worth doing during lockdown and which aren’t, to ensure they can achieve the very best price and we’ve also added a few videos we have received from our vendors – these allow prospective buyers have a look around without actually visiting the property. If you would like to do a video too then just let us know and we’ll talk you through it.

With regards to the market, well, it is quiet-  However we are still getting steady number of buyers registering with us, the majority of them are currently living in more built up areas, and especially London. People from those areas, certainly seem to be bringing their plans forward, and who can blame them! We believe that this level of demand will continue and will spike once the lockdown restrictions are lifted.

Whilst the lockdown is stopping us show properties, we are encouraged by the fact there is a great deal of demand. We also have to remember that we live in a beautiful part of the country which many people aspire to move to.

As always, if you have any queries or would like to discuss your property then please do get in touch. We’d love to hear from you.

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Worrying about finances?

It’s perfectly understandable to be worried about your finances at a time like this. Lenders are offering payment holidays across mortgage, loan and credit card products but it is a good time to get some advice. We’re proud to recommend Cooper Associates. They offer an award winning fee free service and are available to chat to you over the phone or on a video call to go through your options. Simply go to www.chamberlains.co/mortgage-advice and fill in the short form and an advisor will be in touch.

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Virtual Valuations – No need to put your life on hold.

We can still help you with understanding the value of your home.

We are following government guidance to protect our team and customers and to prevent the spread of Covid-19.

We are still working hard behind the scenes from the safety of our homes and are here to answer any property queries. Whilst keeping safe at home those DIY project ideas can start to happen, however, if you are thinking of moving when life returns to normal, it is worth asking our advice on what will add value, help with saleability, and what wont.

To take advantage of free advice from experienced local valuers simply book a valuation on our website or by calling 01626 365055.  On your chosen day and time, we’ll call you by your chosen app (FaceTime, WhatsApp, HouseParty, Zoom, Skype etc). We’ll then ask you to give us a tour around your home so that we can discuss it with you.

Lots of people worry about how tidy their home is before a valuation, but please don’t worry – homes are for living in and we can certainly see past kids toys, pets etc!