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13Nov

I’m an agent – No need to get me out of here!

As “I’m a Celebrity Get Me Out Of Here” fever starts to hit North Wales this month, putting an extra focus on the area, the Castle chosen as their "home" for the next few weeks is just a reminder that now, more than ever the importance of a "home" is at the forefront of many peoples minds.

 

November 2020 Market Comment:

So far, busier than usual for November although much of the back log from the first lock down has now caught up demand remains good

With two major news stories within hours of each other that are likely to have a positive effect on the UK housing market: the US election result, and the discovery of a Covid-19 vaccine.

We know that stability and confidence underpin so much in the economy – jobs, inflation, interest rates, mortgage approvals, the stock market, general investment, pensions and of course property transaction volumes and house prices.  Increased certainty generates the confidence on which so much hangs. 

However, although the end of the pandemic is now within sight, it won’t be instant, with continued local lockdowns likely until the whole country is immunised during the latter part of next year. Although the economy rose by 15.5% from July to September, we are by no means out of the woods in terms of redundancies, with unemployment 26% higher than it was this time last year. The extended furlough scheme might help, but people are still unlikely to move house until they have certainty that their future is secure.

Having said that, there is a possibility that the LTT (Stamp Duty) concession, due to expire in March next year, could possibly be extended to counter this. We don’t have any inside knowledge on this, but it has been mooted.

Either way, demand for property remains.  According to the Halifax, house prices in the UK have risen by 7.5% in the past year to a record £250,547. This is likely to be a more accurate reflection of sentiment than the Land Registry’s reported figures which always lag the market by 2-3 months.

So we can expect to see a slowing down in the rate of growth. That 7.5% is simply not sustainable and in fact last month’s rate was just 0.3% compared to 1.5% in September. Don’t worry though - this is simply a balancing out of this year’s post-lockdown pent up demand.

We imagine we’ll continue to see modest growth, which, all things considered, would be pretty remarkable, proving once again how robust the housing market is as an investment.

With this rather mixed bag of variables our advice to our sellers right now is “sure – be ambitious, take advantage of the demand, but think carefully before turning down a serious offer from a well-qualified buyer – you won’t want to be stuck on the market over the winter.”

Locally in Anglesey and Gwynedd average sale price varies across our offices producing an average of £220,502 on sale agreed properties in the month (Which varied between the offices from a low average of £91,750 to a high office average price of £277,734).  Great also to see local first time buyers taking a good share of properties being bought.

Our recent online auction was again another 100% success rate and whilst interest had been expressed from buyers locally and further afield all lots were eventually sold to local investors.  Perhaps this could be one side-effect of the pandemic – people choosing to invest in property – locally?

Selling time from sale agreed to exchange is now averaging around 91 days and this highlights the importance of using a professional agent to manage the transaction through from finding the buyer to a successful completion.  Our fall through rate remains well below the 30% or so industry average at 7.5%.

On the residential Lettings front average rents have now risen to £672 per month in October in our area (compared to a Welsh average of £662).  Tenant demand remains positive with typically several applicants interested in quality accommodation in good locations – interestingly with off road parking or garage becoming a popular request.

So, despite everything going on (or not at times!) your home remains your castle and naturally in our view a sound investment.  It’s a role we all love here at Williams & Goodwin – helping people find their home and for now, we enjoy that so much – we are not celebrities and we’ve no plans to get out of here - just looking forward to the future and looking forward to looking back at 2020.

If you’d like any advice as to how the current climate could affect your moving or investment plans, please don’t hesitate to contact your local office listed below for a free “virtual” or “physical” overview, with a smile and no obligation, no paperwork, no fuss in a safe manner.

#Llangefni 01248751000

#Bangor 01248355333

#Holyhead 01407760500

#Caernarfon 01286677775

#Lettings 01248724040

#Auctions 01248753939

 

©Copyright 2020 Williams & Goodwin The Property People Ltd

09Nov

Guidance FROM TODAY 9th November - Our office emails and phone lines continue to be open AND our offices will also be accessible by appointment.
Here is a copy form the latest Welsh Gov guidance:
Moving home
Can I move home?
Yes.
We recommend that if the property you are moving to has not been empty for at least three days that it is thoroughly cleaned before you enter it. More information will shortly be made available at moving home during the coronavirus pandemic.
Will there be any restrictions on home viewings and other housing market transactions?
No.
The restrictions on viewing properties will be lifted on Monday 9 November, and prospective buyers and tenants can now make appropriate arrangements with landlords, agents or property owners to view properties. Everyone involved in the process should follow social distancingand handwashing and respiratory hygiene guidance.
Anyone who is in Wales, whether resident or travelling here, is bound by these rules. However, travelling to move home, or other related activity, is a reasonable excuse to enter Wales. Similarly, people living in Wales can travel to England for the purposes of moving home or other related activity. Where this is the case, the restrictions as may be applicable to you elsewhere in the UK will also need to be followed. More information will shortly be made available in our guidance on moving home during the coronavirus pandemic.
Can a mortgage survey or valuation now be done at my property?
Yes.
Estate agents, valuers, surveyors or removal workers are allowed into a property. They must take all reasonable measures to prevent the spread of coronavirus, and we also recommend they follow guidance on working in other people’s homes
The Guild of Property Professionals
NAEA Propertymark
ARLA Propertymark
 
 
 
 

16Oct

OCTOBER 2020 MARKET COMMENT:


To say estate agents have been busy since re opening after lockdown would be an understatement.  The back log of people determined to move was released which created a frenzy in the market place with four months of lockdown pent up demand turning into a few weeks or so of amazing activity, which in turn, was in effect playing catch up and now, starting to return to activity levels we would typically expect in late October.


The unprecedented uplift in buyer demand over the past couple of months certainly bucks any notion of pandemic paralysis.  One property portal tells us that buyer enquiries are up 14% annually and sales agreed in the UK are just 5% below this time last year - which is pretty remarkable under the circumstances.


Considering the market was stagnant for most of 2019, the last quarter’s 8.5% increase in buyer demand is extraordinary and has contributed to an annual 5% uplift in house prices.  This will be a relief for any homeowners who were wondering if last year’s house price plateau was here to stay.  

 

Interestingly, Covid -19, along with some government intervention has certainly overcome that, at least for the time being, because when activity rises, house prices follow.  Nevertheless, research from PwC suggests that up to 20% of people say they are now less likely to purchase a home over the next couple of years compared to pre-Covid-19 figures, due to the ongoing pandemic and economic uncertainty. This is partially balanced by the 10% of people who say they are now MORE likely to move than before, possibly due to the Land Transaction Tax holiday worth up to circa. £15,000.  The average saving is about £4,500 but only until March next year when the concession is due to expire. So if you’re thinking of moving next year – do bring it forward!

 

Interestingly first time buyer sales agreed are up 36%.


Additionally, the good news for first time buyers is the government plan to help young people become “Generation Buy” by helping them onto the property ladder with just a 5% deposit. 

 

It’s essential not only to power the property market from below, but it’s also good for society and local communities to make home ownership available to all.  Having said that, government intervention in the economics of supply and demand does not always work out for the best.

 

Although buyers are certainly buying, a potential difficulty is the length of time it is taking for local authority official searches to come back maybe due to Covid-19 related staffing issues. Some areas in the UK are believed to be taking up to two months, which could really frustrate buyers hoping to take advantage of the stamp duty holiday. 

 

So a key word of advice here is that if you are a buyer make sure you send for the search immediately.  

 

In Llangefni and Holyhead our agencies with The Principality Building Society agency remains open in week days, on slightly reduced opening hours, if you are travelling to visit, please check the current opening times.

 

TPPUK ONLINE AUCTION IS A HIT WITH SELLERS & BUYERS:

 

This works well in our auction department where sellers order the searches at the outset of marketing, even before a buyer is found, allowing our auction team to commence marketing and sell/exchanges contracts on property in as little as six weeks.  Our auction team has had to adapt to the current climate and although we previously offered both in room and online auctions we have now had to move all auction sales to online live bidding.  A move that had demonstrated success, maintaining a 100% success record.  

 

If you need a quick sale, please feel free to speak to any of our agents about how to go about the auction method of selling.

 

LETTINGS CONTINUES TO GROW:

 

On the investment side, landlords will be pleased to hear that, according to ARLA, the number of new prospective tenants registering, is the highest on record with over 100 applicants per branch, breaking the last record set in 1997!


Average tenancy duration is also at an all - time high, with tenants staying in their properties for an average 21 months.

 

VIRTUAL SERVICE HAS BEEN POPULAR:

 

In sales & lettings we continue to work in a safe manner, trying to follow the guidelines as best we can to help you achieve your goals and move into your new home.  We will continue to offer our virtual service too.  So, if you’re unsure about having people visit your home, ask us to help remotely - again it’s a service that has worked well throughout lockdown and remains option for you.


Our facebook page has also proven popular through out the period with regular updates, please visit and “like” to be updated with the latest property news.

 

If you’d like any advice as to how the current climate could affect you moving or investment plans, please don’t hesitate to contact us on for a free overview, with a smile and no obligation.

 

 

Holyhead   01407 760500

Llangefni   01248 751000 

Bangor   01248 355333

Caernarfon   01286 677775

Auctions   01248 753939

Property Management      01248 724040

Probate & Matrimonial Valuations 01248 753939

 

Or of course, find out more on www.tppuk.com

 

Regards

 

Melfyn N Williams 

BSc (Hons) MRICS PPNAEA FNAEA CPEA
©Copyright 2020 Williams & Goodwin The Property People Ltd.

30Jul

Moving to online bidding has not deterred the buyers, indeed anyone watching the final minutes of online bidding at the latest set of lots on offer by Williams & Goodwin /All Wales Auction will have been excited.
Whilst all the usual marketing and specialist handling of land & property auction sales remain the same, the only real difference now to conclude the auction is that the bidding is undertaken online.
With lots achieving on average 33% over guide price, auction – with the right team on your side, may be a viable option to sell.
For an informal initial discussion please call our auction team on 01248753939

28Jul

After the pent-up frustrations of lockdown, we have some very good news to report:

Firstly: The housing market has now re opened in Wales with viewings on occupied homes now allowed again.

Secondly: The Welsh Parliament has announced a boost for buyers in the housing market with the raising of the LTT (Land Transaction Tax) threshold from £180,000 to £250,000* (*subject to terms)

If the idea is to kick start house sales then this is certainly doing the trick. There are plenty of buyers around, enjoying low interest rates too, but stock is woefully low, with 15% fewer properties available than this time last year. This boost will encourage people thinking about moving to do so immediately, as the concession expires in March 2021.

This additional activity will in turn generate knock-on sales and inspire even more confidence in a market that has come out of lockdown with only slight bruising. Indeed, before the LTT concession was announced, over 85% of movers said they still planned to move, despite the effects of the pandemic. The survey of over 2,000 movers was conducted by a property portal, who also predict that annual house price growth will hold at around 2% over the coming months as a result of renewed demand and overall activity.

What will happen as soon as the LTT holiday comes to an end is yet to be seen, but hopefully it will coincide with people coming to terms with lifestyle adjustments and being able to make longer-term housing decisions. Another portal has already reported that over 12% of movers are actually doing so as a result of virus-related living/working changes.

For the time being, if you are considering moving up, moving down, moving on or moving out, there will be no better time than right now to do so - and that’s not just bullish agents’ speak - this is exciting!

Do let us help you quickly and safely move home in this fantastic market.

Please call us on:

#Holyhead - 01407 760500 / holyhead@tppuk.com

#Bangor - 01248 355333 / bangor@tppuk.com

#Llangefni (Sales) - 01248 751000 / llangefni@tppuk.com

#Caernarfon - 01286 677775 / caernarfon@tppuk.com

Property Management  - 01248 724040 / lettings@tppuk.com

 

You might be pleasantly surprised! 

Pwy ydym ni?

Mae Williams & Goodwin The Property People yn aelodau o’r Gymdeithas Gweithwyr Eiddo Proffesiynol, Cymdeithas Genedlaethol y Gwerthwyr Tai, y Gymdeithas Asiantwyr Gosod Preswyl a Chymdeithas Genedlaethol y Priswyr a’r Arwerthwyr. Rydym hefyd yn Syrfewyr Prisio Siartredig ac yn aelod o Rwydwaith Cenedlaethol o tua 800 o Asiantau Tai annibynnol.

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Caernarfon - 01286 677 775
Bangor - 01248 355 333
Llangefni - 01248 751 000
Holyhead - 01407 760 500
Property Management - 01248 72 40 40
All Wales Auction - 01248 75 39 39

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