It’s amazing that 20 years have flown by into the new millennium already!
Williams & Goodwin over this period have gone from strength to strength, whilst the directors have been involved in property and Estate Agency since the mid 1980’s (Which now feels like a very distance memory!) we are delighted that we head into the New Year with a team of knowledgeable and experienced Estate Agents, qualified in their field to help you achieve your goals.
There is no doubt that the need for housing is greater than ever and the demand for property remains strong.
Whilst we are always a forward looking company, continually aiming to improve the service and range of services that we offer our customers, it is also interesting sometimes, to look back at the rapid speed of change that has happened in our industry over the last 20 years.
Here are just a few highlights / (did you knows)…*
The percentage of Owner Occupiers with a mortgage has dropped from 60% since 2000 to 47% in the last 12 months. The overall number of owner occupiers has grown by 3.1% in the same time.
Over the period, affordability of property has been a constant issue. It is noted that in the first quarter of 2019 the affordability ratio was recorded at its lowest figure for 4 years, just above the previous lowest point of Q1, 2015 this made the first half of 2019 the most affordable for property since 2015.
The average time from sale agreed to completion is now 111 days in the UK (93 days with Williams & Goodwin) and as more stringent rules and criteria have come into effect since the credit crunch now it is more important than ever to have an experienced team of negotiators to see your sale through to completion.
According to one of the property portals who conducted a survey of people planning to buy in the next 12 months:-
29% of buyers are planning to buy for the first time; with
42% of buyers looking to buy for the third time or more;
It is also noted that on average a person has lived in their current home for 15 years.
On the letting side:
It is noticeable that 49% of tenants have been in their property for over 2 years, (although half of tenants have stated that they would like to buy but can’t afford to).
The percentage of households renting has grown from:
29% in 2000 to
36% in 2019.
Over half of tenants now rent privately compared to the year 2000 when two thirds of tenants were social renters.
Demand has remained strong at a National level for rental property, with Wales showing an average rent increase of 4.3% over the last 12 months.
Since 2000 over 3.1 million new homes have been built in Wales, Scotland and England and the Governments ambition of building 300,000 new homes a year presents a new challenge.
On a local level we are delighted to see several small to large schemes now being progressed, with notable sites at Trearddur Bay & Llangefni proving popular with local buyers.
Here are some key milestones over the past 20 years:
2000 – The dawn of the new millennium
2002 - Williams & Goodwin win the E-Commerce Award at the Daily Post Achievement Wales Awards
2003 – 3G goes live in the UK
2005 – Williams & Goodwin win the Best UK Estate Agency and are nominated amongst the top 16 Realtors of the World.
2006 – Property sales transactions peak at 1.6 million.
2007 – The first iPhone is launched. New builds start peak at £220,600.
2008 – The Credit Crunch.
2011 – Affordability ratio reaches its lowest point.
2012 – 4G goes live in the UK.
2013 – Help to Buy launched.
2014 – Stamp Duty Reform.
2015 – Mobile traffic overtakes desktop on web searches.
2016 – 3% stamp duty surcharge on second homes and the EU referendum.
2017 – Start of Tax Relief changes for Landlords.
2018 – Average new seller asking prices peak at £309,413 (UK average).
2019- Tenant Fees Act introduced in England and Wales. Average annual income peaks at £27,742.
2019 - Williams & Goodwin receive a triple crown of awards - Best Welsh Estate Agents from The Negotiator and the British Property Awards and Champion Employer from PropertyMark Qualifications.
2020 – Final Stages of Tax Relief changes for Landlords discussion on the regulations of Property Agents and looking ahead to a positive marketplace.
The latter end of 2019 we witnessed the General Election and according to the online portals there has been a 28% surge in the number of people house hunting online since the General Election.
The Queen’s speech on the 19th of December was noticeable where the Government revealed some comprehensive property reform programme some of these aspects include a renters reform bill, with the aim to abolish Section 21 Eviction Notices; The Queens speech also included promise to reform the UK’s eye wateringly expensive Business Rates under the measures that looking at the latest Anti Money Laundering Regulations, Rental Deposits and Reforms to Leaseholds and Shared Ownership and Professionalism within the Estate Agency Industry through the implementation of new regulations .
On a local level, we all at Williams and Goodwin are committed to delivering your goals and hope that you will continue to work with us.
Melfyn Williams & Tim Goodwin