Average Home Sale Netted Owner £110k Profit In First Year Of The Pandemic

      ·         Home sellers made an average of over £110k profit in the year to May             2021, £15,587 higher than the year previous

·         Sellers in the South East saw the biggest increase in gains, up £18,739 to £141,538, followed by the South West where the average profit rose by over £18,000

·         Detached home sellers made an average gain of £166,586, £22,588 higher than a year previous, while sellers of flats saw their average return increase by less than £1,000

·         Strongest sales activity came from those selling in the 3-7 year period of ownership (38.3%)

Read more on the Savills website.

https://www.savills.co.uk/research_articles/229130/318859-0

Likely Increase Of Property Scams During Crisis

UK property sellers have been warned by The National Association of Property Buyers, to make extra checks before responding to advertisements from potential buyers. The not-for-profit organisation suggests that there is likely to be a huge increase in the number of scammers and unscrupulous buyers hoping to cash in on seller's misery as the freeze on property sales begins to bite. Sellers are advised to check whether buyers are bona fide by ensuring that they are members of The National Association of Property Buyers which ensures buyers are members of The Property Ombudsman Scheme, giving vendors financial redress should anything go wrong. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/property/sellers-warned-over-likely-increase-of-property-scams-during-crisis.html

House Sellers Put Off By ‘Lacklustre Price Growth’

The number of new house sellers coming to market is shrinking at the fastest rate in a decade, according to a property website. Sellers are being deterred by “lacklustre price growth” amid ongoing political uncertainty according to Rightmove, which said the average price tag on a property fell by nearly £4,000 in November compared with October. But for some buyers, now could be the chance to grab a winter bargain, the website said. Read more on the Yahoo Finance website.

https://uk.finance.yahoo.com/news/house-sellers-put-off-lacklustre-000100637.html?guccounter=2

Seven In Ten Sellers Undeterred By Brexit

The latest research from national estate agent, Jackson-Stops, has revealed that 70% of active home sellers say they are unphased by the current political uncertainty. Much has been said in the press over the last year-or-so about the effect that Brexit is having on the property market. And indeed, although recent reports have suggested that many would-be sellers are being deterred by the combination of ‘muted pricing power’ and ‘short-term political uncertainty’, the latest figures show that 70% of homeowners who planned to sell their property this year stated that uncertainty around the UK leaving the EU did not deter them from doing so. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/property/seven-in-ten-sellers-undeterred-by-brexit.html

Sajid Javid Denies Floating Idea Of Stamp Duty For Sellers

Sajid Javid has quashed speculation that he could shift stamp duty on to sellers rather than buyers, just two days after suggesting he could look at the idea. The chancellor had appeared to float the idea in an interview with the Times. When asked about changing who pays stamp duty to save first-time buyers paying any tax, he said: “I’m looking at various options. I want to see simpler taxes.” The idea prompted some warnings that it could hit older people who are planning to downsize to smaller homes, which could be problematic with the Conservative party’s core voters going into an election. Read more on the Guardian website.

https://www.theguardian.com/politics/2019/aug/18/sajid-javid-denies-stamp-duty-for-sellers

Over Half Of Buyers, Sellers And Renters Have Issues With ‘Rogue’ Agents

New research from Propertymark today reveals that a worrying number of buyers, sellers and renters assume all estate agents, letting agents and landlords are regulated. Propertymark sampled those who have bought, sold or rented a property in the last five years about their experiences with letting agents, estate agents and landlords – to find more than half (54%) have faced issues. However, the research found that 37% of buyers and sellers, and 42% of renters didn’t consider whether their agent was part of a professional body before progressing with their transaction. Read more on 24housing.

http://www.24housing.co.uk/news/over-half-of-buyers-sellers-and-renters-have-issues-with-rogue-agents/

Housing Market Slows As Homemover Figures Slump

Valuations from home sellers have fallen steadily from 45% of the market in May 2010, down to just 27% in May 2017 as homeowners lack incentives to move, according to data from Connells Survey & Valuation. The research shows that a shortage of homes on the market, Stamp Duty impacts at higher levels and the extended economic uncertainty have discouraged homeowners. Conversely, remortgaging now represents 23% of all valuations – a 2 percentage point increase month-on-month and a record for May. Read more on the Financial Reporter website.