Property Market Update: What’s Been Happening In The UK Property Market – October 2021

November 9th, 2021

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"content_area_title": "Catch a breath, take stock and get updated before moving forward!",
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"content_area": "Welcome to my round-up of some of the property news stories that have caught the eye this past month.\r\n\r\nDon’t forget, if you need to know about property in Birmingham, don't hesitate to get in touch I'm more than happy to help.\r\n\r\nCall me on 07581875215 or email at dean.coleman@exp.uk.com\r\n

Prices Remain Strong\r\nThe average price of a house is still on the up, according to analysis of the figures by Halifax.\r\n\r\nLooking at all the stats, the bank noted that through September the average UK property price is now priced at a record £267,587. What’s more, annual house price inflation is up to 7.4 per cent, from 7.2 per cent.\r\n\r\nThis is interesting because the Stamp Duty deadlines have passed, and so it is good to see prices still buoyed.\r\n\r\nThe slight fly in the ointment might be the fact that the Bank of England figures show the number of mortgages approved to finance house purchases fell in August 2021 by one per cent.\r\n\r\nPerhaps there is a slight softening of the market overall.\r\n\r\nHere in Birmingham, we are still selling properties for, or above, the asking price. What’s more, it is only taking days for some properties to sell, and just hours for properties to rent out.\r\n\r\nIf you’ve been thinking about doing something with your property, now is still a good time.\r\n\r\nOverall though, supply is still down.\r\n\r\nAn ongoing issue in the property market has been further highlighted in a report that looks at key trends in the sector.\r\n\r\nLandmark Information Group’s Property Trends Report shows that for a fifth consecutive month, there has been a low number of properties coming to the market. Demand, as they say, is outstripping supply.\r\n\r\nThere could be a number of reasons for this, but we would say that if you really want to sell, get your property on the market now. There will be interested parties lining up to look around and any one of those could be a potential buyer.\r\n\r\n\r\n

Negotiating Confidence\r\nAround 64 per cent of UK homebuyers and renters say they feel confident negotiating over property prices, reports PropertyWire. But six in 10 admit “the biggest challenge is timing and knowing when to negotiate”.\r\n\r\nIt’s an interesting one. On the one hand, people say they are confident but actually, they don’t really know when to negotiate.\r\n\r\nIt’s what one might call a paradox. But, there’s a way through. Use an estate agent who can use their knowledge and expertise to negotiate at the right time.\r\n\r\nI can do that for you! I know the Birmingham market inside out and so am able to take action when I need to.\r\n

Going Green Paying Off\r\nHave you installed eco-friendly systems in your home? If you haven’t, you could be missing out.\r\nThis has been written about by many, including Property Reporter, which says that property website Rightmove has looked at house prices and Energy Performance Certificates.\r\n\r\nIt’s been reported that people who have “upgraded their rating from an F to a C, are adding an average of 16% to the price achieved for their home”.\r\n\r\nThat’s a huge jump, but before you do anything, have a look at the costs involved and the efficiencies made. You’ve got to make sure the figures work for you. If you need any advice on this, give me a call on 07581875215.\r\n\r\nDean Coleman, Powered by eXp is your local property expert for the Birmingham and surrounding areas. Call me on 07581875215 or email dean.coleman@exp.uk.com to find out how I can help you buy a new home or sell your property.\r\n\r\nA different approach with five-star bespoke service resulting in the outcome you hope for; for your property, you and getting your moneys worth!\r\n\r\nAwarded Birmingham’s No.1 Estate Agent for 2021 based on online reviews.”,
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