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16Aug

There are 14.4 million households across England who own their own home, either outright or with a mortgage. This is 63% of all households.


With the Survey of English Housing estimating that 576,000 (4%) of these people planning to move within the next six months, its interesting to see what peoples motivations are. 


According to Dataloft, there are differing reasons depending on whether you own your house with a mortgage or outright. Moving up the ladder is the main motivation for existing owners with mortgages, although a third of those that own their home outright are looking to do the opposite, downsize! This could be because these people are in differing stages of their lives, for example those living mortgage free are likely to be downsizing after their children have moved out of home! Or perhaps as a homeowner with a mortgage you're expecting another baby and need another bedroom!


There are also other reasons such as the area, moving for a new job, or perhaps as the new school year gets underway shortly, many are moving home to be in particular school catchment areas!


Regardless of the reason for your potential move, we can help. Give us a call now and see how using Bychoice can benefit you!



15Aug

The Summer of 2018 has certainly been memorable. England has enjoyed it's strongest performance at the World Cup for many years while also enjoying (suffering) its longest, hottest summer on record. With temperatures reaching the late 30s in some places in the UK, we almost beat the previous record from August 2003!


While Brits have been off enjoying the weather, thoughts of property purchases have taken a back seat for many. However, as we return to work after the long, hot summer, history suggests that agents may see a busy autumn.


On average in the autumn following the last five driest, sunniest and warmest summers; 1995, 1996, 2003, 2006 and 2013, sales rates picked up by an average of 1.8%. However, in all other autumns since 1995, sales have declined by an average of 8.7% compared to the summer months.

It's clear then, that if you were thinking of a move, now could be a better time than ever! We're here to help, and with the average sales rate set to increase over the autumn months, why wait any longer! 

Give us a call now to see how we can help get your house on the market for this important time of year!


10Aug

At their meeting on 2nd August, the Bank of England’s Monetary Policy Committee raised interest rates for just the second time in ten years to 0.75%.

The small rate rise will affect those on variable and tracker rate mortgages (around 3.5 million), although increases for most are likely to be fairly minimal. Any mortgages taken out in recent years, which have been subject to strict mortgage lending affordability criteria, should have factored in such an increase. Furthermore, the vast majority of new loans are on fixed rate deals.

Meanwhile, base rates, while at their highest level for nine years, are still very low by historic standards and mortgage rates remain low. The question potential borrowers will be asking though is, is this the start of many increases?

Another rate rise before the end of the year looks extremely unlikely. The Bank of England has suggested that any future increases will be gradual with the next small rise (0.25%) in mid-2019 and a further one before the end of 2020.

08Aug

The housing market – including prices, mortgage approvals and rental prices – are viewed as symbolic of wider economic trends, such as in investor and consumer confidence. House and rental price growth, or lack thereof, is seen by economists, media commentators, and the public as a fundamental economic indicator, and these metrics always get a lot of air time.

Inflation measures are widely seen as the way to understand price changes across the board, but few analyses of house prices changes take this into context. Analysing the change in real house prices – that is, adjusting for inflation – can paint a more accurate picture of how price levels have changed over time. Zero nominal price growth means a fall in real terms if there is positive inflation.

While accounting for inflation softens house price and rental index growth somewhat, it still does not make for pretty reading. Compared to many other goods and services, increasing demand for houses (both for purchase and to rent) and a lack of supply has meant prices have risen quickly.

The below graph, using ONS data, shows house prices in the UK since 1990, both adjusting for inflation (real house prices), and not (nominal). The differences are clear to see.

Dataloft inform Blog – Real house prices2.png

In January 1990, the average house cost just over £58,000 – but in today’s money, this would have been nearly double this, at over £115,000. Both curves show a similar trajectory, although inflation-adjusted prices show more obvious changes, especially in their decline in the early 1990s, which is partly due to the high inflation rates (of over 7 per cent) during this period.

In the decade to January 2005, nominal house prices grew 172 per cent, whereas this was marginally lower at 131 per cent when inflation is accounted for. While inflation does lower this figure, price rises in the housing market over long periods have been very high, as has been well documented.  

Most commentators like to point to house prices at the moment being at record highs. When inflation is taken into account, however, prices are shown to actually have peaked before the financial crisis in late 2007, at nearly £250,000, and have yet to make up the losses they experienced during 2008–2009 almost a decade later. Further, nominal prices suggest a bottoming out of the market in 2009, but adjusting for inflation suggests prices decline a little until 2012, when they started to grow again. 

With low inflation recently, the two price trends have tracked each other closely, and price changes that are widely reported can be observed as real, as well as nominal.

The ONS’ index of private rental prices can show how adjusting for inflation slightly changes our interpretation of the large rises in rental costs across the country. The graph below uses a different way of showing this relationship – comparing annual change in the consumer price index (CPI) and growth in the rental price index.

Dataloft inform Blog – Real house prices.png

Times when the lines roughly track each show that private rents are broadly rising with inflation, such as during 2006 and from mid-2012 to mid-2014. However, the months and years in which they diverge show occasions when differences emerge. During 2010–2011, rental prices fell, and rose slowly compared to prices overall in the economy, but during 2015–2016, they rose much faster as inflation rates fell to near zero.

Housing costs are an important part of overall household expenditure, accounting for approximately 10 per cent of all spending, yet have often failed to be captured by price indices in the past. The ONS introduced a measure called CPIH (Consumer Price Index plus Housing) which sought to rebalance this, but has come under some criticism and has had its ‘national statistic’ label removed.

Understanding the relationship between house price, rental price growth, and overall price growth for goods and services is therefore important. It can, for example, show the increasing unaffordability of housing products relative to other things, rather than just a basic price rise – although there are other factors which can help determine affordability, such as wage growth and credit availability. 

27Apr


Bychoice Estate Agents on why your garden could be the key to your financial security in the future.

Your garden could offer you the financial security we all strive for.

I’m not suggesting you start digging it up in search of treasure, oil or a similar source of a windfall.

No, it’s much less dramatic and easier than that – if you have a large garden it could have developmental potential worth hundreds of thousands of pounds.

That’s right your garden could be the answer to any money concerns or aspirations you have.

Selling off part of your garden for development is often seen as unthinkable – until you are asked.  

What if you received a letter alerting you to “an opportunity available” due to the size of your garden and its potential, would you really toss it straight in the bin without a second thought?

An increasing number of people across Suffolk are realising that selling off part of their garden isn’t the property equivalent of selling their souls.

Far from it. Selling part of your garden off to a property developer often secures your financial future, it also means that you don’t even have to move to enjoy the benefits of an unexpected lump sum.

And if we are talking about your principal home, the gain from selling your garden is tax free.  

If you went ahead would you become the neighbour pariah?  

Imagine inviting the neighbours around for drinks and then gin and tonic in hand murmuring “by the way I’m thinking of having several houses built in my garden”

Cue a potentially very awkward silence.  

However, what if you said “Did you know, we might be sitting on a gold mine?   If we got together we could parcel up a development site and collect £100,000 each.   We could call the tune, put up discreet hoardings and take a warm weather cruise while the building work is going on.   Shall we find out about it?”

Sounds slightly easier to digest now doesn’t it?

But how do you find out if your garden offers an opportunity to change yours, and your neighbours lives for the better?

Easy. Simply give Richard Gosling at Bychoice Estate Agents a call 07786 320 388. We’re exclusive local members of the Land & New Homes Network which has a network of experienced agents across the UK specialising in the development potential of gardens, commercial units and plots of previously unused land.

Which leads us on to what is logically your next question – How much is part of my garden worth?

Land prices are established by understanding what will get planning permission, how much will any properties-built sell for and how many units will get built.  

Developers will work back from the sale price of the houses they propose to build, deducting all likely costs and their profit to determine a figure they are prepared to pay for your site.  

Therefore, developers offer different amounts as they will all have different ideas on how to maximise the potential of the land.

This is an area that we have extensive experience in and can help you get the best price.

Finally beware of land scouts who are keen to take an option on the land without being specific about what will be built or when.  

These options can make the house unsaleable.  

If you’ve gone this far down the road into looking into your garden’s development potential, you should get expert advice from a Land & New Homes Network agency like us to make sure you are considering a specific contract covering every detail including the when by date for when an application will be submitted.  

This must then be picked over by a solicitor who is an expert in property law and not just the local conveyancing solicitor.  

There’s a lot to consider, but it’s a genuinely potentially life changing move when carried out professionally. And we’re here to help so if you have a large garden which you think has developmental potential please give us a call on 07786 320 388 for a totally confidential, informal and no obligation conversation.

01Mar

Wondering what to do with your mum for Mother's Day next week? Or know someone else that deserves a treat?

Win yourself and a person of your choice a great day out!

Pop into Prezzo (Haverhill, Suffolk) and treat yourselves to a meal on us with a £50 voucher and then walk next door to Cineworld Haverhill and use the £30 voucher to see a film and get yourself some snacks! All you need to do it follow a couple of easy steps!

Simply like our Facebook page Bychoice - Haverhill and like this post.

Comment who you'd want to take with you and don’t forget to share the post with your friends!

Competition closes on the 9th March 2018 at 12 midday


Terms and conditions apply. The competition will close at 12 midday on Friday 9th March, any entries made after this time will not be counted. All steps must be carried out in order to be entered into the draw (liking the page and post) though sharing the post and tagging is not a necessary step. The winner will be randomly selected using a random number selector and announced on the Bychoice - Haverhill Facebook page in the afternoon of Friday 9th March. The voucher can be collected from our Haverhill office or can be posted to the winner after the competition has completed. This promotion is in no way sponsored, endorsed or administered by, or associated with, Facebook.

Lavenham Office
22 High Street,
Lavenham, Suffolk
CO10 9PT


Tel: 01787 249583
Haverhill Office
27b High Street,
Haverhill, Suffolk
CB9 8AD


Tel: 01440 768919

 

Sudbury Office
6 King Street,
Sudbury, Suffolk
CO10 2EB


Tel: 01787 468400
Clare Office
17 Market Hill,
Clare, Suffolk
CO10 8NN


Tel: 01787 278890

 

Hadleigh Office
43a High Street,
Hadleigh, Suffolk
IP7 5AB 


Tel: 01473 828280
Bury St Edmunds Office
6 The Traverse,
Bury St Edmunds, Suffolk
IP33 1BJ


Tel: 01284 769598

 

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Registered Name: Bychoice Estate Agents Limited | Place of Registration: Sudbury | Registered Number: 5186429 | Registered Office: 61 Station Road, Sudbury, Suffolk, CO10 2SP