Buyers are out in full force with over 40 viewings completed this weekend alone. In particular we are seeing huge demand for properties with 3 and 4 bedrooms in KT8 and KT10 postcodes.
If you're looking to sell your property please do get in touch with us!
Thinking of selling soon? We'd love to help: BOOK A VALUATION
For many homeowners waiting for the right time to move, it has been a difficult decision to make for the past few years. The property market in the UK has been subject to an onslaught of market slowing events with what feels like endless elections, the EU referendum, changes to stamp duty land tax, and then this year to top it all off, the world was pretty much shut down by a coronavirus pandemic from COVID-19.
As soon as the property market was put on pause, the headlines wrote themselves, and the media reported that the property market apocalypse was approaching… but it never arrived.
Then, as the property market opened again, we were warned about how tough it was going to be to sell our properties, so was this prediction right?
Let’s take a look at what the data tells us…
The below graph is taken from Rightmove data for the KT7, KT8 and KT10 postcodes which covers Thames Ditton, East and West Molesey, Hinchley Wood, Claygate and Esher (where Newton Huxley sell the most properties).
The local property market was showing very positive signs at the beginning of the year throughout January and into February, with the number of New Listings and Sales Agreed at healthy levels as you would expect to see. Then things began to turn in March as COVID-19 became the focus of everyone’s attention, and finally in April the market stopped almost entirely as viewings and mortgage applications were no longer possible.
In May, we can see the tide beginning to turn with urgent moves progressing and then in June we can finally begin to see what the property market looks like post lockdown… and so far it looks very good!
New property listings are quickly returning to pre-covid levels and as these properties attract the wave of new buyers from Central and South West London, we expect the number of sales agreed to catch up in July.
Our own internal data also shows positive signs for the local property market, with the number of offers received in June being at its highest level since October 2017.
This next graph shows the number of new buyers registering (people calling to ask us to help with their search for a property,) viewings booked, and the number of individual offers received on our listed properties.
Whilst it is too early to know for sure what the long-term impacts of COVID-19 will be on the property market, property transactions in the South East have been stunted since Stamp Duty Land Tax was changed in 2016 (by as much as 30% in our local area), and a bottleneck of buyers waiting for the right time to make their move has been building ever since.
Now interest rates are lower than ever before, and we’ve experienced a genuine public health issue that has had an impact on every single person one way or another. For many this has put things into perspective, and has served as a catalyst to further increase buyer migration out of Central and South West London, with some 51% of buyers that already live in the capital looking to move out.
With so many properties coming to market right now, and with lenders tightening criteria for mortgages, it is unlikely your property value will be shooting up any time soon. Many market reports are suggesting a 0% change in property values this year, and a modest 2% next year. So, if you have been waiting for the right time to move over the last few years like so many others in the KT7, KT8 and KT10 postcode areas, now is the closest you are going to get to the perfect time to finally get moving!
Since the government re-opened the property market in April, buyers and tenants have been queuing up to view properties at a rate we have never experienced before. Now is a brilliant time to move with low interest rates and plenty of choice out there, but we still need to do it safely and responsibly to make sure we do not put ourselves or others at risk.
Here are 10 things you need to know about viewing properties safely:
We are proud to announce that we have started 2020 the best way we could have imagined, with the acquisition of one of the longest standing and locally renowned businesses in Claygate Village. The team at Catling & Co, along with an extensive portfolio of managed rental properties is a welcomed addition to our business, and we look forward to building upon their local reputation and the service they have provided to the Claygate community over the last 25 years.
Although we will be converting the high street office at 15 The Parade, Claygate, KT10 0PD into a Newton Huxley branch at the begining of February 2020, the Catling team will remain in this branch and we welcome their continued support in maintaining the proactive, professional and approachable reputation that Newton Huxley has built since our launch in 2015.
John Catling, who will remain as a consultant for a period of time during the transition has released an open letter to clients past and present:
As Catling & Company enters its 26th year of trading, it is with a heavy heart that I have finally made the decision to spend more time with my family and retire.
I have taken careful consideration to ensure that my loyal clients remain in good hands, and at the end of 2019 I officially handed over the reins to Len Taylor & Sam Kamali at Newton Huxley, who are another local, bespoke agency just like Catling & Co. I have no doubt in my mind that Newton Huxley, together with my team at Catling can at the very least maintain the standards we have upheld over the last 25 years, and will work to improve upon them.
Sarah Wren and the rest of the existing Catling & Company team will remain indefinetely, I will also be retained as a consultant to assist with the transition for a period of time.
I would like to thank you for your continued loyalty and custom and very much look forward to the next chapter.
One of the Managing Directors at Newton Huxley, and local Claygate resident Len Taylor had this to say about the recent aqcuisition of Catling & Co:
We are delighted and feel priveleged to have been given this opportunity to work for the clients that John and his team have taken such good care of over the years.
As a Claygate resident myself I feel very fortunate that we have such an active community and have experienced first hand the positive impact this has on local residents, and I hope we will be able to contribute for many years to come.
As estate agents we also know that this is part of what makes the area a number one choice for young families moving from South West London which is why we opened here in the first place. I hope that we can rely upon the support of the local Claygate community, and in return we will continue to provide a reliable, trustworthy service that we are immensely proud of.
The team at Newton Huxley are already experiencing increased interest in our available properties both for sale and to let for January. 2020 is widely anticipated to be a positive year for the housing market, and we invite you to pop into the newly refurbished branch from 1st February should you wish to discuss the local market or any property plans you may have.
House prices increased by an average 33.7% in the last decade and despite being relatively flat over the last couple of years, due to the uncertainties surrounding Brexit, are set to rise by a further 15.3%, according to latest predictions, in the next 5 years. However, there are likely to be significant regional differences with properties in the North of England expected to see the strongest price growth of 24% between 2020 and 2024. Central London properties are also set for a rebound with predictions of 20% growth and only 5% growth in Greater London.
According to Rightmove, the property market will increase by 2% in 2020. But that a lack of supply, with demand remaining high, could push prices higher. Added to which, low interest rates, lenders competing to lend, high unemployment and a continued growth in wages, helps buyer affordability.
So, if you are planning on buying or renting a property in 2020, how will this impact you?
Think you need to avoid selling your property over Christmas? Think again. Potential buyers have more time over Christmas and, according to Rightmove, the Christmas period and particularly Boxing Day, is one of the busiest of the year, with people searching for a new home.
So, what do you need to do to maximise a potential sale over Christmas?
If you need advice about selling over Christmas, contact us today.
According to the Federation of Master Builders (FMB) and the Home Owners Alliance (HOA), you can enhance the value of your property by almost £50,000 simply by removing an internal wall to create an open plan kitchen and dining area.
Chief executive of the FMB, Brian Berry, said the work would cost less than £3,500, take seven days to carry out, and would add £48,417 to an averagely priced home in London.
"By investing in low-cost, high-return projects, not only will you make your home a more pleasant place to live, you’ll also be increasing its value significantly. Better still, these projects take no time at all so the hassle factor will be kept to an absolute minimum," he said.
But what if this isn't an option? What other projects could you invest in to significantly add value in a short amount of time? Here are some options:
Potential returns will vary by property and location. Contact us if you'd like specific advise, before you invest the money.
Did you know that when you rent out all or part of your home a Capital Gains Tax (CGT) charge may apply when you sell the property? Currently, HMRC exclude the last 18 months of your ownership – even if the property is let for this time – when assessing any CGT liability. However, in a draft of the Finance Bill released earlier this year, HMRC have confirmed that this 18-month period will be reduced to 9 months from April 2020. Disabled property owners, or those in a care home, will continue to be exempt for 36 months.
The Finance Bill also outlines a change to the letting relief rules…
Letting relief is an extra deduction you can make from any CGT payable when letting your home. Under the rules, you can claim the lowest of the following three amounts:
From April 2020, you will only be able to claim this letting relief if you are in shared occupancy with the tenant.
Property owners that are considering the sale of their home – which is or has been let for any period – may be advised to complete their sale before April 2020. In this way they will benefit from the 18 month exemption and the more flexible lettings relief.
If you're thinking about buying a new home, you'll need to budget for more than just the deposit. It's a stressful time, saving! You work hard to put away savings each month and feel like celebrating when you have saved enough for that all important deposit. But don't get carried away too early, as there are other costs that you need to take into account!
When you're working out your 'buying a house' budget, you also need to take account of the cost of buying, your mortgage fees and moving costs – on top of your deposit. It all adds up and can easily plunge you into debt if an unexpected bill hasn't been taken into account.
Here's what you need to know about and budget for:
Up to £125,000
First-time buyers: first £300,000 for property up to £500,000
Over £125,000 to £250,000
Over £250,000 to £925,000
Over £925,000 to £1,500,000