March has seen the trend for buyers continuing to enter the market. The number of buyers registering with us grew by 12% over the same time last year, and property viewings peaked at over 250 last month, the highest level we’ve seen in three years.
The best news is that those viewings are also converting into sales, with March having almost three times the number of sales that January and February saw, combined!
The Easter holidays have meant a quiet start to April but that is now picking up again with buyer registrations jumping up. Open House events have seen multiples offers made on properties, so the demand is there if the strategy  and pricing is correct.

National housing overview:

House prices have risen slightly from a year ago, with first-time buyers facing larger increases than existing owners, according to the Office for National Statistics.

The typical house price was £224,473 in February, a 0.3% year-on-year rise, the ONS said, as analysts warned that the weak economy and low consumer confidence is likely to drag prices down in the coming months. But then again they’ve been saying that for the last year.
Prices paid by first-time buyers were on average £166,916, 1.3% higher than in February 2011, but those paid by existing owners in the 12 months to February stayed the same at just under £260,000.
Analysts suggested the typical price increase for first-time buyers was due to the ending of a two-year stamp duty holiday for them last month, with estate agents reporting a surge in interest from this sector of the market before the concession on properties below £250,000 finished.
The latest house price figures represent a monthly rise of 0.2% across the UK, following a 0.5% month-on-month fall in January.

If you’re thinking about selling, try our free marketing appraisal. We will create a bespoke property marketing plan for you, with no obligation, just good advice on what we think your home can sell for and the best approach to selling it in the current market.
Call us on 01494 680018 or just drop into our office.

As the terms and conditions of fixed and tracker deals are more transparent, now maybe the time to consider swapping to one of these loans. However before you act it would be wise to check your SVR loan’s small print as if for example you are a borrower with Nationwide or Cheltenham & Gloucester then you may find your SVR capped at 2 per cent above base rate leaving you better off if you stay put.

With base rate not expected to rise until at least 2014 and if security is your main consideration then it is worth considering a 5 year fixed rate deal. If you have at least 25 per cent equity in your home you may be able to secure a 5 year rate at under 4 per cent which is great value. There are still some excellent base rate trackers available if a fixed is not for you. With trackers there is total transparency as they move up or down in line with the base rate, unlike SVRs where lenders can increase their rates on a whim.

If remortgaging to another lender then successful applicants will have to pass through tougher eligibility tests than before. The key focus for lenders when assessing an application is affordability both now and in the future. Tougher eligibility is being introduced by banks in advance as they prepare for new regulation in the mortgage market. If you are currently on an interest only deal with your existing lender then beware that if you change lenders most will now need at least 50 per cent equity or deposit to continue on interest only otherwise it is capital repayment even though you might have a repayment vehicle to pay off the loan.

With lenders continuing to tighten their criteria it certainly pays to seek professional mortgage advice to source the appropriate deal for you.

James Walton works for Independent Financial Advisors Park Grove Mortgages Ltd – 0208 845 0875. Your home may be repossessed if you do not keep up repayments on your mortgage.

Over the last decade the number of people renting homes in the private sector has nearly doubled, rising from 2.5 million in 2002 to 4.8 million today. To meet the demand in 2016 an additional 1.1 million rental homes is estimated to be required.

The trouble is that the buy-to-let funding simply isn’t available to meet all of that demand, and so a shortage of properties is predicted, which leads to rent inflation.

Rents already rose on average by 5.1% last year across Britain, leading to some areas becoming unaffordable for certain groups of tenants. Shelter, the homelessness charity reported this month that renting a two-bedroom home in London requires a minimum income of £52,000, far above the average income of £35,000.

For landlords with property the continuing rent increases can be good news, particularly while interest rates remain low.

However for those wanting to break into the market the competition for lettable properties is growing, as is the demand for still relativesly scarce buy-to-let funding.

Demand from prospective tenants in and around Beaconsfield is strong and continues to grow but as with the national picture, the level of properties available isn’t keeping pace. This means that if you’re considering renting your property, or investing in a buy-to-let, now is an excellent time.

Spring brings with it an uplift in demand so if you want to make the most of the demand in the lettings market get in touch with our dedicated lettings team on 01494 685518 and we can give you an idea of the market for your property and offer you a free lettings appraisal.

The Land Registry data also reports on a county level, and that tells us that Buckinghamshire saw a 0.4% increase in January’s prices; but compared to 12 months ago they were down 0.3%. In other words, pretty stable.February saw high viewing figures but buyers are still a little hesitant to commit. However our four Open House events booked for March are already filling up rapidly so there seems to be continuing demand. Similarly the level of new instructions is growing so perhaps we’ll see an easing of the tight supply we’ve had for the last year or so.If you’re thinking about selling, try our free marketing appraisal. We will create a bespoke property marketing plan for you, with no obligation, just good advice on what we think your home can sell for and the best approach to selling it in the current market. Call us on 01494 680018 or just drop into our office.

National housing overview

House price changes since 2007 from the Land Registry

The latest figures from the Land Registry, which are the most reliable as they are based on actual sales records, show a 1.1% growth in average house prices in January. This is their strongest monthly rise since July last year. This translates to a 1% fall nationally over the last 12 months, taking the average house price in England and Wales to £161,545.Asking prices, as reflected by the Rightmove House Price Index jumped up an extraordinary 4.1% in February, the biggest monthly increase in 10 years!

Miles Shipside, director of Rightmove, also sees growing evidence of increasing confidence, in the housing market, although February’s asking price hike was driven by the wealthier end of the spectrum. “After four years of constant economic uncertainty, it seems some property consumers have accepted current market conditions as the new norm,” he said. “We’re seeing a strong ‘spring bounce’ in asking prices this year, but the ball is still a lot smaller than it was before the credit crunch as market volumes are constrained.”

The number of mortgages approved for house purchase rose to its highest level for two years in January 2012 – further evidence of the rush of first-time buyers taking advantage of the stamp duty holiday on properties worth up to £250,000 which ends next month.

The major reasons for the continued rise in buy to let business includes the inability of first time buyers to secure a mortgage or raise a sufficient deposit, and an increase in the number of lenders entering or returning to the sector. This has pushed up product availability and increased competition amongst lenders with in excess of 400 products available at the end of last year. This is a far cry from three years ago when two lenders accounted for 80% of the market and a very limited product range.

Other reasons for the increase include rental demand continuing to outstrip supply with rents in some areas at an all time high and set to continue this trend. The rental sector is also favoured by those with job concerns and those wanting job mobility. With interest rates predicted to remain at their current low level for some time property is being viewed as a safe haven for investors with meagre returns on savings rates.

Whilst there are some lenders who require a 20% deposit the majority are looking at 25% with rent to interest cover varying from lender to lender. We are also seeing lenders looking beyond the 2 year market with a limited supply of 5 year products. However research is vital in choosing your product provider as some lenders will not lend to first time landlords or potential applicants who fall below a certain income level. At the other end of the scale there is improved criteria for high income earners from one or two lenders.

The complex buy to let sector is not quite so well served at the moment and this includes houses in multiple occupation (student lets), freehold blocks, flats above shops, semi commercial properties and investors with larger property portfolios. Specialist lenders prevail in this market at present and only through selective distribution channels.

The vast majority of products in the buy to let sector are only available through the intermediary market. With criteria for obtaining a buy to let mortgage varying from lender to lender and whether for example you are a first time investor or a seasoned landlord it pays to take professional independent advice to secure the right deal.

Featured on the BBC and called the ‘Guru who gets results’ by the Sunday Times, Samantha Jones is MD of Hometruths, who advises clients on how to make the most of their property.

Home owners from all over the area, stretching from Bledlow Ridge to Chipperfield took advantage of the free consultation we’d organised with Samantha. Most were already on the market but some were meeting in anticipation of selling their home, looking for advice on how best to prepare for coming onto the market and getting a fast sale at the right price.

Samantha fed back, “Most of the discussions covered how best to promote properties on portals including Rightmove; the type of presentation needed to maximise photography’s impact for a specific property; and how to attract the right kind of buyers.”

Gareth Ashington added, “This is the first of a series of clinics we hope to run over the year. It’s been great to offer this input from independent experts, and we’ll be doing the same around topics such as probate, property development, lettings and mortgages over the coming months”.

Keep an eye out on our website for details.

Weren’t they just there to create a bit of publicity and sell tickets to some fancy awards dinner? Would winning an award really justify the time and expense of entering?

Well despite this, in 2009 we decided to dip our toe into the waters of the property market award world, and we’re very glad we did. We can categorically state they’ve made a huge difference and, to us at least, they definitely matter.

There are three key areas where entering the Estate Agency of the Year Awards has had an impact on us.

Firstly the quality of judges took us by surprise. The Sunday Times Estate Agency of the Year panel is chaired by the Property Ombudsman for example, and there’s no avoiding the tricky questions. The judges are all property experts and expect evidence for everything we submit to them. Not only that, but they then phone and interview us. It’s a very rigorous process.

A second impact we’ve discovered is that our annual submission helps us sharpen other areas of our business. For example we’ve instigated surveys to get feedback from all our clients. We’ve also completely overhauled our staff training, prompted by the fact we knew it was an important factor in maintaining our success.

Finally, the impact on the business has been very clear. As a single office independent estate agency we compete against the very heavy-hitting marketing budget of the big national brands. However we’re now the only agency to have won three consecutive regional or national golds, including best single estate agency in the UK.

By the end of 2011 we had, for the first time, become the leading agency in Beaconsfield according to Rightmove figures. So yes, we believe awards matter!

As in 2011 there will be hotspots of activity where property will be in demand. The ongoing economic uncertainty in the UK and destabilising effect of the eurozone crises will continue to dampen confidence in the market. Mortgage lending is also expected to remain flat this year as the banks have been ordered by the Governor of the Bank of England to beef up their reserves with money earmarked for lending.

The latest credit conditions survey from the Bank of England suggests that although lenders plan to introduce more deals to help those with small deposits over the next 3 months, credit scoring criteria will get tougher limiting the number of borrowers able to secure loans. This approach has been evidenced by a slight fall in fixed rates for those with a 10% deposit with more lenders entering this market.

It is not all doom and gloom as those potential borrowers with a healthy deposit or equity in their home and with a good credit history should be able to secure some extremely competitive deals. For example a number of lenders are offering 5 year fixes under 4%.

One area expected to continue to grow this year is the Buy to Let market with banks and building societies keen to exploit the boom in the rental market.

Rents which already stand at a record high in some locations are expected to rise by a further 5% this year. Tenants unable to secure a mortgage are having to compete for houses to let. With Buy to Let lending accounting for 10% of lending last year this figure is expected to increase this year with new entrants to the market.

After a 3 year absence Santander have re-entered the market which sends out a positive message to the sector. Both rates and arrangement fees are falling as lenders bring out new deals to attract business.

Other positive changes to the market have seen some lenders prepared to lend up to 80% loan to value which was unheard of two years ago. We have also seen a new two tier approach to products and prices for higher income earners earning over £50,000 a year looking to secure Buy to Let finance.

As always it pays to take advice for the most appropriate deal to fit your circumstances.

House prices fell by just over 1% in 2011 and are expected to remain relatively unchanged in 2012, according to the latest Halifax index.

The price of the average house in the UK is now just over £160,000, thanks to a 0.9% fall in prices in December 2011 and a 1.3% drop over the whole of the year.

The findings contrast with that of rival lender Nationwide released just a week ago, which showed that house prices rose by 1% last year. As ever, these indices only give us an overview.

The differences are usually due to variations in the methodology used to collect the data and the definition of the “average house” on which the data is based.

Martin Ellis, Halifax’s housing economist, said: “Whilst there was a modest fall overall in prices during 2011 with an annual decline of 1.3% in December, house prices held up well last year in the face of the difficult and deteriorating economic climate and substantial pressure on households’ finances.

“If the UK can avoid recession we expect broad stability in house prices in 2012. There is, however, considerable uncertainty regarding the prospects for the UK economy which will to a large extent depend on how events in the eurozone unfold.”

The number of completed house sales rose to its highest levels in October and November 2011, according to the Halifax, with the number of sales in November the highest since December 2009. Something also reflected in our local experience, below.

The Beaconsfield property market

As reported nationally, November and December were much busier than usual, with sales continuing strongly right up to the new year. That has meant things are a bit quieter than usual so far in January but the real challenge is a shortage of properties – a happy problem if you’re looking to sell. Demand is definitely outstripping supply again. At the very least this will lead to stable prices in the area, it may even buck the small drop expected nationally.

If you’re thinking about selling, try our free marketing appraisal. We will create a bespoke property marketing plan for you, with no obligation, just good advice on what we think your home can sell for and the best approach to selling it in the current market. Call us on 01494 680018 or just drop into our office.

The judges, chaired by the UK Property Ombudsmen, Christopher Hamer, had this to say about Ashington Page’s continued winning streak.

“Ashington Page are perpetually successful at these awards and the judges were pleased to see its exceedingly high standards have been maintained and improved over the past three years, since it first won gold. It offers a consistent combination of great service, technology and training whilst continuing to seek and produce new marketing initiatives. State of the art photography and web technology has been embraced with real results seen through growth in more niche markets. The directors believe that, “small is beautiful”, and this is certainly the case with Ashington Page. Outstanding.”

We’d just like to say a huge thank you to everyone for all their lovely feedback and appreciation which help us keep winning these awards. This industry has always struggled with its reputation, but we have the privilege of helping people through one of the most important, if challenging, times of their lives; and when you get it right it makes a huge difference.

If you’re in Beaconsfield on Wednesday for the Festival of Lights do please pop in and join us for a celebratory glass of bubbly!