Current Statistics ►

There are people who feel strongly about whether their home address is on a Road, Street, Crescent or Square and developers often assume that one will attract a higher price than another. To test the theory, we explored 2017 sales data to see whether we could identify any correlation between suffix and price.

  • The average price of a property sold on a "Road" to date in 2017 is £301,950, however there are premium purchase properties elsewhere. To purchase on a “Park” expect to pay a 9% premium while to purchase on a “Place”, “Hill”, or “Garden” could add thousands to your purchase price. Owning a property with no street address at all, added £10,000 to one on a “Road”.

  • At the top end of the budget, just 0.5% of all properties sold this year have been on a “Square”, where the average price is £462,895, a stunning 53% more expensive than a “Road”. But “Road” has kerb appeal for more buyers than any other address, accounting for a substantial 30.7% of all sales this year.

September 2017

After months of hard work, our new website finally went live over the weekend and is looking fantastic! Why not have a good look around and see what amazing new features and information are included. 

www.heather-lay.co.uk

 

 

Natalie took part in the Cancer Research Race for Life Pretty Muddy on Sunday 3rd September. It was "pretty muddy" due to the Cornish Autumn weather, but a brilliant time was had by all and Natalie raised a fantastic total of £183.00 for Cancer Research!

August 2017

h_l_banner

Our new banner has arrived today ready for tonight, and it looks great!! We are proudly sponsoring the Pink Wig event which is part of Falmouth Week and raises funds for vital research projects, the best care for breast cancer patients in Cornwall and a safer future for the next generation.​

Stamp Duty changes: How will they affect you?

Stamp Duty changes: How will they affect you?

News & Legislation The Guild of Professional Estate Agents 30th March 2016

The recent budget confirmed that an additional 3% of Stamp Duty will be introduced on second homes, in an attempt to curb the growth of the private rental market. But what are the potential implications, especially for the vast majority of homeowners for whom purchasing a second property is a faraway dream? Marcus Whewell, CEO of The Guild of Professional Estate Agents, explores the possible outcomes.

The immediate impact has been to accelerate investment in so-called ‘Buy To Let’ properties, with a rush to complete before the new tax comes into force. Surprisingly, this has affected homes and flats up to £1.5m in value, not just those at the lower end of the price spectrum.
The UK is already suffering a severe shortage of new instructions (with buyer to vendor ratios at record levels), so the immediate impact will be to push up asking prices and limit availability for the remainder of the residential market. But what is likely to happen in the medium term?

I believe that the market for ‘Buy To Let’ is unlikely to fundamentally change, for several reasons:

-    Despite the tax, yields on rentals remain on average higher than other investment options such as ISAs.
-    Rental investments are perceived by many as ‘less risky’ than shares, commodities or pensions.
-    House prices are likely to continue to rise faster than inflation, given the long-term imbalance of supply and demand, so equity growth is also highly likely.

If you are a Buy To Let Investor…
When the cost of buying a private rental property increases, rents would normally follow suit as landlords seek to maintain their margins / returns. For that reason, one likely effect is a rise in prices and rents. Also, many larger landlords (i.e. those with more properties) may now try to incorporate themselves to avoid the extra stamp duty.

Longer term, there are other measures being introduced to deter this sector of the market, such as no longer allowing the offsetting of mortgage costs against rental income for tax purposes. This might put off investors, or again just nudge up rents, but it’s difficult to say at this stage.

So the long-term trend looks unaltered, but you may need to keep hold of your investment for longer to recoup the additional taxes.

If you are a first timer buyer…

The extra ISA and saving allowances will help those saving for a deposit, but this could easily be cancelled out by higher rents or continuing house price rises. In fact, the latest statistics from ONS show that there has been an 8.6% rise in property prices in the last 12 months in England. Therefore, on first analysis, it seems there is little here to assist the aspiring homeowner.

Overall, what is really needed to make a fundamental difference for the first time buyer is an expansive, affordable housebuilding programme.
 
Or an existing homeowner looking to move…
You are probably the least affected of all the groups. Purchase prices may nudge up a little, but so in the majority of cases will the value of the home you are selling.

Fundamentally, barring some significant external shocks from the forthcoming Euro referendum (another story), residential property will remain in short supply against rising demand (growing population, smaller family units. people living longer, people less willing to downsize) – so buying a house, in many people’s eyes, remains ‘a one-way bet’.

The one caveat here is potential interest rates rises. Rates are unrealistically low and many mortgagees have no significant ‘rainy day’ savings, especially as they are already stretching their finances to secure the property of their choice. It has been estimated that current rates are between 1% and 2% below long-term sustainable levels, and the unwinding of quantitative easing may start this correction process.

So a summary could easily be that the Government has decided to collect some relatively ‘easy money’ to try to help balance the books - but it has missed the fundamental flaw in the property market. To adapt a famous phrase, ’it’s the supply, stupid!’.

Residential Sales
01326 319 767

3 Church Street, Falmouth
Cornwall, TR11 3DN

Property Letting & Management
01326 374850

Swingbridge House, Anchor Quay,
Penryn, Cornwall TR10 8GU

Land & New Homes
01326 374850

Swingbridge House, Anchor Quay,
Penryn, Cornwall, TR10 8GU

2017 © Heather & Lay. All rights reserved. Terms and Conditions | Privacy Policy | Cookie Policy | Complaints Procedure

   

 


 

Value My Property