Current Statistics ►

An estimated third of employees spend at least some of their week working from home with high speed broadband rising up the criteria list for new house buyers. Evidence suggests that broadband speeds could affect the price that buyers end up paying for their next move.

An analysis of average house prices and broadband download speeds by local authority reveals that buyers spend, on average, 17% more for properties in areas with superfast broadband compared to areas where average speeds are less than 25 Mbps.

Some of this will be related to where broadband providers have historically focused their investment, ie, in more affluent areas, but with the major providers increasing their coverage, this effect will become more diluted. Indeed, the Government has committed to provide superfast broadband (at least 24Mbps) to at least 95% of UK premises.

There are a myriad of factors that affect local property prices but the influence of broadband speeds should not be underestimated with its importance to buyers set to continue to increase.

January 2018

December 2017

 

 

We would like to take this opportunity to thank you

for your continued support which has made 2017

such a successful year

and we look forward to working with you

in 2018 and beyond. 

 

 

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This year we have been supporting Christmas Jumper Day in aid of Save the Children UK. Every one has been getting into the swing of things with some festive cheer at both our offices in Falmouth and Penryn, raising a total of £64.70. Not bad for a small team - Well done everyone!

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

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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.​

The Autumn Statement: Wish List

News & Legislation The Guild of Professional Estate Agents 7th November 2016

On the 23rd November, The Chancellor of the Exchequer, Philip Hammond, will present his Autumn Statement to Parliament. This will be his first opportunity to define the Government’s strategy for the forthcoming year, and it will be carefully scrutinised given the political and economic uncertainties which have occurred in the last 12 months.

So what would we like to see in the Autumn Statement in relation to the property sector, and how will these changes affect you / the property market?

Stamp duty

When buying a residential property, you pay Stamp Duty in increasing portions of the property price above £125,000.

Reports all indicate that the market has been relatively resilient in the last 12 months in the light of increased economic and political uncertainty, but that activity at the top end of the market in particular has been notably depressed by the higher tax payable.

Currently, buyers pay 5% Stamp Duty on homes between £250,001 and £925,000; over that the tax is calculated at 10%. In many instances, this has prevented or delayed people from moving up the property ladder. Higher tax rates can act as a powerful incentive towards developing and extending a current home as opposed to moving house. Therefore, a reduction in rates could give transactions a welcome boost.

The following Government website can provide more information about Stamp Duty charges.



Buy-to-let
Investors will also be hoping for some relief from the recent tax changes (Stamp Duty, MIRAS) which have reduced rental yields. It has been calculated that interest rates were to rise to 2.5%; a large percentage of private rental stock could no longer be profitable for the landlord. The Government seems to prefer a model where large institutional investors provide a majority of residential rental stock, but currently the small private landlord still plays a crucial role in matching supply and demand - and also keeps down average rents which are staring to pick up following the tax increases mentioned above.

A clear, balanced strategy towards the private rental sector would be very welcome, including some reductions in the recent, punitive tax changes.

Rent more about best rental practice here.




Housing Supply & Demand
Of greater concern is the supply of residential housing stock. The need for more housing is a very real concern as the UK population is expected to rise to 67m by 2020, and 73m by 2035. We are not even meeting the current demand for property, especially affordable housing- and the knock-on effect of this is to boost the private rental sector and push rents upwards, further disadvantaging potential first time buyers.

Several conservative party ministers prioritised housing supply at the recent Conservative Party Conference, and so it is expected that the government will announce financial support for smaller house builders.

Like this post? Read more about the market here.

As a more radical option – if the Government really wants to get people moving and encourage more building of new homes, why not scrap Stamp Duty altogether and replace this with a tax on companies who sit on undeveloped plots? Downsides could include the loss of Treasury income or even the return of a more ‘speculative’ housing market…but some new thinking is required to solve what is now a chronic issue.

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

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