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Tag: Seller

November property market update

Posted on by Sophie Winter

The November property market sees a 1.4% drop in the average asking price for new sellers according to the latest Rightmove House Price Index, equating to a £5,366 reduction, bringing the figure to £366,592. This decline exceeds the typical seasonal drop of 0.8% and reflects both pre- and post-Budget uncertainties. However, Bank Rate cuts have injected optimism into the market for 2025, even as the Budget pause temporarily dampens activity.

Key highlights

Asking Price Trends:

  • The average new seller asking price fell 1.4% this month, marking the second consecutive month of larger-than-normal seasonal declines.
  • This drop is attributed to reduced confidence following the Budget, with higher stamp duty charges affecting many home-movers, second-home buyers, and some first-time buyers.

Sales and New Listings:

  • Sales agreed are up by 26% compared to the same period in 2023, showing resilience despite market challenges.
  • The number of new sellers entering the market is also 6% higher than the same time last year, a sign of increasing market activity.

Impact of Bank Rate Cuts:

  • Rightmove’s data highlights early signs of renewed buyer interest following the second Bank Rate cut.
  • Buyer demand initially dropped from +23% to +18% after the Budget but has now returned to +23%.
  • Seasonal slowdowns are still anticipated as Christmas approaches, but the overall outlook for 2025 remains positive.
Image from Rightmove November House Price Index

2025 forecast: a stronger market expected

Rightmove predicts a 4% increase in average asking prices in 2025, the highest forecast since 2021. Lower mortgage rates are expected to unlock pent-up demand, applying modest upward pressure on prices. However, seller competition remains fierce, with the average number of homes per estate agent branch at its highest level for this time of year since 2014. Sellers will need to balance pricing strategy and presentation to attract affordability-stretched buyers.

Challenges for Sellers

  • Price Sensitivity: Buyers continue to face affordability challenges, particularly with slower-paced Bank Rate cuts delaying significant mortgage relief.
  • High Competition: The market is inundated with listings, making it critical for sellers to price competitively and offer well-presented homes to stand out.

Expert opinions

Tim Bannister, Director of Property Science at Rightmove, notes:

“The market is in a better place than last year, despite the Budget’s impact. Average asking prices are up 1.2% year-on-year, aligning with our 1% increase forecast for 2024. Looking ahead, 2025 shows promise as falling mortgage rates could drive affordability improvements, though sellers must remain pragmatic about pricing in a competitive market.”

Other experts suggest the current period offers a unique opportunity for buyers to negotiate, with flexibility likely to wane in January as activity surges post-Christmas.

Market outlook

Despite the short-term impact of the Budget, the November property market remains resilient, bolstered by optimism surrounding 2025. Lower mortgage rates, combined with sustained demand and strategic selling, are expected to shape a more positive landscape for both buyers and sellers in the year ahead.

Curious about your property’s value?

Find out today with a free online property valuation or call our team on 01634 570057.

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October property market update

Posted on by Sophie Winter

This October, the average asking price for new sellers increased by a modest 0.3% (+£1,199) according to the latest Rightmove House Price Index, bringing the average price to £371,958. This rise is notably lower than the usual seasonal 1.3% increase seen in previous years, highlighting a more subdued Autumn price growth. Despite this, market activity remains strong, largely driven by an increase in buyer choice and heightened competition among sellers. In Kent, the average asking price now stands at £424,375, with annual stock levels rising by 12.7%.

Sales have surged by 29% compared to the same time last year, showing a robust recovery from the weaker market of 2023. Buyer demand continues to rise, with 17% more people contacting agents about homes for sale compared to last October. However, the number of homes available for sale is also 12% higher than last year, with stock levels per estate agent at their highest since 2014. This increased inventory is giving buyers more negotiating power, putting downward pressure on price growth.

Image from Rightmove October House Price Index

Mortgages

Affordability remains a key issue, especially with the average 5-year fixed mortgage rate now at 4.61%, a slight increase from last week’s 4.55%. Energy costs are also rising, with the average annual bill for homes rated with an Energy Performance Certificate (EPC) of D now at £2,465, up 10% since September. These factors may be causing some buyers to wait for more clarity from the Autumn Budget and potentially cheaper mortgage rates before committing.

Looking ahead, the financial markets predict two Bank Rate cuts before the end of the year, which could further improve affordability. Combined with wage growth outpacing house price growth, the outlook for 2025 remains optimistic.

With more properties on the market and stretched affordability, sellers need to price competitively to attract buyers. Despite this, strong market activity persists, with many buyers moving ahead with their plans while waiting for further economic clarity and mortgage rate reductions.

Expert opinions

Tim Bannister, Rightmove’s Director of Property Science, says:

“This month’s modest price growth reflects the increased choice for buyers, with sellers needing to price competitively in a market where affordability remains tight. We’re seeing strong sales activity, but some movers may be waiting for more certainty from the Autumn Budget and potential mortgage rate cuts.”

As we approach the end of the year, all eyes are on the Autumn Budget and its potential impact on the property market, with hopes that affordability will improve further heading into 2025.

Curious about your property’s value?

Find out today with a free online property valuation or call our team on 01634 570057.

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CR Real Estate: Your Trusted Estate Agent in Rainham

Posted on by Sophie Winter

CR Real Estate is an independent estate agent in Rainham with over 129 years of combined experience in sales and lettings. Our team offers unmatched expertise and local knowledge, ensuring a smooth and tailored moving experience for our clients. Whether you’re buying, selling, renting, or letting, our dedicated staff is with you every step of the way, making your property journey stress-free.

Why choose CR Real Estate?

  • Extensive Local Knowledge: With years of experience as an estate agent serving Rainham and the surrounding Medway towns, we understand the local property market.
  • Comprehensive Services: We offer sales, lettings, and mortgage services, giving clients access to everything they need under one roof.
  • Personalised Experience: Our goal is to meet your specific needs, whether you’re a homeowner, buyer, landlord, or tenant.

For expert advice on the value of your property or the local market, CR Real Estate is the name you can trust.

Living in Rainham: a local insight

Once a small town, Rainham has become a sought-after residential area in Medway. The town began expanding in 1858 with the introduction of the railway, with significant growth seen in the 1960s. Today, Rainham offers a variety of properties, from modern executive homes to cozy bungalows and terraced houses. According to Rightmove, the average house price in Rainham reached £392,931 over the last year.

For those interested in renting, Rainham offers a range of 2-3 bedroom homes, catering to families and individuals.

Rainham’s amenities and schools

Rainham’s shopping centre, established in the 1970s, serves as a hub for residents, featuring well-known retailers. Independent shops along the High Street and Station Road add to the town’s charm.

Families moving to Rainham will be pleased with the local schooling options. The area is home to four secondary schools, including Rainham Mark Grammar School, The Howard School, Rainham School for Girls, and Leigh Academy Rainham.

Travel and commuting from Rainham

Rainham is a fantastic location for commuters, situated 39 miles southeast of London. The town’s railway station provides direct services to major London stations, including Victoria, Bridge, and St Pancras, with travel times just under an hour. Additionally, the town has connections to Kent’s coastal towns and cities like Canterbury. London Gatwick Airport and the Channel Tunnel are both within an hour’s drive, making Rainham well-connected for international travel.

Looking for an estate agent in Rainham?

Whether you’re buying, selling, or renting, CR Real Estate is here to help you make the most of your property experience in Rainham. Reach out today for expert advice and personalised service.

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What is a qualified buyer?

Posted on by Sophie Winter

Have you ever heard the term “qualified buyer”? Estate agents often use it, and it’s important to understand about the phrase when selling your home. But what does it really mean, and why should you care?

What does a qualified buyer mean?

A “qualified buyer” refers to someone whose financial and purchasing position has been confirmed by the estate agent. Agents register buyers and match them with properties that fit their criteria, much like a matchmaking process for homes. This helps reduce wasted viewings, as buyers are only shown properties that meet their needs.

However, qualifying a buyer goes beyond preferences like the number of bedrooms. It’s about confirming their financial readiness. This ensures you don’t waste time preparing for viewings or get your hopes up over offers that can’t be followed through.

When an agent says a buyer is “qualified,” it means:

  • They’ve confirmed their ability to make the purchase. This inlcudes whether they need to sell a property first or serve notice to a landlord.
  • They’ve provided proof of how they’ll fund the purchase. Whether it’s through cash, a mortgage, or the sale of another property.
  • They’ve shared the status of their own property sale. Whether it’s already on the market, under offer, or ready for sale.

Why is this important?

Imagine receiving a great offer on your home, only to find out later that the buyer still needs to sell their property, which isn’t even listed yet. This could cause significant delays or even a collapsed sale. Knowing a buyer’s financial position upfront gives you confidence that the offer is genuine and that the sale can move forward smoothly.

Your agent will also use this information to gauge how quickly each buyer can proceed. This ensuring that the process aligns with your needs. For example, a cash buyer ready to move in four weeks may not suit you if you’re not in a rush.

Knowledge is key

Understanding the buyer’s position from the start helps you plan effectively, save time, and avoid potential pitfalls. If this is new to you, reach out to our team for expert advice and ensure you’re fully prepared for a successful sale.

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Mortgage Advice: finding the right deal for you

Posted on by Sophie Winter

When it comes to getting mortgage advice or securing a mortgage, many people head straight to their bank or building society, often where they hold their current accounts. While this is a common approach, it may limit your options and prevent you from finding the best deal.

To ensure you find the most suitable mortgage for your specific needs, it’s essential to explore a broader range of choices. This is where the difference between going direct to a lender and using a mortgage adviser becomes critical. As estate agents, we work closely with the mortgage advisers at The Residential Mortgage Hub (also known as a mortgage broker) who have access to an extensive range of mortgage deals available across the market.

Why speak to a mortgage adviser?

A mortgage adviser plays an important role in helping you navigate the mortgage landscape. With access to thousands of mortgage products from multiple lenders, they can provide expert mortgage advice that’s tailored to your financial situation. By working with a mortgage adviser early in the process, you gain valuable insight into the options available to you, even before you start searching for a property.

A mortgage adviser will:

  • Explain the first steps in getting a mortgage.
  • Guide you on the necessary financial research and budgeting.
  • Help you save for your deposit.
  • Search for the right mortgage deal and handle the application process on your behalf.

With their expert mortgage advice, they can even provide a clear understanding of how much you may be able to borrow using their budget planning tools. This insight is invaluable when you reach the exciting stage of looking for your new home.

Finding the right mortgage for your needs

Once you’ve saved your deposit and found a property, your mortgage adviser will search thousands of deals from a wide variety of lenders.

They understand the mortgage market, and more importantly, which lenders are likely to approve your mortgage based on your individual circumstances and the type of property you’re purchasing. Not all lenders will approve mortgages for every buyer or every property type, so having professional mortgage advice can make all the difference.

With an experienced adviser by your side, you’ll be less likely to face the disappointment of a mortgage rejection, giving you peace of mind throughout the home-buying process.

They handle your mortgage application for you

After finding the right mortgage for you, they’ll manage the entire application for you. From handling the paperwork to liaising with surveyors and your legal team, they’ll save you time and ensure everything is in order. They will also keep you informed at every stage and are always available to answer any questions you may have, no matter how small they seem.

Mortgage protection insurance

Beyond your mortgage, you’ll need to consider essential protection policies such as buildings and contents insurance, as well as life and critical illness cover. These are important steps to safeguard your home in the event of unforeseen circumstances.

Their mortgage advisers, are also qualified to provide advice on these insurance options. They’ll shop around for the most suitable policies for you, taking care of the paperwork so you can focus on your new home with confidence and security.

Book your appointment with The Residential Mortgage Hub

Buying a home can be a stressful process, but with the right mortgage advice, they can make it a lot easier. Book an appointment with one of their mortgage advisers today, either online or by calling 01634 968111!

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount will depend upon your circumstances. The fee is up to 1% but a typical fee is £598. For insurance business we offer products from a choice of insurers. As with all insurance policies, conditions and exclusions will apply.

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September property market update

Posted on by Sophie Winter

According to the latest Rightmove House Price Index, average asking prices for new sellers rose by 0.8% (+£2,974) in September, reaching £370,759, with the property market benefiting from a surge in activity. This price increase is double the long-term average for this time of year, reflecting pent-up buyer demand being released, leading to a 27% year-on-year rise in sales agreements.

Image from Rightmove September House Price Index

More sellers entering the property market

Rightmove’s data highlights growing confidence among homeowners, with 14% more sellers entering the market compared to last year. The number of available properties per estate agent has also reached its highest level since 2014, giving buyers more choice with an average of 33 homes per branch.

How long is it taking to find buyers?

Despite increased market activity, caution remains a buyers are price sensitive. It currently takes an average of 60 days for sellers to find buyers. This is slightly longer than last year, as value-conscious buyers take their time. Well-priced, appealing homes are likely to attract buyer interest quickly, while those that are overpriced or poorly presented may struggle to gain attention.

Mortgages

While the recent decline in mortgage rates is encouraging for buyer confidence, they remain high compared to the 2008-2022 period. Rightmove’s weekly mortgage tracker shows the average 5-year fixed rate at 4.67%, down from a peak of 6.11% in July 2023. But still nearly double the 2.34% seen three years ago before 14 consecutive Bank Rate increases. While some buyers are taking advantage of the current conditions, others may need to wait for further rate reductions and improved affordability. It is always wise to speak to a mortgage broker for guidance and advice.

Uncertainty remains, with attention focused on whether the Bank of England will implement a second consecutive rate cut this week. Looking ahead, the Autumn Statement could impact specific segments of the property market. Rightmove’s data suggests certain areas are already feeling the effects of a potential rise in capital gains tax. As a record number of former rental properties are now listed for sale, indicating more landlords are exiting the market.

Tim Bannister, Rightmove’s Director of Property Science, says:

“Early autumn movers who are acting quickly and taking advantage of the improved market conditions are getting the pick of quality homes for sale. Home-owners who are thinking of coming to market soon shouldn’t let the increased activity make them over-optimistic and must price competitively to sell. With affordability still very stretched for many, choosy buyers are taking their time to browse the increased number of homes for sale and find the perfect home at the right price. There are question marks over how the market will be affected by announcements in the Autumn Statement, but until then we expect that market momentum will continue as the autumn action rolls on.”

Curious about your property’s value?

Find out today with a free online property valuation or call our team on 01634 570057.

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