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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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Why choose CR Real Estate?

Posted on by Sophie Winter

At CR Real Estate, we prioritise honesty and transparency at every stage. We know that buying or selling a property is a major life decision, and we’re here to make that process smooth, effective, and rewarding. By using proven marketing strategies and skilled negotiation techniques, our team is committed to delivering the results our clients expect.

Our experienced team are dedicated to providing professional, personalised service designed to meet each client’s unique needs. After years of experience helping local clients, we established CR Real Estate as an independent agency to offer the highest level of service and to build lasting relationships.

What CR Real Estate offers

Local Expertise with a Friendly, Professional Touch

Our team of local experts are ready to support you at every step, ensuring that you always have knowledgeable assistance whenever you need it.

Dedicated Sales Progressor

The moment your home receives an offer, our dedicated sales progressor steps in to manage every aspect of the sale, making sure the process goes as smoothly as possible from start to finish.

Listings on Major Property Portals

We maximise your property’s visibility by advertising it on all major property portals. Including Zoopla and Rightmove, reaching the right buyers and getting you the best possible price.

Professional Photography and Floor Plans

Our commitment to quality means we offer professional photography and provide expert floor plans. First impressions are key, and high-quality photos and detailed floor plans allow buyers to envision the layout and appeal of your home.

Book your free valuation today

At CR Real Estate, our goal is to secure the best price for your property and find the ideal buyer. We believe in keeping you informed at every stage, so you never feel left in the dark. Regular updates and open communication are the backbone of our approach. Ensuring you know exactly where you stand with your sale.

Ready to list your property or need some free advice? Contact CR Real Estate today for help. Book your free valuation and let’s work together to achieve the best outcome for your property sale.

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How to be fully prepared for a mortgage application

Posted on by Sophie Winter

Embarking on the path to homeownership is exciting, and being well-prepared for a mortgage can make the journey much smoother. Whether you’re a first-time buyer, remortgaging, or relocating, a bit of preparation can streamline the mortgage process. Here’s how to get yourself fully prepared for a mortgage application.

Steps to get prepared for a mortgage

It’s smart to start getting prepared for a mortgage at least six months before applying. This allows plenty of time to gather necessary documents and review your finances.

When applying, lenders will assess your ability to afford monthly mortgage payments. First-time buyers might need additional paperwork, while current homeowners will still need to prove they can manage the financial commitment. Preparing well in advance strengthens your application and boosts your chances of approval.

Key ways to prepare for a mortgage

Review Loans and Debts

Your existing loans and debts, such as credit card balances or personal loans, will be scrutinised by lenders. Aim to pay off as much debt as possible before applying, as this can enhance your financial profile. Additionally, avoid taking on new loans close to your application date, as they can impact your affordability assessment.

Stay Current on All Payments

Showing a consistent track record of on-time payments is essential. This includes paying rent, council tax, and other recurring bills promptly. Late or missed payments negatively impact your credit score, which can make mortgage approval more challenging.

Register on the Electoral Roll

Registering to vote at your current address can boost your credit score by verifying your identity and residence. Also, ensure all your bills and accounts are updated to your current address to make documentation smoother when it’s time to apply.

Establish a Savings Record

Regular savings habits reflect financial stability, which is highly favorable when applying for a mortgage. A healthy savings balance not only demonstrates where your deposit is coming from but also signals financial discipline to lenders.

Check Your Credit Score

Your credit score is an essential factor in the mortgage approval process, as lenders use it to assess your creditworthiness. Regularly checking your credit report and improving your score if needed can make a positive difference. While a low credit score doesn’t necessarily prevent mortgage approval, it can add complications.

Maintain Stable Employment

Lenders prefer applicants with steady employment and a reliable income. If you’re considering changing jobs, it may be wise to wait until after your mortgage is secured. If you’ve recently started a new position, try to stay in it for at least six months to demonstrate financial stability. You’ll likely need to provide recent payslips as part of the application process.

Need help with getting ready for a mortgage?

If you’d like expert help in preparing for a mortgage, our experienced and partnered mortgage broker, The Residential Mortgage Hub are here to help you. They can provide insights and advice tailored to your situation, making the process more straightforward and stress-free.

Contact us today to discover how they can guide you in finding the right mortgage to fit your needs.

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The step-by-step guide to buying a house in Medway

Posted on by Sophie Winter

Buying a house in Medway is a significant journey that can be made easier by breaking it down into these 8 essential steps. Though it may seem complex, our team is here to guide you at every stage.

Get a Mortgage in Principle (MIP)

The first step toward purchasing a house in Medway is securing a Mortgage in Principle (MIP). This involves meeting with a lender or mortgage adviser, who will review your finances and determine the loan amount you’re eligible for. Having an MIP demonstrates to estate agents and sellers that you’re ready and able to proceed with a purchase.

Depending on the lender, this initial check may be a soft or hard credit check. An MIP typically lasts from 30 to 90 days. You can book an appointment with our partnered and qualified mortgage advisers online here.

Start house hunting and choose your ideal property

With your MIP in hand, the exciting phase of house hunting can begin! Partnering with estate agents, you’ll view houses in Medway that meet your budget and preferences. Once you find a property you love, you’ll submit an offer. The seller may accept, reject, or counter your offer. If accepted, you’re ready to move on to the next step. Check out our available properties for sale to get started on finding your ideal house in Medway.

Complete your full mortgage application

After your offer is accepted, you’ll proceed with a full mortgage application. Lenders typically set a loan-to-value (LTV) limit, defining the maximum loan they’ll offer as a percentage of the property’s value.

Arrange a building survey (optional)

As part of the process of buying a house in Medway, consider arranging a building survey when completing your mortgage application. This helps identify potential issues with the property. The Royal Institution of Chartered Surveyors (RICS) offers access to qualified surveyors, and surveys are available at three levels:

Level 3 – Full Building Survey: Ideal for older or unique properties, this in-depth report provides guidance on repairs, renovation, and maintenance. Cost: £600-£1,500.

Level 1 – Condition Report: A basic inspection suitable for newer properties in good condition. It identifies major issues and urgent repairs. Cost: £400-£950.

Level 2 – HomeBuyer Report: For properties in fair condition, this survey also assesses necessary repairs and provides a market valuation. Cost: £450-£1,000.

Hire a Conveyancer

Next, you’ll hire a solicitor or licensed conveyancer to handle the legal transfer of the property’s title. Conveyancing ensures the legal aspects of your house purchase are completed smoothly.

Be patient during the legal process

This waiting period can often feel like the hardest part. Typically, it takes about 2-3 months to complete all legal searches and documentation. Keeping in regular contact with your conveyancer helps keep everything on track.

Exchange contracts

After the conveyancing is complete, you and the seller will exchange contracts, making the transaction legally binding. At this point, you’ll sign documents to officially transfer ownership and set a date for completion.

Completion day – move into your new home!

On completion day, your mortgage lender will transfer funds to your solicitor, who will then send them to the seller. We’ll notify you once the legal process is complete, and you can collect your keys and move into your new home in Medway!

About us

CR Real Estate offer expert help with buying a house in Medway. With a range of properties across Kent, we’re dedicated to helping you navigate the home-buying process with confidence. Reach out to us here to learn more about how we can help you find the best house in Medway at a great price.

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CR Real Estate: Your trusted letting agent in Gillingham

Posted on by Sophie Winter

Are you a landlord in Gillingham or the Medway towns looking for a reliable and experienced letting agent? Look no further than CR Real Estate. As a leading letting agent in Gillingham since 2009, we proudly manage hundreds of properties across Kent. Offering expert advice and comprehensive services to ensure your property is well looked after. Whether you’re an experienced landlord with a large portfolio or someone renting out your home for a short period; our dedicated team has the knowledge and expertise to help you every step of the way.

Why choose CR Real Estate as your letting agent in Gillingham?

At CR Real Estate, many of our landlords have trusted us for over a decade. We’re locally known for our tailored approach to property management. Some of our clients are professional landlords, while others may be renting out their home temporarily while traveling abroad. Regardless of your situation, we understand the unique challenges landlords face. We work hard to make the letting process as smooth and stress-free as possible.

Our experienced and friendly staff are well-versed in the latest legal requirements. This includes the Housing Acts that outline both landlords’ and tenants’ responsibilities. We stay updated on changes in the law to ensure you’re always compliant, so you can have peace of mind knowing your property is in good hands.

Our comprehensive letting services

As a full-service letting agent in Gillingham, we offer a range of services to meet all your property management needs. Here’s a list of what we can provide:

Rent collection and monthly statements: CR Real Estate ensures rent is collected promptly, and we provide monthly statements detailing all transactions. If needed, we can even settle tradesmen’s accounts and handle maintenance repairs through our panel of trusted professionals.

Initial advice on letting your property: If you’re new to letting or just need some guidance, our team is here to offer expert advice to get you started.

Advertising your property: We advertise your property on all major property portals including Rightmove and Zoopla. As well as displaying it on our website, and feature it in our Gillingham office window, ensuring maximum visibility.

Tenant vetting and accompanied viewings: We carefully vet prospective tenants and personally accompany them to property viewings, ensuring only the best tenants for your property.

Legal advice: From tenancy agreements to notices, our trained staff can assist with all legal aspects of letting, ensuring compliance and smooth transactions.

Inventory and tenancy agreements: We prepare detailed inventories and tenancy agreements, and handle the renewal of tenancies on your behalf.

Regular inspections and maintenance reports: We conduct regular property inspections and provide reports on any necessary repairs or maintenance.

Energy performance and gas safety certificates: We arrange for all required certifications, such as Energy Performance Certificates (EPCs) and Gas Safety Checks, to keep your property legally compliant.

Landlords, rest easy with CR Real Estate

Once the tenant is settled into your property, our team at CR Real Estate remains on hand to handle any issues that may arise. We’re here to ensure that rent is always paid on time and that any maintenance concerns are swiftly addressed. Whether you prefer to use your own tradesmen or wish to leave the matter in our hands, we’ve got you covered.

As your dedicated letting agent in Gillingham, we offer the flexibility to cater to your specific needs. Whether that’s handling the day-to-day management of your property or offering a more hands-off approach where you simply receive your monthly rental income without hassle.

Tenants – find your perfect home with CR Real Estate

For tenants, CR Real Estate is your go-to letting agent in Gillingham and the surrounding Medway towns. Our ever-growing portfolio of properties means that new homes are being added all the time. If you’re looking for a rental property, we make it easy to find your new home. Simply use our quick property search tool. Or register with us, and we’ll notify you as soon as a suitable property becomes available.

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Autumn Budget 2024: What Labour’s new policies mean for homeowners, buyers, and the property market

Posted on by Sophie Winter

Today’s Autumn Budget 2024, delivered by Labour, has introduced several bold changes that will impact the housing market and, more broadly, the property landscape in the UK. With a strong emphasis on addressing housing supply, improving affordability, and enhancing tenants’ rights, this budget brings both challenges and opportunities for homeowners, buyers and investors. Let’s take a closer look at the key announcements from the Autumn Budget 2024 and how they could shape the property market.

Second home Stamp Duty rises from 3% to 5%

Starting tomorrow, buyers purchasing a second home will see a significant change in stamp duty, with an increase from 3% to 5% on the entire property’s value. This adjustment means that anyone buying a second property, such as a holiday home or investment property, will now need to pay an additional 2% on top of the standard stamp duty.

Currently, the second-home stamp duty surcharge is 3%, which is applied to the entire property value in addition to the regular stamp duty rates. But with this change, the surcharge will jump to 5% as of tomorrow.

How the Stamp Duty increase works

For instance, if you’re purchasing an investment property worth £500,000, the stamp duty would now amount to £37,500, calculated as follows:

  • 0% on the first £250,000 = £0 in stamp duty
  • 5% on the portion from £250,000 to £500,000 = £12,500
  • 5% surcharge on the entire property value = £25,000

This brings the total stamp duty for a £500,000 second home to £37,500. By comparison, buying the same property today would incur a total stamp duty bill of £27,500.

Chancellor Rachel Reeves explained that this increase is intended to support more first-time buyers and those looking to move homes by easing some competition from investors in the housing market. Current reliefs for first-time buyers and home movers remain unchanged.

Stamp Duty relief for first-time buyers and home movers continues

The Autumn Budget confirms that first-time buyers will continue to benefit from an elevated stamp duty threshold. This allows first-time buyers to pay no stamp duty on properties priced up to £425,000. For properties valued between £425,000 and £625,000, a 5% stamp duty applies to the portion above £425,000. Properties exceeding £625,000, standard rates apply.

For home movers—those selling one home to purchase another—the stamp duty threshold of £250,000 remains intact. Here’s how the rates break down:

  • 0% on the first £250,000 of a property’s price
  • 5% on the portion between £250,000 and £925,000
  • 10% on the portion from £925,000 to £1.5 million
  • 12% on the portion above £1.5 million

For a clear estimate of your potential stamp duty costs, use our partnered mortgage brokers Stamp Duty Calculator.

Increased Capital Gains Tax rates for second homes

The Chancellor also announced an increase in Capital Gains Tax (CGT) rates. Which impacts profits made from selling assets such as second homes. The CGT rate for lower-rate taxpayers (those earning under £50,270 annually) will rise from 10% to 18%. And for higher-rate taxpayers (earning over £50,270) from 20% to 24%.

For example, if you bought a second home for £500,000 and later sold it for £600,000, the capital gains tax would now be:

  • £18,000 for lower-rate taxpayers (up from £10,000)
  • £24,000 for higher-rate taxpayers (up from £20,000)

Although Rachel Reeves highlighted that this rate remains the lowest among European G7 countries, this increase may discourage property investors. With 12.5% of properties on the market currently former rental homes, the shift could lead to reduced rental supply, intensifying competition for rental properties and potentially driving up rental prices.

Inheritance Tax rules for property held until 2030

The Budget also extended current inheritance tax rules on property through 2030, maintaining the tax-free threshold at £325,000. For direct descendants, this allowance increases to £500,000, and to £1 million for properties passed to a spouse and then inherited by children or grandchildren. However, new rules coming in 2027 will include unused pension funds and death benefits within an estate’s value for inheritance tax.

What now?

The Autumn Budget brings significant changes for property investors and second-home buyers. With impacts likely to be felt across the rental market as well. First-time buyers and home movers can still benefit from current reliefs, but potential investors may approach future transactions with greater caution as these tax changes take effect. For more information, please contact us on 01634 570057.

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Are you concerned about what the Renters’ Rights Bill could mean for you?

Posted on by Sophie Winter

Halloween may be just around the corner, but for landlords, the real scares come from compliance risks and the major changes pending with the Renters’ Rights Bill. This reform represents a large shift in the private rental sector (PRS) and introduces new compliance requirements for landlords.

Here at CR Real Estate, we understand the pressures property owners face. Our tailored lettings and property management packages offer comprehensive solutions to help you navigate this challenging landscape, from tenant management to rigorous compliance checks. Here’s a breakdown of the key changes and how they could affect you.

Abolishing ‘no-fault’ evictions and the end of fixed-term tenancies

The Bill proposes eliminating Section 21 “no-fault” evictions and fixed-term tenancies, establishing a single system of rolling, monthly agreements for all assured tenancies. This means tenants will have greater stability, but landlords will retain rights to reclaim properties if they need to sell or move in themselves. Although this shift promotes tenant security, it may affect a landlord’s flexibility in regaining control over their property.

At CR Real Estate, our compliance packages ensure you stay informed and supported throughout this change, with updated protocols for tenant communications and handling possession grounds effectively.

New grounds for repossession

The new legislation creates expanded grounds for possession, allowing landlords to reclaim properties if they or a family member intend to live in them, or if they wish to sell. However, restrictions apply: landlords cannot initiate possession in the first year of a tenancy, and if they use this option, they are prohibited from re-letting or re-marketing the property within 12 months.

We support landlords with clear, compliant processes to regain properties when necessary, ensuring a smooth transition under these new possession grounds.

Meeting the Decent Homes Standard

The Bill extends the Decent Homes Standard to the private sector, with a special emphasis on remedying hazards like damp and mold, enforced under “Awaab’s Law.” This law ensures that landlords act promptly on dangerous conditions, with failure to do so resulting in enforceable penalties.

Our property management teams are compliance experts and are here to help landlords in achieving and maintaining these standards, identifying issues early to prevent long-term damage or tenant complaints, ensuring your properties remain safe and compliant.

Non-discrimination policies and renting to tenants with pets

The Bill makes it illegal for landlords to discriminate against tenants based on factors like benefits or family status. And it includes new measures allowing tenants to request pets in their rentals. Landlords may request insurance to cover any potential pet-related damages, balancing tenant rights with property protection.

Our experts ensure landlords follow non-discrimination policies, with guidance on fair tenant selection and requirements for pet accommodations, so landlords can confidently let their properties in line with the new laws.

New digital private rented sector database

A key change is the establishment of a national PRS database to record and track landlord compliance. This online registry will list all residential landlords and their compliance documentation, including certifications like gas safety records. Properties not registered in this database will be restricted from legal advertising or letting, with significant fines for non-compliance.

At CR Real Estate, we handle all registration and documentation for you. Ensuring that your entries are always updated and valid, protecting your ability to rent and advertise your properties.

Strengthening local councils and financial penalties for non-compliance

The Bill grants local councils greater power to enforce compliance and introduces financial penalties for non-compliant landlords, with fines reaching up to £40,000. This includes penalties for landlords who fail to join the new PRS Ombudsman service, which will mediate disputes and enforce fair treatment across the sector.

Increased transparency and accountability

Transparency is a recurring theme in the Renters’ Rights Bill. It requires landlords to provide a written statement of terms and clearly communicate rent increases. Which will now be capped at market rates and limited to annual adjustments. Tenants will also have the right to challenge any increase they believe exceeds market value. Additionally, landlords must now avoid rental bidding wars and stick to advertised prices.

To help landlords, CR Real Estate offers full compliance with these transparency requirements. Ensuring that all rental agreements are clear and meet legal standards, protecting both landlords and tenants.

CR Real Estate: your trusted partner in navigating compliance

At CR Real Estate, we understand that the Renters’ Rights Bill may create uncertainty. With our lettings and property management services, we provide a smooth, comprehensive approach to help landlords adjust. Our team manages everything from tenant communications to ongoing compliance, so you can relax while we handle the details.

Don’t let these new regulations keep you up at night. Click this link to register for more information and see how our expertise can help you stay ahead of these changes.

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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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Why you need an expert estate agent now more than ever

Posted on by Sophie Winter

Remember the days post-lockdown when selling a home was as simple as listing it on a property portal and waiting for the phone to ring non-stop? Those days are long gone. The current property market has become more challenging, requiring much more than just a ‘For Sale’ sign and an online listing. Selling a home today, especially in Medway, demands skill, expertise, and hard work, along with the ability to adapt to a fluctuating financial climate and an ever-changing market. If you’re planning to sell your home in the coming months, now more than ever, you need the guidance of an expert estate agent. Here’s how an expert estate agent can help you sell your property in 2024:

Tailored marketing for your property

Selling a property is not a one-size-fits-all process. A great estate agent will create a personalised marketing strategy specifically designed to showcase your home at its best. From professional photography to targeted social media campaigns, a skilled agent knows how to capture attention and attract the right buyers for your property.

Skilled negotiation

In today’s market, achieving the best price for your home isn’t just about listing it — it’s about smart negotiation. A knowledgeable estate agent has the experience to handle offers and counteroffers with finesse, ensuring you secure the best possible deal without losing potential buyers in the process.

Local market expertise

Understanding local market trends, pricing strategies, and the community is critical to selling your home. A well-informed estate agent uses this insight to correctly value your home, position it effectively on the market, and match it with the right buyers. Their in-depth knowledge of Medway’s property landscape gives you an edge over the competition.

Support throughout the whole process

Selling a home can feel overwhelming, but a reliable estate agent is there to support you at every stage. From answering your questions to guiding you through the complex steps of the sale, they make the process as smooth and stress-free as possible.

Efficient and effective sales process

An expert estate agent knows how to move your sale along efficiently. From conducting accurate valuations to handling legal aspects, ensuring proper staging, and maintaining communication with all parties involved, they keep the process on track. This means your property is sold quickly, without unnecessary delays.

The expertise and value a skilled estate agent provides can be a game-changer. Particularly when the property market becomes more difficult to navigate. If you’re considering moving, don’t tackle these challenges alone. Contact our experienced and friendly team today, and let us help guide you through every step of your home sale.

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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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Searching for an estate agent in Gillingham

Posted on by Sophie Winter

At CR Real Estate, we pride ourselves on being a professional estate agent in Gillingham and provide a comprehensive range of services for homeowners and landlords. We actively market your property to our extensive network of potential buyers and tenants. Ensuring it’s advertised on our website and all major property platforms such as Rightmove, Zoopla, and PrimeLocation. Additionally, your property will be showcased on our social media channels. By maximising exposure, we aim to secure the best possible price for your Gillingham property. With years of experience serving the area, CR Real Estate has built a reputation as a trusted and respected estate agent in Gillingham.

Gillingham area guide

Are you planning to buy or rent a property in Gillingham? We’re here to help you! Explore our website for available listings for sale and to rent or continue reading. According to Rightmove, the average property price in Gillingham over the last year was £316,000, with the majority of sales being terraced properties. Although the area offers a variety of housing options; including bungalows, semi-detached houses, large family homes, and apartments for both sale and rent.

What’s in Gillingham?

In recent years, Gillingham has undergone significant regeneration. Gillingham is also home to the Medway campus of the University of Greenwich. Along with many other popular primary and secondary schools in the local area. Modern apartment complexes with on-site amenities have been developed alongside the historic properties in the dockyard. The High Street remains a central feature of the area. Traditionally, property sizes increased towards Upper Gillingham. A pattern that largely remains today with larger homes found in Upper Gillingham and the Darland areas.

Newer apartment developments along the waterside and dockyard have introduced a refreshing mix to the Victorian-style cottages that were once predominant. Medway Maritime Hospital, located in Upper Gillingham, is Kent’s largest and busiest hospital. Operated by Medway NHS Foundation Trust, it serves a population of over 424,000 across Medway and Swale.

Travel links in Gillingham

Gillingham is well-connected by both road and rail, situated approximately 35 miles southeast of London. Gillingham’s train station offers regular services to London Victoria, London Bridge, Cannon Street, and St Pancras International. As well as connections and routes to the Kent coast and the historic city of Canterbury. Local bus services also connect Gillingham to nearby towns such as Chatham and Rainham, with frequent weekday schedules.

Looking for an estate agent in Gillingham?

If you’re looking to buy, rent, sell, or let properties in Gillingham or any other area in Medway, reach out to CR Real Estate. With over 129 years of industry experience combined, we provide expert guidance on every aspect of moving home, including mortgage advice.

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