Property is in high demand at the moment and it is becoming increasingly important to seek professional advice from experts who can draw upon their real experiences locally. Chris takes this opportunity to share some of this experience and opinion with our local BBC radio station, BBC Radio Stoke.
Chris Stops, Managing Director, appeared as a guest on BBC Radio Stoke to discuss the current situation in the local property market. With years of experience in the local area and a wealth of knowledge about local property, Chris is extremely well placed to offer advice to anyone thinking about moving home.
Currently a shortage of property coming to the market is creating high demand resulting in some of our sellers being able to command higher prices than they would typically expect to achieve. This makes it a great time to consider selling.
2016 has also seen changes to the buy to let sector with new legislation being introduced. Potentially, a restriction in the number of properties to let could result in higher rents being demanded. Although that said, these changes to are designed to help First Time Buyers get on the property ladder. We have certainly seen an increase in the number of First Time Buyers contacting us along with the Mortgage Advice Bureau team, based within Heywoods, processing more mortgage applications for First Time Buyers. We know there are many people in rented who would love the opportunity to buy.
A shortage in the number of new build properties in North Staffordshire could lead to further issues in the supply of properties in the area. Buyers applying for borrowing against older housing stock can sometimes experience issues when lenders restrict the level to which they are prepared to fund the mortgages for these properties. Therefore, new homes can help to stimulate the market.
New build properties form a critical part of any development plan for a city due to an ever growing population. There is currently no policy available on Stoke on Trent City Council’s website however if you look at neighbouring counties; Stafford, Derby and Telford for example, they detail their plans clearly for new homes to be built. Housing is a really important part of any area and helps to develop a sense of community which is at the heart of a city.
Aspirational property is an important element also and part of any great city. We are regularly contacted by many buyers who simply cannot find anywhere suitable to move to. This once again restricts the supply as these people do not then put their house up for sale unless they can find somewhere to move to. These buyers often will move out of the area which is not what we want to see for North Staffordshire and has ramifications for the local economy.
Help to Buy has and continues to give many First Time Buyers a helping hand in getting onto the property ladder which is great news. People should be able to have the opportunity to own their own home and there are people in the local area.
Bungalows in particular are in high demand at the moment and with an ageing population, there is only going to be an increase in this demand. Typically, they are a requirement of over 55’s who may have had their children leave home or for anyone who may be experiencing mobility issues. We have a range of buyers registered with us looking to move to a bungalow.
Adding value to a property is a popular requirement and we are often asked how to add value to a property. Generally, kitchens and bathrooms sell houses. There are lot of innovative ways to show your property off when it comes to lighting, gadgets, kitchen islands and clever storage solutions.
Something different and out of the ordinary can also appeal to buyers, so for example you may want to add an en-suite to the bedroom of a terraced house as this is not expected and can really make a house stand out from other similar properties, is the space permits this.
Kerb appeal has always, and will continue to be important as this is often what will get potential buyers through the door. The frontage of the property is normally the first aspect potential buyers will see so it is ideal to make sure this is neat and tidy.
When showing buyers round the property, it is a good tip to leave the best features until last as they will make a lasting impression, and really show off your lovely home.
The team at Heywoods have years of experience and are always on hand to help, should you need it. Get in touch with our team on 01782 617 343.