Angela Cornthwaite, Head of Property, Furness and South Lakes leading Estate Agency, Poole Townsend looks back on the local housing market during 2011 and predicts what will happen to the property market in 2012.
“Mortgage availability has improved, and we see this getting better throughout 2012, enabling more first time buyers to enter the property market. We predict low interest rates will continue for at least part of the year.” Angela Cornthwaite, Head of Property
Q: How did the local housing market fare during 2011?
A: Overall, 2011 was a good year with us exceeding our expectations. The total number of new instructions for all agents in our region was 3,139. Total Land Registry completions for postcodes LA7, 9, 11, 12, 13, 14, 15, 16, 17,18 and 20 were 1,549, of which we completed on 407 of them. This equates to us being responsible for the sale of 26% of all properties sold in the area – an amazing statistic when you take into account over 30 agents operate in this area
The second half of 2011 was much stronger with in an increase in sales and this continued through to the end of 2011 with new instructions remaining constant throughout the year. Although more properties are required to be listed, as demand is outstripping supply at present.
Q: What does 2012 hold in store for the property market?
A: We predict that local house prices will continue to remain static throughout 2012 and the continuation of low interest rates will encourage buyers to the market.
We predict that low interest rates will continue in 2012 and this will fuel a re-emergence of first time buyers and investors looking to buy property as a long term investment. Already, we are seeing increased optimism in the local housing market and are experiencing a good start to the sales year with more new properties coming to the market. The ease on mortgage lending and the re-emergence of 100% and 95% mortgages should help further lift sales figures for next year.
Q: I haven’t considered selling a house for a few years – what sort of things do I need to know?
• You now need an Energy Performance certificate before your house can be sold – This can be arranged at a relatively small cost and is something that Poole Townsend do as part of our selling package.
• There is lots of information now available on line for prospective buyers and sellers. We encourage clients to look at sites such as Rightmove.co.uk and Nethouseprices.com when contemplating a house move – See what price houses on your street have sold for and when.
• We have seen the emergence of property portals as the new way of marketing properties. Do check them out online. They will give you a better idea of house types, prices achieved and when, etc.
Q: And what should I consider when choosing my Estate Agent?
• Beware of over valuing – As stock levels are low, agents scrabble for the business and we are seeing an emergence of high values from agents struggling to get stock. Use the information available from agents and online and be aware that high prices will lead to low or no viewings and no sale!
• Visit the agent’s office(s). See how proactive their staff are. It’s a tough market at the moment and unless the team are actively encouraging viewings and getting clients contact details so they can do follow up calls, they won’t be best placed to sell your property.
• Ask whether the agent is charging fees – either up front or on withdrawal. Some agents (including ourselves) still operate a No Sale – No Fee policy, as we don’t believe you should have to pay a withdrawal fee if your agent hasn’t done their job!!
• Ask about their track record – How many sales have they achieved in the last month/quarter/year – How close to asking price are they managing to get their offers? What will they do to encourage interest in your property?
If you are thinking of selling your property in 2012, call into one of our six offices throughout Furness and the South Lakes and ask our highly professional valuers to visit your property, for a free valuation. And don’t forget at Poole Townsend we also have an in-house legal team who can help you with all aspects of conveyancing and independent financial advisors who can find the right mortgage for you.
