Rightmove update on current market conditions and prices in Welling - November 2017

With last week's Budget announcement about the amendment to Stamp Duty for first time buyers up to the £300,000 mark there was an unusual positive surrounding the housing market. 

Sadly in the latter part of this year there seems to have been a lot of pessimism in general, and a lot of people appear to hold off moving, although what they are holding off for, and how long this will be, is unknown. 

At some point the corner will turn, and the market will improve. But Stamp Duty or not, that isn't now likely to be until January given the seasonal slowdown towards Christmas. 

A small positive on Stamp Duty should be applauded, but there were still some negative comments about it therefore pushing house prices up, largely from those that can't afford to buy a house of course.

In my opinion this is unlikely to be a direct influence as no vendor should suddenly decide to add another 10-20k to their asking price if they expect anything other than disappointment, but if demand suddenly improves as a result, then I suppose it could lead to Open Days and bidding wars which were very regular in the first quarter of 2017, but haven't been heard of since. 

So what is the latest in Welling?

Well, first and foremost, there is hardly anything available! This makes it even more surprising that what is on the market isn't moving, and so many properties across the board need to bed reduced in price before they finally sell, or the owner gives up and withdraws it until next year. 

In the month of October there were only 59 new properties put on the market in Welling, DA16. The lowest all year. You would generally expect that with less properties available, there would be greater competition amongst those that are, but as buyer numbers are also down, it all balances out. 

Despite a lack of supply in DA16, the market is still tough. Figures, Rightmove, October 2017

And in September there were only 61 new properties, as opposed to 80 odd in August. 

Less houses for people to buy, means less motivation to flat owners to put their property on the market in order to upsize, and as a result, amongst those 59 and 61 properties in the last two months, only 15 of them were flats (only 12 if taking out retirement flats). 

In short, if you are looking to buy a flat at the moment, good luck! Slim pickings. 

And that is why the negativity from some over the Stamp Duty amendment is even more baffling. Because at the moment you can get a "bargain". 

Whereas at the start of the year people were getting in to bidding wars and having to offer asking price, or even above, to secure the property they wanted, now you can make an offer 5/10/15k below asking price and have a pretty good chance of it being accepted. 

So if you are a first time buyer, moving from flat to house, upsizing from two bed to four bed, then all of the signs remain positive. There isn't much choice, but it makes sense to make the move. The only people it seems better to hold off for are the downsizers. 

If you feel like moving, or need to move, my suggestion would be that you still do so and take advantage. And if you are a vendor, remember, what you get for your property on its own is an irrelevance if you are then buying another, its one figure in relation to the other that really matters. 

Don’t forget to visit the links below to view back dated deals and Welling Property News.

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Budget 2017 - Stamp Duty changes, how will they impact on you and the Welling Property Market

Well I wasn't expecting that!

In the Budget report of Wednesday 22nd November Chancellor Philip Hammond made the announcement that with immediate effect Stamp Duty for first time buyers would be removed for anyone purchasing up to £300,000.

Whatsmore, if purchasing between £300,000 and £500,000, the first £300,000 would be exempt from Stamp Duty, again, only for first time buyers. 

This is great news for the lower end of the housing market, and for young first-time buyers so reliant on the Bank of Mum and Dad to fund their first step on to the housing ladder. 

But its bigger than that.

This will have a positive impact on the middle of the housing market. With first time buyers getting assistance on to the ladder, those looking to make a second step, from flat to house maybe, will have more potential buyers for their property, and find moving upwards easier. In turn, those looking to move from small house to large, or even retired people looking to downsize from house to bungalow, will find more activity below them, and more potential buyers for your property can never be a bad thing. 

In short, the more people getting on to the ladder, the more activity you are likely to see in general, so if you own a home already, this is good news. 

Will prices go up?

More buyers, and more activity, could in theory mean higher prices. But lets be realistic, it won't have an instant impact. What is more likely to assist in the short-term is a good news story about the housing market, it is just frustrating that the news has come at a time when we slow down until Christmas. A big January re-annoucement would be very welcome. It's a small step given the Stamp Duty amount in question is relatively low, especially with deposit requirements still being so high, but any step, small or otherwise, in the right direction is a good thing. 

Don’t forget to visit the links below to view back dated deals and Welling Property News.

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Welling Property Market update - November 2017

As we enter November and with Christmas approaching the housing market usually takes a slowdown. But rest assured, the fact some hold off until the New Year can offer a peak in January which benefits any seller. 

So what is happening in the housing market in Welling at present?

Find out with our November report here ... https://www.dansonpropertyservices.com/news-and-updates/

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

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Welling Property Market update - October 2017

The last few months have been challenging in the local area for sales. So what is the latest with the Welling Property Market?

Our October report is below. It shows, amongst other things, a decline in transaction numbers in the latter part of 2017 so far. 

For more please visit ... https://www.dansonpropertyservices.com/news-and-updates/

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

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What on Earth is going on with property prices in Welling? October 2017

The housing market is a funny place at the moment. With each passing week there seem to be differing reports of prices remaining static, some people believing they are already dropping or will drop, and some of my vendors still telling me they are on the rise!

No-one has mentioned a crash yet though, which I suppose is good news. 

But what about Welling specifically?

I've often put Rightmove stats on here over the months, so I have re-visited the figures going back a few months to see if there are any trends, and it doesn't help much!

In May there were 70 properties listed, yet in August 86, in a month when many people are away on holidays, or busy with weddings or with the kids being off school. The rental supply was up, but seasonally this is the norm. 

Available properties listed in May 2017

Available properties listed in August 2017

As a result of this increased level of stock, and with buyers away on holidays in August too, there were price reductions across the board. Over 33% of properties in the £350,000 - £450,000 price range were reduced prior to going under offer, and indeed over 25% of properties listed on Rightmove today in the DA16 area are showing as having been reduced since first arriving on the market. 

This does not mean prices are going down. It just means people are advertising them for more than they should, and then having to make the adjustment later. 

This is proven by the asking prices of properties over the same period, comparing May 2017 and August 2017, having increased. But these are asking prices, not sold prices.

Average asking prices at first listing, May 2017

Average asking prices at first listing, August 2017

Basic supply and demand applies in property even more than many other markets. There is more stock out there at the moment, and less buyers, you need to price your property correctly to sell, and you need to be open-minded regarding sensible negotiation on price.

And it seems a little daft to increase your average price, when there is more competition out there with more houses to choose from, only to have to drop your price 3-4 weeks down the line when the initial impact of hitting the market has been lost.

If you are serious about moving this side of Christmas, hit the ground running, price correctly and sell promptly, otherwise be prepared to give it 6-8 weeks which we're finding is currently the norm, but you will still sell. 

The market is not the best it has been, but things are still moving, and if you are upsizing, it remains a good time, as whatever you are buying up the pricing ladder will no doubt find themselves in a similar position to you, so negotiate that onward purchase well. 

If you need help with any aspect of residential property please do not hesitate to get in touch. 

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

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Welling Investment Property Specialist Danson Property Services Website

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Excellent Auction Result - a 16.5% return!

During 2017 I have highlighted on this blog many properties I consider to be good buy-to-let investments for landlords looking to grow their portfolio, as well as development projects. 

Well its about time we started demonstrating some of the results!

And its prompted by the sale (at last!) of Flat 5, 104 Southwood Road, SE9 which has been in various auctions this year. 

We recommended it as a potential purchase, for a good rental return, back in June of this year (link here ... http://dansonps.blogspot.co.uk/2017/06/welling-investment-property-of-week.html)

At the time the Guide Price was in the region of £90,000, with a tenant in situ paying £840pcm rent, offering a return of as much as 9%. A very good return, albeit for a small property. 

It appears that no-one appreciated the good deal in June and it remained unsold at auction, which I imagine was disappointing news for the owner. 

BUT ....

Better news for the new buyer! It was re-listed at auction in September and sold at £61,000. Not a great result of the seller, and I've no idea what prompted such a cheap sale, but what an outstanding buy-to-let return for the new owner. £61,000 outlay, with a return of £840pcm rent, is a rental yield of  16.5% !!!!! Unheard of in my career other than for high-rise unmortageable concrete tower blocks on horrible estates. 

Be sure to follow our blog, because if you have money to invest in property, we'll point you in the right direction. 

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

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Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

How is the property market in Welling? - September 2017

It never ceases to amaze me how the housing market can fluctuate up and down over time without any real explanation as to why to your average Welling resident, or even estate agent like me. 

Earlier this year, prior to the announcement of the General Election, our most popular type of property for sale was a three bedroom semi-detached house in the centre of Welling. Ideal for any family you'd think. We had a variety of modern and dated, large and small, with most near the station, ranging from £400,000 to £440,000. 

Without exception, every one of these houses, about six in total, when marketed led to numerous phone calls same day, an Open House that coming weekend, and in the majority of cases offers followed almost immediately. Four of the six sold at asking price, one at over asking price, and one fell through, only to be re-marketed and sold for a higher amount within days. 

So what's changed? Good question!

There is often a summer lull with people going on holiday, the kids are off school, wedding season, and just people wanting to enjoy the weather and relax rather than look at houses. Thankfully, with September arriving, a traditionally busy month as routine goes back to normal, and people look to buy in order to move prior to Christmas, you'd hope that is all behind us. 

So I thought I would do some quick research in to the current state of the market and what is available to purchase in Welling, DA16. 

There are currently 303 properties in DA16 on Rightmove, with 177 sold and 126 available. This is freehold houses only, ranging from 300k to 650k. That means 58% of houses are under offer. 

Bearing in mind most houses don't sell on the first day I thought I would look into the number of houses sold in the first 14 days of marketing. 

There are currently 53 houses on the market which have been listed in the last 14 days. And how many are under offer according to Rightmove? just two. Yep, TWO! With 51 available. 

This would have been unheard of in the opening quarter of the year. 

The fact is that people are still buying, but there are less of them, and if you want someone to purchase your property and not the one down the street, you best make sure when marketing you are pricing correctly, and presenting the house to the best of your ability. 

With 51 new properties available for a buyer to choose from, and as many as 20 in the core 375k-425k range, you best make your one stand out!

87 of the 303 properties in the DA16 area have been reduced ... 29%! So again, get it right and price and present correctly. 

But don't be concerned.

Finding a buyer is still perfectly achievable, it is just taking longer.

If you are upsizing, the chances are you may get a little less for your home than six months ago, but you'll probably get a discount off of what you are buying. Indeed, one of our clients moving out into Kent has recently negotiated an offer more than 50k below the asking price for a property on the market for over 12months, making the 10-20k potential "loss" on his one relatively speaking nothing to worry over. 

Things are tough at present, but if you are committed to moving you still will, but testing the market without the desire to see it through, is perhaps best left for 2018. 

For any advise of residential property, please do not hesitate to get in touch directly on kevin@dansonpropertyservices.com 

Statistics taken from Rightmove on 5th September 2017 and correct at the time of writing. 

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

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Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation