Welcome to your monthly property update!

Are you hunting for your forever home this April?

Don’t worry if you have outgrown hunting for chocolate; spring is a good time to go house hunting as more fresh homes appear on the market. Houses look good at this time of year as nature comes alive again, so getting out and doing a bit of house hunting is nice after being cooped up all winter. You also get to see your potential home in its true light.

Finding your forever home takes time!
You could be lucky and cast eyes upon your forever home instantly, almost like love at first sight. Chances are, even if you fall in love with a home on first viewing, it might not tick all your boxes straight away. After all, forever is a long time.

The market
Right now, the market is in good shape. With the housing market being more stable, there is more choice, reasonable pricing, and a bigger scope for haggling, so now is a good time to pick up a bargain. Call it your forever home, but it does not have to be forever!

Explore
Don’t just go on viewings; explore beautiful and interesting homes with an open mind. Ask your agent as many questions as possible. Get us in on the act. Who knows what we may find for you? After all, we are expert property hunters.

Location
This is huge when considering a potential forever home. Consider the long, short, and medium-term needs of all in the household. From schools, work, and proximity to transport. In a rural location, think about walks, trails, or distance from your interests and hobbies. Don’t forget about life for your furry friends or other pets!

Scope for improvements and exetensions
From the interior to the electrical appliances to the general condition of the building, you must consider things from a long-term perspective. Will you be happy with the aspect of the rooms? Will you want to make major alterations? Perhaps you have a vision of open-plan, eco-friendly living?

Plans for the future
Whether you are planning on relocating, raising your grandchildren, or more, maybe this will be your forever home! Whatever story your home weaves, it’s important to get the details right.

Neighbours
If you don’t get along with the neighbours, forever might not last as long as you think! Take the opportunity to meet them. Have a chat and suss out whether you can see yourself living near them.

Budget
You can be as creative with your budget as you are with your property plans. You’re going to live there for a long time.

And if you are prepared to wait, you can plan the development of your property over many years. The story of your forever home may change as time goes on, such as needing a practical work-from-home space to help pay for the extension in later years!

Get in touch to see how we can help in your search for your forever home.

CHRISTMAS ILLUMINATIONS Babbacombe Model VillageDec 02 - 31 2023

Come join us for our illuminations with lots of Christmas sparkle and festive lighting.

Click here to read CHRISTMAS ILLUMINATIONS Babbacombe Model VillageDec 02 - 31 2023.

Why buying now could be a really great move?

Timing is often on the minds of many homemovers. You want more. You want to move, but you ask yourself: Is it the right time? This can be for an entire host of reasons, and in many ways, it does not exist. Often, the amount of time you have invested in a property supersedes anything else, including financial elements. If you have a lot of equity in your home or are a cash buyer, you probably don’t worry too much about interest rates. If you are moving to a region where you have more space for your money than your previous location, then you still stand to gain. Perhaps you are moving for emotional reasons, and while the numbers are important, they are not a priority. But if you are someone who likes to be a bit savvy, it’s all about anticipating the market ahead. In fact, average asking prices in October 2023 increased by 0.5%.*

2024 has been built on good years

Many properties have had a small fortune spent on them in recent years. If you are thinking of moving now, you will find a high standard of interesting, inspiring, and, in some cases, breathtaking properties. There are still plenty of projects to be found that are both characterful and modern, with a little room for improvement in the mix as well. Over the past few years, prices have rapidly increased, allowing your home to gain equity quickly. Yes. There was a little bit of a lull in 2022, but it was nothing like the bleak picture that the mainstream media painted. This allowed the property market and you to catch your breath. Letting off a little steam is a healthy thing; it prevents overheating and keeps the market stable.

Many home movers are making an early start

A lot of homemovers will put their homes on the market over Christmas, and many more will be viewing them; it’s become a tradition. As you feast on Christmas fayre your eyes can gorge on stunning homes and investments. Suddenly, it will be 2024, and offers, viewings, and more valuations will keep agents busy. But not in a frantic way. Though all this activity will keep prices healthy, unlike in recent years, they will not get carried away. This early momentum makes it a good time to find a property and plant a for sale sign at your address.

Get ahead of the market

There are positive signs that the market has stabilised thanks to settling interest rates. There is much talk of the property market ascending as 2024 progresses, so by moving now, you can get ahead of the curve. Prices may fluctuate marginally, but the strong demand for your home means your property will retain its value. So, buying now before prices start increasing more rapidly could be the way forward. Valuing your home correctly with a skilled and knowledgeable agent is critical.

Defeat higher mortgage rates

With the right mortgage advice, you may find that you are already further ahead than you realise. In October 2023, the number of mortgage products stood at 5,495, which is the highest in 15 years.** Moving home with your existing mortgage (known as porting) or taking out a longer-term could counter the effect of today’s higher interest rates.

Final thoughts

It’s understandable to feel a little anxious with so much change occurring in 2023. A lot of what is churned out in the media is negative, and this does not help. But by focusing on your unique situation with the right agent to advise you, there are many doors open to you that will lead you to the right home. In fact, buying now could be the best move you ever make.

Get in touch to get a true understanding of what is possible for your 2024 property plans

Rightmove*
Moneyfacts**

New year, new home, new beginning?

Here we go again! Another new year, another chance to find everything you are looking for in a property. Could 2024 be the year that you have all the right questions answered with a lovely new home?

A new year

With visions of a better year ahead for 2024 popping into your head, you are forgiven for feeling excited about moving. The Christmas break is the perfect time to start searching as thousands of properties magically appear on the market. Sitting back in your favourite chair by the fire when you have some time to take a step towards a better future is a nice way to relax. A new year always brings new opportunities. If you see yourself and your loved ones sitting in a better garden, enjoying a bigger kitchen, or beaming with smiles because you are living in the location you love, then talk to your agent. The past year has been strong and proves that the UK property market is extremely resilient. Buyer demand is still incredibly strong, and prices are stable. At this time of year, you have the best of all worlds. There is plenty of buyer activity, but also plenty of people who will wait until the market is in full swing in the spring. That means high demand with not-so-high supply, which could lead to a swift sale and the new home you have been looking for.

A new home

The past few years have been eventful, but 2024 looks like it could be the year in which things settle down, which is why many people will choose to do exactly that. Making new friends in a new location, even if it’s in the same town, is an opportunity to make a fresh start. Decluttering your life from all the stuff you have collected over the years is a liberating experience. There is something extra special about doing this as the year begins. Are you craving a better property with a garden and an outdoor living area to cherish, that is, energy-efficient, full of character, cosy, and airy at the same time? Could a move mean a better education for your children? Could it lead to a happier life? Create a healthier life closer to family? A holiday home or a buy-to-let investment? Whatever you are interested in now is your opportunity to make a move before the property market takes off again.

A new beginning

There is so much to feel positive about as we head into 2024. Interest rates are stabilising, leading to lower mortgage rates and an increase in the number of mortgage types available. There is more time to pay with longer terms, interest-only options, porting, green mortgages, guarantor mortgages, interest-only and offset mortgages, which allow you to use your savings to reduce your balance, meaning you pay less interest. Agents’ listings are full of properties that have had a lot of work carried out, elevating them to new standards. And the market looks nicely placed due to its steady pace built on solid foundations. This is based on high demand and a high rate of mortgage-free home ownership. Don’t be jealous; this helps keep the property market financially secure. In 2021, 32.6 percent of dwellings were owned outright in England.* The market has become more complex than ever, and properties are becoming more individualistic. It takes real expertise and market knowledge to optimise your home move, so you can make the most of your new beginning.

This is money*

Properties are selling faster than you might think

Are you thinking of selling your home but worried about how long it could take? The sale time may not be as long as you think. There are many different factors that can affect the speed of a sale, including pricing strategies, local market conditions, and property type. Let’s take a look at the average sale times of a range of property types and how you can make sure you secure a sale in good time.

Two-bedroom terraced houses shifting quickly

According to Rightmove’s November 2023 study, two-bedroom terraced houses sell faster than any other property type, with an average sale time of just 28 days.* This is primarily due to the fact that they are one of the most affordable property types, as well as the fact that they are relatively rare, accounting for just over 8% of properties on the market recently.* Three-bedroom terraced houses and three-bedroom semi-detached houses also sell quickly, in just 31 and 32 days on average respectively.* Flats also sell quickly, taking between 35 and 37 days on average, depending on the number of bedrooms.*

Larger properties are not far behind

You might expect sale times for larger properties to be much higher. However, the average sale time for a four-bedroom semi-detached house is just 39 days, with a terraced property containing the same number of bedrooms taking just two days longer.* Three-bedroom detached houses take just 43 days to sell on average, and even the property type included in the study that takes the longest time to sell, four-bedroom detached houses, takes just 47 days on average.*

The market has stabilised

The more eagle-eyed individuals may have noticed that these figures show an increase in average sale times compared to Rightmove’s 2022 study. However, this is not a reason to panic. It is simply the result of the housing market stabilising after the pandemic. Sale times are still relatively fast and should definitely not deter anybody considering selling their home.

What you can do to secure a sale quickly

There are several things you can do to ensure that your property sells quickly and smoothly. Firstly, it is important to price your home correctly, as overpricing your property may discourage potential buyers from making a bid. Making sure your property is well-presented for viewings also helps to secure a quick sale, as it increases the chances of someone liking the property and making a bid. You should also take advantage of an estate agent's marketing skills, as they can advertise your property using a variety of different strategies to find you a buyer.

Looking to sell your property? Contact us today

Rightmove*

Ten reasons why the 2024 property market is looking good

2023 was a better year than expected

Next year is already off to a good start on the back of a much less bleak 2023 than anticipated. Many doom-mongers had predicted the worst, but the annual national average asking price in November came in at -1.3%.* When you consider the rapid growth in prices over the last few years, this is insignificant. In fact, in October 2023, the monthly change in the national average asking price increased by 0.5%.*

Realistic pricing

There are no hard-and-fast rules. All properties are unique, and first-time buyer home prices have remained the most robust. This will continue in 2024. But with house prices no longer rapidly increasing, the market is in a better place and more reasonable pricing is prevailing. There is also slightly more room for negotiation on bigger homes. Because of this, it’s vital to value and price your home correctly in the coming year.

Stabilising interest rates

Interest rates were held at 5.25%** for the second consecutive time by the Bank of England in November after months of increases, thanks to falling inflation. This has created more certainty and stability as we enter a new year. There is a wider acceptance that mortgage rates will not return to the super-low levels of the past. This is ushering homemovers into getting on with their moves and not waiting any longer with a life-is-for-living attitude. And with many banks not passing on the increase in the base rate to mortgage rates, if there is another increase, then your mortgage will not necessarily cost you more.

More mortgage products to choose from

Your mortgage benefits from a more stable base rate. This leads to a greater choice of cheaper mortgages appearing on the market. Moving home mortgages or porting your mortgage allows you to move home with your existing mortgage. This year has seen an increase in mortgage support schemes and longer terms, which make moving with higher interest costs more affordable. A good mortgage advisor, like a good agent, can be the key to making your move more possible and can explore options such as offset mortgages, and interest-only mortgages. Next year, we should see a bigger increase in choice as the market settles.

As mortgage rates decrease property prices will increase

Some analysts predict that mortgage rates will decline in 2024 and that house prices will rise towards the end of the year. But there is little point in waiting for this to occur, as property prices right now are reasonably priced. Putting off moving to later in 2024, when mortgage rates may decrease, will not save you any money. As property prices increase, any savings you thought you might gain by waiting will be lost.

A returned-to-normal market

The market has returned to the more normal levels of 2019. With reasonable pricing, strong demand, and good levels of affordability, 2024 promises to be a better year. Prices could not continue to rapidly rise as they have in recent years. Looking ahead, the property market is strong, resilient, stable, and far less frantic than in recent years. This year has seen a re-adjustment and the re-emergence of a market that will allow you to enjoy your home move with more time and less haste.

The Christmas and New Year surge

In 2022, the number of views of homes for sale on Rightmove jumped by 20% between the week of Christmas and Boxing Day.* Thousands of homemovers start viewing properties over Christmas as homes appear on the market in time for the Boxing Day home viewing frenzy. Getting an early start to the year ahead will create renewed buoyancy in the market. Your home will sell quickly, and there will be plenty of homes for you to explore. Perhaps it is also hard-wired into many of us that we like change as a new year appears.

Good growth

With improved levels of affordability, a renewed vibe at the beginning, and an expectation of lower interest rates by the end of the year, 2024 is looking good. Many people are eager to get moving after postponing their plans to wait and see what happens. With competitively priced homes entering the market and this pent-up demand, 2024 could see good levels of growth.

Properties

Whether you are window shopping or seriously seeking the property of your dreams, you will notice a huge variety of beautiful properties appearing on the market. With for-sale signs sprouting on your street and property portals. Homes and investments in all locations, from first-time buyers to large, luxurious, or compact apartments, will give you a greater choice than in past years. And finally, you make your move to a better way of living.

Your agent will make it easy

Estate agents are evolving and being less rushed than in previous years, they will have a lot more time for you. But don't be fooled into thinking this is due to a lack of market activity. The market will remain strong, resilient, and buoyant and feel less frantic. Agents are connected to vast databases of homemovers and mortgage advisors, and with the ability to price your home correctly, they make moving easy.

Need any more reasons to make your move happen? Contact us

Rightmove*
Bank of England**

Shaldon Road, Combeinteignhead, TQ12

Olana offers an exceptional combination of location and views. The good-sized plot is secluded, offers a high level of privacy and adjoins fields.

£800,000

Click here to read Shaldon Road, Combeinteignhead, TQ12.

Wallfield Road, Bovey Tracey, TQ13

Excellently positioned in sought-after Wallfield Road, Bovey Tracey is this superb detached house packed with attributes sure to make the perfect family home.

£625,000

Click here to read Wallfield Road, Bovey Tracey, TQ13.