First time buyer numbers up, supply of houses down
The percentage of first time buyers buying homes has risen to the highest level since 2009, while the supply of houses has fallen, according to the National Association of Estate Agents – its figures indicated that first time buyer figures increased from 24% in October to 28% in November.
The number of sales reported by NAEA members fell to an average of nine sales per branch in November, down from ten in October. Of the average of nine homes sold overall per branch, an average of two was sold to a Help to Buy purchaser. The average number of househunters also dropped in November, down from an average of 332 per branch in October to 292 per branch in November.
At the same time, NAEA member agents reported a drop in the number of properties available for sale, down from an average of 53 in October to 51 in November, and that six out of ten houses in November sold for less than the asking price.
Review of 2013 farmland property market
“2013 has been an interesting year in the market for farms and land,” says Chesterton Humberts Head of Rural, David Hebditch. “As always we have sold a number of different properties across the South West to a range of purchasers. With the spring being later than normal this year, we advised a number of vendors to hold off marketing until slightly later than we would normally. With more leaves on the trees and temperatures up by four to five degrees, this resulted in a later and perhaps more intense selling season, which we have seen run right through into the Autumn.
“Generally, values of quality land and property have continued to grow across the South West during 2013. However, ‘quality’ is the key, and although we are experiencing high levels of demand for all types of rural property, whether bare land, ring fenced farms, or traditional rural estates, most potential purchasers are increasingly sensitive to factors such as accessibility, rights of way, location and land versatility.
“As the months went on, it became clear that the ‘lifestyle purchaser’ was returning to the market, with a number of farms luring cash from east to west, a trend we have certainly seen less of over the last four or so years.”
Quick house sales and the OFT
Following an OFT investigation, four national quick house sale companies have agreed to improve their business practices, including ensuring clarity in marketing materials, professional valuations, and promising not to reduce conditional or final offer prices without a valid reason.
OFT concluded that quick house sale companies can provide a beneficial service for people who require a fast sale of their home but identified some business practices that may not comply with the law and fall short of the standards the OFT would expect, such as giving misleading initial valuations, late reductions of the offer price and operating unclear fee structures.
Gaucho Rasmussen, OFT Director, Goods and Consumer Group, said: “Anyone who wishes to sell their home should always consider their full range of options. Should they choose to use a quick house sale company, we advise that they consider carefully what they are signing up to, ask questions and seek independent advice if they are unsure. Moving house can be very stressful and it is important consumers understand how a quick house sale differs from a more traditional type of sale and what this means for them in practice.”
Live in Advent
Today’s festive address is this four bedroom detached house for sale in Advent, Camelford PL32, on the edge of Bodmin Moor, on for £275,000 with Kernow Properties.
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