Why 2015 has been a fantastic year for property sellers in Essex and Kent

Recently released data from property portal Rightmove has revealed the most in-demand property hotspots in 2015. And it makes for good reading for sellers from parts of Essex and Kent that we at Balgores Property Group operate in.

Demand for property hit an all-time high in 2015, with 110 million visits to Rightmove from house-hunters per month.

Average asking prices also leapt across the country, with Kent performing particularly strongly. Of the top ten highest new seller asking price growth areas outside London, four of the top five were in Kent. This includes Gravesend, where we have a prominent branch helping customers to buy, sell, rent or let a property. The town’s average asking price rose by 20.5%, from £214,308 to £258,232.

Speedy sales would also appear to be on the increase. Across England and Wales the average time it took for a property to sell in 2015 was just 62 days. Regionally speaking, the East of England – which incorporates many of our Essex offices – performed especially well when it comes to properties being sold in double-quick time.

Purfleet and South Ockendon, both places near to our branches in Romford, Upminster, Hornchurch and Basildon, were in the top ten quickest places to sell a property outside London – 28 and 29 days respectively.

For sellers, the prospects of pushing through a quick and smooth house sale – which is something everyone is striving for – are clearly much higher if you happen to live in the East of England.

What is known as the ripple effect – where people who are priced out of buying in London and the South East move to more affordable areas nearby – has helped to increase demand in places like Essex, Kent and Hertfordshire.

With the country’s well-documented housing shortage, demand continues to massively outstrip supply. This, in turn, is pushing up asking prices and giving sellers more leverage when it comes to negotiation.

January is typically Rightmove’s busiest month, so sellers would be well-advised to bring their property to market in time to take advantage of this surge in interest.

This year, Rightmove’s New Year rush lasted a little while longer – with the portal recording its busiest month in March. There is nothing to suggest that 2016 will be any different, with the property website expected to receive record numbers of traffic and page visits over the next 12 months.

For more information about how Balgores Property Group can help sell your home, please contact us at one of our many branches.

We have operations across Essex and Kent, from Gravesend to Upminster. To find out how much your property could be worth in the current marketplace, check out our free instant online valuation tool. 

http://www.balgoresproperty.co.uk/News/13339/Why-2015-has-been-a-great-year-for-sellers.aspx

Stamp duty changes mean now could be the perfect time to sell your home

It’s been over a year since the Chancellor George Osborne introduced a reform to the stamp duty tax system, hasn’t time flown!

These changes have impacted the property industry massively. So much so that over 87% of estate agents polled by My Home Move said that this was a good move for the property industry.

In the past year, homeowners have saved £1.9bn from the stamp duty tax changes - an average saving of £1,500 per every home purchase, according to My Home Move's calculations.

This opportunity for buyers to save money will have encouraged more people to go ahead and purchase homes over the past year as they are no longer being held back by the older, structured system.

The stamp duty changes are likely to have particularly encouraged first and second-time buyers, giving them a much needed helping hand on the housing ladder.

Back in December 2014 the reform was implemented; whereby the old 'slab' system of stamp duty was abolished, and a new progressive structure was introduced.

Under the new system there will be no stamp duty paid on any property purchase under £125,000, on purchases from £125,001 to £250,000 it will be 2% and so forth. These changes mean that anyone purchasing a property under £937,500 will save money.

The prospect of saving money really has encouraged an influx of buyers looking to purchase property under £937,500. This is great news for those selling property in Essex and Kent, where estate and letting agents Balgores Property Group operate.

In these locations, the average property price stands at around the £310,000 mark, and therefore buyers are likely to have financially benefited from the changes.

The stamp duty tax system got a further shake up last month too, when the Chancellor announced that second home buyers and buy-to-let investors are to pay an extra 3% on top of other tax payments.

As these changes don't come into play until April 2016, the housing market is predicted to see a large increase in these specific buyers looking to get their property purchase done and dusted by April.

Wise sellers should be aware of these changes and capitalise on the increasing demand. Not only is December a month where demand for property increases, (you only have to have a glance at the Rightmove figures over last year's Christmas and New Year period to see the amount of interested buyers), but now it will also be a peak time for buy-to-let investors and second home buyers.

If you have a property that you are considering placing on the market in any of the Essex or Kent locations that we sell property in, such as Brentwood, Chelmsford, South Woodham Ferrers, Basildon, Romford, Hornchurch, Upminster and Gravesend, then now could be the perfect time to sell your home for the best price possible.

Here at Balgores Property Group we market your property to its fullest potential, ensuring it attracts the attention it deserves. We have a range of client testimonials to show how our professional, transparent service helps you to achieve the best possible price for your home.

Get in touch with the property experts today for further tips and advice, or alternatively, we also offer potential sellers free instant online property valuations too. 

http://www.balgoresproperty.co.uk/News/13096/Stamp-duty-changes-mean-now-could-be-the-perfect-t.aspx