Category: Sellers

In the dynamic UK property market, understanding local trends is crucial, especially for those selling homes in East Grinstead, and the surrounding villages. While broader market trends are important, the local nuances of East Grinstead’s property landscape can significantly impact your home selling strategy.

The Importance of Correctly Pricing Your East Grinstead Home

Setting the right asking price for your East Grinstead home is more critical than ever. Overpricing can deter potential buyers, especially when they have a specific budget in mind. Homes priced above the market average for East Grinstead and its villages are likely to be overlooked in search results, leading to fewer viewings and interest.

An inflated price can also signal to buyers that you’re not serious about selling or open to negotiation. This can result in your property staying on the market longer than necessary, potentially leading to price reductions and a stigma attached to your listing.

The Impact of High Mortgage Rates and Regional Disparities

The current high mortgage rates are affecting buyer demand across the UK, including East Grinstead. This has led to a decrease in the number of properties sold. However, East Grinstead’s market shows resilience compared to other regions, with its unique appeal to buyers seeking village charm and proximity to London.

The Local Scene in East Grinstead

In East Grinstead, the property market has its unique dynamics. The area has seen an increase in properties coming onto the market, but with a slight drop in demand. This makes it even more crucial to price your home correctly to stand out in a competitive market.

The Future of East Grinstead’s Housing Market

While the immediate future may not show dramatic price growth, East Grinstead’s housing market is expected to remain stable. Factors like its desirable location, community appeal, and connectivity to larger cities make it an attractive area for a diverse range of buyers.

Conclusion

For sellers in East Grinstead and its surrounding villages, understanding these local and national trends is key to making informed decisions. While the market faces challenges, setting a realistic price aligned with local market conditions is essential for a successful sale.

Key Points

1. Correct Pricing: Essential for attracting serious buyers in East Grinstead.
2. Market Trends: Understanding local and national trends helps in making informed decisions.
3. Buyer Demand: Influenced by high mortgage rates and regional appeal.
4. Local Dynamics: Unique to East Grinstead’s property market.
5. Future Outlook: Stability expected in East Grinstead’s housing market.

FAQ

1. Why is correct pricing crucial in East Grinstead?
   Correct pricing ensures your property appeals to the right buyers and doesn’t linger on the market.
2. How do high mortgage rates affect East Grinstead’s market?
   They reduce overall buyer demand, making competitive pricing more important.
3. What makes East Grinstead attractive to buyers?
   Its village charm, proximity to London, and strong community appeal.
4. What should sellers in East Grinstead focus on?
   Aligning their asking price with current market conditions and buyer expectations.
5. Is now a good time to sell in East Grinstead?
   With the right pricing strategy, it can be an opportune time to sell.

To find out the current value of your home call our East Grinstead office on 01342 316 444 or click on the link https://mayhewestates.co.uk/arrange-valuation/

Mayhews 2025 Property Market Forecast

Nothing seems to stop the relentless march of property values, even with a stamp duty increase looming. It’s been a bumpy ride for the housing market in recent years, after Liz Truss’s disastrous mini budget of September 2022 created a surge in borrowing costs that have cost many households dearly.

But despite elevated mortgage and rent costs, the market last year has turned out to be “surprisingly resilient”, according to Nationwide building society. Experts had expected house prices to stay flat or fall, but average prices are expected to have risen by more than 3% in 2024, after falling by 1.4% in 2023.

Looking ahead to the new year, house prices are predicted to grow at a similar or slightly faster rate in 2025 – before accelerating to as much as 5.5% in 2026 – while record rent increases are likely to return to more normal levels, lenders and estate agents predict.

The for-sale market should get a boost as interest rates come down – albeit at a slower rate than was previously expected as inflation proves sticky – and people’s incomes could rise faster than house prices.

The average price of a UK home now nears £300,000 according to the lender Halifax, stretching affordability for many potential buyers. First-time buyers in particular have struggled to save up for a deposit after record rates of rental growth in recent years.

Forecasts from Nationwide, Halifax, Jones Lang LaSalle, Rightmove, Hometrack and Capital Economics range from 2% to 4% price growth in 2025. Activity in the housing market has been underpinned by strong wage growth – running at 5.2% in October 2024 – and slightly lower mortgage rates. The number of mortgages approved for house purchase each month rose above pre-pandemic levels towards the end of the year.

The Bank of England has cut interest rates twice this year, in August and November, to 4.75%. However, since Rachel Reeves’s autumn budget, economists and traders have scaled back their expectations for further rate cuts because the chancellor’s £40bn of tax rises are forecast to push inflation slightly higher than it would have otherwise been. That – coupled with sticky services inflation at 5% – limits the central bank’s scope to reduce borrowing costs.

Financial markets are expecting another two to three rate cuts in 2025, which would take Bank rate from 4.75% to potentially 4% by the end of the year. “Activity in the UK housing market is going to be holding up quite well, given the environment,” said Robert Gardner, Nationwide’s chief economist. “But we’ve got to be realistic about how much more it’s going to strengthen given those affordability barriers. They are likely to improve gradually in the period ahead.”

He added: “Lower interest rates will help, and income growth outpacing house price growth will also help. But it’s going to take time for that process to have much of an effect.”

Mortgage rates have edged higher in recent months but an increasing number of lenders have been able to make some reductions to fixed deal Mortgages. The average two-year fixed mortgage costs 5.46%, while the average five-year fix is at 5.23%.

Fixed mortgage deals below 4% that were on offer between late July and September have all but disappeared.

Sub-4% deals are important because it is a “psychological threshold”, said Tom Bill, head of UK residential research at the upmarket estate agent Knight Frank.

“We’re firmly back above 4% for anything that’s a two – or five-year fix, You have a certain amount of people that need to move because of schools and jobs. But when mortgages dip below 4%, you start to see more discretionary demand kick in, and that will be slower to come back.”

Lenders are likely to cut their mortgage rates in January to drum up business and “you may see the odd sub-4% mortgage even in the first six months, but I’m not sure you’re going to see that widespread choice of three-something-per-cent mortgages that we had late summer.” In addition, changes to stamp duty from 1 April are likely to generate volatility, property experts said, as buyers rush to complete before that date to avoid paying more as a result of a lower stamp duty threshold, and an extra band added into the stamp duty thresholds for second home purchases. So January to March should be busy, with a lull from April.

For tenants, 2025 should see private rental growth normalise, with average rent increases expected to fall sharply to 4% or lower. They rose by 9.1% across the UK in the 12 months to November, according to the ONS, and by 9.3% in England, a record high.

There had been an uptick in the number of available rental properties, and pointed to mounting financial pressure on tenants. “With average rents now close to 40% of incomes, many tenants are struggling to absorb further cost increases, despite rising wages. This has resulted in fewer people entering the market and more renters negotiating lower prices.”

However, some landlords may sell up, faced with the renters’ rights bill, reducing the number of properties on the market.

For expert advice on all things property contact Mayhews today….

Property Market Update for Surrey and Sussex – November 2024

Surrey:

House Prices:

• The average house price in Surrey is £500,300, which is 70% higher than the national average for England and Wales
• Detached houses have seen the most volatility, while flats and maisonettes have been more resilient

Sales Volume:

• November 2024 recorded the worst sales volume on record for Surrey, with only 681 transactions
• Epsom & Ewell had the strongest sales volume compared to last year, at 58% of the previous year’s figure

Market Trends:

• House prices in Surrey have fallen short-term but have risen long-term
• The base rate, currently at 5.25%, is expected to come down slightly in the coming months, potentially increasing buying power and house price growth

Sussex:

House Prices:

• House prices in Sussex have remained relatively stable, with slight fluctuations depending on the area
• The average house price in Sussex is slightly lower than in Surrey, reflecting its broader range of property types and locations

Sales Volume:

• Similar to Surrey, Sussex has seen a decrease in sales volume, though not as pronounced
• Coastal areas like Brighton and Hove continue to attract buyers, maintaining higher transaction levels compared to inland areas

Market Trends:

• The market in Sussex is expected to see moderate growth heading into 2025, with a forecasted 4% house price increase
• Rental demand remains high, particularly in more affordable areas, driving rental price growth

Overall, both Surrey and Sussex are experiencing a period of adjustment, with house prices stabilizing and sales volumes reflecting broader economic conditions. The anticipated reduction in the base rate could provide a boost to the market in the coming months.

For a more detailed look at the housing market trends click on the rightmove link below

House Price Index

If you found out tomorrow you needed to have open heart surgery, what kind of questions would spring to mind?

Here’s what I’d be asking…

What’s the success rate?

What are the risks?

What’s the experience of the surgeon? Both in terms of qualifications and number procedures carried out?

And maybe a few more too.

We can all agree that the more experience someone has in doing something, the more successful they will be at it, right?

So, back to selling your property

In my 15 years selling property, I can count on 1 hand the number of times I’ve been asked questions like:

What are the risks? (by the way, there are many when embarking on moving house)

What’s your experience? (how long have you been an agent and how many sales have you handled?)

What’s your success rate? (both in terms of % of asking price achieved, days to secure a buyer and sale agreed to exchange success rate)

So why?

Why don’t people ask these questions when they’re clearly REALLY important when it comes to having a smooth, minimal stress, successful sale?

Many people ask what are your fees and how much can you get for my house… then choose either the highest valuation or lowest fees, or both.

Yet 75% of the population don’t trust estate agents… maybe that’s because 75% of the population choose the wrong estate because they aren’t choosing based on enough research or the right questions!

You can see what I’m getting at here right?  Smoothly handling property sales (and negotiating the best outcome for a client) requires skill, practice, expertise, commitment and experience. Not £900 and a login area to get your house on rightmove.co.uk.

The ONE thing I would like you to take from this if you are planning on moving house/sell a property… THINK! It might sound cheap, but what is the overall cost?

Probably the most common question I ever get asked is: 

Should I find a suitable house to buy and then put my house on the market or secure a buyer first then start looking?

So here’s the answer, and it’s very simple… 

Secure a buyer for your property FIRST (assuming you need to sell your current property to buy your next).

Hopefully you would have done your research by speaking to estate agents, browsing online and driving round some areas you wish to buy in before even deciding to sell.

You need to make sure your expectations are realistic and by all means start viewing some potentially suitable houses to make sure what you will want to buy is realistic for your need.

But, don’t get too emotional and try not to fall in love with a house until you have an offer on your property.

Why? I have listed just a few reasons below:

If you are ‘proceedable’ (i.e. are able to proceed with the purchase if your offer is accepted), the reality is you will be taken more seriously by the seller and the estate agent.

If you fall in love with a house (because buying a house is an emotional decision), and then put your house on the market, it is unlikely the person selling your dream home will take it off the market and wait for you to sell. This increases the chances of you losing the house which will always put you under more pressure to sell your own property which could result in you accepting a lesser price, not to mention increasing your stress levels!

With a buyer behind you, you are likely to be able to negotiate a better price rather than saying ‘I can pay X amount WHEN I have a buyer for my house and IF I get the price I am expecting’’

Until you have an offer on your property (whether you’ve accepted it or not) you don’t REALLY know how much money you have available to spend on your next house.

So remember, find a buyer and then find a house to buy!

Often, when we decide to sell our property, we simply engage an estate agent and then ask them to market it immediately. However, putting your house on the market at the wrong time of year for your particular buyers may mean that your property launch is more of a dribble. You need early and strong interest from buyers who want to move, and that takes a little planning.

The key is to know your buyer and plan according to their timescale, not yours. Different types of buyers like to move at different times of the year, according to their own needs. It’s not healthy for your eventual sale price, or for your emotional wellbeing, to have a property languishing on the market for months, so the better you can plan your launch, the more likelihood there is that your property will sell quickly.

Who buys when?

Young couples and singles: First time buyers often begin their first home search very early in the year. Perhaps they have spent one Christmas too many at home with their relatives, and realised it’s time to move out. Their search often starts in earnest in January and February, and their purchases at the lower end of the market – apartments and terraced homes – then supports the second and third time buyer market – semi-detached and detached homes. This, in turn, supports the larger properties, and so the cycle goes on. One thing to remember about young couples and singles, is that they tend to look at lots of different properties, and as they are not in a hurry, their search can go on for months, and even years. So be patient with them, and let them take their time to make up their minds.

Families: Family buyers tend to buy at three distinct times of year: autumn, spring and early summer. Do you recognise the significance of these times? They are school term times. Buyers with children don’t usually like to house hunt during the holidays. First, they have better things to do, perhaps going on holiday, and second, it’s a whole lot more stressful viewing a home when you have a bored and whiny child to contend with. Mums and Dads tend to wait until the children are in school, so they can view the house in peace.

Downsizers: Older couples and singles usually prefer to look at homes during the warmer months, so bungalows and retirement
homes will often languish on the market over the winter time. The elderly don’t want to venture out to look at homes in the rain and snow, and nor do they want to move house in the winter time. For them, summer is the ideal time to sell, and to buy, and this type of buyer tends to look at fewer properties, and make their minds up more quickly.

If you know who is most likely to buy your home, you can plan your launch to market more effectively. Remember that the less time your home is on the market, the closer to your asking price you are statistically likely to get, so plan for a quick sale!

If you are considering selling a property and would like to chat over the best selling times or anything else property related, I’d love to hear from you!

Whilst your home might be flawless in your own eyes, there are certain things that can instantly put buyers off. We aren’t talking furniture or dodgy décor (although, try to modernise if possible), but aspects of the house that can turn a nose up in a second. With this in mind, we have put together our tips-  3 things to look out for, before the buyers descend…

Bad Smells – Even if your home resembles something from Good Housekeeping’s most desirable homes pages, if there’s a whiff in the air, the buyers are going to care. House smells are top of the list when it comes to putting buyers off. Smells range from cigarette smoke and pets, to mould and mildew lingering in the air. Unfortunately, noses become accustomed to certain smells over time, so ask someone who doesn’t live in your home to smell the air. Don’t be offended if you don’t like the answer; they’re helping you out. Get rid of any bed smells so potential buyers come in to a fresh and clean atmosphere, not one that is filled with spray to cover the smells.

Unclean bathrooms – The bathroom is one of the most important rooms that people like to keep clean. A bathroom can make people dislike your home immediately if it isn’t spotless; if the bathroom is grubby and has mildew, they will wonder what other dirt lurks beneath the surface of your property. Extra cleaning is a must if you want to sell your home. Scrub your bathroom to perfection, paint the chipped walls, put in a new rug and fresh towels, and buy a clean shower curtain. Open the windows when buyers are looking around to let in some fresh air.

Damp Rooms – If you have a basement and don’t use it as a functioning room, you may experience some damp issues. Often it is caused by rainwater seeping into the foundations, and doesn’t necessarily mean you have a fault within the grounds. However, buyers won’t see it like this. If they smell damp, they think cost, or a delay in moving in while the damp is removed. Or even worse, recurring damp problems. This is a red light. To remove damp smells, determine where any water from outside is going. The smell could be caused by the drains being clogged, or rain gutters full of leaves. Investigate and resolve, or lose a sale.

Little things can make a big difference, and any effort you spend now will all be worth it later!