So, post Brexit, has the predicted slump in the property market hit us?

In the weeks leading up to the referendum, here in Salisbury, we saw a decline in both new properties coming on to the market and offers on existing properties offered for sale.

However the referendum result does not seem to have made any lasting impact here and new instructions, as well as sales agreed, are again on the rise.

In the short-term, we believe that the shortage of properties, both locally and nationally, has driven the market forward irrespective of our desire to remain or leave Europe.

We feel the more imminent threat to our local market is the stringent criteria applied to new mortgage applications making it ever increasingly difficult to borrow, and the length of time taken for local searches to complete.

The decision to leave Europe may have more of an impact on the local market over the medium to long term, but today we can say that we are cautiously optimistic about the future.

To book a valuation on your property call us on 01722 411151.

First time buyers……next time buyers……investment buyers…..we like to help everyone.
 
With the government’s flagship Help To Buy scheme, people now only need a deposit of as little as 5%. This has led to a huge demand in suitable properties and, along with increased confidence in the market, has resulted in escalating prices. Buy To Let investors have also regained confidence and are fighting off first-time buyers in the search for their next low-maintenance rental option.
 
In the UK at present there are, on average, eleven interested buyers to every one available property.
 
How do you make your offer look the most attractive?
 
Ensure you have a mortgage in principle already in place, and that you have a solicitor in mind. This shows the seller that you’re serious.
If the property is already rented out and the tenant is in situ, the seller is likely to choose the investment buyer for simplicity.
If the seller is very emotionally attached to the property this can affect their decision making. In this case, if you can demonstrate that you ‘love’ their home, the sellers will lean towards the less ‘business-like’ transaction.
Sometimes the seller needs to complete their sale by a particular date, and will choose time over budget. Demonstrate that you can meet their deadlines and you’ll be in a great position.
 
So whether you’re a first time buyer or looking for your next investment we can guide you through the process and may have a property to suit. But be quick – prices are on the rise.
 
If you are looking to sell your property we’d love to give you a free market appraisal – call us today on 01722 411151.
Why choose a traditional estate agent rather than an online agent?
 
Online estate agents are growing in popularity mainly thanks to their cheap fees, but would you trust them to handle possibly your most important financial transaction?
 
Personal service?
An online agent is faceless. There will be no local office. You will need to deal with the company remotely, generally by email or telephone call.
 
Online agents often have little or no knowledge of the local Salisbury market, recent sales in your area or any possible new developments.
 
Time consuming
In most cases you will need to conduct viewings yourself. You may even need to negotiate a price yourself. Once a sale has been agreed the hard work begins – you may find you have to do all the chasing from offer to completion; checking the chain and talking to lawyers.
 
Security
Around 30% of sales agreed never reach completion for various reasons. Traditional agents do not receive a fee until the sale is complete; it is in their best interest to work very hard to secure the sale of your property. Most online agents will take an upfront fee that is non-refundable whether your sale completes or not.
 
So when considering who you would like to use to sell your property, remember cheap is not always best.
 

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Strong demand for Buy To Let Properties

 
Here at Venditum we have seen a huge surge in demand for Buy To Let properties in central Salisbury, particularly in the price region of £200,000 or below.
 
The majority of these purchasers are cash buyers looking for a better return than that offered presently by banks. Finding a cash buyer for your home can often be advantageous. These transactions can be the most straightforward as there are no long waits or complications related to mortgage offers, and no complicated chains involved.
 
With the pending changes in pension rules meaning that large cash lump sums will be able to be withdrawn from pension funds, we can only see this demand increasing as investors seek good returns on their hard-earned savings.
 
So if you have a property that you think may appeal to a Buy To Let investor why not give us a ring and book a free valuation today?
We can provide you with a guide to how much your property may be worth and the type of buyers you can expect.
 
At Venditum we have a lettings team who successfully manage a portfolio of properties for our clients and have strong links with landlords who are looking for new properties. We can also guide first time investment buyers through the lettings process and offer a fully managed package or tenant find only service. This makes us perfectly placed to provide an exceptional service to potential investment buyers for your home.
 
To find out more contact us on (01722) 411151 or enquiries@venditum.co.uk
 
 

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Considerations when buying a house...

What are the most important factors to consider?
Buying a property, whether it may be your home or an investment opportunity, is a huge investment and therefore it is important to use reliable, professional people throughout the process that you can call on for advice. Being a first time buyer means you have nothing to sell yourself, hence no chain behind you which is hugely attractive to vendors.
 
What tips would you give to first time buyers?
Find out how much you can borrow before you start looking! It is a really good idea to visit a financial advisor who will be able to talk you through mortgage company processes and look at your finances to make sure you are in a good position to go ahead when you find the right home for you. Getting a mortgage in principal puts you in a strong position when making an offer on a property as it reassures the vendor that you have all your ducks in a row and are ready to move forward.
 
What are the most important thing to look for, and questions to ask, when viewing a property?
If the agent has done their job well, they should at the point of viewing have pretty good knowledge of the property and should be able to answer questions such as: When was the property built? Have there been any extensions? Are there building regulation certificates for any major works done in the property? Is it freehold or leasehold? Why are the vendors moving? Are there any right of ways over the property? Are there any plans for development in the area? If the agent does not have the answer to everything, ask them to find out for you. Visit our property buying advice page to help guide you through the process.
 
What kinds of costs should people factor in for the buying process?
Costs include conveyancing (Solicitors) fee which also include associated costs such as local searches and land registry fee. Find out from your Financial Advisor if they charge a fee for their services including mortgage application and survey fees from the bank/building society who will be providing your mortgage. Other costs to consider include removals and/or storage and of course your deposit for your mortgage.

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Applying for a mortgage - what to expect

The recent changes to mortgage applications have been well documented in the press, but is it so impossible to get the lending figure you need now? We have summarised the new procedure you can expect to go through should you wish to apply for a mortgage on your new home.
 
Mortgage lenders, and rates, will vary slightly depending on their requirements. This is why we would recommend you speak to an independent adviser who will be able to search the entire market, approach a range of lenders on your behalf and find the right fit for your requirements.
 
Advisers get paid in 2 different ways – by charging a fee (this could be a one-off fee for advice, or a fee that pays for advice throughout the term of your mortgage), or by commission, where lenders and insurers may decide to pay the mortgage broker commission for putting your business their way.
 
When looking at how much you can borrow, in the past lenders worked on income multiples. These days they base more of their calculations on affordability. So they look at the amount you have coming in each month and how much you spend. Spending can be broken down by calculating how much it costs to feed your family, childcare, a car loan, your energy bills and even a mobile phone or gym contract.
 
Lenders also need to “Stress Test”. This means they won’t just have to assess your mortgage’s affordability now, they will also need to see if your mortgage repayments are affordable should interest rates rise in the future.
 
Be prepared – this new process can take between 2-3 hours, so have all of your documentation ready.
 
This tightening of lending rules is a result of The Mortgage Market Review - the Financial Conduct Authority's attempt to clean up the home loans market after the easy credit boom of the 2000s that played its part in the financial crisis.
 
But it’s not all doom and gloom, a recent article in The Telegraph suggests that lenders are about to ‘loosen’ their criteria - read all about it here.

 

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enquiries@venditum.co.uk

 

49 Castle Street, Salisbury,
Wiltshire, SP1 3SP, UK