From 1st January the Stamp Duty exemption threshold is going back down to £125,000 from £175,000 so all properties that are currently "going through" in this range will need to complete on or before 31st December 2009.
Also VAT increases back to it's original rate of 17.5% from 15%, this will affect solicitors and estate agents fees plus many other fees and costs.
Thursday, 3 December 2009
MARKET UPDATE NOVEMBER 2009
As the nights have drawn in and the weather has been horrible, the month of November was quieter than October. This is the traditional seasonal slow down as we head towards Christmas. Having said that, most of the calls we receive and make are more positive, it seems that there aren't many people wasting time looking for a property unless they sincerely wish to buy one. Market appraisals are still fairly slow, but there are a good number of sales due to exchange and complete before the end of 2009, especially those between £125,000 and £175,000 so that the buyers are exempt from paying stamp duty.
Preparations in full swing for our Christmas Party to thank clients
Our whole team has been busy organising our Christmas Party which we are hosting tonight at The Castle House Hotel from 4-9pm. There are going to be a range of property professionals in attendance including: Accountant, Architects, Builder, Plumbers, Interior Designer, Financial Advisor, Solicitor and Energy Assessor / Home Inspector. There should be approximately 175 guests in attendance and we are looking forward to welcoming everyone.
OFT Report about Estate Agents - we aren't all bad!
OFT report says - Consumer satisfaction with the services provided by estate agents has improved
The Office of Fair Trading (OFT) last week published four research reports undertaken as part of its market study into home buying and selling. These comprise a survey of estate agents, a survey of trading standard services and both qualitative and quantitative consumer research.
Consumer satisfaction with the services provided by estate agents has improved - 88 per cent of both buyers and sellers were satisfied with the service provided by estate agents, a higher level of satisfaction than five years ago (72 per cent of buyers and 74 per cent of sellers). The majority of consumer complaints in the sector are about the individual buyer or seller on the other side of the transaction or their solicitor, rather than with the estate agent involved.
Most buyers said that the estate agent had described the options available for taking third party services, but did not push them - the majority (82 per cent) did not feel that they had received a 'hard sell'.
In the home buying and selling process, estate agents represent the seller. When asked whose interests they felt the estate agent from whom they bought their property was representing, 53 per cent of buyers felt that the estate agent was working equally on behalf of them and the seller, 40 per cent felt that the estate agent was working mostly on the seller's behalf, while six per cent felt that the estate agent was working mostly on their behalf, as a buyer.
Nineteen per cent of buyers said they had experienced a purchase falling through after they had made an offer that the seller had accepted - the most common reason for a sale falling through was another buyer made a better offer, followed by the buyer withdrawing after a survey showed problems with the house, and problems elsewhere in the chain
The Office of Fair Trading (OFT) last week published four research reports undertaken as part of its market study into home buying and selling. These comprise a survey of estate agents, a survey of trading standard services and both qualitative and quantitative consumer research.
Consumer satisfaction with the services provided by estate agents has improved - 88 per cent of both buyers and sellers were satisfied with the service provided by estate agents, a higher level of satisfaction than five years ago (72 per cent of buyers and 74 per cent of sellers). The majority of consumer complaints in the sector are about the individual buyer or seller on the other side of the transaction or their solicitor, rather than with the estate agent involved.
Most buyers said that the estate agent had described the options available for taking third party services, but did not push them - the majority (82 per cent) did not feel that they had received a 'hard sell'.
In the home buying and selling process, estate agents represent the seller. When asked whose interests they felt the estate agent from whom they bought their property was representing, 53 per cent of buyers felt that the estate agent was working equally on behalf of them and the seller, 40 per cent felt that the estate agent was working mostly on the seller's behalf, while six per cent felt that the estate agent was working mostly on their behalf, as a buyer.
Nineteen per cent of buyers said they had experienced a purchase falling through after they had made an offer that the seller had accepted - the most common reason for a sale falling through was another buyer made a better offer, followed by the buyer withdrawing after a survey showed problems with the house, and problems elsewhere in the chain
Better than national average in sale price achieved
In a nationwide survey by Hometrack, the proportion of the asking price being achieved currently stands at 93.2% in November 2009. At Cobb Property we achieved 98%.
Subscribe to:
Posts (Atom)
