Author: nikkidaviesnew
Mortgage Q&A with Manchester Money
February 17th, 2021
I recently teamed up with my good friend and eXp colleague, Jason Simmons and interviewed the fabulous Holly Dawson of Manchester Money talking all things mortgages.
We hope you enjoy the video and let me know if you have any questions for Holly.
Thanks for watching.
Questions to ask yourself when considering moving home
February 1st, 2021
Making the decision to move home is without doubt one of the biggest you’ll make in your lifetime. Whether you do it only once or twice or whether you are happy moving every few years, it is important that you don’t make the mistake of buying a home that you’ll later regret.
Here are just a few of the questions you should ask yourself if you are thinking of moving:
Why do you want to move house?
Be very clear on this one. Really explore your motivation and once you have made the decision, you then need to detach yourself from your current home and focus on what you are looking for in your next one.
What is your budget?
Have you really explored this aspect? You may have used an online valuation tool to get an estimate of the value of your property but do bear in mind there are many factors that influence a valuation, not just what other properties sold for historically. And how much can you borrow? Always seek financial advice from an independent advisor – this initial advice should always be FREE. You may be surprised how much you can borrow and an advisor will help you figure out what is best in your situation.
Do you have the money to cover the costs of moving home – estate agent and conveyancing fees, stamp duty costs and removal fees?
These fees can add a not insignificant amount to a home move. At the time of writing, stamp duty fees are due to return to normal levels from April 2021.
Can you afford to decorate or repair a new house?
Another cost to factor in. Redecoration and unforeseen repairs. It’s a good idea to have a budget in mind for this.
Where do you want to live?
Do you want to stay in your current locality or is a complete change on the cards? Make sure you thoroughly research the area you are interested in moving to. Does the neighbourhood have good schools and local amenities? How good are the transport links? Where do you need to commute to and where do you spend your leisure time?
And finally…
Will moving house make your life any better?
Seems like a daft question but really think about it. Talk it through with your family and friends and make sure you are making the right decision for the right reasons.
I’ve worked in property for many years and, having moved several times myself, can view the process from both a professional and personal stance. If you are thinking about moving and want to explore any of these questions with me, I’d be very happy to help.
My aim is simple; to provide good, honest advice to home movers in Stockport and the surrounding areas and make the selling and buying process a positive experience for everyone involved.
A Stockport Agent’s Views: The Rightmove January HPI Update
January 26th, 2021
Rightmove released their January House Price Index Report on the 18th January 2021 – here’s a few of the key points and my thoughts around them…
NEW buyers are highly unlikely to beat the stamp duty holiday deadline as the average time to complete a purchase is now over FOUR MONTHS.
I say – its not impossible but you would need to be in a VERY short chain and have ALL solicitors, mortgage brokers, surveyors etc on board knowingly working towards the deadline. Communication is key throughout. And don’t forget, if you’re a first-time buyer purchasing a property under £300,000, you will be exempt from the tax regardless. Good news for those looking to buy a home in Stockport where the overall average price was £239,100 over the last year.
An unbelievable 613,000 ‘sold subject to contract’ properties are still awaiting legal completion, with Rightmove predicting around 100,000 will face an unexpected tax bill as they miss the 31st March cut-off.
I say – talk to your agent about contingency planning. There may be a workaround if everyone in the chain is on board.
Despite temporary market closures in 2020, people’s housing needs meant the number of sales agreed was up by 10% for the whole year versus 2019.
I say – lockdown stimulated the new trend of those looking to make a lifestyle change including type of property they want to live in and the location of that property which no longer needs to be so ‘commutable’.
More agents are now offering online viewings to help people find their next home safely, with house-hunters encouraged to shortlist properties before choosing which ones to go and see in person.
I say – this is good and bad. Even the best video tour or photographs cannot recreate the FEELING you get when you walk into your potential new home. How many times have you seen people discount a property they’ve viewed online? You’ve probably done it yourself. On the plus side, it’s the safest thing we can do in these circumstances and, some time and energy is saved on the part of everyone if the property doesn’t fit the bill.
My view – for what it’s worth
We will continue to demand more from our homes in terms of outside space such as gardens or balconies (where apartments are concerned) and flexible space inside that can adapt to our changing requirements such as office space, play rooms and the latest trend, garden pods.
We will also look to our local high streets to provide much of what we used to get by travelling into a major city such as Manchester. Coffee shops are massively upping their game and local independent retailers who have weathered the storm during lockdown will once again bring joy to the simple pleasure of browsing for ‘things’.
The ‘experts’ are dismissing ideas of a crash post-stamp duty but suggest that prices are likely to remain static as buyers refuse to pay a premium whilst there is continued uncertainty.
Facts and figures:
The average time to secure a buyer is around 57 days nationally. In the North West this is around 54 days. The average price of a property in the North West is £210,365.
The full report can be found at https://www.rightmove.co.uk/news/house-price-index/.
Remember this is just my opinion, if I had a crystal ball, I’d be a very rich lady!
My aim is simple; to provide good, honest advice to home movers in Stockport and the surrounding areas and make the selling and buying process a positive experience for everyone involved.
Stamp duty holiday until 31st March 2021
September 3rd, 2020
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"content_area": "For anyone who has been living under a rock, Rishi Sunak announced a Stamp Duty Holiday that will start with immediate effect.\r\n
So, what does this mean for those wanting to sell their property?\r\nChancellor Rishi Sunak’s landmark announcement of a stamp duty holiday until the end of next March is a huge boost for home buyers that will help get people moving and save movers thousands of pounds.\r\n\r\nThe tax threshold for home purchases has been temporarily increased from £125,000 to £500,000, in a move that has been widely welcomed by home hunters and the housebuilding industry.\r\n\r\nUnder the changes, homebuyers will not pay any tax on main homes up to £500,000 until 31 March 2021.\r\n\r\nIt has been calculated that the average stamp duty saving will be around £4,500, with nine out of ten buyers this year now paying no stamp duty at all on purchases. The change will also include second homes, however, investors will still be subject to the three per cent stamp duty surcharge.\r\n
What is Stamp Duty?\r\nMost run-of-the-mill residential property purchases over a certain amount (£125,000 in England and Northern Ireland) now require tax to be paid. This tax is known as Stamp Duty, or – to go by its full name – Stamp Duty Land Tax.\r\n\r\nThe amount you would usually need to pay depends on a few things, such as:\r\n
\r\n \t
- Where you live. Stamp Duty rates, bandings and discounts vary between England & Northern Ireland, Scotland and Wales.\r\n \t
- The value of your new property. There are varying rates of stamp duty, depending on how much your property is being purchased for. The more expensive it is, the higher the tax bracket.\r\n \t
- Whether you’re a first-time buyer. First-time buyers get a discount on their Stamp Duty. How much of a discount depends on where you live.\r\n \t
- Whether you own other properties. If you own other properties, expect to pay higher stamp duty rates.\r\n\r\n
My advice to potential buyers and sellers is to act fast.”,
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- \r\n \t
- Where you live. Stamp Duty rates, bandings and discounts vary between England & Northern Ireland, Scotland and Wales.\r\n \t
- The value of your new property. There are varying rates of stamp duty, depending on how much your property is being purchased for. The more expensive it is, the higher the tax bracket.\r\n \t
- Whether you’re a first-time buyer. First-time buyers get a discount on their Stamp Duty. How much of a discount depends on where you live.\r\n \t
- Whether you own other properties. If you own other properties, expect to pay higher stamp duty rates.\r\n\r\n
My advice to potential buyers and sellers is to act fast.”,
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Relaxed Planning Permissions Under New Laws
September 3rd, 2020
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RELAXED PLANNING PERMISSIONS UNDER NEW LAWS\r\n
New rules allowing homeowners and landlords to extend their homes and convert unused shops\r\nAs of September, homeowners will be able to \”fast track\” their home extensions, ministers have said.\r\n\r\nThe new laws cut waiting times from 16 weeks to just eight and form part of plans to modernise the current \”outdated\” system. Not only that but the new proposals also mean that shops no longer in use can be converted into housing without a full planning application.\r\n\r\nThe idea is that unused commercial properties can be quickly switched into homes to support the need for housing and ideally boost high streets too. Great news for highstreets that now stand empty due to the rise of online shopping but sad because it could spell the end of our beloved highstreet. Perhaps for a future article?\r\n\r\nSpeaking to the Sun Newspaper, housing secretary Robert Jenrick said he hoped the powers would be used to add space for elderly relatives or bedrooms for growing families.\r\n\r\n\”We are reforming the planning system and cutting out unnecessary bureaucracy to give small business owners the freedom they need to adapt and evolve, and to renew our town centres with new enterprises and more housing,\” he said.\r\n\r\n\”These changes will help transform boarded up, unused buildings safely into high quality homes at the heart of their communities.”\r\n
The Two Story Extension Law\r\nOne of the biggest changes in the news rules will allow families to build upwards without months of paperwork but there has been a lot of concerns over this.\r\n\r\nLocal Government Association housing spokesman David Renard, said: “The planning system is not a barrier to housebuilding with nine in 10 planning applications approved by councils.\r\n\r\nNeighbours have the right to comment on a development and \”should not be exposed to the potential of unsightly large-scale unsuitable extensions being built unchallenged and without scrutiny in their communities,” he said.\r\n\r\nMr Renard added: “It risks giving developers the freedom to ride roughshod over local areas with communities having no way of ensuring they meet high quality standards, provide any affordable homes or ensure roads, schools and health services are in place.”\r\n\r\nUnder the new rules developers will still have to comply with building regulations and consider the impact on neighbours and the appearance of the extension.\r\n\r\nBut some are warning there could be problems down the line if these reforms are not carried out carefully.”,
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The Two Story Extension Law\r\nOne of the biggest changes in the news rules will allow families to build upwards without months of paperwork but there has been a lot of concerns over this.\r\n\r\nLocal Government Association housing spokesman David Renard, said: “The planning system is not a barrier to housebuilding with nine in 10 planning applications approved by councils.\r\n\r\nNeighbours have the right to comment on a development and \”should not be exposed to the potential of unsightly large-scale unsuitable extensions being built unchallenged and without scrutiny in their communities,” he said.\r\n\r\nMr Renard added: “It risks giving developers the freedom to ride roughshod over local areas with communities having no way of ensuring they meet high quality standards, provide any affordable homes or ensure roads, schools and health services are in place.”\r\n\r\nUnder the new rules developers will still have to comply with building regulations and consider the impact on neighbours and the appearance of the extension.\r\n\r\nBut some are warning there could be problems down the line if these reforms are not carried out carefully.”,
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How will coronavirus affect the property market
September 3rd, 2020
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How will coronavirus affect the UK property market\r\nThe UK property market is currently enjoying a mini boom since reopening after the lockdown, but experts believe house prices could fall later this year.\r\n\r\nHere, I try to explain what’s happening to property values and offer some advice for those looking to move.\r\n
What’s happening to the property market?\r\nProperty markets across the UK are now open again, meaning estate agents are conducting in-person house viewings and buyers are able to move home once more!\r\n\r\nAll UK governments have also temporarily cut stamp duty. This means buyers could potentially save up to £15,000 in tax if they move home before next April.\r\n\r\nThe cut is designed to reignite the property market in the wake of COVID-19, though there are signs that the wheels were already beginning to turn. The property portal Rightmove reported 175,000 ‘missing’ sellers between March and May, but says it saw an ‘unexpected mini-boom’ in June after the market reopened around the UK. This resulted in the number of homes coming on to the market rising significantly.\r\n
How have house prices changed?\r\nIt’s too early to tell exactly what impact coronavirus will have on house prices, and it’s likely that the figures we see in the coming months will fluctuate significantly. The most reliable barometer of house prices is the Land Registry’s UK House Price Index, but this was suspended due to too few transactions taking place.\r\n\r\nRightmove relaunched its own index last month, reporting that asking prices have increased by 2.4% compared to the period before the lockdown, to reach a record high of £320,265. While Rightmove’s data gives an indication that sellers are asking more for their properties, its conclusions are based on asking prices rather than sold prices, so it’s difficult to get a handle on how much buyers are actually paying.\r\n\r\nOther indices have reported mixed results. Nationwide says house prices fell by 0.1% year-on-year in June, while Halifax found they increased by 2.5%.\r\n
To find out how property prices have changed within your area, contact me today. I am here to help.”,
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How have house prices changed?\r\nIt’s too early to tell exactly what impact coronavirus will have on house prices, and it’s likely that the figures we see in the coming months will fluctuate significantly. The most reliable barometer of house prices is the Land Registry’s UK House Price Index, but this was suspended due to too few transactions taking place.\r\n\r\nRightmove relaunched its own index last month, reporting that asking prices have increased by 2.4% compared to the period before the lockdown, to reach a record high of £320,265. While Rightmove’s data gives an indication that sellers are asking more for their properties, its conclusions are based on asking prices rather than sold prices, so it’s difficult to get a handle on how much buyers are actually paying.\r\n\r\nOther indices have reported mixed results. Nationwide says house prices fell by 0.1% year-on-year in June, while Halifax found they increased by 2.5%.\r\n
To find out how property prices have changed within your area, contact me today. I am here to help.”,
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