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Five bed - Shrewsbury in top ten

04/12/2015

Shrewsbury is one of the UKs top ten choice county towns for family homes – with price rises averaging 27% for five plus bedroom homes in the past year.

Warwick takes the medal for the highest price growth for five bedroom homes, increasing from £519,000 to £799,000.

The figures revealed by premier global property service, Property Wire, have been welcomed by Alistair Hilton, residential sales town manager, with Balfours Property Professionals. This is good news and reflects the continuing growth we have seen in Shrewsbury.”

Significantly the top ten county towns are across the geographic spread of the UK, from York, to Exeter, Bristol and Northampton. Of 41 towns analysed, just 11 reported price deflation in the past 12 months, four of which were less than one percent.

Says Alistair: “County towns are a popular choice amongst residential buyers, especially those with children who are looking for larger family homes which represent seriously good value for money.”

He says this was illustrated earlier this autumn when a London buyer, pushed up by several under bidders, finally exchanged nearly £100,000 above guide price on a five bedroom house in Shrewsbury’s SY3 district.

“Like so many coming into Shropshire, this buyer appreciated that where Shrewsbury really scores is with its great infrastructure; private and state schools, services and amenities, with a fabulous choice of independent retailers, cafes and restaurants. People often tell me what a fantastic mix Shrewsbury provides and the bonus is a huge variety of rural landscapes close by too.

“I think parents also appreciate that Shrewsbury is a good environment as youngsters seek independence and want to socialise with their friends. County towns like Shrewsbury can provide a more self-sufficient environment for off-spring.”

He says that transport links, rail and buses are also easily accessed. For him personally being able to walk and cycle around the town is a major advantage. “We have so many picture perfect places within the centre which makes the whole experience of living and working in Shrewsbury very satisfying.

“Since 2008 the value of larger family homes has been squeezed – these figures illustrate very clearly that Shropshire’s county town market is coming back and strengthening very nicely,” Alistair concludes. 

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Changes in letting legislation outlined to professionals

27/11/2015

Shropshire professionals attending a Balfours Xtra seminar at The Mytton and Mermaid Hotel heard about changes to Letting laws and rules with the latest regulations introduced from October.

Speaking to some 70 professionals including lawyers and accountants at the annual Shrewsbury event on Tuesday this week, (November 24,) Senior Lettings Negotiator, Charlotte George, highlighted five significant changes to letting legislation including, tenancy deposits, smoke and Carbon Monoxide regulations, The Immigration Act, Retaliatory Evictions and Section 21 notices which have been implemented.

She said: “From the 1st October this year, the good news is that landlords are no longer required to serve notice on their tenants on a particular day of the month.  However landlords do need to be diligent when instigating a tenancy, issuing to the tenant a suite of documents including an Energy Performance Certificate, Gas Safety Certificate, deposit requirement and local government’s “How To Rent” brochure without these the landlords ability to serve notice will be affected,” Charlotte warned.

Genuine tenant complaints could also give tenants the right to stay in a property until the complaint is resolved. If it is a legitimate complaint which is issued in writing to the landlord, then the landlord must reply detailing the action to be taken and the timeframe this will happen in. If this doesn’t happen then the tenant can take the matter to the Local Authority. At this point the Authority can serve an Improvement Notice or an Emergency Remedial Notice – and once this notice is served it could prevent the landlord from being able to evict the tenant.

“We are advising any landlords to address potential issues; not only will this avoid complaints, but in our experience the landlord will attract better, happiertenants who are likely to stay longer,” Charlotte adds.

From February 2016 the Immigration Act will be placing a new onus on landlords, with heavy fines for those letting property to tenants who aren’t in possession of the relevant visas. Charlotte says all potential tenants must be validated for the right to rent in the UK: “Landlords or their agents are legally bound to check potential tenants have the unlimited right to rent in the UK, or that a valid visa is in place and in date.”

“The message is that compliance with letting law is getting tougher, so if in doubt ask a reputable agent,” Charlotte concludes.

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Stamp duty – likely to dampen Shropshire’s buy to let market

26/11/2015

Three per cent stamp duty on second homes, announced in the Autumn budget, will hold back the buy to let market and may impact on buy to let property value, reducing the prices.

Shropshire estate agent, Tim Main of Balfours, says that the move is the second significant blow for buy to let investors this year.

He says: “The reality is that stamp duty on a £150,000 property will be hiked up significantly after April 2016, from £500 to £3,800. This is the second financial hit for buy-to-let investors this year. The summer budget in July reduced landlords’ ability to offset mortgage interest costs against rental income. That change will be phased in between 2017 and 2020 and make many existing buy-to-lets unprofitable.”

He continues: “We don’t know full details, for instance what constitutes a second home? However it could well spike the buy to let market in the next few months, before the April 2016 deadline. That will initially step up the competition for first time buyers, but ultimately first time buyers are unlikely to face as much competition as they have experienced in recent years.”

Mr Main is less concerned for the second home, holiday market: “It might dampen enthusiasm and marginally reduced spend, but generally if people want, and can afford, a holiday home they will buy anyway.  On a £350,000 second home there will be an £9,300 extra stamp duty to pay taking the bill to £16,800; for a £450,000 property the stamp duty bill will be just short of £25,000 – which is nearly double the current cost.

“We have experienced a good year with SY1, 2 and 3 property values averaging 5% up, overall Shropshire property prices are very settled which is good for confidence, however house supply has been less predictable – perhaps yesterday’s announcement will encourage home owners considering a sale to progress pre April 2016.”

 

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AMC Down to Earth Winter 2015 issue

26/11/2015

The AMC have circulated their most recent Newsletter - you can read it here

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SY1, 2 and 3 up 5

25/11/2015

Properties in Shrewsbury residential areas have seen a three to five per cent rise in value this calendar year.

The statistics were revealed to some 70 professionals attending Balfours Xtra seminar at the Mytton and Mermaid, yesterday (November 24). Speaking at the event Balfours town manager, Alistair Hilton said: “Properties in the SY1, 2 and 3 areas have risen in value by three to five per cent, those in the SY3 were up by 5.29% according to Zoopla.”

“The change in stamp duty last December has had the greatest impact on the £250,000 previous price barrier, giving buyers an extra £5,000 to put into their deposit. Some of those that were stuck at the £250,000 threshold are now selling for £275,000 showing a 10% increase. Buyers have also taken advantage of the 0.5% base rate – with ‘Loan To Value’- LTVs being more favourable and accessible than three or four years ago, with LTVs of 95% now available.”

He also highlighted new build as a significant growth area, with the 2014 market accounting for 10%, while 2015 has seen a strong increase to 15.7% this month. He says: “First time buyers can now approach developers with no money and the developer will offer 5%, together with other help to buy incentives.”

Highlighting several speedy sales at above guide, he added: “Buyers are out there, we had one buyer coming out of London who identified the property they wanted and despite competition above the guide price, they secured the Shrewsbury property nearer to £900,000, almost £100,000 above guide. Timing and location are key,” he added.

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One bed perfection in sandstone

18/11/2015

An exquisite sandstone cottage, formerly a chapel in an idyllic rural setting has been launched to the market by Balfours Property Professionals. The Chapel, at Hopton, Nesscliffe, is equidistance of nine miles from both Shrewsbury and Oswestry, with local amenities in Nesscliffe half a mile away.

The ground floor comprises entrance hall and hallway, with independent access to the dining room, kitchen, bathroom and bedroom. A stairway from the hallway leads to a first floor living room with glazing to all aspect and unspoiled views to Hopton Hill, Nesscliffe Hill and the Welsh Mountains. The room also has a wonderful ceiling which is open to the rafters – adding to the spacious feel of the room which is 35 metres square.

Agent, Clemmie Daborn, of Balfours says: “This really is a one off and rare opportunity to purchase a one bedroom property. The Chapel dates back to 1833 and is just a sheer pleasure, well worth viewing.” The Chapel, which includes parking and garden, is marketed with a guide price of £150,000. For more information call Clemmie Daborn on 01743 353511 or visit www.balfours.co.uk

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