July 24, 2023

lucy

In The PressProperty AdviceProperty Market Update

In The Press… The Spectator

In The Press… The Spectator 0

Property Acquisitions was quoted in The Spectator today, discussing what’s in and what’s out in the world of property. We mention annexes as a key property trend for 2023. Buyers that didn’t need an annexe before are considering them when house-hunting as they can be used as a back-up income stream. Rental income can cover increased interest rates. As an added bonus, the buyer can also get multiple dwellings relief from the stamp duty.

Read the full piece here where veg patches, wild lakes and flower meadows are very much on trend right now, whilst swimming pools, fixer uppers and sofas are on their way out…

July 7, 2023

lucy

Property AdviceProperty Market Update

Advantages of Entering a Less Competitive Market

Advantages of Entering a Less Competitive Market 0

After more than two years of a booming house market with recorded prices achieved, sealed bids, best and finals and cash buyers scrambling for the best houses, it is now clear that there is a shift as buyers are now dealing with higher borrowing and a far slower market. However, as a buying agent these are exciting times as this is always a good time to
 buy. Historically we can never be sure when to buy, and some experts may advise buyers to wait until 2024/25, but there are always good reasons to take the plunge prior to the predictions.
Offers are being made lower than the asking price:
In the current climate, offers close to or below the asking price are common. This means buyers have the opportunity to secure better properties at more realistic prices. However, it’s important to gauge the situation as vendors may change their minds or decide to rent out their homes instead.
Less competitive market:
With fewer buyers, the market offers more opportunities and less disappointment. Taking advantage of this uncertainty can be beneficial. To increase the chances of having a lower offer accepted, it’s important to be able to proceed quickly without needing to sell a house. Capitalising on a market of some uncertainty can prove very beneficial, but the key to having a lower offer accepted is being able to proceed and not have a house to sell.
Cash, or predominately cash:
Now is the time for cash buyers without a doubt as we enter a less competitive market. As buying agents, our ability to negotiate on price also offers them fabulous value on a purchase, whilst their buying power is extremely attractive to any vendor, especially if they can be flexible on a completion date. This is because it allows the seller time to find something to purchase themselves, putting them in a good buying position because they have a purchaser waiting in the wings.
Renters Should Buy:
As rents increase, it becomes more beneficial to pay for your own mortgage rather than lining a landlord’s pocket. It’s important to seek professional financial advice and explore all possibilities, as buying a property can be a great incentive and make you a property owner.
For more information about how Property Acquisitions can help you find your next home in West Sussex, contact Jennie Hancock at info@propertyacquisitions.co.uk.

June 30, 2023

lucy

In The PressProperty Market Update

In The Press… The Times

In The Press… The Times 0

Our Founder, Jennie Hancock, is quoted in The Times today, as most of our clients are reducing their budgets by around 10-15% at the moment to take into consideration an increase in their mortgage repayments. As Jennie explains in the article, history tells us however, that when the current situation happens with mortgage rate increases and property price adjustments, it’s actually a good time to buy a house, because properties can usually be bought for under the asking price. Sellers are being more realistic on their sale price now to achieve a sale especially with a good buyer that can proceed, so even though buyers feel they need to reduce their budget, it is still possible to find a good quality house in a sought after village, as there is more negotiating power. We always hope for capital growth, especially in the Golden Villages of West Sussex such as Selham, Graffham, Lodsworth, Lickfold, Lurgashall, Singleton, Chilgrove, Marden and Hartings, as there is still a huge buzz in the local market due to the scarcity of good quality homes.

For example, we have just exchanged for a couple who sold in London and wanted to buy a family house in a Downland village. They reduced their budget by 10-15% due to the hike in mortgage rates, whilst also using funds from an inheritance to reduce the mortgage repayments.

Read the full article here (paywall).

 

For more information about how Property Acquisitions can help find you find a house in West Sussex, contact Jennie Hancock at info@propertyacquisitions.co.uk.

June 7, 2023

lucy

Property AdviceProperty Market Update

Families seek long term homes, and downsizers are key in finding them

Families seek long term homes, and downsizers are key in finding them 0

Over recent years in the South East, especially the South Downs National Park, detached houses and village homes have jumped in popularity which has been heightened due to the pandemic, resulting in the increased numbers of working from home, space in the garden for an annexe /office. Many London families, and other counties wish to settle in the South Downs.

Trends are changing and we are seeing younger families buying their ‘forever home’ far earlier than in the 90’s and 00’s.  It was far easier to make smaller jumps in the property ladder years ago as related expenses were far lower.  Costs of moving such as stamp duty, is a huge financial commitment, and is a big consideration.  

Therefore buying a home to live in for many years is becoming more normal and more attractive as it is possibly the largest financial outlay in a lifetime. It is more common now for families to look at this as a ‘one off’ payment and pushing to their maximum purchase price in order to avoid encountering reoccurring payments when moving.

Who are living in these houses and how it will change in the years to come?

As the older generation often entering the final third of their lifespan, they have built up significant equity over decades and therefore are the ‘downsizers’ that are releasing their homes to families for their ‘forever home’  The older generation see this for themselves as an opportunity also to release capital and help their own children and possibly grandchildren to make their way into the housing market and provide in turn for them an easier lifestyle and smaller outgoings and pay off any remaining mortgage.

The “downsized properties” they will move to are usually with smaller gardens, closer to amenities, a shop and often a local pub and with a village community.

We are seeing this more and more often now as the jump from a first time buyer accelerates to the largest possibly that is affordable.  It’s interesting how the mindset has been on mortgage increases recently, but more and more buyers are considering initial outlay such as stamp duty and related expenses which they feel is just as important when it is spread over many years too.

Stock remains low as there is always hesitation for everyone to find these special homes which is why we all need to take the plunge and see who is thinking of buying and selling. As buying agents we keep a ‘black book’ of possible clients who intend to move, and this is how the wheels continue to turn off market.

May 28, 2023

lucy

In The PressProperty Advice

In The Press… Daily Telegraph

In The Press… Daily Telegraph 0

Property Acquisitions were featured in this interesting Telegraph article on the best hotspots for family buyers. In West Sussex, we have found that families are choosing homes that are immediately liveable but need work over time. Ideally these homes have space around them to extend in three to four years as they can afford and as their needs change because they don’t want to move again for another 15 to 20 years. Being closer to your child’s school than the station has become more important for the first time too. With more remote working being carried out, a drive to the station has become less important than the daily drive to school – people want a school run that will take no more than 15 to 20 minutes now.

Read the full article here (paywall)

May 22, 2023

lucy

Property AdviceProperty Market Update

How to avoid badly behaved house sellers

How to avoid badly behaved house sellers 0

Our Founder, Jennie Hancock, was interviewed recently by The Times for protective measures on how buyers can deal with badly behaved house sellers. Following a strong few years for the housing market, the industry has reported that some vendors (not all) believe they now hold all the cards, and are bending the rules and changing the goalposts at the last minute, often causing deals to fall through – even as close to when it’s time to exchange. Moving house is one of the most stressful and expensive things one can do in life, so for purchasers who are ready to exchange having paid for surveys, solicitors and other associated costs, it can be devastating financially as well as emotionally when a sale collapses. Of course, there are occasions when a vendor may have to pull out, but when they’re changing their mind for no good reason, it’s generally considered poor behaviour.

So what can buyers do to protect themselves from such a situation? Here are Jennie’s top five self-protection measures…

Offer a quick exchange and a long completion

I have long said that being flexible with a vendor on completion dates can often act in a buyer’s favour, and this is even more applicable in a market with a lack of stock and huge demand. Sellers can panic that they won’t have time to find a new property so pull out. This is especially pertinent with those in their sixties and seventies, who may feel reluctant to let go of a much-loved family home. So what we’re doing more of is a quick exchange to secure the deal, then a delayed completion date of six to twelve months. The critical thing is that the delayed completion date can be moved forward by mutual consent if needed to.

 

Engage a good solicitor

Engage a good solicitor who is going to be proactive, communicative, and excellent at moving things forward quickly. There’s nothing more off putting to a vendor than a buyer’s solicitor taking a long time.

 

Suggest a ‘rent back’ agreement

‘Rent backs’ are another good option to give sellers time to find the property they want too. This is an agreement between the buyer and seller that allows the seller to continue to live in the house after completion in exchange for rental payments for a set period of time. A typical scenario would be that we present a cash buyer to Mr and Mrs X, the vendors. We would then say to them ‘They are in a very strong position to buy your house, so if you’re not ready to move yet why don’t they rent it back to you for a year?’ This is often an attractive option for “the older generation of vendors. It stops them having to do a double move. However, it really only works when the buyers are mortgage free, because most residential mortgage providers would not agree to it.

 

Be a cash buyer

If possible, buyers should try and be cash purchasers. A vendor is less likely to walk away from a cash buyer because they are like gold dust in their eyes. Such purchasers can proceed quickly, are chain free and are less risk of the sale falling through because there aren’t any mortgage affordability tests to go through.

 

Retain a buying agent

Finally, find a good local buying agent. They will do all the fighting talk on a buyer’s behalf and manage any complications with the seller. Buying agents also provide vendors with reassurance that their client is a serious buyer due to all of the due diligence checks they have to do for proof of funding. This can help minimise the chances of a vendor messing around or walking away, tremendously.

 

For more information about how Property Acquisitions can help you find your next home in West Sussex, contact Jennie Hancock at info@propertyacquisitions.co.uk.

May 21, 2023

lucy

Company NewsIn The Press

In The Press… Telegraph

In The Press… Telegraph 0

Our Founder, Jennie Hancock, was quoted in a Telegraph piece today which includes top tips from various property experts on how to haggle on price. I talk about a deal I recently did for a client where we had a lower offer accepted in a sealed bid situation, thanks to a letter that was presented to the sellers. We included that our buyer’s parents had lived in the next village and she wanted to return to her roots. The sellers remembered her parents and wanted our buyer to secure her dream.

Read the full article here (paywall)

May 12, 2023

lucy

Company NewsIn The Press

In The Press… The Times

In The Press… The Times 0

I was recently interviewed by The Times about how buyers can protect themselves from poor sellers. I suggested a quick exchange and agreeing to a long completion to help give sellers enough time to find something else themselves, as this can help reduce the risk of a seller pulling out of a sale. Sellers can panic that they won’t have time to find a new property so pull out, but if they can get a quick exchange to secure the sale, then a delayed completion date of six to twelve months, this gives them extra time.

‘Rent backs’ are another good option to give sellers time to find the property they want. This is an agreement between the buyer and seller that allows the seller to continue to live in the house after completion in exchange for rental payments for a set period of time. However, it really only works when the buyers are mortgage free, because most residential mortgage providers would not agree to it.

Read the full article here (paywall)

April 9, 2023

lucy

Company NewsIn The Press

In The Press… Daily Telegraph

In The Press… Daily Telegraph 0

Our Founder, Jennie Hancock, recently had a chat with the Daily Telegraph about the second homes market, following a report by one of Britain’s major property groups which revealed the purchase of holiday homes has dropped and more are coming up for sale. Jennie said she has definitely seen this happening too. Several of our London clients have sold their principal property in the capital and moved permanently to West Sussex, whereas it used to be quite common for people to buy a second home in the countryside with a “lock up and leave” approach in mind.

Read the full article here. (paywall)

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