ANDREW SNAPE ESTATE AGENTS

An odd time for the property market!

2011-08-27T01:50:00.001-07:00

What is the problem with the property market?

It is a funny thing the housing market, around the country the overwhelming feeling is that the property market is heading for another crash. The Land Registry have reported drops in prices throughout the country apart from London which boasts a modist increase of around 2% for the year.

I remember when the general rule was, if London was rising the rest of the country would too! Yet for most parts of the country this just does not seem to be happening. Infact everywhere is going down whilst London is going up!

Our offices cover Stockport, mainly postcode sectors SK2, SK7 and SK8 with SK6, SK3 and SK12 being border villages where we have property. The picture across these areas is mixed at best, all 3 offices are selling property and but each having to deal with their own micro markets, one showing prices at the same levels of 2007, one around 2006 levels and one seemingly floating around 2005 levels, yet all within 4 miles or so of each other.

So what is holding the market back....why are fewer properties selling generally (we interestingly have sold 31% more property in June/July 2011 compared to the same two months last year) but why generally is the mood so grim?

*Surveys show, the majority of people "WOULD" still like to buy rather than rent!
*Surveys show, may buyers think prices "WILL" increase over the next 5 years!
*Results show, "FEWER" Houses are being built!
*Facts show, "MORE" houses than ever before remain available on the open market!

SO why, when there is a demand for property, a stock of property, potentially a shortage of new homes and a clear indicator it could well be a buyers market out there and the perfect time to steal a bargain is property NOT selling across the country as well as they should be........

Mortgages! Mortgages! the vehicle to buy is just not there in the numbers the market needs to maintain it and see growth in the immediate future!

Deposit levels needed to get the best deals are still too high for most people and without the return of 100% mortgage (which most will agree) are far too risky, it seems to be a battle between the lenders lending more freely and prices having to drop to meet what perhaps the lenders are waiting for which is lower risk property prices.

I still get a little confused, because if this is the policy set out by lenders to wait for lower prices....take a £200k property, needing 20% (£40k) deposit to get the best deal.

That property at £160k if the market dropped 20% would still require a £32k deposit on the same basis to get the best deal. Now personally I think saving up £32k could be equally as hard as saving up £40k.......so what is the answer to the problem?

Does that £200k house need to be £70k so just £14k is needed to get the best deal, or by then will the lenders have introduced 100% mortgage again? or will more 95% mortgage be available as a result of lower prices....?

What is the answer? I certainly think a forced drop in prices is not the answer, as all this will do is send more people into negative equity and most of these will then stay put....it will be interesting to see where we are in terms of prices in 12 months time from now.

Any thing to tell us? Can you help others?

2011-05-08T05:53:00.000-07:00

Have you got an interesting property story to tell or need help on a property question!

Perhaps you have been left a property in a will and need some advice! or you are wondering what the best improvement you can make is to help raise the future value! or maybe you have a story on how you have had an experience with the local council planners and your experience is something you wish to share to help save others time and money in the future!

If you live in any of the SK7, SK8 or SK2 postal code districts please feel free to call us with any property questions or stories.

You can email richard@andrewsnape or call me on 0161 456 5505

We lookk forward to hearing from you!

Richard.

Happy 20th Birthday!

2011-01-03T03:44:00.000-08:00

WHAT AN ACHIEVEMENT!! - Back in 1991, Andrew opened up his first office in Bramhall and now 2011 sees Andrew Snape Qualified Estate Agents celebrating its 20th for selling and renting homes in Bramhall, Cheadle Hulme, Hazel Grove and surrounding areas.

In 1999 Andrew opened the Cheadle Hulme office which celebrated its 10th Birthday in 2009 and in 2010 the Hazel Grove office was opened and it is fast approaching its 1st anniversary in May 2011

So this year is a very exciting year for the company with 20 years a hard work and fantastic support from past and present staff and not to forget the past, present and future clients to whom we are ever thankful for their support!

Keep checking out our blog for exciting news about out company and if you have any suggestions on the content of monthly blogs and what you would like to read about, please do not hesitate to contact me on richard@andrewsnape.com

Have a great 2011 from everyone at Andrew Snape Estate Agents!

Search the Snape Stock whilst on the move!

2010-12-04T04:34:00.000-08:00

Do you have a mobile phone which is capable of allowing you to browse websites?

Rather than create an iPhone application we have recognised that many mobile phone users do not have iPhones, yet their handsets are as capable as the iPhone in using 3G or Wi Fi connections to surf the net!

www.snape.mobi is our website condensed for mobile phone internet use and has simple functions to allow you to search for the price of a property or perhaps see what else is on the market around you!

If you have an iPhone you can also save our mobile site home page as a one touch application icon to allow instant access, without the cost of having to buy an application or logging into iTunes first.

Simply type www.snape.mobi into your web browser on your mobile phone...WHAT EVER the model or make (as long as you have a mobile activated phone) and you can search through the Andrew Snape Stock where ever you are. (subject to network connectivity)

In early 2011 we are hoping to apply a GPS function which will allow you to search based on your location, meaning an even faster and streamlined service!

For more information contact Richard Pickford on 0161 456 5505 or email richard@andrewsnape.com

Finally have a Happy Christmas from all of the Andrew Snape team!

A GIFT TO YOU!

2010-08-18T04:59:00.000-07:00

There is no doubt that one of the major hurdles for any buyer in todays property market is the amount of deposit money needed to help fund your purchase and get the best mortgage deal! you may have a small deposit or none at all.....either way we may be able to help!

We now have a selection of houses which are offering up to 5% gifted deposits (subject to offer). If you are eligable for a mortgage which allows you to use a gifted deposit this could well be the answer to owning your own home.

Whether you have no deposit and need help starting out or perhaps you have 5% or more already and a futher 5% will mean you get a much better interest rate, one of our selected houses may well be your chance to get moving.

Not everyone will meet the criteria set out by the mortgage lenders who support these deals, but by calling our offices you will be able to find out if you can get one and if we have a vendor who will contribute towards your deposit.

More good news is that even if we dont have the right property for you, we may still be able to help you buy from another agent on the same scheme, simply call us to find out more!

Your house may be at risk if you dont keep up repayments or any other loans secured against it.

The Hazel Grove Office

2010-07-08T02:52:00.000-07:00

Today marks our 2nd month anniversary in Hazel Grove! Having opened on the 8th May 2010 the past two months have passed very quickly and already the office is fast becoming one of the busiest in "The Grove"

The Hazel Grove office looks after the Hazel Grove area and Offerton Sk2 and Sk1 post codes, the market is diverse in these areas, with a large turnover of property ranging from small bedsit flats to larger farmhouse type property, infact the price range is one of the most varied in th Northwest, with Hazel Grove alone offering properties priced between £60,000 to £1.95 million!

Are you thinking of selling? On the market with another agent and struggling to sell? Perhaps you are thinking of renting your home out or you are a buyer looking to purchase or a tenant looking to rent? Whatever your need we would welcome the opportunity to assist you.

Our new office can be contacted on 0161 456 5505 or emailed at hazelgrove@andrewsnape.com

FTB's Do they need more mortgage help?

2010-03-17T02:25:00.001-07:00

As reported on the BBC News website - Is this really the case?

Below is the recent article published on the BBC News Website dated 16th March 2010

First Time Buyers Face Prices Rises!

First-time buyers faced house prices that were 8.9% higher in January than a year earlier, government figures show.

The average price paid by those buying their first UK home was £149,924 in January, the Department of Communities and Local Government (DCLG) said.

This rose by 0.2% compared with December and was part of a general rise in UK house prices.
Mortgage lenders are still being fussy over custom, including requiring a significant deposit from new borrowers.

The Financial Services Authority said that the proportion of new lending at a loan-to-value of more than 90% accounted for less than 2% of new advances in the final three months of 2009.

Values rise
The DCLG said that average UK house prices were 2.2% higher in January than in December, with the typical home costing £207,159. This was 6.2% up on January 2009, the department said.

The less volatile three-month on three-month measure showed that prices rose by 4.8%.
The biggest rises have been in Scotland, but prices continued to fall in Northern Ireland.
On a regional level in England, prices fell by 1.5% in the North East, but rose by 8.1% in the South East.
END OF BBC STORY

Let us know your property stories! Are you struggling to get on the property ladder? Is it rising prices or lack of mortgage availbility to suit you?

What ever your story we would love to hear!

UK house prices 'lose momentum', says Nationwide

2010-02-26T00:14:00.000-08:00

The Nationwide Building Society reports today in the BBC that the rise in prices and upturn in activity has slowed in the past three months.

Is "Bad weather and The end of the Stamp Duty Holiday" possible factors leading to this? as suggested in the article.

Click or copy paste the link below in to your web browser to read the full story

UK house prices 'lose momentum', says Nationwide

http://news.bbc.co.uk/1/hi/business/8537618.stm

January and February so far for our company has shown no slow down in property sales, The biggest problem the market is faced with at present is a continued shortage of new houses coming to the market.

Whilst this continues, prices and interest will remain strong for those who are selling.

Are you thinking of selling? Do you know what your house is worth? Would you like to know what your house is worth? We charge nothing for offering our expert opinion, so feel free to contact us for some free, quality advice!

House Prices to Rise 10%

2010-01-29T08:17:00.001-08:00

HOUSE PRICES TO RISE 10% ????

The link below takes you to one report on this opinion (click or copy paste into your web browser)

http://www.telegraph.co.uk/finance/personalfinance/7100994/House-prices-to-rise-10pc.html

Is now the right time to buy?

Feel free to post your thoughts on what you think will happen to the property market in 2010.

TWITTER UPDATES

2010-01-13T10:27:00.000-08:00

Follow us on TWITTER.....!

As an alternative to being mass mailed property via some of the larger websites, follow us on twitter and receive updates when New Instructions, Investment opportunities and price reductions are added to our website!

Give it a try!

The right time to buy?

2009-12-31T03:39:00.001-08:00

Below is the latest Nationwide Report posted on the BBC News Website! If their predictions are correct then it does beg the question, Is now the right time to buy?

UK house prices rose by 5.9% in 2009, making some recovery from the massive falls seen last year, the Nationwide building society has said.

The rise in prices seen this year compared with a sharp fall of 15.9% in 2008, the lender said.

The average cost of a home went up for the eighth month in a row in December, rising 0.4% to £162,103.

However, the Nationwide predicted that prices would change little over the coming year.

"This year's recovery has to some extent been driven by transitory factors and there are reasons to believe that it will lose momentum over the coming year," said Martin Gahbauer, the Nationwide's chief economist.

"At the same time, there is no obvious catalyst on the near-term horizon that would trigger significant renewed falls in prices, such as a sharp spike in interest rates."

Surprise

Mr Gahbauer admitted that the past year's price increases had taken everyone by surprise.

At this stage, it seems likely that 2010 will see no significant house price movements in either direction

Martin Gahbauer, Nationwide
"Few could have foreseen this development at the start of the year, when the near-term price trend was still pointing to a repeat of the double-digit annual decline experienced in 2008," he said.

"Although house prices are still 12.2% lower than their October 2007 cyclical peak, they have now rebounded by an impressive 8.9% since their February 2009 trough," he added.

The lender said price increases in the past few months had moderated compared with those in the summer.

The Nationwide argued that although interest rates were likely to remain low, which would help mortgage borrowers, there was still uncertainty about whether unemployment would rise much further and whether cash-rich buyers could continue to be a significant feature of the market.

As a result, it argued that the outlook for the coming year was unclear.

"At this stage, it seems likely that 2010 will see no significant house price movements in either direction," Mr Gahbauer said.

"However, the experience of 2009 demonstrates how unpredictable the market is at the current juncture and that one should always be prepared for the UK housing market to surprise."

Strong decade

Looking back at 2009, the Nationwide said there were clear reasons for the unexpected upturn in prices.

"The re-entry of cash rich buyers into the market coincided with an extremely low supply of property available for sale, as low interest rates limited the number of distressed sales and a significant number of home movers decided to offer their properties for rent rather than sale," Mr Gahbauer said.

"This restriction in supply meant that even a relatively modest pick-up in demand was able to put upward pressure on house prices."

Looking further back, the Nationwide said that the past decade was the strongest on record for house prices, despite the recession.

Property values have risen by 117% since the end of 1999.

Taking inflation into account, the average home increased by 68% in value over the decade, compared with a 14% fall in real terms in the 1990s.

Will Prices Go Up or Down in 2010

2009-12-16T02:54:00.000-08:00

The big debate that every homeowner is keeping a close eye on!

If only there was a way of knowing the correct answer!

We would like to know your thoughts, Up or Down, Stay the same, answer our poll or feel free to post your answer with an explanation as to what you think they will do.

There is no right or wrong answer at this stage as only January 2011 will give us the correct answer. Perhaps you would like to tell us what you would like them to do!

If you would like any information on the property market, industry views or share an interesting property story, please feel free to post your comments!

Have a Merry Christmas and a Great New Year
From all of the Staff at Andrew Snape Estate Agents