Rightmove Property Blog

Property Wisdom – Opt For A Win-Win Outcome

clairep — Wed, 08 Feb 2012 14:29:00 +0000

Property negotiations require give and take so keep a few ‘concession tricks’ up your sleeve and you’re more likely to get what you want, says property expert Laura Henderson.

Real estate negotiations don’t have to be a close combat affair if you abide by the golden rule of give and take. The ultimate goal is ensuring that both sides have a warm and fuzzy feeling about the deal on the table. The crucial point however, is, it’s a perceived deal – it doesn’t have to be in line with reality. As long as the buyer and seller feel they have gotten a property at a fair price or sold a home at a profit, they’re happy. It’s human nature after all - whenever we make a major purchase we like to be seen to have behaved wisely and done the best we could. So what steps should you to take to ensure a favourable outcome?

Launch a pre-emptive strike
Issues often crop up at survey stage, which can lead to wranglings over the asking price. Nip this ‘spanner’ in the bud by thoroughly assessing your home’s condition before you market it - you can then discuss any problems from a position of knowledge and insight. If you do find defects, flag them up with the buyer. That way, it will be far harder for them to haggle down the price at the last minute.

Pitch the price right
As bizarre as it may sound, pricing below the competition can ultimately put a vendor, back in the driving seat and a buyer in a ‘fair deal’ frame of mind. By undercutting the market and asking for 90% of the perceived value, a house will look like a ‘bargain’ compared to its neighbours. A vendor is also much more likely to achieve the asking price, as buyers will be shopping around for properties where sellers have already priced in incentives.

Don’t back your client into a corner
Stay flexible. Find out what makes them tick. Sometimes it’s not all about money. Very often it’s the small concessions that carry sway: the seller might not want to move out for another few months or the buyer might need the property at short notice. If you’ve gotten most of what you want and the other party is trying to wangle a few extras, then go with it, so they too can sense some “victory” in the bargaining process. Pride can be a deal breaker, so take a step back, and look at the whole picture. Is it a fair offer for you? If yes, then act accordingly.

Laura Henderson is a property columnist, author and investment expert. Her latest book Tricks and Mortar: The Little Book of Property Wisdom is out now on Amazon.

Be on TV – BBC ONE ‘Britain’s Empty Homes’

clairep — Tue, 07 Feb 2012 11:34:16 +0000

There are almost a million empty properties across the UK. ‘Britain’s Empty Homes’ on BBC ONE shows viewers how to unlock the potential of these abandoned buildings, revealing ways in which they can be brought back into use and transformed into dream homes.

With presenter Joe Crowley, the series offers invaluable advice for viewers looking to rescue a house for themselves and features ambitious renovations and inspirational transformations.

We are now looking for people to take part in the new series!

Are you a first time renovator house-hunting for your next home?

Have you bought an empty place, and would like some advice and inspiration on transforming it into your home?

Or perhaps you’ve already successfully renovated a property that might inspire more people?

If you answered yes to any of the above questions, the team at Ricochet would love to hear from you.

If you would like to find out more about how you or your home could be part of the new series, call 01273 224 820, email: property.series@ricochet.co.uk

Standard geographic charges from landlines and mobiles will apply and calls may be included in your telecom provider’s call package.

Rightmove First-Time Buyer Report – First-time buyers need ‘first-time sellers’

clairep — Mon, 06 Feb 2012 12:18:53 +0000

Rightmove’s Q1 2012 First-Time Buyer Report was released today and forecasts a marginal rise in prospective first-time buyer levels for the year ahead, but also finds evidence of a new hurdle on the path to home-ownership as a lack of choice increases the difficulty in finding a suitable property to buy.

The proportion of buyers who intend to purchase their first home over the next year has edged up to 24.3%, up 1.4% on last quarter and 1.5% year-on-year. However, analysis by Rightmove also finds that the number of new properties advertised for sale in the final quarter of 2011 was significantly down on the third quarter, with, crucially, flats and terraces in short supply. Around three in 10 respondents (29%) to our survey indicated that ‘finding a suitable property to buy’ was their single biggest concern around buying.

Read the full report here.

Miles Shipside, director at Rightmove comments:
“First-time buyer levels remain well below historic norm of 40%, but a slight increase of 1.4% on last quarter of those intending to buy for the first time offers some encouragement for the year ahead. The main issues of affordability and mortgage availability that have blighted first-time buyers over the last few years remain. Our research also provides evidence of an emerging new home-ownership challenge in the form of a lack of available properties that would typically be brought to market by first-time sellers.”

Each quarter Rightmove reports on first-time buyers’ single biggest concern around buying. Raising a deposit emerges as the single biggest concern for four in 10 of our sample (39%) and is again the most common response. However, three in 10 (29%) likely first-time buyers now state that finding a suitable property to buy is their main concern, a jump of six percentage points on last quarter. Rightmove analysis shows that this could be in part the result of fewer new properties being advertised for sale during the final quarter of 2011, especially the typical first-time buyer targets of flats and terraces. In the final quarter of 2011, the numbers of terraces and flats coming to market were down 31% and 28% respectively when compared with the previous quarter. With Rightmove seeing record traffic in January, a typically busy period in the home-moving calendar, there is less new choice to tempt first-time buyers at the start of the year.

Shipside adds:
“For first-time buyers who are itching to get on the ladder a lack fresh of choice in apartments and terrace properties must be extremely frustrating. Owners of these property types, typically first-time sellers, are being deterred from bringing their property to market for a number of reasons. A continued policy of forbearance by lenders and low interest rates means that the market is short of forced sellers. In addition, those wishing to trade up are suffering from a lack of equity, lack of confidence to stretch themselves financially and, in certain micro-markets, difficulty in identifying a suitable property that they would like to move to.”

To view the full report click here.

How would Rightmove’s Facebook fans describe their neighbours?

clairep — Fri, 03 Feb 2012 11:16:30 +0000

We asked our Facebook fans to describe their neighbours in three words and over 100 people responded. Here is a Wordle of how people describe their neighbours*…

Are you a fan of Rightmove yet? Head over to facebook and join the party!

*We've taken out the really rude ones!

Properties to view… House boats!

clairep — Tue, 31 Jan 2012 14:58:39 +0000

With the help of @RightmoveAddict, we've put together the best house boats on Rightmove.

It’s a buyers’ market, but especially in the north

clairep — Mon, 30 Jan 2012 12:37:26 +0000

Rightmove’s first Consumer Confidence Survey of 2012 was released today and finds that the public believes the property market balance of power currently lays firmly with buyers.

Over 60% of respondents are of the view that it is a ‘buyers’ market’ and just 13% a ‘sellers’ market’. There is also evidence of increased price confidence in the property market with the proportion of those forecasting prices to be the same or higher in 12 months’ time edging up to 66% from 62% a year ago. However, deeper analysis shows that both findings mask some significant regional and local variations which provide further evidence of an acute north-south divide and a property market pock-marked with localised micro-markets.

Shipside adds:
“On the surface it looks as though potential home movers are feeling a bit more positive about the outlook for property prices. However, hidden beneath is the real story that different market segments are performing very differently and that in all probability your price predictions will depend on your own local micro-market. While parts of the stock-starved south, and London in particular, are feeling relatively bullish about prices, the turmoil of the last few years has wreaked havoc in parts of the buyer-blocked north.”

It is worth considering the variations in national, regional and local price outlooks in the context of confidence. Rightmove’s survey asked respondents to indicate whether they believed that current market conditions favour buyers, sellers or whether the balance was about equal. 60% indicated that they felt that the ‘balance of power’ lay with buyers, and just 13% with sellers, giving a ‘market balance ratio’ of 5.4:1 – or 5.4 people who believe it is a buyers’ market for every one person who believes it is a sellers’ market.

Shipside comments:
“There is a clear north-south divide in both house price expectations and an even more acute contrast of opinion in where the balance of power lies. A shortage of stock and greater numbers of proceedable buyers lead those in the south to anticipate upwards pressure on prices and so a more tricky market for buyers to negotiate a price reduction in.”

To view the full report click here.

How would Rightmove’s Facebook fans describe their home?

clairep — Mon, 30 Jan 2012 12:08:38 +0000

We asked our Facebook fans to describe the place they live in three words and over 100 people responded. Here is a Wordle of how people describe their homes…

Are you a fan of Rightmove yet? Head over to facebook and join the party!

Win tickets to the world premiere of ‘The Best Exotic Marigold Hotel’

clairep — Fri, 27 Jan 2012 15:36:29 +0000

To celebrate the release of The Best Exotic Hotel, which hits cinemas on 24th February we are offering one lucky winner (plus a friend) the chance to join the all-star British cast on the red carpet at the film’s world premiere in London on Tuesday, 7th February,along with a goody bag.

Four runners up will also win goody bags which include a pashmina, scented candle, travel journal and wallet and a copy of the Deborah Moggach book on which the film is based.

A bit about the film:
For a disparate group of English pensioners (Judi Dench, Bill Nighy, Maggie Smith, Tom Wilkinson, Penelope Wilton, Celia Imrie and Ronald Pickup), retirement takes an unconventional turn when they abandon their homeland, enticed by advertisements for THE BEST EXOTIC MARIGOLD HOTEL, a seemingly luxurious sanctuary for “the elderly and beautiful” in Jaipur, India. On arrival, they discover that the hotel falls somewhat short of the romantic idyll promised in the brochure, but they are gradually won over by the ever-optimistic young manager Sonny (Dev Patel), and tentatively embark on a new adventure, finding that life can begin again when you let go of the past.

In honour of 'The Best Exotic Marigold Hotel’ we had a look on Rightmove Overseas and found these exotic properties in India:

Ten projects to tackle in 2012

clairep — Thu, 26 Jan 2012 10:42:28 +0000

Written by Andrew Dunning of APD Interiors
Read APD Interiors' blog here - www.apdinteriors.com

1 - Kitchen

If you have been living for too long with an outdated kitchen make this the year that you replace it. However before you start to get carried away by kitchens in glossy magazines you should decide on a realistic budget. The many elements of a kitchen can soon add up and you may have to comprise on some decisions. Start by measuring your room and then you can use an online planner to start to get some initial ideas and prices. Many kitchen showrooms will also provide free planning.

Give serious thought into your requirements, how much cupboard space do you really need? If your budget is tight consider using cheaper flat pack carcasses and spend your money on the appliances and other fittings. Faux Corian worktops are now available to give a luxury look for half the price of a solid surface worktop. However if after planning you realise your budget will be stretched too much, consider just replacing the doors to give you a new kitchen look for very little spend.

2 - Bathroom

A beautiful bathroom is near the top of most homeowners wish lists. However onerous the task of replacing your bathroom might seem it doesn’t have to be that way with careful planning. Begin by thinking about what you really want from your bathroom? Do you want a beautiful minimalist wet room or is your requirement a good quality family bathroom. When choosing your fittings do remember that you probably won’t redo it for many years. Don’t be tempted by fittings that are too fashionable – you will soon tire of a bright red basin however great it looks in a showroom. Also don’t be tempted by very cheap products – they won’t last and are just a false economy. Start by measuring the room, choose the fixtures and fittings you like and you can then calculate the cost – a bathroom designer will help you with this. Don’t forget to price everything or the new bathroom could cost way more than expected!

3 - Extend your home

Start to plan your extension now and you could be enjoying the extra space when Summer arrives. Due to changes in the planning regulations you do not always need to apply to the local council for planning permission to extend your home. However the Permitted Developments rules can be complicated so seek advice from your council first, and if your home is Listed or in a Conservation Area different rules will apply.

Once you have established if planning permission is needed you should draw up some plans of your proposal. An architect or interior design firm can do this for you. These plans are essential before you start any work so the builder knows exactly what they are building. Your designer will be able to assist you with specifying every aspect of your build – you will be amazed at just how many decisions you need to make. Many people also use the designer to project manage the building, and for a successful build I would highly recommend this!

4 - Decorate exterior of house + gutting

Exterior decoration is an often neglected aspect of home maintenance. However as these elements of your home can be exposed to harsh weather conditions it is essential that you regularly maintain them. Spring is a good time to do this once the air is less damp and the days longer. If you have wooden window frames that need painting plan the work over a number of weekends to ensure you do not get fed up when half way through! The key to a good finish on any decoration project is the preparation. The frames will need to be rubbed down and prepared before you start any repainting. Ensure any holes are correctly filled and also check that there is no evidence of damp.

When you are ready for the final top coat make sure you use exterior paint - this paint is designed for longevity in all weathers and should always be used for exterior woodwork. Also remember that you should regularly maintain the gutting of your home. At roof level the gutters often become full of debris and grass can start to grow. If this is not removed any rainwater will fall down the exterior of your home and could lead to damp problems.

5 - Refurbish your windows

Many UK homes have Victorian Sash Windows while the remainder will have a variation on a casement style window.

Sash Windows are lovely but they do let in a lot of air around the edges (approx. 6 sq cms on a badly fitting one). In addition the majority are single glazed. These two issues are very easy to fix at little cost to yourself and is a DIY job over a weekend. The gaps themselves can be fixed by the installation of brush strips. If you look at your window you will see that there is a strip of wood running around the edge of the inner window (the one facing the house) this is the retaining bead, and between the windows is the parting bead. These need to be removed and replaced with ones with brush strips. Search the web for “Sash window repair kits” and you will find what you need. The glazing can be removed carefully and replaced with “slimline” double glazing panels with no damage to the window itself , thus retaining its beauty. Don’t forget if you change the glazing you will need to change the weights, again the sash window repair kit will help.

Casement style windows can either be replaced in their entirety with sealed double glazing units, (please use wood frames and not plastic as it ALWAYS looks better, regardless of what the salesman tells you.) or refurbished. Search the web for a trade joinery company and ask them to make some up for you, much cheaper than a double glazing company. Alternatively you can seal the gaps in your windows by removing the hinged part and with a sharp plane and chisel reshape the window (if wood) to fit properly again and install a seal. Again you can replace single pane glass with glazed panels over a weekend yourself.

6 - Add a master bedroom ensuite

Adding a bathroom to your bedroom to create a master suite is a reasonably easy task if you have sufficient room. If your home currently only has one bathroom that is used by all the family an ensuite allows you to create space just for your use. The new bathroom could become a spa like room for you to escape the pressures of modern life!

Unless the available room is very large it is often best to install only a shower in this room, especially if the main bathroom already has a bath. You will then need to choose a basin and a WC, and allow for adequate storage. Providing adequate storage is essential if you are hoping to create a new calm bathroom. Wall hung furniture is also a good option if the new bathroom will be small as the room visually appears larger. Choosing simple tiles to complete the look wile ensure that the new room doesn’t look crowded and adds a very valuable room to your home.

7 - Landscape your garden

With inside space often at a premium, especially if you live in a city, you should ensure you make the most of any exterior space available. If you start to plan your exterior space now you can plant it up in the Spring and have a wonderful space to enjoy this Summer. When planning your garden consider your lifestyle and how you want to use the garden. If you have little time and want a garden for entertaining a large patio and low maintenance landscaping will be important. However if you want to spend time tending the garden you can choose different plants and maybe even include a lawn.

If your plans are simple you can easily take inspiration from other gardens and design it yourself. Plan and build your hard landscaping first and then supplement with the plants. Remember to consider the aspect and the soil type of your garden when choosing plants to ensure they flourish – and once you are done remember to water them!

8 - Renew or renovate your flooring

Over the last 10 years many homes have had carpet removed and wooden flooring laid. This has totally changed the character of our homes, but floors have moved on from when this trend first started and are now better quality. In addition a floor laid a few years ago will have begun to look tired. Laying a new floor or resurfacing the existing one will breath new life into your home and is an easy task to be carried out.

If you decide to relay a floor, try to avoid the cheaper end of the flooring market, paying a bit more for your floor will make such a difference to the end result, cheap laminate floors always look like cheap laminate floors regardless of how well laid. If relaying the floor, search the web for DIY tips on how to do this as the tricks of the trade make this job so much easier. Try to buy flooring that interclicks as this will facilitate easy laying. If your flooring is just tongue and groove, hire a floor nailer for the duration as this will ensure the floor is nailed down properly and will not move.

Resurfacing a floor is an easy task and can be done by any DIY’r. First sand the floor using a hired sand machine, starting with rough grade and then moving up to very fine grade gradually will the floor is totally smooth. Hoover the floor to get all the dust off, then in accordance with the manufacturers instructions apply a sealant using a roller designed for applying floor sealant. The results will amaze you.

9 - Convert your loft

If you have a good sized loft space this is often the best choice for increasing the space in your home without moving. Before you plan anything ask an architect or Interior Designer to review your loft to establish the potential. Do not just go to a local builder, loft conversions are complicated structurally and need careful planning. The available head height will be one of the major deciding factors to proceeding with a conversion. If you can’t get the required head height the space may be unusable but more importantly will not meet building regulations. A simple conversion can often be done under Permitted Development but if you want to change the roof line or shape you will need planning permission.

Once the potential has been proved you can think about what you want to use the space for – a kids playroom/den or maybe a new master bedroom suite? Both of these options would require a proper staircase so can this be achieved? If you just want additional storage you may be able to do a basic conversion to provide extra space? Plan every aspect before you start and your loft conversion should be a painless process.

10 - Plan a new colour scheme for your home

One of the easiest ways to refresh your home is to plan a new colour scheme. Recently the trend has been to move away from a very neutral palate and introduce more colour into our homes. If you are still living in a very neutral 90s home grab yourself a colour wheel and plan a more exciting scheme for your home.

Adding a feature wall is one easy way to add colour, especially if you are not feeling brave enough to go full on with colour. It also allows you to easily the redo the wall if you want to change the colour. Your chosen colour scheme will depend on your style – you could add colour in a wild and wacky random way, or maybe your style is more towards a neutral base with splashes of bold dominant colours around your home. If your budget is tight you could just add colour through the accessories. The high street now carries a great range of soft furnishings – and the low prices also mean they can easily be changed when you tire of this year’s colours and want to update the look.

London micro-markets continue to buck the trend

clairep — Fri, 20 Jan 2012 13:00:14 +0000

London starts the new year again proving it has its own micro-markets where housing demand continues to outstrip supply. New sellers in the capital have had the confidence to increase their month-on-month asking prices by 0.8% (£3,453), compared to a fall of 1.5% in the rest of the country (£2,792).

This is a continuation of the trend seen over the last year, with asking prices in London now 6.1% higher than a year ago. The rest of the country recorded a combined fall of 1.7% over the same period.

Miles Shipside, director of Rightmove comments:
“Depending on local market conditions, there are differing pressures on the direction of prices. The lack of property coming to market in the London area over the last year combined with buyer demand has helped to buoy new sellers’ asking prices in most locations. Prices will be receiving a further boost as estate agents compete to attract fresh stock for the year ahead.”

There have been more than 44 million property searches on Rightmove during the first ten days of 2012. While this doesn’t necessarily indicate a surge in proceedable buyer numbers, it does highlight a strong pent-up demand to move and is also a reflection that value-seeking buyers who can proceed are taking extra care to research the market. January often sees the beginning of a ‘spring bounce’ in the prices of properties coming to market, and there is again evidence of this in 2012, where the overall monthly period rise of 0.8% in new seller asking prices was boosted by a rise of 1.8% (£7,605) in the first week of 2012.

Shipside comments:
“As we move into the more active spring market with a shortage of new supply, prices will rise where the local market or a particular estate agent is short of a type or style of stock. However, asking more for your property can only be successful if your target buying audience can raise the necessary funds. The market fragmentation caused by the credit crunch means that success in selling now requires a more careful and complex micro-market analysis, rather than a wishful price-punt to see what happens.”

Search activity up 27%, but lowest ever number of new sellers

clairep — Fri, 20 Jan 2012 12:43:08 +0000

Rightmove’s early indicators of housing market activity in 2012 show that interest in buying is strong despite the lack of mortgage finance, though the willingness or ability of new sellers to come to market remains weak.

Search activity on Rightmove during the first 10 days of 2012 reached new record heights, up by 27% on the same period in 2011, as prospective movers intensively research the market.

There have been more than 44 million property searches on Rightmove during the first ten days of 2012. While this doesn’t necessarily indicate a surge in proceedable buyer numbers, it does highlight a strong pent-up demand to move and is also a reflection that value-seeking buyers who can proceed are taking extra care to research the market. It also emphasises the fact that, were a larger number of mortgages available to the market, the interest, confidence and necessity to buy would lift the current muted sales transaction numbers from the virtual subsistence level of the last three years.

The number of properties coming to market this month equates to an average of less than one new listing per branch per week. This is the lowest recorded in the ten years of Rightmove’s House Price Index and around half of pre-credit crunch levels. Agents report prospective sellers are being deterred by a combination of a shortage of confidence, lack of choice of property to buy and restrictive mortgage lending.

Depending on local market conditions, there will be differing pressures on the direction of prices. The lack of property coming to market in some areas will help to underpin new sellers’ asking prices in those locations, especially as estate agents compete to attract fresh stock for the new year. January often sees the beginning of a ‘spring bounce’ in the asking prices of properties coming to market, and there is again evidence of this with an increase of 1.4% in the first week of 2012. This is masked within the overall monthly price fall of 0.8%.

To view the London House Price Index report click here

What’s your #RightmoveCrush?

clairep — Thu, 19 Jan 2012 12:30:33 +0000

We’ve all been there; searching Rightmove for property when we stumble across our ideal home... we probably wouldn’t buy it because its way out of our price range or it’s in an area we wouldn’t ever move to, but we can still dream!

We flick through the photos, check out the floorplan and imagine what life would be like to live there.

What's your #RightmoveCrush?

Every Tuesday, Rightmove and our twitter followers get together for what’s become known as #RightmoveCrush Tuesday to share our dream properties from big to small, expensive to modest, modern to traditional.
Join the Twitter party!

Here are a few of our favourites from the past few months (with the help of our loyal twitter followers of course):

New Year home-hunters are setting new traffic records for Rightmove

clairep — Wed, 18 Jan 2012 16:46:30 +0000

Website traffic on Rightmove is hitting new all-time highs as new year home-hunters turn their attention to the property market in record numbers. The UK’s leading property website, with a market share of 84% of the top four property portals*, served over 34 million pages of traffic on Monday 16^th January**.

This was the second time in the space of a fortnight that the record has been broken, after a high of 33.4million pages was set on Tuesday 3^rd January.

Rightmove director Miles Shipside comments:
“It seems like a popular New Year’s resolution must be to move home in 2012. The obvious next step for the British public is to jump onto Rightmove to see if they can turn their resolutions into reality – or realty as the Americans would say! The record traffic on Rightmove is also an indicator of underlying demand, if and when the mortgage famine should ease.”

The record day included around 15%*** of traffic from Rightmove’s highly successful mobile platforms This early-year activity on Rightmove mirrors 2011 when a new record of 28 million pages was set on January 10^th, representing an uplift of over 6 million pages in the past 12 months.

Rightmove director Miles Shipside comments:
“To see record levels of home-hunting activity is highly encouraging for the property market. However, local market conditions vary considerably given today’s uncertain and fragmented UK housing market. Our advice to buyers, sellers, renters and landlords for property-market success over the year ahead is to understand your local micro-market and seek expert advice from your local estate agent or lettings agent in order to price or budget accordingly.”

Rightmove recently started a new run of TV advertising with their ‘Britain Moves at Rightmove’ campaign, which captures the many ways in which Rightmove is used by the British home-moving public.

Based on market share of pages view amongst top 4 property websites, Experian Hitwise, December 2011
Rightmove internal data, January 16^th 2012. Rightmove data is independently audited and verified by ABCE www.abce.org.uk
Google Analytics January 16^th, 2012

One Direction look to buy Ashley Cole’s flash penthouse!

clairep — Wed, 18 Jan 2012 11:46:53 +0000

They’re heartthrobs for teenage girls (and some older too) around the country, and now it seems the One Direction boys are looking to buy a property that reflects their celebrity status.

Harry Styles and Louis Tomlinson allegedly have their eyes set on a luxury flat in North London once lived in by Chelsea footballer Ashley Cole. The pair currently rent the pad for a rumoured £3,000 a week but it’s been reported that they are hoping to buy the apartment for £3million.

The Friern Barnet penthouse is part of Princess Manor Park which has been a hit with celebrities over the years… Girls Aloud once called the development home and the rest of 1D currently live in the block – we’ve heard rumours that the boyband held a “crazy” house party on NYE in the property (oh to be a fly on the wall!).

We found this apartment in Princess Manor Park... could this be the flat they're after?

The deluxe apartment is part of a period listed building, originally built in 1850, that sits on 30 acres of land with easy access into London. The designer development comes with all of the mod-cons and amenities you’d expect; a swimming pool, health and fitness centre, hair parlour, tennis courts, club and restaurant are all contained in a highly secure residence with electronically controlled gates – perfect for keeping out all of those screaming fans!

Are you a first-time buyer like our favouritee X factor boyband (JLS are so last year!)? Then why not check out how FirstBuy, a brand new government scheme, can help?

If you’re a UK resident and a first-time buyer struggling to secure a mortgage as a result of the large deposits required, FirstBuy could be the perfect option to get you on the property ladder more affordably. Learn more now.

Overview

clairep — Sun, 15 Jan 2012 23:01:52 +0000

Rightmove’s early indicators of housing market activity in 2012 show that interest in buying is strong despite the lack of mortgage finance, though the willingness or ability of new sellers to come to market remains weak. Search activity on Rightmove during the first 10 days of 2012 reached new record heights, up by 27% on the same period in 2011, as prospective movers intensively research the market. However, they are faced with the lowest level of new supply per estate agency branch that Rightmove has ever recorded – an average of less than one new listing per branch per week.

Miles Shipside, director of Rightmove comments: “Old records are being shattered as search activity is up by a staggering 27% on this time last year. Potential buyers and sellers are looking more often and researching more thoroughly. In areas where there is a lot of property up for sale, buyers are looking hard for properties that tempt them with something really special in terms of value, potential, location or quality of finish. If it doesn’t shout ‘special’ then they are unlikely to overpay for the privilege of buying an average property in these mortgage-constrained times. In locations where there is little stock for sale, they appear to have become online junkies, ready to pounce on fresh property coming to market to see if it will satisfy their housing need. This search-addiction is in part caused by each estate agency branches currently listing an average of less than one new property per week, an all-time low and around half of pre-credit crunch levels. The market is stuck in a low transaction volume pit that will be hard to escape from without the mortgage funding to satisfy what appears to be strong pent-up demand.”

There have been more than 44 million property searches on Rightmove during the first ten days of 2012. While this doesn’t necessarily indicate a surge in proceedable buyer numbers, it does highlight a strong pent-up demand to move and is also a reflection that value-seeking buyers who can proceed are taking extra care to research the market. It also emphasises the fact that, were a larger number of mortgages available to the market, the interest, confidence and necessity to buy would lift the current muted sales transaction numbers from the virtual subsistence level of the last three years.

As well as less property coming to market there is less available stock already on the market compared to the same period last year. Average unsold stock per estate agency branch is 66, the lowest we have measured since February 2010. The 36,433 properties coming to market this month equate to an average of less than one new listing per branch per week. This is the lowest recorded in the ten years of Rightmove’s House Price Index and around half of pre-credit crunch levels. Agents report prospective sellers are being deterred by a combination of a shortage of confidence, lack of choice of property to buy and restrictive mortgage lending. Depending on local market conditions, there will be differing pressures on the direction of prices. The lack of property coming to market in some areas will help to underpin new sellers’ asking prices in those locations, especially as estate agents compete to attract fresh stock for the new year. January often sees the beginning of a ‘spring bounce’ in the asking prices of properties coming to market, and there is again evidence of this with an increase of 1.4% in the first week of 2012. This is masked within the overall monthly price fall of 0.8%. In spite of the challenging market, year-on-year asking prices remain virtually unchanged, up by a nominal 0.4%, though with RPI running at 5.2% this represents a fall in real terms.

Shipside explains: “The increased market fragmentation caused by the credit crunch means that success in selling now requires a very careful and complex micro-market analysis, rather than a wishful price-punt to see what happens. There can be hotspots and blackspots by property type within the same geographic location depending on local buyer confidence, demographics and their ability to obtain a mortgage, so doing your research and taking expert advice are critical. There will be upwards price pressure where the local market is short of a type or style of stock. In these areas, getting your property onto the market soon could be to a seller’s advantage given the strong upsurge in property search activity.”

Rightmove forecasts that the market will remain challenging and fragmented during 2012. There are opportunities and threats within local micro-markets for different categories of buyers and sellers. Some of the groups that stand out as potential winners and losers in 2012 are:

Winners in 2012:

- The Mortgage-Ready. Deposit-assisted first-time buyers and equity-blessed trader-uppers will be able to access historically cheap mortgage deals and be sought after and fought over by sellers in areas of property over supply. Shipside comments: “Mortgage-ready first-time buyers have lots of bargaining power. Some will benefit from parental assistance. Others, who wish to buy a new build home, can benefit from a variety of schemes such as FirstBuy and the imminent Government-backed mortgage indemnity guarantee, aimed at assisting them to realise their dream of home ownership. Those who are selling to trade up will have to offer good value on their sale, but should be able to offset any reduction by negotiating hard on their purchase.”

- Savvy Buy-To-Letters. Buy-to-let investors who can identify where tenant demand and rental levels will give good secure returns compared to local capital values are being strongly courted by lenders. Shipside explains: “There are nearly three times more buy-to-let mortgage products available than two years ago. With low yields on most alternative investments, 2012 is potentially a good year for investor landlords to expand their portfolios.”

- The Special Ones. Those selling properties ‘with a difference’ have an opportunity to stand out from the crowd, especially if they operate in a micro-market where there is a shortage of supply of their property type or style. Shipside adds: “With discerning buyers seeking value, estate agents will be competing hard to attract the attention of owners who are selling a property that offers something special.”

- Golden-Oldies. Agents report that in locations of low stock for sale and shortages of fresh stock coming to market, some properties that have been on the market for a long time are now attracting interest. Shipside comments: “New-on-the-block potential buyers will look at everything that is available no matter how long it has been for sale, while due to the lack of choice, more long-standing searchers are re-considering properties that they have previously discarded. Relaunching a stale property by combining a price reduction with refreshing of photographs to show off previously hidden ‘golden features’ of a stale property could do the trick with this upsurge in buyer interest.”

Losers in 2012:

- Trapped Renters. 55% of renters state they wish to buy but cannot afford to, according to Rightmove’s recent Rental Market Report. Shipside comments: “With the upwards pressure on rents, many tenants will be thinking they could pay less on a mortgage if only lenders would relax their deposit criteria.”

- The Upwardly Immobile. There are a large number of homeowners who would like to trade upwards, but find themselves immobilised in a property that no longer suits their needs. They are equity-poor and stuck in their existing property, as the size of the deposit that they would need in order to move on or move up is more than they could raise from the sale of their current home. Shipside explains: “Many would-be first-time sellers will fit into this category. They will be further disadvantaged by the removal of the stamp duty holiday at the beginning of March for their target audience of first-time buyers.”

- The Average Ones. Those selling properties ‘without a difference’. In areas of over-supply, a property that is ordinary must be made extra-ordinary either by reducing its price or by improving its appeal, if that is practically and financially feasible. Shipside comments: “In locations with plenty of choice, sellers that do not or cannot offer a special home or a special deal are likely to be left on the estate agent’s shelf. There is a ‘mass-market mortgage desert’ now parched of funds. They were formerly provided by overseas and UK lenders, raising funds in the wholesale money markets that have now effectively closed down. To stand out as the exceptional property where supply really outstrips demand requires a financial hit that many are not willing or able to take unless they are absolutely forced to.”

Rightmove Property Blog

Property Wisdom – Opt For A Win-Win Outcome

Property negotiations require give and take so keep a few ‘concession tricks’ up your sleeve and you’re more likely to get what you want, says property expert Laura Henderson.

Be on TV – BBC ONE ‘Britain’s Empty Homes’

There are almost a million empty properties across the UK. ‘Britain’s Empty Homes’ on BBC ONE shows viewers how to unlock the potential of these abandoned buildings, revealing ways in which they can be brought back into use and transformed into dream homes.

We are now looking for people to take part in the new series!

Standard geographic charges from landlines and mobiles will apply and calls may be included in your telecom provider’s call package.

Rightmove First-Time Buyer Report – First-time buyers need ‘first-time sellers’

Read the full report here.

To view the full report click here.

How would Rightmove’s Facebook fans describe their neighbours?

We asked our Facebook fans to describe their neighbours in three words and over 100 people responded. Here is a Wordle of how people describe their neighbours*…

Are you a fan of Rightmove yet? Head over to facebook and join the party!

*We've taken out the really rude ones!

Properties to view… House boats!

With the help of @RightmoveAddict, we've put together the best house boats on Rightmove.

It’s a buyers’ market, but especially in the north

Rightmove’s first Consumer Confidence Survey of 2012 was released today and finds that the public believes the property market balance of power currently lays firmly with buyers.

To view the full report click here.

How would Rightmove’s Facebook fans describe their home?

We asked our Facebook fans to describe the place they live in three words and over 100 people responded. Here is a Wordle of how people describe their homes…

Are you a fan of Rightmove yet? Head over to facebook and join the party!

Win tickets to the world premiere of ‘The Best Exotic Marigold Hotel’

To celebrate the release of The Best Exotic Hotel, which hits cinemas on 24th February we are offering one lucky winner (plus a friend) the chance to join the all-star British cast on the red carpet at the film’s world premiere in London on Tuesday, 7th February,along with a goody bag.

Four runners up will also win goody bags which include a pashmina, scented candle, travel journal and wallet and a copy of the Deborah Moggach book on which the film is based.

In honour of 'The Best Exotic Marigold Hotel’ we had a look on Rightmove Overseas and found these exotic properties in India:

Ten projects to tackle in 2012

1 - Kitchen

2 - Bathroom

3 - Extend your home

4 - Decorate exterior of house + gutting

5 - Refurbish your windows

6 - Add a master bedroom ensuite

7 - Landscape your garden

8 - Renew or renovate your flooring

9 - Convert your loft

10 - Plan a new colour scheme for your home

London micro-markets continue to buck the trend

This is a continuation of the trend seen over the last year, with asking prices in London now 6.1% higher than a year ago. The rest of the country recorded a combined fall of 1.7% over the same period.

Search activity up 27%, but lowest ever number of new sellers

Rightmove’s early indicators of housing market activity in 2012 show that interest in buying is strong despite the lack of mortgage finance, though the willingness or ability of new sellers to come to market remains weak.

Search activity on Rightmove during the first 10 days of 2012 reached new record heights, up by 27% on the same period in 2011, as prospective movers intensively research the market.

To view the London House Price Index report click here

What’s your #RightmoveCrush?

We’ve all been there; searching Rightmove for property when we stumble across our ideal home... we probably wouldn’t buy it because its way out of our price range or it’s in an area we wouldn’t ever move to, but we can still dream!

New Year home-hunters are setting new traffic records for Rightmove

*Based on market share of pages view amongst top 4 property websites, Experian Hitwise, December 2011 **Rightmove internal data, January 16th 2012. Rightmove data is independently audited and verified by ABCE www.abce.org.uk ***Google Analytics January 16th, 2012

One Direction look to buy Ashley Cole’s flash penthouse!

They’re heartthrobs for teenage girls (and some older too) around the country, and now it seems the One Direction boys are looking to buy a property that reflects their celebrity status.

Are you a first-time buyer like our favouritee X factor boyband (JLS are so last year!)? Then why not check out how FirstBuy, a brand new government scheme, can help?

Overview

Based on market share of pages view amongst top 4 property websites, Experian Hitwise, December 2011
Rightmove internal data, January 16^th 2012. Rightmove data is independently audited and verified by ABCE www.abce.org.uk
Google Analytics January 16^th, 2012