For two occasions in a short period of time, interest rates have gone up, and a sleepy Wiltshire village has become a real estate hotspot! The government has proposed new rules to protect renters, which is good news for tenants. For all of this and more, continue reading.
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What might sellers anticipate when they join the market in March of 2022?
Here are some of our estimates for the upcoming month, as spring, which is often a hot season for the real estate market, is quickly approaching and all COVID-19 limitations are expected to be eliminated by the end of March, if not earlier.
Growth in home prices is expected to halt.
Following a robust start to the year, it is anticipated that home prices will level off in the upcoming months.
With prices up 0.8% from the previous month and 11.2% annually, Nationwide, the largest building society in the UK, recorded a sixth consecutive month-over-month increase in January.
Notwithstanding these steady rises over the previous 12 months, both lenders have forecast a cooling of the housing market in 2022, citing rising living expenses and a shortage of newly available home stock as key contributing reasons.
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Shakers and Movers
One of the best places to buy real estate is Corsham.TV viewers will recognize the place even if they are not immediately familiar with its name because it’s appeared in a number of historical dramas, including Candleford, Tess of the D’Urbervilles, Lark Rise, and Poldark.
Additionally, the town on the edge of the scenic Cotswolds is witnessing a significant increase in buyer activity as a result of the continued high desire for more open spaces to function from home offices.
According to data published by the well-known real estate website Rightmove, buyer demand has increased by 124% in the past 12 months. Unavoidably, average costs have also gone up, rising 6% annually.
The town’s average prices are just under £330,000, so it is not surprising that many out-of-towners are drawn to it.
News for First-Time Purchasers
Problems with affordability hit all-time highs.Nationwide, one of the largest lenders in the UK, has revealed some shocking statistics that have an impact on the affordability of first-time homebuyers.
The building society has exposed the extent to which price hikes have surpassed salaries since the start of the pandemic, even though it is well known that house price growth has outpaced pay growth.
According to their data, a 10% down payment on a first property currently equals 56% of gross yearly income, setting a new record.
News on Buy-to-Let
The government has announced plans to eliminate Section 21, which permits landlords to dismiss tenants without cause, in an effort to protect renters.
The measures are included in the government’s Levelling Up White Paper, which aims to increase the prosperity of underprivileged communities.
Additional modifications plans include establishing a landlords registration and making sure privately rented buildings adhere to basic criteria in an effort to combat rogue landlords.
Current Landlord News
According to a recent survey, 27% of renters have acknowledged concealing pets from unknowing landlords for longer than three years.
Horses rank third, which is a little unexpected considering that birds and rabbits are the most frequently hidden pets! We would appreciate some recommendations as we are unsure of the best way to conceal a horse.
Taking pets on a walk was the best strategy to prevent landlords from finding them during an inspection. This was closely followed by asking friends to watch them and then requesting a neighbor to watch them while the inspection was taking place.
According to the report, Norwich has the most pet-friendly landlords, while Edinburgh has the least.
News on Mortgages
For the second time in three months, interest rates have increased.
About two million homeowners with variable-rate mortgages will see an increase in their monthly mortgage repayments as a result of the increase, which will increase a £200,000 mortgage by about £24 per month.
The increase follows Ofgem’s prediction that energy prices will rise by 54% this year, putting a strain on the finances of millions of homes.And lastly…
Recently, a house with a somewhat odd front yard feature garnered social media headlines.
The huge telephone pylon in the driveway is what truly made this two-bedroom home in the beautiful Hampshire town of Nursling go viral, even though it boasts a large back garden with views of verdant fields.
You can view it here, but move quickly because the property has already been sold and is subject to a contract.