Category: property market news

What is ‘gazumping’ and how do I avoid it?

If you’re looking for a new home, or are looking for your first home, then “gazumping” may be a term that you aren’t particularly familiar with. Essentially, gazumping is when you have had an offer accepted by a seller, and are in the midst of the buying process, when another buyer comes along and offers a higher price, effectively stealing (or gazumping) the sale.

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What are the top reasons for moving home?

With the weather getting warmer, property market activity tends to see a rise as many look to get the home move done and dusted before their holiday or before the kids have to go back to school.

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Nearly half of over 55s would downsize to fund lifestyle

With more people living longer and ageing with much better health than ever before, those aged 55 and over are playing a key part in the national economy. Recent research from SunLife has surveyed this age group and found that nearly half would sell up in order to fund a more jet-set lifestyle.

Recent data from the Office of National Statistics has shown that the proportion of those aged 65 and over will rise by 5% over the next thirty years, with greater economic contributions coming from this group as the years progress. For those currently 55 and over, SunLife questioned 1,000 homeowners with a big choice; if they had the option between staying in their family home but never holidaying away from the UK again, or downsizing and then using the cash for foreign holidays which would they choose?

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Welcome Jodie

Welcome to Jodie who has joined our busy Didsbury team as a Senior Negotiator.

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DEEPER POCKETS – THE BANK OF MUM AND DAD

At £6.3 billion, the total value of lending in 2019 by the so-called ‘bank of Mum and Dad’ is set to be half a billion higher than in 2018, making it the UK’s 11th largest mortgage lender. 77% of lending is to home movers, not first-time buyers.

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FAMILY HOMES – HOW MANY WILL WE NEED IN FUTURE?

Household projections are a useful starting point for calculating housing needs. The latest projections are 2016-based for England, which estimate that 3,970,000 additional households will form between 2016 and 2041. In Wales, it is projected that 140,000 households will form between 2014 and 2039.

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RENTERS ASPIRE TO HOME OWNERSHIP

Much has been written about the rise in the number of people renting rather than buying their home but, according to the latest English Housing Survey (EHS), 58% of renters fully intend to buy.

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CONFIDENCE IS ON THE UP

On a seasonally adjusted basis, latest figures from the HMRC show the number of homes sold in April 2019 in the UK has risen by 0.8% compared to April 2018.

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Stamp Duty stumble

Income to the Treasury from Stamp Duty Land Tax (SDLT) receipts fell by 7.5%, the equivalent of £1 billion in the financial year to the end of March 2019.

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