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Annual growth in UK house prices accelerated for the first time in eight months in November, a lender’s figures show.
The Halifax, part of Lloyds Banking Group, said property prices had risen by 6% compared with a year ago.
That meant the cost of a typical home was £218,002, it said.
The faster price growth is in contrast with figures from rival Nationwide, which said annual house price growth had slowed to 4.4%.
Annual property price growth peaked at 10% in March. The Halifax said that, despite the pick-up it reported in November, “annual house price growth may slow over the coming months”.
‘Putting the boot in’
Prices were up by 0.2% compared with October, and had risen by 0.8% in the three months to the end of November compared with the previous quarter, it said.
Industry figures welcomed the pick-up in prices.
Russell Quirk, chief executive of eMoov, said: “Many in the industry have been quick to put the boot in over the last few months where the UK property market is concerned, hanging gloomy predictions on a dwindling level of demand in the market.
“It would seem this simply is not the case. The driving factor behind inflating house prices is an imbalance between supply and demand and, with house prices spiking this late in the year, it would seem there is certainly a sustained level of buyer demand present in the current market.”
Jonathan Hopper, managing director of Garrington Property Finders, said: “The Halifax’s market confidence tracker illustrates perfectly the ‘business as usual’ stoicism. It found consumer confidence in the housing market is at its lowest level for three years, but that nearly four times as many people expect prices to rise as think they will fall in the next year.”
The Halifax said that low mortgage rates were maintaining demand among potential buyers. But HSBC has just pulled one of the cheapest deals – a 0.99% two-year fixed-rate deal off the market.
Mortgage broker Aaron Strutt, of Trinity Financial, said the lender was inundated with enquiries, which could have led to it being withdrawn, despite the relatively high arrangement fees connected to the deal.
It’s all about property presentation; trust me when I say that this is key.
Homes are our biggest asset, naturally we expect a good price and yes under the right circumstances it should be possible to get it. Let me tell you if you put your property on the market with the “let’s see what happens” attitude you are not likely to achieve your price expectations.
Would you sell a car without giving it a quick wash and brush up? No, so why do it when trying to sell your home?
Getting the buyer to connect with your home, to imagine how it will suit their family and lifestyle, is not just luck; it’s about creating the right environment so they can’t resist it.
It’s extremely important that each room appears as it is intended to be used. Imagine the mindset of a potential buyer of a three bedroom house seeing two bedrooms plus a storage room!
And why do vendors think they are doing potential buyers a favour by showing them their home? It might take multiple viewings and can be wearing but it has to be done at a time convenient to the buyer not just the vendor.
To sell your home in today’s marketplace follow these few simple tips:
1. Good landscaping will transform the exterior look and feel of your home and give you a higher price. Hire a landscaper or do it yourself.
2. Your front door is the centrepiece of your kerb appeal so repaint it in a tasteful colour. Update the outside lights and put potted plants on either side of the door.
3. The entrance hall creates a first impression… make sure it is the right impression. Paint it in a neutral colour, remove any bulky furniture, upgrade the lighting and if you feel you need colour add it with accessories and a rug.
4. The wrong lighting can make your home feel dark and drab so install brighter modern lights to make your home seem sunny, cheerful and up to date.
5. Paint colour is such a personal choice and potential buyers are likely to want to customize it themselves. If you have dark rich colours then repaint in neutral hues.
6. Avoid major overhauls, especially in the kitchen and bathroom, but do update the lighting, install new faucets, mirrors and doorknobs if they are dated.
7. Clutter. NO, NO, NO! How do you expect to impress potential buyers with a cluttered house? If you have outgrown your home, start packing and if you don’t have anywhere to put it then use storage.
8. Pets – some love them, some hate them and some are allergic to them, so make sure that on the viewing they are out of they house to prevent one of three things happening:
- – Pet lovers will pay more attention to your pet and less attention to your home.
- – Pet haters will feel uncomfortable, completely on their guard and rush round your property leaving as soon as they can.
- – If you have a buyer that is allergic to animals, a reaction will put them off your home. Remove all pet bowls, baskets and (most important) litter trays.
9. Back garden. The first thing people see when they walk out the back? An unkempt garden? Loose concrete slabs? Your back garden should look like a space for entertaining. If need be, buy inexpensive patio furniture, potted plants and install some outdoor lighting to tie it all together.
10. Clean – Buyers expect to see an immaculate home with no signs of dirt. Remove last night’s Indian take away from the worktops and do the washing up! No dirty underwear on the bedroom floor. Potential buyers need to imagine themselves living in “your” space, your perfectly clean home!
You’ll be surprised how big an impression these small updates can make. By the time you’re done, you’ll wonder why you didn’t do it sooner.
Follow these small steps to help maximise your property’s potential that will allow you to achieve a faster sale and the best possible market price for your home.
247 Property Agent Ltd