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On the 14th of September 2024 Red Squirrel are hosting another black-tie event at Yarmouth’s Royal Solent yacht club in memory of Zoe Panayi.
This is raising awareness of what happened to late Zoe Panayi and to make everyone aware of Zoe’s Law. Zoe lost her life to Melanoma at the young age of 26,
leaving behind two young boys and a loving family. Unfortunately, Zoe experienced negligence, this is why we are working hard to help save other lives.
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Summary
- House price inflation down -1.1%, compared to +7.2% a year ago
- New house sales agreed up 17% year-on-year
- House price falls levelled out as sales improve
- Mortgage regulations a key element to support modest price falls in 2023
- First-time buyers are largest group of would-be movers in next 2 years (40%) followed by people up-sizing (34%)
- Almost half of buyers living in southern England (24% of total buyers) looking to move to find better value for money
- Property prices to fall around 2% during 2024
- On track of 1m completed sales in 2024
- 8.8% average mortgage stress test for new borrowers
- Still 10%+ overvalued market
Q4 2023 sales performed well, including prices falling
The final weeks of 2023 recorded 17% higher sales than a year ago, also ahead of 2019 levels. Due to rising incomes and lower mortgage rates, along with an increase in supply boosting choice and supporting sales. It’s clear that buyers and sellers are more aligned on pricing now, which has reduced the downward pressure on values. As of December 2023 the price decline was -1.1%, which is down from +7.2% a year ago.
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Due to the cost-of-living crisis people this winter are struggling to spend large amounts on electricity and gas bills in their own homes, especially with the drop in temperature in the last month! Here are some simple tips which could help you save money and trim your bills.
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Red Squirrel Property Shop have been listed in the top 20% of ALL letting agents in the Uk
The best estate agent guide compares letting agents based on their performance on the things that matter most. It provides an independent and trustworthy source of information to help sellers and landlords find the best agents in their area.
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Summary
- House price inflates +0.1% annually in UK
- 21% down on completed house sales compared to 2022
- House price growth at -1% in London
- Regional house price inflation linked to first-time-buyers affordability
- Completed transactions still on track for 1 million, although as we write 21% lower over 2023, lowest since 2012
- Cash buyer sales expected to hold in line with 2022
- Mortgage-backed sales likely to be 28% lower as higher rates impact demand
- Lower mortgage rates key to improved demand and sales in 2024
- Affordability improving
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Overview
- Annual UK house price inflation at +0.6%
- 60% with over £300k price cutting asking prices by 5% to attract demand
- Annual price falls of up to -2.2% concentrated in southern England on markets with an average price over £300,000
- Other areas of England registering annual house price inflation of over 3.5%
- Buyer demand down 18% in last two months due to mortgage rates
- Rates peaking and already signs of dropping back closer to the 4% region
- Likely to be the southern areas seeing price reductions throughout second half of the year with northern areas performing well
- UK markets till on track to be down by 5% end of year
- Mortgage decreased down to 4.99%
- 80% of markets with an average price over £300k registering modest price falls
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UK Half year report 2023
Overview
- House price inflation to 1.2% increase as quarterly demand has increased
- 42% of sellers are accepting offers 5% or more under asking price
- UK house prices still on track to drop by 5% in total during 2023
- Anyone serious about selling in 2023 needs to be realistic on pricing “Falling mortgage
- 11% Hit to buying power with higher mortgage rates
- 14% Fewer buyers in the market in last 4 weeks, compared to 5-year average
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The isle of wight offers stunning beaches, History and events for all ages all year round. If you live on the island or are planning a trip to the island you need these dates in your diary!
This summer the island offers so many events from music festivals, family fun days and sailing races.
Dates for your diary this summer! The ultimate guide:
June
Isle of Wight Festival
15th-18th June 2023
For the festival and music lovers. One of the largest music festivals originated since 1970 and still to this day one of the most popular music festivals. Held in Newport, Sea close park.
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Have you ever considered why can you rent at a higher price of a mortgage?
However, you have not been able to borrow a lesser mortgage amount! Well Skipton Building Society have released a product exactly for those renters, 100% mortgage. This is the first non-deposit mortgage option since the crash in 2008.
We think this could be a fantastic opportunity for renters who later on want to buy, however it’s important to understand the potential risks when taking 100% mortgages out. There is a reason they were stopped! Let’s go through it…
- This product is only available those first-time buyers who have paid their rent in full and on time for at least 12 months
- It’s a five-year fixed mortgage and works just as other mortgage deals on fixed term basis, the only difference is you don’t need a deposit for Skipton’s
- It is portable, should you wish to move home during the fixed period
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Key points to mention…
- Annual house price inflation is 5.3% down from 8.6% last year.
- Buyer demand and sales volumes are 20-50% lower than a year ago but slightly ahead of the pre-pandemic years.
- Sellers are having to accept an average 4.5% discount to the asking price to achieve a sale which is the highest its been in 5 years.
- Average discount to asking price is just above £14,000 meaning sellers are having to loose a third of their pandemic house price gains.
- UK house price inflation likely to move into low negative by summer.
- Market is still on track for a soft landing with modest price falls of up to 5% and 1m sales in 2023. This is better than predicted last year.
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On Friday 10th of March saw the return of Isle of Wight Radio's 'Best In Business' awards of 2022, of which we were extremely proud to be the main sponsor of!
