06Dec

Well, it’s been a funny old year hasn’t it? Funny-weird, more than funny-haha, perhaps…

But there are several pieces of data which show how things have stayed positive for home-owners in West Sussex.


The first interesting data shows that the number of transactions rose in the months following the EU-vote (see graph above). March saw a huge up-surge in transactions with people rushing to buy second-homes and investment-homes before the hike in stamp duty for these types of property in April. April and May then saw the predictable slump to offset March’s surge, but since then transaction numbers have started to rise.

It will be interesting to see if this trend continues beyond July, which is the latest available data as we write this.


Second, the latest data from Land Registry shows that house prices in West Sussex have increased by an average of 11.9% (see graph above). The rise has been steady across all property types, with detached and semi-detached houses have rising even more; by 12.4 and 12.9% respectively, on average across the county.

More interesting is how the gentle rise in prices didn’t’ stutter after the Brexit vote, as some had predicted.

Land Registry data is the most reliable of the data sets as it reflects ‘prices actually paid’ rather than asking prices – although it does lag three months behind, meaning September is the latest available data.



The third is our own data, showing the number of instructions we took on over the last three completed months – September to November – was 19.7% higher than the same months last year (see graph above).

Of course making predictions for 2017 is extremely hard – wouldn’t it be interesting to see what people were saying this time last year?! 

However, whatever next year throws at us, if we’re still able to report positive figures after this year’s tumult, next year should be a breeze. Shouldn’t it…?

Have a great Christmas and new year.

06Dec

Well, it’s been a funny old year hasn’t it? Funny-weird, more than funn-haha, perhaps…

But there are several pieces of data which show how things have stayed positive for home-owners in East Sussex.


First, the latest data from Land Registry shows that house prices in East Sussex have increased by an average of 10.5%. The rise has been steady across all property types, with detached and semi-detached houses have rising even more; by 11.2 and 11.5% respectively, on average across the county.

More interesting is how the gentle rise in prices didn’t’ stutter after the Brexit vote, as some had predicted.

Land Registry data is the most reliable of the data sets as it reflects ‘prices actually paid’ rather than asking prices – although it does lag three months behind, meaning September is the latest available data.


The second interesting data shows that the number of transactions rose in the months following the EU-vote. March saw a huge up-surge in transactions with people rushing to buy second-homes and investment-homes before the hike in stamp duty for these types of property in April. April and May then saw the predictable slump to offset March’s surge, but since then transaction numbers have started to rise.

It will be interesting to see if this trend continues beyond July, which is the latest available data as we write this.


The third is our own data, showing the number of instructions we took on over the last three completed months – September to November – was 19.7% higher than the same months last year.

Of course making predictions for 2017 is extremely hard – wouldn’t it be interesting to see what people were saying this time last year?! 

However, whatever next year throws at us, if we’re still able to report positive figures after this year’s tumult, next year should be a breeze. Shouldn’t it…?

Have a great Christmas and new year.




06Dec

The High Court has upheld the result of a referendum in a second-home  hotspot, raising the possibility that such a ban will be introduced in other tourist locations.

The town of St Ives in Cornwall, where it is believed 1 in 4 properties is a second-home or holiday-let, held a referendum back in May, in which 83% of voters voted for a ban on the sale of new-build properties to holiday-home buyers.

The legality of the referendum was challenged, but has now been upheld, and councils across the country are reportedly now looking into similar bans for their own towns which have high proportion of holiday homes and lets.

Agents in St Ives have reported a lower demand for properties there, with buyers seeing the ban as a ban on all properties, not just new-builds, and as an indication that holiday-makers are not welcome in the port.

This has raised further debate in the town which relies so heavily on tourism year-round for its economy.

Chris Hounsome, direct or Mansell McTaggart Crawley said “whether such a ban would be introduced in the prettier parts of Sussex and Surrey or whether it is even under consideration, remains to be seen, but any towns thinking of this would do well to consider the full implications and watch the effect on St Ives closely”.

06Dec

New research suggest that people downsizing their property have unrealistic expectations

New research from equity release firm Key Partnerships says that people downsizing – selling a larger property to move into a smaller one – have unrealistic expectations about the amount of money they will release as a result.

Perhaps surprisingly, the research goes on to suggest this is not because people are over-estimating the value of their current home, but are under-estimating how much they will have to pay for the smaller new home.

This, the report says, is because of a lack of supply of such homes, forcing up the prices of the properties to which they downsize.


Click here to read the full report.


06Dec

Reduced access to finance is the main barrier to home ownership, says a report published recently

The first major review into home ownership in over a decade reveals that the financial squeeze on young people is at the heart of the decline in the number of home owners and calls for a long-term, cross-party approach to housing issues.

The long-awaited Redfern Report is slightly at odds with government policy, which seems to favour increasing the supply of property, rather than access to the finance to buy it.

The study found that that 

home ownership is the preferred choice of tenure for 80% of people

declines in home ownership have been steepest among young people – over 20% in 12 years

the two biggest drivers of the fall in home ownership since the financial crisis in 2008 have been the marked relative fall in incomes of would-be first time buyers and their access to mortgage finance.

The report goes on to recommend that solutions need to be consistent and long-term, requiring “open, constructive cross-party dialogue”. It proposes the establishment of an independent housing commission that can “own this strategy and take a non-partisan approach to long term housing decisions”.

The Redfern Review was led by Peter Redfern, chief executive of housebuilder Taylor Wimpey who went on to say that “as long as conditions remain broadly the same, we expect the rate of decline in home ownership to stabilise in the near term, giving a sound basis for future, sustainable improvement”.


Click here to read the full report.


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