Category: News

Mortgage rates continue to edge down, the number of properties for sale is rising, and the UK’s priciest seaside town has been revealed. Read on to find out the latest property market news.

Mortgage Rates Creeping Down

Despite inflation remaining above 10%, and with interest rates expected to rise again in May, mortgage rates have bucked the trend and continued to edge lower.

Best Buy deals are currently available with rates of less than 4% – a stark contrast to the above 6.5% highs that followed then-chancellor Kwesi Kwarteng’s disastrous mini-budget last October.

The average rate on a two-year fixed-rate mortgage is currently 5.32%, however, some lenders have rates starting at 3.99%, and some five-year fixed-rate mortgages have an even more attractive rate of 3.92%.

Housing Market Bouncing Back as Number of Sellers Increases

The number of properties for sale has reached its highest level in more than two years, according to new figures released by Propertymark.

The organisation, representing more than 18,000 estate agents across the UK, reports that the average estate agent had 35 properties for sale per branch in March – the highest figure since January 2021. To put it into context, a year ago, each branch only had 20 properties on their books.

Propertymark also revealed that the number of house viewings increased in March – up by 21% from February’s figure – and the number of new buyers registering increased by more than 30% on average across each branch.

Frenzied Rental Market Continues to be Fuelled by Property Shortage

The limited number of homes to rent continues to be a major nationwide issue with no sign of letting up, according to the Royal Institution of Chartered Surveyors (Rics).

Fierce competition among tenants for the few properties available is expected to drive rental prices up by an average of 4% over the coming months, adding to the pressure of the rising cost of living.

Rics’ monthly survey shows that growth in demand from renters was at a five-month high in March, and this issue is consistent across the UK, as an increasing number of landlords are deciding to sell their properties when renters move out rather than re-let them.

This follows a study from a leading estate agent, which claims that around 140,000 landlords sold their properties last year to fund their retirement, increasing the shortfall of rental properties on the market.

Their research also revealed that between 2010 and 2022, the number of landlords retiring each year had doubled. With around 924,000 landlords already aged over 65 and young people unlikely to be able to afford buy-to-let properties, the number of rental properties on the market is expected to continue falling for some time.

UK’s Priciest Seaside Town Revealed

Salcombe has overtaken Sandbanks as the UK’s priciest seaside town, according to figures released by Halifax.

The average house price in the Devon town was £1.2m in 2022, around £300,000 more than second-placed Sandbanks, where average prices were £952,692.

Seven of the top 10 on the list were in Devon and Cornwall, while at the other end of the scale, Greenock in Scotland was the cheapest seaside spot, with average prices of £97,608.

Nine of the 10 cheapest towns were north of the border, with the Northumberland town of Newbiggin-by-the-Sea being the only exception.

10 Fastest Places to Sell a Home Revealed

Leading property website Rightmove has revealed the UK’s top 10 places to sell your home the quickest.

On average, properties take 55 days to sell across the UK, but the Scottish town of Falkirk bucks the trend, with properties taking just 22 days to sell in the Stirlingshire town, which lies between Edinburgh and Glasgow.

Seven of the top 10 places are in Scotland, the fastest place in the UK to sell a property, at an average of 34 days across the country. Surprisingly, the slowest area to sell a property in the UK is currently London, where it takes 65 days on average.

Hall Green in Birmingham and St. George in Bristol are the joint-fastest places to sell a home in England, with an average of just 26 days.

For more local property news and updates and a more detailed overview of the Gloucestershire area, get in touch with TG Sales & Lettings. We are your local property experts. Call us on 01452 300822 or email rachel@tgres.co.uk.

House prices have risen this month, buy-to-let mortgage choices are recovering, and there’s welcome news for homeowners in the Chancellor’s Spring Budget. Read on to find out the latest property news!

House Prices on the Rise Again

Figures released by Rightmove show that average property prices have increased in March as the housing market continues to defy predictions that it’s heading for a slump.

Prices rose by 0.8% across the country in March, only a little less than the typical 1% increase seen at this time of year for the past two decades.

The rise takes the average asking price of a property to £365,357 – an increase of nearly £3,000 on the previous month.

While spring is traditionally a buoyant time for the housing market, the increase is also partly down to a fall in mortgage rates in recent months, which soared to around 6% after the government’s mini-budget in September last year. With rates below 5% again, prices could rise modestly as we head towards summer.

Buy-to-let Mortgages Bounce Back

The buy-to-let market shows strong signs of recovery, with the number of different mortgages available at its highest level since before September’s mini-budget.

Around 2,400 buy-to-let mortgage deals are currently available to investors – a figure not seen since July 2022.

A typical two-year fixed rate mortgage can be secured, charging 5.81%, and five-year fixed rates charge a slightly more attractive 5.72%.

While these figures are encouraging for buy-to-let investors, the rates are still significantly higher than in previous years. In March 2021, the average interest rate on a two-year fixed mortgage was 2.14%.

How Does the Spring Budget Affect the Housing Market?

Mid-March saw the government’s Spring Budget revealed, and little was announced that directly impacts the housing market, but a couple of changes will affect homeowners and landlords.

While previous Budgets have seen changes to stamp duty, this year, it was explicitly focused on stimulating the economy and jobs.

For homeowners and renters, there’s some welcome relief with an extension to the support for home energy bills. The government’s previous support was due to end before April, but the extension means that bills will remain capped until the end of June. While customers will no longer receive monthly rebates of £66, the energy cap will stay at £2,500. It was previously due to increase to £3,000 from April.

In a change for landlords, the level of tax-free gains before they pay capital gains tax has been lowered, while stamp duty remains unchanged. First-time buyers are exempt from the tax for purchases under £425,000, while movers will pay no stamp duty on properties under £250,000.

Tenants Being Priced out of Major Cities

Data released by Rightmove has shown a significant rise in the number of renters priced out of major cities by rent and cost of living increases.

The figures reveal that rental prices are up 12% over the past year and that 42% of renters are looking to move out of the city they currently live in, compared with 37% a year ago and 28% in February 2020 before the Covid pandemic.

London is where most renters are being squeezed out, followed by Sheffield and Manchester, while Edinburgh is the city which has seen the most significant rise in rents, with average costs up 19% from 12 months ago.

While an increase in flexible and remote working has undoubtedly allowed some people to move out of major cities, Rightmove has confirmed that the primary drivers are the rising rental costs and increased competition for properties. Many renters are having to compromise on either location or the type of properties they are looking at to stay in the same city.

Areas Where Homes Are Selling Faster Than a Year Ago Revealed

With the housing market stabilising and buyers taking more time to look at what they can afford, the average time it takes to sell a property has increased to 66 days – an increase from 12 months ago when homes were being snapped up within 42 days on average.

However, Rightmove has released figures to show the areas where homes are bucking the trend and selling more quickly than they were this time last year.

Top of the list is Hoole in Chester, where homes sell in 32 days – more than half the national average.

It’s a similar story in Newcastle-upon-Tyne, where properties in Jesmond and Fenham are selling in just 33 days, along with Ashtead in Surrey.

At the other end of the scale, properties in Witney, Oxford, are selling in 58 days on average, which is still below the national average and much less than 12 months ago, when 75 days was the average selling time for the town.

For more local property news and updates and a more detailed overview of the Gloucestershire area, get in touch with TG Sales & Lettings. We are your local property experts. Call us on 01452 300822 or email rachel@tgres.co.uk.

Interest rates have risen yet again, average asking prices have increased by their smallest margin on record for February, and one major online estate agent has put itself on the market.

Read on to find out the latest property market news.

Interest Rates Rise Again

In a move that was widely expected, the Bank of England has raised interest rates from 3.5% to 4% – the highest level since October 2008.

It’s the 10th rise since December 2021, and means an additional £60 per month for homeowners on their repayments for a £200,000 mortgage.

However, it’s not all bad news for homeowners, with mortgage rates currently falling and economists predicting that interest rates will peak between 4.25% and 4.5% later this year before stabilising, while previous forecasts of a two-year recession have been cut in half. The economy is now predicted to contract by 1%, rather than the previously forecast 2.9%, bringing some much-needed respite to homeowners and buyers.

Average Asking Prices Increase in February…by £14

Data released by property website Rightmove has revealed the smallest increase in February property prices since their records began in 2001.

According to their figures, the average asking price of a UK property rose by just £14 for the month to £362,452.

While the increase may be minuscule, it’s a positive sign for the housing market following five straight months of falls.

However, there’s still a way to go before the market can be considered anywhere near normal, as February is traditionally a much stronger month for price growth, as sellers look to get their properties on the market before the busy spring period.

Rents see Record Increase

Figures from the major property website Zoopla have revealed record-high rental increases over the past 12 months, with renters paying an average of £120 more per month than they were at the start of 2022.

Unsurprisingly, the biggest increase was in the capital, where rents have climbed 16.1% over the past year to an average of £1,976 per month – some £270 more per month than 12 months earlier.

Other major cities, including Manchester, Edinburgh and Cardiff, have all seen double-digit growth in their percentages too, while at the opposite end of the scale, Belfast has seen the smallest rise of the UK’s major cities, with an average increase of 6.7%, or £44 per month.

Purplebricks up for Sale

Struggling online estate agent Purplebricks has put itself up for sale after revealing its expected losses for the year and a drop in revenue expectations.

The one-time online giant is forecast to make losses of between £15m and £20m this year – a sharp spiral compared to its previous estimate of £10m.

On top of this, the company’s expected revenue has also been cut to between £60m and £65m – a drop of £7.5m on its previous estimate.

The online-only firm was one of the leading lights in the property market after forming in 2012, but its share price has fallen more than 98% from its peak in August 2017. Back then, shares were trading at 514.5p, but the current price is just 7.3p per share.

Mortgage Products on the Increase

The number of mortgage products available has risen to more than 4,000 – the first time mortgage products have gone above that figure since August 2022.

Fixed rates have also continued to decrease slightly, with buyers who can put down more than 40% on a property seeing rates dropping below 5%.

And it’s not just buyers with big deposits who are seeing the benefit. Even those borrowing 95% of their home’s value can secure a fixed rate of around 5.5% if they take out a five-year product as the mortgage market continues to stabilise.

Work From Home Driving Regional Price Growth

Working from home continues to drive up house sales in various parts of the country, with the West Country seeing a significant surge in buyer demand.

One town that’s proving particularly popular is Swindon, where 40% of buyers are coming from outside the area, according to property website Zoopla, with most relocating from London.

It’s not just the capital seeing an exodus of homeworkers. Bristol is another city which has seen mass departures to smaller towns nearby, with one estate agent in North Somerset reporting that 80% of properties in Weston-Super-Mare and the surrounding areas are sold to Bristolians.

The trend of homeworkers leaving cities and moving to more rural areas was most prevalent during the Covid pandemic, as people looked to find more for their money, but these latest figures are further evidence that the trend has continued long after normality has resumed.

For more local property news and updates and a more detailed overview of the Gloucestershire area, get in touch with TG Sales & Lettings. We are your local property experts. Call us on 01452 300822 or email rachel@tgres.co.uk.

The housing market remains uncertain heading into 2023, but there’s some optimism among homeowners and first-time buyers, particularly as one developer has launched an innovative new scheme. Read on to find out the latest.

House Prices See New Year Bounce Back

While house prices fell towards the end of 2022 (see below) and are expected to continue falling in 2023, there was at least some positive news to start the year for potential sellers!

Property portal, Rightmove, has reported the biggest New Year bounce since 2020, with average prices rising by 0.9% according to their data.

And while there’s usually an increase in demand in January, the figures still make for positive reading for sellers, as there’s been a surge in demand from potential buyers too. Rightmove has reported a 55% jump in the number of people contacting estate agents about homes listed on the site in the first two weeks of the year.

This is coupled with an increase in the number of homes entering the market, as the company has also reported that the 5th January was the third busiest day ever for homeowners asking estate agents to value their home.

House Prices Drop For Fourth Month in a Row 

High interest rates and the rising cost of living contributed to a fall in house prices for a fourth consecutive month in December. Figures released by major lender, Halifax, showed a 1.5% decrease in the average asking price, which now stands at £281,272.

However, while there’s traditionally a seasonal slowdown in December, the fall wasn’t as sharp as expected, and was lower than November’s drop of 2.4%.

On an annual basis, prices grew by 2% compared with December 2021, representing the slowest year-on-year growth since October 2019.

And while the market slowed significantly towards the end of 2022, average prices still remain way above pre-Covid levels, and so far the start of 2023 is looking similar to the starts of 2016, 2017 and 2018, although some forecasters are predicting a 10% drop in 2023.

Mortgage Approvals Drop to New Lows

Figures released by the Bank of England suggest that mortgage approval levels have fallen to their lowest level in two years.

Just over 46,000 mortgages were approved in November – a drop from October’s figure of 58,000, as would-be homebuyers have been increasingly put off by rising interest rates and cost of living pressures.

The slump is expected to continue as uncertainty takes hold of the market and the cost of living continues to be volatile.

Rents Rising at Fastest Rates on Record

Data from the Office for National Statistics (ONS) shows that rental rates increased by 4% on average in 2022 – the fastest rise since records began seven years ago.

A quarter of private tenants surveyed in December said their rent had risen in the previous six months, as many landlords have passed on the increases they’ve faced on their buy-to-let mortgage rates.

The ONS figures also showed that renters pay significantly more on their living costs than homeowners, with their weekly expenditure on housing accounting for 24% of their income – 8% higher than those with a mortgage.

New ‘Save To Buy’ scheme launched for first-time buyers

An innovative scheme by one leading home developer could pave the way for thousands of renters to get onto the property ladder.

The initiative, set up by new homes developer, Fairview, will see all of the money paid by tenants in rent be put towards the deposit for their home.

Under the scheme, rent is paid at a fixed cost for between six months and two years, but instead of going to a landlord, the money will be set aside until the renters have a big enough deposit to obtain a mortgage on the property.

At that point, they can go through the usual mortgage application process and buy the home they’ve been renting.

The scheme is currently running at two of Fairview’s developments – New Hayes in West London and Epping Gate in Loughton, Essex. However, it’s expected to be rolled out to a number of other developments over the next few months.

The scheme is open to anyone who is classed as a first-time buyer, and the only stipulation is that you must have a deposit equivalent to 1% of the property’s value when you first move in. This is handed over to the developer when you first exchange contracts, and from that point, 100% of your rent will go towards the deposit to buy the property.

There’s also an option to top up your monthly payments if you can, which means getting on to the property ladder sooner.

For more property news and updates and a more detailed overview of the Gloucestershire area, get in touch with TG Sales & Lettings. We are your local property experts. Call us on 01452 300822 or email rachel@tgres.co.uk.

There’s a slightly more festive feel to this month’s property market update, with a few interesting facts and figures to round off a hectic 2022 in the housing market!

Despite Christmas usually being a slow period for property sales, read on to find out more about why now could be the perfect time to sell, plus an update on how mortgage lenders plan to help struggling homeowners, the UK’s top 10 happiest places to live are revealed, and there’s a fun Christmas fact to finish with…

Interest rates rise again
In some bad news for borrowers, the Bank of England has raised interest rates to their highest level in 14 years.

The increase has taken the rate from 3% to 3.5% – the ninth consecutive increase and the forecast for 2023 is that rates will continue to rise, with analysts predicting a peak of 4.5%.

The latest increase means that homeowners with tracker mortgages will face extra repayments of £49 per month on average, while those with variable mortgages will be paying an extra £31 per month.

House prices see biggest drop in 14 years
Figures released by major lender, Halifax, have shown a 2.3% fall in house prices in November – the biggest fall since 2008.

This marked a third consecutive month in which prices have fallen, with the average house price currently sitting at £285,579.

While the fall might sound concerning for some homeowners looking to sell, the rapid rise in asking prices over the past few years means that annual growth in property prices is still 4.7%, with prices having increased £46,403 on average since March 2020 when the Covid pandemic began.

Mortgage lenders pledge to help borrowers
In some positive news for homeowners struggling with the cost of living squeeze, mortgage providers have promised to do more to help.

This follows a meeting between major lenders with Chancellor Jeremy Hunt, the chair of the FCA and MoneySavingExpert’s Martin Lewis.

The help will include allowing borrowers who are up to date with their payments to switch to a new mortgage deal without having to do another affordability test, letting customers switch to an interest-only mortgage for a set period of time, and increasing the mortgage term to lower the monthly repayments.

Lenders have also pledged to provide more tailored support for individuals, with highly trained staff on hand to help those struggling.

Why now is the perfect time to sell
Traditionally, Christmas is seen as a bit of a slow time in the property market, with most sellers looking to have everything done and dusted long before the big day.

However, there are plenty of reasons why it could actually be a great time to sell, starting with the Boxing Day boom.

According to leading property portal, Rightmove, the day after the big one is their busiest day of the year for website traffic, with last year’s figures increasing by 21% compared to Boxing Day 2020, which itself saw a huge 54% increase from the previous year.

And it’s not just Boxing Day that sees all the action – the website reported 51 million visits between 26th December and the first working day of the new year in 2021, so having your property on sale over the festive period could lead to a quicker sale than you think.

On top of the Boxing Day boom, buyers who are willing to come and view properties in the weeks leading up to Christmas are likely to be highly motivated, and having your property sold ready for January will put you in a strong position when it comes to negotiating on your next property as you’ll have a head start on the competition.

The 10 Happiest Places to Live Revealed
A survey by Rightmove has revealed the UK’s top 10 happiest places to live, with St Ives in Cornwall taking the top spot for the second time in three years.

Average asking prices in the pretty coastal town are the highest on the list, at £523,731, while second-placed Galshiels in Scotland has the lowest asking prices, at £153,546.

Last year’s winner, Hexham, has dropped to the fourth spot and is one of six English towns on the list, which also includes three Scottish towns and one in Wales.

As it’s Christmas, we couldn’t end this month’s update without a property-themed festive fact…
Did you know, that scientists calculated that for Father Christmas to deliver gifts to people all around the world, on Christmas Eve, he would have to visit 822 homes a second, travelling at 650 miles a second! That’s some seriously speedy work, Santa!

Merry Christmas to all our clients – past, present and future!

For more property news and updates and a more detailed overview of the Gloucestershire area, get in touch with TG Sales & Lettings. We are your local property experts. Call us on 01452 300822 or email rachel@tgres.co.uk.

As the cost of living crisis worsens and UK inflation hits a record high of 11.1%, is it all doom and gloom and what does this mean for the UK housing market? Read on to find out everything you need to know.

Stamp duty cuts to remain in place until March 2025
In some good news, Chancellor, Jeremy Hunt has confirmed in his Autumn Budget that stamp duty cuts are to remain in place until March 2025, just weeks after his predecessor, Kwesi Kwarteng, announced they would be cut permanently.

From March 2025, the threshold at which stamp duty is paid will drop from £250,000 to £125,000, while for first-time buyers, this threshold is up from £300,000 to £425,000. Experts have said the current stamp duty cut is unlikely to have a big impact on the housing market when mortgage interest rates are so high.

Headlines from the Autumn Budget
The announcement around stamp duty wasn’t the only one that will affect homeowners, with the Chancellor also announcing an increase in the energy price cap and a potential change to council tax rates.

Just weeks after announcing that typical household energy bills were to be capped at £2,500 per year until April, the Chancellor has revealed an increase to £3,000 per year from that point for 12 months.

While the new cap is less generous, it does at least give households some clarity on their likely energy bills until April 2024, and it’s far better than the £5,000+ annual energy bills that were being mooted just a couple of months ago before the government intervened.

The other big news concerning homeowners was an announcement that local authorities can increase council tax by 5% without a vote. Previously, any increase over 3% had to be approved by a local vote, but the Chancellor’s announcement has removed that requirement, and treasury officials are expecting 95% of local authorities to use the full 5% increase when announcing their new rates.

House prices dip for only the second time in 2022
Leading property website, Rightmove, has reported that UK house prices have fallen 1.1% this month, which is only the second time this year that prices have dropped.

The average house price is currently £366,999, down £4,159 from October’s figure of £371,158.

The drop in prices is in line with the usual trend at this time of year, with many sellers willing to price their property more competitively in the hope of finding a buyer before the new year.

Despite the drop though, average prices remain 7% higher than at the same stage in 2021.

UK house prices set to fall for next 2 years
According to the government’s official forecaster, UK house prices are set to fall for the next two years, before seeing a rise again.

Between now and Autumn 2024, the Office for Budget Responsibility (OBR) predicts that prices will drop by around 9%, before slowly increasing again from 2025.

The news will be welcomed by many potential first-time buyers, although given the current economic climate, the OBR’s prediction is fraught with uncertainty.

Rental rates hit new highs
Figures released by property portal, Rightmove, have revealed new record rental costs, with the monthly UK average being £1,162 – an 11% increase in the past 12 months.

While average rents are up 11% nationwide, the areas with the biggest increases have also been revealed, with Newbury in Berkshire being the biggest climber. Rents there have soared by a staggering 22.2% in the past 12 months. The only other part of the country with a 20%+ increase is Manchester, where rents have increased 20.5%, although the Welsh capital Cardiff isn’t far behind at 19.6%.

The surge in prices is being largely driven by an increase in demand, with 20% more renters in the market for properties than 12 months ago.

The good news for renters though, is that the number of properties on the market has increased across the UK, with London being the only exception.

And finally…
If you’re a film buff who’s on the hunt for a new home, you might want to check out this 3-bedroom flat.

That’s because it sits above the bookshop from the iconic British rom-com, Notting Hill. Much of the 1999 film, which starred Hugh Grant and Julia Roberts, was shot in the area which shares its name, and the flat is on one of London’s best-known streets, Portobello Road.

The flat is set over three floors, and it’s on the market for a cool £2.375 million!

For more property news and updates and a more detailed overview of the Gloucestershire area, get in touch with TG Sales & Lettings. We are your local property experts. Call us on 01452 300822 or email rachel@tgres.co.uk.

Mortgage rates, house prices and average rents have hit new highs, while stamp duty has been cut in the government’s mini-budget (one of the few changes to remain after Kwasi Karteng’s sacking and the appointment of Jeremy Hunt as the new chancellor), and a property with a place in TV history is on the market! Read on for all this and more in your October property market update.

Mortgage rates hit new 14-year highs
New figures have revealed that fixed-rate mortgages are at their highest levels for 14 years, with hundreds of thousands of homeowners facing a steep increase in monthly repayments when their current fixed rates finish in the coming months.

Average fixed rates for two and five-year mortgages are currently at 6.65% and 6.51% respectively, with interest rates expected to rise again in November to try and curb inflation, which is currently at 10.1%.

The sharp increase in rates is partly due to the government’s mini-budget announcement in September, which sent the financial markets into a frenzy, but with most of those policies having since been reversed and with a new government set to be in place by the end of October, there’s some hope for mortgage holders that rates may drop again.

House prices hit new high again
Despite rising interest rates, inflation and cost of living increases, average asking prices have risen to a record high in the UK.

Figures released by property website, Rightmove, have revealed that the average asking price in October was £371,158, a small increase on the previous month.

While the increase might be a surprise to some given the current economic climate, demand for property continues to outweigh supply, giving sellers confidence they can achieve their full asking price.

Asking prices are predicted to drop slightly in November and December, in line with seasonal demand, however, predicting prices for the new year and beyond is impossible for forecasters due to the current political and economic uncertainty in the UK.

Stamp duty cuts are here to stay…for now!
In welcome news for home-buyers, and particularly first-time buyers, the government’s recent changes in stamp duty have been confirmed by the new Chancellor.

As part of the government’s mini-budget on 23rd September, then-Chancellor Kwasi Kwarteng announced a raft of tax cuts, many of which have since been reversed by his replacement, Jeremy Hunt.

However, the change in stamp duty was one of the only cuts to be kept in place. The change means that stamp duty tax isn’t payable on properties over £250,000 – an increase on the previous threshold of £125,000. For first-time buyers, the threshold for paying stamp duty is £425,000.

The changes mean that movers will save up to £2,500, while for first-time buyers the savings can be as much as £11,250.

Since the new Chancellor’s announcement that stamp duty changes would be kept, Prime Minister Liz Truss has resigned, so there may be another shift in policy when a new government is announced in the coming weeks.

Average London rents hit new highs
Rents in the capital have hit new highs, with the average property costing £553 per week. The previous high was set in June when prices hit £549 per week, and data from various estate agents in the capital suggests that each property has 29 renters competing for it on average.

This soaring demand has led to bidding wars, auctions, and even demands of up to 12 months’ rent in advance from some landlords.

The increase in demand can be attributed to a number of factors, including a return to city living post-COVID, and a rise in the number of renters delaying buying plans as they wait for volatile mortgage rates to settle down.

Own a piece of British TV history
If you’re a TV sitcom fan and in the market for a new property, you might want to take a look at the picturesque village of Turville in Buckinghamshire for your next home.

That’s because a pretty two-bedroom cottage has gone up for sale, which was used as the primary setting for The Vicar of Dibley.

The show, which starred Dawn French, was one of the most popular sitcoms in the UK between 1994 and 2007, and the cottage featured prominently throughout the show’s 20+ episodes.

Other scenes from the show were also filmed around the village, which has also been used as a filming location for major shows like Goodnight Mr Tom, Midsomer Murders, Killing Eve and Chitty Chitty Bang Bang.

The cottage has an asking price of £695,000, and you’ll find all the details here.

For more property news and updates and a more detailed overview of the Gloucestershire area, get in touch with TG Sales & Lettings. We are your local property experts. Call us on 01452 300822 or email rachel@tgres.co.uk.

The biggest hike in interest rates for more than 30 years is expected later this month, a surge in buying activity has been reported by some estate agents in August, while renters are turning to smaller properties to cope with the cost of living crisis.

Read on for all this and more in your September property market update from TG Sales & Lettings.

Interest Rates Rise
The Bank of England revealed the new base interest rate on 22nd September, with a significant rise from the previous 1.75% rate. Rates increased by half a percentage point to 2.25%.

The move is an attempt to slow the rate of rising prices, but interest rates have not been this high since the 2008 financial crisis. This increase will undoubtedly bring some worry for many borrowers.

The rates are likely to rise again in November and December, with many economists expecting the rate to hit 3% by the end of the year, and potentially as high as 4.5% by next summer.

The hike in rates is designed to try and keep inflation under control, as it’s currently running at 9.9% – almost five times higher than the Bank of England’s target of 2%.

Stamp Duty Falls
In a bid to help buyers, the government has announced a cut in stamp duty. This is the tax that must be paid when buying a property in England and Northern Ireland.

The threshold has been raised to £250,000 from its previous level of £125,000, and the threshold for first-time buyers has been increased from £300,000 to £425,000.

The new chancellor Kwasi Kwarteng also increased the value of the property on which first-time buyers can claim stamp duty relief. This increases from £500,000 to £625,000.

Energy Bills To Be Frozen For 2 Years
In good news for homeowners and tenants, new Prime Minister Liz Truss has revealed the Government’s energy plan to help tackle the rising cost of living crisis.

Under the plans, the Energy Price Guarantee will mean that the average energy bill will be frozen at £2,500 for the next two years, starting from October, far below the previously proposed £3,549 price cap set by Ofgem. This is in addition to the one-off payment of £400 that all households will be entitled to as well,

While it’s still an increase on the current price cap of £1,971, the news has come as a relief to millions of households who were facing a very tough winter under the previous plans.

The new scheme is expected to cost the government around £150 billion – a cost which is likely to be passed on to taxpayers in years to come.

Estate Agents Reporting ‘Buying Frenzy’
Some estate agents have been reporting a flurry of activity on properties in recent weeks, as many buyers look to secure a mortgage deal before interest rates increase again later this year.

Several large agencies have revealed a string of new properties coming on to the market, along with a big increase in buyers, with one major agent revealing their busiest August in London for 10 years.

While the late summer surge has temporarily halted the expected slowdown in the property market, demand is expected to slow significantly in the coming months, as the UK heads towards a likely recession.

Renters Looking For Smaller Homes To Combat Cost Of Living Crisis
Data released by leading property website, Zoopla, has revealed a sharp increase in the number of renters looking for smaller properties.

Their figures have revealed a significant shift in searches from three-bed houses to two-bed flats, as renters look to reduce their outgoings.

Average rents have increased by £115 per month over the past year, with the rise outpacing earnings growth nationwide. And with the difference in rents on a two-bed flat and a three-bed house being £105 per month outside London, it’s clear to see why renters are looking for smaller properties.

The increase in rental prices is being fuelled by a major shortage of properties available, with rental stocks sitting at around half the numbers typically available in the past five years.

UK’s Highest-Yielding Areas Revealed
Property portal, Zoopla, has revealed the top 10 hotspots for investors in the UK, with all of them concentrated in Scotland and northern England.

East Ayrshire tops the list, with gross yields of 8.48% on properties which have an average value of £71,334.

In fact, all of the top five areas are in Scotland, with the highest-yielding area in England being the north west town of Burnley – gross yields there sit at 7.92%, with average property values at £74,681.

Perhaps unsurprisingly, the lowest-yielding areas of the country can mostly be found around the capital. Kensington and Chelsea is the worst-performing area for landlords, with gross yields of 3.3%, against average property values of £1,171,159.

The City of Westminster, Richmond Upon Thames and the City of London all feature in the top 10 as well.

For more property news and updates and a more detailed overview of the Gloucestershire area, get in touch with TG Sales & Lettings. We are your local property experts. Call us on 01452 300822 or email rachel@tgres.co.uk.

House prices have fallen for the first time this year, the under-30s are the age group most likely to face unaffordable rents, and mortgage rates are expected to rise imminently. But it’s not all doom and gloom! Read on for all this and more in August’s property market update.

House prices fall for the first time in 2022
Figures released by property website Rightmove have revealed a drop in house prices for the first time this year.

According to their data, the average asking price for a UK property fell by almost £5,000 in August to £365,173 – a loss of around 1.3%.

The fall in house prices was largely expected, with August traditionally being a quiet month for the property market as summer holidays are in full swing and homeowners are holding off moving until children go back to school.

The drop in prices isn’t expected to last, with property experts predicting rising prices again from September onwards.

Under-30s struggling more than other working-age groups with unaffordable rents
Data released by a leading property market consultancy has revealed that under-30s are spending more of their income on rent than any other working-age group.

The figures, which cover 150,000 under-30s show that 40% are spending more than 30% of their salary on rent – the highest figure for five years.

While the least affordable areas are unsurprisingly in London, rent affordability for young people is a growing problem around the country, with Rotherham, Bolton, Salford, Dudley and Walsall all appearing high on the list of unaffordable places.

The increase in rental costs is largely being driven by a shortage of properties on the market and an increase in demand, with reports that some renters are offering to pay over the asking price each month to secure a property, even when they can’t afford it.

Mortgage rates are forecast to rise again in September
Mortgage rates are expected to rise by as much as 0.5% next month, following a double-digit rise in inflation.

The Bank of England’s Monetary Policy Committee will be meeting on 15th September, when an increase is expected to be announced, with most leading economists forecasting a 0.5% rise in interest rates, up from the previously expected 0.25%.

The increase will mean another rise in mortgage repayments for homeowners on variable and tracker mortgages, but for homeowners with fixed-rate mortgages coming to an end, there’s still time to refix based on the lower rates prior to 15th September.

House shares on the rise with the over-50s
Popular flat-sharing website, SpareRoom, has revealed a growing number of over-50s are looking for house and flat shares to cope with rising rents.

Their figures show a staggering 239% increase in demand from 55 to 64-year-olds since 2011 and a 114% increase in demand from 45 to 54-year-olds.

25 to 34-year-olds still make up the majority of sharers, but a senior director at SpareRoom expects the rise in demand from over-50s to continue, as the cost of living increases and solo renting becomes more unaffordable for many people.

The findings are common across the sector, with another leading flat-sharing website revealing a big increase in demand from over-55s. Cohabitas, which focuses on over-40s, has seen a 51% increase in demand from 55 to 64-year-olds looking for a shared property in the past six months, while they’ve also seen a 44% increase for all users in the same time period this year, compared with 2021.

Doc Martin property put up for sale
The Cornish cottage which features in the popular ITV drama Doc Martin has been put up for sale by its owners.

Fans of the show, which stars Martin Clunes as the grumpy doctor, will know the cottage from its fictional setting of Portwenn. However, in reality, it’s based in the charming coastal hamlet of Port Isaac, which is known for its cobbled streets, picturesque fishing harbour and stunning seaside views.

Filming for the show’s 10th and final series has already taken place, so would-be buyers won’t have actors and a camera crew to contend with any longer, although fans of the show are likely to still flock to the village.

If you’re interested in owning a small piece of TV history, the property is for sale with an asking price of £1.15 million

House prices have hit yet another record high, while the true scale of the UK’s price increases has been revealed, and a study has shown the locations where properties sell the fastest. Read on for all this and more in July’s property market update.

House prices rise for the sixth consecutive record month
Asking prices for UK homes have risen to a new record high for the sixth straight month.

Figures released by leading property portal, Rightmove, show that the average asking price for a UK property is now £369,968 – an increase of 0.4% or £1,354 in the past month.

The increase is higher than May’s 0.2% figure, but far lower than April’s rise of 2.1%, as the housing market begins to show signs of a cool down after a long period of unprecedented growth.

Further data shows that prices have increased 9.3% over the past year, largely driven by the far higher demand for homes than the supply available, with the latest data showing that there are 40% fewer properties on the market compared with 2019.

Wales average price hits new high
The average price of a property in Wales has risen above £240,000 for the first time.

The figures have been revealed by the Principality Building Society, which showed that prices have increased by 11.5% on average in the second quarter of 2022, compared with the previous year.

In one local authority – Blaenau Gwent – prices have risen an astonishing 20.6% in the past year, although, with average prices at around £150,000, it remains the lowest priced authority in the country.

The highest house prices can be found in Monmouthshire, where the average property sells for £368,621.

The true value of UK price increases revealed
Figures released by leading property website, Zoopla, have revealed that the value of the UK’s housing stock has increased to more than £10 trillion, with more than £1.3 trillion being added since Covid first hit the UK.

To put the figures into context, the average property price has increased by £38,000 since the start of the pandemic, or £48 per day.
In some areas, the daily figure far exceeds this, with leafy St Albans seeing an average daily price increase of £106 and all of the top 20 local authorities being based in the south of the country.

At the opposite end of the scale, some areas have seen a fall in the average price, with London property owners seeing the biggest drops. In the City of London, prices have dropped £40 per day since the pandemic started, while the figures for Kensington & Chelsea, and Westminster are more modest, at -£8 and -£5 respectively.

The top locations for a quick sale
Leading property portal Zoopla has revealed the top 20 places where homes sell the fastest, with the top four towns being spread across the country.
Dartford, Redditch, Test Valley and Gloucester are the quickest places, with properties typically taking just 14 days to sell.
They’re not the only quick sellers though – all of the places in the top 20 sell within 17 days, and they’re dotted all over the country, from Plymouth in the south west to Trafford in the north west.

London is one of the slowest regions in the country for selling a property, where it takes 35 days on average to sell, although Bexley and Waltham Forest buck the trend, taking 16 and 17 days respectively.

270,000 property millionaires created by pandemic housing boom
Startling figures released by Zoopla have revealed that around 270,000 homeowners have joined the millionaires’ club as a result of the pandemic housing boom.
With demand for properties at its highest level since 2006, almost 10m homes jumped by £50,000 in value, and sellers have been cashing in to create a whole new wave of property millionaires.

With demand running at 58% higher than the five-year average, and supply falling to 40% below the same average, soaring prices have seen buyers having to pay far higher prices than pre-pandemic, as factors like flexible working have seen them willing to move around the country to find their dream home.

Wales has seen the biggest increase in property values, with prices rising 22% on average across the country, but most of England has seen double digit growth too, with the exception of London, where prices have increased by a more modest 7%.

For more property news and updates and a more detailed overview of the Gloucestershire area, get in touch with TG Sales & Lettings. We are your local property experts. Call us on 01452 300822 or email rachel@tgres.co.uk.