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| | Market Comment |
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| paul jeffreys market comment |
27th August 2008
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It is not all doom and despondency over the current market conditions. During the Bank Holiday weekend we carried out 13 appointments on the Saturday, 6 on the Sunday and only 1 on the Monday. However the most encouraging fact was that a number of the viewers had the ability to proceed, ie: had just agreed a sale of their property, had nothing to sell or indeed were first time buyers. The results of the weekend are still unfolding but we can already say that we have had 3 offers and agreed 2 sales. Most of the viewings were on properties priced below £200,000 but with these properties starting to sell then it will hopefully have the knock on effect up through the price ranges and therefore move the market forward.
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Jeff Shorter, Director
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| paul jeffreys market comment |
11th August 2008
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Currently, there is a lot of press speculation that the Government are going to introduce a 'stamp duty holiday'. We are not convinced this is the way forward. For those who can remember back to 1996 when we had the last stamp duty holiday, we had a brisk market for the first 8 months of the year and next to nothing for the remaining 4 months. Would not intorducing a 'holiday' now have the same effect, delaying this current slowdown to the end of the holiday? Being cynical that would be closer to the next General Election and would the Government want a slow housing market at that time? Our view is to raise the stamp duty thresholds reflecting current prices rather than those from way back when house prices were considerably lower.
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Jeff Shorter, Director
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| paul jeffreys market comment |
16th June 2008
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Statistics, read into them what you like. How about this one: in May 2007 we sold a house in Holbury and then in May this year we sold a similar house in the next road. The 2008 sale shows a percentage INCREASE of 1.3%. However, in the corresponding month we sold a maisonette in Hythe and this shows a percentage DECREASE of 6.5%. What does this tell you about today's market? ........ In our view, 'not a lot!'
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One other interesting fact is that 3 of the sales that we agreed this May completed within the same month, whereas the majority of sales normally take between 8 and 12 weeks to go through. One local solicitor did remark that he felt that in the case of one transaction the availability of a HIP (Home Information Pack) was a help, but he did not want us to shout it from the rooftops as in his opinion, as with the majority of property professionals, the home buying public have taken little or no notice of them!
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| Jeff Shorter, Director |
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| paul jeffreys market comment |
3rd June 2008
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To Buy to Let or not? Now may not be the ideal time to talk about 'Buy to Let' as some of the media predict the demise of the Buy to Let market - but what do they know?!
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In fact with the 'buyer's market' we are experiencing now and rents rising, the time could be ideal! As with any investment - always take the long term view - property will always remain a good long term investment if you buy the right property, in the right area, at the right price. The days of short term capital growth are over - and perhaps that's no bad thing. We are experiencing very strong demand for all types of rental property, from studios to 4 bedroom houses. So if you thought the Buy to Let market was dead - think again! As long as you have a decent deposit and buy the right property, you won't go far wrong. Alternatively, you may be trying to sell - you could rent out your property and wait until the market improves. If we can help, please call us.
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| Paul Dettmer, Director |
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| paul jeffreys market comment |
13th May 2008
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I am writing this after having just agreed our 3rd sale of the week - so much for a 'Dead Market'!
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Having said this, the last week was relatively quiet in terms of enquiries and phone calls etc. but we still sold 3 - luck? Hard work? or an experienced Estate Agency doing what they do best, talking to people and selling the viewings to buyers who are in a position to buy? Interestingly on these 3 sales, we achieved figures of only 3% less than the asking price - proof, if proof is needed, that if you quote a good, realistic asking price, you should sell. Quote an unrealistic figure and you won't! And remember, it's a 'buyer's market' so what you may lose on your sale, you can more than make up on your purchase!
Paul Dettmer, Director
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| paul jeffreys market comment |
30th April 2008
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| Agents fees are always a topic of conversation. Back in 1968 the fee scale was 5% on the first £500, 2.5% on the next £4,500 and 1.5% on the balance of the sale price. I remember selling new maisonettes on what is now The Calmore Estate for £3,995 and 3 bed semi's for £4,795. working back that equates to 2.75% of the sale price. |
| I don't recall whether VAT had been introduced. Today we agents work much longer hours and on a percentage basis get over 1% less. I know prices have gone up but so has everything else and it is all relevant. |
I recall at my first interview I was told that currently we work a five and a half day week (Monday - Friday and Saturday 9.00 - 12.30). The interviewer said he thought that within a year or so that would change to a five day week.
How wrong he was! It is now 7 days a week as well as out of office hours appointments. My how times have changed! |
| Jeff Shorter, Director |
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| paul jeffreys market comment |
4th March 2008
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In our last Comment I talked about experience. Along the same theme, I was recently discussing the current market conditions with a fellow Agent, who made an interesting point. Today within some organisations you can become a Senior Negotiator within 6 months and a Branch Manager of an Estate Agents office within a year.
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We questioned their experience, particularly in this current climate, having worked in difficult market conditions on many occasions. In fact Paul and I started our business in 1992 when we were in the deepest recession for many years. I recall that I did not become a Branch Manager for about 15 years, whilst the Agent with whom I was having the discussion waited many years before being trusted with her own Branch office.
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Within all walks of life experience counts coupled with the fact that Paul and I still have the same enthusiasm now as we did all those years ago.
Jeff Shorter, Director
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| paul jeffreys market comment |
31st Jan 2008
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| It's amazing where time goes. I have recently realised that in July this year I will have been an estate agent for 40 years. Over the next few months I will recall some of my memories and share them with you, hopefully some will make you laugh. |
| For those who have been into our office recently you may have seen hanging on the wall above my desk a letter of confirmation of my first job at the grand salary of £5.00 per week, which after deductions I took home £4 9s 6d (£4.47)! |
| That's the nostalgia for now, back into 2008, they say 'there's nothing like experience', between Paul and I, we have over 65 years estate agency experience in Southern Hampshire and our Agency is sixteen years old this week. Experience counts! |
| Jeff Shorter, Director |
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