HAT-TRICK OF SALES!

Location, location, location has taken on a new meaning for a Leeds estate agent after it homed in on a unique hat-trick of sales.

For Castlehill, based on Otley Road in Headingley, has just sold three houses next door to one another on Shaw Lane – with a combined asking price of £645,000.

It is believed to the first time in the 40 year history of Castlehill - which specialises in the sale and rental of homes across north Leeds - that three properties standing next to each other have come up for sale, and been successfully sold , all at the same time.

Director of the independent agency, Simon Ketteringham, said the ‘triple sale’ held an important message – one which was of far-reaching interest to all owners selling or planning to sell their homes in the New Year.

“It highlights once again the importance of marketing your property at a sensible asking price,” he said. “We are finding that there is good demand from motivated buyers for realistically priced and well presented homes across all price ranges." 

“This will remain the key theme for the Leeds property market during 2012.  If there is one New Year’s resolution for sellers wanting to sell, it is to ensure their property is put on the market at a realistic price.”

He added: “Our experience in the last quarter of the year shows that there are grounds for optimism in the Leeds property market and it will be important to continue this momentum, and build on this platform, into the New Year.

“The London Olympics and the Queen’s Diamond Jubilee will also help increase the country’s ‘feelgood factor’ and, in the challenging economic climate that exists across all sectors, these will hopefully form a welcome boost.”

NORTH LEEDS ESTATE AGENT EXPANDS WITH LAUNCH OF NEW RENTALS DIVISION

ONE of the longest-established names among Leeds estate agents is expanding with the launch of a new venture.

 

Castlehill, based on Otley Road in Headingley, has helped thousands of people buy and sell homes across its north Leeds heartland for more than 30 years.

 

Now the independent agency is adding an extra dimension to its services by launching a dedicated property rentals division aimed at professionals.

 

Castlehill Rentals will specialise in letting properties in sought-after areas such as Headingley, West Park, Meanwood, Burley, Kirkstall, Adel and Alwoodley.

 

And it marked the latest chapter in its history in double-quick time – letting its first property, an apartment in the historic period property, Maryland House on Grosvenor Road, Headingley, within hours of it coming to market.

 

Director Paul Lehan said: “Launching a rental arm to the company is a natural progression for us and comes at an exiting time as more and more people choose thriving North Leeds as a place to live and work.

 

“It complements our existing range of estate agency services and enables us to share our first-hand knowledge of the area that we have built up over many years.

 

“The growing demand for quality rentals across North Leeds is being triggered by professionals – particularly young people who have studied in the city and choose to stay on here as they take their first steps up their career ladders.”

 

The new venture will be spearheaded by David Egan, who joins Castlehill after several years\' experience in residential lettings, the latter part of his career spent covering Headingley and north Leeds

 

He said: “We want to freshen up the residential letting sector – such as by introducing floor plans into the marketing collateral of each property we are asked to let.

 

“In another initiative, we want to smooth the check-in and check-out process – often a contentious issue for tenants and landlords alike – by employing an independent person to carry out the process.

 

“Since launching, we’ve been inundated by inquiries from professional workers – and are actively seeking out quality new homes, such as Maryland House, to match up with our growing tenant database.”

 

And, as a new start-up, Castlehill Rentals is able to offer landlords an initial added bonus by saving them 20 per cent VAT on all transactions.

AS HISTORIC HORSFORTH HOME COMES ON THE MARKET, OWNERS UNEARTH ITS FASCINATING PAST

WHEN well-known mill owner Joseph Pullan bought one of Leeds’ most historic homes, he paid just £866 for it and his monthly mortgage was less than a fiver.

 

Now, exactly 150 years later, the imposing six-bedroom property on the edge of Horsforth is on the market - with an asking price almost one thousand times higher.

 

The Grange, which nestles in the heart of the countryside off Otley Old Road at Dean Lane, is a Victorian south-facing family home, set in approximately one-and-a-half acres of gardens and grounds.

 

The sale is being coordinated by Headingley-based estate agents Castlehill, whose director Simon Ketteringham said: “The property is steeped in history and the current owners have carried out a lot of research into its fascinating past and the role it has played in the local community.

 

“Their detective work has even traced the original mortgage arrangement from 1861, when Joseph Pullan – one of the wealthiest Horsfordians of his generation – bought it.”

 

The hand-written ledger reveals that he paid just £866 for the property and his 25-year mortgage was £29 4s 6d every six months – the monthly equivalent of what we pay today for roughly a gallon of petrol or an expensive pint.

 

Of that six-monthly payment, the paperwork shows that almost £20 of it was interest charges – less than £10 went towards paying off the actual loan.

 

It is also known that Joseph was a leading local Methodist, a lay preacher, and that he built a small Methodist chapel nearby for the use of his employees at his flax mill.

 

There was a lot of sympathy for Joseph’s employees at the time – when it was said they would have been ordered around the flax mill during weekdays, and then given further instructions from his pulpit on Sundays!

 

With an asking price of £860,000, The Grange is among the most prestigious homes that Castlehill has marketed.

 

Mr Ketteringham said: “It’s a stone-built property, full of character, which retains many period features, with all principal rooms enjoying long-distance views to the south and west.

 

“It enjoys a unique elevated position – offering breathtaking countryside views to all sides – yet it is only six miles from Leeds city centre.

 

“The gently sloping parkland gardens lead down to a small well-stocked lake, where the current owners keep ducks, geese, hens and pigs.

 

“It’s a superb family home which may well appeal to purchasers with country or equestrian interests.”

Homes Under the Hammer!

‘PERFECT MATCH’ AS CASTLEHILL MARKS CRICKET SPONSORSHIP HAT-TRICK

HOWZAT!  A Leeds estate agency has scored its very own ‘hat-trick’ after launching its third successive year of support for local cricket champions.

Castlehill Estate Agents, based on Otley Road in Headingley, has added a new kind of ‘pad’ to the wide range of homes it has specialised in selling and renting for more than 30 years  – cricket ones!

It is backing St Chad’s Broomfield Cricket Club – reigning champions of the Wetherby Cricket League – as part of its programme supporting local good causes.

Director Paul Lehan, who is also current President of the Leeds Estate Agents’, Surveyors’ and Valuers’ Association, said: “The name of Headingley is synonymous with cricket worldwide and we are delighted to support one of the area’s top local clubs.

“As well as enjoying success on the field, the club has a very active training programme aimed at encouraging children to take up the sport and nurturing the pool of young talent that exists in and around Headingley.”

St Chad’s Broomfield CC captain Mark Bailey said: “Both Castlehill and St Chad’s have been a ‘fixture’ of the local community for many years and we are delighted it has chosen to sponsor us for a third season.”

The club has played at its picturesque ground in front of St Chad’s Church for almost 90 years.  Past players have included its former vicar, Canon Charles Marshall, who turned out for the club for all forty years that he was incumbent of the parish (1907-1947).

 

 

 

It was said that if a parishioner wished to get married at 3pm on a summer Saturday afternoon, Canon Marshall would do his best to persuade the happy couple to hold the ceremony at 2pm - so that he could lead the eleven on to the field at the start of the match.

 

 

 

CALL FOR BANKS TO INCREASE SUPPORT TO FIRST-TIME BUYERS

BANKS must do more to help the first-time buyer market in Leeds, a group representing all the city’s leading property experts have warned.

 

The Leeds Estate Agents’ Surveyors’ & Valuers’ Association used its annual meeting to renew its call to lenders to play a bigger role in stimulating the market.

 

Mr Paul Lehan, newly-installed President of the  association, said: “Against a challenging economic backdrop, Leeds’ estate agents continue to work hard – and innovatively - to meet the needs of both buyers and sellers.

 

“But banks hold the key to the pace of further progress, especially in moving forward first-time buyer market.

 

Mr Lehan, 39, a Director of one of Leeds’ longest-established sales and letting agencies, Headingley-based Castlehill, added: “Membership assures the public that they are dealing with a company fully committed to providing genuine and sincere advice.

 

“To maximise this expertise for the good of the market, banks need to act quickly on relaxing lending criteria.

 

“We remain confident about the continuing revival of the market as we enter what is traditionally one of the busiest sales periods of the year.”

 

Paul has taken over the reins as the association enters its 122^nd year.

  

He said: “Our association has a long history of bringing together unrivalled expertise and knowledge of all elements of the Leeds property market – which is crucial in helping us overcome the challenges it faces.

 

“We are committed to drawing upon this pool of local talent to ensure that Leeds’ growing popularity as a place to live and work propels it to the forefront of the market’s revival.

 

“It is a privilege to serve as its latest President, following in the footsteps of so many well-known and respected figures in the industry.  I look forward to playing a role in taking such a historic association into a new era of success.”

His upbeat speech to members was matched by guest speaker Gary Verity, Chief Executive of Welcome to Yorkshire, the agency tasked with promoting the county worldwide.

 

With a professional background in estate agency, he told the association’s 150 guests at the Hilton Hotel in Leeds that Yorkshire is well-placed to be in the vanguard of economic recovery – with next year’s Olympic Games an example of the economic contribution Yorkshire was both making and benefiting from.

 

• The annual luncheon raised approximately £500 for Macmillan Cancer Relief.

 

 

A String of Bank Holidays and a Royal Wedding failed to put Brits off buying property

The UK housing market showed renewed signs of stability in April with sales remaining resilient despite three bank holiday weekends, according to estate agents.

The latest housing survey from the National Association of Estate Agents (NAEA) showed that the average agent sold 8 properties per branch in April, the same as in March and February.

Elsewhere, the number of house hunters registering to look for property took a slight hit, moving from an average of 290 in March to 277 April. Despite the drop in demand, this remains in-line with year on year figures.

Supply levels across the country increased slightly with NAEA agents reporting 69 properties available per branch, up from 68 in March. This represents a significant increase on the 62 homes reported in April last year.

The number of sales made to first time buyers (FTB) decreased slightly, moving from 23 per cent to 21 per cent across March and April.

President of the NAEA, Michael Jones, said: "Although regional variations do remain, this latest report indicates that the housing market is showing some overall resilience to economic pressures. Despite the expected lull in activity during the Royal wedding celebrations as people took advantage of the series of bank holidays to go abroad, sales remained stable.

"This continued stability might well be attributed to the Easter break at the start of April, a time when our agents saw increased house hunter activity and the bulk of their sales for the month, which could have cushioned against the drop off towards the tail end.

"It is, however, disappointing to see the market share for first time buyer\'s decrease for a second month in a row. Although in-line with figures from this time last year, the Chancellor\'s Budget, which made special concessions for this group has had little effect so far. Had the government focused on fiscal stimulus policies across the wider property market, we might well have seen some much needed upward momentum instead."

NEW PRESIDENT FOR LEEDS PROPERTY ASSOCIATION

THE body that represents the leading names in the Leeds property market has a new President.

 

Mr Paul Lehan has taken over the reins at the Leeds Estate Agents’, Surveyors’ & Valuers’ Association as the group enters its 122^nd year.

 

Paul, aged 39, is a Director of one of Leeds’ longest-established estate agencies, Headingley-based Castlehill, where he has worked on both the company’s sales and lettings operations for the past 15 years.

 

He has a Certificate in Residential Estate Agency and was awarded Fellowship of the National Association of Estate Agents in 2002.

 

He said: “Our association has a long history of bringing together unrivalled expertise and knowledge of all elements of the Leeds property market – which is crucial in helping us overcome the challenges it faces.

 

“We are committed to drawing upon this pool of local talent to ensure that Leeds’ growing popularity as a place to live and work propels it to the forefront of the market’s revival.

 

“One of my aims is to build on the strong membership we already have and recruit more companies to the association, strengthening the voice and influence we have in the sector.

 

“It is a privilege to serve as its latest President, following in the footsteps of so many well-known and respected figures in the industry.  I look forward to playing a role in taking such a historic association into a new era of success.”

Chancellor must free up the housing market further

Wendy Evans-Scott, President Elect of the NAEA said: “The Chancellor’s help for first time buyers is a good gesture towards re-starting the stalling property market. However, it is nothing more than a gesture – the focus on new build properties, rather than incentivisation across a broader spectrum of property, means there will still be little upward momentum in the market. While the measures aimed at first time buyers must be welcomed, it is unlikely that they will provide the kick-start that the housing industry badly needs.

The review of Stamp Duty, for which we have long-campaigned, is a positive step and we believe the Chancellor is right to address planning laws and change of property use. However, without the ability to overcome the substantial capital barriers that are currently restricting property ownership, the market will stagnate in 2011. Such a stagnation has wider implications for the economy as it restricts the flexibility of the workforce and the ability of families to own the homes they need as they grow. Encouraging first time buyers back to the market is an important first step, but it is just that – a first step on a long road to recovery.”

NEW ON-LINE MORTGAGE QUOTES

Castlehill are delighted to announce their partnership with the National Association of Estate Agents free on-line mortgage service allowing buyers to obtain quotes at any time from any place with internet access. Buyers can access independent residential, buy-to-let and commercial mortgage quotes by simply clicking the link on Castlehill\'s web site.

Director, Paul Lehan stated \'This is a fantastic new service allowing our clients the opportunity to access mortgage quotes easily and at their convenience, rather than waiting for an appointment to see their bank or a financial adviser. Buyers can choose a quick quote initially to check on monthly payments or a detailed quote tailored to their own requirements. However, we know that many people still like the personal touch, so we\'ve maintained links with other independent financial advisers who are happy to meet up and discuss individual mortgage and other financial requirements.\'

Click on the link to see for yourself!

 

HIPs SUSPENDED!!

As you may already have heard, the Government has just announced that HIPS have been suspended with immediate effect, pending primary legislation to abolish them. 

It will still be a requirement to obtain an EPC and this should be commissioned before a property is marketed.

SPRING SHOOTS SPARK RECOVERY

The number of people selling their homes rose in March to its highest level in six months, according to the National Association of Estate Agents.

The average number of properties for sale per branch increased from 56in February to 60 in March. This is the highest figure since September last year. 

The arrival of Spring also brought an influx of new house hunters to the market. In March, 274 people registered per branch, compared to 258 in February, an increase of seven per cent.

The number of sales agreed also increased, from an average of seven per branch to eight. T he percentage of sales to first time buyers (FTBs) decreased slightlyfrom 24 per cent in February to 23 per cent in this month . 

President of the NAEA, Gary Smith, said: “Spring has finally arrived and brought with it a much needed boost to the housing market, particularly amongst sellers.

“This figure has been low in recent months and this is a welcome indication that reflects a growing confidence that the recovery is well underway.”

Excellent start to 2010

BRITAIN’S house hunters braved freezing weather and blizzard conditions to bag themselves a bargain in January, according to estate agents.

The National Association of Estate Agent’s market report for January suggests that despite some of the worst weather on record the number of houses sold by the average agent increased month on month.

The average agent sold six properties in January compared to five in December. The number of people registering with estate agents to buy property also increased, from 251 in December to 291 in January.

This also shows a 12-month improvement – the number of registered house hunters per agent in January 2009 was 242. In contrast the number of houses available for sale fell from 59 per branch in December to 55 per branch in January.

The percentage of sales made to first time buyers also increased from 19 per cent in December 2009 to 23 per cent last month.

President of the NAEA, Gary Smith, said: “Our figures suggest that concerns expressed about the prospects for the market in 2010 may prove unfounded.

“This appears to be confirmed by the increased level of sales, which given the awful weather conditions is quite amazing. The dwindling housing stock on our members’ books reflected the increase in sales month on month, but this is a worrying trend that if continued will result in further upward pressure on prices.

“More encouragingly, the very important first time buyer section of the market now makes up almost one in four purchases. This confirms their confidence in the market as well as their ability to obtain attractive mortgage deals.”

NAEA & ARLA WELCOME LABOUR BACKBENCH CALL FOR STAMP DUTY “HOLIDAY” EXTENSION

A group of Labour MPs have put pressure on the Government to extend the current stamp duty exemption for properties under the £175,000 threshold – issuing an Early Day Motion on the issue.

Peter Bolton-King, Chief Executive of the National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (ARLA), comments:

“The current Stamp Duty “holiday” for properties lower than £175.000 is due to expire at the start of 2010. The housing market is on the road to recovery; in particular, we’re seeing the return of first time buyers. If the Stamp Duty exemption is not extended at this fragile point of recovery, we fear that months of work will instantly unravel causing a great deal of damage to the market.

“The industry is crying out for the Chancellor to take action in his Pre Budget Report next week - in a recent survey by the NAEA, 91 per cent of estate agents called for the threshold to remain at £175,000 for the foreseeable future.”

Last month, industry heavyweights added their support to the 1808 Coalition, set up by the National Association of Estate Agents (NAEA) and the Association of Residential Lettings Agents (ARLA) to campaign for the Government to modernise Stamp Duty.

1808 Coalition partners are: · Association of Mortgage Intermediaries (AMI) · Association of Residential Lettings Agents (ARLA) · Building Societies Association (BSA) · Council of Mortgage Lenders (CML) · Home Builders Federation (HBF) · National Association of Estate Agents (NAEA) · National Landlords Association (NLA)

Anyone wishing to register comments on the campaign, or on Stamp Duty, should visit: http://www.nfopp.co.uk/1808

NAEA comment on the latest Nationwide figures

Following the publication of the latest Nationwide figures, National Association of Estate Agents chief executive, Peter Bolton King, said:

"The good news about Nationwide’s figures is not the rise in house prices but the suggestion that sellers are now coming back into the market. The past few months have seen a surge in demand amongst buyers.

“As sellers come onto the market we may see a levelling out of house prices, but we will also see a far firmer foundation for a real market recovery. The Government must now do all it can to help this process, beginning with an extension to the current Stamp Duty holiday and a commitment to reform stamp duty into a tax that works for the housing market, not against it.”

NAEA Reaction to CML mortgage lending figures

Following the publication of the latest CML figures, National Association of Estate Agents chief executive, Peter Bolton King, said:

“The pick up in house purchase activity reaffirms our views that the market is making slow but steady steps to recovery. The findings from our latest market report showed just this; that demand for property has returned, particularly among first-time buyers. While this is all well and good for the first phase of recovery, more needs to be done to allow the market to enter the second phase.

“Lenders need to do much more in order to help facilitate the second phase of housing market recovery and we reiterate our concern over the FSA proposals to put tighter reigns on the mortgage lending process. The Government must also play their part in nurturing the recovery by extending the holiday on stamp duty.”

 

NAEA RESPONSE TO LATEST CML FIGURES

Commenting on CML figures released today, National Association of Estate Agents President Gary Smith said:

“What we are seeing is a market inching its way back to recovery. First time buyers have returned and now these figures show that house movers are also returning to the market – families wishing to upgrade or young couples needing a bigger house to raise a family.

“For the first half of this year the NAEA’s own figures recorded the return of first time buyers; now the rest of the market is following. That is a sure sign that demand is returning and people believe that now is a good time to get a bargain.

“There is a long way to go before things stabilise – and a real need for sensible Government policies and responsible lending – but indicators do suggest that the bottom has been reached and that the slow process of recovery may have begun.”

SALES REMAIN HIGH

POLITICIANS and banks must do more to sustain improvements in the housing market, Britain’s estate agents warn today, after activity stabilised in June.

The National Association of Estate Agents (NAEA) found that the average agent continued to make strong sales, despite having fewer properties available for sale resulting in slightly fewer people searching for a new home than in May.

Agents also reported that buyers are increasingly prepared to pay what a seller asks for a property – after the difference between asking and selling prices shrank to just 1.9 per cent – down from a 6.3 per cent difference in May.

NAEA President Gary Smith said: “The housing market is in a far stronger position than it was 12 months ago. After several months of continuous improvement the market stabilised in June, ahead of an expected seasonal dip throughout the summer.

 “The Government should scrap Home Information Packs and must pressure banks to ensure lending is available. We know that there is demand for property and that our professional agents are successfully finding buyers for their clients’ properties.

“It is in the interests of the UK as a whole that the upturn in the housing market that has been noted in the first half of 2009 is sustained and nurtured into a full recovery. The Government must do more to ensure that money that has been given to banks finds its way through the system and into the housing market.”

The average estate agent had 290 house hunters registered in June, down from 299 in May. They had 64 properties for sale, down from 69 in May and a high of 100 in December 2008. However agents continued to make sales, with the average professional agent selling 10 homes in June for the third month in a row, double the amount sold during the worst of the market downturn in August 2008.

Last week an independent survey commissioned by the NAEA found that almost a quarter of people – 22.5 per cent – are unable to find a mortgage that they qualify for anywhere in the market. And 56 per cent of those polled believed that a combination of relaxed restrictions and lower deposit requirements would increase the chance of them buying a property.

NAEA RESPONSE TO HALIFAX FIGURES

Following the publication of Halifax figures revealing a 2.6 per cent increase in house prices in May, Peter Bolton King, chief executive of the National Association of Estate Agents, said:

"This is one more indicator that the pent-up demand in the housing market is beginning to move. Our agents are reporting increased sales, more people wanting to look for property and a healthy resurgence in first time buyers.

"However it would be silly to speak as if the property market has recovered; and the Government must do everything in its power to help ensure that this is not a bubble. Specifically they must re-examine stamp duty, which is a tax on aspiration and a barrier for thousands of first time buyers."

PROPERTY SALES REACH 18-MONTH HIGH

Estate agents sold more houses in April than in any month since October, 2007, new figures from the National Association of Estate Agents reveal.

The average estate agent sold ten properties in April, up from eight in March and a low point of five in August 2008. 

Chief executive of the National Association of Estate Agents, Peter Bolton King, said: "What we are beginning to see now are consistent positive indicators that have held firm or improved since the beginning of the year.

"Six months ago people were talking about how British people\'s attitude to owning property had changed in the recession. 

“The NAEA always said that this was nonsense, and that demand for property remained strong, but confidence in the market had gone.

"These figures show that this confidence is returning."

NAEA: RESPONSE TO CML FIGURES

Following the publication of the Council of Mortgage Lenders latest monthly lending survey, Peter Bolton King, chief executive of the National Association of Estate Agents, said:

“First time buyers believe that there are bargains to be had in property at the moment, and the upshot of this is that confidence is returning to the market.

“Every measure by every organisation has shown that the fall in house prices is slowing, and it is understandable that those people who have access to finance want to take advantage of that and reap the rewards when the market begins to bounce.

“Responsibility is now the key to market success. The major lenders must be responsible rather than draconian with their lending; the property market must demonstrate that it is responsible by embracing calls for agents to be licensed; and the Government should admit responsibility for damaging schemes such as stamp duty, and scrap them accordingly.” 

Great start to the year!

Castlehill have enjoyed a great start to 2009! The market has picked up considerably, with both private buyers and investors becoming increasingley active. As long as property is realistically priced, buyers are ready and waiting with seemingley more mortgage options filtering through, creating opportunities, particulalrly for first time buyers.

Due to this positive market, Castlehill now urgently require more properties to sell to satisfy demand. If you are considering selling, please contact the office to arrange a market appraisal.

NAEA – SALES JUMP SHOWS CONFIDENCE IS RETURNING

Estate agents reported a rise in sales in February, with each agent selling an average of eight properties over the month.
 
It means that the number of sales has returned to the same level as 12 months ago.
 
The return of first time buyers to the market, noted in January, also held firm, dropping just one percent from 25 to 24 as a percentage of total sales.
 
In general, the market held strong in the first two months of the year, suggesting that it has plateaued.
 
Chris Brown, President of the National Association of Estate Agents, said: “This sales increase is a real boost for a beleaguered market.
 
“It shows that the demand identified by the NAEA is slowly but surely translating into sales.
 
“The housing market has had a devastating year, but now prices are lower than they have been for a long time and there are bargains to be had.
 
“These little signs all add up to a glimmer of light at the end of what has been a long and difficult tunnel.”

NAEA COMMENT ON RIGHTMOVE PRICE INDEX FIGURES

Following the publication of Rightmove’s housing price index, which showed a 1.2 per cent increase in asking prices, NAEA chief executive Peter Bolton King said:

“It is too early to say whether this increase in property prices, picked up by several organisations including the NAEA, will continue. The NAEA believes that it reflects that in certain areas the downturn is slowing and hopefully beginning to bottom out, as opposed to heralding the end of the housing slump.

“What is clear is that if confidence is returning to the market in any form, it is the job of the Government and the major lenders to try responsibly to sustain it. The NAEA believes that a complete suspension of stamp duty from the Government, and increased availability of mortgages from the banks, would achieve this.”

First Time Buyers Finally Find Hope in the Housing Market

The proportion of first time buyers (FTBs) looking to put a foot on the property ladder more than doubled in the first two weeks of 2009, according to the NAEA. 22.5 per cent of registered buyers were FTBs, up from 10 per cent in December and 14.5 per cent in January 2008. Peter Bolton-King, CEO of the NAEA, said: “This figure is highly significant in terms of demonstrating an increase in consumer confidence. The NAEA views FTBs as the bedrock of a healthy housing market. “During the boom years we saw the number of FTBs as a proportion of buyers rise as high as 37 per cent, and I believe that an average of 25 per cent is indicative of a healthy and confident market." He added: “While the figure of 22.5 per cent is definitely not a sign that the housing sector is out of the woods yet, it does suggest that those infamous green shoots of recovery may not be as far off as first thought.” Figures from a national survey of the NAEA’s 14,000 members also demonstrate that second time buyers are determined to try to bag a bargain. Agents reported a flurry of activity in the first two weeks in January, with an average of ten new sellers per agent. Agents made an average of four sales in the first two weeks of January – compared to a monthly average of six in November and December 2008. 55 per cent of those looking to buy in the first two weeks of January came from this market segment. Buy to let investors made up 22 per cent of the market – indicating bricks and mortar remains a sound investment, particularly with interest rates falling. Peter Bolton-King said: “These statistics are evidence that consumer confidence is slowly being restored but I must counter this by saying that unless lenders respond to consumer demand, then any green shoots will wither and die on the branch.”

NORWOOD HOMES LEADS THE WAY WITH 60% SOLD - OFF PLAN!

With the continual stream of negative press focused on the housing market, there is one small corner of Leeds which is currently rallying against the downturn. Norwood Homes Ltd of Harrogate have bucked the trend in the residential property market by selling three of the five houses at their development on Gordon Drive in Meanwood, Leeds before they finished building them.

The development, which is being funded by The Yorkshire Bank Plc, comprises two pairs of semi-detached houses and a detached property. One of the key attractions to the development is location; in the north Leeds suburbs complimented by excellent local facilities including supermarkets, Post Office and Banks. With each house Norwood Homes have avoided fitting such items as the kitchens, bathrooms and tiling in order to afford purchasers as much choice as possible. It is this personalised service that has greatly contributed to the success of the scheme so far.

Simon Ketteringham of Castlehill Estate Agents, selling agents for the project comments; “In this difficult market purchasers turn to traditional, well constructed houses that represent excellent value for money. The developers are very aware of the direction the market has taken and have priced these houses accordingly. With the quality of the finish at Gordon Drive, the results we have achieved and the strong continued interest has been refreshingly positive.”

Construction of the last two houses will be completed in February, although the developers will not finish the interiors so that a fully personalised service can be offered to interested parties. A regular level of viewings on the last two properties is being maintained and with part exchange now being considered the developers do not expect them to be available for long.

A GLIMMER OF HOPE FOR 2009!

Property sales at Castlehill have increased over the last few weeks, showing signs of confidence returning to the market place.

Whilst obtaining mortgage finance at affordable levels is still a challenge, indications are that some feel we’ve reached the bottom of the market and its time to start buying.

Paul Lehan, one of the Directors at Castlehill stated, “ So far it’s been a promising start to the new year. There are noticeably more buyers on the hunt for realistically priced property, this includes investors and importantly first time buyers, without which, the market cannot move forward. A number of properties that have been on the market through 2008 have now sold.”

“ Because of the recent adverse market conditions, there is actually a shortage of good quality accurately priced property available, so we would encourage anyone thinking of selling to get in touch. ”

If you are thinking of selling, please contact Castlehill, who will be only too pleased to arrange a mutually convenient time to inspect and provide details of their extensive knowledge, expertise and marketing packages.

NAEA WARNS: GOVERNMENT MISSES OPPORTUNITY TO SUSPEND HIPS

Following the Housing Minister’s announcement that a seller will have to have a Home Information Pack (HIP) before marketing their property, Chris Brown, President of the National Association of Estate agents said:- “Everyone is acutely aware the current housing market is exceptionally challenging and it is, therefore, a great pity that the Government has not grasped the opportunity to suspend HIPs and restore some confidence to the market.  As it is, the NAEA recommendation’s that the production of local searches is delayed until a purchaser is found has been ignored. This has resulted in an ongoing need for updating property search information, adding further cost to the consumer.On the basis that local searches were moved back in the process, we did agree that consideration should be given to the introduction of a Property Information Questionnaire. This was on the assumption that it was easy to produce and of use to the consumer. We look forward to ongoing consultation as to the final version of the Questionnaire to ensure that it is not just another added burden to the process. NAEA Members’ biggest concern will be the proposal to end the first day marketing proposal from 6^th April 2009. Consumers have made it abundantly clear to us that they believe that they should have the right to market their house from day one rather than having to wait until the HIP is prepared. The Government has suggested that certain information can be added at a later time of up to 28 days and we look forward to hearing the exact nature of this.Finally, NAEA welcomes  the OFT’s study into Home Buying and Selling and can only hope that this study will agree with the need to improve the process and protect consumers by ensuring all agents meet minimum competency standards.” 

NFOPP – PRE BUDGET REPORT: FIRST TIME BUYERS NEEDED MORE

Following the Pre Budget Report, Peter Bolton King, Chief Executive of the National Federation of Property Professionals, said:

“The Chancellor should have listened to the clamour of professional opinion and seized this opportunity to tackle stamp duty. A suspension would have given a real boost to first time buyers, who everyone recognises are key to market recovery.

“The National Federation of Property Professionals welcomes other measures announced – the lenders’ agreement not to initiate repossession proceedings until three months have passed, the extension of empty property relief and the £775m for regeneration and new housing.

“However more must be done - we now call on the Government to bring forward a number of important proposals from the Crosby report and to work closely with property professionals in any and all consultations between now and the budget.”

NAEA – CUT RATES FURTHER AND SUSPEND STAMP DUTY

More than half – 54 per cent – of estate agents surveyed said they did not have confidence in current Government policies and that more must be done, including a suspension of stamp duty. In addition, they called on the Bank of England to further cut interest rates.

The survey by the National Association of Estate Agents also revealed that consumers are responding to the recession by cutting their asking prices – a difficult decision that is already helping the market.
The vast majority of property professionals feel more must be done to boost the flagging housing market.

Chris Brown, President of the National Association of Estate Agents, said:

“Sellers are beginning to face up to the reality that their houses are not worth as much now as they were 12 months ago. They are ripping up last year’s price tags and beginning to come to terms with the new economic reality.

“That is a difficult thing to do - but the silver lining is that the market is now more transparent for buyers. Prices are becoming realistic, and we hope that this provides the boost needed to encourage those families who so desperately want to buy houses to get onto the market.

“However, as sellers have bravely accepted the truth of the situation and responded accordingly, so now must the Government and the major lenders.

“That is why we are calling for a further cut in interest rates next month, coupled with a clear commitment from the major lenders to pass any cut on to consumers and a suspension of Stamp Duty from Alistair Darling in Monday’s Pre Budget Report.

“If hardworking men and women across the country are making sacrifices, the least that they deserve is the banks and Government to stand shoulder to shoulder with them.”

The poll found that in October the average number of houses sold per estate agent rose from six to seven. The percentage of first time buyers also increased.

However, the market still faces considerable challenges. Estate agents reported a seven per cent fall in the number of house hunters on their books.

BUYERS NOW HAVE A CLEARER VIEW OF THE MARKET

Following the publication of the Rightmove Property Asking Prices Survey, Chris Brown, President of the National Association of Estate Agents, said:

“This is evidence of the difficult times that sellers face in today’s troubled economic climate. We have already called for measures to help – particularly for the Chancellor to stop treating stamp duty as an immoveable feast.

“However there is a silver lining within these figures, for buyers. As sellers face up to the new economic reality and adjust their prices accordingly – it means that buyers have a clearer picture of the housing market.

“They will spend less time looking around houses with last year’s price tags attached and can have more confidence in the market. As anyone in the profession will tell you, consumer confidence is the key to market recovery.”

CHANCELLOR MUST SUSPEND STAMP DUTY

The National Association of Estate Agents (NAEA) calls on the Government to use its Pre Budget Report to help thousands of young people currently priced out of the housing market.

Chris Wood, President-Elect of the NAEA, said:

“The Chancellor must realise that the housing market is not a piggy bank for his personal use – the gravy train is over and stamp duty cannot be used irresponsibly to boost his coffers.

“The bill for first time buyers has more than doubled in the last five years, making it impossible for many young people to start their own home. As it stands, stamp duty is a tax on aspiration – disappointing during an economic boom but unforgiveable in a faltering economy.

“We have made repeated calls for a full revision of stamp duty, and the stakes have never been higher. The Chancellor must take this opportunity to give the housing market the boost it needs.

“We now call on the Government to suspend stamp duty and hold a full review into making the system work better for the consumer. That is a discussion at which NAEA would be very happy to sit at the table.”

BANKS MUST PASS ON INTEREST RATES CUTS TO CONSUMERS

Following the Bank of England Monetary Policy Committee’s decision to cut interest rates by 1.5 per cent today, Melfyn Williams, Past President of NAEA, said:

“It is good news for the housing market that the Bank of England has reduced interest rates – the ball is now in the court of the banks.

“We are calling on all of the major lenders to commit to passing these savings onto the consumers.

“That will help hard working families who want to move home, and the thousands of young people looking to buy their first property.

“It should also help address the current rash of repossession orders. This interest rates reduction, coupled with a clear move from the lenders, would send a strong and positive signal to house-hunters and owners everywhere that may result in improved consumer confidence.”

INCREASING NUMBER OF FIRST TIME BUYERS IS A REAL POSITIVE FROM THE NAEA SURVEY

Members of the National Association of Estate Agents (NAEA) reported that the housing market in September still provided challenging times for its members but that the re-emergence of first time buyers may be the first sign that the recent Government intervention is beginning to work.

The research also showed that the number of sales per agent rose for the first time since January from an average of five sales in August to six in September.

Chris Brown, president of the NAEA, comments: “It is clear that certain factors are in motion within the property market, with a decision being made on stamp duty last month, but this is still not enough. As property prices continue to drop the Government needs to take action and make some drastic changes to restore confidence.

“It is evident from the results that despite some positive indicators, consumers are still cautious with many continuing to adopt a wait and see attitude and are only moving if it is necessary. Those who are not desperate to move are staying put in their homes and waiting for some stability to be restored across all sections of the market.

“First time buyers however, seem to be returning. This is most likely due to the Government’s decision on stamp duty last month. Whilst the announcement is not applicable to all regions across the UK, it might have had an affect on this market group. For those first time buyers who have the correct finances in place, now is the perfect time to buy a home. However, the NAEA continue to urge the Government to review the market holistically and offer this group a stamp duty holiday.“

First time buyers are re-emerging

September shows that the average percentage of first time buyers on agents books is 9.5%, which is an increase from 8.30% the month before, this could suggest that the stamp duty announcement last month has had an affect and restored some confidence.
Sales per agents increases

The number of sales achieved per agent increased in September to 6. This is positive news and again reiterates that buyers are still interested in purchasing a home, if they have the correct finances in place.
The time between instruction and sale increases

In September the average time between instruction and sale rose to 14.13 weeks from 8.64 in September 2007, which indicates that agents need to work so much harder to secure a sale.
The number of house hunters continues to increase

The average number of house hunters on agents books rose slightly again this month from 207 in August to 211 in September, suggesting that there are still buyers who are interested in buying and/or who need to move.
However, this month’s figure in comparison to September 2007 is considerably less and is no doubt a result of the current state of the market and the affects of the credit crunch. It is evident that the last few months have been tough and this has affected consumer confidence. Homebuyers are still keen but many are holding back to see what will happen to the market over the coming months.
Housing stock remains stable

The number of properties on agents books has remained the same this month at an average of 91. This might suggest that people are still keen to move if they can find the right buyer at the right price.
The percentage of agreed sales which have fallen through has increased this month to 11.72 compared to 10.22 the month before which is slightly concerning as it might mean that more buyers are lacking confidence in the market. This lack in confidence could be a result of the credit crunch, with worries of job uncertainly increasing, along with living costs rising.

National Association of Estate Agents Press Release

STEP IN THE RIGHT DIRECTION: NAEA RELIEVED AT TODAY’S INTEREST RATE DECISION - 08/10/08

The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), is relieved at the Bank of England’s decision to reduce interest rates today.

Peter Bolton King, Chief Executive of the NAEA, comments: “The cut in interest rates today is definitely a step in the right direction in helping to rectify the current financial climate. At present, it seems that we are stuck in a vicious cycle that will not be broken unless the Government and external bodies join together in providing a cohesive solution to dissolving the economic and financial woes of the country. Thankfully today’s announcement and yesterday’s multi-billion rescue package will go a long way to easing the country’s current woes.

“This cut in interest rates should help consumer confidence at a time where individuals’ self-assurance has taken a heavy hit. We know that a positive housing market is essential for the overall economy. At present borrowing is not getting any easier and mortgage rates are getting tighter, causing the housing market to suffer. Reducing the rate will help send a clear signal to the market, encourage lenders to reduce their rates and allow the current mortgage shackles to be loosened giving the market and the thousands of house hunters out there the positive impetus they need.“

Another satisfied client!

Matt

Great news - securing a sale at a decent price in the current climate is a result !
Still a long way to go but hopefully will be plain saling from here - fingers crossed. Just wanted to say that Castlehill have done a great job so far, restored my faith in Estate Agents !

Regards,
Adam

Good news on Stamp Duty!

Director Greg Ketteringham said: ‘The Leeds market has in the past, proved more robust than other parts of the country, and numerous recent sales are proof of this. With the recent news from the government of a stamp duty holiday on properties up to £175,000 and with interest rates remaining fairly static, many buyers will be eyeing up the bargain prices in the coming weeks and months.

Unlike other agents, Castlehill concentrate on their core business of selling properties. The staff are dedicated purely to achieving a sale. So if you feel your current agent isn’t offering the right level of service or producing results, then why not try Castlehill and find out how different we are to ordinary agents. We don’t promise to work miracles, but you can be assured of accurate, honest advice focused on what is right for you from day one until the conclusion of the selling process.’

Castlehill have gone Green in more ways than one!

Castlehill have invested in a fleet of highly economical and environmentally friendly vehicles. These stylish and innovative cars will help the business to run more efficiently and will concentrate more resources into delivering the best possible customer service. Producing some of the lowest CO2 emissions and with a combined mpg of around 62, these BMW I Series cars help to minimise environmental impact.

Director Paul Lehan stated ‘These cars, which are an essential part of our business, will help us keep running costs to a minimum, allowing us to pass on savings to our clients, particularly valuable in these uncertain economic times. We can go about our business safe in the knowledge that we are maintaining our high levels of professional, honest and friendly service whilst minimising our impact on the environment.’