Welcome to the Basingstoke Property Blog

The National Housing Federation recently published their report “Home Truths 2017/18” which offers an interesting insight into the property market across the country. Although the data is based on figures from 2017, and is therefore 6 to 9 months in arrears, there were some interesting figures for the Basingstoke and Deane market. The report highlighted the following concerns for the Basingstoke housing market   ·          Between 2012 and 2016 there was a short fall of over 2,343 homes – the second highest in Hampshire after the New Forest. 
 ·          At over £326,000, the average home in the region now costs over 10 times the average salary. 
 ·          A family seeking to buy the average home in Basingstoke now requires an income of more than £74,000 
 to afford a mortgage, making home ownership unattainable for many. 
 ·  ...

    Failure to serve the correct information to your tenants could result in you never being able to serve notice to vacate to your tenants!   A recent court decision has highlighted the need for all letting agents and landlords to serve the correct information to their tenants, BEFORE the start of a tenancy.   Most landlords and agents will be aware that the following documentation must be provided to their tenants before the start of a tenancy:   Deposit Registration and Prescribed Information A copy of the EPC (Energy Performance Certificate) for the property The government's current How to Rent Guide  Any relevant licences required A copy of a current Gas Safety Certificate if the property ...

  The latest figures from the ONS, would suggest that average property prices in the Basingstoke area increased by 8% over the course to 2017.       By comparison, average prices across the South East increased by 6.1% and across England & Wales by just 3.0%. Although the property prices have performed well over this period, the number of sales transactions (as we have reported before) have declined over the same period by 10.6%.   Over the last 12 full months there have been 2,797 sales in Basingstoke. This is a –11% change on the previous 12 month period. The average sales price was £309,024.   17% of sales in the past 12 months were flats, achieving an average sales price of £173,572 . Houses achieved an average price of £346,755 . The total value of sales was £863,202,193 . The highest value recorded by the Land Registry over the past 12 months was £420,000 for a flat and £1,870,000 for a house.   Mort...

A chance to buy a Freehold property which was converted in 2012 to four individual apartments. Each of the apartments is rented and provides a rental income of £2650 per month so a yield of 5.8%. The property is producing income from day 1 and this is a rare chance to add to or start building a property portfolio.  Here is the link https://www.martinco.com/property/for-sale/319968

As we move into the traditionally slow summer holiday period, has the Basingstoke property market ground to a halt. In the past week, two large estate agency chains have reported dismal results. Countrywide reported a decline in profits for the first half of 2017 to £6.5m from £28.3m the year before. Foxtons similarly announced a 64% decline in profit for same period. There are many contributors to these results: • The rush to purchase properties before the changes in stamp duty came into force in April 2016 which are reflected in the 1H2016 figures • Continued uncertainty in the market due to the general election, Brexit and overall political uncertainty • This has resulted in a continued slowdown in the sales market month on month during the first half of 2017 In the case of Foxtons who are largely London based, whilst their lettings business remained largely resilient to these market conditions, their sale revenue declined 29% and their sales volume by 33%. By cont...

According to the Halifax House Price Index released in July, UK average house prices fell by 1.0% in June, with house prices in the three months to June down 0.1% compared to the previous quarter. This brings the average price of a house or flat down to £218,390. This is the third successive quarterly decline.   Measured on an annual basis, the average growth in house prices fell to 2.6% which is the lowest rate since May 2013.   Nationally, house prices are now 9% above their peak in August 2007, and 41% higher than their low point in April 2009.   The volume of house sales dropped by 3% between April and May, however, however sales in the three months to May were actually 1% higher than the preceding three months. We are likely to see a similar drop between May and June due to the general election.   Mortgage approvals between April and May edged up 0.2% suggesting that house sales are likely to remain steady over the coming months. ...

Starting with the bigger picture, over the last 12 months in the UK, 1,061,557 properties were sold with a total value of £223.74 bn. To give that some context, ten years ago 1,581,727 properties sold with a total value of £405.56bn, so it can be seen the number of people moving house has dropped by over a third over the last decade. Whether you are a landlord, homeowner or tenant, it’s always important to keep an eye on the Basingstoke property market, not just from your point of view, but also from every player’s point of view. Over the last 12 months, 1,702 properties have sold (and completed) in Basingstoke, worth £504.2m. Interestingly the number of properties changing hands in Basingstoke has also dropped when compared to a decade ago. It might surprise you to know that the number of first-time buyers in 2017 are expected to far outnumber the number of buy-to-let investors in Basingstoke. Those first-time buyers looking to purchase a home in the spring and summ...

We can now offer Audio tours and professional photography for sales, please do let us know your thoughts on these.  Audio Tour Link