After a five year drought, the television schedules are awash with property programmes once again. Grand Designs is enjoying its annual run of programmes, but these are all brand new projects rather than updates on programmes that were first run a few years ago. Kevin McCloud can also be seen in Man Made Home, a quirky series about building a beach hut from recycled materials. Sarah Beeny, who made her name showing amateurs how to make money out of property development, is now telling them how to achieve their dream house for half the cost of upsizing.
Caroline Quentin has recently finished her latest series of Restoration Home, a programme about people who spend hundreds of thousands of pounds restoring historic properties that should probably have been left to crumble to dust. Meanwhile, a brace of architects are showing self builders how to create a perfect home for a pittance in The House that £100k Built. Recently, I saw the first episode of Location, Location, Location, that wasn’t a rerun from six years ago, in a long time. In case you’ve forgotten the concept, this is a house hunting show fronted by Kirsty Allsopp and Phil Spencer. All this and I haven’t even started on the numerous property shows that litter the daytime television listings.
Sutton Coldfield hasn’t returned to the days of 2006 when this kind of programme was at its height. The money no object, fortunes to be made exuberance of the mid noughties is long gone and may never return. Instead, the focus is more on getting the absolute maximum of bangs for your buck. For instance, the concept of Sarah Beeny’s show is that people who have run out of space can extend and renovate their current property for half the cost of selling up and buying a bigger house. But we can still take heart from this; people are passionate about property again and that can only be good news for the housing market.
This article appears in Walmley Pages Magazine, a local magazine delivered free to homes in Walmey, Minworth and Sutton Coldield
Figures recently released show that the number of residential properties sold rose by 5% in 2012 to 932,000, the highest since 2007. No one should get too over-excited by this; that figure is almost exactly half the number of properties sold in the 2006-07 financial year and is a drop in the ocean compared to the 2.2 million that changed hands in 1988. However, one encouraging sign is that almost all this increase took place in the final quarter of the year as the funding for lending scheme (FLS) began to take effect.
More money is being pumped into the FLS and the Council for Mortgage Lenders (CML) is predicting that the number of properties sold in 2013 should rise significantly once again. Both the Halifax and Nationwide are predicting that house prices will remain flat this year, but they could be wrong. Even if they are right, that is not the end of the world; rapidly rising prices can create just as many problems as rapidly falling ones. The important thing is that volumes are increasing and there is growing evidence that the mortgage rationing that has suppressed demand for the last four years is beginning to ease. I would think that increasing demand should feed through into at least modest price rises, particularly when you look at what is happening to rental costs.
Although output in construction continues to fall, a lot of that is linked to cuts in government spending. Most large house builders are in rude health and laying out plans for major developments, helped by the relaxation of planning laws.
If you feel the time has come to upsize or you are looking to take your first step on the property ladder, 2013 could be the year to do it. Mortgages are cheap and becoming more plentiful and there is an increase in the number of properties coming on the market. Why not give your friendly local estate agent (or better still 3 or 4 of them) a call and ask them for a valuation?
This article recently appeared in Walmley Pages,
a local magazine delivered free to homes in the B76 postcode
including Walmley, Sutton Coldfield and Minworth
The news in the property market makes pretty grim reading. Average prices have fallen slightly over the last year and are predicted to stay flat in 2012; mortgage lending is still subdued while minimum deposits remain high and sales volumes are close to an all time low. The strange thing is it really doesn’t feel like that to me; it feels like spring is in the air. (more…)