Latest news with #MartinBennett
STV News
5 days ago
- Business
- STV News
Average home sale ‘being agreed at £16,000 below asking price'
House sellers are agreeing sales at £16,000 below the asking price typically, according to a property website. Zoopla, which said the mean average asking price is £367,000, added that it is 'important that sellers are realistic with their expectations on price,' as home buyers return to the market after the Easter holidays. Buyers have more choice, with 13% more homes on the market than a year ago, according to Zoopla's figures. Some lenders have recently changed their mortgage affordability calculations, enabling some people to borrow higher amounts, and the website said this is supporting the growth in sales. The website also said that, within England, the North West is the hottest housing market for price rises. Higher home values and rents in bigger cities such as Manchester and Liverpool are pushing housing demand into nearby areas, boosting house prices, Zoopla said. It said that Blackburn has seen 5.8% annual house price growth, Wigan has seen a 4.4% annual rise and Birkenhead has recorded a 4.1% annual increase in house prices. An increased number of homes for sale in southern England is significantly boosting buyer choice and keeping price growth in check, the website said. It said there are 21% more homes for sale in the South West than a year earlier, 17% more in London and 15% more in the South East. Widened choice, along with affordability constraints, explains why house price growth is less than 1% across the regions of southern England, from 0.5% in the South East to 0.9% in the South West, Zoopla said. There are just 3% more homes for sale in the North West of England and 5% more in Scotland than a year ago. House prices in Scotland have seen 2.9% annual growth on average. Richard Donnell, executive director at Zoopla, said: 'There are more sales and stronger house price increases in northern regions of England and Scotland, where homes are more affordable. In southern regions of England, affordability continues to weigh on price inflation and the number of sales being agreed. 'Sellers and buyers need to adopt different tactics based on where they live across the UK; however, all sellers need to keep their feet on the ground and be realistic on pricing expectations. 'We expect sales to keep rising over the second half of the year, with UK home values on track to be 2% higher by the end of the year.' Martin Bennett, owner of Blackburn-based Crown Estates and Lettings Agents, said: 'Business is booming in Blackburn, with increased demand for properties both at the lower and top end of the market. 'From my experience, properties that are priced correctly are going under offer within two weeks of being listed, while it's not uncommon to have 10-plus potential buyers on the first day of viewings.' Tom Bill, head of UK residential research at Knight Frank said: 'Buyers can see there is a healthy supply of property on the market this spring, which means they have become choosier.' Matt Thompson, head of sales at London-based estate agent Chestertons, said: 'There has been a stark uplift in agreed sales in May and as buyer demand remains strong, we also expect a busier-than-usual summer market.' Sarah Coles, head of personal finance, Hargreaves Lansdown said: 'There are now plenty of (mortgage) deals priced at under 4%, which opens up affordability for so many more buyers.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Yahoo
5 days ago
- Business
- Yahoo
UK sellers offer £16,000 discount on average to secure house sale
Homes are selling for an average of £16,000 below asking price as sellers try to secure a sale in a buyers' market. The UK housing market is experiencing its most active May since the pandemic boom of 2021, amid improved mortgage affordability and a surge in supply, according to Zoopla. However, while buyer interest has returned, sellers are being forced to temper their expectations. The average home is currently being sold for £16,000 below the asking price, a discount of around 3%. Changes in how mortgage affordability is assessed are fuelling buyers' return, with purchasers now able to borrow up to 20% more than they could earlier in the year. This has helped counter the effect of higher interest rates, which caused a fall in transactions through 2022 and 2023 when mortgage rates briefly hit 6%. Sarah Coles, a columnist at Yahoo Finance UK and head of personal finance at Hargreaves Lansdown, said: 'There are now plenty of [mortgage] deals priced at under 4%, which opens up affordability for so many more buyers.' Average house prices have risen 1.6% over the past 12 months to £268,250 — an increase of £4,330. Despite growing demand, price growth remains modest by historical standards, amid the lingering impact of inflation on household finances. Read more: Lenders push under 4% deals but mortgages set to rise amid inflation jump The most substantial gains are being seen in the North West of England, where employment growth and relative affordability is driving price rises. Blackburn leads with annual price growth of 5.8%, followed by Wigan (4.4%), Birkenhead (4.1%), and Liverpool (3%). Manchester posted a 2.5% increase. Martin Bennett, owner of Crown Estates and Letting Agents in Blackburn, said: 'Business is booming, with increased demand for properties both at the lower and top end of the market. This is reflected in house prices, with an entry-level property now averaging £75,000, up from around £50,000 two years ago. 'From my experience, properties that are priced correctly are going under offer within two weeks of being listed. It's not uncommon to have 10 or more viewings on the first day.' Scotland is also outperforming the national average, with prices up 2.9%, although Aberdeen remains an outlier with a 1.4% annual decline amid weaker economic conditions tied to the oil and gas sector. By contrast, southern regions are seeing an increase in supply and relatively subdued price growth. The number of homes for sale has risen 21% in the South West, 17% in London, and 15% in the South East. Price growth across these areas remains below 1%, with affordability concerns also limiting further gains. According to the latest Zoopla House Price Index, the number of sales agreed in May is at its highest level in four years, on the back of a 13% year-on-year increase in homes listed for sale. Read more: Odds of more Bank of England interest rate cuts fall as food inflation rises "More homes for sale means more buyers looking to move home,' said Richard Donnell, executive director at Zoopla. 'This, coupled with more attractive mortgage deals and changes to how lenders assess affordability, is supporting an increase in the number of sales being agreed. 'Sellers and buyers need to adopt different tactics based on where they live across the UK; however, all sellers need to keep their feet on the ground and be realistic on pricing expectations." Zoopla forecasts continued momentum in sales in the second half of 2025, with national home values expected to end the year around 2% higher than they began.
Leader Live
5 days ago
- Business
- Leader Live
Average home sale ‘being agreed at £16,000 below asking price'
Zoopla, which said the mean average asking price is £367,000, added that it is 'important that sellers are realistic with their expectations on price,' as home buyers return to the market after the Easter holidays. Buyers have more choice, with 13% more homes on the market than a year ago, according to Zoopla's figures. Some lenders have recently changed their mortgage affordability calculations, enabling some people to borrow higher amounts, and the website said this is supporting the growth in sales. The website also said that, within England, the North West is the hottest housing market for price rises. Higher home values and rents in bigger cities such as Manchester and Liverpool are pushing housing demand into nearby areas, boosting house prices, Zoopla said. It said that Blackburn has seen 5.8% annual house price growth, Wigan has seen a 4.4% annual rise and Birkenhead has recorded a 4.1% annual increase in house prices. An increased number of homes for sale in southern England is significantly boosting buyer choice and keeping price growth in check, the website said. It said there are 21% more homes for sale in the South West than a year earlier, 17% more in London and 15% more in the South East. Widened choice, along with affordability constraints, explains why house price growth is less than 1% across the regions of southern England, from 0.5% in the South East to 0.9% in the South West, Zoopla said. There are just 3% more homes for sale in the North West of England and 5% more in Scotland than a year ago. House prices in Scotland have seen 2.9% annual growth on average. Richard Donnell, executive director at Zoopla, said: 'There are more sales and stronger house price increases in northern regions of England and Scotland, where homes are more affordable. In southern regions of England, affordability continues to weigh on price inflation and the number of sales being agreed. 'Sellers and buyers need to adopt different tactics based on where they live across the UK; however, all sellers need to keep their feet on the ground and be realistic on pricing expectations. 'We expect sales to keep rising over the second half of the year, with UK home values on track to be 2% higher by the end of the year.' Martin Bennett, owner of Blackburn-based Crown Estates and Lettings Agents, said: 'Business is booming in Blackburn, with increased demand for properties both at the lower and top end of the market. 'From my experience, properties that are priced correctly are going under offer within two weeks of being listed, while it's not uncommon to have 10-plus potential buyers on the first day of viewings.' Tom Bill, head of UK residential research at Knight Frank said: 'Buyers can see there is a healthy supply of property on the market this spring, which means they have become choosier.' Matt Thompson, head of sales at London-based estate agent Chestertons, said: 'There has been a stark uplift in agreed sales in May and as buyer demand remains strong, we also expect a busier-than-usual summer market.' Sarah Coles, head of personal finance, Hargreaves Lansdown said: 'There are now plenty of (mortgage) deals priced at under 4%, which opens up affordability for so many more buyers.'
North Wales Chronicle
5 days ago
- Business
- North Wales Chronicle
Average home sale ‘being agreed at £16,000 below asking price'
Zoopla, which said the mean average asking price is £367,000, added that it is 'important that sellers are realistic with their expectations on price,' as home buyers return to the market after the Easter holidays. Buyers have more choice, with 13% more homes on the market than a year ago, according to Zoopla's figures. Some lenders have recently changed their mortgage affordability calculations, enabling some people to borrow higher amounts, and the website said this is supporting the growth in sales. The website also said that, within England, the North West is the hottest housing market for price rises. Higher home values and rents in bigger cities such as Manchester and Liverpool are pushing housing demand into nearby areas, boosting house prices, Zoopla said. It said that Blackburn has seen 5.8% annual house price growth, Wigan has seen a 4.4% annual rise and Birkenhead has recorded a 4.1% annual increase in house prices. An increased number of homes for sale in southern England is significantly boosting buyer choice and keeping price growth in check, the website said. It said there are 21% more homes for sale in the South West than a year earlier, 17% more in London and 15% more in the South East. Widened choice, along with affordability constraints, explains why house price growth is less than 1% across the regions of southern England, from 0.5% in the South East to 0.9% in the South West, Zoopla said. There are just 3% more homes for sale in the North West of England and 5% more in Scotland than a year ago. House prices in Scotland have seen 2.9% annual growth on average. Richard Donnell, executive director at Zoopla, said: 'There are more sales and stronger house price increases in northern regions of England and Scotland, where homes are more affordable. In southern regions of England, affordability continues to weigh on price inflation and the number of sales being agreed. 'Sellers and buyers need to adopt different tactics based on where they live across the UK; however, all sellers need to keep their feet on the ground and be realistic on pricing expectations. 'We expect sales to keep rising over the second half of the year, with UK home values on track to be 2% higher by the end of the year.' Martin Bennett, owner of Blackburn-based Crown Estates and Lettings Agents, said: 'Business is booming in Blackburn, with increased demand for properties both at the lower and top end of the market. 'From my experience, properties that are priced correctly are going under offer within two weeks of being listed, while it's not uncommon to have 10-plus potential buyers on the first day of viewings.' Tom Bill, head of UK residential research at Knight Frank said: 'Buyers can see there is a healthy supply of property on the market this spring, which means they have become choosier.' Matt Thompson, head of sales at London-based estate agent Chestertons, said: 'There has been a stark uplift in agreed sales in May and as buyer demand remains strong, we also expect a busier-than-usual summer market.' Sarah Coles, head of personal finance, Hargreaves Lansdown said: 'There are now plenty of (mortgage) deals priced at under 4%, which opens up affordability for so many more buyers.'
Western Telegraph
5 days ago
- Business
- Western Telegraph
Average home sale ‘being agreed at £16,000 below asking price'
Zoopla, which said the mean average asking price is £367,000, added that it is 'important that sellers are realistic with their expectations on price,' as home buyers return to the market after the Easter holidays. Buyers have more choice, with 13% more homes on the market than a year ago, according to Zoopla's figures. There are more sales and stronger house price increases in northern regions of England and Scotland, where homes are more affordable Richard Donnell, Zoopla Some lenders have recently changed their mortgage affordability calculations, enabling some people to borrow higher amounts, and the website said this is supporting the growth in sales. The website also said that, within England, the North West is the hottest housing market for price rises. Higher home values and rents in bigger cities such as Manchester and Liverpool are pushing housing demand into nearby areas, boosting house prices, Zoopla said. It said that Blackburn has seen 5.8% annual house price growth, Wigan has seen a 4.4% annual rise and Birkenhead has recorded a 4.1% annual increase in house prices. An increased number of homes for sale in southern England is significantly boosting buyer choice and keeping price growth in check, the website said. It said there are 21% more homes for sale in the South West than a year earlier, 17% more in London and 15% more in the South East. Widened choice, along with affordability constraints, explains why house price growth is less than 1% across the regions of southern England, from 0.5% in the South East to 0.9% in the South West, Zoopla said. There are just 3% more homes for sale in the North West of England and 5% more in Scotland than a year ago. House prices in Scotland have seen 2.9% annual growth on average. Business is booming in Blackburn Martin Bennett, Crown Estates and Lettings Agents Richard Donnell, executive director at Zoopla, said: 'There are more sales and stronger house price increases in northern regions of England and Scotland, where homes are more affordable. In southern regions of England, affordability continues to weigh on price inflation and the number of sales being agreed. 'Sellers and buyers need to adopt different tactics based on where they live across the UK; however, all sellers need to keep their feet on the ground and be realistic on pricing expectations. 'We expect sales to keep rising over the second half of the year, with UK home values on track to be 2% higher by the end of the year.' Martin Bennett, owner of Blackburn-based Crown Estates and Lettings Agents, said: 'Business is booming in Blackburn, with increased demand for properties both at the lower and top end of the market. 'From my experience, properties that are priced correctly are going under offer within two weeks of being listed, while it's not uncommon to have 10-plus potential buyers on the first day of viewings.' Tom Bill, head of UK residential research at Knight Frank said: 'Buyers can see there is a healthy supply of property on the market this spring, which means they have become choosier.' Matt Thompson, head of sales at London-based estate agent Chestertons, said: 'There has been a stark uplift in agreed sales in May and as buyer demand remains strong, we also expect a busier-than-usual summer market.' Sarah Coles, head of personal finance, Hargreaves Lansdown said: 'There are now plenty of (mortgage) deals priced at under 4%, which opens up affordability for so many more buyers.'
