Category Archives: News

Property prices rise slightly in May, better over a year

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UK house prices recorded a “modest” rise of 0.4% in May, according to the latest survey from the Nationwide Building Society. This further supports the view that the housing market is gradually gaining momentum, with the annual rate of price growth rising to 1.1%, the fastest pace since November 2011. The increases mean that the average house now costs £167,912.

There could be several reasons for the improvement. Firstly, credit is cheaper and easier to obtain, partly a result of the Governments’ Funding for Lending scheme. This allows banks to borrow money at a discount from the Bank of England, providing they can show they have passed it on to customers in the form of loans. This has increased the availability of mortgages and pushed down rates.

As a result, prices in the last three months compared with the previous period were up by 0.4%, and have been growing according to this measure since October 2012.

Property prices - on the up? Hopefully, but only time will tell!

Property sales are also up, running at about 5% higher each month this year than the average monthly level in 2012. The number of approved mortgages has also picked up since the start of the year.

Simultaneously, the UK economy also returned to growth in the first quarter of 2013, which may have created a more positive sentiment and encouraged potential buyers to make a move.

This momentum may well continue, as the Government is committed to providing even more credit, particularly through the Help to Buy Scheme; from last April, borrowers are able to take out an equity loan from the Government, enabling them to put down a deposit of just 5% on a property. Under the second scheme, starting in January next year, the Government will guarantee up to 15% of a mortgage on homes worth up to £600,000, which will be used to support £130bn of mortgages.

However, there are significant regional differences, with much of the momentum coming from London and South East England (hopefully excellent news for our area here in Kent). Yet for properties that are priced correctly, there seems to be no shortage of buyers.

Whilst these measures are likely to encourage residential investment, there could be continued upward pressure on house prices if more homes are not built. Estimates are that the current levels of construction are less than half that required to house the UK’s growing population.

Regional house price differences

  • London: up 6.2%
  • South West of England: up 0.3%
  • East of England: 0.7%
  • North West of England: down 3.7%
  • South East of England: up 1.4%
  • Yorkshire and Humber: down 1.2%
  • West Midlands: up 0.5%
  • Wales: down 2%
  • East Midlands: down 1.2%
  • North East of England: down 5.7%

Source: Land Registry. Annual change to end of April.

FoxWood on BBC1

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This coming Monday (3rd June 2013), tune in to BBC1 at 10am for ‘Homes Under The Hammer’, featuring our very own Peter Harden, Sales Manager of our Edenbridge office.

The program features a bungalow, by the name of Wendys, previously sold by Peter, which was demolished and planning consent then granted to build a four bed detached house. Peter appears in the first part of the program, valuing the plot with presenter Lucy Alexander, filmed in the summer of 2012 (despite the rain!).

Peter with Lucy Alexander, presenter of Homes Under The Hammer

Six months later, Peter was invited back to value the newly built house, which the owners intend to live in. The builder had changed the planning consent and had built a well-appointed, luxury family home.

Filming the program was an experience in itself, says Peter. “It was very regimented and I had to do a number of takes due to the lighting and the director’s ideas of how to present the property – not a luxury I have in a normal valuation!”

Peter in front of the camera

This is not the first the Edenbridge office has appeared on television, having previously featured on ‘Escape To The Country’. So, if you want a bone fide TV star to value your house, call Peter immediately.

It might be raining and muddy, but the show must go on!

We’re not going to tell you the results of the valuation - you’ll just have to watch it on Monday! Link here: http://bbc.in/19yZG01

A view over a slice of history in Westerham

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FoxWood Maclean is pleased to present to the rental market a cottage with a rather special neighbour.

This period one bedroomed cottage in Westerham looks out over the National Trust property of Quebec House, birthplace of General James Wolfe, victor (despite his own death) of the Battle of Quebec (1759), a key engagement in the Seven Years War. The house appears as it would have done in the 1730s. The house plays host to a variety of special events, from re-enactments to special exhibitions, as well as being open regularly with guided tours and an excellent tea room!

Quebec House in Westerham

The property to rent is not quite as grand as it’s neighbour, but is a charming one bedroomed cottage with many period features, such as exposed beams, open fires and original windows. In fact, its a listed building so it’s probably the closest you can get to living in a historic house for the budget! For further details, please call us on 01732 866492.

Charming cottage to rent overlooking the National Trust property

For the history buff, there are a great many places in our little corner of Kent to visit, from Hever Castle (home to Anne Boleyn) and Penshurst Place to Knole House and Chartwell (home of Sir Winston Churchill). Of course, if you don’t want to move house, you could always just visit for a holiday with our friends at Mulberry Cottages!

So, with such a great many things to do with your weekends and spare time, especially for the kids, why not think about a move to buy or rent a property in Kent – its never been a better time to get out of London with prices the way they are. Plus, you’ll never have a weekend with nothing to do with so much history on your doorstep!

For any information on any of our properties, please call Caroline Sugden or Andrew Stafford at FoxWood Maclean on 01732 866492 or email edenlets@foxwoodmaclean.co.uk.