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Tilbury Property Market Worth More Than Pure Circle

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The value of all the homes in Tilbury has risen by more than 348.1% in the past two decades, to £777.5m, meaning its worth more than the stock listed sweetener manufacturers Pure Circle Ltd, which is worth £760.7m.
Those Tilbury homeowners and Buy-to-Let landlords who bought their homes twenty or more years ago have come out on top, adding thousands and thousands of pounds to the value of their own Tilbury homes as the younger generation in Tilbury continue to be priced out of the market.  This is even more remarkable because, in those twenty years, we had the years of 2008 and 2009 following the global financial crisis, where we saw a short term drop in Tilbury house prices of between 15% and 20% (depending on the type of property). And although there have been a number of consecutive years of growth in property values recently in Tilbury it hasn’t been anywhere near the levels seen in the early 2000’s.
Twenty years ago, the total value of Tilbury property was worth £173.5m. Over those…

South Ockendon Council Tax Payers Stung by 36.2% above Inflation Rise

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Buying and selling a home in South Ockendon isn’t the easiest or cheapest thing you will ever do. Estate Agent fees, Solicitors fees, Survey fees, Mortgage fees, Removal Van … the costs just mount up throughout every step of the move. Last week, a South Ockendon landlord asked me whether the Council Tax Band made a difference to a property’s appeal, be it tenanted or to owner occupiers, when it comes to being sold on the open market and whether extensions or improvements made a difference to the tax banding?
Well, like I said, the first point you should always be aware of is what Council Tax Band your new house or apartment will fall under. Being aware of this before you buy/move will help when planning month by month for life in your home (or investment). But what exactly are Council Tax Bands, and how do they affect landlords/tenants/homebuyers?
How much Council Tax you pay depends on two variables. The first is which Council Tax Band your property is in. A property is placed into a …

LANDLORDS BE AWARE OF THE £4,000 FINE

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If you are a landlord of a residential property you should now be aware that from 1st April 2018 your Energy Performance Certificate (EPC) must have a reading of E and above, if it has not you are exposing yourself to a £4,000 fine and if you have multiple properties then you are exposing yourself to multiple fines.
You can be fined this £4,000 for not complying with the new EPC regulations which will affect you if:-
1)You renew your current tenancy with an EPC rating at F or below. 2)Create a new tenancy with an EPC rating F or below.
If you are unsure of what your EPC is then it is quick and easy to find out.  If you visit www.epcregister.com  and pop in your postcode you will be able to download your current EPC certificate showing you the rating.

If you find your EPC is F or below, then please get in contact with either myself or my colleague Michael who are Domestic Energy Advisors and we will be happy to advise you on what you need to do to bring your EPC up to E or above.

Regards
Paul

Homeownership Amongst Tilbury’s Young Adults Slumps to 37.54%

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The degree to which young Tilbury people are locked out of the Tilbury housing market has been revealed in new statistics.
A Tilbury landlord was asking me the other week to what effect homeownership rates in Tilbury in the early to middle aged adult age range had affected the demand for rental property in Tilbury since the Millennium. I knew anecdotally that it affected the Tilbury rental market, but I wanted some cold hard numbers to back it up. As you know, I like a challenge when it comes to the stats.. so this is what I found out for the landlord, and I’d like to share them with you as well.
As anyone in Tilbury, and most would say those born more recently, are drastically less likely to own their own home at a given age than those born a decade earlier, let’s roll the clock back to the Millennium and compare the figures from then to today.
In the year 2000, 38.0% of Tilbury 28-year olds (born in 1972) owned their own home, whilst a 28 year old today born in 1990) would have a 20…

103 First Timer Buyers in South Ockendon Bought Their First Home in 2017

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A little bit of good news this week on the South Ockendon Property Market as recently released data shows that the number of first time buyers taking out their first mortgage in 2017 increased more than in any other year since the global financial crisis in 2009. The data shows there were 103 first time buyers in South Ockendon, the largest number since 2006.
I expect in 2018 that this increase of first time buyers will level out and maybe dip slightly as, nationally, figures demonstrate that first time buyer’s average household income was £40,691 and this represented 17.3% of their take home pay. Although, it might surprise readers that it is actually cheaper to buy than it is to rent at the ‘starter home’ end of the housing market. Many of you can remember mortgage rates at 12% ... even 15%. Today, at the time of writing this article, I found on the open market, 189 first time buyer mortgages at 95% (meaning only a 5% deposit was required) with 3 year fixed rates from a reputable Hig…

“Showing Buyers Around” (Part Two)

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Some people feel that houses should be able to “sell themselves” and do not need to be “shown” by estate agents. Whilst this may be true of certain exceptional homes, or where achieving the optimum price is not an issue, most properties require the skills of a well-trained estate agent if they are to sell for the best price within a reasonable period timescale.
One benefit of your estate agent showing your home is honest feedback. Many purchasers wish to avoid appearing rude and build up a seller’s hopes by telling them what they want to hear; “It’s lovely – we’ll get back to you”. By the time they have seen several other properties their feedback to the agent about your particular home is likely to be minimal.
Additionally, the buyer will probably want to discuss aspects of the property out of the seller’s earshot. They may have plans that they feel would offend the seller, such as knocking down a wall the seller may have built!
When we show your property, immediate feedback can also b…

Thurrock home owners -“Why Overpricing May Leave You Out Of Pocket”

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As a seller, it is tempting to accept the highest estate agent’s valuation you receive. However, there are three sound reasons why you should avoid overpricing your home initially, as overpriced property often ends up selling for less than it otherwise might have.   
Firstly, buyers buy by comparison. Why should they buy your house if it is more expensive than a similar alternative? This simply does not make sense, and your property is unlikely to sell until such time as any competing homes have sold. By that time your house may have suffered overexposure and be “going stale” on the market.
Secondly, buyer activity is highest when the property is new on the market. If your price prevents buyers from seeing the house, you will have missed this opportunity and may have to wait sometime before a suitable buyer is found. Competition between buyers drives up your price, whereas time on the market drives it down.
Thirdly – a clear response to sellers who say “but we can always take an offer!” …

“Showing Buyers Around” (Part One)

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Some estate agents claim that the seller is the best person to show a property to prospective purchasers.
However, apart from the inevitable awkwardness of inviting strangers into your home, there are sound reasons why good estate agents prefer to accompany buyers around.  
When buyers see a property for the first time, they are probably viewing it alongside other properties, and simply want to get a feel for its relative suitability in terms of location, layout, size, condition and style.  These can all be assessed within the first few minutes. Vendors are understandably emotive and partial to their own property and tend to go into too much detail, which can frustrate buyers who simply want to assess the property in principle and move on to the next house. Such a vendor can unwittingly appear desperate to sell which can put buyers off!
The agent on the other hand is the “impartial broker” who has an understanding of the buyer’s needs and can use the feedback gained during each viewin…

£1,050.95pm – The Profit made by every South Ockendon Property Owner over the last 20 years

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As we go headlong into 2018, I believe UK interest rates will stay low, even with the additional 0.25% increase that is expected in May or June. That rise will add just over £20 to the typical £160,000 tracker mortgage, although with 57.1% of all borrowers on fixed rates, it will probably go undetected by most buy-to-let landlords and homeowners. I forecast that we won’t see any more interest rate rises due to the fragile nature of the British economy and the Brexit challenge. Even though mortgages will remain inexpensive, with retail price inflation outstripping salary rises, it will still very much feel like a heavy weight to some South Ockendon households.
Now it’s certain the South Ockendon housing market in 2017 was a little more subdued than 2016 and that will continue into 2018. Property ownership is a medium to long-term investment so looking at that long-term time frame; the average South Ockendon homeowner who bought their property 20 years ago has seen its value rise by more…

“Buying Old versus New” (Part Two)

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Last week’s article looked at the pros and cons of buying a modern home. Here we consider the older property.
The attraction for many is in the character of the property, with each era delivering a distinctive building style such as Medieval, Georgian, Early Victorian, Late Victorian, Edwardian, etc.. For others it is the sense of history or unique points of interest such as an original fireplace, wall panelling, ceiling mouldings or the patina on an old door that could look out of place in a modern home. Also, the garden is likely to be well-established, with large trees and shrubs having been planted by previous owners.
Buyers with contemporary design ideas need not be put off by an older property, as many people now incorporate modern interior designs that can complement the character of a period homeOf course, there are potential downsides to buying older properties that should be considered. Modern building standards are unlikely to have been met, so insulation, particularly around…

With Tilbury Annual Property Values 4.6% Higher, This is My 2018 Forecast

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Looking at the newspapers between Christmas and New Year, it seemed that this year’s sport in the column inches was to predict the future of the British housing market. So to go along with that these are my thoughts on the Tilbury property market. With the average 5-year fixed rate mortgage at 1.98% (down from 3.47% in 2014) and 2-year fixed rate at 1.47% (down from 2.37% in 2014), mortgage interest rates offered by lenders are at an all-time low (even with the slight increase on the Bank of England base rate a few months ago). Added to this, there has been a low unemployment rate of 4.6% in Tilbury, which has contributed to maintain a decent level demand for property in Tilbury in 2017 (interestingly – an impressive 186 Tilbury properties were sold in last 12 months), whilst finally, the number of properties for sale in the town has remained limited, thus providing support for Tilbury house prices, meaning …
Tilbury Property Values are 4.6% higher than a year ago
However, moving into 2…

“Buying Old versus New” (Part One)

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Buyers tend to have fixed ideas about the style of home they would prefer to buy. Some would not buy anything but a “character home” whilst others prefer a brand new property. In this two-part article, we look at some advantages and disadvantages of each, starting with modern homes.  
There are two types of modern properties – brand new and “second-hand”. Both have the advantage of being built to modern standards. For example, fire, ecological and insulation considerations have improved dramatically over the past 30 years. The advantages of purchasing a brand new home as the first owner can include choice of plot/aspect, design, and finish of the property in liaison with the builder. There may also be part-exchange or other incentives to buy, and it’s great to be able to put your own stamp on an immaculate home.
Disadvantages include snaggings (unfinished bits and pieces), a garden that could take years to mature, and the inconvenience of possible other building works nearby, along with…

February 2018 Market Comment

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Winter may not be behind us yet, but, as far as the property market is concerned, spring is definitely in the air! The latest figures from Rightmove suggest a cautiously positive market. Of the relatively modest 1.5% annual increase in the price of new-to-market properties on the portal, 0.8% of this occurred last month! This is very much in line with our own observations of very buoyant start to the year, with enquiries from both buyers and sellers on the up. To put this in context, many properties coming to market at this time of year would be expected to be priced at 1.6% higher than the previous month, so 0.8% demonstrates that these sellers are serious about selling.   It is the enquiries from sellers that are most encouraging. Only when more people come to market can buyer demand be satisfied. Some people delay moving because they feel they may not find a suitable property to buy. (This is a shame as we always have “off-market” properties available for these buyer/sellers).  The …

South Ockendon & Thurrock - “Plans for a Successful Sale”

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Our research has shown that buyers overwhelmingly prefer floorplans on property details in addition to the usual description and written dimensions. There are several good reasons behind this preference, which is why we always feature floorplans on our particulars: 
Firstly, where several properties are competing for a buyer’s attention, the particulars that include a floorplan always make an immediate impression. The layout of a property is a major consideration when choosing a new home, and cannot adequately be described by words and room sizes alone. It is the relationship between the rooms in a property that can make the difference between a comfortable and attractive home and a purely functional one. This relationship is enhanced by our use of 3D floorplans in many instances.   
People make buying decisions on how a property “feels” as much as they consider its size. Several smaller rooms are often more practical than one impressively large one, particularly when there is a family…

Two Bedroom home in Aveley for Buy To Let - 5.6% Rental Yield

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Come and take a look at this two bedroom first floor modern flat situated in Meresmans off Teviot Aveley.
Properties of this type and caliber do not remain on the market for long so don't miss out! 



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