HOUSE SALES REACH THREE-YEAR PEAK

The amount of homes sold in the UK reached a three-year high during March as increased confidence in the market continued to translate into sales, says the latest RICS housing market survey. In March, chartered surveyors reported selling an average of 17.4 homes over the previous three months, the highest number since March 2010. Confidence has been slowly returning to the UK housing market since the end of 2012 and transactions have also risen for three consecutive months. This increasing stability was mirrored by prices as respondents across the country reported practically no movement during March. A net balance of just one per cent more surveyors reported price falls (from -7%), meaning house prices across the UK have now been relatively stable for six months. Moving on to demand, an increasing number of prospective buyers got out and viewed property during March. A net balance of 11% more surveyors reported rises in new buyer enquiries, the highest reading since October. It seems that government’s recent efforts to encourage banks to offer more affordable mortgages may now be starting to bear fruit and assist purchasers. Meanwhile, the amount of homes coming onto the market was little changed last month. Two per cent more surveyors reported rises rather than falls in new instructions, meaning that the shortfall of fresh stock coming to the market remains a key issue for buyers. At a regional level, the survey suggests that, on average, surveyors in the West Midlands have seen the biggest increase in homes sold since the start of the year, followed by those working in the London area. During March, chartered surveyors in the South West reported selling an average of 17 homes, increasing slightly on February’s figure of 16. Looking ahead, respondents are optimistic that the recent increase in transactions is set to continue. A net balance of 19% more surveyors expect sales to rise further over the coming three months. Moreover, price expectations indicators for both the next three and twelve months have been in positive territory for the last four months. Peter Bolton King, RICS Global Residential Director, said: “A buoyant, healthy property market is central to economic recovery and, while these are still very much early signs, it is encouraging that sales are beginning to pick-up. The increase in potential buyers getting out there and viewing property is particularly encouraging.” Adam Offer, managing director of leading South West estate agents, Besley Hill, said that feedback from the group’s 16 offices throughout Bristol and Gloucestershire confirmed that, thanks to initiatives such as Funding for Lending, mortgages are becoming more accessible to buyers, which is gently easing the pressure on the market and freeing up stagnant chains.

HOUSE PRICES ARE RISING

House prices are rising in Bristol and South Gloucestershire, according to figures from the Land Registry, the Government Agency which monitors the sale of houses. The average house in Bristol now costs £169,425 - an increase of 2.4 per cent over the last 12 months - while homes in South Gloucestershire are even more expensive at £176,839 - an increase of 1.4 per cent over the last year. The nationwide average currently stands at £162,606 - which is an increase of one per cent over the last 12 months. "These figures show that house prices in Bristol and South Gloucestershire are performing better than most other parts of the country," said Adam Offer, managing director of estate agents Besley Hill, who have 16 offices throughout the area. "Limited supply and increased demand will result in property values in this part of the country continuing to rise during the coming year, indicating that now is a good time to buy."

LOTS OF VARIETY AT BESLEY HILL AUCTION

A contrasting selection of properties will be offered by auctioneer Nigel Freston at Besley Hill's auction at the BAWA Pavilion Lounge, Southmead Road, Filton, Bristol, on Thursday April 18. The Lots are as follows: 2-4 Camp View, Winterbourne Down (guide price £85,000-£100,000): Cottage in need of renovation subject to a lease on part of the building with potential for income. Gloucester House, Gloucester Street, Avonmouth (guide price £150,000): A large commercial building of around 4,000 square feet and yard in need of renovation. 102 New Walls, Totterdown (guide price £90,000-£110,000): A one-bedroom house in need of some modernisation. Ideal for an investment or starter home. 12 Ashley Road, Ashley Down (guide price £140,000-£160,000): In need of complete refurbishment, a property arranged over four floors currently divided into a two-bedroom maisonette together with studio apartments on first and second floor levels. For further details view the auction catalogue online at www.besleyhillsurveyit.co.uk or contact the auctioneer’s office at 10 Badminton Road, Downend, Bristol BS16 6BQ, tel 0117 970 1551, email info@besleyhillsurveyit.co.uk

BUDGET HELP FOR HOMEBUYERS WELCOMED

Adam Offer, managing director of Besley Hill Estate Agents, who have 16 offices throughout Bristol and Gloucestershire, welcomed Chancellor George Osborne's announcement in the Budget that the Government is to subsidise deposits and provide state backing for loans to help homebuyers get on the property ladder or move up. Mr Offer said: "I think it will help buyers caught in the deposit trap - especially first-time buyers, but general movers too, including second-time buyers. The full detail is yet to be announced but initially it looks good. Our mortgage partners MAB will be looking in great detail at the scheme and will be providing our branches with the very best deals to help our customers to take full advantage of the scheme when it is launched. As the date is some nine or so months away I do see property values increasing as this date approaches as the market is somewhat starved of properties at the moment. I don't see this situation changing at any time soon. Supply is limited, demand is great, especially pent-up demand from buyers in rented accommodation who have rented over the last five or so years and now want to buy. I am disappointed that the Chancellor did nothing on stamp duty - but I guess we cannot have it all. All in all, very positive!"

HOUSE PRICES UP £142 A DAY

Britain's homes have boomed to a record high with prices rising £142 a day in the last four weeks, today's Daily Express reveals.New figures show values eclipsed the previous peak of 2008 and a mood of optimism is sweeping through the housing market, experts say. The average house in England and Wales rose £3,969 in a month, according to property search website Rightmove's House Price Index, released today. With mortgages becoming cheaper, thanks to the Government's lending scheme and greater availability of loans, buyers are more confident properties will keep their value, states the report. And in further signs that the market is gaining momentum, the Council of Mortgage Lenders last week reported that home loans have got off to their best start since 2008. Miles Shipside, Rightmove director, is quoted as saying that with new sellers asking for more than ever before as we enter the traditionally busy spring market, and an expectation among home-movers of price stability or growth, there is now a bedrock upon which confidence and momentum appear to be building. Rightmove figures show the average asking price for a property in the four weeks to mid-March was £239,710, edging above the £239,655 for the same period in 2008, before the credit crunch. The Rightmove report also found home-movers are increasingly optimistic that houses will gain value this year, with more than a quarter believing prices will edge higher compared with just 11 per cent who expect decreases. A further 60 per cent of those moving house think prices will be "more or less the same" in a year's time. The report also shows that the time it takes to sell a hjouse has fallen 10 days to 80 compared to this time last year. Adam Offer, managing director of leading South West estate agents Besley Hill, agrees with Miles Shipside that, although some price gains in the first half of the year often fall away in the second half, this year it seems likely that the air of optimism will result in gains being consolidated.

FALLING MORTGAGE RATES REAP REWARDS

Nigel Bull, one of a team of Mortgage Advice Bureau (MAB) financial advisers serving Besley Hill Estate Agents offices throughout Bristol and Gloucestershire, comments on the continuing effects of the Funding for Lending Scheme on the mortgage market: Despite the Bank of England’s recent decision to yet again hold the Base Rate at 0.5% and refrain from pumping further funding into the economy in the form of quantitative easing, the arguments in favour of a change are building momentum. The minutes of their most recent meeting show that the Governor of the Bank of England himself voted for an increase in the quantitative easing programme. However, with the current total already standing at £375bn, adopting the cautious approach for the time being is certainly understandable. It may only be a matter of time before something needs to change though, with recent news highlighting several significant economic indicators reporting continued weakness in the wider economy. There is certainly some cause for optimism though as far as the mortgage market goes. Last month we continued to see further competitive pressure in the pricing of mortgage products. This is no doubt at least partly driven by the access to the Government’s Funding for Lending Scheme (FLS). This scheme is allowing banks and building societies to access funding at below market rates provided they can evidence an increase in their net lending over the duration of the programme, boosting appetite for lending within the market. At the beginning of March 2013 the average two year fixed rate had fallen below 4% for the first time, and is currently 3.90%. Average three and five year fixed rates have also fallen further in the last month to 4.25% and 4.05% respectively. Borrowers remain firmly committed to fixed rate mortgage products with more than 90% of customers electing to fix in January and February. Borrowers are set to continue to benefit from what are “all time low” interest rates and consumer choice is also improving slowly but surely with the number of mortgage products typically available to intermediaries now standing at a little under 6,400, the highest number in more than twelve months. To see if you could take advantage of these low rates whether you are remortgaging or buying for the first time, or to discuss your circumstances in more detail, call Nigel Bull on 0117 9325686, email him at nigelb@mab.org.uk or contact the MAB local mortgage specialist at your nearest Besley Hill office. Note: Your home may be repossessed if you do not keep up repayments on your mortgage. There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

BESLEY HILL'S CHIPPING SODBURY OFFICE SHORTLISTED FOR AWARD

Besley Hill Town & Country Homes at Chipping Sodbury has been shortlisted as a TOP 10 Estate Agent in the South West Region of the 2013 Estate Agent Awards (THE ESTAS). Rob Chapman, manager of the office at 14 High Street, said: “We are absolutely delighted to be shortlisted for the ESTAS 2013. It means so much to us as we know it’s our customers who have put us on the list. We take our levels of customer service very seriously because clients have a choice.” The ESTAS determines the best estate agents in the country through research carried out amongst customers who are asked a series of questions about the service they have received from their agent; 23,000 questionnaires were completed by customers during the competition. Agents have been shortlisted in 18 regions around the country. The regional and national winners will be announced by Phil Spencer, the TV Property expert, at the 10th annual ESTAS ceremony at the Hilton Park Lane on 19th April. Phil said: “I think it says a great deal about a company who’s prepared to stand up and announce to customers and competitors that they believe in providing the best possible service and they’re happy to prove it. These awards help agencies to focus on customer service levels and that’s why so many take part each year.” Simon Brown, who runs the national scheme, said: “The ESTAS competition is about recognizing the hard work agents put in every day, every week and month of the year. So to be shortlisted is a great accolade for any agent.” Alex Chesterman, Founder and CEO of Zoopla Property Group, said: “We’re now in our fourth year of sponsoring the ESTAS and are delighted to be once again supporting this key industry event. The collection of valuable customer feedback is essential to success in any business and rewarding those who provide the best service in the industry, as these awards do, is perfectly aligned with our business. Congratulations to all those shortlisted this year.” Picture shows the Besley Hill Chipping Sodbury team: (left to right) Val Rogers-Ainley, Frances Hewitt, Rob Chapman, Clare Jones and Sharon Sparkes