Welcome to the Thistleblower – the last of the year
This time of year I try to figure out what the market has in store for us in the New Year.
There is no doubt this year’s market has been one of two halves (apologies for the football cliché). Entering 2014 there was no doubt we were going to be selling property quickly and for higher values. Very much a sellers’ market. The second half of the year has eased, through a combination of the mortgage market review, talking up of interest rates and I think a natural adjustment to ever increasing values which could not be sustained.
However, where popular opinion may have been that this easing was mainly driven by buyers taking a more cautious, considered approach, recognising values had stopped increasing; the reality is that it is vendors who have decided to sit tight and defer marketing their property until the New Year.
This process kicked in around the middle of September which is much earlier than normal and has seen the rate of property entering the market for this time of year reduce by about 50%. This put’s a considerable strain on the market, in that those people who are thinking of selling, are discouraged from doing so as they can’t see any evidence of property they can buy! The classic ‘chicken and egg’ scenario.
What this proves is that whether prices are increasing, decreasing or remaining stable, what the market needs first and foremost are sellers. A healthy supply of property gives people the confidence to think about moving which in turn creates more supply. Of course every market needs buyers but without property to buy you can have all the buyers you need but you won’t get very far.
The government’s initiative on Stamp Duty Land Tax is to be welcomed. This is a big improvement on the previous unfair system of penalising buyers at certain price ranges in the market. Pressure for new homes continues and it’s good to see planning permissions coming through to deliver much needed housing for the area either for first time buyers or those looking to trade up to a larger home. Anything that can improve the supply of property has to be welcomed.
There will be more property coming to the market in the New Year; the question is will the number of properties coming to the market increase or remain the same that we’ve seen over the last five years or so? What we do know is that there is a strong underlying group of people who want to buy and I don’t think this is going to change.
A very big thank you to all our clients for favouring Mackenzie Smith with your business this year and our best wishes for Christmas and the New Year.
Ed Mackenzie Smith, Managing Director
Festive Greetings from our offices in Fleet, Farnborough, Hook, Hartley Wintney and Ash Vale. We have decked the halls and the buzz of Christmas time is growing as we look forward to spending time with friends and family, giving gifts and tucking into Christmas lunch with all the trimmings.
Here are a few photos from our offices…how have you ‘Decked the Halls’? Tweet us @mackenziesmiths to show off your Christmas decoration!
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Over the last year we have been running a photography competition to capture the locality during the changing seasons, with the prize being £250 for the winner and £250 for a charity of the winner’s choice. The Mackenzie Smith photography competition culminated with the production of our calendar and a presentation to the winners and…
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This stunning detached property is set within one of Fleets most desired areas and boasts plenty of space for your family that is both versatile and well presented. Multiple reception rooms, bay windows and an inviting family kitchen, roomy bedrooms, double garage and large private garden all add to the appeal of this delightful home.
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The Office for National Statistics reports house prices are up 12.1% in a year (September 2013 – September 2014) as a national average. London property prices, as expected, have the highest increase of a huge 18.8% whilst the average in the South East has been a strong 8.1%, the highest of all regions excluding London.…
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2014 was a very successful year for the Farnborough office on both business and personal levels. From a business perspective market conditions continued to strengthen in 2014, with the continuation of record low interest rates resulting in our most successful year. With demand outstripping supply, many properties were achieving the asking price and on some…
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Mackenzie Smith has a long history of delivering excellent service and advice when selling and letting property, and here to prove it are some photographs from years gone by!
Oxford Road This the very first office of Mackenzie Smith taken in December 1983 and I think the person in the office is Steve Tetlow...
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This three bedroom family home has undergone extensive refurbishment and conversion, resulting in a chic and contemporary property providing exceptional accommodation. A tiled reception hall welcomes you into the property; this tiled floor flows through to the clean contemporary living room with double glazed windows and French doors to the garden creating a bright space…
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This week a new scheme giving hope to 100,000 would be first time buyers was announced by the Prime Minister. The new scheme will offer a 20% discount to first time buyers of new homes on selected purpose built brownfield developments. House builders and councils are already assessing sites that could be used for these new…
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Price wars between mortgage lenders, changes in inflation and predictions for rate rises have prompted many lenders to bring out some very appealing 10 year fixed rate mortgage products, the likes of which have not been seen before. Mortgage lenders who may have upped their rates earlier in the year in anticipation of interest rate…
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Mackenzie Smith Property Lettings and Management has gone from strength to strength in 2014. The portfolio of property we are letting and managing continues to grow even though the lettings market was significantly affected by the sharp rise in house prices in the middle of the year which led to some interesting results.
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This delightful 1930s detached home not only presents delightful period features such as open fireplaces and stripped floor boards, but it also has excellent scope to extend (STPP) as it is set within a generous plot. An entrance hall with stripped floor boards welcomes you into this charming home...
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Following yet another successful year selling many homes both here in Hartley Wintney and the surrounding villages, my thoughts quite naturally are now turning to the housing market during the coming year. Without doubt, the changes to ‘stamp duty’ recently announced by the chancellor hasn't yet had the opportunity of being fully appreciated and in my opinion…
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The 1st Normandy Scouts Christmas bazaar, sponsored by Mackenzie Smith, was a great success raising over £2000 towards repairs on the scout hut roof which is unlikely to last another winter. All of the sections were involved in the preparations of items to sell on the day; the Beavers made magic reindeer food, the Cubs made…
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The Government has announced that it will change planning policy to exempt developments of 10 homes or less from Section 106 planning obligations. The Department for Communities and Local Government advised: “Due to the disproportionate burden of developer contributions on small scale developers, for sites of 10-units or less, and which have a maximum combined…
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