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Welcome back once again to the Hannells Market pulse, a short video where I’ll be revealing all the latest local property news and taking a look at what’s happening across the rest of the country too.
With the first Quarter of the year almost complete, we’ll be taking a brief look at how the Derby market has performed so far and what the rest of the year may hold. There’s a lot of speculation out there and with the general election looming, are we going to see this have an effect on the market?
Well, quarter one has been a great 3 months here at Hannells. As usual, it’s good news for local buyers and sellers as we’ve taken more new instructions and agreed more sales than the same period in 2014 – and 2014 was a great year, one of our best in the last decade.
If early signs are any indication, and looking at what happened last year, there’s another very busy 9 months ahead of us – right up until the end of the year. Our lettings department continues to grow at a rapid, but manageable rate and their doubling their new listings and lets on a monthly basis.
In February alone, we registered just under 700 new buyers, all looking for property in Derby and the surrounding suburbs, the majority of which are also local themselves. We find that the majority of our buyers will purchase a property within a 5 mile radius of where they currently live – so whilst marketing to a UK audience is important, it’s the local marketing of your property which really makes a difference.
So, house prices – the current National Average stands at £179,492 – a 1.3% change on the previous month. Here in the east Midlands, we saw an increase of .9% with the current average house price in the city of Derby standing at £110,824. Average rents are up 1.4% annually in the east midlands with a current average of £581 pcm.
From what we’re seeing on a daily basis, sellers can still expect to achieve a great price for their property, providing it reflects the price of similar property in the local area.
In mortgage news, there were more mortgages available to consumers in February than at any time since the financial crisis. The UK’s top “truly” independent broker – Mortgage Advice Bureau found a total of 12,940 separate mortgage products offered by lenders.
As one of the few brokers that has access to every single one of these mortgages, it means that buyers and sellers really don’t know they’ve secured the best mortgage for themselves until they’ve seen a mortgage advice bureau adviser. Even a difference of just £15 a month over the term of a 35 year mortgage will mean that you’ve saved £10,500.
You may already know that here at Hannells, we work very closely with Mortgage Advice Bureau to make sure that our customers get the best possible rates. We have some brilliant advisers, all friendly, knowledgeable and here to help based in our six local branches so if you fancy booking an appointment, even if it’s just to get peace of mind that you do have the best deal – get in touch with your local branch!
Well, that’s it for this month, as always, I hope you’ve found it useful and if you have any questions about buying or selling, why not send an email to enquiries@hannells.co.uk. My tip of the month is to make sure that you shop around for your mortgage as we’ve already talked about just how many products are available. Get yourself booked in with an adviser at Hannells and you could literally save yourself £1000’s!
Best of luck with your property search, I hope that Hannells can help to make it a moving experience!
If you have a property in Derby and you’re thinking of selling, why not arrange your FREE market consultation with Hannells today. Drop in and visit or or view the contact details for all six of our local Derby branches HERE.
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