Countless buyers are bridging the gap as they trade up to their dreams homes, according to leading estate agent JW Wood. Stability in the market, low interest rates and a return to realistic pricing are seeing buyers benefit when they opt to upgrade to a better house.
One young professional couple appeared to lose £30,000 selling the home they bought for £200,000 in 2006. But they saved an amazing £60,000 on their new home which had cost as much as £350,000 six years ago. “If you are trading up, there hasn’t been a better time to do it in the past ten years,” said JW Wood managing director Keith Johnson.
“I appreciate it may be difficult concept for people to grasp – that it is all about bridging the gap – but it really is cheaper to trade up now than at any time in the past decade and a lot of buyers are taking advantage of this fact.”
The renewed interest in housing has boosted sales to a record high for JW Wood, which has seen its best month in March since the collapse of the market in 2007. “We have had an excellent first quarter for sales and we have been working extremely hard in an improving market,” said Keith. “We are using new technology, such as iPads to speed up and improve the buying and selling process. “There have also been many announcements which have boosted optimism across the region, such as from Nissan and job creation within the retail sector. Interest rates have remained low, prices have been stable and as people feel more secure they have decided to take the plunge.”
Successful sales had been right across the market from £35,000 former council houses sold at auction to period homes topping the £695,000 mark. Keith said that the reintroduction of the stamp duty on first time buyer homes had had little negative effect on trading. Potential buyers were also in an excellent position with unprecedented levels of information being offered on homes.
For instance, from April 6, any new house coming on to the market is accompanied by a energy performance certificate, a detailed survey of the likely fuel costs of running the home and improvements that could be made to boost energy conservation and reduce bills. The survey – given greater prominence in property details – highlights short-comings such as poor insulation, poor fitting doors and windows, and suggests remedies, including thicker lagging, double glazing, modern boilers, or ecologically sound systems such as ground source pumps and solar panels.
“The aim is threefold; to give potential buyers the maximum amount of information to make an informed choice, to protect the environment and to improve the nation’s stock of housing,” said Keith. “We are completely set up for the new regulations and can help vendors meet the requirements. This really is a good time to look at the market and we can help people with all aspects, from buying and selling to all manner of surveys. We are interested in any type of property, in any price range, so you should come and have a chat.”
J W Wood was established in 1910 and has a proud tradition as a general practice firm of surveyors and estate agents.
Its teams across six offices which, as well as Durham, include Darlington, Bishop Auckland, Consett, Stanley and Chester-le-Street, offer a comprehensive service on all property matters. As well as working on behalf of owners to sell or let their properties, and helping tenants and buyers find homes to rent and purchase, the company provides survey and valuation services and advises on mortgages. It also has experts to support clients who are buying or selling land or commercial premises, and those seeking a commercial lease.
For more information, contact JW Wood on 0191 386 9921 or visit www.jww.co.uk.
