Content

All Agent's Awards

Cross Keys Estate Agents All Agents Award

Please click HERE for more details of our most recent awards.

Back to top
  • Cross Keys Estates - Residential Sales and Lettings - Mobile Slide One

    Opening doors to your future Residential Sales and Lettings in the Plymouth area

  • Cross Keys Estates - Residential Sales and Lettings - Mobile Slide Two

    Opening doors to your future Locally owned and run Independent Estate Agents

  • Cross Keys Estates - Residential Sales and Lettings - Mobile Slide Three

    Opening doors to your future Sales and Lettings offices centrally located

  • Cross Keys Estates - Residential Sales and Lettings - Mobile Slide Four

    Opening doors to your future Highly motivated friendly staff

  • Cross Keys Estates - Residential Sales and Lettings - Mobile Slide Five

    Opening doors to your future Established in Plymouth since 2003

  • Cross Keys Estates - Residential Sales and Lettings - Mobile Slide Six

    Opening doors to your future Highest levels of customer service

  • Cross Keys Estates - Residential Sales and Lettings - Mobile Slide Seven

    Opening doors to your future Extensive knowledge of Plymouth and surrounding areas

  • Cross Keys Estates - Residential Sales and Lettings - Mobile Slide Eight

    Opening doors to your future Dedicated to making the process as smooth as possible

  • Cross Keys Estates - Residential Sales and Lettings - Slide One
    Opening doors to your future
    Residential Sales and Lettings in the Plymouth area
  • Cross Keys Estates - Residential Sales and Lettings - Slide Two
    Opening doors to your future
    Locally owned and run Independent Estate Agents
  • Cross Keys Estates - Residential Sales and Lettings - Slide Three
    Opening doors to your future
    Sales and Lettings offices centrally located
  • Cross Keys Estates - Residential Sales and Lettings - Slide Four
    Opening doors to your future
    Highly motivated friendly staff
  • Cross Keys Estates - Residential Sales and Lettings - Slide Five
    Opening doors to your future
    Established in Plymouth since 2003
  • Cross Keys Estates - Residential Sales and Lettings - Slide Six
    Opening doors to your future
    Highest levels of customer service
  • Cross Keys Estates - Residential Sales and Lettings - Slide Seven
    Opening doors to your future
    Extensive knowledge of Plymouth and surrounding areas
  • Cross Keys Estates - Residential Sales and Lettings - Slide Eight
    Opening doors to your future
    Dedicated to making the process as smooth as possible

We have been experiencing some truly barmy weather these last few months, rain and hot sunshine all in the same week sometimes. Record breaking temperatures all across the United Kingdom saw packed out beaches with everyone trying to keep their cool, hot sticky nights leading to sales of electric fans and ice cream sales going through the roof, unfortunately, the same cannot be said for the housing market.

I thought I would try to write an upbeat piece for this article and keep it positive and say that everything is just fine but the truth is the market has changed from the madness of high prices, gazumping, record levels of viewings and offers from the spring. As I am sat here writing this, I am wondering how to put a positive spin on it, should I sugar-coat it, perhaps soften it as to not start readers worrying if house prices are about to start falling. The honest answer is “No”, I am not going to change the type of person that I am, nor start to mislead people by telling blatant untruths.

We started to see a change in levels of activity around the beginning of June, at first, we thought it might be because summer was here and that potential sellers and buyers were now concentrating on their holidays and outdoor living rather than possibly moving property, but as the weeks went on, we saw that the levels of internet enquiries, viewings and telephone calls were continuing to decline.

Estate agents do not speak in foreign languages (despite common opinion) but we do know the secret codes that are sometimes spoken between each other, so when you have at least four other local agents ask “So how are you finding the market?” you absolutely know that what they are really saying is “are you struggling with the market at the moment?” and we also know that this means that THEY are struggling with the current market conditions.

Now in order to understand why the residential sales market is changing, we need to look at what is happening not only here in the UK but everywhere. Inflation is rising from Sri Lanka to America and all across the world. Interest rates are rising and are set to continue to rise into early next year with current plans as they are. Usually this means that the value of property would normally start to fall to compensate for this, but as there are a lot fewer properties coming to the market at the current time, property values are holding their own.

As we get nearer to Christmas, on the other hand, and everyone starts to spend their money on the festivities, I predict that we will see more and more people heading in to deeper financial difficulties due to the rise in the cost of living and the fact that absolutely everything is going up in price.

This may be starting to sound like doom and gloom but it is simply another adjustment to bring economies in to line and under control.

If the demographic of people, that I suspect, start finding themselves in financial distress, then these will be the first section of society to start selling off their assets including any properties that they own. Depending on what level of distress they are in, will mean that they may be prepared to sell at lower prices than necessary in order to stem their financial insecurities. That is when we will more than likely see property prices start their downward trajectory.

Governments all around the globe are trying to put things in place to ensure that this is not another recession but unless inflation is brought under control and soon, we may well see the UK head in to recession once again. Inflation in the US rose to 9.1% last month, driven by higher prices for gasoline, food and accommodation. That is well above the federal bank’s 2% target – and the fastest rate since 1981. CPIH, which is the measure of inflation published by the Office of National Statistics, including the rising cost of housing, is officially running at 8.2% in the 12 months to June 2022. However, Truflation’s newly launched UK index shows CPIH running at 13.8% in the 12 months to 24 July – nearly two-thirds higher and 6% more in real terms.

In conclusion to this article, all I can say is, if you are currently borrowing finance, you may want to get them locked in at their current rate for a suitable period to avoid the cost of borrowing becoming unaffordable. If you about to take out a mortgage, personally, I would be looking at a fixed rate product. If you are looking to sell a property then now is the right time to consider putting it on the market as tomorrow’s market will not get you the same price as selling today.

Here at Cross Keys Estates, we are currently seeing levels of new instructions to the market remain steady, but we are always looking to keep the status quo, so please give us a call and see if our honest, nonsense, no faff approach is what you need to help you sell your property and ensure you do not find yourself caught up in the situation outlined above.

Anyone that has been trying to find a property to let recently will know that the rental demand in Plymouth remains high. As soon as a property is listed on our website, our Facebook page, or Instagram we are inundated with enquiries. There is a definite shortage in rental properties which in turn has pushed rents up to an all-time high.  

The competition is ferocious with good quality tenants desperate to secure properties, we as agents feel for applicants and understand the frustration of not being able get their foot in the door. The pace from releasing a property to it being Let Agreed is literally days, sometimes hours.  

My advice to tenants looking for properties is to set up alerts on websites, register with letting agents and when applying for properties provide as much information as possible on your current circumstances to include income details. Have your documents ready, generally letting agents will require proof of ID (passports and driving licences). At Cross Keys Estates we like to give everyone a fair chance and encourage them to apply for properties via our on-line portal.  All applications are acknowledged and viewed by landlords; we will then let all applicants know the outcome of their application.

Landlords are also feeling the pace having to ensure that properties are turned around quickly for new tenancies. There are many considerations for landlords to be aware ensuring that properties are compliant with Gas Safety Certificate, Electrical Installation Condition Reports and up to date Energy Performance Certificates. In October the new legislation regarding Carbon Monoxide Detectors will come into force.  At Cross Keys we help our landlords to ensure that these safety checks are carried out and in place. We are encouraging our landlords to install CO2 detectors correctly now.  

Obviously, the question is can this fast moving rental market be sustained.  We don’t see it calming down anytime soon.  Unless there is a mass influx in rental properties coming to the market in the next month or two, the trend of rents going up and properties letting within hours will continue for some months to come.  So buckle up and ride it out!

I get asked a lot “What’s going to happen to the housing market?” I guess that a lot of people would expect a property professional to know the answer, however does anyone know exactly what to expect in these turbulent times.

With interest rates predicted to be around 2.5% by the end of the year and inflation currently at 6.2% and rising faster than predicted, the war in Ukraine, sanctions on Russia and many of its oligarchs causing huge distress to the Russian people and putting huge pressure on the cost of oil creating a shortage and associated price increases adding to inflation and causing lots of financial issues for us here in the UK.

As I sit here and write this, I am not too concerned about how houses are selling or the figures that they are currently achieving. Here at Cross Keys Estates, we are still seeing properties going under offer in record speeds and with eye-watering offers. Just this week we have put a property on the market, booked 12 viewings in 2 days and now accepted an offer £20,000 above the asking price in under 5 days since first appearing on the property portals.

“WOWZERS” I hear you say but this is not a one off, in fact, this is happening on many of our properties at the moment. The rush for buyers to climb the next step on the property ladder shows no sign of slowing down, in fact the opposite is happening, people are entering into bidding wars for some of these properties. The exact same thing is also going on with rental properties, we are renting out houses even before they are coming to the market and we also have a growing waiting list of prospective tenants looking for a home.

So going back to the first question, “What do I think is going to happen to the housing market?” In short “I don’t know” but I do have an opinion which is what I will explain to you now. There are a lot of people, especially the younger generation, including many first-time buyers, that have only recently managed to get on the housing ladder. If the financial experts are correct then the increases in living costs, inflation and interest rates on mortgages and loans could prove to be too much for many of these people to keep their finances going.

The last time we saw these signs was in 2007 when financial markets collapsed under the strain of adverse lending and the poor decisions from the banks and other financial institutes, it was at this time that property prices fell between 10 % and some areas even up to 50%.

Now I am not saying that this is what is about to happen, however, here in the UK, we are experiencing one of the highest amounts of borrowing than ever before, mortgages and personal loans have been at the lowest levels of a lifetime and a lot of the younger generation have lived a life on borrowing. If the interest rates rise to above 2% then this level of borrowing will become unstainable and there is no evidence that borrowers have any means to pay the back the money borrowed.

I do think that the rising house prices will level off by the end of the year as will the demand for properties. I do not (at this moment in time) think that the values of these properties are likely to decline. With all of this in mind, now is still a fantastic time to sell your home if you are looking to cash in on any equity that may be in your property.

The demand is high, the values are high and the borrowing costs are still very low. Summer is not very far away and the perfect property right now is any three or four bedroomed houses with good size gardens, preferably with off street parking or a garage.

If you have a property that matches or comes close to this description then please get in touch with Plymouth’s number one (#1) estate and letting agent where we can offer you the best service in Plymouth and the surrounding areas for the best value.

Cross Keys Estate Agents Sales Office Graphic Cross Keys Estate Agents Lettings Office Graphic

Properties of the Week

Cross Keys Estate Agents Sales Property of the Week 1

Sales Property 1

South Down Road, Beacon Par

£275,000

3 3 1

Click to view details

Cross Keys Estate Agents Sales Property of the Week 2

Sales Property 2

Churchway, Weston Mill

£240,000 Guide Price

2 3 1

Click to view details

Cross Keys Estate Agents Lettings Property of the Week

Lettings Property

Lisson Grove, Mutley

£750 pcm

1 1 1

Click to view details

Rightmove Property Website Logo
PrimeLocation Property Website Logo
Zoopla Property Website Logo

Key Notes Blog

The weather may be hot, but the market is definitely cooling

We have been experiencing some truly barmy weather these last few months, rain and hot sunshine all in the same week sometimes. Record breaking temperatures all across the United Kingdom saw packed out beaches with everyone trying to keep...

Read more...

Fast and Furious Rental Market

Anyone that has been trying to find a property to let recently will know that the rental demand in...

Read more...

A Change is Coming (In Law)

Hi Folks, here we are, another month and another blog and this time, on a different topic completely, the...

Read more...

Will Rising Interest Rates & Inflation Calm the Housing Market?

I get asked a lot “What’s going to happen to the housing market?” I guess that a lot of...

Read more...

Field of Greens

Field of Greens – The Green Taverners’ Suite Proudly Sponsored by Cross Keys Estates “Football ain’t what it used...

Read more...
National Association of Estate Agents Website Logo
Association of Residential Letting Agents Website Logo
National Federation Of Property Professionals Website Logo
The Property Ombudsman Website Logo
Trading Standards Institute Website Logo
Trading Standards Website Logo