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House sales in Plymouth are on the rise again

Apr 2019

Yet again we find ourselves in the situation that everyone who is in the know says that we are hitting hard times with the property market as a result of Brexit, well, Brexit is still not here and nor is the crash that the “experts” were predicting. Things went right to the wire for the March deadline but the market here did not react, if anything, here at Cross Keys Estates, we witness a substantial rise in the number of sales that we have agreed over the last few weeks.

According to the Royal Institution of Chartered Surveyors (RICS), uncertainty over Brexit is likely to have an impact on the UK housing market. RICS believe, and have come up with a report, that the number of properties being sold and the prices that they will achieve will fall next year, they say that fewer people are interested in moving, and fewer want to sell if they cannot reach the price they want for selling their property. House prices are predicted to increase this year but only by 1.5%, this is well below the rate of inflation. In essence, this equates to a price decrease.

Having multiple offices in Plymouth means that Cross Keys were able to look at all types of properties across the price spectrum and in all cases we witnessed levels of interest that were quite surprising. Our Stoke branch had no less than 12 sales in just four days last week, this certainly goes against the RICS theory of property sales and property prices going down!

The most interest and sales came yet again from the family homes sector at prices ranging from £150,000 to £300,000, but the biggest increase in buying was in properties that ranged between £300,000 and £500,000. This leads be to believe that no matter what is on the horizon for our country and whether we stay in the EU or whether we leave, family life still moves on and so does the need for quality houses.

Upsizing seems to be the way ahead for the majority of our buyers, previous first time buyers are realising quickly that with mortgages being as affordable as ever, it is quite an easy transition to move up that housing ladder sooner rather than later. We have had some fabulous sized period properties lately that have been on the market for as little as one week before being snapped up by discerning buyers looking for that perfect lifestyle change as larger properties are able to offer a more sociable lifestyle that is very much en vogue at this moment in time.

Stamp duty rates are affecting the lower end of the market with landlords still reluctant to put their hands in their pockets for the 3%, 5% or 8% rate that any buyers have to pay for any second or more properties, for instance, If they buy a flat or an apartment at £145,000 then they are looking to pay £3,750 on the first £125,000 which is at 3% then £1,000 on the remaining £20,000 (£125,000 to £145,000) which is at the rate of 5% meaning a total of £4,750 in total. This amount of money normally equate to the first 2 years profits from any rent that they may earn, so it makes the Buy-to-let market a very disappointing place to be at this moment in time.

As for houses (main residences), the stamp duty rates are as follows:-

Purchase price of property Rate of Stamp Duty
£125,001 – £250,000 2%
£250,001 – £925,000 5%
£925,001 – £1,500,000 8%
Over £1.5 million 12%

This is how to calculate the new Stamp Duty Rate. If you bought a property for £850,000 you would pay no stamp duty on the first £125,000, then 2% on £125,000 to £250,000 = £2,500 then 5% on the remainder above £250,000. (eg: £850,000 – £250,000 = £600,000 = £30,000. Totalling £30,000 + £2,500 = £32,500).

All of these figures may seem daunting to you, but at the current rate of property price increases, these figures are being made back in the price rises in under a 12 month period. As for our silver seniors, there is a little change in their circumstances. State pensions are due to rise by around £4.25 a week or £220 a year from April 2019. This means that it will rise above the rate of inflation, thus giving pensioners a welcome boost to their earnings and help with living costs.

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21 October, 2016

5 Star Rating
This was our first time buying so did not really know what to expect, but Crosskeys were fantastic. They kept us well informed and seemed happy to help chase up solicitors etc throughout. A few times we got a little bit anxious and were not getting much info from the solicitors, and as soon as I contacted Crosskeys they were straight onto finding out where we were and put our mind at ease. Would definitely use them in the future and would recommend to others. Thank you.
By: Abby & Ashey

Featured Sales Property

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Culme Road, Mannamead
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Arundel Crescent, Stonehouse
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Buying

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Cross Keys House
51-53 Devonport Road
Stoke
Plymouth
PL3 4DL

T: 01752 500099
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Cherry Tree House
34 Mannamead Road
Mannamead
Plymouth
PL4 7AF

T: 01752 500018 Option 2
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Cherry Tree House
34 Mannamead Road
Mannamead
Plymouth
PL4 7AF

T: 01752 500018 Option 1
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Selling

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What our clients are saying about us

Cross Keys sold our house immediately, achieving the full asking price. They did exactly as they said they would, throughout every step of the process.

We chose to sell our home with Cross Keys based on the initial visit with Jack. It was apparent that his extensive local knowledge, professionalism and personable character was representative of the company and exactly the right mix of qualities that would sell our home. Robs visit to take photos and details for the brochure was as impressive and resulted in producing a quality sales brochure. The photos looked amazing and the wording was refreshingly original. Craig was proficient in explaining the detail of the contract and Tom contacted me promptly to give feedback from viewings. I can’t thank them enough, to me, they did more than sell our home, they made it possible for us to move forward with our plans for the next step of our lives.

An altogether seamless, faultless and experience. I would have absolutely no hesitation to recommend Cross Keys to family and friends.

Mr and Mrs J

From the word go we have had nothing but great help. Since walking in to the offices in Mutley plain and being referred to the Stoke office we have felt so looked after. We were looking for a property whilst trying to sort out renting out our own property. All the estate agents we had dealings with previous were either to pushy or seamed to eager to tell you what you wanted to hear. When we were visited by Jack he basically told us with out having all the bells and whistles what our property would be worth rental wise and also about a house well two that he thought would suit our family. When we met Jack at the first property we had that instant feeling and new it was the one. We are near the end and due to complete soon and with out Jack I know we would still be looking. Any issues or queries we have had just one call to the office and Rob has always answered our questions and made us feel at ease. As estate agents go and they are estate agents not just sales people, you could never find a more helpful,friendly and knowledgeable group of people and would highly recommend Cross Keys to any one as many of my friends did to me.

Darren Davis

Cross Keys is the best estate agent we have ever had dealings with. They were always available whether we popped in or on the end of the phone. The staff were very friendly and helpful and the office decor was stunning and very welcoming. The speed at which they sold our house was amazing. We will always use Cross Keys in the future and have recommended them to all our friends.

Nicola & Chris

We had a rather complicated purchase of a big old house with lots of problems. Jon demonstrated endless patience with us and good humour in challenging circumstances. He was professional, honest and reliable. As a consequence of his, and latterly Jacks, hard work we sold our house and managed to coordinate the purchase of the new house. Jon is an eloquent sales man who clearly does his research on a property, so he was great for selling our house. Furthermore, he was always ready and willing to help with our purchase too. Jack stepped in to deal with the various solicitors involved to ensure that our sale/purchase went through on time. Amazing team work, so helpful and easy to deal with. The thing I loved was that as a purchaser going on a viewing there was no after viewing pressure, unlike some local estate agents that ring you endlessly they ask you once for feedback then leave it to you to come back to them if you want to take it further. Brilliant! Well done and thank you all involved.

Janey H

Excellent, professional service from initial valuation from Steve Jones through to completion. Steve knew the market well and got the price right, Jon found the buyer quickly and kept watch on the property while it was vacant, Aimee did an excellent job of keeping me informed of progress all the way. In terms of professionalism, they were head and shoulders above the other agents we ask to value the property.

Liz

I have used Cross Keys in the past to sell a property, based on there excellent advice the property sold for the asking price in one day of being marketed. I now use them to let a property and once again have received excellent service, clear communication and true professionalism through all negotiations between myself and my tenants. Highly recommended for both sales and lettings.

Russ Wiliams

Renting

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