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  • Cross Keys Estates - Residential Sales and Lettings - The new cost of living might mean not living the dream

    The new cost of living might mean not living the dream

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  • Cross Keys Estates - Residential Sales and Lettings - The new cost of living might mean not living the dream
    The new cost of living might mean not living the dream

The new cost of living might mean not living the dream

Sep 2022

By Jack Merriott-McMillan-Duncan, Managing Director

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Here we are again. Parents are buying school uniforms, holidays have been and gone and dare I say it but “Yes” we are on the countdown to Christmas, please don’t hate me for pointing that out but facts are facts.

I have been very busy lately, not only as Plymouth’s Premier estate agent but also planning a wedding. What has this got to do with anything? I hear you say but during the course of booking entertainment, caterers, venue and all the odds and sods that go with it, I have really started to see that absolutely everything has gone up in price. Everything that I had budgeted for has turned out to be nearly double the expected costs. As a result of this, I have tried to make sure that all the contractors that are being used for this wedding are local as if you are going to be spending money, I think that the most you can do is try to keep it within the local economy.

I think that we all will be having a more pared down Christmas this year due to the current cost of living. We have rising inflation, rising interest rates and rising energy bills with the new cap that has been introduced. At the pumps, petrol is still relatively high in spite of the fact that oil is at one of its cheapest rates per barrel that has ever been.

Everywhere you look prices are on the up, but not the housing market! The price for property did not increase July or August. Average UK house prices fell in August 2022, their first drop this year, according to the latest market data from Rightmove, however the property portal’s latest house price index showed that property values dropped by 1.3% month-on-month since July – equivalent to a fall of £4,795 on average. While there are tentative signs of a slowdown in activity, with a dip in the number of mortgage approvals for house purchases in June, the effects did not come in to effect until July and have now been reinforced by August figures from the office of national statistics.

In my last blog I commented on what I thought would be the issue with the property market after the Christmas period, I still think that the latest figures coming from all the property professionals shows that the housing market buzz has or will end very very soon.

Yes, I know that you want to hear positive news or get some good advice, so here we go with a few:-

  1. If you are looking to sell your property, now is the right time to achieve the best possible price.
  2. If you are looking to save money, use Cross Keys Estates as we are the most competitively priced agent in Plymouth.
  3. If you are looking to increase your rental portfolio, wait until march 2023 where you will see better prices for you to buy in at.
  4. If you have been quoted a “package deal” by your agent, do not be fooled. It is cheaper to instruct your own solicitors than to use one supplied by the agent as part of a “deal”.
  5. Deals offered by new home builders are not necessarily the best deals around, look carefully at the detail and check with prices elsewhere.
  6. If your agent tells you that if you want to buy the house that they have on their books, but you’ll need to list your house with them in order to get it – this is illegal and any agent doing this needs to be reported to the ombudsman.
  7. Look at which agent shows you proof of their valuation and how they came to the property value. Do not just accept a figure plucked out of thin air, it may just be a ploy to get you to sign with them.
  8. Zero-week contract should mean ZERO weeks – not a 28-day notice period, which is in effect a four-week contract.
  9. If an agent spends more time talking about themselves rather than your property, then you know how much time they’ll put in to selling the property and how much time they will spend on just promoting themselves.

If you are looking to sell a property then now is the right time to consider putting it on the market.

Give Cross Keys Estates a call and see if our truly professional, premier service and competitive fees are what you have been looking for.

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