Hello everybody, I hope that you have had a good week and have lots of plans for the weekend - The Solihull Food & Drink Festival is on in Mell Square on both Saturday and Sunday, drop in and enjoy it - the weather looks set to be fabulous!
A special thank you to those that have reached out to me personally this week, I am grateful for the conversations that we have had and look forward to helping as much as possible. Please never be apologetic for calling me, it is why my number is given so freely - where I can help, I will. Even if it is just a DM on Instagram, never has it been so easy to be in direct communication.
Moving onto property…well, well, well, what a strange week - a definite rise in activity levels have been felt across the board - still much in my opinion down the the nations mourning and the end of ‘summer holidays’ as we know them. Then the mini budget arrived and The Chancellor, Kwasi Kwarteng confirmed a permanent stamp duty cut.
This is excellent news for those First Time Buyers who are helped in two-ways, firstly by increasing the level that FTB’s pay SDLT from £300,000 to £425,000 and secondly by extending relief to FTB’s buying a property costing less than £625,000 meaning that they will pay 5% SDLT on the difference. This will also reduce SDLT bills across the board for all movers by up to £2,500 with first-time buyers able to access up to £11,250 in relief.
Now, whilst this will inevitably have a positive effect on the property market by way of acting as a stimulant, it will encourage those sitting the fence to make a decision. At a time where the market had showed signs of slowing, many will welcome this - I am personally, not certain that it is necessary given that the market has had some form of stimulation on a near annual basis over the last few years. There was the SDLT that hit Landlords and investors, the SDLT holiday, the extension and now a cut - all of this has driven activity to record levels. Surely this doesn’t continue forever and a day?
The government is yet to update its SDLT calculator, I am sure this will follow in the next 24hrs. If you have any questions, please feel free to fire them through to me via DM or email me here. I will be interested to see how the market receives this news and will keep you posted via my socials - so stay tuned.
Right, enough from me, a roundup up from across the business starting with Lisa Smith my Sales Director and Branch Manager at the Dorridge office.
September seems to be racing by, and activity with both buyers and sellers has most definitely seen an increase since the Bank Holiday. The announcement of the change in SDLT for first time buyers will also have a positive impact, and we are looking forward to seeing how this will influence the market. On the flip side the increase in interest rates again this week will make buyers more cautious, and they will be reluctant to overpay for a property, and most definitely will be doing their own market research. Marketing your home at the correct price has never been so important, the reasons for which I have mentioned previously. As is the marketing strategy you have in plan with your agent. It is so important to sit with your agent and make a plan, but also not to be scared to make changes if needed. Proactivity is essential, so if you haven’t spoken to your agent for a while, then call them and put something in place. At DM & Co this is a priority from Day 1, as is regular communication. The team are working on some fantastic new instructions to be launched over the next week, so make sure you put in a call to the office to see if there is something which may be of interest. Of course, we would also love to hear from you if you are considering a move and would like to be in your new home in 2023! - Lisa Smith, Sales Director and Branch Manager at Dorridge
Team work makes the dream work. Hats off to Laura our new property manager securing a meeting next week with a client that hunted her down since she left a local agent and wants us to manage his multi unit portfolio. A true testament to her hard work, professionalism & customer service which arguably is the hardest thing to get right in property management! Then we have Chiara, keeping up the energy with back to back group viewings from Sheldon to Claverdon, Solihull to Hall Green! Applications received on all properties of course! Last but by far means least we have Kate, our property expert bringing some exciting new properties to the market and not forgetting those fabulous 5* Google reviews. I have been busy feeding my investors huge appetite to buy more properties & will hopefully be tying up 3 sales off the back of my exclusive off market opportunities with members of The Landlord Club. I urge anyone to join The Landlord Club today if you’re growing or starting a portfolio! - Gabrielle Argue, Head of Lettings
Well, what a week of activity to report. If you are considering selling please do not hesitate to call as next week's diary is already starting to fill up. As the market toughens up complacency has no place, agents who sit back and rest on their laurels and not proactively selling your property have no place, agents who continue to overvalue in a desperate attempt to lure you in to sign up with them, usually into absurdly long contracts, have no place, and surely one of the worst habits that I am staggered to be hearing yet again this week, the age old issue, agents not keeping in regular contact with their sellers. Sure, we are not perfect, but we are honest, we care, we are passionate, and strive to put our clients needs first. Whatever your requirement, whether you are buying, selling or just need some friendly, honest advice, give us a call or drop us an email and we will be only too happy assist. Have a great week everyone. - Peter Faithfull, Branch Manager at Solihull
I can honestly say it’s been a tough couple of months, with the summer holiday period really interrupting the fabulous momentum that we had. I do sometimes joke, that Premium instructions are a little like busses, none for a while, then all of a sudden 5 arrive! I am happy to say it’s back to business as usual! With 6 properties having acceptable offers on the table, buyers have certainly made up their minds of late; committing to securing their dream homes. When attending marketing meetings with prospective clients, my focus is keenly on getting strategy right. It’s amazing how there are still houses coming to market at extremely ambitious prices. Flip your pricing strategy on its head. If you put your house on the market for a fair price, you will get lots more interest and achieve a better price, rather than being overly ambitious with price leading to price reductions later down the line. I see this all the time, please consider your strategy fully. I have a handful of families that are looking specifically for Solihull town centre £1m - £1.5m and for Tanworth-in-Arden £1.5m-£3m. If you would like to discuss strategy over value, please get in touch and I will arrange to pop out and see you. - Kathy Griffiths, Head of Premium
Thank you for taking the time to read this weeks market update - if you would like to know about anything property related, we would love to hear from, and help you. If you’d like to book a valuation, that is really easily done - click here!
Let’s be honest - selling your home is never going to be easy, there will always be something that doesn’t quite go to plan - what is incredibly important is how your agent reacts to these instances.
If you would like to learn more about how we operate, please get in touch with the Solihull or Dorridge office on 0121 775 0101 or 01564 777 314 respectively.
We look forward to hearing from you.
Kind regards,
Dominic Murphy
Managing Director – DM & Co. Homes
WhatsApp me on 07595 903 811
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