NOVA NEWS EDITORIAL - MAY 2023

 

Pricing is the Key

 

Agents are generally reporting a reduction in demand for some of the 4 and 5-bedroom homes around the Telford and Newport areas, more particularly those on estates. There is a noticeable increase in the number of such properties with ‘reduced’ against the original asking price.


However, there is certainly continued good demand for two and three-bedroom homes which are sensibly priced, and country properties are also selling well especially property with land which is always a strong draw for buyers. I have been to a number of such properties in the last few weeks, and several of these will be coming onto the market after I have written this article.


For those of us who haven’t departed to foreign lands in the week before Easter it is proving to be a busy time in the property industry, with the sun eventually shining and the weather drying up buyers will, hopefully, have been out in force over the bank holiday period. Whilst the agents have a shortage of properties available there is a steady flow onto the market. Many of these properties are former rental homes which are coming available for a number of reasons depending upon the landlord’s circumstances.


Figures nationally suggest that as many as 33% of rental homes are being offered for sale. This has a knock-on effect with agents having little rental property on offer and lots of potential tenants but ultimately this inevitably ends up with rent rises. The impact of rising costs and the need to ultimately achieve a minimum energy efficiency standard of C rating is resulting in many private landlords deciding they would rather have the money in the bank than spend on their rental property to reach that required level. I was recently contacted by one landlord with several rental properties to reassess his portfolio with the hope that he had achieved that C rating for his homes, several of which had not been reassessed for a number of years. After completing all the assessments, the properties each reached the C rating and I had one very happy landlord. The rules which currently apply mean that he will not need these properties reassessed for another 10 years.


If I can be of any help with your energy assessments please give me a ring or send an email.

by Andrew Mason
Property Consultant