Although we’ve had an unprecedented heatwave in the last few weeks, together with the World Cup and the school holidays, it seems buyers in the Cheam, Banstead, Sutton and Epsom areas haven’t been distracted at all, and business for the MBA Team has been ticking over very nicely. Our founder, Monica Bradley, gives her views on the local market in August…
“We weren’t surprised when the interest rate was announced earlier in the month, as this had been on the cards for some time, and many lenders had priced it into their offered rates a few months ago. However, many of our clients saw it as the impetus to review their current products and so as a consequence, we’ve worked on a lot of remortgage cases in the last few weeks.”
“On the purchase side of the business, although the sun is shining outside now, believe it or not it’s actually only eighteen weeks to Christmas. As the latest report from Rightmove suggests, the average time to move from offer accepted to completion is currently thirteen weeks, so for those who want to be in their new home before the festive season, the pressure is really on to get out there and find a property. This is where we would encourage buyers to take advice on their mortgage as soon as possible, so not only do they know what they can afford but also so they have all their ducks in a row, meaning that once they find their ideal home we can put their mortgage application through as quickly as possible.”
Monica continues, “Given the number of clients we’ve assisted since the beginning of the month, it’s clear that there are significant numbers of buyers out there who want to move before the end of the year, particularly in the £1million plus bracket. That said, vendors who are currently on the market may need to be realistic on their price in order to get a deal secured, as we’re seeing buyers negotiate keenly at offer stage. Whilst that’s not led to a drop in values as such, it is something to bear in mind if you’re actively trying to sell at the moment.”
For those clients who are still yet to jet off on their summer holidays, Monica offers a final word of advice, “With Skype, WhatsApp and of course email, we’re able to keep our clients up to date at all times on the progress of their mortgage, so it’s worth talking to us before you go away on holiday to get the ball rolling; we’re used to speaking to our clients when they’re on the beach in the sunshine in order to keep a purchase transaction moving or a remortgage application running smoothly. It’s all part of the service. Just so long as you remember to send us a photo of the pool and the cocktails so we can live vicariously, we’re happy!”
If you’re currently considering moving home or a remortgage and would like any advice, or perhaps would value an independent view of the local market, please don’t hesitate to give us a call or pop into our Cheam offices for an informal chat.