It’s Often Best To List Your Property For Sale Before You Find A New Home
The team here at Jaine Whitfield Bespoke Estate Agents is often asked whether sellers in Corsham should find a property to buy before listing their home for sale on the property market. With this in mind, here is our expert advice.
In our experience, you should list your property for sale before you find a new home. Why? Read on to find out more.
You’ll Have A Stronger Negotiating Position When You Find The Perfect Property To Buy
Homeowners in the current climate are unlikely to accept offers from buyers with a property to sell that isn’t yet on the market. If you list your home for sale, it proves that you are serious about moving. If you already have a purchaser for your home, you’re in an even better position. You’ll be able to make an offer on your chosen property and will be able to confidently proceed with the knowledge that your moving foundations have been firmly established.
Even if you don’t find a property you love straight away, that isn’t a problem. If your home is listed for sale, you have a head start. You don’t need to rush into selling, particularly if you haven’t found another home yet. You also have more time to play with. You have a chance to research new prospective areas and plan what you’re going to do next.
You’ll Be Helping To Maintain Movement In The Local Property Market
If everyone who ever wanted to move chose to wait until they’d found another property to purchase before listing their property for sale, there would be no homes available for purchase at all! That would lead to an enormous local property market gridlock which would, in turn, impact property prices and delay the process of moving.
What Should I Do Before Listing My Home For Sale?
Getting a valuation for your existing home is the first thing to do if you’re ready to move as this will give you a chance to arrange your budget and finances for the move. Once you’ve done this, talk to a mortgage advisor who will be able to help you find the right deal to suit your needs. Once you have all this information, it’s time to list your property for sale.
Here are a few things you should do before instructing an estate agent to market your property:
The team here at Jaine Whitfield Bespoke Estate Agents are highly skilled experts in the local property market and can help you find the perfect buyer for your property. Call us today on 01225 705650 or check out our website at to learn more about how we can help you.
As the warm summer nights give way to the crisp and colourful cooler days, gardening jobs to do in autumn will be on top of any green-fingered gardener’s list – particularly if your property in Corsham is on the market.
By taking the proper steps now, you can ensure your garden remains a picturesque and inviting space for viewers throughout this season and next.
We’ll provide you with our expert tips to help you with all the gardening jobs to do in autumn. From tidying up and planting to protecting your plants and embracing the stunning autumn colours, these insights will help you create a thriving and visually appealing garden for anyone visiting your home.
To lay the foundations for a healthy and well-maintained garden during autumn, it’s essential to tidy up and clear out any remnants of the previous season. Follow these steps to prepare the ground:
One of the joys of autumn gardening is the opportunity to introduce a vibrant array of colours and textures to your outdoor space. Here are some planting ideas to enhance the beauty of your garden during this season:
As the temperature drops and weather conditions change, gardening jobs to do in autumn include protecting your delicate plants from the potential harm of autumn’s chill. Consider the following measures to safeguard your plants:
Autumn offers a breathtaking display of colours, and by embracing the seasonal palette, you can create a captivating and visually appealing garden. Consider the following tips:
Preparing your garden for autumn is a labour of love that ensures its health, beauty, and longevity. By tidying up, planting seasonally appropriate varieties, protecting your plants, and embracing the stunning colours of the season, your garden will continue to thrive and look fantastic for viewings, even as the temperature drops.
Thinking of Selling Your Property in Corsham During the Autumn-Winter Season?
If you’re thinking of selling your property in Corsham during autumn or winter then contact the team at Jaine Whitfield Bespoke Estate Agents for a friendly initial chat. As experts in the Corsham property market, we’re on hand to make your move smoother. Call us on 01225 705650 or email us at hello@jainewhitfield.co.uk to find out how we can help.
When it comes to selling your home, there’s a lot of overwhelming information and old wives tales out there, and it can sometimes be difficult separating the fact from the fiction.
Advice often comes from well-meaning friends or family members who are just trying to be helpful, but in reality, they are not property experts!
Our team at Jaine Whitfield Bespoke Estate Agents are all experienced property professionals with many years of experience between us. So, to ensure you are in possession of the correct information, here are seven home selling myths you’re likely to hear and why they’re not to be believed.
1. Overpricing Your Home Will Lead to Better Offers
Unfortunately, many sellers believe that by overpricing their house to start with, it leaves more room for negotiation and ultimately a better offer. That’s why we often see sellers marketing their properties with the agent who has simply come in with the highest valuation!
However, this is entirely false.
When buyers are looking at properties, they’ll search within their price range. If your property price has been inflated, then it’s going to be competing against other properties that appear to be far better value for money, rather than sitting in the price bracket it should be in! This potentially means it will sit on the market for longer. Buyers whose budget doesn’t stretch to the higher price range will miss out on seeing your property altogether as they’re not even looking in that price bracket. You’ll attract more offers and sell your property more quickly if it’s been priced fairly. It gives it a chance to stand out among other properties in its price range, rather than being a poor relation in the higher price category. And you’re more likely to see interested parties competing upwards rather than knocking you down.
2. Getting an Immediate Offer Means it’s Priced Too Low
If you’ve resisted the urge to overprice your home and an offer comes in straight away, it’s tempting to think that you’ve missed a trick by not marketing it at a higher price. After all, if you had done, then you’d be a few thousand pounds better off surely. Again, this is false. Most buyers scour the market for a couple of months, waiting for the perfect property to come up, and there’s a good chance that they’ve jumped in immediately to avoid missing out. Remember too that if you’d overpriced it, there’s a chance they wouldn’t have found it in the first place.
3. A Better Offer Will Come Along if You Wait
This is another all too familiar trap that sellers fall into. After all, if you’ve had an offer on the very same day your home has gone on sale, then surely there’s likely to be a whole queue of buyers lining up for it? No, not necessarily. You might just have been lucky enough to have the right buyer come along at the right time. If you receive a fair offer, then it’s usually best to accept it whether your property has been on the market for hours, days, weeks, or months.
4. The Estate Agent With the Lowest Commission is the Best Option
While you’ll naturally want to earn as much money from your property sale as possible, it doesn’t mean you should sign a contract with the estate agent who offers the cheapest fees.
Selling a property can be a very stressful process. A good estate agent will help make it run as smoothly as possible while communicating effectively and providing outstanding service, so it’s crucial you weigh up what’s included in their fee. Although it’s tempting to cut costs as much as possible in the short term, you might come to regret it over the longer term, especially if your property isn’t selling.
5. Major Renovations Will Offer the Biggest Return on Investment
Many homeowners are under the impression that if they spend a few thousand pounds on a conservatory, a swimming pool or a landscaped garden, they’ll just be able to add the cost of it to the house when they come to sell. Sadly, it’s not quite as simple as this. Not all buyers will want to maintain a pool or require the space that a conservatory ultimately takes away from their garden, for example. Many buyers prefer to start with a blank canvas too, so they can add their own renovations. That’s not to say that a major renovation is a bad idea, but if you’re only doing it to see a return when you come to sell, then it might be worth considering the type of renovation or extension that will bring you the best returns.
6. It’s Not Worth Fixing the House up at all
If you’ve decided to sell your property, it’s understandable that you won’t be thinking about spending even more money on it. After all, it won’t be you seeing the benefits long-term.
This logic is flawed, though, and it could cost you when it comes to getting the full asking price. A property that’s well maintained and looked after is far more appealing to buyers. Fixing broken fences and gates, tidying the garden, replacing broken windows or doors and giving any tired rooms a fresh lick of paint will go a long way towards selling your property for its true value.
7. Online Valuations are 100% Accurate
Online valuations are a fantastic tool and we are most definitely in favour! However, a quick online valuation of your property should be used as a guide. Online tools don’t always take into account the condition of a property or the extra value you may have added. They’re simply using other similar sized and types of properties in your area as a guideline.
The best way to get your property valued is always to contact an experienced, local estate agent who will come and value your property in person. Jaine Whitfield Bespoke Estate Agents are your local property experts for the Corsham & Melksham area. Call us on 01225 705650 or email hello@jainewhitfield.co.uk to chat with a member of our friendly and experienced team.
If your property has been for sale in Corsham for a while and still isn’t attracting attention from prospective buyers, you may think it’s inevitable that you’ll have to drop the asking price. However, before you do, it’s important to take some time to consider the situation carefully.
While in some cases lowering your asking price may generate fresh interest from purchasers who would not otherwise have found your property because it is out of their price range, it isn’t always the solution to your problem.
With this in mind, the team here at Jaine Whitfield Bespoke Estate Agents have some expert advice to help you decide whether reducing your asking price is right for you. Read on to learn more.
When Dropping Your Asking Price, Make A Single Impactful Drop!
When it comes to adjusting the asking price of your home, it’s natural to consider making multiple small price drops over time. However, it’s essential to be mindful of the message this strategy will convey to prospective buyers. Making frequent incremental reductions can raise suspicion and create doubts about the value and desirability of your property. Buyers may hesitate to invest in a home that appears to be steadily decreasing in value.
To avoid such perceptions, if it’s necessary to lower your asking price, we recommend you make a single impactful price drop and then leave the price at that level. This approach can make a solid statement to potential buyers, demonstrating your commitment to selling the property and creating a sense of urgency. By making a significant adjustment, you capture attention and show you are serious about attracting offers.
Don’t Forget To Leave Yourself A Little Negotiating Room
Of course, various factors will come into play regarding negotiations. How long the property has been listed for sale, confidence in the local property market, and how quickly the market is moving will all feature, but typically, you should aim to achieve 95% of the asking price for your property, losing around 5% to buyer negotiations. Make sure you don’t price your property so low that you no longer have any room to negotiate with your buyers. Work out how much wriggle room you need before setting your lower asking price.
Talk To Your Estate Agent
The original valuation of your property will have been based on your estate agent’s expertise and research, so consider what may have gone wrong.
Before taking any action to reduce your asking price, make sure you’ve discussed with your estate agent other options to secure a sale apart from a knee-jerk price reduction. All reputable estate agents will be happy to discuss other options, such as switching up or improving the marketing of your property, to generate new interest.
At Jaine Whitfield Bespoke Estate Agents, it’s our mission to ensure all our clients get the best possible price for their home.
Get in touch with us today on 01225 705650 or at hello@jainewhitfield.co.uk to find out how we can help you achieve the best price for your property.
The average time to sell a house in the UK from start to finish is 170 days, equivalent to 24.3 weeks or 5.6 months from the first day of marketing to legal completion, whilst in Corsham it’s 181 days.
The actual time can vary depending on market conditions, location, property type, and pricing strategy, so in this article I delve deeper. Here is a breakdown of that 181 days.
Step 1 – Time to Accept an Offer:
On average, nationally, it takes 50 days (up from 43 days in 2022) to accept an offer on a property. This time starts with placing the property on the market, viewings, negotiating an offer and reaching an agreement with a potential buyer.
Again, the type of Corsham property makes a huge difference as well.
The best-performing type of property is a Corsham flat, which takes an average of 31 days to agree a sale, to the poorest-performing type of property, which are Corsham semi-detached houses, which take an average of 75 days.
Step 2 – Time from Offer Acceptance to Completion:
Once an offer is accepted, over the last 12 months, it has taken an average of 120 days nationally for the sale to be completed. This period involves finalising the legal and financial aspects of the sale to the legal exchange of contracts, with legal completion a week or a fortnight later.
It’s important to note that these figures are based on averages and can vary depending on individual circumstances.
There are many factors that can affect how long it takes to sell a house. The three major factors are:
a. Your Asking Price: The price you ask in relation to similar Corsham properties on the market has the most significant impact. Overpricing can result in fewer viewers, meaning fewer buyers, while competitive pricing generates immediate interest. Look at properties that are similar to yours on the market at the moment. When searching the property portals, not only search for them in price order, search for them in how long they have been on the market. That will give you a fascinating insight into the current state of the property market for Corsham homes like yours.
b. Buyers’ Market, Balanced Market or Sellers’ Market: The market condition, whether hot or cold, plays a significant role. In a hot market (sellers’ market), homes sell fast and pricing is not as sensitive, while in a cold market (buyers’ market), competitive pricing is crucial to avoid a prolonged time on the market with no chance of a sale.
c. Quality of Solicitors: Agreeing a price/sale is only half the battle to getting you moved. Your solicitor’s efficiency can impact your sale’s progress. Choosing a responsive solicitor who cooperates with estate agents can help prevent delays. Again, we can suggest some excellent Corsham and regional solicitors that are experts in their field.
If you are considering a move in the next 6 to 12 months, now is the perfect time to start planning. Selling your Corsham home can be a complex process, but with the proper guidance, you can navigate it smoothly and efficiently. As experienced estate agents in Corsham, we understand the local market dynamics and have a track record of success.
Our team is well-versed in the factors that impact selling time, including the price asked and market conditions. We work with responsive solicitors who prioritise efficiency and collaboration regarding legal matters. Their cooperation with us as estate agents helps prevent delays, ensuring a smooth progression from offer acceptance to completion.
If you want to sell your Corsham home, we offer a no-obligation free appraisal to discuss your selling timescales. Our personalised advice and guidance are tailored to your situation, giving you the information you need to make informed decisions. Together, we can make your move a reality.
In the ever-changing world of Corsham property, the terms ‘buyers’ market’ and ‘sellers’ market’ are phrases bandied about.
These property market conditions can significantly impact your ability to buy or sell a Corsham property, regardless of which side of the fence you find yourself on.
As a Corsham estate agent, I will provide you with a detailed analysis of the Corsham property market to find out if we are in a buyers’ or sellers’ market and offer valuable tips to navigate through them successfully.
Additionally, I will shed light on a lesser-known market condition called a ‘balanced market’. So, let’s delve into the nuances of these markets and equip you with the knowledge to make informed decisions on buying and selling in Corsham.
A ‘buyers’ market’ occurs when the number of Corsham homes available for sale exceeds the number of potential buyers. In this scenario, buyers hold the advantage, as they have more choices and can take their time to make decisions. They may even negotiate with sellers to secure more favourable prices. This is an ideal market for Corsham buyers as attractive deals are plentiful, while sellers face the challenge of standing out in a sea of properties for sale.
Conversely, a sellers’ market arises when there is a higher demand for homes than available inventory. This creates a power shift in favour of sellers, who can benefit from increased competition among buyers. In a seller’s market, Corsham properties tend to sell quickly and sellers often receive multiple offers, driving up property prices. This market can be challenging for Corsham buyers, as they may face bidding wars and have limited negotiating power.
Apart from the buyers’ and sellers’ markets, a balanced property market exists where the number of people looking to sell property matches the number of potential buyers. In a balanced market, equilibrium is achieved, leading to stable prices and a reasonable timeframe for property sales. This market condition offers a fair playing field for both buyers and sellers, creating a more harmonious real estate environment.
At the core of these property market conditions lies the principle of supply and demand.
Corsham home buyers have the upper hand when the supply of Corsham homes surpasses the demand. Conversely, when demand outpaces supply, Corsham house sellers hold the advantage. Recognising which property market you are in is crucial for making informed decisions, regardless of whether you are a buyer or a seller.
The best way anyone can judge the market is to analyse the percentage of properties marked as “Sold STC” (Sold Subject to Contract) and “Under Offer” in relation to the total stock of properties on the market.
E.g. if there are 500 properties on the market (both available and sold stc/under offer) and 200 are sold stc/under offer … 200 as a percentage of 500 is 40%.
Everyone can do this by searching the property portals (e.g. Rightmove, Zoopla and OnTheMarket) by searching for Corsham and calculating it by asking for the results with sold stc/under offer and without sold stc/under offer.
The designated property market states are as follows:
This methodology is widely used by many professional property traders, corporate asset managers and developer part exchange providers to quickly assess the temperature of any local market. It offers a reliable and efficient measurement of market heat, enabling informed individuals to select the right strategies and stay ahead of the market to achieve superior results.
The statistics have been sourced from website ‘The Advisory’, which have calculated the market state stats for many years. I wanted to share them back to the summer of 2018, so you can see for yourself.
You can quite clearly see Corsham went into an extreme sellers’ market during 2021 and 2022 and has returned to levels just higher than pre pandemic.
Selling a Corsham property in a buyers’ market can be daunting, but you can improve your chances of success with the right approach. Here are some valuable tips for Corsham home sellers:
If you find yourself navigating a sellers’ market as a Corsham buyer, these tips will help you improve your chances of securing the right property:
By grasping the nuances of each market condition and applying the appropriate strategies, you can maximise your chances of achieving your Corsham property goals. Whether you find yourself in a buyer’s market, seller’s market, or a balanced market, adapting your approach and working closely with an experienced local agent will significantly enhance your chances of success in the ever-changing world of real estate.
But let me leave you with this one last thought. Regardless of whether it’s a buyer’s or seller’s market, it’s important to recognise the interconnected nature of these market conditions.
This means that as you gain an advantage as a seller in a hot market, you may face challenges when transitioning to the buyer’s side.
Conversely, in a buyers’ market where you have the upper hand as a buyer, you might encounter difficulties when selling your own property.
It’s crucial to understand this dynamic and plan accordingly, as the dynamics of the Corsham property market are often a delicate balance between gaining and losing, and this holds true for both buyers and sellers.
These are my thoughts, do share yours in the comments or by reply.
“We have recently inherited £215,000. We have contemplated purchasing a Melksham buy-to-let property to support our early retirement. Considering that the Skipton Building Society offers a 4.25% return on their 18-month bond and the stagnant Melksham property market, we are uncertain whether investing in a rental property is worth the trouble. Kind regards. Mr & Mrs A from Melksham”.
Dear Mr & Mrs A from Melksham, if your primary objective is to generate income and reduce your workload, buying a buy-to-let property is likely not the favourable option unless you leverage the purchase. Let me explain …
The Skipton Building Society, 4.25% Bond, would provide you with an income of £9,675 annually.
Excluding the initial set up costs of solicitors and Stamp Duty, for £215,000, you can buy a 2-bed terraced house, which would rent for around £1,050 per month (or £12,600 per annum) meaning a return of 5.86%!
Yet, when you rent a property, you need to allow for management fees and maintenance, so the return would reduce to £10,710 per annum or yield an equivalent rate of return of 4.98% … it hardly seems worth all the hassle for an extra £86.25 per month with the buy-to-let property (compared to the bond).
However, by using a 75% interest-only mortgage on a 2-year fixed deal at 3.94% (with Mortgage Works) on the same Melksham home, i.e. leveraging (even at today’s higher interest rates), the return on the 25% cash invested (£53,750) increases to 8.11%.
If you bought three properties, you would use three-quarters of your inheritance to buy the three properties with 75% mortgages. The monetary return after the mortgage payments would be £13,070 per annum, leaving you £53,750 to more than cover the stamp duty and legal costs.
If you had the cash to cover the stamp duty and legal costs, your return would rise to £17,427 annually if you bought four homes.
Is this return sufficiently higher than your 4.25% threshold to make it worthwhile?
However, most Melksham landlords are primarily motivated by the potential for long-term capital growth rather than rental income. You mentioned the current Melksham market is stagnant, yet as I stated several times in my Melksham property blog, Melksham house prices have upturned recently, and rents are risen like a rocket in the last couple of years.
Of course, there is a risk of Melksham house prices declining significantly since interest rates are rising and we have world events that could change things. However, historically, Melksham property prices have generally outpaced inflation on average by 2.4% per annum since 1975, something a savings bond can never do.
That means that 2.4% needs to be added to the yield for the rent to give you the true return on your rental investment.
Therefore, with an asset that retains its value in real terms, a rental income stream that does the same, and a depreciating debt, the long-term potential of the Melksham buy-to-let properties appears more enticing.
(However, it is essential to note that property values can experience sudden and significant short-term declines – but if you aren’t selling, that doesn’t matter).
If your aim is to contribute to early retirement, you will need to invest your £215,000.
Cash is suitable as a short-term option, but it won’t preserve your purchasing power as time passes.
To generate a real return, you must invest that cash, whether in property, a carefully selected portfolio of stocks, crypto, gold or another investment avenue. There is no definitive answer and seeking advice may be beneficial, but ultimately, the best investment aligns with your comfort level.
The simple fact is that the country is not building enough homes for the people who live here, the people who are living longer and the 600,000+ net immigration we are experiencing. If you are playing the long game, with great advice from an agent and doing your homework – it could be for you.
If you would like any thoughts on this, do not hesitate to reach out and have a chat.
Kind regards
Jaine Whitfield Bespoke Estate Agent
P.S. As with all investments, all income will attract taxation. It would be best to chat with an accountant about that.
Embarking on the journey of buying your first home can be daunting, but it doesn’t have to be filled with costly mistakes.
With proper planning and a few precautions, you can avoid the common pitfalls that many first-time buyers encounter.
Here are six mistakes to watch out for and how to steer clear of them:
Before you dive headfirst into house hunting, take a moment to assess your mortgage options. Obtain an ‘agreement in principle’ from a mortgage provider, also known as a ‘decision-in-principle’ Or ‘mortgage promise’. This certificate showcases the amount you’re likely to borrow, offering a realistic idea of your budget. Not securing one could lead to disappointment if you find a dream property but can’t secure the necessary loan. If you need any help and were wondering how to navigate the mortgage process effectively? Our team of experts can guide you and help secure an agreement in principle.
Be aware that there isn’t a fixed timeframe for mortgage approval. While most applications are processed within 18 to 40 days, delays can occur. Start your mortgage application as early as possible to avoid rushing into an offer on a home.
The difference between a good and bad solicitor could be the difference between you moving into your home in 14 weeks instead of 23 weeks. Ask us and we will tell you who are the best solicitors.
Before you start viewing, define your priorities for the area you wish to live in. Consider factors such as transportation links, green spaces, primary schools, and amenities. Understanding your needs will streamline the selection process. If possible, spend time in unfamiliar areas you’re interested in to get a sense of the atmosphere and assess transportation links.
Certain property types may complicate obtaining a mortgage. Lenders may hesitate to approve loans for flats above shops, areas of high-density renting, or commercial premises due to potential issues like noise, smells, and security concerns beyond the owners’ control. New-build homes may also have stricter lending criteria. If you’re considering a non-standard property, gather as much information as possible and seek expert mortgage advice to strengthen your application. If you are unsure about the eligibility of a specific property? Our team can provide valuable insights and help you navigate the complexities of mortgage approval.
While it’s tempting to make an offer on the first seemingly perfect home, rushing in blindly can result in costly renovations and long-term expenses. Prepare a list of questions to ask during viewings. Test windows, doors, lights, and water pressure, and don’t be afraid to look beyond furniture for any hidden defects. Inquire about the sellers, their tenure at the property, and their motivation for moving. Knowing how long a property has been on the market can also be advantageous, as sellers might be more open to accepting lower offers for a quick sale. If you need guidance on what questions to ask during property viewings? Our experienced estate agents are here to help and provide the necessary support.
Remember, buying your first home doesn’t have to be overwhelming. Avoid these common mistakes and reach out to us if you have any concerns. We’re here to assist you throughout the process, ensuring a smooth and successful journey into homeownership.
Contact us today on 01225 705650 to receive expert advice tailored to your unique situation.
“Dear Estate Agent
My fiancé and I have been actively searching for our first home in Melksham for the past month. Being first-time buyers, we are new to this process but have genuinely enjoyed attending viewings. Although we haven’t come across our dream Melksham home yet, we are staying practical and have identified three potential properties on which we are considering making an offer. While two of these properties require some attention, we believe they have great potential; we have also seen a brand-new home in Melksham.
Interestingly, we have also noticed that some Melksham properties we are looking at tend to linger on Rightmove and Zoopla for a significant period. We are unsure if this is a common occurrence or if there are specific reasons behind it (like they are too much money).
Given what the newspapers say about the current slower pace of the property market, we are wary of paying more than necessary. However, we are eager to purchase sooner rather than later, as we have grown tired of renting in Melksham.
A friend of mine, who happens to be a chartered surveyor in Central London, suggested a straightforward method for valuing residential properties. He explained that it involves calculating the area’s average cost per square foot and comparing it to the property.
Surprisingly, all three Melksham properties on our shortlist have similar values, and the largest one offers the best price per square foot but is not in the most popular area. The new build property is a little smaller.
Is this a good approach to determining which property provides the best value for our money?
Thank you in advance for your assistance.”
“Dear Melksham First-time Buyer
Valuing a Melksham Property by Square Footage: A Comprehensive Perspective.
In your search for the perfect Melksham home, you say you have come across three Melksham properties that have caught your attention. While you have yet to find the one that makes your heart skip a beat, it’s important to remember that finding the perfect Melksham home is quite rare.
Compromises are often necessary, but you can still find a property you’ll fall in love with. It’s worth noting that considering the price per square foot is typically a strategy employed by Melksham investors, whether they are looking for buy-to-let opportunities or properties to develop and sell on.
While the square footage can be a helpful metric in helping you decide among the Melksham properties on your shortlist, it’s crucial not to let it overshadow your personal preference and attachment to a particular home.
I would advise that instead of waiting for your Melksham dream home – a home that might never come on the market, you should focus on Melksham properties that appeal to your practical and emotional needs.
For first-time buyers, the convenience and low maintenance offered by new builds can be enticing, yet on the other hand, buying a brand-new home comes at a premium (just like buying a car).
However, if you are willing to put in some effort, a property with potential might be an excellent choice for you. I suggest creating a shortlist of essential factors for your next home, such as which areas of Melksham you do (and don’t) want to live in, property age, number of bedrooms, local amenities and desirable features like a southerly-facing patio and garden.
This list can help you determine the most practical option among the Melksham properties you’re considering. Once established, you can decide guided by your emotions and rational thinking. Striking a balance between the emotional and practical aspects is vital in making the right choice.
Also, consider the duration of your stay in your first Melksham home. Most first-time buyers tend to move again within five to six years, so you must consider its future marketability.
Similarly, consider the quality of local primary schools if you plan to start a family, as this will have a massive effect on your child’s education and the number of buyers you will attract when you sell.
Now, let’s address whether valuing a property based on the price per square foot is reliable.
Determining a Melksham property’s value solely on a price-per-square-foot basis is overly simplistic. That technique probably works in Central London, where space is at a premium, yet this is Melksham where the properties are a lot more diverse. Residential property cannot be commoditised in such a manner, as it involves a combination of science and art. If it were that straightforward, there would be an app on your phone that could instantly provide accurate property valuations and professionals like surveyors and property valuers would become obsolete.
A home’s value encompasses intangible factors such as the feeling you get when you enter, the view from the kitchen window, and even the proximity to your in-laws. These unique qualities make a home more desirable and, therefore, more valuable.
Let me give some examples of £/sq. ft. in the Melksham property market.
The average Melksham home is worth £316/sq. ft.
Yet that is all it is, an average. As Tim O’Reilly, the man who coined the phrase ‘open source’ and ‘Web 2.0’, said, “Statistics are like bikinis. What they reveal is suggestive, but what they conceal is vital.”
You see, 8 in 10 properties currently for sale in Melksham have a £/sq. ft of between £234/sq. ft to £390/sq. ft; that is a wide range.
But when we go to the extremes, the gap becomes a chasm. The most expensive property in Melksham by square footage is a 2-bed terraced home on Longleaze Lane at £407/sq. ft, whilst the cheapest property in Melksham by square footage is a 4-bed detached home on Spa Road at £234/sq. ft.
Of course, price per square foot can indicate the value and prevent you from overpaying; it shouldn’t be the sole determinant. Prices vary significantly on the same street due to location, local amenities, layout, condition, site orientation, plot aspect, and garden size. Therefore, it should be used as a guide rather than a definitive measure of value.
It’s important to remember that owning a property twice the size of your neighbours doesn’t automatically mean it’s worth double the amount (as seen from the statistics above). There tends to be an upper limit for any property in a particular area, regardless of size.
In conclusion, valuing a Melksham property based solely on the price per square foot can be misleading and fail to capture your next home’s unique qualities and emotional attachment.
By taking a balanced approach, considering both practical aspects and personal connection, you’ll be better equipped to make an informed decision that aligns with your needs and aspirations as a first-time buyer.
Kind regards
Your Jaine Whitfield Bespoke Estate Agent”
P.S. If you want to pick my brains on any aspect of the Melksham property market, don’t hesitate to get in touch with me. I would be more than happy to help you.
The Corsham property market is proving increasingly difficult for some younger Corsham buyers, but mature homeowners have benefitted immensely from rising house prices in the last few decades.
How wealth is spread across the generations will always be a controversial issue, significantly as the Baby Boomers (those born between 1946 and 1964) and the older Gen X’s (born in the late 1960s/very early 1970s) wealth has grown exponentially over the last two decades, compared to the wealth of the younger generation.
Rocketing Corsham property prices have helped mature homeowners more than ever, while high Corsham house values and expensive mortgages are pricing out some Corsham first-time buyers. Compared to those younger, the gap is quite stark.
So, how exactly are properties split in the local area of Wiltshire, how do they compare to the national figures and more importantly – what can be done about it?
For under-50’s in Wiltshire:
For over-50’s in Wiltshire:
The stats that jump out at me in the over-50 age range is over 1 in 10 people nationally are in privately rented accommodation, and over 1 in 5 of over-50s still have a mortgage (although that reduces to 1 in 16 by the time they reach the age of 65).
Campaigners have said the younger generation has been priced out of the property market and the goal of getting on the housing ladder has become an impossible dream for many. The wealth gap of the generations shows the older generations have been aided by increasing house prices, leaving their sons and daughters with few options.
Well, I expect the older generation to be mortgage free. It typically takes around 25 years to repay a mortgage fully, and mortgages accumulate over time.
Consequently, it’s unsurprising that older homeowners possess higher ownership and equity. Similarly, younger homeowners in the present are likely to accumulate more equity and ownership as they age.
Another intriguing observation is that younger individuals often inherit their properties as older people pass away. With the baby boomer generation experiencing a significant increase in mortality, this transfer of property is expected to occur frequently.
Also, older Corsham people faced more significant difficulties in obtaining mortgages when they were younger. They encountered strict caps on mortgage sizes and had to contend with considerably higher interest rates.
Additionally, the older generation in Corsham tended to lead more austere lives in the 1960s and 1970s and saved more money.
When housing construction and supply were relatively robust, demand was constrained during that period. Consequently, Corsham house prices were significantly more modest than today’s soaring prices.
The present situation reflects the last three decades of stringent house-building restrictions imposed by every political party, combined with a flood of inexpensive money from the banking system since 2008 and substantial immigration (who also require housing and age over time).
Today, younger Corsham people tend to delay marriage, postpone having children and pursue higher education. As a result, they enter the housing market at a later age, but they generally express contentment with this arrangement.
As I said recently in my Corsham property blog, first-time buyers have been on the rise lately, albeit their average age is now 33.4 years old (compared to 30.6 years old in 2005 and 23.6 years old in the 1960s), meaning they won’t be paying off their mortgage until later in life.
One is to build more houses – and that requires a willingness as a society to build on land that many might not want to build on (a political hot potato at the best of times!).
Secondly, we need to help older Corsham homeowners to downsize, freeing up their larger homes for younger generations.
Their children have flown the nest, and they rattle around a house often too big for them (as I discussed a few months ago and many have homes with two or more spare bedrooms). This country requires more bungalows and suitable houses for mature homeowners’ lifestyles.
As a society, we need a discussion between the generations on how the £3 trillion of mortgage-free equity tied up in property owned by those who are 50 years old and above can be used to help the younger generation (i.e. their children and grandchildren), theoretically improving their prospects of affording their own home.
These are interesting times ahead. What are your thoughts on the matter? Do share your thoughts in the comments.
