Tag: valuation

Is it Now Cheaper to Buy or Rent a Property?

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This year the UK economy has hit some challenges; energy costs, high inflation, plus much more. With this, house prices have changed and so have mortgage payments writes Ruddington’s Benwell Daykin Estate Agents. The latest figures from Nationwide state that house prices have fallen at their fastest rate in August since 2009. Although this sounds like doom and gloom, the average house price back then was £162,112 compared to today’s price of £286,000. This means that anyone looking to move should still turn a tidy profit. Although this probably isn’t…

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Interest Rates and Home Owners

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On Thursday 3rd August 2023, the Bank of England raised interest rates by another quarter of a percent writes Ruddington’s Benwell Daykin Estate Agents. This has now taken the base rate to 5.25 per cent and is the 14th consecutive hike. This is also the highest interest rate since March 2008, the year of the financial crisis. So what does this mean for you? Why are interest rate rises happening? By rising interest rates, the Bank of England is hoping to bring down inflation. Inflation is very high right now…

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House Prices STILL Rising Despite Economic Outlook

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In an astonishing twist of events, the UK housing market has defied all expectations by experiencing an unforeseen surge in house prices during June 2023 writes Ruddington’s Benwell Daykin Estate Agents. This unexpected upward trajectory has left homeowners, potential buyers, and industry experts astounded. According to Nationwide, the surprise monthly rise of 0.1% reversed a 0.1% fall in May and confounded economist forecasts of a 0.3% fall. It pushed the average cost of a house in the UK up slightly to £262,239. Two-year fixed-rate mortgage rates have continued to climb past 6%…

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Local Property Demand Remains Strong

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The Nottingham property market is at the halfway stage of the year, writes Ruddington’s Benwell Daykin Estate Agents. Over the past decade, it has witnessed steady growth and resilience. From 2010 until recently, the average property prices in Nottingham rose by approximately 43 per cent, reflecting the City’s increasing popularity and desirability. Despite fluctuations, Nottingham has consistently performed well compared to the national average, thanks to factors like its thriving economy, excellent transport links, and renowned educational institutions. Using the latest housing market data, the property market in Nottingham continues to show…

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First Time Buyers – Help is on the Horizon!

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With rent, bills and everything else to pay for in modern life, saving for a house deposit can be a real pain – and somewhat of a challenge for many of us today, says Ruddington’s Benwell Daykin Estate & Letting Agents.… You may have even started to believe that purchasing and owning your own home was simply impossible however, a leading lender may be able to help you. Skipton has introduced a new 100% mortgage offer to the market called a ‘Track Record Mortgage’. In order to qualify for the Track Record Mortgage you must…

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New Financial Adviser at Benwell Daykin

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Here at Benwell Daykin Estate Agents, we are able to offer a one-stop shop for all your selling, buying, lettings and conveyancing needs. NOW we have the added bonus of a locally based Independent Financial Adviser – right here inside our High Street office! We would like to welcome Stuart Reynolds of Equity and General. Stuart is your one-stop ‘whole of market’ solution for Mortgages, Protection and Financial Advice. He is able provide a service by phone, in person or online enabling you to get hold of someone when you…

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Hope for the Housing Market as 2022 Draws to a Close

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With the recent uncertainty in the housing market, it can be hard to know when the best time is to sell your property writes Ricky Benwell. Whether you’re thinking of buying your first home, upsizing or downsizing from your current property, keeping a close eye on the local market and house prices is always a good place to start. After a slow start to October, we have seen a recovery in both properties coming to the market and sales going through to completion. Following a rise in mortgage rates, there…

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Local Housing Market Remains Busy

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According to national statistics, the average price for a property in the region is close to £47,500 more expensive than in the summer of 2020, after COVID-19 market lockdown, writes Benwell Daykin.  During the same period, the threshold for a prime market property in the region has risen by £60,000. Except for the Stamp Duty holiday fuelled markets in 2021, the first half of 2022 proved the busiest since 2016, with over 100,000 homes changing hands each month.  This activity pushed revenue from property taxation over the period to more than…

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Evaluating Your Mortgage Options

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At Benwell Daykin, we try to make our monthly posts to you as knowledgeable as possible, and try to keep them positive, so we apologise for this post about mortgage rates in advance writes Ricky Benwell. August has seen the Bank of England interest rate increase to 1.75 percent. This is the sixth this calendar year and is another attempt by the Bank of England to tackle inflation, with figures expected to potentially reach double digits by the end of the year! As of June 2022, the rate of inflation rose…

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Housing Slowdown Signs After Record June High

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The average UK house price hit a new record high in June but there are “tentative signs of a slowdown”, according to an index writes Nick Aston of Ruddington’s Benwell Daykin Estate & Letting Agents. The Guardian newspaper has reported that the growth of UK house prices slowed this month, an index shows, as the weakening economy, cost of living squeeze, and rising interest rates cooled the market Prices were up by 10.7% in June, slowing from 11.2% in May, Nationwide Building Society said. Prices rose by 0.3% in June, a notable slowdown on…

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