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ABODA FINE HOMES

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FINE HOMES

Welcome to my blog

 

Here you can read all my advice, tips and property market knowledge about buying and selling a high value home in the Wisbech Town & Village area

By Alex at Aboda, Nov 28 2018 08:07PM

An increasing number of people looking to buy homes in the Wisbech area are deciding on the suitability of a home based on the availability of high speed fibre broadband to the property.


A quick analysis of sales volumes to date in 2018 indicates that in areas where sales have increased compared to the same period last year, on average virtually half of all properties have access to ultra-fast broadband, with an average download speed of 46.4mbps.


In contrast, in those areas where sales have fallen, just under one third of properties have access to ultra-fast broadband and the average download speed is slightly lower at just 42.9mbps.


While broadband coverage and speed may well not be the most important factors in choosing which home to buy, their impact on daily live is ever increasing. 89% of adults now use the internet each week, up from just 51% in 2006 (ONS), and a rising proportion of the population works from home for at least part of the week.


If you'd like to discuss the property market in the local Wisbech area, or your home's current value, please do get in touch. I will be happy to help


Alex Doggett - Owner - ABODA Fine Homes


By Alex at Aboda, Oct 30 2018 05:18PM

Stamp duty relief for first time buyers of full-priced houses and apartments is to be extended to first time buyers of shared ownership properties - but this was one of few housing measures in the Autumn Budget.


Addressing the Commons, Chancellor Phillip Hammond said first time buyer numbers were now at an 11-year high thanks to the stamp duty relief on mainstream homes announced last year - therefore he would extend this relief to first time buyers of shared ownership homes, applied retrospectively to late last year and applying to properties costing up to £500,000.


The Chancellor also confirmed previous announcements that the government was spending £44 billion on housebuilding and the stamp duty relief; there will also be a new strategic partnership for social housing with nine housing associations; there will also be a £1 billion boost in the form of Business Bank guarantees for small and medium sized housebuilders.


Although no reference to Help To Buy was made during the speech, a statement afterwards by the Home Builders Federation suggested that it would be extended to run until 2023 for first time buyers only. In addition - and again after the speech - it was revealed that the stamp duty surcharge for overseas buyers would be the subject of a consultation being launched in the New Year; the surcharge would be one per cent.


In his speech, Hammond told MPs that he wanted to ensure the private homes were kept out of the Capital Gains Tax regime; however, he did want to bring yet another rental activity into the tax net. So he announced that from April 2020 there will be limited tax relief on properties where the owner is in shared occupancy with the tenant - so for example, the current Rent A Room allowance and the increased letting of individual rooms through Airbnb and similar platforms. No further details were given during the speech.


So, it's good news for first-time buyers and house builders, but if you are renting a room in your own home, keep your eyes peeled and ears open over the coming years!


If you'd like any advice on the property market or your home, get in touch! I'll be happy to help in any way I can


Alex Doggett - Agency Owner

ABODA Fine Homes


By Alex at Aboda, Aug 24 2018 09:50PM

At their meeting on 2nd August, the Bank of England’s Monetary Policy Committee raised interest rates for just the second time in ten years to 0.75%.


The small rate rise will affect those on variable and tracker rate mortgages (around 3.5 million households), although increases for most are likely to be fairly minimal.


Any mortgages taken out in recent years, specifically since the introduction of 'The Mortgage Market Regulations' in April 2014 that have been subject to strict mortgage lending affordability criteria, should have factored in such an increase. Furthermore, the vast majority of new loans are on fixed rate deals.


Meanwhile, base rates, while at their highest level for nine years, are still very low by historic standards and mortgage rates remain low.


The question potential borrowers will be asking though is, is this the start of many increases?


Another rate rise before the end of the year looks extremely unlikely though. The Bank of England has suggested that any future increases will be gradual with the next small rise (0.25%) in mid-2019 and a further one before the end of 2020.


So, "don't panic, Mr Mainwaring,"and "don't tell 'em your name, Pike."


By Alex at Aboda, Aug 24 2018 09:47PM

The Summer of 2018 has certainly been memorable - and HOT! England has enjoyed it's strongest performance at the World Cup for many years while also enjoying (suffering!) its longest, hottest summer on record.


While Brits have been off enjoying the weather, thoughts of property purchases have taken a back seat for many. However, as we return to work after the long, hot summer, history suggests that agents may see a busy autumn.


On average in the autumn following the last five driest, sunniest and warmest summers; 1995, 1996, 2003, 2006 and 2013, sales rates picked up by an average of 1.8%.


However, in all other autumns since 1995, sales have declined by an average of 8.7% compared to the summer months.


Based on the last 27 years data, this Autumn could be a great time if you wish to sell your home! So if you have been struggling with your home sale this year then do get in touch as soon as possible so you can receive essential advice to secure a buyer for your home this year!


By Alex at Aboda, Aug 6 2018 05:07PM

The housing market – including prices, mortgage approvals and rental prices – are viewed as symbolic of wider economic trends, such as in investor and consumer confidence. House and rental price growth, or lack thereof, is seen by economists, media commentators, and the public as a fundamental economic indicator, and these metrics always get a lot of air time.


Inflation measures are widely seen as the way to understand price changes across the board, but few analyses of house prices changes take this into context. Analysing the change in real house prices – that is, adjusting for inflation – can paint a more accurate picture of how price levels have changed over time. Zero nominal price growth means a fall in real terms if there is positive inflation.


While accounting for inflation softens house price and rental index growth somewhat, it still does not make for pretty reading. Compared to many other goods and services, increasing demand for houses (both for purchase and to rent) and a lack of supply has meant prices have risen quickly.


The below graph, using ONS data, shows house prices in the UK since 1990, both adjusting for inflation (real house prices), and not (nominal). The differences are clear to see.


In January 1990, the average house cost just over £58,000 – but in today’s money, this would have been nearly double this, at over £115,000. Both curves show a similar trajectory, although inflation-adjusted prices show more obvious changes, especially in their decline in the early 1990s, which is partly due to the high inflation rates (of over 7 per cent) during this period.


In the decade to January 2005, nominal house prices grew 172 per cent, whereas this was marginally lower at 131 per cent when inflation is accounted for. While inflation does lower this figure, price rises in the housing market over long periods have been very high, as has been well documented.


Most commentators like to point to house prices at the moment being at record highs. When inflation is taken into account, however, prices are shown to actually have peaked before the financial crisis in late 2007, at nearly £250,000, and have yet to make up the losses they experienced during 2008–2009 almost a decade later. Further, nominal prices suggest a bottoming out of the market in 2009, but adjusting for inflation suggests prices decline a little until 2012, when they started to grow again.


With low inflation recently, the two price trends have tracked each other closely, and price changes that are widely reported can be observed as real, as well as nominal.


Do get in touch should you ever need any advice on the market or your home - I will be happy to help!


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