David Baker & Company are reporting a busy festive period, reporting fifteen agreed sales in the last nine weeks to 2nd February, more than any other Penarth agent.

The results reflect a busy period in general for Penarth in a time that would traditionally be seen as quiet, with seventy registered sales agreed across all agents. As suggested by David Baker last week 'This is a good time to buy whether you are a first time buyer or wanting to buy a bigger property as the family grow up. Buying a property is still one of the best investments you can make'.

Confidence in the business remains high for a stable local property market in 2012.

Cheaper mortgages provide window of opportunity

Says Guild Agent David Baker & Company

Local estate agent David Baker & Company has reported a strong start to 2012 in terms of enquiries, which they believe is at least partly due to the fact that homeowners are enjoying the cheapest mortgages on record, thanks to historically low interest rates. The public, it seems, are realising that this current mortgage opportunity is just too good to let pass.

For potential buyers, this represents a valuable window of opportunity to secure highly favourable mortgage deals which may look very cheap in the years ahead. A number of lenders actually cut their interest rates in 2011 as they battled for share in an increasingly competitive market, but this will not last forever. Now might just be the best time to take a small risk and for home seekers to get on with their life – which is surely the biggest reward of all.

The average mortgage payment is currently £494 per month, which compares to £601 at the height of the credit crunch some 4 years ago. In terms of affordability, the current figure represents 15.4% of average take home pay compared to 20.5% in 2008.

The number of first time buyers also increased markedly last year compared to 2010 as banks relaxed some of their lending restrictions; there were 57,301 loans of 85% or more, up from 43,379 in the previous 12 months.

It is expected that interest rates will remain at 0.5% (now 34 consecutive months) for some time to come, as the Government attempts to help support the economy via quantitative easing and other financial instruments.

David Baker, from David Baker & Company comments; “Mortgage rationing, a significant minimum deposit, and a good personal credit history remain key to securing the best deals. But for those that can pass these hurdles, the offers are extremely attractive by any financial measure.

If you wait for the perfect house, at the ideal price, with the lowest possible financing costs and when the economic outlook is favourable – then you may just never make the move. The children grow up and personal circumstances and requirements change.

In Penarth at present, house prices seem to be holding steady as they have done for the last 18 months. This is a good time to buy whether you are a first time buyer or wanting to buy a bigger property as the family grow up. Buying a property is still one of the best investments you can make.”

The news article below comes from the Press Association as the Land Registry report a 1.3% decline in average house prices. Penarth continues to remain stable however and we are confident that the market will continue in this manner in 2012.

House prices fall 1.3% year-on-year

Official figures have revealed a fall in house prices and the number of sales

There were further signs of deterioration in the housing market on Monday when official figures revealed falls in prices and the number of sales.

The Land Registry said the average price of a house fell 1.3% to £160,384 last month compared to the same period a year ago, although the figure was unchanged from November.

And it also revealed a 6% decline in completions in October, the most recent month for which figures are available, bringing to an end two months of rises. There was a 10% fall in the number of million-pound properties sold. The figures will fuel fears that the weak state of the economy and banks lending less money were hurting the market.

London, which has been supported by strong demand from overseas buyers, was the only part of the UK to avoid an annual decline in prices, with a rise of 2.8% to £345,298.

The North East saw the biggest annual decline, of 7.1% to £99,464, compounded by a 1.9% fall between November and December. There were also significant annual falls for Wales, the North West and West Midlands, while the South East saw a decline of just 0.2%.

The figures come after a study by property analyst Hometrack revealed that house prices have failed to record any monthly increase for a year and a half.

House prices remained flat in January, following a 0.2% decrease in both December and November, the survey of 1,500 agents and surveyors found. It reported a slow start to the year generally, with 10.5% fewer new buyers registering with agents compared with December, 5.4% fewer properties listed and 14.3% fewer sales agreed.

Howard Archer, chief economist at IHS Global Insight, believes prices will fall 5% in 2012 amid low wage growth, rising unemployment and "major concerns over the economic outlook".

He predicted that banks' ability to lend may be hit by difficulties in money markets but said the squeeze on consumers' incomes should start to ease in the second half of the year as inflation falls, which could help prices stabilise towards the end of the year.

He added: "However, unemployment is likely to rise appreciably further and wage growth looks set to remain muted so the overall environment will still be very tough for households."

The recognisable David Baker & Company sale boards are about to undergo a change to bring them into line with the new company branding. The change is part of a long line of rebranding that began in December 2011 and will give us a fresh new look. The boards and branding have been designed by local design agency Celf Creative and we believe they reflect the professional and honest service we offer in every aspect of the property business in Penarth, Sully, Llandough and Dinas Powys.

Look out for them when you are out and about in the area!

David Baker & Company are in the latest edition of Cardiff Life Magazine. We appear on page 81 alongside a Property Focus feature on 20 Clinton Road. Our new branding is displayed excellently here and this is a good example of what advertising we can offer properties that are listing for sale with us.

To view the magazine online, click here.

Links

20 Clinton Road

Marketing your property with David Baker & Company

Cardiff Life online magazine

We featured twice in local publications this week, with a news story in the Penarth Times and a double page spread in the Penarth View. Thanks to both publications for supporting local businesses, and if you havn't seen the story yet, here it is....

Richard Baker joins David Baker & Company

Penarth Estate Agent David Baker & Company has welcomed a new member of the team with the appointment of Richard Baker, son of company founder David Baker. Richard joins from his previous Marketing position at Brains, Wales’ leading independent brewer and hospitality retailer. He will be combining his new role at David Baker & Company with completing a Post Graduate Diploma in Surveying from the College of Estate Management over the next year and a half.

‘I’m delighted to be on board, I’m new to the industry and having been at Brains for 10 years I’m going to have to find my feet pretty quickly. We’ve had a good couple of months and I’m looking to build on that, and the excellent reputation David Baker & Company has for honesty and professionalism. There is a great team in place here and there are a few initiatives I’ll be looking to implement in the business over the next few months. We are now operating on Facebook, Twitter and Linkedin, have enhanced our packages on Rightmove and the Guild of Professional Estate Agents and are also refreshing our copy and photography for houses we have on the market. I’m excited for what the future has to offer and look forward to working with Liz, Claire, Craig and my father.’ Richard Baker

David Baker, founded in 1969, offers over forty years of experience and maintains a personal but professional service for anyone looking to buy or sell a property, in all parts of the property market.
‘It’s good to have Richard on board to compliment our young and efficient team. He is well versed with new technologies and advertising opportunities and having been brought up in Penarth he has a good knowledge of the area. I’m looking forward to him adding some fresh ideas to our growing business.’  David Baker

Independent Expertise

As Independent Estate Agents, we are experts in your local area and are an integral part of the communities we serve. We are best placed to advise you about the local environment, provide you with accurate valuations and notify you of specific market trends affecting local property prices and sales. Our businesses really do succeed or fail by the quality of the service we provide, and be our ability to successfully deliver sales at the best possible price.

We understand that choosing the right Estate Agent, pricing your home correctly and ensuring your home is presented in the best possible light can really help to sell your home quickly and effectively.

London & International Market

Not all of your buyers will be from the local area! Many London and International buyers are interested in second homes or investment properties around the country and you may have just the property they are looking for!

Guild Members are able to provide you with access to the lucrative National and International market through our prestigious showrooms on London's Park Lane using state of the art technology to display your properties professionally.

High Quality Marketing

Guild Members are committed to regular, widespread, high-quality marketing, that enhances the location and character of your home, whilst providing a wide selection of property for sale to the National market place. Giving you the best chance of achieving the result you want in the shortest possible time.

Code of Conduct

Members of the Guild are ethical, professional and adhering to a Code of Conduct - providing you with quality assurance of their service, a valuable reassurance.

Sales activity edges upwards from depressed levels.

• House prices decline at similar pace to September
• New buyer enquiries and agreed sales edge upwards
• Sales expectations remain in positive territory

The October RICS Housing Market Survey continues to show the net price balance in negative territory with 24% more surveyors reporting falling rather than rising prices over the last three months. This is not dissimilar from the September reading of -23%. However, it is significant that more than half of all respondents actually indicated that prices were broadly stable over the period and of those reporting a decline, almost three quarters suggested that the extent of the fall was somewhere between 0 and 2%.

Meanwhile activity indicators were generally a little firmer over the month. The new buyer enquiries net balance edged up to +7 from +4 while the three month run of negative readings for the new instructions series was halted albeit in the most modest of ways; the net balance for fresh supply coming to the market in October was +3.

The better tone was also reflected in newly agreed sales which having dipped in September rebounded over the past month. The positive net balance of +8 was actually the best reading since April 2010. This improvement was also reflected in the average number of sales per surveyor (branch). In the three months to October, the headline number of sales climbed to 15 which, while still very low from a historical perspective, is actually the highest number since April. Compared to September, this represents a 2.2% rise.

Meanwhile, the average amount of stock on surveyors books increased by 2.7% to 70.9. As a result of this, there was little change in the sales to stock ratio (a closely watched guide to market slack).

London continues to be the only region recording rising prices at the present time; it is also the only area where the price expectations net balance is positive. By way of contrast, new buyer enquiries and sales expectations appear to be edging upwards across rather more of the country. The former readings were actually strongest in the South East and the North West in October. Outside of England & Wales, Northern Ireland’s price balance although still negative, showed a marked improvement (net balance increased from -37 to -29). On the other hand, Scotland’s price balance lost all its previous month’s gains, with the net balance falling from -3 to -34.

View full survey

source: RICS (www.rics.org)

Penarth Estate Agent David Baker & Company has welcomed a new member of the team with the appointment of Richard Baker, son of company founder David Baker. Richard joins from his previous Marketing position at Brains, Wales’ leading independent brewer and hospitality retailer. He will be combining his new role at David Baker & Company with completing a Post Graduate Diploma in Surveying from the College of Estate Management over the next year and a half.

‘I’m delighted to be on board, I’m new to the industry and having been at Brains for 10 years I’m going to have to find my feet pretty quickly. We’ve had a good couple of months and I’m looking to build on that, and the excellent reputation David Baker & Company has for honesty and professionalism. There is a great team in place here and there are a few initiatives I’ll be looking to implement in the business over the next few months. I’m excited for what the future has to offer and look forward to working with Liz, Claire, Craig and my father.’ Richard Baker

David Baker, founded in 1969, offers over forty years of experience and maintains a personal but professional service for anyone looking to buy or sell a property, in all parts of the property market.

‘It’s good to have Richard on board to compliment our young and efficient team. He is well versed with new technologies and advertising opportunities and having been brought up in Penarth he has a good knowledge of the area. I’m looking forward to him adding some fresh ideas to our growing business.’  David Baker

Penarth Estate Agent David Baker & Co. are providing their customers and prospective buyers with a new way to view property information on the go through the use of QR codes.

In partnership with Penarth based marketing consultancy – bluesky mobile marketing, David Baker & Co. sale boards will be adorned with QR codes. These are small black and white scanable bar codes increasingly seen on adverts and consumable items. People passing David Baker & Co. properties will be able to scan these codes with their 3G mobile phones and access full property details and photographs at the touch of a button, and information about how they can request a viewing. An example of this technology can be seen by scanning the bar code below.

‘Although the technology is reasonably new in the UK, we feel that the time is right to give it a try. People use smart phones every day and this product will allow more people to view our property details, which is good news for buyers and sellers alike.’ David Baker.

The QR codes will be appearing on selected property boards this month.

‘People are looking for more and more information, whether it’s for news, shopping, sport or buying and selling houses and this allows us to provide it for them in a format they are comfortable with using.’ David Baker.

‘We’re very pleased to have David Baker on board during the initial test phase.’ Anthony Milston, bluesky mobile marketing.