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Mortgage approvals for homebuyers hit a 13 year high in November, Bank of England figures show. About 105,000 home loans got the go ahead, up from 98,000 in October and marking the highest number since August 2007.

The surge in approvals meant that by November they were nearly at levels recorded in 2019, despite the housing market effectively being shut in March during lockdown.

Homebuyers have been motivated by the stamp duty holiday which ends on March 31st, as well as the desire to move locations.

Mark Harris, boss of mortgage broker SPF Private Clients, said: "We expect mortgage rates to remain competitive into the spring." 

The Bank said consumer credit contracted by 6.7 percent annually in November, a new low since records began 1994. Consumer credit includes credit card debt, personal loans and overdrafts.

Household deposits rose by £17.6 billion from National Savings and Investments accounts after rates were reduced.

So here we are, the start of a new year. It may not have started off in the way we all would have liked but we have to hope for better days to come.

Fox Estates continue to be open for business, upholding the same award winning standards and excellent customer service so call us if you would like a valuation of your home.

Everyone at Fox Estates wish you all a happy and healthy New Year.

We know that Christmas will be very different for most of us this year but on behalf of all of us at Fox Estates, we send you our warmest wishes and let's hope that 2021 will be kinder to us all.

Enjoy the festive season the best way you can and please everyone, stay safe.

HOME BUYERS STORM THE MARKET INTHE HOPE OF MEETING STAMP DUTY DEADLINE.

Key findings:

The number of prospective buyers increased by 29 per cent from October and reached the highest recorded since August 2004.

The number of properties available increased marginally.

Sales to first-time buyers increased to the highest amount seen since July.

DEMAND FOR HOUSING

In November, the average number of prospective buyers registered per estate agent branch reached 580, a 29 per cent increase from 451 in October.

This is the highest number of prospective buyers registered since August 2004, when there were 582 buyers on estate agents' books and the highest number since records began for the month of November.

SALES AGREED

The average number of sales agreed per estate agent branch stood at 13 in November, a small increase from 12 in October. This is the highest figure recorded in the month of November since 2002, when the number also stood at 13.

Year on year, the average number of sales per branch has increased by 86 per cent, rising from seven in November2018 and 2019.

SALES TO FIRST TIME BUYERS

The number of sales made to first time buyers stood at 24 per cent in November, rising from 21 per cent in October.

Year on year, this is a fall of four percentage points from 28 per cent in November 2019.

SUPPLY OF AVAILABLE PROPERTIES

The number of properties available per member branch stood at 40 in November, rising marginally from 39 in October.

WHAT PROPERTIES SOLD FOR

In November, 10 per cent of properties sold for more than the original asking price.

This is an increase from October, when seven per cent of properties sold for more than the original asking price.

The majority (58 per cent) of properties sold for less than the original asking price in November.

Perhaps it's because Homes Under the Hammer has become our guilty pleasure in lockdown, or that more of us are hoping to make a quick buck in hard times. Whatever the reason, the proportion of homes being flipped - sold twice within a year - is at its highest level for twelve years.

Flipping a home is a relatively speedy way to earn cash, perhaps by making improvements to a fixer upper, like the ones often featured on the BBC daytime show and putting it back on the market.

And the earnings aren't to be sniffed at. Hamptons International said that the average profit is £40,995. The estate agency said that so far this year2.5 per cent of homes sold in England and Wales have been flipped, which could equate to 23,000 transactions by the end of 2020.

It is the highest proportion of transactions being flipped since 2008 - the year of the financial crisis - when 3.3 per cent of properties were flipped. Burnley in Lancashire was named the flipping capital of England and Wales for the sixth year running. Hamptons estimated that nearly one in ten homes sold there are flipped.

The North East and North West see high proportions of homes flipped because of lower house prices, Hamptons added. Aneisha Beverage, the estate agency's head of research, said: 'Flippers play an important role in the housing market by improving housing stock and taking on projects other buyers often won't touch.'

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Customer Reviews

  • We are 100% satisfied and cannot recommend Fox Estates strongly enough. The team were extremely professional, friendly, and approachable from the minute we asked for a valuation right until completion. Their knowledge of the local area was spot on and made the difference on the sale of our house. We are grateful to Chris in particular for his attention to detail, responsiveness to emails and a willing pro-activeness to help keep things moving. I would not hesitate in recommending Fox Estates to my friends and family..

  • Chris Fox put my house on the market on June 13th and advised me to have an open house. 26 people viewed the property and I had 6 really good offers. By 3rd of August we had completed!Chris guided me through the sale with professionalism, integrity, friendliness and his extensive knowledge which can only come from spending 35 years doing a job he is still clearly passionate about.

  • Chris is very efficient and professional at all times. He made the sale of our property effortless and acted beyond the call of duty on our behalf.

  • During my career I have come across many estate agents and Chris really is a true professional, with the highest standards of integrity and professionalism I have seen. As well as having referred him to my own clients and had excellent feedback, I have personally used Chris to sell my property and I have been extremely impressed, and would recommend him to everyone.

  • I instructed Chris to sell my house and when he found a buyer the sale went through in just over 6 weeks. His service was excellent and I would recommended him to anyone. A few months later my mum instructed him to sell her house and again he found a buyer and the sale progressed to completion without a problem. Chris is very knowledgeable and professional and he will give you a very helpful, friendly and attentive service. If you are thinking about buying or selling I would suggest you give him a call

  • I employed Chris Fox to sell my parents home when my mother died last year. He handled the sales with professionalism and respect for my family. He was very eager to secure the right sale and was tenacious on our behalf. He kept us fully informed of all developments during the sale and achieved a very good outcome on our behalf. I would recommend Chris Fox wholeheartedly.

  • AFTER 4 MONTHS OF AGGROVATION WITH ANOTHER ESTATE AGENT I APPROACHED CHRIS ABOUT 2 MONTHS BACK, I EXPLAINED THAT I HATED ESTATE AGENTS, CHRIS HAS GONE A LONG WAY TO REPAIRING THAT IMAGE HAVING DONE A SPLENDID JOB IN SELLING MY HOUSE WITHIN 3 DAYS THE WHOLE PROCESS TOOK 6 WEEKS TO THE POINT I HAD MOVED EXCELLENT ATTITUDE AND A TRUE PROFESSIONAL

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