Category: Stories

Chat GPT vs Local Market Knowledge

I asked Chat GPT about the property market in Ealing over the past month and I have to say I’m very impressed with its efforts. Have a read of the article below and I’ve added our lived experience to see how it stacks up with interesting results.  

Certainly, here’s a blog post about the property market in Ealing over the past month:

The property market in Ealing has remained stable over the past month, with some fluctuations in prices and demand. Ealing is a popular area in West London, known for its excellent transport links, green spaces, and vibrant community. The diverse range of properties in Ealing means there is something to suit everyone, from first-time buyers to families and investors.

According to recent data, the average property price in Ealing is £636,405, a slight increase of 1.2% compared to the previous month. This increase can be attributed to a rise in demand for properties in the area, particularly from families looking for larger homes with outdoor space.

The demand for larger properties in Ealing has led to a decrease in the number of properties available on the market. This shortage of supply has resulted in a competitive market, with some properties receiving multiple offers within days of being listed.

The most popular properties in Ealing continue to be three and four-bedroom houses with outdoor space. However, flats and apartments are also in demand, particularly those with balconies or access to communal gardens. The popularity of properties with outdoor space reflects the desire of buyers to have more space and access to green areas, especially after the pandemic and the rise of remote work.

Despite the rise in demand for larger properties, there are still opportunities for first-time buyers in Ealing. The area has a good selection of one and two-bedroom flats that are reasonably priced, although the competition for these properties is also high.

Overall, the property market in Ealing has remained strong over the past month, with a slight increase in prices and a shortage of supply. Buyers looking to purchase in Ealing should be prepared for a competitive market, particularly for larger properties with outdoor space. However, the diverse range of properties in the area means that there are still opportunities for buyers at all price points.

I concur, the market has without a doubt stabilised after a brief but significant downturn following the disastrous mini budget which caused mortgage rates to sky rocket. It seems they are on the slide now and buyer sentiment has definitely improved (perhaps we’re over the worst?) On the price front in Northfields and surrounding we’ve seen some adjustment down but prices are still up approximately 5% from 2021 which is positive. I’m not sure we are going to see continued price rises this year but a stable market will be welcomed for many as it will facilitate home movers both in and out on the area and ultimately it’s all relative. We’ve also seen a sharp increase in buyer registrations, new properties coming to market and offers compared to the first two weeks of January. I believe there are many reasons we’re thriving in this slightly tougher market and in summary it’s because our clients appreciate we go the extra mile in everything we do and continue to look for new ways to improve. We can’t do it without having a sizeable and outstanding sales team and they are really what makes the difference. Although I’m certain AI is going to play a significant role in the way we do business, you can’t beat first-hand experience with a finger on the pulse of the local market which currently wins every time. That’s just good old-fashioned forward thinking.  

 

Happy New Year and welcome to our January journal

We’ll update you on the latest market news and give our professional advice when it comes to buying and selling. So let’s dive in.   

As predicted, property prices in December dropped by 2.1% but remained 5.6% higher than the previous year. Sellers were encouraged to price competitively to attract buyers who remained confident in an uncertain housing market with viewings up 11% on the previous year.

(Source: https://www.rightmove.co.uk/press-centre/house-price-index/december-2022/)

At Sargeants, December was a good month for both exchanges and new business despite small distractions like the FIFA World Cup (not to mention the weather).

Buyer demand was up and we’re hopeful that we’ll see a return to pre-pandemic activity as we move further into 2023.

Looking at the impact the economy is having on the housing market, last month The Bank of England increased interest rates to 3.5% in an attempt to tackle price rises.

 

The Prime Minister’s next interest rate announcement is 2nd February and whilst a further increase is likely, there are some green shoots on the horizon. The Office of Budget Responsibility (OBR), which reviews the government’s economic plans, predicts a fall in inflation to 3.75% by the Autumn which is below half the current level.

(Source: https://www.bbc.co.uk/news/business-12196322)

 

News that The Bank of England’s base rate is unlikely to exceed 4.5% rather than the analyst-predicted 6%, has bolstered lenders seeking a stable market. Mortgage borrowing rates have come down and cheaper fixed-rate mortgages are being offered. This is a relief for buyers following so much uncertainty in recent months.

(Source: https://propertyindustryeye.com/homebuyers-priced-back-into-the-housing-market-as-mortgage-rates-fall/)

 

There are more positive signs that the property market remains active with data from the first week in January showing that 9,231 residential property sales were agreed, up on the same period in 2022.  

(Source: https://propertyindustryeye.com/property-transactions-edge-higher/)

 

For sellers, affordability is key if you need to move quickly, but if you’re happy to play the waiting game, views of homes for sale on Rightmove are up 11% on last year so there are lots of potential buyers out there.   

For buyers, our advice is to do your research, particularly when it comes to mortgage lenders. Keep an eye on the market and keep viewing properties. If you see something you like, move quickly.  If your timing’s right, you could get a great deal but be aware that a rise in mortgage cost could cancel out any savings on a property. Our advice is to speak with us and we can guide you on the best way forward.

(Source: https://www.thetimes.co.uk/money-mentor/article/good-time-buy-a-house/)

Welcome to our first Sargeants journal 

Every month, we’ll update you on what’s happening in the property market in Ealing and Hanwell and offer a suggestion or two about how to buy, sell or let the perfect property.

But, first, we’ve got to talk about the property market right now.

There’s been so much disruption in the news recently. Not only have we had a change of prime minister (goodbye Liz, hello Rishi!), but we’ve had rising interest rates to tackle rising inflation, the energy crisis and a looming recession. While the chancellor grapples with getting interest rates under control, we look at how this affects the property market.  

One piece of news from the Autumn budget is the Stamp Duty exemption up to £250,000 will remain in place until at least March 31st 2025.  First time buyers will be exempt from paying stamp duty up to £425,000. 

With inflation rampant, the Bank of England hiked interest rates on 3rd November from 2.25% to 3% which has left those with mortgages spending hundreds more each month on repayments. Fortunately, there are signs that mortgage rates and availability are now calming down after a crazy few weeks. 

The Office for National Statistics also highlighted that wages are rising at their fastest rate for more than 20 years with regular pay rising by 5.7% in the year to September. This is good news if you’re a buyer as it will, at least, allow you to attempt to keep pace with rising costs.

All things considered, the property market is still pretty robust. 

The average price of property coming to the market dropped by 1.1% (-£4,159) according to the latest House Price Index on Rightmove. What’s clear is that buyers are becoming more price sensitive, so paying attention to agents’ valuation is key to a quick sale in this market.   

The era of historically low interest rates is over, but there are signs that mortgage rates and availability are now settling down.  

Buyer demand is still performing better than in 2019 before the pandemic, but it is clear that we’re now in a price-sensitive housing market after two years of buying frenzy. With the current volatility, our advice is to speak with us and we can advise you on the best way forward.

 

Sources:
(Office for National Statistics) https://www.bbc.co.uk/news/business-63624996
(House Price Index) https://www.rightmove.co.uk/news/house-price-index/