Welcome to the January town & country newsletter!

In this edition; we take a look back on what happened in 2016 for property, why buyers are willing to spend more on a character property, our guide to moving house with children and finally, how to set the right asking price for your property. 

2016 was quite the eventful year by all accounts with its fair share of ups and downs and plenty to talk about from a property perspective. We take a look at the changes in UK property values, prices by region, asking prices and the collective worth of UK residential property.

Across the UK we saw some strong growth in property values in many regions, with an overall growth of 4.5% at the end of 2016, resulting in a combined value of &8.17 trillion for all UK residential property.

When broken down into regions, it appears that the East of England, with a current average property value of &358,401, saw the largest growth across the year, with a massive 11.56% rise in property value and the only region to break into double figures in 2016.

Not too far behind the East of England in 2nd and 3rd place was the West Midlands with a very respectable rise of 8.74% in value to &220,993 and South East England with a similar jump of 8.44% in value to &411,736.

At the other end of the table North East England did show some growth over the course of 2016, but only an increase of 2.41% to an average property value of &187,683. Wales ranked one place higher in the table than the North East with a 3.8% rise in value to &179,096.

Possibly the most surprising statistic from the recent index was London showing the third lowest growth in the last 12 months. While an increase of 5.12% to &680,593 is a considerable jump in value, the London region has historically been ahead of the UK average by a decent margin.

You can view the full table below…

Ranking	Region	Current Average Value	% Increase In Value  Since January 2016
1	East of England	&358,401	11.56%
2	West Midlands	&220,993	8.74%
3	South East England	&411,736	8.44%
4	South West England	&297,054	7.88%
5	North West England	&190,005	7.57%
6	East Midlands	&209,183	7.42%
7	Yorkshire and The Humber	&173,362	5.58%
8	Scotland	&185,344	5.56%
9	London	&680,593	5.12%
10	Wales	&179,096	3.80%
11	North East England	&187,683	2.41%

Head of communications at Property Website Zoopla, Lawrence Hall, commented on the resiliency and stability of the property market in 2016 stating that it had “certainly been an historic year with the events of the last six months giving rise to potential political uncertainty. However, the property market - it seems - remains resilient and property values across Britain have continued to grow.”

Hall also added that “As city centre living becomes increasingly less affordable, our figures show significant increases in property values of commuter towns; those around the capital feature heavily in the top performers list.

Asking prices also took a jump in 2016 with the average in the UK rising by 3.4%, but with some areas such as Somerset and Northamptonshire raising their asking price to over 14% on average. The City of Bath tops the table here with a huge rise of 17.8% and average asking prices increasing by just over &70,000.

For many, the rise in values and stability of the property market is somewhat surprising after the uncertainty of the Brexit vote. Rob Weaver, director of investments at Property Partner, stated that “The combination of record low borrowing rates propping up demand and a severe shortage of both housing stock and available homes for sale has meant prices have continued to rise.”

Moving forward, weaver believes the outlook for UK property to be positive also, as he went on to say that ‘Overall, property prices are heading upwards slowly but surely despite uncertain times politically and economically. In the long term, the UK housing market will continue to outperform most other investment classes’

When looking for a home we all have certain features that we are particular about and it seems that UK homeowners are seeking such features as wood burning stoves, high ceilings and they are even willing to pay more for homes with that extra bit of character.

Research from fuel distributor heatingoil.co.uk, looked into the some of the most desirable character features and how much some buyers are willing to pay for them.

The survey revealed that high ceilings (15%), original fireplaces (14%), a wood burning stove (13%), an AGA/range cooker (11%) and original flooring (9%) made the top of the list and buyers are clearly willing to dig a little deeper into their pockets for them.

According to the results of this survey, participants were willing to spend an additional &740 on average for high ceilings and AGA cookers are considered to be worth an additional &700 to the cost of the home from the buyer’s perspective.

In addition to this, the results also found that some buyers are willing to sacrifice other luxuries for home with that extra bit of charm, with 9% of respondents stating they would sacrifice good transport links and being located close all the necessary amenities in exchange for a character property.

The survey also found that homeowners are very keen to add character to their own home for a variety of reasons. 49% of the respondents are simply looking to put their own sense of style into their home, 29% believe it will add value and 25% of respondents within the 18-24 year old range see character features as a status symbol.

Director of Marketing at heatingoil.co.uk, Angus Blundell, commented on the results of the survey stating that “There was once a trend for ripping out features in old homes to make the way for dust free minimalism, but we are glad that people are falling in love again with character features.”

Blundell went on to say that “Many home owners now see character features as luxurious and are putting wood burning stoves, AGAs and roll top baths back in their homes. These are not only coveted home accessories but often sensible options in terms of energy. AGAs and wood burning stoves not only look great but they are brilliant for heating.”

Moving to a new home may be stressful for you, but it's even tougher on your children. But while adults tend to focus on the practical problems, a child will focus on all the losses that the move causes. This can be the loss of their friends or of a safe and familiar environment.

Children need time to get used to the idea of moving house so don't put off telling them. Highlight all the positive reasons for the move i.e. new friends, school, closer to family, garden etc. We all know that every child has a natural explorer inside so make the whole experience into a huge adventure.

We've got tons of tips to turn it into a fun adventure for the whole family.

Before you move
• Organise a family meeting and discuss the moving plans with your kids, if they are old enough to understand. Involve them in some of the decision making, where possible.
• If possible arrange a day out to your new area, concentrating on the fun places to visit like new playgrounds, leisure centre, restaurants, local tourist attractions, cinema. If you can get access to your new property then you can show where their new bedrooms will be.
• Reassure your children about the change. If you are moving far away, consider having a “see you soon” party before you leave.

Packing
• Giving children who are old enough the responsibility for their own stuff will keep the anxiety to a minimum. It can also be therapeutic for kids to go through their belongings, throw out or give away things they no longer want.
• Pack a moving day essentials bag that may include; nappies, change of clothes, but also toys, comforters, blankets and favourite pyjamas.
• Explain to younger children that you are just packing their toys into boxes to move them to their new home, some children might think a new home might mean new toys and this might upset them.

Moving day
• Ideally, the best thing to do is have relatives or friends to look after your children for most of the day. However, we know this is not always possible. So if you have to look after them on moving day explain to young children exactly what is happening and what to expect on moving day.
• Set them their own jobs to do to help make them feel involved. For example, devise a toys checklist for them so they can tick off all toys as they arrive and are unpacked.
• Don’t forget to have some snacks and drinks to keep the kids going throughout the day – the last thing you wasn’t is a grumpy, hungry five-year-old!
• Make sure their first night in their new home is a special one. Perhaps order in their favourite food, put on their favourite DVD or read their favourite book. Anything that feels familiar will put them at ease their first night.

Settling in
• Maintain a routine. While children are adjusting to new homes and schools, you can provide comfort by keeping some things the same. Have the same morning and bedroom routines and don’t change nap or meal times.
• Explore the house – make it fun for your children, ask them to count the rooms or even have a game of hide and seek.
• Do not expect a child to be ready to go to school straightaway. They need a little time to get used to their new surroundings. Maybe even ask for a classlist from their new teacher so you can arrange playdates for your children before they start at school.
• Spend time exploring the new area with your child especially parks, swings or walks pointing out all the new exciting things they can do. Local baby or toddler groups are ideal for meeting new mums and finding out about your area.

Most importantly, have fun! Moving home is an exciting time and is the start of a whole new generation of memories for you and your children. 

Setting the asking price of your property can seem quite complicated. We’d all like these transactions to be done and dusted as quickly as possible and setting an appropriate asking price can really help wrap things up much quicker than if you choose to aim high and stand firm.

To help, we’ve put together a quick overview of some of the points to consider when setting the asking price of your home.

A great starting point for the whole process is getting an appraisal on your home from your local estate agent. A good estate agent will be able to give you an honest opinion on your home with the added knowledge of how the local area is performing in general. If you had an appraisal more than 6 months ago, then it’s worth getting an up-to-date valuation, as it was recently reported that over the last year UK property values have risen 4.5% on average and the average asking price has risen by an average of 3.4%.

Speaking to a local expert also allows you to gain some extra knowledge on what buyers are looking for in the area and what the specific pros and cons are of your home, giving you a better understanding of what makes your home stand out.

In addition to speaking with your local estate agent, you can also do a bit of research yourself, there are plenty of websites available today that provide you with information on the average prices that properties in your area sold for.

Spend a little time taking a look at other houses in your area to see how your house stacks up, is your home slightly more modern? Have you added a conservatory or a garage? These extras matter when it comes to competitively pricing your home.

A useful approach to getting the asking price right is to decide on your selling tactic beforehand. Most sellers would assume that you should set your price slightly higher than what you believe the value of your home to be as you anticipate the buyer to try and knock you down a little.

However, if you set the price too high you could not only be pricing out a load of potential buyers, but you could end up with a house on the market for quite some time and the longer your house in on the market, the more likely a buyer is going to ask “what’s wrong with this home?”. If you’re going to price your home slightly higher than the rest, make sure it’s for good reason and you’ve taken into account all the previous research to justify the price.

Another tactic for pricing is to set the value slightly lower than your local competition. While this may seem like you’re setting yourself up for a loss, you could potentially create a bidding war between those looking for a bargain, which could lead to the price being driven up towards your intended sale price.

When pricing your home, it is also important to remember how buyers search for houses. The majority of buyers are likely to have a round figure in their head when it comes to their budget, e.g. &180,000. Therefor if you’re willing to sell your home at &175,000 but you’ve knocked up the price to &182,000 to leave room for negotiation, anyone with a max budget of &180,000 won’t even see your home when searching, meaning you miss out on a potential buyer.

Overall the main thing to remember when selling your home is that you can never have too much information on your area and your competition. The more research you carry out the better chance you have of getting the price right.

As long as you use your new knowledge to your benefit and remain realistic about your property and the current state of the market, you’ll be able to set your asking price and negotiate with buyers with confidence that your home is priced appropriately.