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Rising Interest Rates: How Will This Affect the Property Market?

Symbol image hand stacking blocks with percentage signs

Inflation has recently been reported at a 30-year high, but what does this mean for anyone looking to buy and sell in 2022?

The market has been affected by lockdowns, furloughs, and more in the last few years. However, house prices have spiked nationwide as demand for property continues despite the effects of the coronavirus pandemic.

Though experts initially predicted decreased property demands, we’ve seen the opposite. Many banks previously maintained low-interest rates, which usually result in low-cost mortgages and an increase in demand.

If you’re considering a move in 2022, here’s all you’ll need to know about the rising interest rates and the possible effects on the UK property market.

All About Rising Interest Rates

In December, we saw The Bank of England become the first to increase interest rates since the start of the coronavirus pandemic. This action surprised economists and major markets, who were predicting a delay. This action was caused by the fast-spreading Omicron variant and the underlying inflation pressures that came with it.

Though inflation was reported to be at a 30-year record in December, it is expected to peak again next quarter. Experts predict a decline in the third quarter, but it won’t reach the Bank of England’s 2% target until 2023. Consumers are already dreading the estimated 50% energy cost increase in April, plus various social security contribution increases.

How Will This Affect the Property Market?

When it comes to making mortgage decisions, it’s good to understand the current interest rates. An interest rate refers to the amount of money you’re charged for the loan. While mortgage interest rates can be affected by various factors, the general economy and your personal situation will be key players in determining an interest rate.

Interest rates will always be significant when it comes to the UK property market. Since they determine how much we will pay to get a loan, they will always influence the value of homes. Lower interest rates will increase the general demand for property, increasing prices, whereas higher interest rates can send property prices down.

When it comes to property, nothing is set in stone. Though the interest rates are rising, always look at the general economic situation and get advice from a professional before making any mortgage decisions. While the interest is rising now, it could also suddenly drop, so look at the yield curve for general advice.

The Bottom Line

An increase in interest rates understandably leaves homeowners feeling nervous. No one likes the thought of increased payments and decreased activity on the property market. However, central banks do raise interest rates to lower economic activity, which slows the growth of other costs.

If you’re interested in buying or selling, we’re here to help. The Pilkington Estates team are always by your side to help you get the best deal on your future home.

Ready to start your Plymouth property journey? Contact us here to find out more.

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Questions To Remember When Finding a Home

The initial house viewings are some of the most exciting parts of the moving journey. This is the step where buying becomes real. No more online photos or listings, and now you can experience your potential home in 3D.

But many buyers feel overwhelmed when it comes to the first viewings. While this is understandable, it’s essential to be ready with the questions that matter. Asking about your needs will help you find your forever home.

If you’ve been turning up to Plymouth house viewings without questions in mind, don’t worry! We’ve gathered the most important questions, so you are ready for your next appointment.

Remember To Research

Of course, some generic questions will be appropriate in any Plymouth house viewings, but sometimes it’s best to research the area before you arrive. This will help you understand the local amenities, transport links, and crime reports. Prior research will also allow you to compare the going rates for other properties in the area, allowing you to gauge potential prices.

While property listings always include necessary information, you should make sure you conduct some of your research too. This will help you make the most out of any Plymouth house viewings.

The Top Questions to Ask at A Viewing

Here are some key factors to question when viewing a new home. Some may not sound important, but they’re good to ask for future reference.

  • “What’s the water pressure like?” We all know that low water pressure is frustrating, but you should also watch out for running taps and showers as these can cause mould. It’s also important to look out for a working extractor fan too.
  • “Do you know how old the roof is?” Roofs are essential to a home, but they are sometimes forgotten. You can expect an asphalt roof to last for 15-25 years, but keep an eye out for roof damage too.
  • “Are the windows double glazed?” Also, check whether the doors and windows close properly. Locks are also crucial as these will be noted on your insurance premium.
  • “What company is the current broadband provider?” This is thinking ahead, but it’ll let you know who provides good service in the area. You can check your phone for cell service in the location too.
  • “What are the electrics like?” Look at the placement of electrical sockets in the home and see if there’s a shaver plug socket in any bathrooms.
  • “How old is the boiler?” If you can, take a note of the model, make, and the last service of the boiler. This will allow you to budget for repairs – note some older models will need more maintenance.

How Long Has the Property Been On The Market?

Finally, this question is very important. Asking how long the property has been sitting on the market will reveal its desirability, and it can hint at the seller’s position. If it’s been sitting on the market for a while, the seller might be open to a lower offer. On the other hand, a new property won’t accept a low-budget offer.

You also don’t want to get stuck in a property chain, which can be frustrating if the deal falls through. If you can, work out whether the owner is trying to sell to fund the sale of another home. Ask whether they’re looking or have already found their next property. It’s essential to ask this sooner rather than later, as it can save you time down the road with Plymouth house viewings.

The Takeaway

Plymouth house viewings are exciting, but you need to ask strategic questions. These answers will help you figure out if this property is fit to be your next home. Need some assistance when buying? The team at Pilkington Estates are experienced in the local market and will always be by your side to make sure the right questions are asked.

Explore our property services in more depth here.

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7 Properties in Plymouth and Surrounding Areas to Start a Family

Family moving in

Meta Description: Starting a family is an exciting step, but are you settled in your forever home? Explore family homes in Plymouth here.

Introduction

When looking for family homes in Plymouth, it can be challenging to know where to start. Plymouth is a modern city with the perks of a traditional seafront, ideal for starting a family. Whether you’re new to the area or not, we’re delighted to help you on your journey for family homes in Plymouth.

In this article, you’ll find the top seven properties in the market right now. There are options further afield for those who want to enjoy the peace of family life, and there are homes nearer to the centre too for those who want to be in on the action too. No matter your needs, we’ve got options for all budgets, locations, and family sizes.

What should you look for in a family home?

Before we jump in, we’ll quickly recap what elements you should be on the lookout for when deciding on a new family home.

The top features for families include:

  • Space to grow your family
  • Space for storage and personal items
  • A functional home layout
  • A garden or good outdoor space
  • Multiple parking options
  • Nearby schools
  • Family-friendly attractions close by

Luckily, nearly all Plymouth-based communities have access to high-quality schools and areas of natural beauty. With lots to do in the centre and excellent transport links to London and Cornwall, you’ll never be at a loss for a family day out!

Ready to explore family homes in Plymouth? Scroll down to see what the Pilkington States team has to offer.

1.The Brook, Saltash

Located in popular Saltash, this property is ideal for those ready to put down some roots. The property offers four spacious bedrooms, two bathrooms, and two further reception rooms. You can also find a sizable garage, a multiple-parking driveway, and a generous rear garden too.

Explore the property here.

2.Murhill Lane, Plymstock

This three-bedroom home sits in the idyllic Saltram Meadow area. Murhill Lane can offer you some respite from the busy school run if peace and quiet are essential to you and your growing family. The property also features three bathrooms, including an en suite in the master bed. A key benefit to this home is that it’s south-facing and a suntrap in all seasons.

Explore the property here.

3.Fairview Avenue, Plymouth

Want to be closer to the city centre? This Plymouth-based home could keep your family in the loop. With three bedrooms and a rear garden, this property is well-equipped for family life. There’s also a loft room that could serve as a home office or playroom for children.

Explore the property here.

4.Budshead Road, Plymouth

If you want a property with extra space for a growing family, Budshead Road could be your next residence. This spacious property offers four bedrooms, two bathrooms, and two reception rooms. Not only that, but the property is close to Plymouth centre, allowing residents to enjoy city and family life.

Explore the property here.

5.Donierts Close, Liskeard

Situated in Liskeard, west of Plymouth, this home is ideal for those ready to start a family. With an abundance of greenery and transport links to Plymouth and Cornwall, this area offers a mix of city and country life. The Donierts Close property has two bedrooms, one bathroom, and two extra reception rooms.

Explore the property here.

6. Turnchapel, Plymouth

Nothing says family life like a quaint cottage. If you’re ready to take the next step, take it in this terraced cottage in Turnchapel. Located close to the seafront and a short journey from the centre of Plymouth, your family will grow surrounded by a positive local community. The cottage provides two bedrooms, one bathroom, and a separate reception room too.

Explore the property here.

7. Fairview Avenue, Plymouth

If you’re not ready to give up city life, this Fairview Avenue property will allow you to start a family in the heart of Plymouth. With three bedrooms, a basement, and a garden, this property has ample space for you and your loved ones to enjoy.

Explore the property here.

Are you ready to move?

Though there are many family homes in Plymouth, we want to help you find an option that ticks all of your boxes. When you work with the Pilkington Estates team, we’ll be by your side every step of the way to ensure a smooth and satisfying move for your family.

Interested in buying or selling? Find out more about our trusted moving process here!

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Pilkington Estates gives the gift of joy to two families

Ivey and family get a visit by Father Chrismas

The Christmas period is a time for friends, family, and loved ones to reunite and enjoy the holiday cheer. Whether you’re digging into the Christmas dinner or opening presents, this is the perfect time to forget your worries and live in the present. But, this isn’t always possible for all families.

The last few years have been hard for many of us, but they have been especially difficult for two young families whose children have been diagnosed with cancer. The Pilkington Estates team have had the pleasure of giving the gift of quality time and Disney magic to these families, allowing them to forget the trials of daily life for a while in 2022.

Keep reading to find out about Santa’s visit to Plymouth!

Making it through the year

We met with Fox’s family to find out more about their journey. Fox was diagnosed with leukemia on Christmas Day when he was only two years old. In the video, Fox’s Mother explains how there was no time to fall apart through the whirlwind medical diagnosis. “There’s no choice but to stay strong for them,” she explained.

Fox received rounds of chemotherapy and surgery in Bristol hospital, but with the coronavirus pandemic and lockdowns, the hospital process became more and more difficult. Only one parent was permitted to visit and overnight stays became difficult. Luckily, Fox responded well to the treatment and now receives a biopsy every three months to check that he remains in remission.

Our team also met with Ivey’s parents, who talked us through their tough journey too. Ivey’s parents explained how the cancer diagnosis becomes your new normal. “There’s no choice but to get on with it,” they explained.

Ivey was diagnosed with cancer two months before her second birthday. With countless hospital trips and procedures, Ivey’s tumor was eventually removed. Ivey and her family have had to push through one of the toughest years of their life and now Ivey is doing better than ever.

Bringing back some Christmas cheer

It’s tough to imagine what these families have endured over the past couple of years, but here at Pilkington Estates, we want to make sure that they can enjoy this Christmas. Both families were invited to our office for a Christmas surprise. Not only did the children receive personalised gifts, but there was a special visit from Santa too!

In the videos, you can watch the pure excitement as Santa arrives at the Pilkington Estates offices in Saltash. With some Christmas joy and Disney magic, we capture the children’s innocent reactions to finding out they are visiting Disneyland Paris in 2022!

To allow the families to leave their day-to-day lives and spend some needed family time together, we’ve arranged for them to visit the dream destination and see all of their favourite characters in person. We couldn’t have made this happen without your support throughout 2021, so we’d like to thank our customers for working with us throughout the past year.

Looking to the future

Nothing makes us happier than seeing families together, so we want to continue spreading joy into the new year. From our team here at Pilkington Estates, we hope you’ve had an excellent Christmas and a chance to sit back and relax over the New Year too. We are looking forward to helping more families make new memories in 2022!

If you want to watch the heart-warming videos, check our Facebook page here or here.

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Happy New Year: Will You Be Celebrating 2022 With A New Home?

burning sparkler light 2022

There’s nothing like a New Year to make you want to make a change in your life. From starting an exercise regime to selling a house, the 1st of January is a day full of motivation and change.

2021 has been another unconventional year, however, from the team here at Pilkington Estates we hope you’ve had a great Christmas and New Year too. We hope to see you again in January and we can’t wait to help you sell your homes in 2022.

Want to explore some reasons to sell your home in the New Year? Keep on reading to find out more!

A Fresh Start

A New Year brings resolutions and a new outlook, but will a new home be on the cards for you?

Our team is looking forward to working with you in 2022, whether you want to buy or sell a home, we’re here to make your life easier. With our premium property marketing packages and our large selection of listings, we’ve got everything needed to kickstart your year with a successful sale.

Also, getting your home onto the market ahead of the spring rush will put you in better stead of getting a high price for the sale. In January there’s less competition from other homes, plus if your home is still for sale by February it will have more exposure than those who are listing their home later in the season. January may seem too early to you – but never underestimate the time it takes to get your home ready to be sold!

What’s The Housing Market Like?

Though we often worry about the housing market during uncertain times, it’s set to be a good year in 2022. Sources state that the UK housing market will be the busiest we’ve seen since 2007.

Zoopla has noted that their House Price Index is showing a strong buyer demand due to the Covid-19 pandemic. This has boosted the average home’s values from £200,000 to £240,000 in just five years. It’s estimated that one in 16 houses changed hands during 2021, and this trend is only set to increase in 2022.

It’s also estimated that in the past 12 months, average prices have risen by £15,500 and homes in the South West and South East have recorded an increase of £22,000. This is great news if you’ve been worried about the market, especially as overall buyer demand is about 28% above the standard five-year average.

Let Pilkington Estates Help You

If you’re ready to celebrate the new year in a new place, let the team of experienced agents at Pilkington Estates help you find a new home. The New Year is a great time to invest in property and it allows you to access a fresh start in a new area too.

Find out more about our premium property services here.

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Buying And Selling During Christmas? Here’s All You Need To Know

House in snow

For some, the idea of moving house during the Christmas period would send a shudder down their spine. This time of year can be stressful for a range of reasons, but moving house shouldn’t be one of them!

Though many want to spend the end of the year curled up at home relaxing, it’s a great time to get your home on the market and find your dream home. Real estate agencies see a boost in interest over this period, as many have more free time to look for new homes while they’re enjoying the festivities.

Keep reading to find out our best tips for buying and selling your home at Christmas time!

Continue reading Buying And Selling During Christmas? Here’s All You Need To Know
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The UK Property Market Is The Busiest Since 2007

The pandemic has had a range of effects on society, but one of the more surprising impacts is that buyer demand is stronger than ever in the housing market.

Over the past year, we’ve seen everyone in sixteen houses changing hands, proving the property industry has been busier than ever. In fact, the last time we saw the UK housing market this busy was 2007. This is great news for anyone looking to move home, but what trends can we expect for 2022?

2021: A Busy Year For Estate Agents

Zoopla has reported that the buyer demand is stronger than ever and homes have gone up in value by approximately £40,000 in five years. In 2016 the average value was £200,000, whereas today you can expect the average UK home to cost as much as £240,000!

We’ve even seen the average UK home price raise by £15,500 in the past year. Some areas in the South West and South East have even seen a growth of approximately £22,000. This is a record amount of growth, making us excited to see what happens in 2022.

What About 2022?

The head of research at Zoopla, Grainne Gilmore, stated: “New supply will start to rise at the turn of the year as households use the holiday period to make a decision around making a move”. Naturally, the Christmas period is sometimes quieter, however, we can look forward to a springtime boom when families are ready to move.

Gilmore also stated “In typical years, the highly seasonal supply of homes being listed for sale slows in the run-up to Christmas, but rises sharply in the new year. On average, the supply of listings at the end of January runs some 50% higher than the start of December”

Buyer demand is expected to stay strong at the start of 2022, but as we progress in the year some experts predict an increase in movers who are buyers as well as sellers in the market. This could ease any constraint in supply, however, this will also depend on the amount of demand we see too. Mortgage rates are expected to remain relatively low, even with certain interest rate rises.

Is It Your Time To Move?

The UK market is set to stay relatively stable in the future, with some positive increases too. If you’re thinking about buying or selling, 2022 is set to be a good year to make a move. Whether you’re experienced in the property market or new to the industry, our team of expert agents is always ready to help.

Are you interested in a new home? Find out more about the Pilkington Estates moving process here.

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Going Digital: Are we moving away from cities?

Aerial view of rural house surrounded by green fields

From remote work to working in Covid-safe bubbles, our professional lives have been altered over the last two years. Working from home has changed the way we view our careers and it’s formed new relationships with our homes.

With a focus on digital work and Zoom calls, many are choosing to ditch the office for good. But what does this mean for those that only lived in the cities for work?

Keep reading to explore why many are choosing to leave the city in favour of quieter areas!

Goodbye Office Work!

If you haven’t experienced working from home, someone close to you has! March 2020 left many of us in uncertain positions, unsure of when we would next step into the all-important office. Though it’s not for everyone, remote working showed a new way of living and for some, this was a game-changer!

Why pay expensive rent and live in a busy city when you could log in remotely from a larger and less-expensive home further away? Not only that, but life without a commute is enough to make some never turn up to the office ever again!

We’re seeing more and more families push for a remote job position, letting them spend more time with their families and less time working away in the office. This has consequently caused an increase in home sales in areas further afield and a large number of workers fleeing from London.

Moving To Plymouth And West Devon

Plymouth is an increasingly popular area to move to, especially for young families and young professionals. With a bustling urban area, natural beauty, and an abundance of high-quality amenities, Plymouth has all you need to thrive in your personal and professional life. Plymouth house prices are still more affordable than similar properties in London and the Southeast.

Trends are showing that as many move away from the cities, coastal areas like Plymouth are becoming more popular than ever before. Plymouth was recently dubbed “Britain’s Ocean City”, so if you’re considering moving to a coastal location this could be your new home. This maritime city has impressive academic establishments, global connections, and a wealth of businesses like no other. You can also find exciting recreational activities like the aquarium, cafés, and the Plymouth Gin distillery – great options for family time and fun for grown-ups too.

And if you need to get to a meeting in London, you’re there by train in just over three hours.

Are you ready to experience an exciting city with additional ocean beauty?

Looking Ahead To 2022

As we get closer to 2022, it doesn’t look like the work from home mandates are going anywhere soon. With a new online professional culture growing, we expect more and more families to leave their capital city homes and move to different areas of the country. Why commute every day when you can log onto your laptop in your own home?

Are you looking to move to Plymouth? Let us help you find your new property. Explore our expert buying services here and find out more about Plymouth house prices.

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How To Embrace Online Viewings: A Guide To House Hunting Online

Black woman taking online video for viewing

Online property viewings have become more and more common over the past few years as coronavirus restrictions have made it difficult to meet in person. Luckily, here at Pilkington Estates, we have a fool-proof process to make sure your property is represented well online.

We’ve had to adapt and overcome challenges in the past few years, which have led to our high-quality online property marketing services. From 3D tours to drone footage, we make sure your home looks irresistible for virtual viewing.

Keep reading to discover how we make the most of buying and selling online.

How to make the most of an online tour

While Pilkington Estates have always been ahead of the trends when it comes to online property marketing, the coronavirus pandemic made us fine-tune our tools to ensure clients that our services are the best available. Here’s how we embrace virtual property tours to make sure your home gets the highest price possible.

Well-Staged Photos

Photography will always be an essential part of marketing your property, but we take this process seriously. Unlike other estate agents, we work with in-demand production companies to make sure we capture the best of your home.

When lockdowns hit and you can only view properties online, it’s important that your house is captured at its best. We integrate industry-standard home staging with our photography process too. Our team has years of experience in highlighting the best features of homes, and they’re always excited to take on a new project.

The property photography is the first glimpse potential buyers will get of your home, so we make sure this first impression is a good one.

Video Walkthroughs

It’s true that photos are the first impression potential buyers get, however, a premium video of your home guarantees the sale. Our videography services always show the full extent of the property’s space and capture the unique atmosphere too.

We work with experienced creatives to capture any aspects of your home that the photos miss, for example, the feel of the space and the different lightings. While it’s always best to view the home in person, our video packages offer the second-best experience.

Drone Footage

If your home isn’t completely captured by photography and videos, our additional drone footage services will make sure potential buyers can see the scope of your land. This luxury technique is ideal for getting the customer’s attention and shows the full size of the property in question. Drone footage is a must-use if you want to make sure buyers can understand the layout of the property and any other land features from an online property viewing.

Get your home ready

Making sure your home is ready for viewings is an important step of the selling process, but this takes an extra layer of preparation when you have to embrace online house viewings too. Here at Pilkington Estates, we have a lot of experience in virtual viewings and we’re ready to get you the best sale possible for your home.

Do you want to know more about our services? Read about our luxury property marketing tools here.

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The Perks of Living By The Plymouth Waterfront

Aerial view of Plymouth's waterfront

Plymouth is getting more and more popular every year. But, why are so many families choosing to relocate to this city?

With seaside views, urban life, and excellent amenities, Plymouth offers residents all they need to live a comfortable life. It may be a smaller city than others in the UK, but Plymouth is full of charm and friendly people. Not only that but it has excellent transport links too.

One of the most popular areas of the city is the bustling waterfront area. This coastal spot is a favourite for locals and tourists alike! This area has a cosmopolitan atmosphere and lots of charm too, so it’s no surprise houses nearby get sold quickly!

Keep on reading to explore why the Plymouth waterfront area is so popular.

Urban life meets the seaside

The waterfront area is extremely popular for those that love the historical charm and the quaint British seaside feel. With a mix of historic buildings and modern developments, the waterfront feels different to other English cities. Plymouth offers a sophisticated take on the traditional seaside down, resulting in it being dubbed the “Ocean City”.

This waterfront area boasts a range of cafes, bars, restaurants, and nightclubs too. If you need exciting hospitality amenities in your life, the Plymouth docks area is perfect for you. A wide range of cuisines and businesses are found here, giving you an urban feel in a different setting.

Plymouth also boasts two universities, plus the Plymouth College of Art. These highly ranked schools add an extra buzz to the area, whilst bringing in more tourism and an emerging arts scene too.

The best area in England to invest in

As many of us look at alternative areas to live in, Swann Security has created a list of the best areas in England to invest in property. This list is curated from data including property prices, crime rates, people’s relationships with their neighbours, and more. The city at the top of this list was none other than Plymouth!

In the list, Plymouth was named the best overall city to live in and invest in, as well as the city with the highest number of residents that have a good relationship with their neighbours, too. The investigation also found that the city has an average price for a 3-bed at £185,000 and a low crime rate too. There’s no surprise that many are moving away from bustling megacities when you can have it all in an area like Plymouth.

The Swann Security lift featured Belfast in second place with an average house price of £164,000 and Cardiff came in third place with an average house price of £225,000. When inner-city rents are sky-high, there’s no surprise that families are looking for quieter cities to raise children in. 

Natural beauty at your fingertips

While the proximity to great nightlife and academic institutions always puts central Plymouth properties on the map, one of the main reasons these homes get snapped up so quickly is for their great views. A range of these waterfront-based homes offers a sea view, something you just can’t find in other cities!

Plymouth is surrounded by beaches, coves, and other areas of natural beauty, however, nothing beats watching the sunset over the water from your bedroom window.

Interested in Plymouth?

Plymouth is a unique city with a completely different atmosphere to other cities in the UK. If you’re interested in experiencing a new pace of life in Britain’s Ocean City, make sure you contact us to find out more about our Plymouth-based real estate services.

Are you looking to move to Plymouth? Let us help you find your new property. Explore our expert buying services here.