Bexley Borough Property News

  Following a tumultuous few months, the Bank of England has had to make the biggest interest rate increase in decades. The Governor of the Bank of England, Andrew Bailey, has had to increase the base rate by a staggering 0.75% to 3% in an ongoing attempt to curb rising inflation levels. This is the largest increase in the base rate since 1989. As it stands today, inflation is at 10.1% which is five times the Bank of England’s target of 2%. This dire economic situation is likely to impact many people in Bexley through increased mortgage payments which have been fuelled by the cost of living crisis and the impacts of the Russian war against Ukraine. Let’s not also forget that the current financial situation initially stemmed from the impact of the pandemic since the government had to borrow a lot of money to support businesses through the furlough scheme and to help the economy stay afloat. What Will Happen to Mortgage Rates? It depends on the type of mortgage that you have, but for...

Bexley is a fantastic place for families, retired couples or those wishing to travel or commute into London or further afield. It is situated 14 miles south east from the centre of London sitting on the border with the rolling hills of Kent. It is one of the greenest London boroughs with over 100 parks, as well as a walking route along the River Thames. It is hardy surprising that first-time buyers and families have chosen to settle in the area long-term. Although Bexley offers a village feel, it is very well connected with Greenwich, Bromley and Dartford nearby, with excellent rail, road and bus links into London. The average train time from Bexley to central London is just 38 minutes with its main line station linking London Bridge, London Charing Cross and London Cannon Street. Alternatively, if you are travelling by car, the A20 and A2 run through the centre of the borough before joining up to travel directly into Canary Wharf and towards the City. Overall safety and reasonable hou...

  Autumn is well and truly underway, with summer a distant memory! And with autumn comes Halloween a perfect opportunity to get out with you partner, friends or children. Whether its wholesome family fun on a pumpkin patch, a spooky Halloween event, this is what’s on in and around Bexley and Sidcup area this Halloween. Across the Motown Trax Halloween Party | 29 th October 7.30pm | Lord Hill, 40 Watling Street, Bexleyheath, DA6 7QG Party Monsters Halloween Party | 24 th October 10.30 | The Montrose Park Club, 158 Hurst Road, Sidcup, DA15 9AJ Halloween Garden Trail | Throughout October | Hall Place, Bourne Road, Bexley, Kent DA5 1PQ Pumpkin Picking | 22 nd October | Nursery Avenue, Bexleyheath, DA7 4JY Pumpkin Patch | Starts from 7 th October |Beck Evans Farm, Water Lane, Sidcup, DA14 5ET Halloween Spooky Party | 28 th October 5pm |Clockhouse Community Centre Association, London SE18 5QL Charlton House Halloween Ghost Hunt | 28 th October 9.30pm | Charl...

    With inflation at an all-time high, interest rates going up, and the cost of living rapidly rising at the quickest rate in 40 years, it is a wonder whether now is the right time to buy a house. According to the Office of National Statistics (ONS), the average UK house price went up by 15.5% over the year to July 2022. It was reported that this is the highest annual property price increase rate in the UK since 2003. The ONS attributes this mainly to the stamp duty holiday last year in 2021. With this said, as of 23rd September 2022, the government introduced another stamp duty holiday in an attempt to boost activity in the housing market. How has stamp duty changed? First-time buyers do not need to pay stamp duty on the first £425,000 of a property purchase price, an increase on the original £300,000 threshold. Discounted stamp duty for first-time buyers will apply up to £625,000, an increase from the previous £500,000. Other buyers will not need to pay stamp duty on proper...

  In some ways the mini budget unveiled by newly appointed Chancellor Kwasi Kwarteng, looked positive for the housing market. When you delve into the details of it, and the long-term economic effects of the budget, you may find yourself feeling slightly conflicted at whether now is a good time to buy or sell your home. This latest budget is based on the assumption that the tax cuts will produce positive economic growth. How does it affect the housing market though?  Stamp duty changes were one of the standout points from the mini budget. Most noticeably, for first time buyers there is a sizeable cut to stamp duty, meaning the limit is now almost double what it previously was. The new stamp duty threshold for first time buyers has increased to £425,000 from £250,000.  Additionally, those first-time buyers with a bigger budget, will be able to claim a tax relief on the first £625,000 of their new home. This is a permanent move that will see approximately 200,000 home buyers...

Beast from the East, Russia, Facebook, Brexit, Trump, House prices up, House prices down ... the Press is full of column inches on Brit’s favourite subjects of politics, scandal, weather and not forgetting (and I appreciate the irony of this!) the property market. As an agent belonging a national group of letting and estate agents, talking to my fellow property professionals from around the UK, the one thing that is immediately apparent is the UK does not have one property market. It is a hodgepodge patchwork (almost like a fly’s eye) of lots of small property markets all performing in different ways. … And that made me think … is there just one Bexley Borough Property Market or many? I like to keep an eye on the property market in Bexley Borough on a daily basis because it enables me to give the best advice and opinion on what (or not) to buy in Bexley Borough, be that a buy-to-let property for a landlord or an owner occupier house for a home owner.  So, I thought, how cou...

As I have mentioned a number times in my local property market blog, with not enough new-build properties being built in Bexley Borough area to keep up with demand for homes to live in (be that tenants or homebuyers), it’s good to know more Bexley Borough home sellers are putting their properties on to the market than a year ago. At the start of 2007 there were 84 properties for sale in Bexleyheath (DA6) but by May 2008, when the credit crunch was really beginning to bite, that number had risen to 162 properties on the market at a time when demand was at an all-time low, thus creating an imbalance in the local property market. Basic economics dictates that if there is too much supply of something and demand is poor (which it was in the Credit Crunch years of 2008/9) … prices will drop. In fact, house prices dropped between 15% and 20% depending on the type of Bexleyheath property between the end of 2007 and Spring 2009. However, over the last five years, we have seen a steady ...