Telling it how it is

For some reason another local estate agent has got into the habit of complaining to us about the tone of our regular market commentary. Apparently we at Rees Page have a downer on the market and need to be more positive! So here goes! So far this year we have sold three times as many properties as we had by this time last year and that’s a fact. Impressive insn’t it? Everything in the garden will now be rosy until our next piece when normal service will be resumed. For those readers who are missing our usual dose of reality about market conditions you can always read previous postings on our blog at www.reespage.com (click on “News and Information”)

What's my house worth?

Theres no shortage of house price indexes grabbing column inches - but how accurate are they?

Those produced by mortgage lenders tend to be based on the average value of their approved mortgages for the month whilst those produced by property websites are generally based on the asking price of properties rather than the price they actually achieve when sold.

It's the price that a property is sold for which really matters and here the Land Registry index which is based on the registered price for which properties have actually sold provides a clear indicator of what's actually happening to property prices.

The latest Land Registry figures for December show a month on month drop of 0.7% in average property prices in Wolverhampton with a 4.8% drop over the course of the year. Average house prices in Wolverhampton now stand at £99,883.

If you'd like to find out how much your home is worth in the current market then call us now on 01902 577775 for a free no obligation appraisal.

Stamp Duty Concession Ending

Time is running out for for first time buyers in Wolverhampton and Bilston who want to benefit from the Government's stamp duty concession.


The temporary concession which leaves first-time buyers free from the 1% stamp duty on homes costing under £250,000 will come to an end on the 24th March and the stamp duty threshold will then revert to its previous level of £125,000.


First time buyers who get their timing wrong could find themselves losing up to £2,500.


Rees Page have wide range of properties which are perfect for first time buyers still looking to take advantage of the concession - just follow the link or call us for details - but remember that time is running out so you;ll need to act fast.

Why are movers not moving?

This question posed by the Council of Mortgage Lenders in a recent newsletter shows that it is not only First Time Buyers who are finding themselves locked out of the housing market. It seems that many homeowners now have a much lower level of equity in their property than they did during the “boom” years. With Lenders tightening up on Loan to Value (LTV) ratios many would-be movers simply cannot get together a big enough deposit to enable them to move up to the next rung of the property ladder. Add the high cost of moving and uncertainty about employment prospects and it seems that many are resigned to having to stay put. The problem is at present the mainstream lenders have a stranglehold over mortgage finance. Hopefully from next year others will be tempted into the market as the quality of mortgage underwriting standards improves. This should result in a less stringent approach to LTV’s but only time will tell.