Business
What is the current state of the UK housing market and is it a good time to move?
The UK housing industry has seen some turbulence in recent years, with events such as the COVID-19 pandemic, Brexit, and wavering interest rates massively impacting the market. So, where is the UK housing market at now and what’s the outcome for those looking to buy or sell?
Current UK market
House prices
House prices have fluctuated throughout the year and by September 2024, the average house price in the UK was £292,000, a 2.9% annual price change. Across Wales, house prices in September 2024 were £217,000 which was in line with the previous year’s average of £216,000. In Pembrokeshire specifically, house prices were, on average, £238,000.
Mortgage rates
The average mortgage rate in November 2024 was 5.09% for a 2-year fixed term and 4.85% for a 5-year fixed term. This is a fair drop compared to last November which saw mortgage rates hit 6.29% and 5.86% for 2-year and 5-year fixed terms respectively.
House sales
The number of house sales has seen an increase in 2024. It’s estimated that there are 306,00 homes with a sale agreed, which is a 26% increase from last year. House sales are the highest they’ve been in four years and are now reaching pre-pandemic levels.
Future Forecast
The increase in momentum in the housing market is promising and with The Bank of England looking to drop the base rate of interest to 3.5% by 2030, mortgages will be more available to buyers. Labour has also pledged to build 1.5m homes in its first five years of Government, which should increase property purchases.
It’s difficult to accurately predict what will happen in the housing market as things can change quickly, however it seems likely that 2025 will be a good year for homeowners.
Top tips for selling your home
If you are thinking of selling your home, here are some top tips to help you in the process.
Make your home look inviting
Home staging is about making your home look as attractive as possible to potential buyers. Simple things like keeping your home clean, refreshing some of your paintwork, or replacing an old lightbulb can make a significant difference to the appearance of your home. If you have old furniture that takes up extra space or your garden has become excess storage for things you don’t need, consider a rubbish removal company such as Junk Bunk to help declutter your home.
Strengthen your kerb appeal
‘Kerb appeal’ refers to the exterior of your home. The most important features include well-maintained windows, a roof in good condition, and a tidy garden with well-looked-after pathways and fences. With 68% of home buyers considering kerb appeal important, it’s not something to overlook.
Choose a good estate agent
Having an organised and reliable estate agent can help you to sell your home faster and for a better price. Compare estate agents carefully and take the time to choose one you trust to sell your home efficiently.
So, should you move?
If you’re wondering whether now is a good time to move, it’s really down to your personal circumstances. If you want or need to move and can afford to do so, don’t let current market predictions stop you as they are changing constantly. If you’re not ready to move or don’t have the financial means to, then holding off could be a better option.
Business
Main Street Music to close retail shop as owner focuses on handmade guitars
A POPULAR Pembrokeshire music shop is changing the way it operates, with Main Street Music confirming it will no longer trade as a retail shop from September 1.
The business said there will be an immediate 15% sale on all stock, but stressed that Main Street Music is not disappearing completely.
The owner said the decision had been made “with a heavy heart”, adding that the shop’s closure as a retail outlet would be a loss for Pembrokeshire as the county’s last professional guitar dealership.
He said his long-term passion had always been making musical instruments, something he had done since his teenage years, later receiving scholarships and a fellowship for his studies.
After college, he was given the opportunity to buy the business at the age of 24.
He said: “I have had an amazing time running this shop, giving it everything I’ve got, met some wonderful people and sold some incredible guitars.”
Although the business itself remains successful, he said tighter retail margins, dealership pressures and rising costs had made it difficult to grow in a way that would allow him to employ others and spend more time in the workshop.
The shop will eventually reopen as an appointment-only workshop and showroom for handmade guitars and repairs.
Current repair work will continue on a case-by-case basis by appointment only.
Main Street Music thanked customers for their support over recent years, saying the owner was proud of where the shop had been taken.
Caption:
Main Street Music will close as a retail shop from September 1, but will continue as an appointment-only workshop and showroom for handmade guitars and repairs.
Business
Fishguard and Goodwick Bowls Club set to appeal council’s refusal of signage
A Pembrokeshire sports club, which was recently refused permission by the council to keep advertising signs which support its activities, is looking to fight that decision.
Earlier this month, in an application refused by Pembrokeshire County Council on the grounds of visual impact, Fishguard & Goodwick Bowls Club sought retrospective permission for up to 36 signs on land close to the town’s Phoenix Centre.
The signs, which the applicants said provide “an important source of revenue for the Fishguard and Goodwick Bowls Club, supporting the ongoing operation and maintenance of local community sporting facilities,” had been in place for some 18 months, being removed ahead of the formal planning application.
Speaking after the refusal, Richard Brind, club captain of Fishguard & Goodwick Bowls Club, said the club had discussed challenging the decision, and had been taking advice from local county councillors about the best potential route, with options including a direct appeal through the Welsh Government’s PEDW (Planning and Environment Decisions Wales).
“We acted in good faith as we believed we had permission from a PCC department to install the signs.
“The irony in all of this is we actually paid PCC to have the signs made by their sign making department (who were the department that told us it would be OK to install the signs on our fence).
“The landlord of the grounds which is PCC have told us that they had no objection to us installing the signs, providing planning is granted.”
Mr Brind added: “I’m disappointed with the way the planning department have handled the process, not the decision, but I do think that was wrong; other sports clubs have signs up in the area, it doesn’t seem right.”
On the financial implication, he said: “Unfortunately, the costs of everything goes up, the costs to maintain the green are not covered by our membership, this year we’re probably going to spend £5,000. The money from the signs was certainly helping to keep the club viable, if we don’t get that money from somewhere, maybe through increased fees; membership would have to go up by a half, from £80 to £120.
“The funding we receive from the ads, it’s not vital but it’s a definite help, losing it would be ‘death from 1,000 cuts,’ money slowly trickling out.”
He finished: “I could understand it if it was an area of outstanding natural beauty rather than a car park, where we are we’ve got Jewsons and a petrol station.”
A spokesman for Pembrokeshire County Council said: “The Local Planning Authority has considered the application in accordance with the Town and Country Planning (Control of Advertisements) Regulations 1992 (as amended), which require due consideration of the impact signage would have on visual amenity and public safety.
“While comments regarding advice the applicant received from other council departments and landowner consent are noted, each application must be determined on its own merits with regard to relevant policy and legislation.
“The Authority recognises the club’s valuable role in the community; however, financial considerations are not material to the assessment of advertisement consent.
“Whilst there is a right of appeal to Planning and Environment Decisions Wales (PEDW), the Local Planning Authority remains willing to engage with the applicant regarding any revised proposals they may wish to present.”
Business
Government backs high street with crackdown on cheap imports
MINISTERS have announced plans to speed up reforms aimed at helping high street businesses compete with online retailers and overseas sellers.
The Treasury said changes to low-value imports will now be brought forward by six months, with customs duty relief on goods worth £135 or less set to be scrapped from October 2028.
The move is designed to stop online retailers gaining an unfair advantage over shops, pubs, restaurants, hotels and other high street businesses.
At present, many cheaper imported goods can enter the UK without customs duty, a system which ministers say has left traditional retailers at a disadvantage.
The Government is also reviewing how VAT is collected from businesses trading through online marketplaces, amid concerns that some sellers are failing to pay the tax they owe.
The Treasury said revenue raised from tougher VAT enforcement would be used to help improve the business rates system for high street firms.
Dan Tomlinson, Exchequer Secretary to the Treasury, said: “This action tackles the unfair competition and dodgy businesses that are doing real damage to our high streets.
“And by making sure that tax is paid when it’s owed, we can raise revenue to put back into improvements to the business rates system for pubs, restaurants, hotels and other high street businesses.”
The package also includes a consultation on VAT reform for land used in new social housing developments.
Ministers say the change could help speed up the delivery of affordable homes by making the tax system better reflect how social housing schemes are developed.
The Treasury said the measures form part of wider plans to make the UK tax and customs system simpler, fairer and more focused on economic growth.
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