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Looking back at 2022

By Mel Cindil - 14 December 2022

At the start of the 2022 the nation appeared to be full of optimism after the country returned to business, families were able to socialise, and many were finally able to put Covid in their rear-view mirror. However, a series of major incidents have ensured the last 12 months have been a year like no other in so many ways. In February Russia invaded Ukraine starting a chain of events that would have significant socioeconomic consequences which is deeply saddening to witness from afar. To support the humanitarian aid efforts we were pleased to be in a position to donate £10,000 which we hope went some way to supporting those in need.

In September we all mourned the sad passing of Her Majesty Queen Elizabeth II and witnessed Charles III, the longest serving heir apparent accede the British throne. We have looked to 3 difference Prime Ministers this year, four different Chancellors of the Exchequer, and the property industry has seen no less five housing ministers appointed, indeed Lucy Frazer is the government’s fourteenth housing minister in 12 years.

The Property Market

At Beresfords we are extremely proud of the work that we do and the knowledge we retain to support our clients. Inspite of the aforementioned external factors, property prices in Essex have remained resilient. Over the last 12 months the average sales price in Essex hit £350,035, which is up £25,000 on the average sales price in January 2021 where the figure stood at £325,774. The average price of a property in the UK in comparison is currently £296,422, £53,613 lower than Essex according to the latest UK HPI.

Our Land and New homes division have been recognised in the top three New Homes teams in the country after launching over 400 new homes this year. With properties ranging from luxury waterfront dwellings to rural family homes, and well-appointed apartments, the homes with a total stock value of £160,000,000.

Demand for all types of properties remains extremely high across the region and is a key factor in why we believe that the Essex market will retain its strong performance into 2023. Our infographic below demonstrates that our sales and lettings divisions have performed exceptionally well over the last year selling over £800,000,000 worth of property and registered 12,000 new applicants.

In June we announced that the Group added a commercial arm to the business by acquiring Whybrow. With their head office in Colchester, Whybrow now has additional offices in Chelmsford, Brentwood, Hornchurch and London enabling the company to work throughout the Southeast region. If you are interested in learning more how the commercial team can be of assistance then why not get in touch with Whybrow today.

In July the group celebrated and thanked sales director Mike Sayers for his 35 years of service to the company following his retirement. Mike, who sat on the residential sales and financial services boards at Beresfords, supported the growth of the company after joining the business back in 1987 as manager of its Brentwood Office.

The last quarter of the year has been largely dominated by the impact of the mini-budget. It shouldn’t be forgotten that there was also positive news within the announcement. First-time buyers will not pay any stamp duty on the first £425,000 of purchases, which is up from £300,000 and the value of any property on which they can claim this relief has risen to £625,000 from £500,000.

Mortgage and financial experts Flagstone can assist you should you be looking to purchase your first property or remortgage your existing home. As one of the largest independent mortgage advisers in the UK, Flagstone have been working hard for both existing and new customers to reassure them that mortgage deals are available, and due to the company having to access exclusive rates across the whole market, at much better rates than reported in the media. Flagstone can provide you with advice and guidance that you need. Get in touch with their team of experts now.

Looking Forward to 2023

We have exciting plans for 2023 across the whole group. To kick off the New Year we will be launching our Food & Thought appeal which will run throughout 2023. We are committed to tackling food poverty across Essex. From January, each of our 17 branches will have food drop off donation points for the public to contribute much needed non-perishable food items to support those most in need.

With gas and electric prices on the rise, we understand the impact this having on families across the region so in January we will offer the opportunity to win £2,000 towards your utility bills for a year. Look out for the launch of the competition.

Last but not least, on Boxing Day we will be releasing the latest edition of the Beresfords Magazine. This special edition will offer exclusive reductions and properties not yet released to the market - so put a note in your diary as these are too good to miss!

We would like to wish all of our wonderful clients and staff, past and present, a wonderful Christmas and a happy New Year.

Book your free valuation with our award-winning team by calling 01245 397499 or click here to submit your request

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