The ONS (Office of National Statistics) annual happiness and wellbeing survey has found that Woking is the happiest place in Surrey! In fact it is the eighth happiest place in the UK.
On average Woking residents rated their happiness as 8.0 out of 10, an increase from 7.4 in the previous year’s survey. The survey looked at four keys areas: Life Satisfaction, Worthwhile, Happiness and Anxiety. Across the first three categories Woking residents clocked up scores of 8.1, 8.3 and 8.0 respectively; and anxiety levels are down to 2.8 (compared to 3.0 in the previous year).
If you already live in Woking you probably know why, but for all those people who perhaps travel through Woking station as they commute to London, here’s why people in people in Woking are so happy.
Paul Weller is from Woking
I know, you may not rate this as the number 1 reason to be happy, or to move to Woking, but for some of us it’s a key selling point.
Property – your money goes further than in some Surrey towns
There is a wide range of housing in Woking and, relative to other popular Surrey towns, prices are fairly affordable. The average house price according to Rightmove is £498,281, detached properties average around £820,086, semi-detached £444,391, and flats £282,463.
Regeneration of town centre
Work started on the £460 million redevelopment of Woking town centre in September 17, which will see new retail space, a Hilton hotel, flats and a medical centre; alongside two new public plazas.
Easy commute to London
As someone who is already halfway though their journey into London when the train stops at Woking, I’m envious of the commute! There are direct trains into Waterloo (approximately 25 minutes), trains also stop at Clapham Junction and there are plenty of stopping services for other destinations.
Green spaces and countryside
Woking is surrounded by countryside including the Surrey Hills – an area of outstanding natural beauty – but it also has plenty of green spaces within it’s town borders. If you want water as well as green space, the Basingstoke Canal passes through the town, providing somewhere to walk, cycle or boat along.
Great pantos and culture
The New Victoria Theatre attracts West End shows and also has a great panto every year. As well as this theatre, Woking boasts other cultural venues including the Phoenix Cultural Centre, The Lightbox and the Rhoda McGaw Theatre.
Village life on the doorstep
If you don’t fancy living in Woking itself, there are plenty of villages a short distance away that give you the best of both worlds. Consider Knaphill, Sheerwater, West Byfleet, Pryford, and Mayford; all are large enough for your basic needs (shops, schools, doctor surgeries etc.) and are just a few miles out of Woking town centre.
You may also like to read my post on Where To Buy In Surrey If You Commute To London.
If you want to move to Woking and need a mortgage that makes you happy, give me a call!
Call 01252 759233 or email info@thesurreymortgagebroker.co.uk.
There has been some interesting data released this weekwhich all has an effect on the economy; but what does it mean for those of us with an eye on the housing market?
Inflation has fallen this month to 2.6%, this is the CPI (Consumer Prices Index) measure and it is down from 2.9% in May. Historically the fiscal measure to try and stem inflation would be to raise interest rates but as I’ve said before these are not normal times. Since the financial crash of 2008 interest rates have been super low and inflation has rollercoastered its way along. It seems like other factors are effecting inflation, the value of the pound for example can have an impact. If you need to import goods to produce your product and the pound is weaker than before then you are going to increase prices. I think this has been the main driver in pushing inflation since the Brexit vote of June 2016.
With this slight drop in inflation perhaps we are seeing a levelling off or a “settling down’ as Bank of England Governor, Mark Carney, said last month.
The fact inflation has fallen a little does ease pressure on the Bank of England to raise rates and perhaps just sit out the Brexit negotiations and see what they bring. The Brexit negotiating period may well be a challenging time for the British Economy.
As I have repeated many times in my blog, keep an eye on wage inflation. This is still low and until it outstrips inflation then I can’t see a significant interest rate rise.
So with interest rates set to remain low for now what does that mean for house prices?
Well, interest rates are not the only factor in house prices. As my old economics teacher once said, “all you need to know is supply and demand and you’ll pass your exam” (he wasn’t entirely right on that one!). However housing is all about supply and demand. In the UK we have a housing shortage, more people want a house than there are houses, to put it simply. Therefore this demand for housing will keep pressure on the prices and cause them to rise. In June, RICS reported growth had slowed to 4.7% year to date. Slowed, but prices still rising.
On top of this if you factor in the report earlier this month that said estate agents have the lowest stock of properties since 1978. As always prices do see regional variation. If we look here in Surrey I can see low availability and high demand for areas within commuting distance of London with good schools, and I just can’t see prices falling in those areas.
So if you are selling in theory you should get a good price for your property, if you are buying expect to pay at the top of your budget.
With interest rates low, now’s a good time to review your current mortgage arrangements and see whether you can get a better rate by remortgaging. If you’re looking to move house and require a mortgage, you will also need to explore what mortgage lender’s are prepared to lend you to enable your purchase. If you require any support finding the right mortgage product, or would just like to talk through your options, call me on 01252 759233 or email richard@thesurreymortgagebroker.co.uk
If you’re moving to Surrey and have children, one of your criteria for finding a house will be schools. Fortunately, Surrey is lucky enough to have some of the best state and independent schools in the country, but that does have an impact on the local property market.
In many areas housing near popular ‘good’ or ‘outstanding’ state schools comes at a premium. The Department of Education (DoE) published a study earlier this year that found that prices are on average 8% higher close to top performing primary schools, and 6.8% of the best secondary schools.
So when starting your property search, and organising your finances such as mortgages, you’ll need to factor this in. Don’t take the average property price in a Surrey town as a benchmark for budgeting your house move. If you hope to send children to a popular school you might have to find an additional £40,966 to finance your move*.
Of course this could be a lot more in expensive areas of the county, less in the more affordable areas of Surrey.
It’s not just about catchment areas either. If a school is oversubscribed it doesn’t matter that your property is within the defined catchment area as the school will take those closest first – and those that meet other criteria. Therefore to increase your chances of getting a place at your chosen school, you’ll need to buy as close as possible to the school building.
This can result in a ripple effect in the property market with those houses closest commanding more than properties towards the outer edges of the catchment area. You could find that you can get an extra bedroom for the same money if you’re prepared to buy further away.
Buying close to a popular school is no guarantee of a place either. I’ve come across many parents who’ve found themselves moving to a desirable street close to the school of their choice, only to find themselves on a waiting list for an available place. It’s easier to secure that place if you’re applying at the same time as everyone else; however you will have had to have moved into your new home by the admission deadline.
So where do you start when trying to buy a family home in Surrey and ensure your children get a great education?
Mortgages and finance – first off find out exactly how much you can borrow to finance your move. There is little point in pinning your hopes on a top performing school if you’re priced out of the market in that area. If you’ve been on the mortgage lenders’ websites and haven’t managed to get quite enough to buy, it may be worth speaking to a mortgage broker or financial advisor. They may be able to find a way to get that extra money you need – within reason.
Research the property market – having identified a school/s you would like your children to attend, find out how much property is selling for close by. Speak to the local estate agents who will be able to advise you on the best roads to buy on, and what radius around the school you should concentrate your search.
The closer the better, but bear in mind that if you don’t get that school you could then be travelling much further afield to your 2nd choice.
Surrey County Council also collate data on the furthest distances each Surrey school has offered places to in previous years, you can search for this information here.
Speak to schools – the admissions office at your preferred school should be able to give you an indication of your chances of getting a place. If your children are looking to join the school ‘in year’ the admissions office will be able to tell you if there’s a waiting list.
Unfortunately even if you’re told that you’re at the top of the waiting list that doesn’t necessarily guarantee you the first place that comes up. If another child applies for a place and meets other criterion that is more of a priority, you’ll get bumped.
Time your house move with the admissions dates – where possible try to buy and move into your new home before the deadline for applying to schools passes. You’ll need to do this by October 31st for secondary schools and January 15th for primary school entries.
If you move after the deadline there is a 1 month period where you can apply with evidence of your new address and not be treated as a late application. After this date, applications are treated as late (‘on time’ ones are allocated first). If you move 3 months after the admission deadline you’ll be put on the waiting list/s unless a place is already available.
Have a plan B – as you can see there are a number of factors that make buying a house and getting a place at a popular school quite challenging. For this reason it’s good to have a plan B. Fortunately many Surrey towns are blessed with several good schools – they may not all be ‘outstanding’ but they are all delivering a highly quality education and pastoral care. For this reason I would recommend that you don’t get too hung up on one particular school over others. Keep your options open so that you can widen your property search; find a home that doesn’t overstretch your finances; provides the space and lifestyle factors you want; as well as being within a school catchment area that offers a good chance of a place.
To find out how different schools in Surrey are performing, click on this link.
If you are struggling to find a mortgage that will allow you to move close to the school of your choice, give me a call and we can explore your circumstances in more detail. Call 01252 759 233 or email info@thesurreymortgagebroker.co.uk
* The average house price of £512,072 in Surrey would go up £40,965.76 near one of the best primary schools and £34,820.90 near one of the top secondary schools.
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