October content - Property

A tenant's guide to moving out

Your tenancy has come to an end, and now there are a lot of different tasks you will need to juggle before you can successfully leave the property. Take a look at our guide to moving out.

Round off all your bills
Unpaid rent is the most common reason for tenants losing their deposit, so it is a good idea to check with your landlord or property manager before you move to make sure you’ve paid the correct amount.

You should also give your energy suppliers plenty of notice before you move so that they can organise a final bill. Make a note of your meter reading on the final day for reference should you be billed an incorrect amount.

You could also consider having your mail re-directed to your new address and you should inform any service providers such as TV, Internet etc. that you will be moving to a new house.

Give the place a good thorough clean
Landlords will need the property to be ready for the next tenant, so there will likely be a clause in your contract that stipulates that you will need to clean every nook and cranny of the property before you move out. If the property isn’t spotless, you could lose some of your deposit to a cleaning bill.

Spruce up the Garden
The garden will also need to be in the same condition as when you moved in. Pull up any weeds, mow the grass and dispose of any garden waste properly. If the gardening tools belong to the landlord, ensure you leave them behind for the next tenant.

Thoroughly check the property for a final time…
Moving out of your rental property is a different proposition to moving out of your parent’s house or a property you may have owned. For the duration of your tenancy, you have essentially played the part of guest and caretaker of someone else’s property, so a good deal of the process will be focused on the condition of the property when you moved in vs when you left it.

To help avoid any issues, it’s a good idea to do a walkthrough of the property and compare it to the condition report and/or any pictures you or the lettings agent might have taken before the move. It’s also a good idea to take new images before you leave.

… and review the inventory
The inventory you received at the beginning of your tenancy will detail any items that the landlord had in the property, for example, gardening tools, small items of furniture, kitchen appliances etc. You will need to check that all these items are still in the property and that they’re all in working order, or you might face losing a portion of your deposit.

Easy steps to decluttering your home

Do you sometimes feel as though you’re drowning in a sea of clutter? Or that your house has become more and more disorganised? Well, now’s the time to hit those common, messy areas!

Start by sorting through everything you own
Getting started is always the hardest part but performing an audit of everything you own is a great first step. Gather common built-up items like books, items of food, jewellery, paperwork, loose batteries or anything you’re saving “just in case”. Find out how many duplicates or useless items you have and throw them away. Whatever there is leftover, sort and store them properly.

Next… tackle the wardrobe
Let’s face it, a wardrobe is a totally different beast to the random things you tend to collect.

A good system to operate in the future is a one in one out system. Every time you buy a new item of clothing, throw away an old item.

Whilst you’re at it, you should tackle your sock drawers. Throw away any old and worn out items, and add an organiser to the draw to keep everything separate and neat.

Sort out your utensils drawer
You know you’ve collected too much cutlery when the draw starts to stick. Take everything out of the drawer and throw away those useless tools (like your melon baller or your citrus juicer) and add a divider to better divide your essential utensils.

Organise your garage, shed and/or loft space
Transparent boxes are your best friend when it comes to organising your storage spaces. You can stack them all on top of each other and you can see all the contents you’ve stored inside them, meaning you don’t need to go through a hundred boxes to find something.

Get the kids involved
Encouraging your kids to keep their bedrooms neat and organised is a brilliant way to keep one of the messiest areas of your house neat and tidy.

Introduce them to the idea of donating unwanted toys to charity shops and how doing so can have a positive impact on the lives of others. It’s also a vital life skill your children will need to learn, so everyone wins!

First-time buyers supporting the property market

According to a new report from Zoopla, first-time buyers are continuing to prop up the property market in 2019, with this group responsible for the majority of property purchases this year. Thanks to favourable mortgage rates, as well as more flexible mortgages including a higher loan-to-value ratio, first-time buyers are now in a more favourable position than ever to purchase a property.

It would appear that rather than the current train of thought, which would suggest that first-time buyers are doing anything they can in order to join the market, the reality is that they are taking a much more considered approach. Typically, first-time buyers are looking for three bedroom properties which will provide them with a longer term home to grow into which is a stark contrast to previous generations who began with a “starter property” which they quickly moved out of in order to purchase something larger.

Since 2010, first-time buyers as a group have grown by 85%, according to statistics from UK Finance, and this trend is not stemming.

“First time buyers have been the driving force behind the housing sales market in recent years. Lower mortgage rates, and improving mortgage availability have supported the growth in FTB numbers across the country” explains Richard Donnell, research and insight director at Zoopla.

“Despite increased barriers from high house prices in southern England and mortgage regulations, the appetite to buy their first home remains strong. Whilst the outlook is more challenging in London, growth in FTB volumes is expected to be driven in regional markets where affordability remains attractive, supported by greater availability of higher loan to value mortgages,” he continues.

Getting your property ready for the colder weather

As the days get shorter and the temperatures start to drop, it’s hard to avoid the fact that winter is on its way. The colder weather can wreak havoc with your property, so we have put together some top tips to keep your property in tip-top shape throughout the cooler months.

Pipe dreams
As the temperatures drop, the water in your pipes can freeze causing them to burst and deal major damage to your home. In order to avoid this, keep an eye out for any gaps in external walls as the cold air could reach the pipes and encourage them to freeze over. Sealing over any gaps in external walls, as well as adding insulation around vulnerable pipes in areas such as the loft and garage could mitigate this problem. Further to staying vigilant to external wall gaps, keeping your heating on a low-level (around 4 degrees) - even when you’re away from your home - will maintain a consistent temperature around pipes, thereby avoiding the problem of pipes freezing over.

Boiler spoiler
When was the last time that you had your boiler checked? A poorly maintained boiler wastes energy and costs more to run, as well as running the risk of leaking carbon monoxide into your home. Having your boiler serviced will reap rewards in the long run, as well as giving you peace of mind in terms of safety and efficiency. Naturally, one of the key components of your boiler system are your radiators - a handy hint to maximise their efficiency is to put kitchen foil behind them for the heat to be reflected back into the room they are in.

Fill the gaps
Around a quarter of the heat lost from your home escapes through the loft, and therefore having good loft insulation is key to staying warm this winter. As well as the loft space, cavity wall insulation can make a real difference to keeping your home warm and energy bills low - with a typical saving of £145 per year saved on energy bills simply through having insulation installed. In terms of cost, there are a number of government grants and subsidy schemes available to help you with the initial outlay of insulating your home and staying warm this winter – so do your research and stay warm for less.

The big switch
If you feel that your winter energy bills are high despite your best efforts to prepare your home for the cold months then give your energy supplier a call and have a chat about being allocated a more cost-effective tariff. Remember that you will never experience a disruption in service if you decide to change suppliers, so feel free to shop around and find the best deal that works for you. You can use online comparison tools as well as literature direct from suppliers to find the most competitive energy rates and offers, so turn up that thermostat and get extra cosy!

Down the drain
As the leaves fall from the trees, drains and gutters can easily become blocked with debris, causing build-ups of water which could make its way into your home in the form of damp. As the temperature drops, these leaves are prone to freezing which can weigh down your guttering and damage external structures. Ensure that your drains and gutters are debris free by checking lower-level guttering on your property and clearing these out by hand as safely as possible - if the lower-levels are blocked then higher levels may also require a closer inspection.

Is the buy-to-let market still viable?

The buy-to-let market has had somewhat of a difficult time over the past few years due to changes in government legislation and taxation. Since July this year, however, the number of buy-to-let mortgages being approved has risen considerably and is proving that there is life in the market for those looking to invest.

With competitive mortgage rates available, especially if a larger deposit has been accrued, anybody who has the desire to become a landlord now has the opportunity to do so. A new report by HomeLet showing that the average rent around the UK has reached a record high of £970 per month demonstrates that the potential to reap rewards through buy-to-let is exceptional.

HomeLet data shows that rents have increased in every single region of the United Kingdom over the past twelve months, up to 3.5% greater than at the same point in 2018. For those looking to invest, this presents tremendous opportunity to be able to invest locally and see the benefits.

Biggest annual increases in average rents

Region	August 2018	August 2019	Annual Change
London	£1,632	£1,689	+3.5%
North West	£717	£741	+3.3%
South West	£826	£852	+3.1%

In terms of rental yields, we are also seeing record highs in terms of the average yield that landlords are reaping, with the average now reaching 4.5%, up from last year and the highest in three years. For those looking to maximise their yields, there is a growing trend towards Houses of Multiple Occupancy, or HMOS, as they tend to provide a yield approximately 20% higher than a typical rental property.

Which region provides the best rental yield?
North West 6.20%
Yorkshire & The Humber 5.90%
East Midlands 5.40%
Scotland 5.30%
West Midlands 5.10%
North East 5.10%
South West 4.40%
Wales 4.20%
East of England 4.10%
London 4.10%
South East 4.00%
National average 4.50%

Retired homeowners helping family members purchase property

Independent equity release adviser Key has conducted research which establishes the strong role that retired homeowners are now taking on in order to help their children and grandchildren in purchasing a property.

The research from Key has shown that an increasing number of parents and grandparents are using their own properties in order to help younger family members onto the property market. Almost one fifth of mortgage advisers at Key had received enquiries from older customers with regards to selling holiday homes and buy-to-lets.

Will Hale, CEO at Key, said: “With advisers foreseeing a surge in first-time buyer enquiries, it’s clear that the property wealth of over-55s is increasingly playing an important role in tackling the intergenerational imbalance of property ownership.

“And it is really no surprise, given the fact that the average first-time buyer who wants to secure a good rate as they get onto the property ladder needs to find just over £25,000.

“That said, with the older generation often using their savings and pensions to help raise the deposit, there is a real possibility for this generosity to have a sting in its tail.

“Getting specialist advice which considers all options, including equity release, is vitally important to ensure that they make decisions which will benefit themselves and their families over the long term.”

Rejuvenating your kitchen on a budget

We’ve all heard the saying “the kitchen is the heart of the home”, and this is never more pertinent when you’re thinking of selling. Presenting your kitchen in its best possible light may well secure you a sale, so with that in mind, we have put together some guidance on how to rejuvenate your kitchen without having to spend a fortune.

Cabinets
One of the easiest and most transformative ways to rejuvenate your kitchen is to change the cabinets. Don’t worry about replacing the cabinets themselves; instead, give them a new lease of life by painting them in a fresh, modern colour such as an olive green or pale grey. This will change the aesthetic of your kitchen entirely and certainly make it more photogenic. If you are going to paint your cabinets, then ensure that they are thoroughly sanded and primed before you apply the final colour – this will ensure the final coat adheres nicely to give you a more professional finish.

Surfaces
The surfaces in your kitchen need to be practical and attractive – changing the worktops in your kitchen will appeal to buyers and is a cost-effective way to amp-up the style factor. Laminate worksurfaces are the most cost-effective, but you can also find more luxe materials if you shop around. If you’re really looking to adhere to a budget, then try using a vinyl covering to update your surfaces.

Declutter
Even if you have a large space to work with in your kitchen, an easy way to transform the space without spending any money is to declutter. Remove the items which you haven’t utilised for a while, such as the bread maker or mixer, and try to keep surfaces clear – this will create the feel of more space and is certainly more modern in feel.

Walls
If you are looking to make a big change with a minimum of fuss, then updating your walls in the kitchen is a good place to start. Whether it is a single feature wall or the whole room, decide what you are prepared to take on in terms of a project. For feature walls, think of utilising a textured wallpaper as this can create a striking aesthetic in a room not normally associated with wallpapers (florals and leaves work well to create a natural-feeling space). If you are changing every wall, then choose a light and mellow colour to create a feeling of space and utility – avoid kitsch colours such as blue and green.

The importance of realistic asking prices

Recent analysis from comparison site Zoopla has shown the benefits that are reaped when a property is priced correctly rather than over-ambitiously, with overvalued properties taking up to two months longer to sell.

In addition to a longer sale period for properties which are overvalued, the research also found that by dropping the price in order to attract buyers, these properties also achieve an average asking price of £12,000 less than their more accurately valued counterparts.

“Our research highlights the importance of accurate pricing and reveals the areas where there is the healthiest alignment between a seller’s expectations and what a buyer is willing to pay for a property,” said Charlie Bryant, managing director of Zoopla.

“When a home is valued too ambitiously at the start, or simply overpriced, the sales process can be derailed. Homes can languish on the market for much longer than they should and the vendor loses control of the sale, often leading to price reductions,” he pointed out.

“Agents in Salford, Driffield and Dronfield stood out in our report in aligning their vendor expectations with the realities of the market, and what a potential buyer is willing to pay for that particular house, in that particular location.

“The English and Welsh average sold price, which amounts to 96.3% of the asking price, indicates a market realism, and moreover a market that is transacting good values, despite wider macro-economic and political concerns,” he added.

This research shows the important part which an estate agent plays in those initial meetings, with an over-valuation extremely attractive at first, but damaging in the long-run. If you are thinking of selling your property, then complete your own research so that you can have open and honest conversations with your agent in order to list at a realistic value.

Tips on selling as the days get shorter

As the days get shorter, it is more important than ever to present your property in an appealing manner if you are going to attract potential buyers. With that in mind, we have put together some season-specific advice to help you find a buyer…

Let in the light
Never is it more important in the year to keep your rooms bright and airy than during the change between seasons. This is because of how quickly the levels of light fluctuate, turning your lovely property into a less-appealing version of itself, with dark rooms and corners. To avoid this, use uplighters to brighten up your rooms during viewings – this type of lighting can be easily placed into corners or areas which may appear darker. Furthermore, blinds and curtains should be drawn back to allow plenty of natural light and don’t forget to turn any lights on in cupboards etc. to create multiple sources of brightness.

Keep paths clear
During this time of year, leaves may start to fall from the trees leaving debris around your property. Ensure that your kerb appeal is kept to its maximum by clearing away any errand plants and debris from your property, especially on the path to your front door where potential buyers will most certainly be surveying. If you have the time, consider tidying up your flower beds and removing and shrubbery which may not be looking quite as lovely as during the summer months.

Clean, clean and clean again
Of course, presenting your property in a clean and tidy state is a given, but it’s also worth considering any other areas that you can spruce up in order to maximise the available light. Clean your windows regularly to ensure that they sparkle for prospective buyers and let in as much natural light as possible (this will also help with the aforementioned kerb appeal). Clean your front door so that it looks at its best – many of us will have white UPVC doors to match double glazed windows, and if this is the case then use some bleach to rejuvenate it.

Increase the pressure
You want your property to seem cosy and inviting, and the drop in temperature gives you the perfect chance to make your home comfortable and welcoming. Turn the thermostat up so that during viewings your property is warm and incentivises viewers to really take their time looking around before they brave the cold weather once more. If you have a fireplace, think about lighting it up or at the very least light some candles.

No planning permission required for two-storey extensions

At the annual Conservatives’ conference this month, Chancellor Sajid Javid and Housing Secretary Robert Jenrick announced plans to allow homeowners to add two-storey extensions without the need for planning permission. This would tie-in with legislation brought in earlier in the year which allows homeowners to extend on a single storey without planning permission.

Sally Tagg, the Managing Director at Foxley Tagg has concerns over the plans with regards to the effect on communities if there is little in terms of restrictions, which could result in inconsistent building design.

“Because the announcement is not formal yet it is very unclear about what it will comprise. Conceptually, rolling back further on permitted development should be treated with caution and concern in terms of the potential impact it may have in design terms which is an important plank of place making,” said Tagg.

Tagg’s concerns stem from the fact that although extensions will be required to comply with current building regulations, neighbours will no longer be able to formally object.

The Housing Secretary had this to say on the proposals: “All too often the planning system proves complicated, outdated and bureaucratic and is too complex and costly for people and small businesses to navigate. This is a barrier to building the homes that we need…

“I want to give families the freedom they need to expand their homes and ensure small developers get a fair chance to succeed. Our vision for reforming the planning system will speed up and simplify the process, while ensuring that communities still retain a say over their future.”

UK mortgage market continues to grow

2019 has seen record levels of mortgages approved, with lenders in the market in the midst of fierce competition with one another to win customers, which is providing many of us with the chance to obtain particularly favourable mortgage rates.

The latest figures from UK finance show that the mortgage market in the UK is continuing the current rate of growth, with the number of first-time buyer mortgages up 5.8% year-on-year and home mover mortgages also up by 1.4%. Interestingly, buy-to-let mortgages have also seen something of a renaissance after a period of decline due to government changes with regards to taxation, signalling that there is once more opportunity in the marketplace for those looking to invest.

“It appears that no matter what happens in Westminster, and who can predict what might happen next, that people are still moving or managing to get on the housing ladder,’ said Richard Pike, Phoebus Software sales and marketing director.

“With an increased number of longer-term fixed rate mortgages that have been taken out since the referendum, it is unsurprising that remortgage figures are down. Until the uncertainty that is being felt across the country is over, one way or another, that trend is likely to continue as borrowers look for some kind of certainty, at least for their finances,” he pointed out.

It would appear that the competitive mortgage rates which are currently present in the market are trumping any concerns that people may have with regards to Brexit, and therefore many are making the most of the bargains which are available.

According to Adrian Moloney, sales director at OneSavings Bank, a number of buyers abandoning the wait and see approach. “This has been helped by mortgage rates remaining as competitive as they have been for some time, alongside high employment and improved earnings. In this market, there are bargains to be had and it seems some are making the most of these now,” he explained.