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77% of Brits will not settle in their hometown

Getting onto the property ladder could mean moving over 20 miles from their friends and family for 77% of first-time buyers.

There's a number of key variables at play here. Affordability is the most prominent factor, with more expensive areas in the UK – like the South West – showing stronger trends for migration.

Just 8% will buy within a mile of 'home', 14% will go as far as 1-3 miles and 11% will go 3-5.

Where are you looking to move to?

Local property advisers, no matter where you decide to set down roots.

- Have you started saving for your deposit?
- Have you looked at mortgages for first-time buyers?
- Are you aware of the government help-to-buy schemes?

As local agents, we have decades of experience that we draw on to help prospective homeowners make a smart first move.

From making a competitive offer to choosing the highest value property at the best price, we can guide you to making the right choices for you.

Average savings of £100,000 with the First Homes scheme

Targeted at first-time buyers and key workers, the latest initiative from the government – expected to be rolled out later this year – offers a 30% discount on selected new build properties across the country.

Based on regional affordability, it’s at the local councils’ discretion to allocate further discounts to make the scheme more accessible for residents.

For more information on the upcoming scheme, visit GOV.UK.

Are you asking these key questions when you buy or sell?

A recent study has revealed the 'most dreaded' and unusual questions buyers have asked about a property before putting in an offer.

With a small minority asking whether the pets come included in the sale, it’s fair to say that not all of the responses are winners.

However, the report by Hillarys has shed light on just how many Brits lack proper preparation during the home buying process.

Up to two-thirds will not plan their questions ahead of a house viewing, meaning they are not getting the full value out of the experience, as well as potentially wasting an opportunity to find out all of the property’s pros and cons earlier on.

The most dreaded questions from buyers:

Has it dropped in value?	54%
What local plans could affect us?	42%
What’s the lowest price we could get it for?	33%
Is the seller in a chain?	21%

To help you make the most of your viewings the next time you decide to buy or sell, we thought we'd share practical suggestions for you to consider.

What are some of the more serious questions you should be asking?

Whether you're instructing an agent or viewing a property, how prepared you are will determine how quickly you're able to move.

Are you asking these key questions:

1. Exactly what is included in the sale? Whilst it's safe to assume most sellers will want to keep their pets, it's important to outline what content might be included, such as fixtures, fittings and garden furniture.

2. How long has it been on the market and how many offers have they received so far?

3. When are the sellers looking to move out? Knowing whether they've already found another home or they're still in the midst of looking will help you to determine how long the process may take and how much room for uncertainty there is.

4. Have there been recent renovations or any difficulties with boilers, drains and guttering?

5. How did the agent decide on an asking price? Good agents will be able to provide justifications for the value of a property, so you'll know whether it's listed at the right amount or if it's overpriced.

What to ask when selling:

1. How will you market my property? Are they regularly contacting a database of suitable applicants to give you greater market exposure, or does their strategy start and end with a basic Rightmove listing?

2. What are your success metrics and how do they compare to other agents? In other words, what's their experience selling a home like yours at a price like yours?

3. How much will you charge? Choosing the agent who offers the lowest fees won't guarantee you reach asking price and you may lose time and money on the market, be savvy when you instruct representation for your property investments.

4. What are the contract terms? Before beginning any contractual relationship, know exactly what it is you should expect from them.

If you're thinking of selling and want to find out the value of your home, contact us.

Five essential property management steps for landlords

The UK rental market has shown incredible resilience over the course of lockdown, with the government’s announcement of its stamp duty holiday causing a surge in activity from buy-to-let investors.

Whether it’s your first time letting a property or you’re already an established landlord, we’ve outlined the five essentials steps you need to take to fulfil your obligations and provide quality housing for your tenants.

Inform your lender

If you haven't already been granted permission from your mortgage provider to let your property, you'll need to inform them as they may impose conditions or actions for you to complete.

It's also a good idea to update any existing insurance policies, as specific landlord cover will give you more security should anything go wrong during the tenancy, whilst protecting you when the property's left empty for longer periods of time.

Get your home tenant-ready

From simple tasks like cleaning your property to meeting industry requirements, it's crucial to get your property tenant-ready.

If you have selected a fully-managed package, your lettings agency should take care of items like your Energy Performance Certificate (EPC), gas and electrical safety certification, and inventory for you.

With legislation constantly changing, a fully-managed service ensures your compliance, with these items routinely reviewed and made accessible to your tenants.

This year has seen the introduction of substantial changes within lettings, including for minimum energy efficiency standards (MEES), mandatory electrical safety checks, and the extension of the Tenant Fees Act.

Attract suitable tenants

Void periods can be costly for landlords, with an investment of time and resources needed to find tenants that meet your short or long-term property plans and requirements.

A quick, successful let requires having a winning property marketing strategy that showcases your home's key characteristics and features – which is something we’ve honed over the years for our landlords.

Once you’ve started receiving interest from applicants, it’s important to conduct viewings and credit checks, where you’ll be able to ascertain if they're financially viable.

Safeguard your property

You stand to lose £3,000 by not having the right landlord insurance in place.

Accidental damage is one of the most expensive claims to compensate for, yet 57% of landlords don't even request it as part of their insurance package.

Here are our recommendations for the policy types that you should consider:

Landlords' insurance – first and foremost, you'll want to have a policy that cover items like buildings insurance and accidental damage.

Contents cover – this will depend on if your rental is furnished or unfurnished, with the possibility that your tenants will need prompting to organise a policy for their own possessions.

Landlords' liability – often an added extra for student or social housing, this gives you more security in the event of injury.

Rent Guarantee Insurance (RGI) – for loss of rental income during periods your property is empty or instances of rent arrears.

Home emergency cover – in emergency repair cases, this will help with costs and ensure there's a qualified tradesperson available 24/7.

Property management on a day-to-day basis

Due to COVID-19, one in nine have fallen behind on their household bills, including 1.2 million tenants on rent payments.*

The government's decision to extend the ban on evictions for another four weeks – as well as their introduction of six-month notice periods – will have significant consequences for the country's two million private landlords in the coming months.

Should your tenants face financial difficulty, we can act as the intermediary to identify a resolution and repayment scheme – where appropriate.

Landlord DIY projects that could add or deduct value

Whilst lockdown meant restrictions on the nation’s travel and leisure activities, a recent report from ONS indicates that the extra time spent indoors wasn’t wasted.

Four in ten Brits started cooking (45%), gardening (42%) and reading (44%).

As well as nurturing new hobbies, ONS claim that a third of the population turned their sights to home renovations, with 32% completing DIY tasks around the house.

With the rental market showing increasing activity and opportunities for buy-to-let investors, here are the most valuable DIY projects that you can undertake as a landlord to increase the value of your property.

According to CIA Landlord, home offices are now the highest valued feature for tenants and buyers – unsurprising, given the new workforce dynamics, which sees a more even balance between remote and office working in the UK.

The installation of a home office should come to around £1,715 in order to see significant improvements to your property’s overall market value.

To really appeal to prospective tenants or buyers, we’d recommend that you use space effectively, consider colour schemes that stimulate the imagination, reduce distractions, maximise natural light and ensure that the room has sufficient sockets and a reliable WIFI connection.

Next on the list for your DIY makeover is replacing carpets in your property. After ten years, it’s advised by most manufacturers to do this, as it will be showing signs of wear and fading in colour.

Although this comes with an approximate cost of £700, as many as 43% of women are willing to pay more in return.

Likewise, new curtains and light fittings are relatively inexpensive at £23.50 and £7 respectively, yet one in four of those looking to rent would pay significantly more for a home that’s recently had these installations.
As the central area of the home, you might expect DIY projects in the kitchen to be the highest valued by tenants and buyers.

Less than 10% would deem painted floorboards and cabinets as an important feature. So, unless you’re looking at a complete remodel, tackling smaller items within the kitchen may have a smaller impact than you’d anticipated.

Conversely, having a home bar seems like a feature that would differentiate your rental, but with prices starting from £1,610 for a self-installation, only 14% feel it adds value to a prospective home.

If you’ve recently completed renovations or DIY projects on your property, obtain an updated valuation to find out how much value it could have increased by.

What you need to know about mortgage holidays

It’s estimated that one in six Brits have taken out a mortgage holiday since the start of lockdown – on average, suspending payments of £755 each per month.

Initially introduced back in March and then later extended, the break on mortgage payments has proven to be a valuable lifeline for many households during the last few months.

With the government’s furlough scheme ending in October, there’s a concern that the number of homeowners and tenants facing financial difficulty will increase further.

Across the country, one in nine are currently behind on their household bills, which includes essential items such as rent, water, energy, council tax and credit card repayments.

Although the mortgage holiday deadline is open until October 31st for new applicants, experts are expressing caution before taking this option and urging for alternative solutions – where possible.

Miles Robinson – at online mortgage broker, Trussle – warns that some borrowers may be unaware of the “true cost” of taking a break from monthly payments, which may result in huge increases overall and potential difficulties in the future applying for new loans.

“The banks were very under-resourced when they were handing them out and people were allowed to essentially self-certify whether they needed one or not.”

The Financial Conduct Authority has been advising firms to help mortgage customers by offering a range of support options, such as waiving or reducing payments, once we’ve reached the end of the official mortgage holiday on the 31st October.

If you need guidance on mortgage restructuring, as well as any long-term or short-term measures in place for COVID-19 support, we’d recommend contacting your lender directly.

You can also talk to us for more information.

Property market surges post-lockdown

Ever since its announcement, the government’s stamp duty holiday has sparked a surge in activity across the country’s property market.

Now, as we head into a new season, we’re seeing 61% increased demand compared to the same time last year – according to Rightmove.

The South East and East of England are the UK’s highest market performers, each up by 70% individually, but across all regions growth in demand is said to be outstripping supply.

Whilst this puts homeowners in an advantageous position with their next sale, it’s not expected to last for much longer, with new listings gradually climbing up as well.

Areas along the southern commuter belt have seen new properties double when compared to the same six-week period in 2019, including for Harlow in Essex, Hertford, Wickford, St Albans and East Grinstead.

An interesting development post-lockdown is the effect of changing buyer priorities on the market, with Zoopla reporting that larger homes are being snapped up the fastest.

Four and five-bed homes are selling in record time at 27 days, which is 31% lower than the same period last year and an obvious response to Brits needing more space coming out of lockdown.

Three-bed properties continue to be the market’s fastest selling property type, taking just over three weeks, on average.

Commenting on these market findings, Rightmove property expert – Miles Shipside – says: “We always knew that the stamp duty holiday was going to be a big incentive for people to get moving this year, and it’s certainly sparked a home-moving frenzy.

“Thousands of sellers are being tempted to come to market for a number of reasons. Firstly, lots of buyers stand to make pretty sizeable savings thanks to the stamp duty holiday – particularly in the southern commuter belt – so now seems as good a time as any to press ahead with home-moving plans.

“We’re also seeing a growing trend of people looking to move out of urban areas and into smaller towns, with homeowners in built-up areas reassessing their housing needs and looking for places with more outside space.

“Lastly, proximity to a station doesn’t seem to be as important as it once was, meaning sellers in these commuter towns are looking to move a little further afield as working from home becomes a more permanent way of life.”

If you’re looking to sell or buy in 2020, book your market valuation to get started.

The eviction ban extension for tenants and landlords

In a move that was intended to “support renters over winter”, Housing Secretary – Robert Jenrick – announced key changes to regulations surrounding tenancy evictions.

The ban on evictions, which has now been extended until the 20th of September, will mark a six-month period in which no tenant has been legally evicted at the height of the pandemic.

From September 21st, it will be a requirement for landlords to provide information on a renter’s financial circumstances in relation to the coronavirus when making possession claims regarding rent arrears.

Alongside this, landlords will now need to provide a notice period of six months when seeking possession of their property. This will apply up to March 2021.

With courts prioritising hearings based on the severity of each individual case, coming to an agreed solution with your tenants would be the preferred approach to take, where rent payments are not being met.

Of course, exceptions have been outlined for the following instances:

• Anti-social behaviour – four weeks’ notice
• Domestic violence – two weeks’ notice
• Rent arrears totalling six months – four weeks’ notice

Could there be a better solution?

Given that the vast majority of private landlords (94%) are renting just one or two properties, this could have significant consequences on income revenue for these individuals.

In a recent letter to the Prime Minister, the National Residential Landlords Association have called for reconsiderations to be made to protect the private rented sector and enable landlords to keep offering accommodation to UK renters.

They wrote that: “failure to provide any direct financial support for the sector during the pandemic means that many landlords will be forced to seek money claims against renters building arrears. This would leave tenants' credit scores in tatters.”

The NRLA put forward the argument that the only way to untangle the conflict with COVID-19 related rent arrears is to offer interest-free, government-guaranteed hardship loans to tenants.

As this has already been introduced in Wales, the NRLA argue that it would be the best solution to “sustain tenancies and remove any risk of eviction as furlough is removed”.

We're doing our utmost to protect and support our landlords and tenants at this time, contact us for more information on how we can help you.

The changing landscape for city office spaces

Fewer than 8% of Brits had experience working remotely at the start of 2020.

Within a matter of weeks, this figure rose considerably as businesses scrambled to meet new demands and challenges, with 46.6% of the country’s professional workforce ‘clocking in’ from home across April and May – rising to 57% in London.

This month, the government will be encouraging more and more firms to return to their offices, addressing a very real concern about the economic toll remote working has had on city centres.

High streets up and down the UK are all but empty of foot traffic, meaning that small businesses will continue to struggle to stay in business over the coming months.

Whilst acknowledging the merits of home working, Dame Carolyn comments on the role the UK’s offices play as “vital drivers” of the economy, suggesting that:

"The costs of office closure are becoming clearer by the day. Some of our busiest city centres resemble ghost towns, missing the usual bustle of passing trade.”

Is remote working here to stay?

It’s estimated that those working from home have racked up an extra 28 hours of monthly overtime during lockdown, which adds up to almost four days’ additional work.

The chief reason for this being that 86% feel it’s a necessity to prove their value to their employers and ultimately keep their jobs.

Although remote working has put a strain on the country’s commercial hubs, with employees equally feeling more workload pressure, there’s an evident shift in mindset amongst professional workers towards flexible opportunities.

Of those asked, only 7% would opt to work full time without any element of remote working.

Compared to 93% who would want at least one day a week from home.

Whether you’re in need of a new home with dedicated office space, or you’d like to find out what commercial properties are available, talk to us.

Managing the rental bounce and your mandatory electrical checks

Since June this year, it has been made a legal requirement that an EICR report must be carried out before any new tenancies begin, with electrical installation inspections conducted at least every five years from that point.

With the surge in demand for rental properties set to increase even more than what we’ve experienced this summer, property certificate providers say landlords need to be prepared to deal with the influx in demand.

Following the reopening of the property market back in May, there has been a surge in demand from tenants. This growth in activity looks like it is going to continue to develop, as there have been sustained positive reports throughout June, July and August.

A recent survey from RICS found that tenant demand has recovered to +35% in July, bouncing back from -44% the previous quarter. Meanwhile other research found that the number of tenants registering with letting agencies reached a record high in June!

Almost three in ten letting agents saw landlords increasing the cost of rent in June as a result from the high demands.

With landlords processing a higher number of tenancies, this also means more administration work needing to be carried out with new and challenging compliance measures to meet.

The most recent change affecting new tenancies is the introduction of The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 on July 1st.

There are a range of other things for landlords to follow, including providing copies of EICR reports to their new tenants.

We would recommend having access to a large pool of electricians, as this is going to be crucial to meet the high demand. An efficient online management system would also help landlords keep organised and up-to-date with each tenant.

Mandatory electrical checks have been introduced for a reason and it is to ultimately to protect your tenants and your investments. Managing this process through trusted suppliers and using highly qualified electricians is in the interest of all stakeholders.

If you’d like to talk to us about your compliance, contact us today.

How your garden can add value to your property

Since lockdown, there has been a massive shift in property priorities. Gardens and outside spaces have shot to the top of the list. But did you know that a well-kept garden can add as much as £2,000 to your property’s value?

If you are looking to sell, here are some of the best ways to make money on your garden.

Research revealed that the garden feature that adds the most value is a shed. In fact, 82% of property professionals claim a good-sized shed is the most recognised feature to boost value.

Next up is a good quality patio and paving area at 76%. Followed by secure fencing, walls or gates.

The garden feature, however, with the least value worth is artificial grass at 40%.

These statistics can be beneficial for when it comes to selling your house. The right garden can add anywhere between 5 to 20 per cent to a property’s value.

With 37% of Brits spending more time in their garden than they did five years ago, outdoor space is becoming more and more in demand.

We should also point out that a combination of these top garden features is much more beneficial than focusing on one alone.

Decent sized shed:	82%
Good quality paving/patio:	76%
Secure fencing/walls/gates:	72%
Adequate outdoor lighting:	66%
Sturdy decking:	62%
Water features:	58%
Well-designed garden furniture:	54%
Artificial grass/lawn:	40%

The takeaway from this research is that you do not have to throw a lot of money into garden revamps.

Make sure your space is maintained and well kept, showcasing its true potential to your possible buyers.

There are plenty of good garden re-vamp ideas on Instagram and Pinterest so get scrolling!

How to market your house correctly for a speedy, seasonal sale

The property market has continued to experience remarkable levels of activity.

In the first week of August, properties at SSTC (Sold Subject to Contract) were almost at double their number compared to figures from the same period in 2019. This indicates a significant release of pent-up demand due to lockdown.

If you, like a lot of homeowners right now, are considering putting your property on the market, here are some of the ways to market your house well to potential buyers.

Make sure your property images are professional

In order to get viewings, you need to reel them in with your property advert.

Make sure your photos are clear and focused. If it is a cloudy day, see if you can rearrange the shoot. There is nothing nicer than a clear blue sky!

Increase your kerb appeal

It takes just seven seconds for somebody to make their first impression of your property, so make sure your property’s exterior is the best it can be. You want them to walk down the drive feeling impressed and excited to go inside.

Some easy ways to do this is to give your front door or fencing a fresh lick of paint, put up some hanging baskets to add colour, pull out any weeds, move the bins out of sight and make sure the lawn is mowed.

De-clutter

The hallway is famous for housing plenty of clutter: shoes, coats, handbags. Make sure everything that can be put away is tucked out of sight to make it appear more spacious.

As some hallways can be dark and narrow, adding a mirror to a wall can give the illusion of space and can also brighten it up.

A kitchen is a big selling point, so make sure all desktops are wiped down and free of clutter.

Give your viewers space

Let your viewers freely wander around your home with the agent.

This will make them feel much more comfortable asking questions and it also means they might take their time in each room.

Be ready to answer any questions after the viewing. Also be sure to leave hand sanitiser dotted around your property, so not only you but also your viewers will feel comfortable.

Make the most of outdoor space

Since lockdown, we have noticed a real shift in property priorities.

Everybody is putting outdoor space at the top of their agendas, so make sure your garden is well showcased.

If this is an impromptu house viewing, you might not have time to lay a new flower bed, but make sure the lawn is freshly mown, trees and shrubs are cut back to create more space, weeds are removed, and outside furniture is laid out nicely.

Get your home ‘autumn ready’

Darker nights and mornings, cooler temperatures and leaves falling from the trees, this can all only mean one thing! We’re heading into autumn.

Now is the perfect time to revisit the styling of your home’s interior to suit the autumnal changes.

Learn our makeover tips and suggestions for September, along with some practical pointers too.

Autumnal wreath

It all starts at the front door. You will find many independent homeware stores and florists designing beautiful seasonal wreaths.

They can range from rustic branches woven with berries, pumpkins and apples to crisp leafy designs. For those not ready to fully say goodbye to summer, why not go for a wreath made from wheat. The summery yellow will brighten up your porch.

Introduce new scents

Whether it be diffusers or scented candles, you can choose your home’s new smell to fit in with the season.

Go for musky, woody or spiced smells to create a cosy homely ambience.

If you are lucky enough to have a log burner, try cedar wood as it is well known for its delicate yet unmistaken fragrance (which also is known to keep spiders away, a win-win situation).

Add throws

It is time to dig out all the throws and blankets you put away for summer.

A big fluffy throw can take an elegant old chesterfield sofa to a whole new level of snugness.

If you are not a fan of the fluff, try and introduce mustards, marsala or copper coloured textiles to your living areas. Not only do they look nice but they’re so practical for those dark nights on the sofa watching TV!

Now, time for our practical pointers:

Check for leaks and drafts. You can do this yourself or hire a professional, just be sure to do it sooner rather than later; there is nothing worse than finding a draft in the middle of winter.
Inspect your roof and clean out your gutters.
Stock up on firewood.
Fertilise your lawn. Doing this will help prevent winter damage and weeds.
Put away any seasonal furniture. Remember to clean before covering up.

Don’t panic though, autumn doesn’t officially start until the 22nd September. Just be sure that your home is ready.

Preventative maintenance will not only save on wasted energy and the stress of emergency repairs, but it will save you a lot of money!

Maintaining your home also enhances its market value and appeal. For an updated valuation, contact us.