Prop articles

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Five top tips for a stress-free moving experience

Buying a new property has the potential to be stressful, and we get it! To help you out, we have put together this guide of helpful tips, based on real buyers’ experiences.

1. Planning

It might seem obvious, but lack of preparation can be the biggest hurdle for homeowners and buyers, with two-thirds of viewers forgetting to bring pre-prepared questions when taking a look around a new property.

Put together a criteria of your non-negotiables and the features or items that you’re willing to compromise on, and make sure you’re spending your time wisely. A thorough search online will give you a good starting point finding suitable properties, but you can also reach out to agents directly, as they may have similar properties you’ve overlooked.

2. Understanding the process

Next, it’s about ensuring you have set realistic time expectations and have set aside the required amount needed for the deposit.

Not everything will go according to plan every time, so make sure you’re aware of potential blockers that could get in your way.

Market conditions are strong right now, but for buyers to take full advantage of the recently announced stamp duty holiday, they need to be going through the process right now, as increased demand could mean you face delays further down the line.

Likewise, you don’t want to under-plan for your budget. Take into consideration average fees for surveyors and conveyancers so you don’t overstretch yourself.

3. Build connections

Another great idea is to get to know the seller and their agent, as this has the potential to make them favour you as a trusted buyer.

Similarly, talking to neighbours when viewing a property is invaluable. You can obtain information about the local area, as well as inside knowledge about potential problems about the property.

Along the same lines, checking local broadband speeds, phone signal and parking permits is a great way to be prepared prior to your moving date.

4. Preparing your own sale

If you’re looking for a quick sale, staging your house correctly is extremely important.

Freshening up paintwork and completing any repairs or improvements will add tremendous value to your home.

Well-staged homes have been proven to sell for higher prices than for those that are not. So before having your house photographed, make sure each room is captured in its best light, and avoid having any seasonal decorations up, as this could date your listing.

5. Moving in 2020

Since the market reopened, we’ve seen phenomenal levels of activity as those living under lockdown rush to buy somewhere with more space, a bigger garden and an office.

The best way to reduce stress when buying or selling this year is to make sure you’re completely comfortable with the pandemic measures that have been put in place by agents.

This includes any measures to limit human contact, as well as remote processes and online marketing strategies to reduce the number of people meeting you in-person.

To find out how we’re safely conducting sales and lets this month, contact us.

13-year high for sales and mortgage approvals

The post-lockdown property market has been thriving since its release from lockdown, with sales and mortgage approvals at a 13-year high.*

If you’ve been putting off your sale in 2020, there could not be a better time to bring your home onto the market and benefit from optimal selling conditions.

More sales have been agreed since 2007

Housing demand has increased by a third year-on-year, whilst sales per estate agency branch has seen a 44% boost.

In terms of sale per office, this works out to approximately 13 properties sold in one month, compared to nine for the same period in 2019.

The average number of potential buyers scoping out the market has also risen.

In June, approximately 379 house hunters were recorded per branch, increasing to 428 following the announcement of the stamp duty holiday in July 2020.

This 13% increase in house hunters is great news for the housing market, especially as it is expected to remain steady throughout autumn.

Mortgage approvals

From July to August, mortgage approvals rose from 66,300 to 84,700, propelling the sector to a 13-year high according to the Bank of England.

Analysts have commented that lower borrowing rates, fewer holidays abroad and the enticement of up to £15,000 in stamp duty savings have upended what would usually be a relatively calm month for the property market.

Understandably given the circumstances, the year-to-date approval total is at a lower rate due to the market closure this spring.

That said, great strides are being made by lenders and agents to ensure a smooth transaction process for sellers and buyers, with progress in the last few months demonstrating that shared commitment to get people moving responsibly again.

In light of favourable rates and government schemes currently on offer for homeowners, we’d advise that anyone considering their next move start the process now to ensure that you’re able to reach completion before the stamp duty deadline in March 2021.

*Source: NAEA Propertymark

How to make your property stand out in a busy market

More new listings are coming onto the market now than at the start of the year. In the last month, there’s been an increase of 139% new properties when compared to pre-lockdown levels.*

Over 21,777 properties were put up for sale in September – with data available up to the 25th.

Whereas figures were relatively more modest in January and February, at 15,661 and 17,880 respectively.

With increasing competition on the market, how can you make your home stand out to buyers this season?

Emphasise your outdoor and indoor space

Properties with gardens are more desirable than ever.

If your home has this to offer, showcase it. Ensure that the grass is freshly mown, and any fallen leaves cleared away before viewings.

To help your property withstand winter weather, it’s also important to fix existing items in need of repair and to check your fences are sturdy. If you have time, a fresh coat of paint will also work wonders.

Another shift in buyers’ priorities is the need for a dedicated office space.

If you have a spare room that would be ideal for working, make sure that it is set up neatly to demonstrate its functionality.

Family areas

Communal spaces are a great selling point for a property.

Staging a large dining table in your kitchen area will show to a potential buyer that the property can accommodate gatherings with friends and family. Similarly, a living room with lots of seating will create a great social environment.

Having a messy kid’s bedroom can have a negative impact on your property’s sale value, apparently knocking off up to £8,000 according to ING Direct.

So, when it comes to preparing for property photos or viewings, it’s critical you cast your eye over every room first.

Keep it neutral

Whilst your personal style might give your property a unique character, not everyone will agree with your choices.

Experts claim that perceived bad taste can cause you to lose between five and ten per cent off the value of your home.

Before selling, consider stripping away some of your personal belongings and stick to neutral, non-offensive décor; giving your viewers a blank canvass to visualise seeing themselves living there.

To see what properties we’ve currently brought to market near you, browse our latest listings.

*Source: BriefYourMarket.com

Government’s action plan to tackle EPCs – how will it affect landlords?

New long-term targets have been announced for improving energy efficiency standards within the rental sector; drawing criticism from industry specialists that the measures are simply not realistic.

In their proposal, the government state that by 2025, minimum Energy Performance Certificates (EPC) for all privately rented homes should be raised to Band C for new tenancies – applying to all tenancies by 2028.

This document goes on to outline penalties as high as £30,000 for landlords who fail to comply within this time frame and may even include banning the inclusion of properties with EPC ratings below C to be advertised on portals.

What outcomes are the Department of Business, Energy and Industrial Strategy looking to achieve with these new energy targets?

- Reduced bills for lower income households and vulnerable members of the community.

- Reduced energy bills and to guarantee higher standards of living for UK tenants.

- Contribute to government initiatives to de-carbonise buildings, thereby mitigating the effects of climate change.

- To improve the quality and value of landlords’ assets.

You can see the 48-page consultation brief here, with details on how to respond: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/922667/improving-energy-performance-privately-rented-homes.pdf

If you need help managing your compliance and responsibilities as a landlord, we offer a range of property management services that you may find beneficial.

House price growth hits four-year high

Nationwide’s most recent House Price Index has uncovered a four-year high price growth in the UK – meaning that your home could be worth more than ever.

Analysis from their report shows that average property values grew by 5% annually in September and 0.9% monthly, taking the national average to £226,129.

This is the highest annual price growth we’ve seen since September 2016.

The South West was the strongest performing region (5.5%), closely followed by Outer Metropolitan (5%),

Outer South East (4.8%), Yorkshire and Humberside (4.6%) and London (4.4%) – which all made the top five in terms of price growth.

Average prices in the capital have now hit a record high of £480,857, which is 57% above their 2007 levels.

Meanwhile in the rest of the UK, price growth has been reported as follows: North (4.2%), East Midlands (4%), Wales (3.8%), West Midlands (3.1%), North West (3%) and East Anglia (2.7%).

Whilst all regions have shown an annual increase, the areas demonstrating the smallest growth percentage are Scotland and Northern Ireland at 2% and 1.5%, respectively.

What can we take away from these findings?

“Housing market activity has recovered strongly in recent months,” comments chief economist at Nationwide – Robert Gardner – who suggests that behavioural shifts are a key contributing factor as people reassess their housing needs in 2020.

Whilst Iain McKenzie, chief executive of The Guild of Property Professionals, claims that: “the current rise in housing prices shows a short-term spike with it returning to a more fluid marketplace in the next two or three months.

“The housing market has been resistant for a number of years despite having to contend with things such as Brexit and now the pandemic.”

For this reason, McKenzie predicts that although there will be bumps down the road, he suggest that “if there is a decline in the future, it will be a short decline and the market should bounce back very quickly because of positive consumer sentiment and pent-up demand."

Have you made the decision to sell your house this year?

During an updated market appraisal, we will assess how your home will perform on market, as well as what price you can realistically expect to achieve in light of recent demand and price growth.

For the full report, visit: www.nationwide.co.uk/about/house-price-index/headlines

No end in sight for sales market boom

There are a number of key reasons that make October 2020 an exceptional time to begin your next property transaction. Here are just a few examples to take your pick from:

- Stamp duty savings worth up to £15,000

- Mortgage approvals and sales at a 13-year high

- 5% annual property price growth – as reported by Nationwide

- Buyers are keen to act immediately, leading to increased levels of accepted offers

Across the UK, many of us are experiencing restlessness with our living situations.

We’ve spent all summer cooped up, so it’s no wonder that as we head into October, we’re seeing a rising sentiment amongst buyers and sellers that now’s the time to take your property plans off pause and get moving again.

After their House Price Index revealed a four-year high price growth, Nationwide conducted further research to establish which regions are seeing the strongest levels of interest from Brits.

As the below research tells you, one in five homeowners (17.7%) are currently considering moving, with a further one in ten (9.9%) well on their way to completing on property transactions in 2020.

Table for homeowners who are either in the process of moving or are currently considering it as a result of the COVID-19 outbreak.

Region	Considering moving	Moving
London	25%	17%
South West	21%	11%
West Midlands	20%	11%
East Midlands	23%	8%
South East	18%	9%
North West	16%	11%
Yorkshire and Humberside	18%	9%
East	14%	11%
Scotland	17%	7%
Wales	12%	10%
North East	11%	5%

With the market showing no signs of slowing down, what can you do to speed up your sale and ensure you are able to take full advantage of current market momentum?

An important part of the process is choosing who will represent your interests.

As the local property experts in your area, we’d hope you’d think of us first for your property interests, but there’s also the matter of finding the right solicitor or conveyancer.
Here are our tips for a seamless experience with your legal representative.

Respond quickly and clearly

We get it – receiving a request for different bits of paperwork can be off-putting.

After a long day at work, the last thing you’ll want to do is wade through files to find the right answers or items being asked for.

However, failing to respond promptly will only hurt your sale or purchase. Taking a week or two to respond can delay the whole process and risks pushing your transaction to the back of the line.

So, if at all possible, make sure you’re getting back to your solicitor within a couple of days.

Prepare before every call

There will be dozens of questions that occur to you along the way, so to maximise your time and build an efficient dialogue with your solicitor or conveyancer, prepare a list of questions before each phone call.

That way, you can avoid missing something crucial.

Be flexible

Having a fixed timeframe in your head can be a useful way to visualise and track your progress towards the finish line.

That said, it’s important to balance your wants and expectations with what is actually realistic.

A good agent will be able to help you determine this from the beginning.

For more information on how we help homeowners navigate the local market, contact us today for your valuation.

Why property is the best investment avenue in 2020 for landlords

The rental market has been extremely active this year, bouncing back from its temporary closure in record speed.

Could now be a good time to invest and grow your portfolio as a landlord?

Rental prices are up

In the past month, UK rental prices have increased by 2.1%, now standing at £987 PCM on average – up 1.5% from last year.*

Following analysis taken across the country, it was found that ten out of twelve regions have shown an increase in rental prices since 2019, with two of those areas showing an increase of over 5%.

The South West has demonstrated the strongest increase, with an average 6.6% boost.

Whilst London’s rental market does not show an increase, at an average rental value of £1,653 per month, landlords based in the capital should still expect healthy returns from their investments this year.

Enquiries from tenants at their highest

Recent analysis from ARLA Propertymark has revealed that registrations from new tenants have shot up to 101 per lettings branch last month, breaking July’s record of 97 newly registered applicants.

We’re simultaneously seeing average tenancy lengths at an all-time high for August, with tenants staying put for 21 months.

One reason behind these figures is that nearly half of first-time buyers are deferring their plans to buy; either due to financial difficulties (41%) or because lockdown has prompted them to reconsider their priorities (42%).**

Mortgage rates remain incredibly low, with high demand and savings making it an opportune moment to consider your first or next step as a buy-to-let investor.

Contact us for more information.

*Source: HomeLet Rental Index, Estate Agent Today

**Source: Aldermore

Properties priced correctly sell in half the time

Rightmove have done extensive research into the effect that asking prices have on a property’s likeliness to sell.

Approximately 300,000 properties were brought onto the market this summer.

By September, 63% of properties that remained at the same price and hadn’t been reduced had reached Sold Subject to Contract (SSTC).

Whereas out of the 300,000 properties, only 32% of those that had come down in value had reached SSTC within that same timeframe.

This study confirms what we’ve long since known, that the asking price set for your home is a key determining factor in how it performs on the market.

When priced right the first time, Rightmove’s findings were that a house sold 26 days faster, on average.

As your leading local agents, we can ensure that your home is competitively priced.

Resident data expert at Rightmove – Tim Bannister – had the following to add: “This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price that the property should be listed at.

“If sellers are serious about selling, then starting with too high an asking price can cause unnecessary delays, and also make it a lot less likely they will actually find a buyer in the end.

“The temporary stamp duty holiday means more sellers are in a hurry to get a sale through conveyancing, and with this also taking longer at the minute a realistic asking price could soon end up being the difference between completing in time or losing out on the savings.”

Book your valuation today

We appreciate how demotivating it can be to experience delays when you’re excited to progress your property move.

That’s why our valuations take into consideration a number of different variables, such as the condition of your home and properties in your area, making us the experts who can confidently evaluate your home’s worth the first time.

Friends and family loans are providing support to first-time buyers

Half of first-time buyers have made the difficult decision to put their plans on hold due to the pandemic; either due to their financial situations (41%) or because lockdown has caused them to reconsider what they’re looking to buy and where (42%).*

With many prospective homeowners feeling pushed out of the market right now, we want to offer our guidance, so that when you’re in a position to proceed as planned, you’re informed and able to make the right choices.

23% of housing transactions are backed by Bank of Mum and Dad (BoMaD)

Loans from friends and family members have been an extremely popular option so far this year, with an estimated 175,000 transactions involving this support type going through in 2020.**

Whilst lenders are currently trying to put a cap on family lending for deposits, it’s thought that the so-called Bank of Mum and Dad will still be behind £50 billion worth of property transactions.

Furthermore, despite the pandemic and the financial strain its put on households, 15% of BoMaD lenders plan to give their loved ones more contribution to their deposit and property purchase than initially intended.

What do you need to know as a first-time buyer?

For everything you need to know before taking that first step, please visit: https://www.which.co.uk/money/mortgages-and-property/first-time-buyers.

*Source: Aldermore
**Source: Legal & General

The latest guidance on lettings evictions this autumn

Although the ban on evictions has now been lifted, there are certain measures and restrictions in place to protect tenants as we head into winter.

Find out what’s changed for landlords, tenants and the UK rental sector.

From a recent survey, 12.5% of tenants reported that they had either missed rental payments or made alternative arrangements, with an additional 12% of respondents concerned about their ability to keep up with rent in the future.*

Notice periods

To recap on what’s been put in place so far, six-month notice periods will give tenants who are served notice the added security of having somewhere to live whilst they seek alternative accommodation or financial support.

These extended notice periods will be in place until March next year, except in extenuating circumstances where a landlord may seek possession sooner, including for anti-social behaviour or rent arrears that pre-date lockdown.

Now that repossession cases can be brought to court again, landlords and tenants should take it under advisement to establish a resolution privately – if at all possible – as cases are prioritised by level of urgency to manage the court’s backlog and this may delay the ability to come to an agreement.

For landlords, it’s also important to note that when making your case, you will need to disclose your tenants’ financial situation and whether they’ve been affected by the pandemic, as this will be a key consideration.

The government’s Christmas evictions truce

Dates have been announced by the government to prevent tenancy evictions over the holidays, meaning that bailiffs cannot be instructed to help landlords regain possession between December 11th and January 11th.

There will also be further guidance issued to bailiffs, preventing action to be taken where local lockdowns are currently in force.

Concerns from the lettings sector

Policy and Campaigns Manager at ARLA Propertymark – Timothy Douglas – has commented that over the past few weeks, the government have not been clear when providing updates on eviction processes but have instead drip-fed information to the public.

As a result, this has made it very difficult to respond and plan ahead, with Douglas further stating that the UK government are introducing measures that are difficult to implement; especially when faced with rapidly changing local lockdowns.

If you’re a tenant or landlord looking for clarity on how this could affect you, please contact us directly.

*Source: Goodlord survey, Letting Agent Today

Bored buyers are behind the upsurge in market activity

From recent property exchange data, it has been suggested that buyers are seemingly ‘bored’ after the UK’s lockdown; leaving them eager to move on from the first half of 2020 and get on with their next property sale or purchase.

Since the end of August, reports suggest that there has been a 69% increase in property exchanges, which is a 20-month high for the sector.*

In areas where the property market was slightly slower to gain traction, such as London, this increase is an impressive 94% since restrictions were reduced. For which the majority of these exchanges achieved within 10% of the asking price.

Due to current conditions, prospective buyers are fearful of missing out on good deals, leading to an increased rate of accepted offers.

Key reasons you should be thinking about buying in October:

- Spurred on by strong market conditions, we’re listing stunning properties at an incredible rate as sellers and buyers rush to make their next move

- Starting the process now will give you just enough time to complete and be in your new home by Christmas, whilst taking full advantage of stamp duty savings

- Due to lockdown, sellers are more motivated to reach completion and avoid delays, making them more realistic about the offers they’re willing to accept

Are you ready to see what’s currently on the market in your area?

We have implemented measures to help you safely and responsibly move in 2020. For more information on what practices we have in place, contact us today.

*Source: Knight Frank, Estate Agent Today

Green Homes Grant now open for applications

Two-thirds of UK households fail to meet long-term efficiency targets, meaning that Brits are spending more on energy bills whilst unknowingly raising their carbon footprint.

The BBC has recently revealed that up to 12 million properties fall below the C grade on Energy Performance Certificates (EPCs), which are graded A-G.

With applications now open for the green homes grant, homeowners and landlords based in England can apply for vouchers to install energy efficiency improvements – with a government contribution of £5,000 making it a cost-effective way to update your property.

Have you considered applying this October?

If you’re a homeowner or residential landlord, you now have the opportunity to make crucial eco-friendly changes at a fraction of the price.

In total, £2 billion has been allocated to the green homes grant, with participants having until 31st March 2021 to redeem their vouchers and receive future annual savings of £600 – on average – from their eco-friendly home improvements.

What can the vouchers be spent on?

With the vouchers covering at least two-thirds of the cost – up to £5,000 per household – there are a wide number of energy-saving features to choose from, including at least one of these primary measures:

Insulation

solid wall
under floor
cavity wall
loft
flat roof
room in roof

Low-carbon heating

air source heat pump
ground source heat pump
solar thermal (liquid filled flat plate or evacuated tube collectors)
biomass boilers

It’s important to bear in mind that there are certain conditions determining how your vouchers can be used.

For instance, you can only use the grant for the installation of new measures that weren’t previously there, not to replace or repair existing insulation or low-carbon heating features.

Lower income households can apply for a higher grant value, up to £10,000. Whilst landlords are limited to receiving the base £5,000.

For more information or to apply for the grant, please visit: https://www.gov.uk/check-eligible-green-homes-grant