JAN prop

Your guide to understanding your property's value

If you are planning to sell or rent your property, then it’s important to get an accurate estimate of how much the property could be worth.

To give you an agent's perspective of what that involves, we've provided some of the key take-away points below.


Market value

Firstly, knowing how much your property is worth is more commonly known as its 'market value', which relates to the price a buyer is willing to pay when considering local and national market conditions.

 

What impacts the value of your property?

The value of your house can be determined by a variety of factors, such as any recent changes to the property or your neighbourhood.

Some of these factors may also include the size, location, amenities, condition and the asking price of similar houses nearby, so it's always beneficial to talk to a local agent with familiarity selling in your area.

The difference between market value and asking price

Valuing your house accurately is one of the most important parts of the process.

 

Bringing your home onto the market with an asking price that is too low could mean you receive offers below market value.

Whereas if the asking price is too high, you may not receive any offers at all, causing time delays and market stagnation as the ideal buyers are put off a home that falls outside of their price bracket.

 

So, whilst it can be tempting to instruct an agent based on who is offering the highest value, the risk of this is that you may need to gradually reduce your price anyway to reflect the property's actual market value.

 

How much could your house really be worth?

The best way to see how much your house is worth is through a combination of tried-and-tested
methods.

 

Over lockdown, it would be advisable to begin by referring to online house price calculators and valuation tools, as these will provide a guide based on Land Registry Data. 

 

However, it's important to bear in mind that for the most accurate and up-to-date valuation, you should organise time with an agent, as an in-person appraisal will guarantee any recent developments to your home are taken into consideration.

If you’re thinking about putting your property on the market, book a valuation with our team today.

 

 

Surge in homeowners keen to move this year

 

COVID-19 has caused a major shift within the property market regarding buyers’ and sellers’ attitudes.

According to a recent survey of 1,000 homeowners, as many as 26% are considering moving within the next year.*

So, what are the reasons for homeowners wanting to move?

After a year of restrictions and confinement, we've all had more time to reflect on the way we live and use our homes.

Considering that 55% of respondents directly linked their reason for moving to COVID-19, we can see just how extensive the situation is, with many households finding that their property no longer fits their lifestyle or needs.

As well as desiring a bigger garden space, other important factors include finding somewhere with:

 

 

Natural light (15.8%): introducing natural light into your home reduces stress and anxiety, boosts immune systems and increases happiness through the production of serotonin – the feel-good hormone.

 

Whilst these are just some of the core benefits, they are the most relative as to why homeowners are seeking homes with plenty of natural light.

 

 

A home office (13%): working from home has given many of us the opportunity to see remote working as a long-term norm.

 

By working at home, families are able to share the responsibility of childcare and spend more time together that would have otherwise been spent separate.

 

 

 

A home gym (11.9%): the initial lockdown caused a rift in the country's health and wellbeing, pushing many to implement home workout measures in order to stay fit, active and fulfilled.

 

The reality is that a lot of people won’t feel comfortable returning to their regular routines for some time, minimising possibly high risk locations such as gyms for a safer alternative, choosing to exercise from home instead.

 

 

 

 

Chief Executive of IDSystems concluded that: “2020 has been a year of frustration and uncertainty for homeowners, with many now feeling the need to make big changes, either by moving out of the city or maximising their existing spaces.

 

Through the challenges and restrictions people have faced, it is clear that British homeowners are not afraid to make big decisions to ensure their homes are providing the best possible environment for work, study and relaxation.”

 

 

If you're feeling fed up and in need of a change, we'd invite you to browse our range of stunning local properties. Contact us today for more information.

 

*IDSystems

 

Steps to beat the January blues

With another lockdown keeping us indoors, it is understandably a difficult time for many of us to find the motivation to plan ahead and commit to seeing through our resolutions for a healthier, happier and more productive 2021.

 

Given the freezing temperatures and lack of sunlight, January can be the least productive month for many of us, leading to a period of hibernation that can last until spring.

 

To help you overcome this, we want to focus on realistic and achievable ways you can have a more successful start to the year.

 

 

Try something new

 

It goes without saying that once we form comfortable habits or routines, it can be a challenge to push ourselves into trying something different.

Comfort zones are the worst for stalling development, so why not try taking up a new hobby or focus on achieving a goal?

It doesn’t have to be something wild like climbing Mount Everest, in fact, it could be as simple as baking a new cake each week to develop a skill.


Treat yourself

Life can sometimes feel as if it is going at 100mph, so it’s important to press pause and just be in the moment every once in a while.

Even something as simple as unwinding by having a warm bubble bath once a week can be the key to recharging your batteries and getting you back on track.


Explore your surroundings

Whilst you may not be able to meet up with friends, try not to let it affect your activity levels.

 

Staying cooped up inside will have a negative impact on your mental as well as physical health, so even if it's just for a 30-minute session, try and stretch your legs outside once a day.

If you'd normally be commuting to work in the mornings and evenings, use that time to take a break outside instead.

 

Start a new series with your loved ones

 

As we're all facing lockdown together, there's no better time to catch up on all of the great content available.

 

Pick something to bring the family closer and pace yourself with one or two episodes each week, if you're able to wait that long.

There’s really nothing better than getting cosy in blankets and looking forward to the next instalment, whether you're all watching from the same room or utilising Zoom from separate locations.

 

Set “stick-able” resolutions

 

Whilst it's commendable to set ourselves high goals for the new year – such as exercising every day of the week – you need to make sure those resolutions can be met.

 

If you overreach, you'll quickly burn out of motivation and fail to make any progress.

 

 

Rather than denying yourself time to simply do nothing (because that’s normal too), strip it back and aim for somewhere in the middle. That way, you’ll feel more fulfilled and see real change much faster, which will then incentivise you to keep going.


For additional help or support on living in lockdown, please refer to the NHS advice found from their website at nhs.uk/conditions/coronavirus-covid-19/

 

To make progress with your property plans this year, talk to our team.

 

How landlords can cut down on emergency callout costs

Emergency property issues are costing landlords billions every year, according to research from Direct Line.

The average cost of a callout in the UK comes to around £765, with landlords having to fork out approximately £2,141 over the whole year.

It’s an unfortunate part of being a landlord, as these emergencies are usually unforeseen and time-consuming or costly to fix.

The most common issue for landlords to fix is plumbing, closely followed by gas or heating.

 

Thankfully, on average, plumbers have the best arrival time out of all contractors, with a typical response time of 13 hours from first contact.

 

Whilst gas and heating engineers take twice as long to respond at 21 hours.

 

As a landlord, it is a legal responsibility as well as a moral obligation to make sure your tenants feel safe in your property, making it all the more important to help prevent the need for emergency callouts and issues – where possible.

 

Although these tips won’t give you immunity from all problems, they will go a long way to preventing problems further down the line.


Clean your pipes often – hair, grease and other gunk can build up in your drains over time, potentially causing a blockage.

 

Using a non-corrosive drain cleaner is a great idea to clear the grime in your pipes.

 

Annually service your boiler – whilst it might sound unnecessary to have your boiler checked every year, a qualified heating engineer will be able to spot minor issues that need fixing before the situation escalates.

 

Insulate your pipes – during winter, it’s important to ensure your pipes don’t freeze, as this could cause them to burst.

 

Insulation can be cheaply purchased from many DIY stores and is easy to install.

 

Check your fuse box is in date – it is easy to forget about your fuse boxes, however, they contain essential features that prevent electrical faults and fires.

 

If your fuse box is close to expiring, hire a qualified electrician to ensure the property is safe.

Change the smoke alarm batteries – whilst this isn’t an issue that requires an emergency contractor, it could require the emergency services if left neglected.

 

Smoke alarms are crucial to alerting people in the property of a potential fire and could be the difference between life and death.

 

Batteries are cheap to buy and easy to install, making it a simple job to protect your tenants and your property.


For any questions about our services for landlords, get in touch from our website.

 

 

UK property market set to grow 4% in 2021

As we come into the new year, the housing market is forecast to continue its positive state, according to Rightmove.

 

House prices are set to grow an average of four per cent, despite the stamp duty holiday ending soon.

The market has seen a great increase in demand since the first lockdown, with larger houses proving to be the most popular property type, which is largely attributed to a change in routine and the rapid adoption of remote working across the country.

 

In July, Chancellor Rishi Sunak introduced a stamp duty holiday allowing houses purchased for under £500,000 to benefit from a tax break.

 

Although this scheme is due to end on March 31st, many people within the sector are calling for an extension, so that buyers and investors may continue to benefit from additional support and to speed up economic recovery.

Mortgage lender Halifax recently reported that over the last five months, the house price increase has reached its highest record since 2004. 

 

Seasonal trends suggest that January is a popular time for buyers and sellers. This year, that demand is off the charts, with homeowners rushing to reach completion and see stamp duty savings.

 

Rightmove expect the market to remain resilient despite the pandemic and Brexit.

 

They claim that the uncertainties of COVID-19 and Brexit have been around for long enough to not deter Brits from buying and selling.

 

If you’re looking to buy or sell, get in touch with our local market advisors for more information on what to expect in 2021.

 

 

Which room in your home is the best value for money?

Faced with a third lockdown, how are you maximising your time to your advantage?

Whilst it might be the furthest thing from your mind right now, making home improvements is the perfect way to spend all of that extra time indoors.

So that you know where to concentrate your energy, we've outlined the rooms considered 'best value'.

Perhaps unsurprisingly, the best-valued room has been revealed as the master bedroom, where we spend an average of 2,482 hours a year.

A recent study from comparethemarket.com has shown that Brits spend £308.51 each year on renovating the main bedroom, which makes sense when we consider just how much the room is used.

The average person spends about 26 years sleeping in their life, which equates to 9,490 days. We also spend seven years trying to get to sleep, totalling 33 years or 12,045 days spent in bed!

With the pandemic forcing more of us than ever to work from home, it is no surprise that the home office follows the bedroom for the room most used within our households.

Since March, an average of £213 has been spent on sprucing up the office room or area where we're working.

In the last five years, over £10k is spent on improving our homes on average, with just under a quarter of that going on our kitchen.

It seems we enjoy improving our culinary skills as well as our homes, with Brits spending just under 800 hours a year in the kitchen.

With many people adding renovations to their New Year’s resolution list, it is important to know which room to do first.

If you are thinking of making changes to improve the value of your property, it is best to start with the kitchen or bathroom.

When buyer’s view a property, nothing grabs their attention more than a stunning kitchen or a modern bathroom. These improvements don’t have to break the bank to go a long way to impressing prospective owners.

If you’re improving your house for your own purposes only, it’s best to start with the room you would notice changes in the most.

 

To get your home valued or browse our latest properties, visit our website.

 

2020: A year where everything changed

 

As we all make preparations for the year ahead, we've brought you a month-by-month recap of 2020's property market highs and lows.

January – this time last year, we started with an incredible boost to market activity, with the 'Boris bounce' leading to more new listings and sales being agreed following a period of political uncertainty and concern over Brexit in 2019.

 

February – by the second month, news of the pandemic made its way across Europe; even though very few of us could have predicted just how much of an impact it would have at this stage!

 

Meanwhile, the largest ever private real estate transaction took place, with IQ student accommodation being sold for £4.7bn.

March – with the pandemic set to massively impact companies, the government froze business rates for retail, leisure and hospitality tenants.

 

However, the inevitable happened towards the end of the month, as the entirety of the UK were plunged into a complete lockdown.

April – the property market came to a standstill as the sector was forced to close for the foreseeable future.

 

Firms across the country tried to battle the pandemic’s financial effect using the furlough schemes and support available.

 

As a country, we also started embracing the benefits of remote working, developing new skills and spending time on DIY projects around the house.

 

May – in May, the property market could finally return to some degree of normality.

 

This involved the sector reopening, including the resumption of sales and lettings activity to get the country safely moving again.

 

June – unfortunately, June saw the massive real estate company – Intu – enter into administration, putting many of the UK’s shopping centres at risk.

 

We also saw the alert level downgrade from four to three, after a steady decrease in cases.

 

For the property market, we saw a steady and healthy return of pre-pandemic activity; especially for the lettings market with a rental bounce.

 

July – a stamp duty holiday was announced, which would cut the rate to 0% for all properties under £500k until March 2021.

 

The Government also launched a new drive that promised the biggest planning overhaul in decades, including a revamp to permitted development rights.

 

We also saw an extraordinary fundraising effort for the NHS, with 100-year-old Captain Tom Moore raising over £33m, as well as receiving a knighthood from the Queen.

August – prime property showed a remarkable recovery, as it reports the biggest rise in deals compared to other areas since the end of the lockdown.

 

The eat-out-to-help-out scheme went live, providing the hospitality sector with a much-needed boost.

September – as the number of cases rapidly rose, the UK was warned that a second wave of the virus had arrived.

 

As a result of this, the Government imposed new restrictions on the nation.

 

Many were concerned that this would hamper property market recovery, which turned out not to be the case, as sales agreed and tenant enquiries went from strength-to-strength.

October – demand continued to rise, spurred on by the possibility of stamp duty savings.

 

Towards the end of October, Boris Johnson announced that England would be placed in another lockdown.

 

Thankfully, the property market would continue to operate throughout this period, so as to avoid the impact the first lockdown had on the sector.

November – the market remained resilient despite the second lockdown, with house prices increasing by 5.8%.

 

We also saw mortgage approvals reach new record-breaking heights, according to Rightmove, with similar figures seen in 2007.

 

At the end of the month, it was announced that regions in England would be placed in different tiers based on case totals.

December – the last month of 2020 started with great news, with a COVID-19 vaccine being rolled out to those who were most vulnerable first.

 

This news boosted the whole of the economy, including the property market, allowing people to finally start seeing life as back to normal in the future.


If you have any questions, or you are looking to buy or sell in 2021, get in touch with our team.

 

 

Top tips for first-time buyers saving for a deposit

Buying your first home is an extremely poignant event in anyone’s life and being able to put down a significant deposit is vital to stand you in good stead for your future repayments.

 

However, in light of the pandemic, we appreciate that it can seem more daunting than ever to imagine yourself taking that step towards homeownership.

 

As your trusted local estate agent, with lots of first-time buyer experience, we have complied these tips to support your saving goals this January.


Plan ahead

During your property purchasing journey, it is crucial to identify any additional funds that you may need along the moving process. 

Likewise, being aware of your monthly income and outgoings is extremely important in order to create a timescale for your saving journey.

 

 

Move back home

If your parents or family are not in a position to be able to support you financially with your property purchase, there are other ways they can help.

 

The vast majority of first-time buyers find it difficult to save for a deposit due to their monthly rental outgoings, so moving in with a friend or family member is a great option to reducing these costs.

 

Due to COVID, it is important that you check the most recent guidance before changing your living situation.

 

Downsize

If your current rent price per calendar month is slowing your deposit saving down, and you can’t move in with a family member or friend, then downsizing may help.

 

Looking for a property that is smaller could save you hundreds or even thousands over the span of your saving period.

 

Alternatively, moving out of a central location has the potential to save you a significant sum, and with remote working the new norm, you might find this option can be implemented without disrupting your lifestyle.


Check your direct debits

Especially at this time of year, many of us will take out various subscriptions without continuing to need them beyond the first month.

 

As such, it is important to go over your direct debits and ensure that you are still using all of the services you are paying for.

 

In 2019, Brits spent £4 billion on unused gym memberships – and with the average monthly fee being £35 per person – the cost really adds up.*

 

This also goes for streaming services and club memberships that you may no longer use.

Whether you have your deposit ready to go, or you’re looking to downsize to save some extra money, we’re here to help you every step of the way.



*Daily Mail
 

Your property investment checklist

COVID-19 has had a huge impact on many aspects of our lives over the past 12 months, but the property investment sector has stayed somewhat consistent.

 

With the property market healthy and prosperous, now is a great time to invest, following these simple considerations.

 

1) Does your property have remote working potential?

With many workers continuing to work from home in 2021, property priorities are changing.

When picking your investment property, whether your intention is to rent or sell, you should be looking for areas where an in-home office could be set up.

 

2) Is your property energy efficient?

Older properties can sometimes have issues with not being very energy efficient, whether it's due to older windows or wooden flooring and poor insulation.

 

As it costs more to keep the property warm in winter, tenants and buyers are typically wary of energy-inefficient homes.

 

Thick carpets and double-glazed windows are key instalments for a buy-to-let or buy-to-sell project.

 

Other aspects to look into are the boiler and the wall insulation, as investing in these areas will lower energy bills for years to come but raise the value of your property.


3) Are you selling or renting?

When you are looking for an investment property, it’s important to know how you’re going to proceed after it has been purchased.

 

For example, a property that is up for rent may need to be furnished and decorated to suit tenant needs, whereas buyers often prefer a blank canvas.

Alternatively, if you’re looking to sell the property on, you should consider looking into mortgage lenders to ensure that the property will be accepted for a mortgage to help reach its full potential.

 

This will also allow for a quicker sale so that you can progress onto your next investment project.

 

4) Have you researched the local area?

With current priorities having changed in the past year, both potential buyers and renters are all looking for properties close to green space rather than being in busier areas.

 

Due to this, properties near parks or possessing a garden are more popular than ever and will be sure to attract the most attention.



As your trusted local agents, we are here to help you every step of your investment journey. To get started today, browse our properties.

 

The updated 'how to rent' guide for tenants and landlords

As a landlord, there are a number of legal requirements to be complied with prior to letting out a property.

One of these is to provide a copy of the Government issued 'How to Rent' checklist to all tenants when entering into and renewing an assured shorthold tenancy, which is the most common type of contractual letting agreement.

The Government has recently released an updated How to Rent guide, which can be found at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/

attachment_data/file/942503/6.6642_MHCLG_How_to_Rent_v5.pdf

The guide is designed to help tenants understand their rights and responsibilities under an assured shorthold tenancy both before the tenancy starts and during the term of the agreement.


What additions or changes have the government made to the guide?

There are some noticeable differences with the latest version, which now provides answers to tenants' frequently asked questions, including the level of deposit and its protection, necessary documentation and length of term.

Another important addition is the reference to a landlord's obligations regarding mandatory electrical testing, and a review of the permitted fees under the Tenant Fees Act, which was introduced in 2019.

The Government's latest guide also sets out the information that must be provided by a landlord to tenants, as well as a summary of what each party must and should do during the tenancy.

Importantly, it gives advice to tenants on what to do if things go wrong, whilst clearly setting out what should happen at the end of the tenancy.


Why is it so important landlords provide this guide to their tenants?

Landlords need to bear in mind that giving tenants the How to Rent guide is a legal requirement.

Without doing this, it hinders your ability to later serve a valid Section 21 notice and regain possession of your property, if required to do so.

This is due to the fact that the How to Rent guide is one of the statutory pre-conditions for serving a Section 21 notice.

We will always ensure on behalf of our landlord clients that their tenants are provided with a copy of this guide and that all other landlord requirements on the grant of an assured shorthold tenancy are complied with.

If you want any further information about the How to Rent guide or landlord and tenant requirements on the grant of an assured shorthold tenancy, please call our lettings team who will be happy to help.

 

Positive property market developments from 2020

Looking back on 2020, it’s easy to focus on the negatives. However, the impact last year had on the property market was definitely overall positive.

 

What is in store for the sector this year?

Government schemes

2020’s COVID crisis gave rise to the stamp duty and mortgage holiday to support property homeowners and landlords through their financial hardship.

 

The stamp duty holiday began on July 8th and will remain in place until March 31st this year, giving buyers and investors the opportunity to see savings of up to £15,000.

 

Due to the scheme, house sales rose by a huge 21.3% in September.*

 

Whilst it's been reported that an impressive 140,000 more people are waiting to complete on their house purchase since this time last year.**

Similarly, the mortgage holiday was initially introduced in March 2020 and has been extended various times with a current end date of July 2021.

 

This scheme was announced to help households who had been financially impacted by the pandemic and can be taken for up to six months.

For more information, please speak to your lender directly on whether a payment holiday is the right solution for you.

House price surges

With property priorities changing to favour gardens, large living spaces, rural locations, home offices and dining rooms, prices for these properties has increased massively.

 

Similarly, with the aid of the stamp duty holiday, many buyers have been able to push themselves financially and purchase a larger property than they first thought possible.

With so many positive elements to take away from 2020, and a bright future for the property market ahead, now is a great time to evaluate your options.

 

If you’re thinking of buying, selling or letting this year, contact us.



*GOV.UK
**Property Wire
 

 

How to set achievable goals with your home

Setting New Year’s resolutions is a long-lived tradition, however, this year is set to be slightly different.

 

Due to the pandemic, goals – such as travelling the world – will have to be put on hold due to restrictions.

 

As a result, many people are looking for achievable goals and challenges closer to home, and renovating your property is just one area of our lives we have the power to transform in 2021.

 

Here's how you can get started with your renovations...

 

Make a schedule

Before you get ahead of yourself and want to change everything in your house right away, take a step back and create a plan you can stick to.

 

This will ensure you don’t take up too much time focusing on everything at once, allowing you to remain stress-free and organised.


Create a budget that doesn’t pinch every penny

Everyone loves to save money where possible, however, if your budget is too stringent, this could cause your goals to fall short.

 

When renovating, you want to aim for the grand picture in your head as much as possible, and penny-pinching won’t help at all.

 

Take the time to carefully save so you don't find yourself struggling unnecessarily, and focus on the little things that can be changed without too much expense.


Have goals that are measurable

When starting a project, it is natural to want to see immediate results.

 

Depending on just how much work is required, you might want to consider planning out key milestones that will signal when the next phase of development has been reached.

 

That way, you won't lose heart from any potential setbacks or delays.

 

Ensure you can’t forget your resolutions

Plaster reminders of tasks you need to complete all over your home, meaning you can’t miss or avoid them.

 

Whether it’s a big A3 poster or a post-it note on the computer, this will keep your goals fresh in your mind.

 

For more property ideas or inspiration, talk to our team today about the renovations that add real value to your home.

 

 

The increased demand for rural and coastal properties explained

Since the initial lockdown in March, the demand for rural properties has increased massively due to changing property priorities and working habits.

 

Rightmove’s yearly review for 2020 shows that both coastal and rural areas were favoured by buyers as many moved away from central locations.

 

The top 10 best selling areas in the UK last year were dominated by idyllic locations, such as Devon, Surrey and Somerset.

 

Similarly, properties with larger living areas, dining rooms and gardens all seemed to be the most popular on the market.

With many expecting to be working from home for a while, or even swapping to remote working on a permanent basis, the significance of a central location is no longer as prevalent for buyers and tenants.

 

According to Rightmove, out of the top ten best selling areas of 2020, seven of those had a population of 10,000 or less, showing that life away from the hustle and bustle of the city was preferred by many during the pandemic.

Specific areas that have seen impressive growth since the outbreak are Wiltshire, Hampshire, Stockbridge, Suffolk and Hertfordshire.

 

Amongst these, Hertfordshire was the most popular with a 75% increase in sales year-on-year, and no evidence of this slowing down.

Similarly, suburban areas in the north west have seen the biggest price growth this year, with prices rising from £184,299 to £213,706 on average.*

Rightmove’s director of property data, Tim Bannister, said: “this year we’ve seen an uplift in the number of home-movers escaping to the country and we think this trend will continue for now as people show their willingness to make significant life changes.

“The data highlights just how influential the unexpected events of this year have been in shaping the nation’s housing priorities, with many buyers determined to swap city streets for rural and coastal retreats.”

If you’re looking to prioritise green space in your next property we can help.

 

Contact us and one of our property professionals will help you turn your property dream into a reality.


*Property Industry Eye