April

The top 10 scents to have in your home

There are many steps you can take to help attract prospective buyers, including cleaning and clearing away clutter, but what you may not know is that certain scents could help showcase your home and encourage buyers to put in an offer.

 

In a study of 2,000 people, UK mortgage comparison site – Bankrate UK – discovered that the nation’s favourite homely scent is freshly baked bread.

 

They also found that three of five age groups agreed that the scent wafting through the house not only provides comfort but also helps make your property more desirable.

 

Planning on putting your house on the market?

 

Check out what other scents you could be using that will help sell your home and where you should have them.

 

 

Top 10 scents to have in your home

 

- Freshly baked bread (38.6% popularity)

- Fresh linen (32.8% popularity)

- Coffee (28.7% popularity)

- Vanilla (18.8% popularity)

- Lavender (17.5% popularity)

- Fresh cut grass (15.7% popularity)

- Cinnamon (11.7% popularity)

- Chocolate (7.7% popularity)

- Blossom (6.8% popularity)

- Sandalwood (6.7% popularity)

 

 

Top scents by room

 

Living room – woody or oriental

 

Hallway – floral or oriental

 

Dining room – sweet

 

Kitchen – citrus

 

Bedroom – aromatic

 

Bathroom – citrus

 

Home office – woody or oriental

 

 

To start the process of buying or selling this month, contact our team today.

 

 

Half of tenants have no home insurance

A recent report conducted by Nationwide Building Society has shown that 48% of the UK private renting population have no home insurance cover at all; which roughly amounts to 2.13 million households spread out across the UK.*

 

Landlords hold a lot of responsibility regarding caring for their tenants.

 

An estimated 18% of tenants believe that their landlords arrange contents insurance for them.

 

It is important to note that a landlord’s insurance policy will not cover assets such as the furniture and electronics you own during your occupation, as standard.

 

On the other hand, whilst the cover responsible for landlords to sort out is buildings insurance, 26% of tenants were mistakenly paying for this according to the findings.

 

Darren Black, head of general insurance at Nationwide Building Society, stated:

 

“It’s concerning that many renters don’t have contents insurance and are living under the mistaken belief that their landlord has cover in place to protect their belongings if they are lost, stolen or damaged. They could also be putting their tenancy at risk as many landlords stipulate that they must have cover in place as part of their tenancy agreement.

 

When finances are tight, insurance can seem like an unnecessary expense, but without it you could end up losing everything you own. The majority of home insurance claims are for accidental damage, particularly at the moment when many of us are spending much more time at home.”

 

 

We’ve quickly summarised a few misconceptions regarding home insurance to help keep you informed:

 

‘I don’t own much so insurance is pointless’: It's easy to underestimate the value of our belongings until something happens to make us feel the loss more poignantly.

 

The value of your possessions adds up quite quickly; especially when considering any high-value jewellery, personal belongings and kitchen appliances you might have brought into the home.

 

‘I’m really careful, liability insurance seems a waste of money’: That may be true, but in life, accidents do happen.

 

Imagine you are leaning on someone’s fence whilst waiting for a friend and it breaks. You are responsible for paying for it despite it being an accident.

 

Your liability insurance (which could form part of your tenant insurance) will protect you from paying out of your own pocket.

 

‘If I have to leave in the case of a fire or theft, my landlord will help me’: Your landlord is not there to pay your living expenses whilst you’re waiting for repairs to be made or insurance claims to be sorted. 

 

 

If you're in any doubt about needing insurance for your contents, we urge you to speak with a professional advisor, as online comparison sites can lead to your contents being undervalued and underinsured where guesswork is involved.

 

To be connected to a trusted source of information, contact us today.

 

 

*Mortgage Introducer

 

 

Housing market sees the strongest spring for home sellers in a decade!

Many of us have been thinking about selling our homes in recent months, with a record number of buyers enquiring about properties on Rightmove.

 

Compared to this time last year, demand levels are 34% higher; even in light of the market's pre-pandemic surges in activity at the start of 2020.

 

There were moments of concern when thinking about how the rest of 2021 was going to play out, with a predicted cliff edge, but thanks to the stamp duty holiday extension and the 5% deposit scheme, buyer demand will be further boosted throughout this month and next.

 

The average asking price for a home coming to the market has risen by 2.7% in just the past 12 months, bringing the average house price to £321,064 in the UK.

 

National average asking prices.

 

Month	Avg. asking price	Monthly change	Annual change	Index
March 2021	£321,064	+0.8%	+2.7%	248.2
February 2021	£318,580	+0.5%	+3.0%	246.3

  

 

Despite fewer properties coming to market, the number of sales agreed for the first week in March was still 12% higher than 12 months ago, whilst almost two out of three properties currently on agents’ books are sold subject to contract.*

 

If you are thinking about taking advantage of this incredible demand and would like a quick sale, please book a valuation to start the process.

 

 

 

*Source: Rightmove

 

 

Home improvements to help boost your house price

Whatever your budget, there are plenty of ways you can add value to your property before selling this year.

 

For inspiration on where to start, have a look at these home improvement suggestions, ranging from high cost to low:

 

Conservatories or sunrooms – adding a conservatory or sunroom is one of the most cost-effective ways to add more value to your home, with an estimated 6% uplift to the value of your property.

 

Updating your kitchen or bathroom – it is often said that potential buyers will look at the kitchen and bathroom first before they pursue a property.

 

Updating your kitchen or bathroom isn’t always the cheapest home improvement option, but it is one that can certainly boost your value by a significant amount, with an average property value increase of 5.5%.

 

If this home improvement option doesn’t quite suit your budget, but you still think these rooms could do with a refresh, replacing old worktops or cabinet doors is a fail-safe way to improve the overall look.

 

Updating old boilers and central heating – a new boiler or central heating system is a key element to consider if yours hasn’t been updated recently.

 

A dated or inefficient heating system could put potential buyers off, as this will result in more hassle for them after moving in.

 

Fixing a damaged roof – improving the core foundations and features of a property is always a safe bet.

 

A new or fixed roof is essential for both insulation and structural purposes, and – again – will save buyers from having to take on the task themselves.

 

Upgrading the home to be smart and energy-efficient – energy-saving smart home improvements are not only good for the environment but are also a great addition to have to add value to your home.

 

This can be achieved by installing smart lighting, using energy-efficient LED bulbs, followed by upgrading to eco-friendly appliances, adding double glazing and upgrading insulation.

 

Creating a defined sunspot in the garden – a recent survey by Rightmove showed that properties with a south-facing garden could be worth up to £22,000 more than those without.

 

There’s not much you can do to change the orientation of your garden, but if you don’t already have a defined sun-spot, creating a zone for this will help potential buyers picture themselves living there and enjoying the weather and seasons to come.

 

Redecorating – decorating can make a world of difference to your home, whether that’s a fresh coat of paint, updating wallpaper or installing new carpet.

 

It’s also important to remember to stay neutral and avoid any loud colours that could deter potential buyers.

 

Tidying up the front garden – the front garden is the first thing that welcomes people to your home, so it's important to keep your garden up to scratch.

 

  

Before beginning any major project, it’s important to ensure that you are spending your money wisely and understand the cost versus the potential return you will gain.

 

Get in touch with us today to talk about your home improvement plans and get advice on what will make the most difference to your home's value.

 

 

What you need to know when investing in a buy-to-let property

Investing in a buy-to-let property is a dream that many of us will have at one point or another.

 

Property has always been a dependable investment option, with successful landlords able to set up their rentals to run like clockwork whilst benefitting from an additional source of income.

 

Before considering your first step, there are some key considerations to be aware of.

 

 

It won’t happen overnight

 

As much as we would like to say otherwise, having a buy-to-let property doesn’t just happen overnight.

 

Just like starting a new business venture, there are rules and regulations you need to comply with to protect yourself and your property.

 

Whilst some of these components can take time to understand and navigate, lettings agents like ourselves are fully equipped to guide you through all of the requirements.

 

 

Know the area you’re planning to invest in

 

It’s important to do your research on the area before signing on the dotted line, such as speaking to local agents about seasonal trends and rental yield opportunities.

 

Is it a hotspot for rental demand? Are there any attractive amenities, universities or transport links nearby that would appeal to tenants?

 

 

Ensure you can afford a buy-to-let deposit

 

Whilst a standard home can be secured with as little as 5% of the price of the property, a buy-to-let investment is usually much higher.

 

The average deposit is 25% for a buy-to-let mortgage.

 

It's also likely that your income will be evaluated, as you need to be earning at least £25,000 a year for most lenders.

 

 

Think about your target tenant

 

It’s important to put yourself in the shoes of a tenant and consider what they would want from a property.

 

Being a flexible landlord is key to ensure that tenants stay for longer, which is always great news for a landlord as you can minimise on void periods and secure your rental income.

 

When you have your buy-to-let property ready to market, it is a good idea to position your home based on the type of tenant you’re targeting, such as using the right communication methods to reach them.

 

 

For guidance on how to start your buy-to-let journey, get in touch with our experienced team.

 

 

Chain-free property listings boom as sellers opt to rent ahead of their next move

Recent data from Rightmove suggests that there has been a sudden increase in the number of chain-free properties listed on the market, due to sellers being more willing to rent before they purchase their next home.

 

21% of available properties on Rightmove are chain-free, an increase from 15% this time last year.

 

This growing trend for chain-free property sales has been seen significantly in London, which has increased from 12% to 21%.

 

Sellers are often hesitant to come to market because they are unable to find somewhere they want to buy, but with record demand and the stamp duty holiday extension to consider, there is a greater sense of urgency across the sector.

 

Tim Bannister, Rightmove’s director of property data, said:

 

“Selling chain-free is perhaps something some owners hadn’t considered as a possibility before now, but with the competitive market and stock shortage we currently have they’re trying to put themselves in a more attractive position when their dream home comes along.”

 

In London, there has been an increase in landlords who are deciding to sell, pushing up the percentage of chain-free properties on the market.

  

Rightmove have also seen a significant increase in the number of buyers searching for ‘no-chain’ or ‘chain-free’ properties in their keyword search function, as buyers rush to make use of the stamp duty savings available until the end of June.

 

In February 2021, the property portal found that the number of buyers searching for these terms was a staggering 72% higher compared to last year.

 

Do you know your property's value? Book a valuation today to learn more. 

 

Lockdown helped third of UK homebuyers get onto property ladder

As challenging as the last 12 months have been for all of us, for many different reasons, there have been some positive stories and developments that have emerged during this unprecedented time.

 

According to new research from Rightmove, a third of UK home buyers have been helped onto the property ladder due to the national lockdown, with 27% of recent home buyers stating that the restrictions actually enabled them to save for their new home.

 

46% of those asked stated that they were able to get a foot on the ladder, as government 'stay at home' measures meant they drastically reduced their spending across social activities.

 

A further 33% said that having to work from home has also been a contributing factor to their ability to buy, as money otherwise spent on their daily commute or fuel consumption could be saved instead.

 

The other findings from this report show that savings were also made from family costs (10%) and moving back with parents or family members to save on rent and share social bubbles (5%).

 

Whilst it would be safe to assume we're all keen to return to some form of normality once again, it's incredible that the property market has been able to safely continue and help buyers achieve their dream of homeownership in 2020 and 2021.

 

With further savings available due to the stamp duty holiday extension until the end of June, it's expected that even more residential transactions will occur in the coming months.

 

To find out how you can get your foot on the property ladder, get in touch with us today.

 

 

Mortgage agreements for early 2021 at their highest since the financial crisis

Mortgage approvals have reached a 14-year high, propelled by last year's property market boom.

 

The Bank of England’s mortgage data from the end of last year shows a 24.2% increase in mortgages agreed compared to the previous year, and at any time since the global financial crisis, with £87.7 billion worth of mortgages agreed.

 

In Q4 2020, mortgage lending reached £76.6 billion, with a year-on-year increase of 4.2%, whilst the share of mortgages with a low loan-to-value was 4.5% down in a year; the lowest since 2007.

 

Considering that the housing market was effectively closed for two months in 2020, it is incredible to see that the year ended with more approvals than the one prior.

 

The value of new mortgage commitments hitting a 14-year high was largely driven by homeowners who looked to move into larger properties and see savings of up to £15,000 from stamp duty tax in the process.

 

This activity has resulted in the annual growth rate for new mortgage commitments almost quadrupling in Q4 2020.

  

April should signal a turning point for first-time buyers, who will now have access to 95% mortgage options once again due to government-guaranteed support.

 

Having been absent until now, it's thought that the return of lower deposit mortgage products will lead to more positive growth for the sector in 2021.

 

As we head into the popular seasons for home selling, with schools and businesses reopening and the vaccine program continuing to take effect, we'd like to help you with your plans this year.

 

To learn your property's value, visit our website.

 

 

 

Over 290,000 are now homeowners due to the Help to Buy scheme

The Help to Buy scheme was introduced by the government with the aim of helping first-time buyers get onto the property ladder; designed mainly to overcome the barrier of people not being able to save a large enough deposit to qualify them for a mortgage loan.

 

Help to Buy allows buyers to purchase a new build home with just a 5% deposit, it is then topped up by the government with a 20% equity loan that is interest-free for five years.

 

The number of homes bought using the scheme has increased year-on-year, with over 290,000 buyers having benefitted since it first launched.

 

Who has benefited from Help to Buy?

 

First-time buyers

 

Benefiting the most from the government's scheme has been first-time buyers, accounting for 82% of all purchases.

 

The average price of a property bought using the scheme is £279,995, with a typical household income of £53,218.

 

From April 1st, a new scheme has been launched that is only available exclusively to first-time buyers. As a result, regional price caps will be introduced on the value of properties that are purchased using the scheme.

 

These caps range from £186,100 in the North East to £437,600 in the South East and £600,000 in London. Below is a full list of the regional price caps for Help to Buy.

 

 

Region	Help to Buy price cap
North East	£186,100
North West	£224,400
Yorkshire and the Humber	£228,100
East Midlands	£261,900
West Midlands	£255,600
East of England	£407,400
London	£600,000
South East	£437,600
South West	£349,000

 

 

Buyers in London

 

For most of the country, the equity loan is capped at 20% of the property’s value.

 

However, in London, buyers can apply for an equity loan worth up to 40% of their property’s value.

 

 

Homeowners

 

Whilst those who already own a home or have previously done so have also benefited from Help to Buy, these have only accounted for around 18% of all purchases made using the scheme, with the typical home they bought much more expensive compared to first-time buyers.

 

It is important to remember that the Help to Buy scheme must only be used on your main residence and cannot be used to buy a second home or a buy-to-let property.

 

 

For key information on the 2013-2021 and 2021-2023 schemes, we'd advise referring to: gov.uk/government/publications/help-to-buy-equity-loan-buyers-guide

 

To start your property journey with us, please contact our team today.

 

 

Residential transactions 23% higher due to stamp duty and vaccine news

February saw a total of 147,050 residential transactions according to HMRC, which is a 23% increase from January’s total and a whopping 48.5% more than February 2020.

 

The cause of this surge seems to be as a result of the vaccine roll out, as well as the stamp duty holiday.

 

As transaction numbers increase month-on-month, we're able to see just how strong the market is, having shown tremendous resilience so far during the pandemic.

 

As buyers and sellers were previously rushing to meet the original stamp duty deadline, which should have seen savings end on March 31st, it's anticipated that even more sales will be agreed and records beaten over the next few months.

 

 

Whilst the stamp duty holiday as we know it will be in place until the end of June, offering up to £15,000 worth of savings, there will be homebuyers who benefit long after this date with a phased out easing that sees smaller savings until September. 

 

Due to Brexit and then COVID-19, there have been delays and hesitations in the sector, with a number of us wanting to see a return of 'normality' before proceeding with any plans.

 

If you’re looking to start the buying or selling process in 2021, get in touch with our team today.

 

Strict new fire regulations for HMOs and multi-tenancy buildings

The Home Office recently announced their intention to increase fire safety measures, stating that landlords of HMOs (House in Multiple Occupation) could face unlimited fines if they fail to comply.

 

The new enhanced procedures will be included in the future Building Safety Bill, which will be enforced in approximately 2022 and will apply explicitly to HMOs and other multi-tenancy premises.

 

The exact details are yet to be confirmed, but the government affirm that the act will improve the Fire Safety Order by requiring fire assessments to be recorded for each building.

 

Additionally, the government have verified that the new legislation will:

 

- Include the refinement of how fire safety information is accessed and preserved throughout the lifetime of a building.

 

- Better the quality of fire risk assessments and the expertise of those who perform them.

 

- Enhance communication and the organisation amongst those responsible for implementing fire safety and making it easier to identify who they are.

 

- Strengthening enforcement action, distributing unlimited fines to those impersonating or obstructing a fire inspector.

 

- Reinforce guidance in regards to the Fire Safety Order, which makes it easier to hold those who breach compliance in court.

 

- Improve engagement between Building Control Bodies and Fire Authorities when reviewing building work.

 

- Instruct all new flats above 11m tall to install information boxes.

 

If you'd like to talk about this in more detail, please don’t hesitate to contact us or learn more about our services for landlords.

 

 

Surge in holiday let enquiries due to stamp duty holiday

 

Properties bought for the purpose of holiday lets have grown in popularity since the introduction of the stamp duty holiday, with the extension giving investors until June to see savings for homes worth £500,000 and until September for those worth £250,000 and under.

 

Holiday property provider – cottages.com – has seen a 35% increase in enquiries, with year-on-year enquiries rising by 70%.

 

The “staycation” boom isn’t going anywhere for the time being, as coronavirus restrictions ease and the country gets one step closer to being able to resume planning social events and trips.

  

The pandemic has reshaped how people holiday, with many more of us choosing to stay closer to home and taking fewer risks with our travel plans.

 

If you have been considering buying a second property to let short-term in the UK, you could see significant returns in time for summer.

 

Out of all the new listings on cottages.com, 70% have been listed from first-time holiday letters; showing a unique opportunity for investors.

  

To find your next buy-to-let investment, browse our latest properties.

 

The key trends we have noticed during the pandemic

A year of being homebound has given us a lot of time to reflect on what's important in our personal and professional lives, and we've seen a huge shift in attitudes within the property sector too.

 

Over the last 12 months, there has been a huge change in the way homeowners and tenants view their homes.

 

Here are just some of the significant developments since the pandemic:

 

 

Home renovations have spiked massively

 

Being trapped inside has left people with plenty of time to reassess their current living situation and notice cracks and flaws they'd previously been able to overlook.

 

As working from home became a 'norm' for the country, we found that our living spaces were impractical and did not help us maintain a healthy work-life balance, with issues over Broadband speeds, unsuitable desk set-ups and distracting environments.

 

Regardless of the restrictions in place, it was so essential for the UK workforce to have more space that over 60,000 applications for planning permission were submitted by homeowners wanting extensions.

 

Over this period, we have also spent a combined £55 billion on renovations and DIY projects.

 

When asked, 63% said their reasons for completing renovations right now was due to having spent more time at home and wanting to improve their living situation, whilst other common reasons were to prepare their property for sale.*

 

 

More homebuyers are looking to escape to the country

 

As a result of our search for more space, Rightmove have reported a 69% rise in the number of sales being agreed for properties in rural areas, compared to 49% in urban areas.

 

With spring and summer on the way, as well as the prospect of lockdown regulations being lifted, many Brits are currently on the search for bigger gardens and a new lease of life with larger properties.

 

 

 

If you are looking for more information on recent changes in the market, get in touch with one of our expert agents.

 

*money.co.uk