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Surge in sellers renting ahead of their next move

With the sales market continuing to boom, many homeowners have secured a high price for their home in 2021, choosing to put themselves in a stronger position by renting during this stop gap period.

If you’re living in a rented property, you are normally able to move quicker due to not being part of a chain.

Rather than feeling pressured to act fast, this means that you're able to negotiate for the property and price you want.

It's also an incredibly sought-after position to be in when a vendor chooses who to sell to, as without a chain, the sale will be more likely to complete instead of falling-through.

The number of sellers looking for rental homes has contributed greatly to the dwindling stock of rental properties and consequently increasing rents. As a result, there were nearly half the number of properties on the rental market in July than this time last year, with the numbers continuing to drop.*

This is encouraging for landlords, as their properties are in demand with void periods falling rapidly.

But it’s not just homeowners looking to rent.

Due to the pandemic, many tenants no longer have to be tied down to one location.

With working from home now the new norm, a short commute is no longer desirable and moving away is more feasible. This year, 49% of tenants moved just because they wanted to live somewhere different, as opposed to moving from necessity.**

Are you looking to sell your home or put your property up for rent? Our dedicated team offer free, accurate and no-obligation valuations for both the sales and lettings market.

Find out how much your property is worth today and book your market appraisal.

*This is Money

*Estate Agent Today

Moving house safely: a refresher post-lockdown

COVID-19 restrictions may have been lifted but the virus is far from gone. Many people are still wary of going about their day-to-day lives, even after a year of being stuck indoors.

So, how do you move home safely in 2021? The Ministry of Housing, Communities & Local Government have issued these guidelines to keep you safe...

Can I view a property in-person?

If you are not required to self-isolate, you can go and view a property in-person, however, guidance continues to recommend virtual viewings where possible.

Viewing the property can be an important step in the house buying process, but it’s important to keep yourself safe.

Make sure to follow good hygiene practices, wash your hands regularly by sanitising and cleaning common contact zones, wear a face covering when possible and keep your distance from others.

Do I have to wear a face covering?

Whilst wearing a face covering is no longer mandatory, it’s advised to wear one to protect yourself and others.

The homeowner may request you wear a mask whilst looking round their property. So, you should look to accommodate their wishes whilst you are in their home.

Can I ask people viewing my home to wear a face covering?

If you would like people coming to view your property to wear a face covering, it’s important to let your estate agent know.

Putting a cap on the number of people allowed to view your property at any one time may also be a good idea to help keep everyone safe.

What if I have to self-isolate?

Buyers and sellers may experience delays due to self-isolation. Whilst this may be irritating, it’s important to continue to follow the rules.

- Get a test if you have symptoms.

- Isolate if you have a positive test or have been in contact with someone who has tested positive.

- Quarantine if you are returning from red or amber list countries.

Speak to a solicitor about making contractual provisions in case the worst happens. This enables the process to continue whilst you are isolating.

Want to know how we’re helping to keep you safe? Speak to one of our team members today.

Price gap widens for houses and flats

Prices for both houses and flats are continuing to increase following the Covid-19 pandemic.

According to Zoopla, family homes are the most popular choice, resulting in an 114% increase in demand and shortage of stock.

The search for space has meant home buyers are looking for larger properties, causing prices for homes to increase by 7.3%.

However, flat prices haven’t seen the same boom. This has caused the price gap between houses and flats to widen.

The number of property transactions taking place currently stands 22% higher than the average level in 2020. Coupled with house prices reaching a new high of £230,700 per property, this is 30% above the 2007 market peak.*

House prices are continuing to grow with current statistics, showing a 5.4% increase in June, compared to the same time last year.

This is more than double the year-on-year price growth recorded 12 months ago.

Why is this happening?

- Race for space

Being in lockdown for the last year has caused people to desperately search for more space. Larger living rooms and extra bedrooms are some of the main factors influencing potential buyers.

Flats don’t always have the extra space many people desire, leaving them with less demand than in previous years.

- Working from home

People are searching for properties that have a home office or a spare room that could easily be converted into one.

This has made houses more favourable over the last year, as a lot of flats simply don’t have the space or option to accommodate this.

- Access to green space

After a year of being stuck indoors, it’s unsurprising that many people are now wanting to spend more time in the garden; causing people to look for properties with more outdoor space.

Conservatories are a great way to link indoor and outdoor areas, proving popular for potential buyers.

Are you looking to sell your home? Speak to our property professionals today.

*Zoopla

What does the supply-demand imbalance mean for you?

Vendors have benefited from the supply-demand imbalance seen across the market in 2021, with 40% of properties selling above their original asking price, making conditions optimal for selling.*

What makes conditions optimal this autumn?

1) Low stock

Due to the pandemic, many people were put off selling their homes whilst the construction of new build properties came to a halt, causing a dip in housing stock.

This means that the homes currently on the market are being snapped up faster, with serious buyers putting offers in much sooner than they otherwise might have done.

2) Increased demand

With UK restrictions easing, buyers are now competing for properties, with 36% of homes attracting offers from three or more buyers.*

Many who originally put off moving due to the pandemic are now looking to relocate, causing a huge increase in demand and sparking bidding wars between buyers.

3) Mortgage rates

With the number of available UK mortgages on the rise, lenders are competing to attract more customers with low-interest rates and low-deposit mortgages, giving buyers more choice than ever when it comes to choosing the correct financial option for them.

Need a helping hand selling your home? Get in touch with our team today.

*Property Reporter and Which?

The most common stamp duty buyer type

There has been a flurry of transactions over recent months due to the stamp duty holiday, but where has all this activity come from?

A report claims that recent activity has been down to families wanting to upsize, as well as investor activity.

Wanting to move into a larger home post-pandemic is not uncommon. The price paid by an ‘upsizer’ in the second quarter of this year was up 10% to an average of £418,000, whilst the average for investors also increased to a figure of £205,000.*

First-time buyers have also been active due to increasingly competitive mortgage rates. This was helped by the fact that many were able to save more over the pandemic, giving them a greater amount of disposable income to put towards their house purchase.

Despite the extreme market conditions, this shows that it is achievable for first-time buyers to get onto the property ladder.

Upsizing is one of the main factors currently influencing people’s decision to move. If you’re looking to upsize from your current property, here are some things to think about...

1) Can you afford to move?

Working out the affordability of a property can be difficult. The main factors to think about are how much of your mortgage you have paid off and if the money you have left will pay for a 10% deposit.

If you’re not in a rush to move, then overpaying on your mortgage can be a great way to get more equity from your home.

2) Get more for your money

You will be able to get the most for your money if you look at several different areas.

If you want to get the most out of your money, a fixer-upper is a great idea. It’s an affordable option, as well as lending you the opportunity to make the property your own.

3) Think resale value

The last thing you want when you come to move on again is to struggle selling your home.

Think about increased transport links and facilities that would make a property desirable.

Planning for the future is important when buying a house, so make sure it will accommodate your future needs as well as your current ones.

4) Will you be able to take care of a bigger home?

Owning a bigger home will come with its downsides.

These may include increased heating bills or the need for additional furniture. A bigger home may also require more work to maintain and repair, especially if you’re taking on a project property.

If you’re looking to move this September, let us help you! Browse our range of fantastic properties or get a free valuation today.

*Reallymoving

Tenant demand still on the rise

Following a surge in tenant demand over the last quarter, the market could see rents increase over the next three months.*

The pandemic has heavily impacted the lettings sector, with fewer rental properties being listed on the market. This has caused the increasing demand to continue to outstrip supply.

This is good news for anyone looking to begin their buy-to-let journey, as tenant demand has hit the highest levels recorded since 2016.**

If you want to let a property in 2021, here are three top tips to get started with your portfolio.

1) Impress with add-ons

Investing in your property prior to letting it will ensure you receive the maximum return on investment possible.

Being able to say you have “modern, state of the art appliances” or offer free Wi-Fi is a great way to attract tenants.

If you do upgrade your appliances, you could always go for energy-efficient models and make your property environmentally friendly, as this is another big selling point.

2) Promote your property as pet friendly

There are some tenants who won’t even consider moving into a pet-free property.

By welcoming well-behaved pets, this will open your property to a much wider search radius, as well as the potential to see higher rents.

3) Make use of your local letting agency

We’re here to help manage your property, find tenants and bring you peace of mind.

Your property is in safe hands when you let with us, so take the stress out of letting and leave it to the experts.

Contact our team and find out how we could help you manage your property.

*Propertymark

**What mortgage

Could you benefit from repaying your mortgage early?

The average homeowner will be 57 before they’re able to fully repay their mortgage, so paying off the debt early is a desirable financial goal.*

What is there to consider if you want to pay off your mortgage early?

If you are thinking of repaying your mortgage, do your sums.

When will you finish repaying your mortgage and what will your financial situation be like then? It's important to consider your options and review them frequently.

Here are a few options to help you pay off your mortgage sooner:

1) Overpay whilst you can

Ensure you have enough money to keep you going for at least three months before paying off your mortgage, as this is a good way to judge if now is the right time to get rid of that debt.

Most mortgages won’t charge you for overpaying, however, it’s always worth checking.

2) Consider remortgaging

Interest rates are at record low levels and there is more product choice for buyers than ever before. If there is a better deal on offer, it might be a good idea to remortgage whilst you can.

Remortgaging can help you reduce the size of your loan and avoid less favourable mortgage rates that will extend your mortgage term.

3) Reduce your mortgage term

Sticking with your current mortgage plan could leave you overpaying if your financial position has changed since you first applied for your mortgage.

If you can now afford higher repayments, you should consider reducing your term. By doing this and increasing your monthly payments, it’s a guaranteed way to pay off your mortgage sooner.

If you’re looking for expert advice regarding buying and selling, contact us today.

*Hargreaves Lansdown

Selling during the back to school season

One-third of homeowners choose to buy or sell in early autumn, making now the best time to put your house on the market.

With children returning to school, could a move be on the cards for you?

If you are selling this September, here are some of our top tips...

1) Have a clear-out

The back to school season can be a busy time, with one in four also choosing to switch jobs and careers during this month compared to the rest of the year.*

So, having a simple declutter of your belongings and items can create a blank slate for people coming to view your home.

2) Maximise your storage

Maximising your storage space is an easy way to keep your home tidy at a low cost, which may then mean you're required to do less work in between any viewings that take place.

3) Plan for viewings

Don’t let viewings catch you off guard! Have a checklist of everything you need to do before a potential buyer comes to view your home.

Having a set plan of action will help you keep a clear head and get things done amid the back-to-school chaos.

4) Improve your home's kerb appeal

Two-thirds of buyers stated that kerb appeal was a significant influencer in their property purchase.**

Some top tips for improving your home's aesthetics are hiding bins, cleaning your windows and decorating your front door.

Are you ready to move this September?

Contact our property professionals today for helpful advice and guidance.

*Job search website, Monster

**Homeowners Alliance

Who’s most interested in your home’s value?

Have you ever used property sites to snoop on how much someone has paid for their home?

In a study by Zoopla, six out of ten Brits admitted to checking out how much someone has paid for their home, with the most popular people to snoop on being neighbours, friends and family.

Who are Brits most likely to snoop on?

- Neighbour 36%

- Friend 34%

- Family member 29%

- Someone they sold a house to 16%

- Colleague 11%

- Partner 8%

- Someone they dislike 6%

- In-laws 3%

- Ex-partner 3%

But, why are we so nosy about house prices?

Reasons for researching property prices can include: wanting to discover a property’s interior value (18%), the nostalgia of a previous home (12%) and wanting to improve your own property (10%).

However, one of the main reasons to look up the value of another person’s property is to get a better idea of how much your own home is worth.

If you’re curious about the value of your home, there’s no need to guess.

Source: Zoopla

Will working from home be your new norm?

Last year, the number of adults who worked from home inevitably increased to 37% over lockdown.*

Despite many people agreeing that working from home makes them feel isolated, 85% of homeworking adults now favour a "hybrid" approach of both home and office working for the future.*

Whilst job adverts that included home working have increased dramatically to three times the amount seen last year.*

Are you currently working from home?

Here are our top tips on how you can create a healthy working environment.

1. Keep moving

When we work from home, we tend to be a lot less active than in an office environment.

Exercise is the key to staying in good health, so a lunchtime walk has many benefits and will keep you productive for the rest of the day.

2. Look after your eyes

Looking at a computer screen for hours can be taxing on your eyes.

Aim to follow the '20/20/20 rule'. That means that every 20 minutes, look 20 feet away for 20 seconds, this should help your eyes recover from the strain.

3. Create boundaries

It can be tempting to work longer hours from home but remember to have boundaries between work and home life.

Having a home office can be beneficial as a designated workspace that you can leave at the end of the day.

If you don’t have a home office, why not consider picking a space in your home that will be your professional sanctuary.

4. Put a plant on your desk

Plants can play a major role in creating a more peaceful, yet engaging workspace.

5. Natural light is important

Natural light is good for your eyes and mind.

If your home office doesn’t have any windows, make sure you have plenty of lamps producing light.

6. Invest in a decent coffee machine!

Standing up and giving yourself breaks from your computer screen is important.

Getting a coffee can be a well-earned break from work and give you some extra energy to get through the day.

With career changes higher in September than any other month of the year, are you looking to relocate? Contact us today to see our latest listings in your area.**

*National Office for Statistics

**Job search website, Monster

How to keep your boiler running for longer

A broken boiler is the last thing you want as the weather starts to get colder this autumn.

If you’re facing boiler issues, this helpful guide is here to get you back on track with five of the most common issues and the best ways to fix them.

1. Kettling

Is your boiler making a strange bubbling noise? If the answer is yes, then you most likely have a build up of sludge, and should you live in an area with hard water, this can be a common problem that happens again and again.

Hard water has a high mineral content, which has a tendency to cause build-up in heating systems and waterpipes.

2. Leaking and dripping

Having buckets full of water that have been dripping out of your boiler for weeks is not ideal.

A broken internal component is the most likely cause behind a leaky boiler and can be caused by the pressure becoming too high.

3. No hot water

The last thing you want is a cold shower whilst you wait for your boiler to be fixed, so make sure you check your thermostat.

If your boiler pressure is normal and the thermostat is set correctly, then there could be an issue with an internal component in your boiler. Get an engineer to check this for you.

4. Low boiler pressure

Low boiler pressure can result in a number of problems, affecting the efficiency and effectiveness of your heating system.

This can make it difficult to keep your home warm as well as increasing your energy bills.

The best thing to do is check the gauge meter.

If the needle is below one, then you have low boiler pressure, which can be caused by a water leak. If there are no leaks to be found, then you may need to get your boiler re-pressured.

The manufacturers website will give you details of how to re-pressure your boiler.

5. The pilot light has gone out

The pilot light is the flame that lights gas provided by a main burner. The flame should remain permanently lit, as it is supplied by a gas pipe.

If a pilot light goes out, gas will still be released from the pipe, and this could be potentially dangerous. There should be a sensor in the pilot light tube that cuts the gas as soon as the flame goes out.

Check the boiler itself to see if there are any specific instructions as to how to turn on your pilot light.

As leading lettings agents in your area, we offer a range of services to support our landlords and tenants. Contact us today about our fully-managed package.

What makes the perfect tenant?

Having a positive relationship with your tenant is important when renting out a property. But what are the best qualities to look for when choosing a tenant?

Ideally your tenant should respond quickly to calls or messages, as this makes it easier to get any problems resolved, however, it's not always the case and that's where relying on a letting agent can be beneficial.

Your investment is your financial security. So, having a tenant that is respectful of your property is essential.

Rent should be paid on time every month. Whilst sometimes defaults can’t be avoided, a good tenant should pay in full whenever the rent is due.

If there comes a point when your tenants can’t pay, they should keep communication with you so it can be resolved.

Four tips for vetting your tenants:

- Choose a tenant with good credit – ensure your tenant is financially responsible by getting a credit check. If your tenant is responsible when paying bills, chances are they will pay their rent on time.

As well as offering fully-managed services, we can help you locate the best tenants that meet your requirements as a landlord.

- Get a tenant reference – a reference check gives you a good idea of whether an applicant will be a suitable tenant.

This will provide key information on a renter's employment history and ability to pay rent, as well as any previous dealings with landlords.

- Meet potential tenants – it’s important you have a good relationship with your tenants so meeting them is essential. Furthermore, it’s a great opportunity to ask any important questions face-to-face.

- Listen to your letting agent – your agent will only find you suitable applicants for your property. They will also be able to provide you with advice on choosing a tenant based on their experience working in your local area in the past.

Take a look at our property management services or contact us today for more information.