Prop articles

Top 10 reasons a buyer will walk away

When it comes to purchasing a property, eight in ten Brits admit to being 'picky buyers', with research showing that a poor Wi-Fi connection is enough to put a third off a new home.*

 

Other contributing factors can include having noisy neighbours, creaky floorboards and thin walls.

 

Of those surveyed, 22% would be deterred by an unruly garden with overhanging branches, with a third agreeing that dogs barking in the area would be a deal breaker.

 

If you're looking to sell your property in the near future, it's a good idea to determine what elements inside and outside could be picked up on by prospective viewers.

 

Where able, you should also complete any outstanding DIY jobs or renovations, as this will help you to secure a better offer in a shorter time frame. 

 

 

Top 10 reasons for a buyer walking away from a deal:

 

Noisy neighbours – 47% 

 

Loud area – 45% 

 

By a main road – 44% 

 

Thin internal walls – 43% 

 

Near an airport – 41% 

 

Hard to park nearby – 40% 

 

Lack of storage options – 38% 

 

Ceilings being too low – 35% 

 

Steep stairs – 34% 

 

Poor Wi-Fi – 33% 

 

At this time of the year, activity from buyers only increases in the run up to Christmas, with many wanting to unpack the last box before getting into the holiday spirit.

 

Whether you're looking to sell or let, we're ideally positioned to maximise marketing exposure for your property and help buyers see its best qualities.

 

Contact our team today for your up-to-date valuation.

 

 

*First Mortgage

 

 

Home ownership with the Affordable Housing Programme

The UK government have shown that they are committed to helping the younger generation get onto the property ladder, allocating £8.6bn to build approximately 119,000 affordable homes.

 

- 57,000 homes will be available to buy

 

- 29,600 properties will be delivered for social rent

 

- 6,250 will be rural homes

  

The introduction of the Affordable Housing Programme is due, in part, to the shortage of homes being built over the course of the pandemic and aims to make house buying more realistic for families.

 

Lockdown and Brexit have taken a toll on house building in the UK over the last 18 months, as shutting down construction sites has delayed projects and led to disruption along the supply chain for materials, whilst there have been fewer workers available to complete work.

 

There has been a fall in completions of new build homes by 11% since last year, whilst the supply-demand imbalance has made homeownership more difficult for first-time buyers, in particular.*

 

What does this mean for you?

 

If you’re struggling to get onto the property ladder, this may be the perfect scheme to take advantage of.

 

Need help or want to know if you’re eligible? 

 

Visit: https://www.gov.uk/government/news/86-billion-for-affordable-homes-to-give-boost-onto-housing-ladder

 

Or, to discuss your house buying options, talk to our local team today.

 

 

*Zoopla

 

 

Buyers and sellers need to act now to move in time for Christmas

 

Homeowners up and down the country are preparing for the pre-Christmas rush, and with the demand-supply imbalance still providing sellers with optimal market conditions, it's likely we'll see a lot more sales to come before the end of 2021.

 

Every year, buyers and sellers are swept up in a flurry of market activity across autumn, with October standing out as a busy period for selling activity.

 

Will you be in your new home by Christmas? Here's where you should start:

 

 

Ensure the property is sale ready

 

Your estate agent will be able to tell you if there are any features of your home that might put off potential buyers.

 

If anything is flagged up, try to get it fixed before your property goes on the market, as doing this will mean you’re more likely to get a speedy sale.

 

Paperwork at the ready

 

Ultimately, the quicker that your paperwork is processed by the solicitors, the quicker you can get going.

 

Hassling with paperwork can slow down the moving process significantly, so pre-empt any requests for certificates or documentation by having it all in one place and ready when called upon.

 

Likewise, calling ahead to organise van hire or a removals company will ensure there are no issues on the big day itself.

 

Declutter thoroughly 

 

With December not far off, it would be a good idea to start sifting through your belongings now to work out what will be going with you and what is no longer wanted or needed.

 

A clearer space will also make your property pictures more visually appealing and make it that much easier to unpack and set up your new place to feel like home.

 

 

If you are looking to sell your home, book your free market appraisal today.

 

 

How much do you know about the mortgage process?

According to a recent survey, buyers are hopelessly uninformed on the mortgage process.

 

Whilst the furlough scheme was active, 64% of those living in Britain believed that lenders would not consider whether they received support when applying for a mortgage.*  

 

Likewise, from a survey of 2,000 adults, 42% did not believe being self-employed would be considered.

 

When deciding whether to lend to you or not, a bank will always assess the risk factor, which means taking into account anything that may affect repayments, such as your employment status and spending behaviour. 

 

Of all generations, it is those aged 35 and under with the least experience on what to expect when applying or looking to re-mortgage for a better deal.

 

Only 15% of those aged 18 to 24 knew that the government-guaranteed mortgage scheme announced earlier this year applied to them, with a staggering 85% left in the dark.*

  

Wondering if you’re eligible?

 

Open until 31 December 2022 for new applications, this scheme is available to first-time buyers and home movers across the UK.

 

For more information, go to: https://www.gov.uk/government/news/new-95-mortgage-scheme-launches

  

If you’re looking for mortgage advice, contact our dedicated team today. We can provide comprehensive advice and help you find the best deal possible.

 

 

*Estate Agent Today

 

 

Avoid cold weather costs with your property

74% of homeowners agreed that their property costs more to maintain in the autumn and winter months.

 

 

So, just what's behind the spike in your spending?

 

Energy bills – winter utilities can add an additional £110 a year onto your bills.

 

Remember to look for cost-effective options to insulate your home and to switch providers when needed in search for a better deal.

  

Broken boilers – a boiler repair will cost around £250, whilst a replacement can cost up to £1,800.

 

Whether you own or let the property, ignoring a problem can lead to a huge cost later down the line.

 

Blocked guttering – getting guttering cleared costs around £100.

 

A leaking roof – fixing a leaking roof can cost anything between £100 and £1,500, depending on the extent of the damage.

 

Additional garden upkeep – hiring a gardener to rake leaves and sort your winter gardening will cost around £30 per hour.

 

Burst pipes – fixing burst pipes can cost around £310.

  

61% of homeowners said that they would undertake preventative measures to avoid encountering these issues in winter.

 

This includes having your boiler serviced regularly, bleeding all radiators to ensure maximum efficiency, and checking the roof and windows for any damage.

 

Are you looking for a new place to call home this winter? Contact us today for a free valuation.

 

 

*Property Reporter

 

 

Finding the right home at the right price

You might think you’ll never be able to afford your dream home, but there are a number of ways that you can make it happen.

 

From finding a doer-upper to avoiding expensive trends, here are seven ways you can make your money go further.

 

Buy an older home

 

Older properties may need more care and attention to update, but you can often get a brilliant property for far less.

 

According to Land Registry Data, new build properties sell for £65,000 more on average than existing housing stock.

 

Buy a home you can extend

 

A loft, basement or garage conversion can give you even more space and increase your home's value if and when you choose to sell later on.

 

Adding an extension, if done right, can be much cheaper than buying a larger house but make sure you do your research beforehand and budget for the necessary work.

 

Avoid paying for benefits you don’t need

 

Buyers will often pay more for a property that’s close to public transport routes or within a specific catchment area for schools.

 

If you're flexible on location, don't overpay for the sake of it.

 

Living in a catchment area for a good school can add up to 12% on a property's sale value, so you may be able to get more value elsewhere, if those priorities aren't essential to you.

 

DIY could save your wallet

 

Be prepared to do some renovations yourself to avoid paying extra.

 

When viewing a property, try to ignore the current owner's belongings and instead focus on the size of the rooms and its location.

 

Weigh up the money you’re saving against the cost of any refurbishments, as you don’t want to be left with any nasty surprises once you've signed on the dotted line.

 

Consider buying a property that’s going ‘out of style’

 

Homes built in the 60s, 70s and 80s are likely to be much cheaper, as they are considered less desirable.

 

When you buy a property, the only thing you can’t change about it is the location and amount of light it gets.

 

Consider this when opting for an outdated style of house, as an extension or just some TLC can completely change the look and feel.

 

Is location everything?

 

If you can’t afford the property you want in one area, it doesn’t mean you can’t afford it at all.

 

Consider looking at a few different locations and see how much property prices vary. Adding an extra 15 minutes to your daily commute may mean you can afford a significantly bigger property.

 

Make use of government schemes

 

Schemes like help to buy and shared ownership can be extremely useful if you can’t quite afford the home you want.

 

Help to buy means that you can get a five-year, interest-free equity loan of 20% of the property’s value, which could make all the difference when buying your dream home.*

 

Shared ownership gives you the option to gradually increase your stake in the property by staircasing as and when you can afford it.

 

If you’re looking for your perfect property, contact our team today.

 

 

*Zoopla

 

Building your dream open plan living space

With light and space becoming essential in any house post-lockdown, it’s no surprise that many homeowners are opting for a more open plan living space.

 

Here are a few simple tips to help you build a beautiful integrated living and dining area.

 

Consider your specific requirements

 

What would you like to achieve from your project? It’s a good idea to make a list of what you need from your new space.

 

Do you want to be able to watch movies or play music, and what sort of storage do you need it to have?

 

Will you need planning permission?

 

To create your living and dining area, you could refit the existing space or extend on what you already have.

 

Before starting any major projects, always contact your local planning authority to confirm whether you need to apply for planning permission.

 

Always follow building regulations

 

Your project may not need planning permission, but it will need to comply with building regulations. These will include rules around ventilation, insulation, heating and fire protection.

  

You may need to seek professional assistance

 

You might want to seek help with design and technical drawings of your new space, depending on the scale of the work being undertaken.

 

An architect would be able to help you with this. If the dining area is going to incorporate a kitchen, you may need to seek out a kitchen designer to make the most of your space and give you the guidance you need.

  

Let natural light in

 

If you want to add light to your open plan space, then installing glazing and bi-fold doors is an easy way to do that.

 

Another option is adding roof lights or a roof lantern to get rid of any dark corners.

 

Recently renovated your property? If your home has recently undergone a refurbishment, we can value your property and help you learn its current sale value, talk to us today.

 

 

 

UK property prices up 13% compared to pre-pandemic

When the stamp duty holiday came to an end, it was expected that the home buying frenzy would tail off, however, prices and demand continue to soar.

 

There are currently 24% fewer homes on the market than this time last year, with higher than average enquiry levels and interest per property listed.**

 

Even when SDLT savings dropped from £15,000 to £2,500 earlier this summer, house prices were 11% higher when compared with August 2020, as increased demand led to competitive offers from buyers.*

 

For August 2021, the average price sat at £248,857. That has risen by 13% since the start of the pandemic, and an increase of £5,000 in the space of one month.*

  

Levels of demand are set to continue climbing as borrowing costs remain low. The fact that these costs have remained low has caused consumer confidence to grow, increasing demand further.

  

Experts predict that in autumn 2021, the property market will continue to see promising transaction levels, whilst by 2031, the average house price will have jumped by 30%.***

 

Our property experts can give you a reliable and free market appraisal, so that you know exactly how much your property is worth.

 

Book your valuation today.

 

 

 

*Nationwide

**Zoopla

***Based on trends from the Office for National Statistics

 

 

Rents rise at fastest rate for 13 years

The lettings market is booming, with properties letting almost a week faster than in 2020.

 

Now the pandemic is easing, people are returning to the city centres, which is causing an increase in demand and a shortage of available rentals on the market.

 

Rents outside of London have increased at their fastest rate since 2008, reaching £790 PCM on average.

 

Whilst rents outside of London have shot up by 5%, London landlords are also seeing a rise in value.

 

The average rent in London now stands at £943, up 2.1% compared to last year.

  

Affordability has remained consistent across this period, with average earnings increasing faster than rents, ultimately showing signs of healthy growth in the buy-to-let sector.

 

With tenant interest 80% higher than the average between the periods of 2017 and 2019, demand is still outstripping supply of rental properties.

 

What is causing this spike in demand?

 

- Students returning for the academic year

 

- Returning demand for city properties post-lockdown 

 

- Level of rental homes decreasing by 13%

 

This mismatch in supply and demand has forced rents up and led to the rental market’s fastest paced year since 2016.

 

If you want advice on any aspect of the rental market, or are interested in a rental valuation, contact us today.

 

 *Zoopla Rental Market Report

 

 

Staycation demand allows holiday let owners to cash in

In the first half of 2021, 1,401 holiday let companies were incorporated, which was an increase of 83% on the previous year and a 119% increase on the year prior to that.

 

Holidaymakers have traded flights to Europe and destinations further afield for summer holiday destinations in the UK, such as Cornwall, Dorset, Devon and the Lake District.

 

Despite the rising prices of these destinations and limited availability, hospitality businesses who suffered as a result of lockdown are now enjoying a huge demand for UK holiday accommodation.

 

It has been highlighted that this is not just a summer trend, as bookings have continued to soar into the autumn and winter periods, with it looking less and less likely for many tourists to catch some sun before the end of the year and travel hassle-free.

 

What locations are the most appealing to the public?

 

In terms of location, it's not all about major city breaks, with holidaymakers showing as much interest in scenic, countryside destinations.

 

The rising popularity of UK staycations provides a perfect solution for frustrated Brits wanting to get away, as well as investors looking for new options to expand their portfolios.

 

Are you looking for your next investment opportunity? Talk to our team today.

 

 

*Property Investor Today

 

What's changed with tenancy evictions?

Over the last 18 months, a number of measures were put in place to protect tenants who were unable to keep up with their rent payments.

 

This put a strain on landlords and the lettings market as a whole, with the government easing these rules back gradually to help all parties involved recover from the effects of the pandemic.

  

A notice period can be anywhere up to six months before an eviction can take place. In addition to this, a tenant can only be asked to leave during the contract's fixed term, if:

 

- The tenant is behind on rent payments

 

- The property has been used for illegal activity

 

- The property has suffered damage during the tenancy

 

Notice periods have been extended since the pandemic, which gives tenants some breathing space if their employment status has changed.

 

Once the tenant has been issued with a written notice of wanting the property back, the tenant is given:

 

- Two months to vacate if they gave notice prior to the 26th of March 2020

 

- Three months, if it was between 26th March and 28 August 2020

 

- Six months, if it was after 29th August 2020

 

- Four months, if it was after June 21 2021

 

Despite these dates, according to the government, if a tenant is evicted with a section 8 notice, the tenant may have to leave much sooner.

  

A tenant should pay rent until the end of their agreed term in accordance with the contract they would have signed. Despite this, it is normal to still liaise with the landlord to see whether there is a break clause in the contract.

 

Landlords may also allow a tenant to leave a fixed-term contract early if the tenant has a direct agreement with them, such as finding a replacement.

 

Do you need help as a landlord or tenant? Talk to our team today.