Sept - Prop

110% increase in renters aged between 55-64

While rising house prices have led many younger people to rent for longer before buying their first home, tenants aged over 35 are the fastest growing group.*

In the decade between 2011 and 2021, the number of households privately rented to those between 45 and 54 years old increased by 50%, while renters aged 65 plus rose by 38%. However, the biggest hike was seen in those aged between 55 and 64 (110%).

But, what’s driving this changing attitude towards homeownership in the older demographic? While owning property comes with perks such as security, the increasing state pension age and rising bills have encouraged many homeowners to free up equity to enjoy a better standard of living during their golden years.

Those wishing to move into a retirement community, may also benefit from assured tenancies, which partly replace the security of owning a home. This is because as long as these tenants stick to the terms, they can normally stay for life.

Those who’d like to enjoy communal gardens and facilities, without the upkeep, or who can no longer cope with maintaining or running their current property, may also be attracted to this type of lifestyle.

A strong rental sector is good news for landlords. If you’re interested in assessing the value of your rental, or would like it fully managed on your behalf, we can help.

*Data from Paragon Bank (England: 2011–22).

Can equity release help you through the cost-of-living crisis?

With the cap on energy prices set to rise again this autumn and early next year, the cost-of-living crisis isn’t over yet. Homeowners who are struggling to pay their bills, or enjoy the same lifestyle as before, may need to consider how to increase their cash flow.

Unfortunately, those on a fixed income – such as retirees – can’t rely on landing a better job or a promotion to fill the gap. To make matters worse, many older people also support children and grandchildren battling rising bills, house prices, and inflation.

Equity release could be one answer to this knotty problem, as well as helping with other long-standing issues such as care costs, interest-only mortgages, and a small pension pot.

Equity release works by borrowing money secured against your home, which is usually paid back when your home is sold after your death or when you move into residential care. This is also known as a lifetime mortgage, though other options are available.

However, unlocking money from your home has drawbacks, such as reducing the amount your beneficiaries will inherit from your estate, and affecting your entitlement to means-tested benefits. If you’re already receiving council-funded care in your home, you may have to pay more after you release equity.

Before making any major financial decision, we highly recommend talking to a qualified advisor. We’re also on hand to discuss other options, such as downsizing or improving your property’s energy efficiency to reduce your bills.

Contact our team anytime for friendly advice tailored to your unique situation.

Letting short-term? Here are the prime locations to invest

Letting a home to the holiday market can be lucrative, especially in popular staycation destinations. A recent analysis found that short-term lets account for 7% of total homes across 15 of the nation’s tourist traps. *

Overall, the number of holiday lets has increased by 2.8% since 2019! This isn’t surprising considering the level of demand created by a reduction in the availability of foreign holidays during the pandemic. *

With chaotic scenes still unfolding in many of the UK’s airports and the rising cost of living putting off many from booking a trip aboard, the nation’s beauty spots, and traditional resorts look set to enjoy continued interest from holidaymakers.

Scarborough has seen the biggest hike in holiday lets – a rise of 2.3% since 2019. Ever-idyllic Cornwall still has the highest actual number of holiday properties, accounting for 7.4% of the total housing stock. At 6.1%, Dorset also remains extremely popular, with the number rising just above Cornwall (1.6% versus 1.2%). *

Of course, a high proportion of holiday lets in a single area can hurt the ability of local residents to find affordable homes to rent and buy, despite helping to boost the local economy by attracting tourists.

If this issue concerns you, letting your own home part-time or renting a separate property on your land could be a great way to earn extra income without impacting the ability of local workers who support tourist services to stay in the area.

If you’re planning to move to one of the popular spots we mentioned above, it may be worth considering properties that come with this potential. Whatever you choose to do, we’ve always got our ear to the ground for local properties that could suit your short-term letting goals.

Get in touch to learn more about how we can help you find or manage the perfect let.

*Property Reporter

How to determine the value of your property

In our experience, choosing an appropriate asking price can make the difference between your home achieving a fast sale and being left on the shelf, but getting this process right requires careful consideration and a deep understanding of local and national markets.

While it’s natural to try and squeeze as much as possible from your most valuable asset, you might find yourself waiting longer for a buyer than your competitors if you’re asking significantly more for your property than similar homes in the area.

On the other hand, we know that a lower asking price could result in you losing out – and may even leave viewers assuming there must be a reason your home is worth less.

Online browsers also might not see your listing in their search results if you’ve set the asking price slightly above or below the relevant price bands. For example, a buyer with a budget between £250–300K may not spot your £249,999 home because the filters tend to rise in increments of five, ten, twenty-five and fifty thousand pounds.

Luckily, property portals such as Zoopla and Rightmove can help you get a rough idea about the right price for your area. Both provide tools for checking how much homes have sold for in and around your postcode. You can even get an estimate based on your property’s previous sales history and current market data.

However, no online tool can factor in any improvements you’ve made since owning your home or judge its special features, history, or character. Lovely views and an exclusive setting could also up the value, so an in-person valuation is indispensable.

We’re always on hand to provide tailored advice so you can achieve the best possible result.

Want to find out how much your home is worth? Book a valuation with us today.

Reduce your energy bills with these money-saving tips

The cost of living crisis has strained the budgets of most UK households, largely due to an alarming increase in energy prices. If your home isn’t energy efficient, it’s likely your bills have given you cause for concern in the past months.

Autumn and winter are fast approaching. So, whether you intend to stay put or move soon, the cost-cutting solutions below could be worth their weight in gold.

Knowledge is power

Energy bills can be confusing, so it’s worth ringing your provider to discuss anything unexpected, check the tariff you’re on, and go through your payment options. You may also be able to set up email reminders to prompt you to submit regular meter readings to avoid being charged for what you haven’t used.

Check your entitlement to financial help

The Warm Home Discount Scheme and Winter Fuel Payment can help pensioners and those on a low income pay their fuel bills. You can also claim tax relief if your job requires you to work from home, because you live far away from your office, or your employer doesn’t have one.

You also qualify for a 25% council tax discount if you’re the only adult living in your home. As well as this, certain households can apply for insulation, and heat pump grants, or funding for improvements under the Energy Company Obligation scheme.

Prevent heat leakages

An easy way to save money is by sealing any draughty spots around windows and doors. Think about installing double glazing and blocking up unused chimneys and vents. Increasing the insulation in the walls and loft will prevent heat from escaping too.

Avoid energy vampires

According to British Gas, leaving your devices plugged in unnecessarily and forgetting to switch off sockets when not in use can cost almost £150 a year. Consider installing heating controls and smart plugs to help you manage your usage at the touch of a button. Inefficient bulbs can also burn through your budget – so choose low-energy LEDs.

Check your boiler and radiators

Bleeding your radiators and installing thermostatic valves can prevent cold spots and air pockets, increasing the efficiency of your heating system. Likewise, if your boiler is running at too high a temperature or the pressure is off, you could be losing money. If in doubt, invite an expert to check your boiler’s settings and keep it regularly serviced.

If you’d like to know how improving your home's energy efficiency could increase its value, contact us today.

Summer outdoor living trends

With the summer of 2022 proving to be sultry and sun-kissed, three trends have emerged as people seek to make the most of the uncharacteristically consistent British weather.

According to LuxDeco – a luxury online interior design marketplace – we’re paying a lot of attention to our gardens and terraces as we aim to bring the holiday vibe home.

Imitating high-end hotels & restaurants

Many of us have decided to emulate the chic and luxe environs of swish hotels and al fresco restaurants by revamping run-of-the-mill garden spaces. Think quality outdoor seating, sculptures, outdoor mirrors, and soft furnishings.

Creating ambience for evening parties

Of course, nothing improves the atmosphere of any gathering like well-planned lighting. Whether it’s soft glowing lanterns, fairy lights glinting on the pergola, or inviting pathways illuminated by stylish stake lights, the possibilities are endless. Plenty of outdoor lights also mean you can keep the party going well after sunset.

Inspired by the Mediterranean

Continuing the opulent holiday theme, the Mediterranean aesthetic is proving popular. While beautiful tiles and white-washed walls reflect the sun and hint at warmer climes, natural hues and materials add a soft and cosy feel. Bright colours, including serene sea blues, and terracotta pots with herbs also form the perfect backdrop to meals inspired by the culinary hotspots of Italy, Spain, and Greece.

If you intend to sell soon, it’s worth thinking about how you can stage your outdoor spaces to appeal to buyers. We can help with this – simply contact our agents today for a friendly chat.

Sales being agreed in the quickest time since 2016

In the last five years, there’s been a 42% drop in how long it takes to accept an offer on the average UK home.* This is a fall from 45 days back in 2016 to a mere 26 days in 2022 – less than a month!

However, specific periods still beat the average. While sales slow at the beginning of the year (54 days), houses fly off the shelves in April in just 36 days.** Bear in mind that we’d expect to see variations like this because the market tends to quieten over Christmas and during the summer holidays.

Different regions have also proven more in demand than others, which helps fuel speedy sales. In particular, the East Midlands, the East of England, and London are popular spots for buyers right now. Slower areas include Yorkshire and the Humber, the West Midlands, and Wales, but overall, houses across the country remain in high demand.

What does this news mean for you? Both buyers and sellers are benefiting from a quicker sale process, and with the market set to ramp up again in autumn, now is the perfect time to think about moving in time for Christmas.

If you’d like to take advantage of the favourable market conditions, why not contact us to book a valuation?

*According to an analysis of Zoopla’s listing data conducted by money.co.uk.

**Average between 2016 to 2022.

Top tips to improve the busiest room in your house

They say it’s the heart of the home – and we agree. It’s the natural gathering point for family and friends and a sanctuary of sensory pleasure for the cooks and bakers among us. We are, of course, talking about the humble kitchen.

Generously sized or compact, if your kitchen doesn’t work for your lifestyle, the flow of your whole home can suffer. A stylish, functional kitchen is also a big draw for buyers, so investing a little time or money here could pay dividends if you intend to move one day.

But where should you begin? Start by analysing the layout. Perhaps your kitchen is long and narrow, or an unusual shape. Also think about any chimney breasts, windows, or sloped ceilings that could be incorporated into the design, or may influence how you can organise the space.

Once you have assessed the room’s benefits and limitations, you could consider starting again from scratch by commissioning a bespoke kitchen designed around its natural features as well as your personality and needs.

For example, smaller kitchens might benefit from clever pull-out storage, while concealed appliances and bins could add serenity to a busy family kitchen. If your budget doesn’t stretch that far, you can still improve how the space is used by adding pan rails, extra shelving, a butcher’s block and storage solutions such as hooks and drawer organisers.

Other simple ways to improve your kitchen include painting the cupboards to contrast with your worktops or flooring, and installing a variety of lighting that works at different times of the day. While downlights are often popular, hanging pendant lights and table lamps can also create an inviting and sociable atmosphere.

For more advice about improving your home – especially if you intend to sell soon contact us for expert advice today.

You could increase your home’s value by 16%

Simply improving your property’s EPC rating could be the way forward. This is because many buyers are starting to focus their search on greener, energy-efficient homes.

This new buying trend may partly be the result of the government’s push to meet the UK’s target of becoming Net Zero by 2050. To achieve this worthy goal, most residential properties would need to reach an energy rating of C or above by 2035.

In the future, buying a low-rated home could mean having to accept tougher mortgage rates, which, combined with rising fuel costs, makes this prospect less desirable.

Therefore, it’s not surprising that savvy buyers are keeping an eye out for features such as air source heat pumps, PV solar panels, mechanical ventilation with heat recovery, and EV chargers, to name a few.

Properties for sale that are costly to run, or less environmentally friendly could see more buyers attempting to chip away at the asking price to factor in improvements they’ll eventually want to make. Likewise, eco-homes are starting to benefit from the ‘green price premium’.

If you’d like to learn more about how investing in energy efficiency measures could affect the value of your home, contact us. As your local property specialists, we're happy to help.

We’re also on hand to match buyers with greener properties – let us know your requirements today!

*According to a recent Rightmove analysis of over 200,000 homes.

Which green features do homes with high EPC ratings have?

Whether you’re planning to rent or sell your home, want to cut your bills or carbon footprint, your property’s Energy Performance Certificate (EPC) rating matters.

To clarify, an EPC measures the energy efficiency of a property on a scale of A-G, with A being the most efficient and G being the least. A-rated homes should have the lowest fuel bills and carbon emissions – a win for your bank balance and the environment.

Knowing the typical features greener properties command is helpful if you’re looking for a new home or wondering what improvements might boost your current score. A recent overview of high-rated homes listed for sale on a popular property portal, found many shared these attributes:

• Triple-glazed or laminated glass windows

• Aluminium windows (for thermal insulation)

• Air source heat pumps

• Carbon negative construction techniques

• PV solar panels for generating free electricity

• Mechanical Ventilation with Heat Recovery (MVHR) systems

• HeatStream water tanks

• Underfloor heating

• Ample insulation throughout

Whatever your starting point, we can advise you on improving your property’s EPC rating before renting or selling. We can also help buyers find an energy-efficient new home.

What happens after your offer has been accepted?

You’ve found the house of your dreams, and your offer has been accepted. You’re itching to start your new life, but the process is turning into a marathon rather than a sprint. At this point, many buyers feel mystified. What’s the hold-up?

The first hurdle is the pre-contact stage. This can take anywhere between 1–3 months. During this time, your mortgage lender will carry out their own checks to make sure they can turn your Agreement in Principal into a concrete offer.

After this, the relevant contracts will be drawn up with the help of the seller, their conveyancer, and the Land Registry. Filling out forms incorrectly, or not having the right documents on hand can delay this process, so make sure you have your ducks in a row.

Once the contracts are ready, your conveyancer should organise a survey of the property. Delays may arise if any problems crop up, but there are ways around this, and being prepared is always the way forward!

Now it’s time to exchange contracts. At this point, you can agree on a completion date. This may take up to several weeks if you need time to access the money from your lender and sign any further documentation relating to the transfer. If you’re in a chain, you may also have to wait until the seller can leave.

With a move-in date on the horizon, you’ll have to sort your building insurance to protect your new home from the day you arrive. Where necessary, you must pay Stamp Duty tax, and you’ll need to notify the Land Registry to confirm your ownership, and ensure your conveyancer gives you the title deeds. Tying up these loose ends can take two weeks.

Overall, it takes six months on average to go from an accepted offer, to picking up the keys to your new home.

Having the right professionals on your side can make all the difference. When you buy or sell with us, our team can help you every step of the way. We offer advice, and work closely with you to ensure your transaction is as smooth and stress-free as possible.

Visit our website to learn more about how we can help.

Are we going to experience a crash in the housing market?

With house prices seeming to be coasting along a rising trajectory, it’s no wonder many are starting to assume that what goes up must come down. But should we expect the bottom to fall out of the housing market anytime soon?

A recent assessment by Zoopla showed that house prices and sale numbers are expected to continue slowing in 2022, partly due to the cost of living. However, high buyer demand is keeping the value of a typical UK house above the 5-year price rise average.

Lifestyle changes brought about by the pandemic explain some of this stability, with flexible working arrangements, early retirement, and changing priorities still encouraging people to move. Additionally, rising interest rates will prompt many approaching the end of a generous fixed term to lock in a lower mortgage rate by moving now.

Stricter rules around lending have also strengthened the price bubble, putting the market in a different position than when we last saw a crash during the 2008 financial crisis.

This is all excellent news for sellers, but is this slow-but-steady rise reflected in other areas than traditionally strong markets such as London and the South East?

Zoopla’s House Price Index does show that house values are evening up across the UK, with the biggest gains most apparent at the lower end of the market. Therefore, homeowners in hotspots like Wales, the South West, and the Midlands are also benefitting from the moving trends that have developed over the past few years.

Right now, the average UK house price stands at £256,600. However, certain cities and regions are seeing steeper increases, so booking a valuation is the only way to know exactly how much your home is worth.

Get in touch today to arrange a no-obligation valuation.

*Date based on Zoopla’s August 2022 House Price Index