October property

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

First-time buyers: What deposit will you need?

Whether you are thinking about saving for your first house or you have been saving for a while now, the deposit will most likely be the first hurdle on your journey. Here are some of the basics you’ll need to know to help you get a leg up.

What is a mortgage?

A mortgage is a loan taken out to buy a property or land. Most will run for 25 years, but the term can be shorter or longer depending on the property.

The loan is ‘secured’ against the value of your home until it is fully paid off. If you fail to keep up with your repayments, the lender can repossess the home and sell it to get the money back.

How much of a deposit do I need to buy a home?

Before you start looking at properties, it’s best to get your deposit saved first and foremost.

Generally, you will need to save at least 10% of the cost of the home you would like to buy. This figure depends on whether you’re buying alone, in which case you can split the deposit in half. It also depends on current market activity at the time of the purchase. For example, most sellers will ask for a higher minimum deposit during economic headwinds or overwhelming demand, as this ensures that they will achieve the right asking price.

Saving above 10% will give you more leverage for the home you want, expand your choices on the market, and secure you a lower monthly interest rate.

Help for first-time buyers

If you are in a situation where you can only save a small deposit, or you do not have the option to split the cost in half with a secondary resident, there are a range of government schemes available to give you a helping hand on the housing ladder. Options include:

Lifetime Individual Savings Account (LISA) – You can use a LISA to buy your first home or save for later life. You must be aged between 18 and 39 to open a LISA. You can put away up to £4,000 each year and the government will add a 25% bonus to your savings. However, there is a penalty for taking money out of a LISA if you are not putting it towards a deposit, or withdrawing after age 60.
Equity Loan – This scheme is only available to first-time buyers in England who want to buy a ‘new-build’ house within the relevant regional price cap. You can borrow up to 20% (40% in London) of the purchase as an interest-free equity loan. You do not pay interest on the equity loan for the first five years, but you will start to pay interest in year six. The equity loan payments are interest only, so you do not reduce the amount you owe.
Shared ownership – Shared ownership offers first-time buyers the option to buy a share of the home from the landlord, who is usually the council or housing association, and pay a reduced rent on the remaining share. Later, you can choose to buy a bigger share in the property, and ‘staircase’ up to 100% of its value.

Some of these schemes are ending or unavailable in certain locations, so it is important to thoroughly research each one, save as much as possible and seek out bespoke advice about your savings options.

Other costs for buying a home

When saving for a deposit, it’s important to remember that there are other fees and costs you will need to save for, before you can take the plunge.

These include:

Survey costs
Initial furnishing and decorating costs
Buildings insurance
Solicitor or conveyancer fees
Removal and moving costs
Stamp Duty

If you are struggling to save for a deposit

If you are struggling to save up a large enough deposit to move out within a certain timeframe, there are options available to help you.

Family assistance mortgages allow whoever is supporting you to put in a percentage of the money you are looking to borrow into a specific savings account, or they can secure the mortgage against a percentage of their own property.

Looking for advice on your property circumstances? Get in touch today.

Tenants stay put due to rising rents: Is it time to go fully managed?

According to data from Propertymark, a shortage of rental stock is fuelling the surge in renters staying put, with 73% of letting agents saying they have seen a growth in the number of tenants renewing contracts over the past year.

Increase in long-term tenants

The rental market has seen a vast increase in tenancy renewals due to a shortage of stock, which has had a knock-on effect on rising rents. Remaining in the property is currently far more desirable than taking the risk with another property, or location, in a time of economic discomfort.

Propertymark’s July Private Rented Sector Report detailed the continuous surge in rental demand, with an average of 127 new applicants registered per member branch last month, noting that “this number has been on a slow upward trend since February.”

The imbalance between supply and demand has led to 82% of agents acknowledging that month-on-month rent prices increased in July. Pressure on rents has been steadfast since last year, with the cost-of-living crisis and rising inflation playing equal parts in the increases.

The cost-of-living crisis has created a vast number of long-term tenants, as saving for a deposit takes a back seat for the time being. The rental growth caused by current rampant demand is also a huge driving factor behind many people choosing to delay taking out a mortgage until supply picks back up, making rental accommodation a highly popular choice. Becoming a landlord in today’s climate allows the investor to generate capital growth, as their yield grows while the property value increases.

Is now the time to go fully managed?

With the disparity between supply and demand underpinning a rise in inflation, UK landlords are reaping the benefits of getting their foot in the door during a time of peak buoyancy. As the average property price increases, future sale prices also increase, meaning a buy-to-rent asset increases in value over time.

However, such an asset can be difficult and time-consuming to manage without help, particularly for new landlords who are still learning the ropes. The prospect of long-term tenants presents its own challenges too, as long-term use of a property demands more regular check-ups and maintenance.

To help landlords secure and maintain long-term tenants, letting agents can:

Find the right tenant for you and market your property.
Arrange the tenancy: A rental agent can handle everything from getting references to running credit checks, securing deposits, and drawing up tenancy agreements.
Collect rent: A rental agent can collect rent from your tenants and follow up on any late payments.
Answer tenant queries, deal with issues and concerns, and handle maintenance or repair work that needs scheduling.

Fully managed services can ensure the quality of your tenants

One of the most important reasons for becoming fully managed is to ensure that you have high-quality, dependable tenants. A managed service can help you to create long-term, positive relationships with tenants who are loyal, pay their rent on time and keep your property in good condition – giving you peace of mind.

If your tenants are staying put for longer, our fully managed services will alleviate the stress of taking care of your property. Find out more by getting in touch today.

Housing stock levels hit a 12-month high

The ongoing imbalance between supply and demand could finally be seeing some leverage on the other side, with stock levels beginning to rise in the wake of a 3-year long slum. Despite obvious economic headwinds, consumer confidence in buying and selling property evidently remains robust, and the market has yet to see its predicted slowdown.

Buyers will be pleased to hear that the horizons on the market are expanding, with supply seeing a steady increase of 5% since January, which is the positive news many home hunters have been waiting for.

The latest OnTheMarket Property Sentiment Index, which reflects property market activity in July, has been released. It reveals that housing stock has reached its highest level in a year due to the return of a seasonally driven housing market.

The findings also suggest that there is no clear sign of political and economic uncertainty unsettling buyers or sellers.

Since February, there has been a consistent week-on-week increase in stock levels, with the highest level of available stock in July compared with any time during the 12 months prior.

It is also noteworthy, that stock levels were predicted to continue improving due to more potential buyers being on holiday, further diluting the pool of competitors.

Consumer confidence remains robust

Some 75% of active buyers in the UK were confident they would purchase a property within the next three months, while 80% of sellers expressed confidence in selling their property within the same period.

In July, only 4% of movers were concerned about securing a mortgage to fund the purchase of their next property, unchanged when compared to June 2022 (4%).

Speedy sales

The report revealed that 57% of properties were Sold Subject to Contract (SSTC) within 30 days of first being advertised for sale, compared with 56% in July 2021.

Unwavering buyer interest appeared to prevail through the pandemic, and despite the rising cost of living, sentiment remained unchanged in July 2022. The market is seeing more serious buyers committed to seeing the transactions through, giving sellers reliable applicants to choose from.

What does this mean for buyers?

A rise in stock after a lengthy drought can only prove positive for buyers waiting to make their move. Those who had been holding off in fear of rampant competition, surging prices, and tricky chain implications can now act with more confidence.

The law of supply says that a higher price will induce producers to supply a higher quantity to the market. Likewise, when supply is low, prices will rise as people scramble to buy up scarce resources. This is certainly true when it comes to the property market, and therefore, it’s best to time your purchase during spikes in supply.

What does this mean for sellers?

Increased buyer confidence and a more level market mean speedy and reliable sales for those selling their property. With stock gradually increasing, this offers a larger scope for buyers to take their time and choose a home that is right for them. Thus, opening the market to serious buyers who are committed and genuinely interested in properties they arrange viewings for, rather than making hasty and half-hearted decisions that could consequentially collapse at the last minute.

Thinking about selling? Book your valuation today.

*Information retrieved from YourMortgage

Stricter smoke alarm laws are here – Are you ready?

Since October 1st, 2022, the laws around the requirement for smoke and carbon monoxide alarms in rental properties have changed. If you haven’t already made sure you’re meeting all the necessary requirements, we have prepared a comprehensive guide for landlords, so you can get caught up with the new changes.

Where do the rules apply?

According to GOV.uk, the new regulations apply to all homes rented by private landlords, or registered providers of social housing, unless excluded.

Tenancies exempt from the regulations include:

Shared accommodation with a landlord or landlord’s family
Long leases
Student halls of residence
Hotels and refuges
Care homes
Hospitals and hospices
Low-cost ownership homes
Other accommodation relating to health care provision

Smoke alarms

Since 2015, all private rental homes are required to have at least one working smoke alarm on each storey where there is a room used as living accommodation. The only change to this area of the legislation is that it will now also apply to all social rented homes.

Carbon monoxide alarms

Carbon monoxide alarms are required to be installed in all rooms of a private rented property where there are any fixed combustion appliances such as gas or oil-fired boilers, except for gas cookers. The smoke alarm must be fitted and in working order at the start of each new tenancy.

How to test if your alarms are in proper working order

You will need to make sure your alarms have been tested and are in working order at the start of each new tenancy. It is as simple as pressing the test button until the alarm sounds, and you should also advise your tenants to do the same regularly. If a tenant reports an alarm is not working during the tenancy and it is found not to be, their agent or landlord is then legally obliged to repair or replace it as soon as reasonably possible. As for battery-operated alarms, it is the tenant’s responsibility to check and, where possible, replace the batteries themselves. If tenants are unable to do so, they should then report this to their landlord.

If the alarm is not working

As stated above, a faulty or broken alarm must be attended to by the landlord as soon as reasonably possible. If action is not taken, the local authority may issue a remedial notice to enforce the repayment or repair, and the agent or landlord must take specified action within 21 days. If the landlord or agent disagrees to the terms, they may make written representations which will suspend the notice for one week. The local authority will need to respond with their final decision in writing within those seven days, or the notice will be automatically withdrawn.

Enforcement for incompliance

Although local authority landlords cannot take enforcement action against themselves in respect of their own stock, they will be expected to ensure their housing is safe and they will be subject to these legislative requirements. Like public authorities, local authorities can be challenged by way of judicial review.

Local authority landlords are obliged to comply with the regulatory regime overseen by the Regulator of Social Housing.

How you can prove you tested your alarms at the start of a tenancy

Make sure you keep a record of when alarms are tested, as the landlord is obligated to do so. The local housing authority must decide whether the evidence provided, proves that the landlord has met the requirements of the regulations.

The most straight-forward procedure, while going through inventory on the first day of the tenancy, is to have the tenant sign the inventory to record that the required alarms have been tested by the landlord and the tenant is satisfied that they are in working order.

We can help you remain compliant. Get in touch to discuss our management packages today.

Understanding estate agency fees

If you’re thinking about selling your property, it’s always best to do so with the help of an estate agent, and this will require paying a fee from the percentage of your sale. To help you understand the cost of estate agency services and how they fit with the overall cost of selling, we’ve pulled together a guide on estate agency fees.

How much are estate agent fees?

The current average estate agent fee in the UK is 1.42% of the final selling price, which includes VAT. For example, if your property sold for £275,000 then your estate agent fee would be 1.42% of the final sum, which is £3,900. *

However, this average figure only applies if you enter into a sole agency agreement. If you choose more than one estate agent, the fee would typically be higher – 3% higher, to be exact. It’s important to take this added cost into account before entering into a multi-agency agreement.

What do estate agent fees usually include?

It’s important to ask what will be included in the fees, as services can vary by agent. In general, you should expect that your agent will provide the following:

Valuation of your property based on expertise and extensive research.
Drawing up floor plans.
Accumulating interest from their own list of appropriate buyers.
Marketing on property portals (such as Zoopla and Rightmove) and other traditional advertisement outlets.
Organising viewings.
Negotiating a suitable sales price.
Professional photographs of your home.
Installing a For Sale sign.
An enticing written description of your property.

When do you pay estate agent fees?

In the event that the estate agent is unable to sell your property, you will not be charged. Most high-street estate agents work on what is known as a ‘no sale, no fee’ basis when selling properties. Therefore, you should only pay the estate agent the fee once the property has been sold and contracts have been exchanged.

Should I choose the cheapest estate agent?

Selling a property means placing your most valuable asset in someone else’s hands. Therefore, you want to feel confident that you have hired the best possible people for the job.

If an estate agent is offering to sell your property for a suspiciously low commission fee, this is a clear red flag and the reasoning behind the small fee will soon become clear. The best agents will most likely charge higher fees as the value is reflected in the quality and efficiency of the service.

Moreover, paying a higher fee for a reputable agent will benefit you more in the long run, as they may be able to sell your property for a higher amount than a cheaper estate agent. In this case, while you may be paying a higher commission, the amount of money gained from your home’s achieved price could be higher than that of a cheaper estate agent who would have sold the property for a lower amount.

There’s no guarantee that the most expensive agent on the market will be the best one, which is why thorough research is so important before choosing an agent that is right for you. Take your time reviewing your options, always check online reviews, and make sure any agent you consider has your best interests at heart.

Have you been looking for an agent? Get in touch to discuss selling your property today.

*Home Owners Alliance

Things to consider when relocating

It may be really thrilling to contemplate relocating. Daily life might seem like an adventure when you first relocate. There will be fresh places to eat, nearby marketplaces to visit, and friends to make.

However, deciding whether to relocate to a new place is a significant choice, so think carefully before making the leap.

We will offer our advice on the key factors to take into account before relocating to a new area and purchasing a new home.

Do the transportation options meet your needs?

You undoubtedly travel about your community regularly, perhaps even every day. An area's suitability as a place to live can be greatly influenced by its transportation options. Consult the area recommendations on the website of your local estate agents to see whether the location fits your lifestyle.

Are the amenities in the area suitable?

Some people like to live close to a lot of facilities, including parks, shopping centres, colleges, and supermarkets. Others, however, might not consider these factors to be as significant. The facilities you desire in a location ultimately depend largely on your lifestyle. Researching the area and speaking with a knowledgeable estate agent are the greatest ways to learn about the surrounding benefits.

What are crime rates like?

It's a good idea to look into the local crime statistics if you have children, elderly relatives, or any other reason to be particularly worried about the crime rates in a certain area. This is possible online. Just keep in mind that the numbers might not be as alarming as they first appear, so it's a good idea to compare them to your current location before making a choice.

Can you afford it?

First, you need to establish whether you can afford to live in your chosen new area – and which type of property is best for your budget. The best way to do this is to get in touch with a local estate agent. With their help, you can understand what types of properties are available to suit your budget.

Have you been considering relocating? Get in touch to discuss selling and finding your next property today.

Home staging tips for the autumn

A thorough decluttering usually precedes home staging since it gives the house a more welcoming appearance and greatly facilitates the moving process. You could also choose to renovate if necessary.

Additionally, depersonalising your property and repainting it in a neutral colour scheme will help potential buyers see themselves living there.

Here are our top suggestions for staging your house in the autumn, since there are many seasonal aspects that will also influence how you present your property.

Clear the entrance way

The porch or hallway should get the same care you gave the front of your house. These areas are frequently cluttered with muddy boots, raincoats, and crimson leaves.

Carefully sprinkling autumnal decor

When setting your house in the fall, it might be simple to go overboard. Instead, of designing a space around the season, each area should make a tribute to it. Consider placing a single item of art, flower arrangement, or pumpkin display in each area to prevent the season from taking over your house.

Incorporate autumnal scents

Use reed diffusers and candles to spread delicate smells around the house. Seasonal colours like burnt orange and pumpkin go well together, but you should be cautious not to combine too many opposing aromas since they frequently work against one another.

Accentuate the fireplaces

As mentioned, viewers want to see a house they can imagine spending the winters tucked up inside, and a fireplace is the epitome of cosy nights.

Any purchaser will be won over by an original fireplace's cosy flames and delicate light.

Have you been looking for an agent? Get in touch to discuss selling your property today.

Should I consider remortgaging now?

As of September, mortgage rates rose for the 11th consecutive month, while options for buyers on the market declined as the industry continues to adjust to higher interest rates.

The average cost of a two-year fixed rate mortgage reached a high of 4.5% in September, an increase of 1.9% since December last year.

According to Moneyfacts, the typical cost of a five-year fixed rate mortgage also rose to 4.33%, an increase of 1.69% since December, and the highest level since November 2012.

Meanwhile, lenders have withdrawn over 500 mortgage products during the past month, leaving 3,890 different deals for borrowers to choose from. This is the lowest level since April 2021 and it’s a fall from more than 5,300 deals at the beginning of December.

The number of different mortgages available dropped for all types of borrowers, from first-time-buyers, to those with large equity stakes in their property.

As for good news, the average amount of time a mortgage is available for before lenders withdraw it is increasing from a record low of 17 days back in August, to 28 days in September.

What are the causes?

Growing inflation has a domino effect, from an increase in the Bank of England’s base rate to higher mortgage rates.

The Bank’s Monetary Policy Committee has hiked the base rate by 1.65% since December last year, in an effort to control inflation.

The increases make it more expensive for lenders to borrow money on the money markers, which leads to the higher mortgage rates for customers.

Is it still a good idea to remortgage?

Despite the increase in mortgage rates seen since December last year, it is still definitely worth remortgaging if you are coming to the end of your current deal.

The average standard variable rate, which is the rate that lenders put you on if you don’t remortgage, has reached 5.4%, the highest level since December 2008.

This rate has seen a continuous growth for nine consecutive months, rising by 0.23% in August, the largest monthly jump ever recorded by Moneyfacts, which started keeping records in December 2007.

The rising rate isn’t expected to slow down any time soon, as standard variable rates typically move up and down in line with changes to the base rate.

Although interest on the average two-year fixed rate mortgage has now reached 4.24%, homeowners with a £200,000 mortgage could still save £136 a month by choosing to remortgage, rather than sitting on their lender’s standard variable rate. This is without even factoring in future interest rate rises.

The advantages of remortgaging

The main benefit to remortgaging is being able to save money by switching to a cheaper deal.

When your fixed, tracker or discounted mortgage deal ends, you will no longer benefit from a preferential rate. Instead, you will automatically move onto your lender’s standard variable rate, and your payments are likely to jump.

Another advantage of remortgaging is that you can ask to borrow more money to carry out home improvements, which will secure a healthy investment in the long run.

You can also lower or increase your mortgage term when you remortgage if you meet the bank’s eligibility criteria, which will further lower your monthly spends.

If you’ve been considering making your next property move and are looking for advice, get in touch with us today.

What are the key selling points of a home in 2022?

If you’re wondering how valuable your home is, knowing its most desirable assets is a good place to start. Estate agents know exactly which features are hot on the market right now, which is why they are highlighted in listings to make sure the property is easily spotted by suitable buyers.

Data from Rightmove suggests which features buyers are looking for in today’s market, by ranking the most popular ‘key words’ highlighted by estate agents to sell houses. Due to a change in working patterns, there has been a clear move towards garden offices, orangeries, summer houses, underfloor heating, bi-fold doors and open-plan rooms. If your house has any of these features to offer, your home could be extremely appealing to buyers in today’s market.

Take a look at the features that are highlighted to attract the most potential buyers in 2022.

Garden office

Working from home has become a new way of life, and this has caused many people to move entirely in search of better office space.

Advertising a spare room which is suitable for a home office with good ventilation, accessible outlets to plug in a computer setup and ample space for a desk will make your home extremely attractive to many buyers. The proportion of listings that mention garden offices, were found to be 11 times higher than a decade ago. That’s an increase of 1,046%!

Bi-fold doors

Rightmove reported a huge rise in demand for bi-fold doors, with a 589% increase in popularity compared to 10 years ago. The post-pandemic need for space is thought to be the driving force behind this feature becoming so sought-after, as this enables people to extend and diversify their living space.

Orangeries and summer houses

What sets orangeries apart from conservatories, is the bricks in place of glass. The name originates from where fruit trees were stored during the winter months, so that should tell you how cosy and warm these home extensions are. The number of property listings mentioning summer houses has also seen an increase, whereas greenhouses seem to have declined in popularity. Smaller windows allow for a more functional and dynamic space, allowing scope for multiple uses such as home offices, living rooms, and dining space.

Underfloor heating

Listings that feature underfloor heating jumped by 114%, as buyers search for more energy-efficient solutions to warm up the house.

Underfloor heating is a cleaner, smarter way to heat a home. Using radiant heat technology, under-floor heating gently warms people and objects in the room directly, from the ground up.

Open plan living

Open floor plans remain popular among families and busy households due to their better traffic flow and multifunctional spaces. The wide-open space is most desirable for those with larger families as the layout offers a grand communal area. Consider removing a wall that separates your kitchen from your dining room, and your listing will become more attractive to buyers looking for a family home.

Looking for advice on how you can improve your property before selling? Contact us today.

What to consider when moving house before Christmas

Moving home can often be a stressful process for sellers, but there are plenty of ways to make things run as smooth as possible. Timing sits somewhere at the top of the list, as the property market changes on a monthly basis, and demand fluctuate with it.

Get the property ready for marketing

Once you have decided to market your existing property, you will need to make sure it is photo-ready and looking its best for potential buyers.

Those looking to move in time for Christmas will want to be able to envision cosying up around the fireplace or sitting at the dinner table with family. So, make sure you can present your home to buyers as a fresh canvas by decluttering, deep cleaning and making the place feel brand new.

Choose the right selling agent for you

If you want to achieve the best price for your property, you need to find the best agent to sell it. Make sure you take extra care when making your final decision on the right agent and take the time to get to know them. A good estate agent will do the difficult work for you and take care of any nitty gritty complications which could slow you down. They will also accurately value your home and advertise it effectively and efficiently.

Arrange a valuation on your property early

Get this done as soon as the possibility of a future move crosses your mind, as it will allow you time to make any upgrades or adjustments to your property. It will also save you time later when you’re ready to sell, and will give you a good idea early about the scope of your budget for your new home.

Set the right asking price

Setting the wrong price - whether too high or too low - means you could miss out on suitable buyers willing to make fair and sensible offers. The best way to speed up your selling process is to set the right asking price for what your home offers, so you can reach as many potential buyers as possible and have a number of fitting applicants to choose from.

Book surveyors as soon as possible

Once you’ve found the right property for you, it’s advisable to ensure that you get a decent survey before you fully commit to the new home. This way you can avoid any unpleasant (and costly) surprises after you move in. A surveyor will be able to spot any issues with the property - so you won’t have to later.

Don’t forget the final details

In the excitement of a move, it’s easy to forget the small details. Ensure you tie up any loose ends such as informing utility companies that you’re moving, and having your mail forwarded to your new address – just in time for Christmas cards!

Have you considered selling with us? Visit our website to find out what we offer.

UK rental market update

According to Zoopla, the average rent has risen by £115 per month since September last year, to £1,051 a month in September 2022.

The rise is substantially outpacing earnings growth across the country and boils down to a catastrophic imbalance between supply and demand.

The lack of supply has led to dwindling options on the market for renters, as rental stock levels sit at around half the number seen on the market in the past five years.

Many renters will find themselves in good financial stead, by choosing to stay put in their current rental homes to avoid future rent increases and growing competition elsewhere on the market.

Renters return to the city

Growing employment rates in the wake of the pandemic, and a growth in high-quality, purpose-built build-to-rent homes appearing around the UK, is drawing more renters into urban areas.

The appeal towards energy efficient new-build homes is proving to be a big pull towards renting in the city, as most new developments tend to be around city centres, and renters will seek out a low EPC rating to stay on top of energy bills.

Rents for tenants remaining in current homes rising at a much slower pace

The average renter will move every four years, according to Zoopla, so their data reflects rent prices on new lets for around 25% of the market.

However, the Office for National Statistics’ (ONS) rental index outlines rental increases across the board, for both movers and non-movers.

The data shows current rents across all rented homes have seen a 3.7% increase, compared to the average recorded in July 2021.

Those moving to a new rental property will find the cost of renting 12.3% higher, as rents for new lets are correlating to the decline of supply amid high demand across the country.

How much higher can rents go?

While rental affordability varies according to location and income, in the latest English Housing Survey from 2020 to 2021, three quarters of private renters agreed they found rental payments very or fairly easy to meet. The remaining 25% found them fairly or very difficult to pay.

The question of how much higher can rents go, will depend on how much headroom renters have, to pay more rent.

While competition and demand continue to skyrocket, landlords have no reason to believe there isn’t opportunities for above-average growth in the less expensive areas of the UK.

What to expect in the rest of 2022, going into 2023

There are no signs of significantly improved rental supply in the near term, as private landlords continue to sell off homes, and renters remain for longer terms.

The imbalance between supply and demand will also remain unwavering, and rents will continue to grow at above-average levels well into 2023.

There are clear signs of headroom for some renters to pay more. Especially in areas of the country where rent is already high.

There may be a cool-down period emerging further into 2023, but this will come at a slow pace.

As well as avoiding rising rental prices, tenants will look to find smaller rental properties to keep their energy bills low. However, the horizons for options on the market should broaden, as the economy begins to recover.

The climate of the rental market can only benefit from more homes appearing on the market, which will help to close the gap between supply and demand.

Do you have a property to let? Find out how we can help you manage your portfolio, by visiting our website today.

Shortage sees rental growth accelerate to above 12%

While many Brits are grappling with the cost-of-living crisis, rising interest rates and inflation, saving for a hefty deposit is resolvedly taking a backseat and potential homeowners may be choosing to hold off until price growth in the housing market cools down.

As ongoing undersupply of rental homes has pushed growth to 12.3% and, with no indication that this will change any time soon, rents are predicted to continue to post above-average growth rates into 2023, despite cost-of-living headwinds, according to the latest data released by Zoopla.

The rise in tenant interest could be a result of thousands of Brits seeking a temporary home during times of a challenging economic climate. Additionally, tenants who have already secured their lease are more reluctant to move out, with competition for housing rising, resulting in an increase of long-term tenancies - which provides landlords with a stable flow of income.

There are now 24% more tenants choosing to extend their lease than in 2019, and the number is 13% up from last year alone.

Growth in tenant enquiries

Rising rents are largely driven by a shortage of available rental stock, with low volumes struggling to meet the high rate of demand, rising over the past three years. Throughout this year, the rental market has seen continuous growth in tenant enquiries due to a combination of factors including the post-pandemic search for space, tenants returning to the city and a challenging economic climate leaving people unable to save for house deposits for the time being.

No signs of significantly improved rental supply

Zoopla also warns of there being no real prospect of significant improvement in rental stock any time soon, as private landlords continue to sell due to uncertainty towards changing legislation, and renters staying put in their current homes. Higher mortgage rates will compound the pressure on demand, making it more difficult for would-be first-time-buyers to stop renting and purchase a home.

The property portal highlights that 3 in 4 renters will choose to remain in their current property – which means they will experience lower levels of rental growth at 4% or less – this will underpin the imbalance of supply and demand in the market as a result.

Homes in the city centre grow in appeal

Renters seeking out smaller homes with lower running costs appear to be flocking towards new-build city centre flats.

Zoopla’s report acknowledges that rental growth is ranging from 7.6% in the North East, to a staggering 18% in London.

The strongest performing urban markets are London (17.8%). Manchester (15.5%), Glasgow (14.4%) and Bristol (12.9%) – where rental growth is standing above the UK average of 12.3%.

Outlook for the rest of the year, into 2023

The disparity between supply and demand is here to stay, and rents are expected to rise to above-average levels across the more affordable markets. There is still space for renters to pay more – especially outside of London and the South East – where rental affordability will remain a drag on demand.

Have you been considering embarking on the journey to become a landlord? Get in touch to find out how much your property is worth, and how we can support you.