April content

April Content

Beware in the rise of opportunistic burglaries during the summer

Now that the clocks have gone forward, we can all look forward to longer days and (hopefully) nicer weather. However, the results of a recent study discovered that homeowners should take extra precautions during British Summer Time (BST).
According to data collected by the Co-Op, the number of opportunistic break-ins over the last four years increased by 23% when the clocks go forward.

During the summer months, opportunistic burglaries account for nearly two-fifths (37%) of all break-ins. In comparison, during the winter, opportunistic thefts only make up 30% of all break-ins.

The study also revealed the day that homes were most vulnerable, with the majority of break-ins taking place on a Friday. Sunday is the safest day with a reduction of 13% in break-ins occurring on the last day of the week.

The average cost of break-in costs the average homeowners £1,208.

David Huse, OBE, chair of the Neighbourhood Watch Network, said: “Police records indicate that burglary is on the rise. Now, more than ever, people should do what they can to secure their home and possessions. Joining or starting a Neighbourhood Watch scheme is one way you can help reduce your own risk and support your neighbours to do the same.”

Top tips for securing your home:

• Use strong padlocks to secure shed doors.
• Whilst away, ask a neighbour to check in or set lights to a timer.
• Keep windows and doors locked.
• Don’t share your whereabouts on social media.

Do higher temperatures affect house prices?

It is widely accepted that the warmer months in spring and summer bring with them spikes of activity in terms of the buying and selling of properties. A new piece of research has taken this one step further, however, and directly linked an increase in temperatures to increases in house prices.

The research conducted by a national estate agent firstly looked at seasonal differences in selling prices, and it comes as no surprise that the summer season posted the highest average selling price. In Winter 2018, the average selling price was £291,810 and this increased to £293,347 in spring time. Summer average sale prices increased once more to £301,321 and prices during the autumn period fell to £289,833.

With seasonal changes prevalent in terms of property pricing, it is the temperatures themselves which the research then looked into. The data shows a direct correlation between price decreases between January and February as the temperatures cool, and similar changes are recorded as both temperatures and prices consistently increase from February through to July.

When analysing the seasonality on a financial level, the research shows that selling prices increase by £2,150 for every single degree of temperature change. For every degree that the temperature increased, this represented an extra £1,461 in sold price; however, the drop-off in temperatures increased to £2,838 for every degree colder.

Shepherd Ncube, founder and CEO of Springbok Properties, commented: “The seasonality of the national property market is widely discussed as patterns of buyer and seller behaviour dictate market activity and ultimately the price achieved. However, it seems that something as external to the property as temperature itself also has a direct correlation.”

“With spring now officially sprung, we should start to see the Brexit price growth freeze thaw.”

First-time buyers; how to find the right home for you

The number of first-time buyers in the United Kingdom is now at its highest for over a decade. If you’re one of the thousands of people who are looking to get on that first rung of the property ladder, then finding the right home can be a daunting process. Follow our tips and you could be moving in to your first home in no time at all!

1) Know your limits

Starting your search with a clear idea of what you can afford is a key aspect in terms of finding the right home. Oftentimes, first-time buyers are so excited at the thought of starting their property search that they begin with expectations soaring. Knowing your financial limit is key; before you start your search, we would recommend having a mortgage-in-principal approved so that you know exactly what you can afford. Starting your hunt by looking at homes twice your actual budget will only end in disappointment and will unduly extend your search – be realistic, set your limits and keep those finances in mind!

2) Don’t go it alone!

One of the biggest mistakes that first-time buyers make is trying to manage the whole process alone. Finding a good estate agent who will help you not only in the property search, but also during the financial process of buying a property, will be the difference between peace of mind and undue stress. Remember, it is the sole purpose of an estate agent to match properties with people, therefore as suitable properties are brought to market which suit your requirements you will be the first to receive property details if you’re registered with an agent – giving you the edge.

3) Half an hour, time to scour

Did you know that, on average, buyers spend just 30 minutes looking at a property before they put in an offer? Half an hour is not enough time to make a sound decision on purchasing a property! When you are new to the property game, it can seem awkward to spend too long looking around; however, if you are serious about the property then feel free to overstay your welcome. Check absolutely everything around the property – open cupboards, look at plug sockets, light switches, open windows and venture into the loft, if there is one. Having this in-depth look into the property will hone your mind onto the minutiae and take you away from the excitement of wanting to make an offer; it will also provide you with a “snagging list” which will be invaluable when it comes to haggling with the price. If you feel like you still have more to see around the property then arrange multiple viewings; seeing the property at different times will give you a better feel for the neighbourhood and your immediate neighbours.

4) Don’t be seduced by décor

One of the most difficult things to do when looking for a property, and often cited by even the most seasoned property purchaser as a difficulty, is to look past the current decoration. This can work in two ways; if you view a property with elegant decoration it is easy to fall in love with the aesthetic; however, keep in mind that the chic furniture will all be gone when you move in. The second way in which decoration can put a dampener on your search is that you dislike the taste of the current owners and can’t see through it. If you don’t like the presentation of a property, then try to look past the individual components such as curtains and carpets and instead focus on the bones of the room underneath; looking at the features of the room and the overall size as there could be a fabulous space just waiting to be uncovered.

5) Don’t take all of the credit

You have your mortgage-in principal, you’ve worked with an estate agent to find that perfect home within your budget and you have visited the property multiple times, checking everything from water quality to windowsills. The dream is practically complete; you have that contract signed and the countdown to completion is on – so now you’re on the home straight to first-time property bliss. How to celebrate? A new car that will look lovely on your new driveway, a large television to adorn your living room wall or an expensive sofa to relax upon? Whatever happens, before your property purchase completes do not take out any other credit lines whatsoever as this could put the property purchase in severe jeopardy. Some mortgage lenders will pull one final credit report before completion in order to ensure that your status has not changed – taking further credit out will endanger this so wait until your purchase completes before splashing out the cash.

How many viewings will it take to sell your home?

When listing a home for sale, we all cross our fingers and hope that someone will make an offer within the first few weeks and everything will be wrapped up neatly and quickly.

In reality, selling a home can take some time and your best approach is to present your home in its best light and have patience.

But how long on average does it take to sell a home?

New research has tried to answer this question and found that vendors are underestimating just how many viewings they will have before someone makes an offer.

In a recent survey, Quick Move Now, quizzed the public asking them how many viewings it would take to sell a house.

It was found that just over half of respondents (54.7%) believed that it would take six viewings or less before their home was snapped up.

According to data from Quick Move Now, this estimation is off the mark by some distance, as it was found that the average number of viewings before a home is sold is more than three times that amount at 19 viewings.

It was also found that this number has risen significantly over the past 3 years from 11 to 19, suggesting that over time buyers have become more patient and thorough when searching for a home.

The company’s director – Danny Luke – commented “It’s clear that the public are vastly underestimating the average number of viewings it takes to sell a property. 54.7 percent believe properties sell in an average of six or less viewings, and with 30.54 percent of the public listing the time it takes to find a buyer as their biggest worry when selling a property, it seems it is an area of concern for many people.”

Luke went on to say: “...a significant proportion of homeowners still assume that selling their property on the open market is the only option available to them. That is simply not the case.”

It is worth noting that other studies on the subject have found that the viewings don’t always go into double digits. It can also depend on where you live, as previous studies have found that homes in the north take less viewings than homes in the south.

Data released last year from Rightmove, revealed that the average time overall to sell a home was 62 days, which is just short of 9 weeks.

There are a few things you can do to get your home sold a little faster, such as clearing the clutter and staying on top of the cleaning. Doing all you can to make your home seem like a bright open space is vital.

For more help on how to present your home in its best light, you should talk to us.

Lettings developments - The Fitness For Human Habitation Act

With the furore around the Tenant Fee Ban, it has been easy to miss the latest lettings legislation which came in to place last month on 20^th March – the Fitness for Human Habitation Act. The implementation of this Act means that tenants will have further rights to request improvements to homes which fall in to the “sub-standard” category.

The Fitness for Human Habitation Act is a revival of the Landlord and Tenant Act from 1985, essentially reinforcing the covenant and bringing the standard of lettings accommodation back to the forefront of legislation.

Who does the Act apply to?

The Act will apply to;

Tenancies shorter than 7 years, starting on or after 20^th March 2019
Tenancies renewed for a fixed term on or after 20^th March 2019
From 20^th March 2020 the Act will apply to all periodic tenancies that started before the initial commencement date of 20^th March 2019 – landlords with current tenancies therefore have 12 months before the requirements from the Act come in to place.

How would a property be deemed unfit for human habitation?

The Act stipulates 29 different ‘hazards’ which determine whether a house is ‘fit for human habitation’. The hazards included but are not limited to;

Condensation, damp and mould growth
Excessive cold or heat
Security (or lack, thereof)
Fire, gas and electrical safety
Natural lighting
Water supply
Sanitation
Facilities for preparing and cooking food
Hazards posed by the internal arrangement
State of repair

Your property might be deemed unfit “If, and only if, it is so far defective in one or more of those matters that it is not reasonably suitable for occupation in that condition.” If a property is deemed unfit, then it is the landlord’s responsibility to make improvements to the property and/or compensate the tenant.

Are there any exceptions to the Act?

There are some exceptions in cases where:

The problems with the property are caused by tenant behaviour
The problems are caused by ‘acts of God’ such as storms, floods and fire
The problem is caused by the tenants’ belongings

To read the full government legislation click here.

Lettings developments - The Tenant Fee Ban

If you’re a tenant or landlord, then it has been hard to avoid all of the recent coverage of the Tenant Fee Ban. Essentially, the new Act means that tenants will no longer be charged for extra services from June this year. Take a look at the key points below to make sure that you are up-to-date with the latest legislation, whether you’re a tenant or a landlord.

Headline changes:

Landlords will only be able to hold up to 5 weeks rent as a tenancy deposit.
The holding deposit, to ensure the tenant application, can be no more than one week’s rent.
All other payments will be banned with the exception of contractual default penalties.

What can no longer be charged for:

Charging for a guarantor form
Credit checks
Inventories
Cleaning services
Referencing
Professional cleaning
Having the property deflead as a condition of allowing pets in the property
Admin charges
Requirements to have specific insurance providers
Gardening services

Two default fees are exempt from these changes and can still be charged for should the tenant break the Tenancy Agreement. These exceptions will have to be written in to the contract, however, in order for a landlord to be able to charge tenants, despite being also highlighted in the new legislation;

Late rent fees

Under the new Act, landlords will be able to charge a late rent fee for payments more than two weeks overdue. The fees can be charged at an additional 3% plus the Bank of England base rate at the time, but this must be charged on a pro-rata basis.

Lost keys

Once the new legislation comes in to the place, a landlord may only charge up to £5 for a replacement key, and they must provide a receipt.

To read more about The Tenant Fee Ban click here to see the legislation in full.

Mortgage market gets off to surprisingly strong start in 2019

With almost 67,000 mortgages approved in January, 2019 has started strongly for the property market. Despite fears for the housing market this year, this represents an increase in activity from the end of 2018, showing that 2019 could surprise many when it comes to the upward trend in property.

“January’s rise in mortgage approvals is at odds with recent data and surveys which had suggested that Brexit and economic uncertainty could having a dampening effect on housing market activity,” said Howard Archer, chief economic advisor to the EY Item Club.

The surprise seen amongst analysts indicates that the upsurge in activity is unexpected, but there are several factors that are contributing the market’s current health. A major contributor is, of course, the low interest rates in the market, which have supported purchasers and given the lending industry much confidence. Many current property owners have used these historically low levels in order to refinance their loans and find a better deal.

The emergence of first-time buyers as one of the major forces in the property market is another contributing feature to this unexpected upsurge, as well as the increase in mortgage applications, as for the first time since 1995 first-time buyer mortgages made up over half of mortgages approved in 2018.

The strength of the first-time buyer market in 2019 can be seen in the 25,000 mortgages taken out in the first month of 2019 by first-time buyers, according to banking trade body UK Finance. A total of 33,621 mortgages were approved to purchase a home last month, according to data from UK Finance which represents high street banks and building societies. This also represents an increase when compared to February 2018 of 1.8% - which is fairly significant considering the march towards Brexit was firmly taking place through February.

With summer firmly established as the most popular time to buy and sell, we are moving into a particularly busy time of the year for property and therefore, this resurgent health of the market should continue for the foreseeable future.

Pockets of the UK expected to see house price growth

Significant sections of the United Kingdom can expect to see an increase in house prices after a strong performance in the year to January 2019. The average price increase for the entire country was 1.7%, with Wales leading the way with a rise of 4.6% closely followed by the Midlands at 4.4%.

Indeed, even the capital city which has suffered a slightly tumultuous period following the Referendum, has seen a 6.3% increase in demand from buyers up until the end of February 2019. The number of offers was also up by 7.5% in the year to February 2019; with strong demand for property outstripping the actual supply of properties available.

Elsewhere, mortgage approvals have continued to enjoy a rise with 66,800 accepted in January, up over 1000 from the previous six months’ average of 65,500.

This increased activity is all the more impressive considering that the BoE’s report suggested that property market activity had been muted, with the Royal Institution of Chartered Surveyors’ residential market survey also alluding to subdued enquiries, new instructions and sales.

“While buyers can currently expect to purchase at a reduced price in London, the opposite can be said for the rest of the UK with continued growth across the majority of regions, suggesting there are plenty of investment opportunities elsewhere. The Midlands in particular stands out as a region for investment, with house prices growing by around 4%. Amongst the headlines of falling house prices, it’s therefore important not to overlook the fact that significant pockets of the UK continued to be poised for growth.”

Price rise in all cities in key index for first time in over three years

House prices have increased across all 20 of the United Kingdom’s biggest cities, with the average price increasing by 2.8% in the 12 months to February 2019. This is the first time in over three years that such consistent growth has been recorded across the entire country, indicating that property is experiencing something of a resurgence.

With the average house price now coming in at £253,800, and this figure having continuously risen since November 2018, market conditions are proving to be extremely positive in 2019. Growth in some cities, such as Leicester at 6.8%, is exceptionally strong and the capital city has also seen positive growth at 0.4%.

The chief executive officer of Yomdel, Andy Soloman, believes that a shift in mentality has been prevalent amongst both buyers and sellers who have concluded that there is no point in waiting for Brexit to conclude before they progress with their properties.

“As a result and much like Brexit, people just want to get on with it now and sellers are adjusting their price expectations in line with the current market climate, while buyers are taking the plunge and proceeding with a purchase,” said Soloman. “This uplift in demand and market activity has stimulated the market.”

This solvency in the property market is echoed amongst investors, with investment in UK property still extremely strong from both national and international investors. Alongside strong investment in property, first-time buyers are now a true driving force in the property market thanks to the ease of access to mortgages and lower deposit values.

The report itself surmised that "what this tells us is that buyers and sellers remain active in the market even if some areas are less active than others… With unemployment at a record low and mortgage rates still averaging 2%, buyers appear to be largely shrugging off Brexit uncertainty until there is a material change in the overall outlook."

How to increase your kerb appeal

Any estate agent will tell you that making a good first impression is key when presenting your home for sale. Potential buyers and renters are always extra vigilant when it comes to viewing properties, from the front gate to the back garden, meaning it’s even more important to present your home in its best light from the off. But even if you’re not looking to sell up, there’s something to be said for sprucing up the front of your home.

One of the best ways to do that is to maximise your kerb appeal, which refers to how striking your home is when viewed from the road. When you think about searching for properties online, how likely are you to click on details for a home if the lead photograph is rather drab? The homes that perform the best on property websites like Zoopla and Rightmove are the ones that can grab the attention from the off.

Thankfully, maximising your kerb appeal doesn’t have to break the bank!

1) Front and centre

The front door is always a good place to start, especially as it’s one of the first things that people see when it comes to your home. UPVC doors can be cleaned easily enough with the right product, and if you’ve a wooden door, why not consider a fresh lick of paint? You can also bring your garage or front gate into the equation for a bit of colourful synchronicity.

Giving your letterboxes and door handles a polish shows good attention to detail, but if they’re looking a little tired, don’t be afraid to replace them.

2) Plot your path to success

The path to your front door or outdoor paving stones can get dirty with ease, so applying some TLC, whether that’s with a pressure washer or a good ol’ bucket of warm water and a scrubbing implement will instantly help your outside space.

If you have paving stones, then keeping your weeds in check is also a shrewd move; pulling out the weed killer for large front porches, paths or driveways will make things look far neater.

Gravel is a feature of many a home, and it’s also one that’s easily refreshed with a bit of colour. Locate some similar stones to your current palette and use a rake to spread them together and you’ll be surprised by how much it refreshes the approach to your front door.

3) Plant an impression

A simple touch, but an effective one. Adding some greenery around your front door suggests to the naked eye that you take care of your property and look after your home, so look into some potted plants to go outside your front door. Hanging baskets are another option if ground space is limited.

4) Window dressing

The windows on your front room are another area where little touches can make a big difference. Have a look into replacing your curtains or blinds with lined alternatives for a tidy appearance, or, if your windows aren’t providing you with sufficient insulation, you could even look at replacing them altogether.

5) Night Lights

Finally, take a look at the area around your front door at night and imagine how much more welcoming it could be with a bit of light. An outdoor power supply will help if you’re looking to install something akin to a classic-style lamp, but you needn’t go overboard; a solar-powered light is easy to install, charges itself during the day and won’t cost you extra!

The UK has the cheapest estate agent fees in Europe

For most of us, the purchase of a property will be the biggest single expense which we ever have to cover, and the fees associated with this are often touted as expensive. However, a recent report has shown that fees in the UK are the lowest in Europe and therefore the old myth of expensive fees has been debunked, with other parts of Europe up to five times more expensive than the UK.

The average commission paid on the sale of a property in the United Kingdom is 1.2%, according to analysis from GetAgent, which is lower than all other European countries, with Denmark and Ireland next cheapest at 1.25% and 1.75% respectively. On the other end of the scale is Romania with an average fee of 6% - five times more than the UK.

“I think it’s fair to say that estate agents in the UK have a tough time of it when it comes to justifying their fees, with the predominant opinion being that they charge to much for the service provided,” said Colby Short, GetAgent’s chief executive officer.

“This really isn’t the case and as this research shows, the UK is actually home to the lowest estate agent fees in the EU and therefore you could argue, the best service as well. Of course, the price of property means there is a degree of relativity and the 6% commission you might pay in Romania will be a lot lower due to the lower cost of getting on the ladder,” he pointed out.

“So while you consider if three to four thousand pounds is a justifiable spend when selling a property for hundreds of thousands, remember you could be paying upward of ten thousand if you were to live in another area of Europe,” he added.

Top tips for your garden

We all love that summer pleasure of sitting outside and enjoying the feeling of the sunshine on our skin, yet despite this melanin-inducing activity being a firm favourite, many of us shy away from gardening. Here are a few tips to help revitalise your garden or outdoor space, just in time for the summer!

1) The right grounding

Before you go out and start purchasing new flowers and shrubs to zhoosh up your garden, it is important to have an idea of the soil that you will be planting in. Different plants will thrive in different environments, and the consistency of your soil will be a key player in this; is your soil light and sandy or heavier with elements of clay? This, as well as the amount of light which the new plants will receive, should be kept in mind before you go and make any expensive purchases.

2) Put the ‘plan’ in ‘plant’

That old adage of “fail to plan and plan to fail” exists for a reason; it rings true amongst many of us. The same is applicable for when you are upgrading your garden – planning on how you are going to use the space will mean that you maximise your outdoor area. Decide what you are going to use the space for and segment it appropriately; eating areas, planting areas and water features all make a garden more pleasant; however, if there is not enough room between each then the space becomes overcrowded and less appealing.

3) The perfect lawn

When we think of a quintessential British garden, we immediately think of a lush and healthy grassy area. If you’re yearning for a luscious lawn, then ensure that you water your green areas regularly – the optimum time to water the area is between 4am and 8am. If we are lucky enough to have another hot summer like last year, then remember that any temperature above 30 degrees will stunt growth and temperatures from 26 degrees onwards will not benefit your lawn – therefore keep the grass a little longer which will prevent the soil from drying out.

4) Sitting areas

One of the easiest ways to spend a little more time in your garden is to create an outdoor sitting space; from simply installing a table and chairs, to installing a full decking area this can transform your outdoor space. If you already have a suitable surface such as paving or decking then purchasing a table and chairs will be an inexpensive way to create outdoor living space, but don’t despair if you need to spend a little more to create suitable grounding for your table. Buying stones or pebbles and some tarpaulin to lay them upon is a very cost-effective manner to provide a nice zone for seating – look in your local supermarkets as well as the DIY stores as they often provide better value for money during seasonal offers.

5) A shed load of storage!

If you’re looking to make the most of your garden this spring and summer, then a shed might seem like it should be the last item on your list of priorities. However, a shed can offer valuable storage and organisation to your garden that will encourage you to make the most of the space; having your gardening tools easy to access and your outdoor supplies organised will make your outdoor living much easier. In addition to this, a shed can be a beautiful piece of garden architecture; go bold on the colour and choose pastels such as blue or pink for that country cottage kind of chic that looks wonderful in all types of garden. In addition, adding some stylish bunting to the shed will enhance the overall aesthetic, and can be extended to other parts of your garden to create a more cohesive look.