Posts with tag: Homes

Top Tips for Selling a Property in Winter

Published On: November 25, 2016 at 10:25 am

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Categories: Property News

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During the winter months, when the days are shorter, the property market is known for slowing down, but this doesn’t mean that buyers stop searching. If you’re thinking of selling a property in winter, follow these top tips from the National Association of Estate Agents (NAEA).

While many sellers postpone putting their property on the market until the spring, now could be the perfect chance for you to take advantage of those buyers still seeking a new home.

By following a few simple steps, you can ensure that you market your property in the best possible light to capture a buyer this winter.

The President of the NAEA, David Mackie, says: “Traditionally, sellers hold off from marketing their homes in the bleak winter months, because they think it’s a bad time to sell. But it is time to go against these outdated claims and get your homes market ready by making small but effective changes to make your home an inviting prospect for potential buyers looking to make a winter purchase.”

These top tips will help if you’re selling a property in winter:

Don’t forget the exterior

Make sure your property looks well maintained and cared for from the outside by washing your windows and walls to remove any dirt. You should also clear the path of leaves and ensure there isn’t any ice on the paths that could cause an accident. Remember that the first few seconds upon arriving at the property are the most important in impacting the buyer’s decision.

Keep the entryway clear

Top Tips for Selling a Property in Winter

Top Tips for Selling a Property in Winter

With the bad weather comes untidy and cluttered homes. Put a doormat down inside the door for you and your prospective buyers to wipe your feet on, and remove any excess shoes or wellington boots from the entryway.

Let the light in

With shorter days during the winter months, it is vital that you maintain a good level of lighting in your property to make it inviting to visitors. If you’re hosting evening viewings, create a warm and cosy ambience with lamps, and don’t forget to put any outdoor lighting on too. Always make sure that the bulbs are working before a viewing.

Welcome your guests

Decorating your property for the festive season may help your guests feel welcome and comfortable in the home. But don’t go too overboard, as you don’t want the property to seem over-cluttered. Buyers should be able to envisage themselves living in the home, so it’s worth making it as inviting as possible. Smell is also important, so think about lighting some candles or bringing in some winter plants.

Remember the garden 

Messy and unkempt gardens can detract buyers, as they suggest that they’re difficult to maintain. The winter weather can also tire garden furniture, so clear it away or cover it securely. It’s worth braving the cold and spending a few hours trimming back bushes, mowing the lawn, removing fallen leaves and creating a tidy outdoor space. It’s also wise to trim back overhanging branches, as this will encourage as much light into the property as possible. Increased rainfall over the winter months also takes its toll on the guttering, so check for leaves and other debris.

Tackle any DIY jobs

If you’ve been putting off DIY jobs, the perfect time to address them is if you’re selling a property in winter. Whether you have leaky taps or cracks in the walls, make sure you put them right before viewings. Although you might not notice these small defects, potential buyers will spot them immediately, and you don’t want them to get worse during the colder months.

Going away for Christmas? 

If you have a holiday booked this Christmas, don’t forget that the heating in your property should be left on at a low temperature (a minimum of 15°C), to prevent the pipes from freezing. If you’re going to leave the property vacant for a long period of time, but don’t want to leave the heating on constantly, make sure it is set on a timer. The NAEA advises leaving it on for longer spells at a lower temperature than shorter blasts at a high temperature. This will ensure that there are no problems for you to face upon your return. If you’re a landlord, remember that you must still protect your property when it is unoccupied.

Are you thinking of selling a property in winter? We hope you secure a successful sale with these tips!

Could tenants be priced out of market?

Published On: March 14, 2016 at 11:15 am

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Categories: Landlord News

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A new investigation has predicted that private rental tenants could soon face similar financial challenges to those buying a new home.

Research on behalf of financial comparison website money.co.uk by the Centre for Economics and Business Research suggests that the cost of an average rental deposit will grow by 40% by 2026 to £1,111. The average monthly rent is predicted to rise by 28% over the same period of time.

Increases

If these predictions are true, the average monthly rental deposit will be 70% of the typical monthly salary. However, strong regional variations must be taken into account.

For example, in London, the average rental deposit is expected to rise to £2,733 by 2026. This would amount to 120% of the average monthly salary, a rise from 99% in 2015.

Across the South, deposits are expected to rise sharply. In the South East, the average deposit is predicted to hit £1,469 in 2026. This represents 83% of the average monthly salary at £1,761, a rise from the 72% recorded in 2015. In the South West, the typical deposit is thought to hit 80% of average monthly earnings at £1,437.

Rental rises

Average monthly rents are due to increase by 28% by 2026, 8% greater than average salaries over the same timeframe, which are set to grow by 20%.

The greatest increase in in rents during the next ten years is expected to occur in the capital, with growth expected to hit 39%. Other regions expected to perform well are the South West and South East, where rents are expected to grow by 32% and 34% respectively.

On the other hand, the lowest increases in rent are likely to be Yorkshire and the Humber, with a 17% increase expected. Overall monthly salary is not expected to keep up with the pace of the rental market.

Between 2015 and 2026, the typical monthly salary is expected to increase by an average of 20% to £1,576. This is lower than the projected increase in both monthly rental costs and deposits, which in turn could see many finding the cost of renting just as unaffordable as buying.

Could tenants be priced out of market?

Could tenants be priced out of market?

Blow

Hannah Maundrell, editor in chief of money.co.uk, said, ‘the rapid rise in deposits as well as rents is a double blow for everyone on the rental ladder. With the forthcoming changes to tax legislation and crackdown on buy to let mortgages likely to erode landlords’ profits, there’s little doubt these costs will be passed onto tenants. The current booming property market means deposits are likely to continue shooting upwards in the future and we could well see six weeks’ worth of rent extended to eight. Many not only face being priced off the property ladder but also the rental ladder too.’[1]

‘The Government needs to take action, without intervention the spiralling cost of deposits and rent could have a huge economic impact on the UK. Giving renters a lifeline is equally as pressing as helping people buy a house. Taking steps to address this now could be a far easier solution than dealing with the prospect of pricing home hunters off the private rental ladder,’ she added.[1]

[1] http://www.propertywire.com/news/europe/uk-buy-rent-costs-2016031411664.html

Regulator criticises councils for slow searches

Published On: February 15, 2016 at 12:36 pm

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Categories: Property News

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A regulatory body for property searches has slammed some councils for providing a, ‘very poor service,’ which leads to a delay in transactions.

The Property Codes Compliance Board, regulator for the Search Code of Practice, stated that local authorities and private sector search companies provide information to conveyancers. This information corresponds to properties being purchased in the LLC1 and CON29 search documents.

Woeful

Kate Davies, chairman of the PCCB, said that despite the majority of authorities providing a good service, a growing number are, ‘performing woefully.’

Davies stated she was, ‘very concerned that he home buying and selling public are being adversely affected by very poor performance by some local authorities and in some cases transactions are breaking down due to the delays.’[1]

‘If you live in Wiltshire for example, it is an accident of geography if a lawyer can expect to receive searches back in six days or six weeks and this is totally unacceptable,’ she continued.[1]

Regulator criticises councils for slow searches

Regulator criticises councils for slow searches

No excuses

PCCB board member Kate Faulkner, who runs the consumer-focused online service Propertychecklists, was also less than complimentary about some councils. Faulkner said that with the housing market in a precarious position, ‘the last thing that prospective homebuyers and sellers need is unnecessary delays for which there is absolutely no excuse.’[1]

Faulkner also claims that personal search companies are being frustrated in their attempts to carry out a first class service to layer clients. This is due to the number of local authorities who are taking too long to give access to data than other councils.

[1] https://www.estateagenttoday.co.uk/breaking-news/2016/2/regulator-slams-councils-for-very-poor-searches-that-delay-transactions

 

Mortgage Approvals Up In December

Published On: February 1, 2016 at 11:58 am

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Categories: Finance News

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The latest Bank of England Money and Credit report has indicated that mortgage approvals were up in December.

Mortgage approvals totalled 70,837 during the month, slightly higher than the 70,410 recorded during November. In addition, this figure was higher than the average of 69,462 over the last six months.

Improving

Further data from the investigation indicates that net mortgage lending fell from £3.9bn in November to £3.2bn during December.

The total number of approvals for remortgaging also went up from 39,161 to 41,708 in the last month of 2015. This was higher than the average of 39,540 recorded over the latter half of 2015.

Total lending to individuals went up by £4.4bn in December, in comparison to £5.3bn in November and £4.6bn over the six month period.

‘Mortgage lending in December reflected some of the rejuvenated confidence radiating from buyers,’ noted Peter Rollings. ‘After the Autumn Statement extensions to Help to Buy and the rock-bottom base rate lasting out the year, first-time buyers were feeling decisive and this was mirrored by a clear upswing in house purchase approvals from November to December. This energy has definitely been carried over into 2016 and January has already seen an impressive influx of motivated buyers, eager to progress up the property ladder.’[1]

Mortgage Approvals Up In December

Mortgage Approvals Up In December

Momentum

Mr Rollings feels that, ‘2015 was also the year of remortgaging for many existing homeowners-and his momentum is showing no signs of dissipating while cheaper fixed-rate mortgages remain available.’ He notes that, ‘in coming months, we can expect strong buy-to-let lending, as the April introduction of higher stamp duty for second homes gives a new sense of urgency for those looking to invest in property or expand their existing portfolio.’[1]

Brian Murphy, Head of Lending at Mortgage Advice Bureau also said, ‘mortgage approvals reached a near two-year high in December, rounding off a successful year for borrowers. Existing homeowners were the frontrunners in this growth, with the number of remortgage approvals rising by more than a quarter since December 2014.’[1]

Murphy also noted that, ‘borrowers benefited from rock-bottom mortgage rates throughout 2015 and our data shows that rates continued to fall across all fixed-rate products in December. Growing numbers of homeowners are wising up to the fact that it pays to remortgage, particularly if moving from a poor value standard of variable rate. Borrowers who are comfortable with a long-term commitment can take advantage of today’s rates by locking into a fixed product, avoiding higher mortgage bills when an interest rate rise eventually kicks in.’[1]

[1] http://www.propertyreporter.co.uk/finance/mortgage-approvals-up-in-december-says-boe.html

One-third of tenants frustrated by home buying barriers

Published On: January 31, 2016 at 9:42 am

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Categories: Property News

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33% of private tenants in Britain have been thwarted in their attempts to purchase their own property and have stayed in rented accommodation longer than they had originally planned, according to new research.

Frustration

Experian’s latest analysis of 1,500 renters in the UK suggests that many are frustrated first-time buyers.

18% of private tenants said they believed they wouldn’t be accepted for a mortgage with 10% saying they faced struggles in raising a deposit, thus delaying their plans to purchase. A further 5% said they had been held up with a mortgage agreement, prolonging their time in the private rented sector.

In spite of making regular payments as part of their tenancy agreement, many renters do not see this reflected on their credit score in the same way as mortgage holders.

‘Many would-be first time buyers face the challenge of saving for a deposit on a home while paying rent each month,’ observed Jonathan Westley from Experian. ‘While our research also shows that a significant amount of people are happy to rent in the long-term, whether it’s because they enjoy a good relationship with their landlord or the flexibility of rented accommodation.’[1]

One-third of tenants frustrated by home buying barriers

One-third of tenants frustrated by home buying barriers

 

Plans

25% of tenants surveyed intend to purchase a place of their own in the near future. 9% said that they were currently saving for a deposit, believing that this will be achievable within 18 months. 16% said they would need between two and five years to gain the necessary deposit.

On the other hand, one-third of renters said that they were content in the sector and had no plans to own a home of their own.

Would-be first time buyers that have been thwarted in their attempts to get a foot on the housing ladder are most-likely to be single parents or couples with young children. Three-quarters of this group said they would like be see rental payments contribute to their credit report.

Those who are happy to rent or live alone or with other adults are less likely to see rent as ‘dead money.’ 26% of happy renters disagree when asked if renting is a waste of money, in comparison to 16% of private renters.

[1] http://www.propertyreporter.co.uk/property/17m-tenants-frustrated-by-home-buying-hurdles.html

 

 

Keep your home safe in 2016…and beyond!

Published On: January 5, 2016 at 11:52 am

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Categories: Property News

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Dark mornings. Post Christmas blues. Struggling to fit into your favourite jeans following two weeks of chocolate, booze and cheese. Yes, the new year is upon us. However, the turning of a new calendar is the perfect time for landlords and homeowners alike to make security improvements to their home, in order to keep it secure for 2016 and beyond!

Safety

The 2015 Crime Survey for England and Wales by the Office for National Statistics indicated that 750,000 cases of domestic burglary in the past year.

Mark Jones, NHBC’s head of house buildings standards noted that, ‘there are a number of simple steps people can take to improve the security of their homes. From burglar alarms to security light, these measures can add value to properties and offer homeowners peace of mind in helping to make sure their homes and belongings are well protected.’[1]

‘People who live in newer properties, may already have security locks, burglar alarms and security lighting included as standard, ‘he continued. ‘But there are also a number of simple measures people can take to keep their homes and property safe from burglars.’[1]

Keep your home safe in 2016...and beyond!

Keep your home safe in 2016…and beyond!

Keep your home secure

Here then are some top-tips to keep your property secure for many new years to come:

Lock all the doors

It is vitally important to have robust locks on all doors of the property. Landlords should make sure are doors of their homes are fitted with secure fixed locks or a multi-point locking system. Latches and deadlocking should also be considered.

Don’t give burglars a window of opportunity

Make sure that any windows, particularly those on the ground floor or that can be easily reached, are fitted with lockable devices or handles that cannot be released without a key.

Enjoy the view  

By making sure that you have a wide angled view of the area outside the main entrance door to check on visitors, you can keep yourself aware of just who is calling. Some newer properties have conveniently placed windows that allow a clear view of the entrance area.

Let there be light

Installing an external detection security lighting system that switches on after dark when someone is near can be highly effective in deterring crime. Landlords and homeowners alike should seriously consider this to put off potential intruders.

Sound the alarm

Similarly, a house alarm system is a great way of decreasing the chance of crime. Some systems even link to a mobile phone or other device to let the property owner know that the alarm has been set off.

Don’t say that you’re away

Leave lights on a timer when you know that you are going to be away from a property. If you know that you are going to be away for a prolonged period, get a trusted neighbour or family member to make regular checks on the hom

[1] http://www.whathouse.com/news/tuesdaytips-keep-your-home-safe-this-year/12346/?utm_source=twitter&utm_medium=social&utm_campaign=tuesday%20tips