Learn the latest property news this August

What to do if your home isn’t selling

There can be any number of reasons to explain why your property isn't performing on the market as you had expected.

 

If it's left you wondering ‘what went wrong?’, we delve into some of the most common causes that could be preventing buyers from connecting with your home.

 

Your home lacks kerb appeal

 

The outside of your home is the first thing potential buyers see when they turn up for a viewing. 

 

So, there’s no surprise that it can have a huge effect on a buyer’s decision to put in an offer. More than 68% of homeowners say kerb appeal was important in their choice of home.

 

The property isn't viewer-ready

 

It’s important when selling to keep your home looking viewer-ready, as well as to aim for a more neutral tone that appeals to a wider audience base.

 

Whilst it can be tempting to start splurging on new furniture and items for your new house, it can also have a negative impact on viewers if the room looks too crowded and cluttered.

 

The photos don’t do it justice

 

It takes just six photos for someone to decide whether they're interested in seeing more of a property.

 

If the first six photos don't represent your home in the best light, you could be missing out on the opportunity to showcase your property's core unique selling points, so it's worth raising any concerns that you have with your agent as well as making sure that you stage each room beforehand.

 

The asking price could be wrong

 

It's a common misconception that the asking price is behind every single stalled property sale. However, it's important to know where this is and isn't the reason for a home struggling on the market.

 

Having a competitive valuation with a local agent ensures that you are correctly priced and helps you to avoid any delays or complications.

 

Want a second opinion on the price of your property? Our team of experienced estate agents can provide you with a reliable free valuation, visit our website for more information.

 

The estate agent isn’t the right fit for you

 

Your estate agent should be doing all they can to sell your home, including keeping you updated and aware of the progress of your sale.

 

If you’re not happy with the service you’re being given, make sure you bring it up.

 

So, what are my options?

 

If your home isn’t selling, don’t despair. You still have a few options that will enable you to get moving.

 

Contact our team today to learn more about our offering and success metrics in your area.

 

 

Key questions you need to ask your buyer

Finding the right buyer can save you time, energy and disappointment.

 

If your chain falls through due to your buyer's financial readiness or uncertainties, you may lose out on other offers as well as the property you had intended to purchase.

 

Here are the top five questions you need to ask before accepting an offer.

 

Have they been pre-approved for a mortgage?

 

Being pre-approved for a mortgage means that a lender has already said their application will be accepted, speeding up the process significantly and reducing the risk of it falling through.

 

Do they have a home to sell?

 

Understanding your house buying chain is really valuable, as you'll be able to anticipate any weak points that could lead to your sale and / or purchase from falling through.

 

More sellers are now opting to rent in between their sale and new home, which means that the chain is much smaller and less likely to break.

 

Have they made an offer on another house?

 

If the buyer has put down a deposit on another property, they might not be fully committed to that purchase.

 

Are they a first-time buyer?

 

First-time buyers are often chain-free, so the process of selling your home should be quicker.

 

However, be careful not to make assumptions.

 

There may be other commitments such as a fixed term tenancy that prevents them from moving quickly, so always check when your buyer wants to complete.

 

What is their moving timeline?

 

Remember to ask what their moving timeline is like, as this will tell you how much they must do before they can move.

 

If their timeline fits in with yours, then they’re probably a suitable buyer for your property.

 

 

Need help finding the perfect buyer? Get in touch with us today.

 

 

Post-pandemic predictions for the property market

After 18 months of uncertainty, the UK property market has seen some incredible highs and lows, from the sector closing and reopening last spring, to the impact of the stamp duty holiday on residential transaction levels.

 

For those looking to buy or sell in 2021, here are the top projections on what will continue to shape activity levels in the coming months.

 

House prices at a record high

 

Initially propelled by the stamp duty holiday, house prices have risen by 10.2% in the year to March 2021, with vaccine optimism now fuelling high demand levels.*

 

With a tapered end this September, homeowners can still save £2,500 on the first £250,000 of a property due to the stamp duty holiday, meaning that sales will continue to push up prices this summer.

 

If you haven't had a recent valuation of your home, talk to us today to gauge its current value.

 

The long-awaited return of overseas property investors

 

Travel has been made all-but-impossible for most travellers.

 

However, with vaccine programs being rolled out in other countries as well as the UK, we should soon see the return of overseas buyers looking for their next investment opportunities.

 

This will be key to help the market fully recover from the events of 2020, particularly for the construction sector.

 

Country locations increase in popularity

 

Remote working became the norm for most of the country's workforce in 2020, which gave people the freedom to move further afield.

 

As outdoor space went up in our estimations, the need for a perfect commute distance became less important, leading to more buyer activity as homeowners and tenants found themselves restless with their current accommodation.

 

More space for remote workers

 

For those whose job will continue to operate remotely, a home office or designated workspace is essential.

 

Larger properties are in short supply, making it the ideal time for homeowners to sell up.

   

Commercial spaces transformed into residential properties

 

Commercial spaces are being left empty, as many people are now opting to work from home, where able.

 

This means that many offices have closed permanently, leading the owners to convert them back into residential properties.

 

Overall, this could have a massive impact on the market.

 

 

Do you want to know your options buying or selling this summer? We'd like to offer you a consultation, visit our website to learn more.

 

 

*ONS

 

What is driving property prices?

Asking prices continue to climb, with several key reasons to explain why this is happening after the emergence of a global pandemic.

 

 

A record number of people are looking to move

 

If you cast your mind back to a pre-pandemic time, the property market was faced with extraordinary pent-up demand due to Brexit concerns, as buyers and sellers put their plans on hold.

 

Before this pent-up demand could be fully alleviated, COVID-19 made its way across the globe in spring 2020, shutting down the property market along with most other commercial sectors.

 

The government were quick to launch schemes and support to encourage a return of activity, with tremendous success last summer, mainly driven by the extended stamp duty holiday.

 

Following all of these delays, demand for homes continues to dominate market headlines.

 

Over 180,000 properties were listed on Rightmove in the last month, with homes selling above asking price doubled from previous figures.

 

 

Stamp duty savings

 

Ending on June 30th, the stamp duty holiday caused a market rush, which meant that asking prices rose at an incredible rate.

 

Having extended the initial savings period once already, the government introduced a tapered end to the SDLT holiday, taking us up to September 2021 with £2,500 available on the first £250,000 of a property.

 

 

Record low interest rates 

 

With interest rates low, more people have been enticed to upsize to bigger, more expensive homes.

 

If you're looking to take advantage of better rates, we'd recommend speaking to a mortgage professional about your options.

 

   

Looking to sell? Book a valuation today.

 

 

Top tips on being ready to sell

 

According to Rightmove, enquiries from buyers are up by 18% when compared to the same period last year.

 

If you decide to sell right now, you’re pretty much guaranteed to get high levels of interest following your market launch.

 

Here are our five top tips for selling your home in a busy market

 

 

Talk to the right people and stay informed

 

Whilst it’s easy to get caught up in the post-lockdown rush, remember that moving house is a big decision.

 

Make sure that selling is the right decision for you and that you have the best local advice to help you achieve the best deal possible.

 

Get certified

 

If you’ve made considerable renovations to your home, ensure you have the correct certifications.

 

If people are interested in your home, they will likely want to see them.

 

Check your property

 

If you’re selling a newly built or converted property, you must check it was built under a building standards indemnity scheme.

 

Lenders often won’t provide mortgages if newly built or converted properties are not covered by a warranty scheme or Professional Consultants Certificate (PCC).

 

This will be an issue if your buyers need a mortgage to buy your property.

 

We’d suggest getting in touch with someone that can provide you with a PCC, confirming that your new build has been constructed in accordance with the drawings and instructions provided by building control.

 

Carry out any minor repairs

 

Disrepair can seriously put off homebuyers.

 

The amount of work that needs doing to the property can impact how much interest you receive. Furthermore, doing any refurbishment before starting the selling process is always a good way to increase the market value of your property.

 

If there are any serious structural issues with your property, you should get them fixed before viewings begin.

 

Get in touch with a professional

 

If you want your home to sell quickly, always contact a professional.

 

We provide a bespoke selling service that is adapted to each individual property.

 

If you’re looking for a quick and easy sale, contact our team today by clicking here

 

 

 

Why does market activity peak in August?

 

For the past 12 years, reports show that August has been one of the most popular months for home moving, with a third of movers choosing to buy or sell between June and August.*

 

Whilst typically homeowners would expect to fare best by listing earlier in the season, the same won't be said for 2021.

 

Fewer Brits are predicted to travel due to restrictions, meaning there's plenty of time to spend house hunting instead, as well as save towards deposits and moving costs over paying for flights and accommodation.

 

What’s the most popular day to move?

 

One in four pick Fridays for their moving day, giving themselves all weekend to unpack and settle in, with activity likely to peak ahead of the Bank Holiday weekend.**

 

With the stamp duty holiday ending 30th September, this could mean delays for buyers and sellers who aren't prepared in advance, particularly for those relying on moving companies for the big day.

 

19% of those who bought up to 2018 experienced delays due to the sellers vacating their homes late or not having funds clear in time, so it's important to communicate with other parties in your chain to establish any potential problems before they materialise.**

 

Why move this summer?

 

A summer move gives you the best conditions to market your property and have the best weather for the move in period.

 

If you'd like advice on why you should choose now to list your home or make your next move, we can help.

 

For advice on buying or selling, contact us today by clicking here

 

*Property Reporter

**Homeowners Alliance

 

A look at what the stamp duty holiday has led to

 

Since its launch, the stamp duty holiday has led to phenomenal sales numbers for England's property market, with 50% more transactions in Q1 2021 compared to the previous year, pre-pandemic.*

 

Now, with the tapered end of the holiday in sight, we take a final look at what the property market has seen over the last year, and what is still to come.

 

Originally intended to stimulate the market after its spring closure in 2020, the SDLT holiday has triggered a house buying boom, with price surges up and down the country and buyers scrambling to put in offers at record speeds.

 

Even for buyers who may have faced higher property prices over this time, the value of buying with a smaller upfront cost meant that homebuying was an affordable option for 100,000s.

 

In fact, one survey suggested that four in ten Brits (39%) were able to take advantage of the government's initiative, with many finding themselves better able to save for deposits and moving costs with limited lockdown options.**

 

Following the end of the SDLT holiday on the 30th September, the rates will be as follows:

 

- 0% up to £125,000

- 2% on £125,001 - £250,000

- 5% on £250,001 - £925,000

- 10% on £925,001 - £1.5m

- 12% on any value above £1.5m

 

For advice about buying and selling in 2021, we'd like to offer you our support. Please contact us today for more information by clicking here

 

*Mortgage Introducer

**Show House

 

 

 

What’s next for the property market?

 

Having contributed to record-breaking sales numbers over the last year, we consider what's next for the property market following the approaching end of the stamp duty holiday.

 

For first-time buyers

 

Introduced by the government this spring, the 95% mortgage guarantee scheme has encouraged lenders to offer lower deposit options, paving the way for the return of first-time buyers wanting greater flexibility and freedom becoming homeowners.

 

This scheme is set to close to new applicants in December 2022, with the government’s total investment expected to reach over £20 billion.

 

Flexible mortgage schemes

 

In support of the government's help-to-buy option for first time buyers, we are seeing banks and developers coming together to create other schemes that could essentially replace the government’s help-to-buy scheme when it comes to an end.

 

An example would be the Deposit Unlock Scheme, which provides buyers with a package that allows them to buy new build homes up to a value of £330,000, with a 5% deposit and 3.5% mortgage rate – fixed for two years.*

 

High street banks are also beginning to offer 5% mortgages, which offers to lend buyers an extra 10% of a traditional 15% deposit, requiring buyers to only front up 5% themselves.

 

Looking ahead

 

Existing and new incentives will boost a drive in the first-time buyer market and are likely to have a similar impact as the SDLT holiday.

 

Other new schemes could involve cuts to SDLT rates, particularly with second home purchases in order to get this section of the market moving again.

 

Are you looking to buy this year? Get in touch with us today by clicking here

 

*Newcastle Building Society