Learn the latest property news this September

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.

Selling during the back to school season

One-third of homeowners choose to buy or sell in early autumn, making now the best time to put your house on the market.

With children returning to school, could a move be on the cards for you?

If you are selling this September, here are some of our top tips...

1) Have a clear-out

The back to school season can be a busy time, with one in four also choosing to switch jobs and careers during this month compared to the rest of the year.*

So, having a simple declutter of your belongings and items can create a blank slate for people coming to view your home.

2) Maximise your storage

Maximising your storage space is an easy way to keep your home tidy at a low cost, which may then mean you're required to do less work in between any viewings that take place.

3) Plan for viewings

Don’t let viewings catch you off guard! Have a checklist of everything you need to do before a potential buyer comes to view your home.

Having a set plan of action will help you keep a clear head and get things done amid the back-to-school chaos.

4) Improve your home's kerb appeal

Two-thirds of buyers stated that kerb appeal was a significant influencer in their property purchase.**

Some top tips for improving your home's aesthetics are hiding bins, cleaning your windows and decorating your front door.

Are you ready to move this September?

Contact our property professionals today for helpful advice and guidance by clicking here

*Job search website, Monster

**Homeowners Alliance

Who’s most interested in your home’s value?

Have you ever used property sites to snoop on how much someone has paid for their home?

In a study by Zoopla, six out of ten Brits admitted to checking out how much someone has paid for their home, with the most popular people to snoop on being neighbours, friends and family.

Who are Brits most likely to snoop on?

- Neighbour 36%

- Friend 34%

- Family member 29%

- Someone they sold a house to 16%

- Colleague 11%

- Partner 8%

- Someone they dislike 6%

- In-laws 3%

- Ex-partner 3%

But, why are we so nosy about house prices?

Reasons for researching property prices can include: wanting to discover a property’s interior value (18%), the nostalgia of a previous home (12%) and wanting to improve your own property (10%).

However, one of the main reasons to look up the value of another person’s property is to get a better idea of how much your own home is worth.

If you’re curious about the value of your home, there’s no need to guess.

Source: Zoopla

Price gap widens for houses and flats following pandemic

Prices for both houses and flats are continuing to increase following the Covid-19 pandemic.

According to Zoopla, family homes are the most popular choice, resulting in an 114% increase in demand and shortage of stock.

The search for space has meant home buyers are looking for larger properties, causing prices for homes to increase by 7.3%.

However, flat prices haven’t seen the same boom. This has caused the price gap between houses and flats to widen.

The number of property transactions taking place currently stands 22% higher than the average level in 2020. Coupled with house prices reaching a new high of £230,700 per property, this is 30% above the 2007 market peak.*

House prices are continuing to grow with current statistics, showing a 5.4% increase in June, compared to the same time last year.

This is more than double the year-on-year price growth recorded 12 months ago.

Why is this happening?

- Race for space

Being in lockdown for the last year has caused people to desperately search for more space. Larger living rooms and extra bedrooms are some of the main factors influencing potential buyers.

Flats don’t always have the extra space many people desire, leaving them with less demand than in previous years.

- Working from home

People are searching for properties that have a home office or a spare room that could easily be converted into one.

This has made houses more favourable over the last year, as a lot of flats simply don’t have the space or option to accommodate this.

- Access to green space

After a year of being stuck indoors, it’s unsurprising that many people are now wanting to spend more time in the garden; causing people to look for properties with more outdoor space.

Conservatories are a great way to link indoor and outdoor areas, proving popular for potential buyers.

Are you looking to sell your home? Speak to our property professionals today by clicking here

*Zoopla

What does the supply-demand imbalance mean for you?

Vendors have benefited from the supply-demand imbalance seen across the market in 2021, with 40% of properties selling above their original asking price, making conditions optimal for selling.*

What makes conditions optimal this autumn?

1) Low stock

Due to the pandemic, many people were put off selling their homes whilst the construction of new build properties came to a halt, causing a dip in housing stock.

This means that the homes currently on the market are being snapped up faster, with serious buyers putting offers in much sooner than they otherwise might have done.

2) Increased demand

With UK restrictions easing, buyers are now competing for properties, with 36% of homes attracting offers from three or more buyers.*

Many who originally put off moving due to the pandemic are now looking to relocate, causing a huge increase in demand and sparking bidding wars between buyers.

3) Mortgage rates

With the number of available UK mortgages on the rise, lenders are competing to attract more customers with low-interest rates and low-deposit mortgages, giving buyers more choice than ever when it comes to choosing the correct financial option for them.

Need a helping hand selling your home? Get in touch with our team today by clicking here

*Property Reporter and Which?