Learn the latest property news this October

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.

 

 

UK property prices up 13% compared to pre-pandemic

 

When the stamp duty holiday came to an end, it was expected that the home buying frenzy would tail off, however, prices and demand continue to soar.

 

There are currently 24% fewer homes on the market than this time last year, with higher than average enquiry levels and interest per property listed.**

 

Even when SDLT savings dropped from £15,000 to £2,500 earlier this summer, house prices were 11% higher when compared with August 2020, as increased demand led to competitive offers from buyers.*

 

For August 2021, the average price sat at £248,857. That has risen by 13% since the start of the pandemic, and an increase of £5,000 in the space of one month.*

  

Levels of demand are set to continue climbing as borrowing costs remain low. The fact that these costs have remained low has caused consumer confidence to grow, increasing demand further.

  

Experts predict that in autumn 2021, the property market will continue to see promising transaction levels, whilst by 2031, the average house price will have jumped by 30%.***

 

Our property experts can give you a reliable and free market appraisal, so that you know exactly how much your property is worth

 

 

 

*Nationwide

**Zoopla

***Based on trends from the Office for National Statistics

 

 

Home ownership with the Affordable Housing Programme

 

The UK government have shown that they are committed to helping the younger generation get onto the property ladder, allocating £8.6bn to build approximately 119,000 affordable homes.

 

- 57,000 homes will be available to buy

 

- 29,600 properties will be delivered for social rent

 

- 6,250 will be rural homes

  

The introduction of the Affordable Housing Programme is due, in part, to the shortage of homes being built over the course of the pandemic and aims to make house buying more realistic for families.

 

Lockdown and Brexit have taken a toll on house building in the UK over the last 18 months, as shutting down construction sites has delayed projects and led to disruption along the supply chain for materials, whilst there have been fewer workers available to complete work.

 

There has been a fall in completions of new build homes by 11% since last year, whilst the supply-demand imbalance has made homeownership more difficult for first-time buyers, in particular.*

 

What does this mean for you?

 

If you’re struggling to get onto the property ladder, this may be the perfect scheme to take advantage of.

 

Need help or want to know if you’re eligible? 

 

Visit: https://www.gov.uk/government/news/86-billion-for-affordable-homes-to-give-boost-onto-housing-ladder

 

Or, to discuss your house buying options, talk to our local team today.

 

 

*Zoopla

 

 

Top 10 reasons a buyer will walk away

 

When it comes to purchasing a property, eight in ten Brits admit to being 'picky buyers', with research showing that a poor Wi-Fi connection is enough to put a third off a new home.*

 

Other contributing factors can include having noisy neighbours, creaky floorboards and thin walls.

 

Of those surveyed, 22% would be deterred by an unruly garden with overhanging branches, with a third agreeing that dogs barking in the area would be a deal breaker.

 

If you're looking to sell your property in the near future, it's a good idea to determine what elements inside and outside could be picked up on by prospective viewers.

 

Where able, you should also complete any outstanding DIY jobs or renovations, as this will help you to secure a better offer in a shorter time frame. 

 

 

Top 10 reasons for a buyer walking away from a deal:

 

Noisy neighbours – 47% 

 

Loud area – 45% 

 

By a main road – 44% 

 

Thin internal walls – 43% 

 

Near an airport – 41% 

 

Hard to park nearby – 40% 

 

Lack of storage options – 38% 

 

Ceilings being too low – 35% 

 

Steep stairs – 34% 

 

Poor Wi-Fi – 33% 

 

At this time of the year, activity from buyers only increases in the run up to Christmas, with many wanting to unpack the last box before getting into the holiday spirit.

 

Whether you're looking to sell or let, we're ideally positioned to maximise marketing exposure for your property and help buyers see its best qualities.

 

Contact our team today for your up-to-date valuation.

 

 

*First Mortgage

 

 

What's changed with tenancy evictions?

 

Over the last 18 months, a number of measures were put in place to protect tenants who were unable to keep up with their rent payments.

 

This put a strain on landlords and the lettings market as a whole, with the government easing these rules back gradually to help all parties involved recover from the effects of the pandemic.

  

A notice period can be anywhere up to six months before an eviction can take place. In addition to this, a tenant can only be asked to leave during the contract's fixed term, if:

 

- The tenant is behind on rent payments

 

- The property has been used for illegal activity

 

- The property has suffered damage during the tenancy

 

Notice periods have been extended since the pandemic, which gives tenants some breathing space if their employment status has changed.

 

Once the tenant has been issued with a written notice of wanting the property back, the tenant is given:

 

- Two months to vacate if they gave notice prior to the 26th of March 2020

 

- Three months, if it was between 26th March and 28 August 2020

 

- Six months, if it was after 29th August 2020

 

- Four months, if it was after June 21 2021

 

Despite these dates, according to the government, if a tenant is evicted with a section 8 notice, the tenant may have to leave much sooner.

  

A tenant should pay rent until the end of their agreed term in accordance with the contract they would have signed. Despite this, it is normal to still liaise with the landlord to see whether there is a break clause in the contract.

 

Landlords may also allow a tenant to leave a fixed-term contract early if the tenant has a direct agreement with them, such as finding a replacement.

 

Do you need help as a landlord or tenant? Talk to our team today.