The latest news from Durden & Hunt

Annual property price growth accelerates to 12.6%

Recent statistics show that annual house prices are continuing to grow at outstanding rates.

Average annual property prices rose from 11.2% in January to 12.6% in February, the strongest pace of growth since June 2021. After seven consecutive months of climbing prices, we've seen a month-on-month increase of 1.7% in February, showing that the market is still very much in favour of sellers. *

Since the start of Nationwide’s monthly index in 1991, there has never been as big of an annual growth in prices as there was in the year leading up to February 2022. The price of a typical home has increased by over £29,000 in just twelve months. *

In comparison to February 2020, UK property prices are now 20% higher – meaning sellers can now achieve up to £44,138 more for their property than they could before the pandemic. *

With market activity remaining robust, demand for properties still high, and mortgage approvals running above pre-pandemic levels, it is safe to say this combination is creating a great market for sellers.

Have you been thinking of selling this spring? Value your home with our online valuation tool today.

*Property Reporter

One in five could be looking to buy this year

If you’re thinking of selling your home, you’ll be pleased to know that home buyer demand was reportedly up 35% at the end of January, compared to the same time last year. *

In February, an independent survey of over 2,000 adults in the UK found that 18% intend to purchase a new home this year, increasing to 34% when looking specifically at respondents aged 18-34. *

The pandemic has influenced the features people look for when home hunting. The move to remote working has seen 43% of those who said in the survey that they were planning to buy a property this year, will be looking to buy in a different area to where they currently live. Furthermore, the ongoing ‘race for space’ suggests that competition remains high for homes with gardens and home offices. *

If you’re thinking of listing your home for sale while demand is high, start by getting an instant online valuation.

*Property Reporter

Number of homes on the market increases

The industry has seen the busiest ever start to a year, with buyers and sellers determined to move ahead of the spring season.

The good news is, as valuations turn into instructions, more and more properties will come onto the market, giving buyers some new options. In the seaside town of Bexhill-on-Sea in East Sussex, 88% more sellers have put their homes on the market compared to the same time last year. The borough of High Peak in Derbyshire is a close second, with an 82% year-on-year increase in new sellers, followed by the city of Chelmsford in Essex, with a 58% rise in new properties for sale versus the same time last year. *

With more properties coming onto the market, now is a great time to start searching for your dream home. To put yourself in the best possible position to take advantage of the current climate, ensure your property is listed so you are ready to make an offer for your next property.

Value your home today with our online valuation tool.

*Property Reporter

For landlords: EPC rules could be changing, are you prepared?

Energy Performance Certificates have been looked over in the past, however, it is important to know that big changes could be on the way, and landlords should pay extra attention.

How could these changes impact you as a landlord?

At present, a rental property must have a minimum EPC rating of an E. However, the government is seeking to revise this to a minimum grade of C for all new tenancies beginning in 2025. It also intends to require a minimum C grade for all rental properties by 2028, even those with long-term renters.

What are the exceptions?

Although there are a couple of exemptions, these are few and far between. Listed buildings and those subject to restrictive covenants that could have their appearance altered by energy efficiency improvements, are clear exceptions.

Several temporary homes, and those that are occupied for less than four months a year, are also not included.

A £3,500 rental cost cap is expected to be put in place for landlords who are unable to improve their property to the required EPC rating. This enables them to make as many changes as possible and then register their exemption as "all improvements completed."

The targets may be lowered in the future, but energy will still play a big role in the rental market this year and in the future.

Do you have a query? No problem! Get in touch with our expert team today.