The latest news from Durden & Hunt

The UK saw a 1.6% increase in property prices during April

According to data from a well-known property portal, the average house price increased by £5,537 in April alone. In comparison to three months earlier, the average UK property is now worth £19,082 more, raising the average house price to £360,101.*

The scarcity of properties has been the main driving force behind the steep increase in house prices, however, the supply is starting to stabilise.

What does this mean for you as a seller?

Despite more homes coming to the market, demand still outweighs supply. At present, sellers are successfully finding buyers twice as quickly as at the same time in 2019, and once a buyer has been found, homeowners are achieving top prices for their property. *

In fact, statistics suggest that you could achieve up to 1.6% more for your home than one month ago. *

If you do not yet have an up-to-date valuation, now is the time to get yours! Get an instant online valuation here.

*Rightmove

Searching for a property with a lot of potential?

When investing in a house, it’s important to consider that the renovations you are making will add value to the property. Investing in a renovation project typically works best when buyer demand is high, as it is right now.

If you are actively searching for a renovation project, you are in the right place. Our expert team has three suggestions that can help you spot a property with a lot of potential to add value.

Does the property offer space for conversion?

A decent-sized loft or basement is something that you should keep an eye out for. These empty spaces offer the opportunity to add another bedroom, bathroom, or living area, making the property more spacious and potentially more attractive to buyers when it comes to selling in the future; don't forget to confirm planning permission.

Can the layout be improved with a few tweaks?

Try not to dismiss houses that are subdivided in their layout. Often, homes with unconnected rooms can be transformed into an open-plan layout. Lookout for properties where there is a small kitchen next to a large dining room that could be knocked through, or a bathroom next to the main bedroom that could be transformed into an ensuite.

Could energy-saving devices improve the property’s EPC rating?

It is important to not disregard homes that currently have a low EPC rating. In fact, there is a lot of potential to add value, and following Rishi Sunak’s Spring Statement in March, adding energy-saving devices and materials such as solar panels and roof insulation has never been easier. Now that VAT has been scrapped on a range of devices, making energy improvements to a property may be less costly than you initially thought, creating a great opportunity to make a profit on a property. *

Whether you’re looking for an investment property or your forever home, our experts are here to help.

*Development Finance

What will the UK’s private rental sector look like?

A recent report examined how the private rental sector might develop in years to come. *

The findings, based on a survey of 1,376 adults in rented accommodation, reveal interesting food for thought for landlords who might be thinking about future-proofing their investments.

One of the key insights from the report is that the private rented sector needs to adapt to an increasingly mature tenant population, with the average age set to increase over the coming years.*

Over a third of households in the private rented sector currently accommodate somebody aged 45 or over. The report shows that three in five tenants aged between 35 and 54, expect to be renting privately in 15 years’ time. It is predicted that this demographic will make up at least half of rented households.

For landlords, this means considering the priorities of more mature tenants. Longer tenancy agreements and unfurnished homes are typically preferred by mature renters, who will often opt for a ground-floor property near to local transport links and basic amenities, such as shops and health services. Pet-friendly accommodation and the freedom to make basic cosmetic changes, such as redecorating are also high on the wishlist. *

If you are thinking of letting your property, contact us for a no-obligation rental valuation.

*Buy Association

What are the right questions when viewing a rental property?

When renting a property, it is crucial that you have all the facts to make an informed decision before signing on the dotted line. Our expert lettings team has compiled a list of things that you should think about before securing your rental property.

Are you confident about what is included in the price?

Before committing to a property, be sure to check the expected deposit, the monthly rent cost, and whether any bills or utilities are included in the price.

Is the landlord happy for you to put your own stamp on the property?

If you view a property that ticks all the boxes in terms of location and space, but the décor is not quite to your taste, it is worth discussing decorating with the landlord or agent. You may want to hang photos and paint the walls to add your personal touch, so be sure you have permission before making any changes. They may have recently refreshed the property and wish to maintain the current décor.

Does the property offer any parking?

Although this may not be the first question you ask, it is an important one. If you own a vehicle, make sure you discuss parking arrangements during the viewing. It is worth asking if you have an allocated space, need a permit, or can park in the garage.

Where should you turn if there is an issue?

In some instances, the landlord will instruct the agent to manage the property for them. During your viewing, it will be worthwhile to confirm who will be dealing with any queries that you may have in the future.

On the hunt for a rental property? Get in touch with our property experts through our website.