As autumn leaves us and dark evenings approach, now is the perfect time to start preparing your home for the cold months ahead. Cold and damp weather can put a strain on our homes, so it’s important to consider putting a few precautions in place to avoid unnecessary maintenance costs later down the line, in what is already set to be a challenging financial period. 

Additionally, high demand for professional tradespeople can lead to weeks of waiting to get work done, should you find your home is suffering from the onslaught of cold and wet weather conditions. So, planning ahead of time could save you from spending the winter without hot water and with a leaky roof. 

Boiler check 

The last thing you need during the winter months when the house needs heating and warm baths are wanted, is your boiler to have issues. Consider being proactive and get your boiler checked now, before it has to face the depths of winter. 

Brick work 

One problem that is often overlooked ahead of winter is inadequate brickwork pointing. This can become a problem over time, as it allows water ingress, as well as leaving your home susceptible to frost damage and damp. These issues may become far more prevalent during the winter months, as more favourable weather in the summer allows them to go unnoticed. It costs on average £50 to £60 per square metre to repoint your brick work, however the waiting times will only lengthen as the temperatures drop. Therefore, acting now and getting it checked before the cold and wet weather arrives will put you in good stead. 

Roofing 

Much like brickwork, problems with roofing tend to emerge more prevalently in cold and rainy conditions. Missing or cracked tiles are frequent problems that can lead to further difficulties within the home. Getting a roof inspection or necessary repairs can take as long as four weeks before the right tradesperson is available, so it’s important to take a proactive approach rather than wait for more serious damage to be done. 

Water pipes 

The winter months can take a toll on your water pipes, with low temperatures resulting in blocked, burst or frozen pipes. Insulting your pipes or fitting pipe jackets can be done for as little as £50, which is a huge saving compared to fixing the aftermath of a burst pipe. Any length of time without water in your home is a considerable wait, so sorting your water pipes now will save you a lot of trouble later. 

Windows and doors 

Minor misalignments of windows and doors may not seem like an issue, but they could cause your home to lose a considerable amount of heat, and rainwater has a better chance of entering your home. While the latter will cause damage from dampness, heating the home efficiently will become a much more pressing concern as we approach winter, and the cost of energy continues to rise. A general inspection or replacing a double-glazed window will require an upfront cost, but it could end up more than paying for itself due to the money saved on heating your home this winter  

As we near the end of 2022, have you been thinking about selling? Book a valuation with us today.

*Rightmove

Houses aren’t the only things seeing a rise in prices, as every area of the UK recorded a growth in rent prices during September. Greater London alone saw a 2.5% increase, which helped to drive the average rent in the UK to £1,159 per calendar month. This is a notable 1.4% rise from the previous month.*

Data from lettings insurance company, HomeLet, reveals that average rents across the UK (excluding London) now stand at £971 PCM, a jump from 1% between August and September. Their Rental Index also found that the North-East saw the second largest monthly variance, with rents rising by 2.4% between August to September, boosting the average rent up to £609 PCM.*

These figures are from data on achieved rents for just-agreed tenancies arranged in the most recent period – this provides a detailed insight into the lettings market, its current trends and consumer behaviour across the UK. 

Why are rents rising? 

UK rental growth has long been driven by mounting rental demand, and an increasingly limited supply. This creates a cycle, whereby rising rents see tenants remaining where they are, rather than moving to a property where they could end up paying more rent, contributing to the lack of supply that drove rents higher in the first place.

Zoopla found that tenants are staying in rental properties for an extra five months in 2022, compared to five years prior.***  

Rightmove also acknowledged the same phenomenon, and noted that the number of new rental listings peaked for the year in June 2022. 

Tim Bannister, Rightmove’s director of property data, said: “A shortage of rental homes and strong demand for the properties available has led to a greater number of tenants choosing to renew their leases and stay put, rather than re-enter a competitive rental market.” 

“People who had been waiting to see what happened last year are now being faced with record rents, and so are seeking out properties where they can have more certainty over their outgoings, with all bills included becoming increasingly sought after.” 

Will rent prices go down in 2023? 

Most experts forecast that rents will continue to rise into 2023, albeit at a slower pace, as the cost-of-living crisis continues to take its toll on household incomes. 

However, because the market is so localized, rents in high-demand areas may continue to rise. 

Rightmove’s Tim Bannister stated that it will take time for the difference between demand and supply to level out to see rents fall. 

“The story of the rental market continues to be one of high tenant demand but not enough available homes to meet that demand,” he noted. 

“The wide gap that has been created between supply and demand over the last two years will take time to narrow. Until then, this imbalance will continue to support asking rent growth. This has led to our revised forecast of an 8% rise in asking rents by the end of the year up from 5%.” 

As demand rises, is your portfolio expanding? Let us help you. Our fully managed service takes the stress out of letting - find out more today by visiting our website. 

*HomeLet 

**Rightmove

***Zoopla

Professional home staging is a specialised skill which involves creating the perfect atmosphere in your home using furniture and accessories, plants and lighting, in the hopes of garnering buyer interest for your property and potentially sell it faster, for the best price. Home staging is still a fairly new concept, but this doesn’t diminish the value of it on today’s housing market, here’s why: 

The research 

As suggested in research by the Home Staging Association UK, staged properties sell on average, twice as fast and for up to 10% more than properties without staging. Therefore, it appears if you had a property valued at £300K before staging, it could sell for between £24,000 and £30,000 more once staged.* 

Visual appeal matters 

Some prospective buyers may not be able to imagine living in a home that’s empty or, on the flip side, cluttered. If a property is vacant of furniture, or is not looking at its best, potential buyers could struggle to envision its full potential or imagine making the home their own. If buyers can’t picture themselves living in the property, they are unlikely to commit to buying it.

Selling more than just the property

When looking for their next potential home, prospective buyers will seek out a place that reflects the lifestyle they aspire to, rather than the lifestyle they currently have. The type of property people choose to buy and how much they are willing to pay is directly related to how good the property makes them feel when they browse through images and step inside. If the property represents a lifestyle that a buyer aspires to, then they are likely to be willing to pay more for it.

Playing to its strengths 

Every property has its setbacks, which is why it’s important to highlight its key selling points. Staging focuses the eye and attention of the home’s strengths and can subtly detract from anything that could be deemed unsightly. If a potential buyer falls in love with your home, they are likely to not be disheartened by any minor repairs and improvements they’ll need to make once they move in. In an empty property, everything is on display and even minor defects can become a major sticking point. 

Get ahead of competition 

In today’s market, for every attractive home there’s another one right around the corner and staging could be the thing that sets yours apart from the rest. The first thing buyers do when looking for a home is browse properties online and the listings with the most attractive images will be the ones that garner the most clicks. If other properties in your area are on board with the concept of property staging and your listing photos haven’t been staged, your home could fall behind in the ranks as your property’s pictures may not match up to the same standard.  

Hiring a property staging specialist will cost you short term but the profits could prove abundant when your house is sold. Staging specialists can offer useful tips and advice on how best to prepare your home for sale and can also help with other important details from clearing and decluttering, to moving furniture, and finishing with those all-important final touches for a viewing. However, if you are unsure about how to stage your property, please contact us. We are happy to help!

Looking for advice on selling your home? Get in touch today and let us help you. 

*Home Staging Association

The housing market once again exceeds expectations as current research suggests that in 2022 almost a third (31%) of properties are now receiving offers within an hour of being viewed; compared to a mere 7% in 2018.*

Over a five-year period, almost one in five (17%) properties received an offer within one hour of a viewing. An even more notable 7% of buyers made an offer on a property without attending an in-person viewing, according to data from MPowered Mortgages.*

The data also outlined that properties receiving an offer in a day is up over the same period, rising from 26% in 2018, to almost half (48%) by 2022. Around 12% of homes have received an offer without a viewing this year, which could be a result of social norms shifting in light of the COVID-19 pandemic, where remote/virtual viewings became the new normal.*

Strong demand and competitive buyers

To find out more about current buying behaviour, the fintech mortgage lender has launched a House Pace Index, driven by market conditions, government intervention within the property market, and consumer behaviour of wanting to ‘buy now’.

The research revealed that 38% of properties that have been placed on the market in the last five years received an offer within the same day of a viewing, with only 14% securing an offer after a second viewing.

The data also suggests that the younger generation are most prepared out of all age groups to take a more eager approach, with 18–34-year-olds acknowledged as most likely to adopt this mindset towards house buying. Some admitted to making an offer before seeing a property, in comparison to just 5% of 35–54-year-olds.

The average age of a first-time buyer in the UK currently sits at 34, with the study further suggesting the younger age group being quick to act could be down to a lack of experience, coupled with fewer mortgage deals available on the market.

Tunnel vision

The data from Mpowered Mortgages also showed that, before making a first offer, buyers are seeing an average of three properties, while 40% of buyers only view two properties before deciding to make an offer on the home they set their sights on.

Pressure on buyers

The market is seeing historical rates of activity as buyers race to secure their ideal property in the midst of a imbalance between supply and demand. The current market climate and data findings show that offers are being made extremely quickly, despite common belief that a ‘slow-down’ is on the horizon.

Stuart Cheetham, CEO at MPowered Mortgages, commented:

“The race to find a home can be a daunting prospect even more so now in an environment where mortgage rates are rising as part of the cost of living. Of the many hurdles a homebuyer faces, one element that can be largely controlled is the certainty of their mortgage and this will be even more important as rates continue to rise.” 

Considering selling? Take advantage of the buoyant market and get in touch with us today to book your valuation.