Learn the latest property news

How your street name could affect property prices

 

A recent report has analysed property sales across England and Wales in order to determine the most popular and expensive street names.

 

So, just how much value is there in your street name?

 

According to the findings, 30% of all homes that sold in the last year had a street name that ended in “Road”.

 

Whilst the street endings “Close” and “Street” also proved popular, with a combined total of 18% of house sales.

 

Making up the top five most popular names were “Avenue”, accounting for 7% of sales, and “Drive” not far behind at 6%.

 

When it comes to the highest average sale prices, however, the tables turn significantly.

 

Addresses ending in “Hill” topped the table, with a typical price of £335,000.

 

Despite this, the street ending “Hill” only makes up for 1% of all transactions over the last year.

 

The next prestigious street name was “Park” at an average price of £272,500, closely followed by “Rise” at £270,000.

 

 

Are you looking to take advantage of a valuable street name? Book a valuation with us today at www.durdenandhunt.co.uk

 

 

What you need to know about the 95% mortgage guarantee scheme

 

A new mortgage guarantee scheme was announced this spring, with the goal being to help first-time buyers and aspiring home movers purchase a home with a smaller deposit.

 

The initiative, which will be available for new mortgages up to 31st December 2022, is intended to increase the availability of mortgages on new or existing properties for those with small deposits. 

 

This comes after a plummet in 95% mortgages made available last year, as lenders lost confidence in the UK's financial stability due to the pandemic.

 

How will it work?

 

It is based on the Help to Buy mortgage guarantee scheme that ran from October 2013 to December 2016, which backed mortgages for 104,736 purchases – 2.7% of all those in the UK.

  

The average property bought through the scheme was worth £159,170, compared to an average UK house price of £223,000.

 

In terms of restrictions with the latest initiative, only first-time buyers or those moving homes are eligible to apply, not those wishing to buy second homes or buy-to-let properties.

 

First-time buyers and home-movers form a vital cog in the economy and housing market, so government support will play a crucial role in restoring the balance.

   

To get assistance on your mortgage needs, get in touch today, or browse our latest properties to see what's available in your area here www.durdenandhunt.co.uk 

 

Market boom leads to more sales and higher prices

 

The average UK property price has risen by 8.6%, which is roughly £20,000 in the past year. This is the highest annual rate since 2014 according to the Office for National Statistics.

 

Over the year, house prices in England increased to £268,000 (up by 8.7%), in Wales to £180,000 (up by 8.4%) and in Scotland to £162,000 (up by 8%).

 

The North West was the region that saw the highest annual growth in average house prices (11.9%), while London recorded the lowest positive growth (4.6%).

 

The figures reported by HM Revenue & Customs show that sales in March this year more than doubled from March in 2020.

 

It is estimated by HMRC that 190,980 sales took place in March 2021, a 202.3% increase in transactions compared with the previous year at 94,380.

 

Despite the tapering of the stamp duty holiday later this summer, it has been predicted within the sector that the high demand levels we're seeing will continue to propel activity and protect property prices.

 

The vaccine roll out and easing of lockdown restrictions have led to dramatic changes to consumer confidence within the UK, supporting this expectation for the housing market.

 

If you'd like to review your options buying or selling this year, talk to us today at www.durdenandhunt.co.uk

 

 

 

 

 

Updated guidance on possession action from the government

 

Landlords need to be aware of and follow the guidance set by the government on coronavirus and renting, which contains advice on possession proceedings, health and safety, maintenance and repairs.

 

As always, the tenant's safety should always be the landlord's first priority.

 

In line with updated guidance from the Ministry of Housing, Communities and Local Government dated mid-April, the document includes legislation to delay when landlords are able to start proceedings to evict by giving tenants longer notice periods than usual.

 

The guidance is aimed to help landlords safely let empty properties, or properties that tenants are vacating voluntarily. They should continue to work with their tenants to assist tenancies where the tenant wants to and are able to stay.

 

Conducting viewings should not happen in properties where tenants are symptomatic or self-isolating. 

 

Any visits to properties for maintenance issues must be made in accordance to the government's guidelines on working in other peoples' homes and social distancing.

 

If possible, any repairs or checks should be done in the period where the property is unoccupied. If this isn’t the case and visits are required to an occupied property, then this should be done with measures in place minimising physical contact, for example, having residents wait outside or in another room.

 

Landlords should ensure the property is prepared and ready for new tenants, which may include cleaning to minimise any potential spread of the coronavirus.

 

As a landlord, you also need to pay heed to your Right To Rent checks, with temporary measures in effect allowing these checks to be conducted remotely.

 

 

Should you need any help or guidance, please contact us with your questions at www.durdenandhunt.co.uk