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What’s 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.

 

 

 

A guide to your property valuation

 

When it comes to selling your property, it's only natural you want to know all of the facts before beginning.

 

For the majority of us, owning a property will be one of the largest financial commitments we'll make in our lifetime, so making sure that you optimise on its value is really key in order to step further up the property ladder and afford that next dream home.

 

As your leading local expert, we've taken a moment to break down some of the important areas of your market appraisal, so that should you decide to ask an agent to value your property, you'll know exactly what you're getting from them.

 

 

What do we mean by property valuation?

 

A property valuation is an assessment of your property’s value, which takes into account a wide range of factors from the property type and size, to its condition and location, as well as seasonal and national trends.

 

Having a local agent conduct your appraisal can be a really useful advantage, as they'll know the local market and be able to target buyers within that area with the right marketing strategy to generate more viewings for your home.

 

Whilst it's estimated that a seller will have appraisals from two to three agents on average, it's vital that you choose representation based on their service proposition and success metrics, rather than opting for the highest valuation.

 

The aim here is to competitively price your property to achieve the best sale price in the best time frame possible. 

 

Set the price tag too high, and you'll elongate your stay on the market whilst deterring otherwise interested buyers. Set it too low and you'll lose out on its full potential value.

 

Why is it important to get an up-to-date valuation, even when you're not thinking of selling?

 

The market is constantly changing, so whilst you might not be ready to sell right now, it's recommended to keep an eye on how properties are faring near you.

 

If a lot of your neighbours are selling quickly, it can be a really good indicator that you'll be in a prime position to find a buyer at a price and time to suit you.

 

Prices have been increasing year-on-year, so knowing your home's value can also mean that when it does come time to sell and move on, you're already informed and ready to instruct an agent, saving yourself time and energy from the very start of your property journey.

 

Whether you're looking to sell right now or sometime in the future, talk to our agents to find out exactly how much your home could be worth. 

 

 

Is it still location, location, location?

 

Faced with the prospect of a lockdown-free summer, buyers are anxious to move quickly, resulting in record numbers paying over asking price to secure their dream property.

 

With leading experts predicting that the house buying frenzy is here to stay, is location still as key as it used to be for buyers?

 

In the space of just 18 months, we've seen homebuyers rush to the countryside and back to cities again, as they've swapped lifestyles and jobs to better suit their own needs post-lockdown.

 

However, while requirements have altered dramatically for some, the popularity of online searches for the perfect location shows that this remains high on the list of buyer priorities.

 

So, what stands out as the perfect place for today's buyers?

 

- Access to areas of green, open space or gardens has become an immediate priority for many homebuyers.

 

- Now lockdown is coming to an end, people want to be close to cafes, restaurants, leisure amenities and shops once more to make the most of their freedom.

 

- Being close to the office is also becoming important again, as people adopt a hybrid style of working. This has also brought demand for a suitable working space at home, as well as a fast and reliable broadband connection.

 

- Being in a good school catchment will always be a priority for families.

 

- Buyers are doing their research into future developments in the area, like new schools, hospitals, shopping facilities or public transport links, as they can dramatically affect future house prices.

 

Location is a key factor in driving up demand.

 

If you’re looking to find the perfect location or sell your property, get in touch today.

 

 

 

Carbon monoxide campaign to alert ‘new landlords’

The government has launched their ‘Carbon Monoxide Safe 4 Summer’ campaign, which has been put in place to highlight how dangerous carbon monoxide can be.

 

As part of this initiative, the government are looking to educate the sector on the dangers, particularly with new and / or short-let landlords.  

 

 

What is carbon monoxide?

 

Incomplete combustion (when the fuel does not burn fully) can cause formation of odourless, colourless gas. This gas is carbon monoxide.

 

Carbon monoxide can displace oxygen in the human body and lead to poisoning. Because it does not smell and you cannot see it, it can be very difficult to detect.

 

 

Knowing the signs of carbon monoxide poisoning

 

Tension headaches are the most common symptom, however, other indicators of carbon monoxide poisoning may include: dizziness, feeling and being sick, tiredness and confusion, stomach pain, shortness of breath and difficulty breathing.

 

As these are relatively common symptoms, people may get them for any number of reasons, and this can make spotting carbon monoxide poisoning very difficult – especially at low level exposure.

 

 

What measures can you take to keep safe?

 

If you have fuel-burning appliances, a fireplace or an attached garage, you should look to install carbon monoxide detectors.

 

- Check or change batteries in carbon monoxide detectors every six months.

 

- Keep vents and flues free of debris.

 

- Never leave the engine running in a vehicle parked in an enclosed or partially enclosed space, such as a garage.

 

- Ensure any fireplaces or fuel burning appliances are fitted by a professional.

 

- At least once a year, have a qualified professional inspect your fuel-burning devices to make sure they continue to operate properly.

 

 

Learn more about carbon monoxide poisoning here: https://www.nhs.uk/conditions/carbon-monoxide-poisoning/

 

For advice on renting out your property, contact us today.

 

 

 

Stay informed with changes to the Right to Rent scheme

 

First introduced in 2016, right to rent checks have been a core part of the check in process for landlords and tenants.

 

What is the right to rent scheme?

 

Right to rent is a government policy, which requires landlords to check their tenants’ immigration status.

 

It also means they must refuse to let a property to anyone who can’t prove they have a right to rent.

 

What changes have been made?

 

Significant changes were made to right to rent checks in order to facilitate these over the course of the pandemic, such as with an online checking service and changes to accepted documents.

 

 

These digital processes are temporary measures only that are to be permitted until September, i.e. video checks or accepting scanned photos in lieu of in-person checks.

 

However, some concern has arisen due to the imminent deadlines for both the EU Settlement scheme and video checks, meaning some applications could be in limbo until further clarity is provided from the government. 

 

For more guidance, please visit: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_

data/file/994998/Landlords_guide_to_right_to_rent_checks.pdf

 

 

Or for advice regarding right to rent checks and our lettings packages, contact us today.