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<span style="font-family: Arial, Helvetica;">What’s next for the property market?</span>

 
Having contributed to record-breaking sales numbers over the last year, we consider what's next for the property market following the approaching end of the stamp duty holiday.
 
For first-time buyers
 
Introduced by the government this spring, the 95% mortgage guarantee scheme has encouraged lenders to offer lower deposit options, paving the way for the return of first-time buyers wanting greater flexibility and freedom becoming homeowners.
 
This scheme is set to close to new applicants in December 2022, with the government’s total investment expected to reach over £20 billion.
 
Flexible mortgage schemes
 
In support of the government's help-to-buy option for first time buyers, we are seeing banks and developers coming together to create other schemes that could essentially replace the government’s help-to-buy scheme when it comes to an end.
 
An example would be the Deposit Unlock Scheme, which provides buyers with a package that allows them to buy new build homes up to a value of £330,000, with a 5% deposit and 3.5% mortgage rate – fixed for two years.*
 
High street banks are also beginning to offer 5% mortgages, which offers to lend buyers an extra 10% of a traditional 15% deposit, requiring buyers to only front up 5% themselves.
 
Looking ahead
 
Existing and new incentives will boost a drive in the first-time buyer market and are likely to have a similar impact as the SDLT holiday.
 
Other new schemes could involve cuts to SDLT rates, particularly with second home purchases in order to get this section of the market moving again.
 
Are you looking to buy this year? Get in touch with us today.
 
*Newcastle Building Society
 
 
 
 
 



<span style="font-family: Arial, Helvetica;">3-bedroom properties in high demand</span>

 
Property experts from Rightmove are urging homeowners to sell their three-bedroom homes, as high demand leads to an average selling time of just 45 days.
 
With the summer season well under way, the latest house price reports indicate high asking prices in the UK.
 
So, why is the housing market so hot right now?
 
Available homes are in short supply
 
Some homeowners have had to delay their moving plans over the last 18 months, causing an imbalance of homes on offer compared to buyers, sparking competitive bidding wars and driving prices higher.
 
This has also resulted in gazumping becoming more and more common, as buyers fight for the remaining properties.
 
New construction was halted
 
Between 240,000 and 340,000 new homes are needed every year to keep up with demand.
 
A shortage in construction materials, as well as delays and lockdowns within the sector have resulted in fewer new homes being built since the emergence of the pandemic.
 
Even though construction of new build homes has recently reached a 21-year high, the market is still struggling to make up for lost time and meet the needs of new home buyers.*
 
Mortgage rates are at a record low
 
Product choice has reached the highest levels in 16 months, with competitive rates and as many as 4,512 new deals to pick from encouraging deal-savvy buyers to consider their next move.**
 
 
Post-COVID race for space
 
After being stuck indoors for months, people are sick of seeing the same four walls.
 
Whilst many of us took to DIY renovations and projects to make our homes better suited, a significant number decided to look elsewhere altogether, wanting a bigger space with gardens and the room for a home office. 
 
If you’re looking to buy or sell, contact us today to get started.
 
 
*Ministry of Housing, Communities and Local Government
**Financial Reporter
 
 
 



<span style="font-family: Arial, Helvetica;">Top tips on being ready to sell</span>

 
 
According to Rightmove, enquiries from buyers are up by 18% when compared to the same period last year.
 
If you decide to sell right now, you’re pretty much guaranteed to get high levels of interest following your market launch.
 
Here are our five top tips for selling your home in a busy market
 
 
Talk to the right people and stay informed
 
Whilst it’s easy to get caught up in the post-lockdown rush, remember that moving house is a big decision.
 
Make sure that selling is the right decision for you and that you have the best local advice to help you achieve the best deal possible.
 
Get certified
 
If you’ve made considerable renovations to your home, ensure you have the correct certifications.
 
If people are interested in your home, they will likely want to see them.
 
Check your property
 
If you’re selling a newly built or converted property, you must check it was built under a building standards indemnity scheme.
 
Lenders often won’t provide mortgages if newly built or converted properties are not covered by a warranty scheme or Professional Consultants Certificate (PCC).
 
This will be an issue if your buyers need a mortgage to buy your property.
 
We’d suggest getting in touch with someone that can provide you with a PCC, confirming that your new build has been constructed in accordance with the drawings and instructions provided by building control.
 
Carry out any minor repairs
 
Disrepair can seriously put off homebuyers.
 
The amount of work that needs doing to the property can impact how much interest you receive. Furthermore, doing any refurbishment before starting the selling process is always a good way to increase the market value of your property.
 
If there are any serious structural issues with your property, you should get them fixed before viewings begin.
 
Get in touch with a professional
 
If you want your home to sell quickly, always contact a professional.
 
We provide a bespoke selling service that is adapted to each individual property.
 
If you’re looking for a quick and easy sale, contact our team today.
 
 



<span style="font-family: Arial, Helvetica;">Lettings market boom and what it means for landlords</span>

 
The lettings market has had a record strong month, with reports of a decrease to the length of average void periods in most regions, as well as rising rents seen across the country.
 
In some parts, void periods have dropped by as much as 50% month-on-month, taking England's average from 22 to 16 days.*
 
How have rents changed for landlords?
 
After a year of uncertainty for landlords, with the eviction ban repeatedly extended, the news of rent growth in every region in June should signal a return of optimism for the market.
 
Certain areas saw an increase as high as 10%, whilst the average cost to rent a property in England now sits at £932.
 
In fact, average rents were higher this June than when compared to a pre-pandemic 2019.
 
Looking to take advantage of the increased rental demand? Here are our top tips on how to become a new landlord.
 
1) Understand your business
 
As with any new business venture, if you lay the right foundations, you have the potential to secure a comfortable financial future for yourself.
 
Most landlords only let one property, so it's important you know the local market and choose the best spot for your investment in terms of location, demand and opportunity.
 
2) Take the time to learn more about the legal requirements
 
There are a number of important regulations that a landlord must meet to protect their tenants, as well as themselves and their properties.
 
Taking the time to familiarise yourself with the sector will put you in good stead to build an established reputation letting in your area, which will ultimately help you to keep good tenants for longer.
 
3) Shop around for your buy-to-let mortgage
 
It’s important to find the right deal for you, which might mean considering a range of solutions before making a decision.
 
To get the best returns, you should speak with a trusted mortgage advisor who can point you in the right direction selecting your mortgage.
 
4) Decorate for a tenant, not for yourself
 
Just like when you're selling a property, you need to plan how to stage your rental property before listing it.
 
Whether you're wanting to let to families, students or working professionals, providing the right furnishings and neutral tones will create a blank canvas suited for future tenants interested in renting your property.
 
 
5) Who will be managing the day-to-day responsibilities?
 
This last step is what will really set your business in motion.
 
Choosing the right lettings agent is essential to protect your investments and safeguard your interests, as they'll be the liaison point for your tenants whilst overseeing all checks, changes and inspections.
 
 
To learn more about our property management service, contact us today.
 

 
 
*Property Reporter