What's happening in the local property market?

Annual property price growth accelerates to 12.6%

Recent statistics show that annual house prices are continuing to grow at outstanding rates.

Average annual property prices rose from 11.2% in January to 12.6% in February, the strongest pace of growth since June 2021. After seven consecutive months of climbing prices, we saw a month-on-month increase of 1.7% in February, showing that the market is still very much in favour of sellers. *

Since the start of Nationwide’s monthly index in 1991, there has never been as big of an annual growth in prices, as there was in the year leading up to February 2022. The price of a typical home now averages above £260,000, demonstrating an increase of over £29,000 in just twelve months.

In comparison to February 2020, UK property prices are now 20% higher – meaning sellers can now achieve up to £44,138 more for their property than they could before the pandemic. *

With market activity remaining robust, demand for properties still high, and mortgage approvals running above pre-pandemic levels, it is safe to say this combination is creating a great market for sellers.

Have you been thinking of selling this spring? Book your valuation with us today.

*Property Reporter

What happens once your offer has been accepted?

Maybe you have discovered the home of your dreams and your offer has been accepted? Or, maybe you are intrigued to know what will happen when you reach this stage?

To get things moving, here are four things you should do after your offer has been accepted:

Confirmation of acceptance

Once your offer is accepted, your estate agent will almost certainly contact you to congratulate you, and they will likely want to confirm a few details with you, to finalise the offer.

Generally, you will be expected to send confirmation for the following:

• You have enough funds to make the purchase

• A copy of your mortgage agreement in principle

• You have a solicitor or are actively attempting to obtain one

Get in touch with your solicitor

Instructing your solicitor as soon as possible is likely to assist in speeding up your purchase. If you have not already found a solicitor, request a recommendation from your estate agent.

At this point, your solicitor will begin conducting property checks and searches. Depending on the solicitor, they may require payment in advance for some services.

Completion of your mortgage application

You will need to submit a full application for your mortgage once your offer has been accepted, to apply for the specific amount of money you need to purchase the house.

If you are working with a mortgage professional, they will walk you through this procedure and inform you of the information you will need to provide.

Arrange a property survey

While surveys are not mandatory when purchasing a new house, they are a wise investment. Surveys can assist you in determining any present or prospective difficulties with the property. To arrange a survey, ask your estate agent to schedule a time with the sellers.

If you're still on the lookout for a new property, we may have what you need!

Check out our listings here or contact us with your needs for a home so we can help you find the right one.

Now could be a great time to become a first-time landlord

If you have ever considered building a property portfolio as a landlord, now could be a great time to start your journey.

Information from a market-leading property portal indicates rents have risen at the fastest rate on record, and tenant demand has almost doubled. At a time when interest rates on traditional savings accounts are low, many believe it is a good time to invest in the property market. *

Lenders are evidently committed to supporting prospective landlords. A recent report from a popular money comparison site revealed there are currently 2,235 mortgage products on offer to first-time landlords, an increase of more than 70% than the same time last year.

If you would like to explore buy-to-let properties, which could lay the foundations for your property portfolio, call us today and talk to one of our team members.

*Property Reporter

Steps to selling your home this spring

It's hard to ignore the fact that the days are growing a little longer and the temperatures are becoming a little warmer recently. With spring gradually revealing itself, now is an excellent time to sell your house, as buyers are more active in spring than at any other time of the year.

Follow our tips to take advantage of the changing seasons to sell your home...

Spring cleaning is essential

If you want to sell your property swiftly in the coming months, you should follow the long-standing tradition of a good spring clean. Washing all the windows and doors, inside and out, will leave a positive impression on potential buyers. Make sure your home is clean and bright to reflect the fresher spring months.

Don't overlook your outdoor areas

As the weather warms up, people naturally cast a more scrutinising eye on the outdoor spaces of the properties they are interested in. It's easy to leave your garden untidy after a long winter but running the lawnmower over it and tidying up those exterior places will make your home much more appealing.

Spring has sprung

Plant flowers at your front door to welcome the changing seasons - a planter full of bright colours will put potential buyers in a good frame of mind. Buyers will be happier if there are pops of colour around the home, making them more inclined to make an offer. Fresh flowers in the house will also make a big difference and create the perfect tone, so fill a few vases and distribute them about the house for a continual wow factor.

Accessorise to your heart’s content

A few items can make a big difference in the overall presentation of your home and matching them to the season is a great way to wow potential buyers. To brighten up your rooms, choose soft spring colours - blankets, pillows, towels, and bed linens are all easy to switch out to create the perfect ambience, and you can take them with you when you sell your home.

Smells like a good deal

When it comes to selling your home, first impressions are crucial, since research shows that buyers only take 8 minutes to decide whether they want to buy a property. A fresh-smelling property makes the best first impression, so make sure you've aired it out and there are no unpleasant odours. Putting some bread in the oven and creating a homey, welcome atmosphere is a sure-fire technique to infuse your home with a pleasant and appealing smell.

Keen to know more about how you can leave a lasting impression on your buyers? Get in touch today.

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What's happening in the local property market?

<span style="font-family: Arial, Helvetica; font-weight: bold; font-size: 18px;">Annual property price growth accelerates to 12.6%</span>

<span style="font-family: Arial, Helvetica; font-size: 18px;">What happens once your offer has been accepted?</span>

<span style="font-family: Arial, Helvetica; font-size: 18px;">Steps to selling your home this spring</span>

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