What's happening in the local property market?

What makes a ‘forever home’ unforgettable?

A new survey, commissioned by a leading UK provider of uPVC windows and doors, has attempted to unearth the secret to presenting a house as a ‘forever home’. The results suggest British buyers are very practical when it comes to our list of must-haves!

60% of people surveyed said a garage was at the top of their wish list. Over half (51%) said a family room was important to them, 42% would be looking for a walk-in closet, and 39% consider a home office essential.

The location also plays a major part in the decision to invest in a forever home, with 43% of respondents sharing their desire to move to a rural location, and another 23% wanting to be close to the coast.

If you think your house could be someone else’s forever home, get in touch for an obligation-free valuation.

*Safestyle UK

Housing supply starts to improve

This month, property search portal OnTheMarket published its Property Sentiment Index, offering insights into how things might be changing. According to the report, the number of sale listings is rising, slightly dampening the issue of supply.

In addition, strong market growth over the past two years means that 82% of buyers still believe they can achieve completion within three months. Along with the promise of moving in time for summer, this confidence is further driving homeowners to list their properties for sale. *

However, due to an inherent lack of housing stock nationwide, prices are unlikely to drop dramatically any time soon. Instead, buyers should look for the coming window of opportunity as the market settles to an ‘elevated version of the pre-pandemic market’.*

Looking to buy? Browse our available properties here.

*OnTheMarket

How can you get financially fit before your first property purchase?

By clarifying your financial position before buying a home, you can improve your chances of securing a mortgage while granting yourself a little peace of mind. Here are three tips to get you started:

1) Determine a workable budget

Identifying how your income compares to your spending will allow you to estimate the size of the mortgage you can realistically afford. Start by creating a simple spreadsheet listing fixed costs such as rent, repayments, subscriptions and council tax, and averages for other bills. Don’t forget yearly expenses like annually renewing memberships, holidays, and general house and vehicle maintenance.

Once you can see how your monthly outgoings match up to your income, you’ll know what you can afford to pay towards a mortgage. You can also use an online mortgage calculator or talk to a mortgage advisor to identify ways to give yourself more wiggle room.

2) Create a savings target

Now that you have your budget in hand, it’s time to set a realistic savings goal for a deposit or to give yourself a buffer to cope with the cost of moving. Use your spreadsheet to find ways you can reduce expenditure. Possible solutions include swapping energy suppliers, cutting out luxuries and unnecessary subscriptions, or postponing holidays.

There are some less painful ways to save, too. For example, government-backed Lifetime ISAs offer first-time buyers the chance to top up their savings by 25% each year, up to £1,000. Alternatively, many banks allow you to round up all your purchases to the nearest pound and transfer the difference into a savings account.

3) Deal with bad credit

Before applying for a mortgage, check your credit rating with a reputable agency like Experian or Equifax. If you spot any errors, get them fixed as soon as possible. Lenders will use your credit rating to determine if and how much you can borrow, so correcting mistakes is a crucial step toward financial fitness.

Our friendly team can help you find the perfect home within your budget. Just contact us to chat about your requirements.