The Royal Leamington Spa’s Christmas Market is a must-visit destination for all those wishing to experience a traditional Christmas.
20th November 2022
Listed properties are the types of homes you see in movies, or on a picturesque walk in the countryside. Their impressive and grand architecture, or their adorable cottage aesthetic are what makes listed properties so desirable, which is why they need extra protection.
These homes are amongst the most sought after on the market, and they can only increase in value over time, therefore interest in listed properties is usually high. However, these buildings come with rules regulations and restrictions.
What is a listed building?
Listed buildings are protected due to their architectural or historical significance and are graded in terms of interest. There are around 400,000 listed buildings in England alone. Wales has 30,000 and Scotland boasts 47,400.
How is a listed building different?
Listed buildings are typically older properties. As mentioned above, listed buildings are protected due to historical, architectural or local importance. Because of this, there are restrictions on work and alterations that can be done to a listed property. Buyers must be explicitly aware of this before putting down an offer.
The restrictions don’t just end at alterations to the property, the owner must also maintain the cultural integrity of the property. Meaning the upkeep of the home, such as a thatched roof, repairing lime plaster or replacing sash windows. This type of maintenance can often be very costly, and will require specialist tradespeople. Because of this, it takes a specific type of buyer to be willing to commit to a listed property.
What paperwork will you need if you’re selling a listed home?
It’s a given when selling any type of home, that you will be required to complete a TA6 form as part of the conveyancing process, which is designed to provide the prospective buyer with critically important information about the home. You will also need documents which can evidence your statements made in the TA6 form.
A vital document which you will need to provide is the Listed Building Consents. This is required for all works of demolition, alteration or extension to a listed building that affects its character as a building of architectural, or historic interest.
Other required documents include:
Are there any restrictions when selling a listed property?
While there aren’t any major restrictions involving selling a listed property, you must be certain that no illegal work has taken place. This includes work done during your time as the owner, or any work arranged or completed by previous owners.
Additionally, if work is required on the home while you are selling it, this will be flagged up in the buyer’s survey. Be aware that the buyer may want to negotiate the asking price or request that the issue is fixed before going through with the transaction.
Do you live in a listed property? We can help you sell! Get in touch with us today to book a valuation with our local property experts.
Every decade brings along a new wave of first-time buyers, and this time around, millennials are on the market. To help you draw in this new pool of potential buyers, we’ve found the top features that most millennials will seek out in their ideal homes…
Sustainable and eco-friendly
Most modern buyers will be deterred by poor energy efficiency, as the impact it has on the environment (and monthly bills) is becoming a notoriously unattractive factor. Millennials want to reduce their carbon footprints as much as possible in their homes – from air source heat pumps to solar panels – even if this means pushing out the budget a little further. Homes that offer energy saving solutions are hot on the market for younger buyers and will become increasingly more valuable over time.
Good value for money
Millennials will want to know that their bills are being kept to a minimal while also having a home that caters to their every needs. These types of buyers will be new to the house buying process and might still be finding their financial feet, so being careful with money and making responsible choices is key. Often, they are also savvy about the schemes that are available to help them onto the ladder, and switched-on about which properties will cost more to run.
Visual appeal
Even while the market experiences unprecedented levels of short supply, millennial buyers are known for being selective about properties based on their appearance. They’re also drawn to visuals, and many will expect video tours to be available on the listings they browse, before committing to a booking. The information provided on the listing should also be as thorough as possible, as millennials like to know all the ins-and-outs of a property before attending a viewing. They will also undoubtedly read reviews online beforehand.
Location
Millennials will prefer to be in the heart of a great location, surrounded by a good community and local amenities for convenience. With many young buyers on the market being remote workers, location has become more important than ever before. The working from home buyer will seek out a quiet, scenic spot, with enough local shops and footpaths close by to fill up the lunch hour. While a commuting buyer will want a spot right in the city, with good commuter links and plenty of amenities available for the morning rush.
Convenience
After years of apartment living, millennial buyers will be highly attracted to a house which offers good storage space. Laundry rooms and pantries may also be important to these buyers, and they are likely to be attracted to a ‘ready-to-go’ home complete with all appliances, if it comes within budget.
Do you have a property that ticks all of these boxes? We could have a buyer waiting for you. Get in touch with us today to discuss the local demand for properties like yours.
Houses aren’t the only things seeing a rise in prices, as every area of the UK recorded a growth in rent prices during September. Greater London alone saw a 2.5% increase, which helped to drive the average rent in the UK to £1,159 per calendar month. This is a notable 1.4% rise from the previous month.
Data from lettings insurance company, HomeLet, reveals that average rents across the UK (Excluding London) now stand at £971 PCM, a jump from 1% between August and September. Their Rental Index also found that the North-East saw the second largest monthly variance, with rents rising by 2.4% between August to September, boosting the average rent up to £609 PCM.
These figures are from data on achieved rents for just-agreed tenancies arranged in the most recent period – this provides a detailed insight into the lettings market, its current trends and consumer behaviour across the UK.
Why are rents rising?
UK rental growth has long been driven by mounting rental demand, and increasingly limited supply. This creates a cycle, whereby rising rents mean tenants are staying put, rather than moving to a property where they could end up paying more rent - contributing to the lack of supply which drove rents up in the first place.
Zoopla found that tenants are staying in rental properties for an extra five months in 2022, compared to five years prior.
Rightmove also acknowledged the same phenomenon, and noted that the number of new rental listings peaked for the year in June 2022.
Tim Bannister, Rightmove’s director of property data, said: “A shortage of rental homes and strong demand for the properties available has led to a greater number of tenants choosing to renew their leases and stay put, rather than re-enter a competitive rental market.”
“People who had been waiting to see what happened last year are now being faced with record rents, and so are seeking out properties where they can have more certainty over their outgoings, with all bills included becoming increasingly sought after.”
Will rent prices go down in 2023?
Most experts forecast that rents will continue to rise into 2023, albeit at a slower pace, as the cost-of-living crisis continues to take its toll on household incomes.
But, the localised element of the market means areas where demand is at its highest, could see rents continue to grow.
Rightmove’s Tim Bannister stated that it will take time for the difference between demand and supply to level out to see rents fall.
“The story of the rental market continues to be one of high tenant demand but not enough available homes to meet that demand,” he noted.
“The wide gap that has been created between supply and demand over the last two years will take time to narrow. Until then, this imbalance will continue to support asking rent growth. This has led to our revised forecast of an 8% rise in asking rents by the end of the year up from 5%.”
As demand rises, is your portfolio expanding? Let us help you. Our fully managed service takes the stress out of letting - find out more today by visiting our website.
*HomeLet
The housing market once again exceeds expectations after a poor reception from the chancellor’s mini-budget and regular talk of a possible slowdown, as current research suggests that in 2022, almost a third (31%) of properties are now receiving offers within an hour, compared to a mere 7% in 2018.
Over a five-year period, almost one in five (17%) properties received an offer within one hour of a viewing. An even more notable 7% of buyers made an offer on a property without attending an in-person viewing, according to data from MPowered Mortgages.
The data also outlined that properties receiving an offer in a day is up over the same period, rising from 26% in 2018, to almost half (48%) by 2022. Around 12% of homes have received an offer without a viewing this year, which could be a result of social norms shifting in light of the COVID-19 pandemic, where remote/virtual viewings became the new normal. The data showed a substantial jump in buying without viewing, up from 7% in 2018.
Strong demand and competitive buyers
To find out more about current buying behaviour, the fintech mortgage lender has launched a House Pace Index, driven by market conditions, government intervention within the property market, and consumer behaviour of wanting to ‘buy now’.
The research revealed that 38% of properties that have been placed on the market in the last five years received an offer within the same day of a viewing, with only 14% securing an offer after a second viewing.
The data also suggests that the younger generation are most prepared out of all age groups to take a more eager approach, with 18–34-year-olds acknowledged as most likely to adopt this mindset towards house buying. Some admitted to making an offer before seeing a property, in comparison to just 5% of 35–54-year-olds.
The average age of a first-time-buyer in the UK currently sits at 34, which is why this age group being quick to act could be pinned down to a lack of experience, coupled with fewer mortgage deals available on the market, the study suggested.
Tunnel vision
The data from Mpowered Mortgages also showed that, before making a first offer, buyers are seeing an average of three properties, while 40% of buyers only view two properties before deciding to make an offer on the home they set their sights on.
Pressure on buyers resulting in quick offers
The market is thriving with historical rates of activity as buyers race to secure their ideal property in the midst of a chronic imbalance between supply and demand. The current market climate and data findings show that offers are being made extremely quickly, despite common belief that a ‘slow-down’ is on the horizon.
Stuart Cheetham, CEO at MPowered Mortgages, commented:
“The race to find a home can be a daunting prospect even more so now in an environment where mortgage rates are rising as part of the cost of living. Of the many hurdles a homebuyer faces, one element that can be largely controlled is the certainty of their mortgage and this will be even more important as rates continue to rise.”
Considering selling? Take advantage of the buoyant market and get in touch with us today to book your valuation.
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