Homes for first-time buyers, typically with two bedrooms, are selling exceptionally well right now. In March 2023, they were just 4% down on 2019, and average asking prices for the same period were down by just £500.*

The market for larger homes is a little slower, with sales agreed in March being 10% down on 2019 and second-stepper homes being 13% down.* This tells us that the market is in pretty good shape overall, but what is more obvious is that now is a great time to ascend the property ladder.

If you own a home that is suitable for first-time buyers, with two bedrooms or along the lines of a compact starter home, you will get a great price, and with larger homes selling a little lower than current asking prices, you are likely to get an offer accepted that will save you a bit of money.

Why is your starter home in such high demand?
There are many reasons why demand for smaller, more compact homes is high right now. There is the price of energy and the cost-of-living crisis. First-time buyers are looking to get on the ladder before the mortgage guarantee scheme, which makes it possible for first-time buyers to buy with a 5% deposit and is due to end in December this year. It stands to reason that smaller homes are cheaper to run, with less council tax and less maintenance, although this is not always the case. And with people downsizing to smaller homes, chances are that if you want to sell up, it will not take long before you are on the move.

How can you get more house per property pound if you buy bigger?
The short answer is that smaller homes are selling more quickly than larger homes, so the price of smaller homes is stronger, leading to less scope for negotiation. With asking prices for larger homes not quite as strong as those for smaller homes, you are essentially getting more house for your money. It stands to reason that if you find a bigger home and it’s taking a little longer to sell, and with asking prices achieved at a lower rate than those of smaller homes, you already have one foot in the front door. Bring your haggling hat; there is nothing more annoying than ridiculously low offers that will only get rejected. But there is more scope for a reasonable amount of manoeuvring on price.

The market will bounce back, and that bigger house may become out of reach!
Many analysts expect house prices to rise quite steadily in 2024. In March, average property prices rose by 0.8%.* This could be a sign that buyers now realise that now is a good time to move, and it is a sure sign that the market is healthy and stable. Without a crystal ball, the future is impossible to predict, but you might find that in the near future, larger homes will become out of reach as prices start to ascend more rapidly.

Interest rates
It’s no secret that interest rates are on people's minds right now. However, with the recent announcement of the IMF (International Monetary Fund), which predicts interest rates to fall back to pre-pandemic levels. Mortgage interest rates are on the way down, and with many analysts suggesting that they may return to much lower rates, when buying a home, you could consider higher interest rates to be temporary.

Conclusion
Perhaps the best thing to do is to check out the market and see what you can find. The joy of property hunting is that you never know what you might find. There are no fixed rules, but you might be surprised at what you could achieve.

Looking for a bigger home? Looking for a more energy-efficient home? Looking to sell your home? Get in touch, whatever your property needs are!

Rightmove*

 

Average house prices in the UK have since the pandemic risen by £42,000.* The value of your home has increased rapidly in recent years, and this puts you in a great place even if there has been a bit of a slowdown, but then you could be forgiven for asking: What slowdown? House prices are stable and, at times, increasing, and to gauge the market by the unpresented growth in the past few years is a little unfair. Nonetheless, most of the value gained, or in some cases, the continued increase in value still exists as equity in your home. Even if you have lost a little value, you are still in a good place. A little bit of market cooling leaves more scope for getting your hands on the keys to a better home with a bigger discount without the frantic price bidding of past years.

The home improvement boom
It’s no secret that many homes had thousands spent on them during the pandemic. Many people, due to travel restrictions, chose to spend money on their homes instead of holidays. As a result, many homes are now in beautiful condition. Freshly decorated with external and internal renovations, resulting in homes with great work-from-home spaces and outdoor living areas that are ready and waiting to be lived in. This really does make a huge difference in the quality of your home and work-life balance. Homes with kitchens that inspire you, gardens that take your breath away, and bathrooms boasting cutting-edge design.

More mortgage choice
Mortgage choice is returning to the market, with thousands of options now available. So in essence, you will have a lot of decisions to make when it comes to what home you want and what mortgage you require. In many ways, all of this makes the prospect of moving very interesting compared with past years. Some home buyers are choosing to take interest-only mortgages, knowing they can overpay their mortgages, which releases some of the pressure on financial commitments.

Interest rates
Mortgage interest rates are falling, and the recent announcement of the IMF (International Monetary Fund) suggests that interest rates could continue to fall later this year. ** The suggestion is that the high interest rates that many of us are paying at the moment are not a long-term deal. It could be the case, and it’s accepted by many analysts, that in the not-too-distant future, we will be paying less for our mortgages.

A bigger selection of homes
Compared to last year, the stock of homes for sale in the UK has been boosted by 60%.* The spring market is rapidly becoming the summer market. And perhaps the enticing thought of moving to a perfect home in time for summer is too much to resist for some home movers. As home movers take the plunge, they put their homes on the market, adding to the splendid choice for you to explore. The market is in a better place than last year in many ways, but at last you can enjoy it without being flustered by a frantic rush to get your hands on the home you truly love.

Live the life you deserve by finding the home you love living in! Start your search now and browse our properties.

Zoopla*
IMF BLOG**

 

When we hear the words holiday home, they conjure up images of the sea, mountains, or forests, perhaps in exotic locations where everything seems perfect somehow. Many people are choosing to buy holiday homes in the UK despite being able to travel freely again. It’s an appealing prospect: returning again and again to a place that you love. The UK has so much beautiful scenery to offer and vibrant cities packed with culture to explore and enjoy. There is also the very appealing option of letting your holiday home, which could mean your holiday home pays for itself.

You have lots of options
Holiday homes come in all shapes and sizes. There are many stunning holiday homes located in myriad locations. From the Peak District, peering over the blue sea of the south coast on a summer’s day, or hiding in the Highlands of Scotland, to mention a few. But there are also properties of all types scattered in towns and cities that, at first glance, you might not have considered up until now as a holiday home. So it’s worth keeping an open mind when choosing the right holiday home for you.

No booking or paying for hotels
You will no longer have to worry about forking out or taking time to book a hotel, saving money during the holiday season when prices are at a premium. And even if you love nothing more than travelling and staying in hotels across the globe, perhaps your holiday home may contribute towards the costs of your various adventures.

Tax advantages
Holiday homes are a tax-efficient way to purchase property, as they can be classified as a business and not an investment. This means you can include mortgage interest costs as a deductible expense when calculating your tax bill.

Great returns
Holiday homes can be very lucrative. During the height of the holiday season, you could charge the equivalent of a month’s rent, for a two week let. This means that if your holiday home is not booked all year round, you still achieve good annual returns, giving you a chance to enjoy or possibly improve it.

The social scene
Inviting family and friends to your holiday home can make for a better social life if it’s easier and cheaper to get to than other alternatives. Adding to this, the ready-made social scene that awaits you in your chosen location will give you the chance to forge new relationships.

It could mean you get more holiday time
If your holiday home is easier and less expensive to get to, then chances are you will make the most of this, and you can enjoy long weekends and bank holidays on short and long breaks more often. This will add to your quality of life, which will contribute to your health and wellbeing.

Holiday let managed service
A good tip is to consider a managed service, which could take care of everything from bookings, maintenance, cleaning, and gardening. Allowing you to enjoy great returns and create some great memories with minimum effort.

Browse our properties to find your perfect home, whatever your property needs.

 

National Creativity Day takes place this month, and there are fewer places that make such a big impact with a little creativity than your home. The joy of improving your home is that, unless you spend a large amount of time away from it, you can feel the difference it makes every day. And when you do these things, you are dressing your home for sale and making it desirable for potential buyers.

The kitchen
We spend more time in here than in any other room in the house, so why not make it a bit more homely? Even if you have a larder, hang one up on the wall and make it a feature with interesting herbs and spices. Or if you prefer wine, start a collection with an antique wine rack or weathered table for the coffee machine. Such features blend well with modern kitchen design, even if you have installed a state-of-the-art design. This also creates a space to celebrate the seasons. As it’s nearly summer, use flowers, and at Christmas, use scented candles.

The garden and outdoor living spaces
Summer is nearly here, and the possibilities are endless. Redesign your lawn, adding curves to complement your outdoor garden space. Add lighting, then sit back on some nice garden furniture and take in the view. Mirrors, candles, lighting, fire pits, barbeques—the trick here is to bring a bit of the outdoors indoors. Add decking, a patio, a seating area defined by trees, rearrange the flower beds, and create a vegetable garden with your larger garden. These areas should effortlessly flow from your home to the garden, de-stressing you as you, in some ways, enter another room in the house, even if it’s outside!

Bathroom
Often here, you will want to start again and make it as perfect as possible, but even if you have recently installed a new bathroom, there is always room for a human touch. A simple shelf for a speaker and flowers, along with scents and a few more mirrors, creates space and a feeling of relaxation, especially if you light a few candles.

Bedrooms
Easily overlooked as not as important as the other rooms in the house, but remember you sleep here, so arguably these rooms are just as important. Blackout blinds make for a great night’s sleep, so before you even get out of bed, you are already in a better place!

Work from home space
Who says this must be indoors? You can have both. Create an outside area for the summer, and if you add a heater, you might be able to work outside in the winter too. A pergola set on stones, sheltered by trees, with an outdoor log burner—what a nice way to do a day’s work! If you don’t fancy working outdoors, then create a compact area in a spare room that is ergonomic and comfortable to work in but does not dominate the room. This retains the flexibility of what could also be a guest or hobby room.

Sitting and dining rooms
From creative lighting, rugs, artwork on the walls, add colour. These rooms really benefit from a splash of colour, so getting a high-end look with some paint by choosing the shades that make you happy will make a bigger impact than you think. Painting the chimney breast and contrasting the walls with other shades, then matching with restored furniture, is on trend. On the other hand, you might be able to afford high-end furniture, in which case the sky is the limit.

Conclusion
Making your home more attractive to you and potential buyers is all about the little details. But equally, even if you have redeveloped every room in the house, there is always room for a little improvement by adding some finishing touches.

Looking for the perfect property so you can add your mark and make your home a truly special place? Browse our properties.