Welcome to your monthly property update!

‘For Sale’ signs are sprouting up like daffodils

Now could be the perfect time to get your property on the market as 2024 kicks off with more positive news. Last year, Zoopla* reported a 17% increase in new sales agreed as buyers sought to pin down new deals at the end of 2023.*

This influx in market activity appears to be rolling over into 2024, as mortgage rates continue to improve and buyers return to the market.

Improved market conditions all round

For sellers, house price falls are starting to slow down. This could be due to demand picking up, as some lenders are offering some very competitive deals for new borrowers at a 60% loan to value. This is great news if you’re hoping to achieve a quick sale this year.

It also appears that sellers who have waited for a more settled market can now cash in on the price gains they have been sitting on. According to Zoopla, the average UK home is now worth 18% (or £41,000) more than it was at the start of the pandemic in March 2020. * Because of this, we can expect housing supply levels to grow over the coming months as sellers make a confident return to the market.

Selling in a competitive market

Selling a property in a competitive market demands a thoughtful and strategic approach. Competition can be fierce during peak market periods, so you’ll need an expert on your side to help you navigate the selling process and achieve the best possible price for your home.

Understand market trends
It’s important to stay ahead of the curve by speaking with a local agent. They can identify supply and demand dynamics in your area and use this information to help set a competitive yet realistic asking price.

Price strategically
You’ll need to find the sweet spot for your property, so make sure to book an expert valuation as this will consider recent sales in the area, your property’s location, and the overall condition of your home.

Invest in effective marketing
Selling without an agent means you won’t have the same leverage online to reach the right audience. Digital marketing is a powerful tool, so you’ll need someone with an expert hand and an established network. However, traditional methods of marketing hold just as much influence, so make sure to ask your agent about their brochures, flyers, and local advertisements.

Responsive communication
When the market is busy, you need to make yourself stand out to potential buyers. Time is of the essence, so make sure to respond promptly to all inquiries and work closely with your agent by providing them with comprehensive information on your home. It will also put you in good stead to be accommodating with viewings, as you may be able to offer a booking slot which your competitor cannot.

Negotiation strategies
It’s important to have a skilled negotiator on your side who understands your property’s true value. Let your agent know if you’re willing to be flexible, as this could be the key to a successful deal.

Are you ready to sell your home? Get in touch with our expert team to find out how we can help

Zoopla*

Why you shouldn’t write your own tenancy agreement

In today’s technology-driven world, many landlords might ask the question: Why should I use a letting agent when a search engine can write my tenancy agreements for free?

While it might be tempting to construct your own tenancy agreements using an online template or to simply ask an AI engine to do it, there are several key reasons why this is not a suitable option for modern landlords.

Inadequate protection
Tenancy agreements are just as important for protecting landlord rights as they are for tenants. A tenancy agreement which hasn’t been crafted according to local and up-to-date legislation may lack crucial clauses which provide both landlords and tenants with necessary safeguards. These clauses may cover things like property maintenance, rent increases, or handling tenant violations.

When a professional puts together a tenancy agreement for you, they can include provisions which will empower you to take appropriate actions if your tenants breach the terms of the agreement. Agreements crafted without expertise may lack the comprehensive language and the knowledge required to address various disputes which may arise during a tenancy.

Legal compliance issues
Your tenancy agreement is a legally binding document, so it must adhere to the laws of the local jurisdiction. This may sound straightforward, but laws surrounding tenancy agreements can be extremely complex and vary significantly from one place to the next.

A DIY tenancy agreement may not account for the specific legalities of your location, especially if a generalised template has been used. This can leave you vulnerable to both legal and financial repercussions.

Potential for ambiguity and confusion
Poorly written tenancy agreements open up opportunities for miscommunication and ambiguity between landlords and tenants. It’s crucial to use clear and precise language to avoid confusion, as a lack of understanding can lead to disputes over payment schedules, responsibilities, and other important terms. Once disagreements between the landlord and tenant arise, this creates room for legal implications which could have been easily avoided with a professionally drafted document.

Notice periods
If you aren’t well-versed in the complexities of tenancy agreements, writing your own could mean that you fail to get the paperwork right regarding notice periods. This could subsequently invalidate any notice you need to serve.

Letting agents have their fingers on the pulse for all recent rule changes and updates to notice periods, allowing you the peace of mind of infallible legal compliance.

Possible financial implications
Using an online template or an AI bot to construct a tenancy agreement may seem like a cost-saving measure in the short term, but this can have long-term financial implications. Failure to draft a legally compliant and clear tenancy agreement can expose you to legal battles, fines, or even having to compensate tenants for damages or violations. Whether you’re a first-time landlord or you have an extensive portfolio of properties, it’s essential to opt for a professionally crafted agreement from the outset to safeguard your investment.

Thinking of becoming a landlord? Contact our expert lettings team today

Hello Again - The Neil Diamond Songbook | 5th July 2024

Join us for the world’s greatest celebration of the life and work of one of the best-selling singer-songwriters of all-time, Neil Diamond.

Click here to read Hello Again - The Neil Diamond Songbook | 5th July 2024.

Fixer-upper vs. Move-in ready

If you’re on the fence between buying a fixer-upper or a move-in ready home, here are some pros and cons for both:

Fixer-uppers

A ‘fixer-upper’ is a property which requires thorough renovation and repairs before it can become a comfortable living space. Because of this, fixer-upper homes are generally sold for a much lower market value than homes which are ready to live in.

This type of home may be an ideal purchase for a first-time buyer or an investor, as they may be able to make a substantial profit by renovating and reselling.

Pros

Lower upfront costs: Fixer-uppers can command much lower asking prices than similar homes that are move-in ready. Those selling fixer-upper homes usually wish to achieve a fast sale, so you might be able to snag a good deal if you get your offer in quickly.

Personalisation and customisation: For some, the allure of a fixer-upper comes from the ability to use the home like a blank canvas and customise it to their exact liking.

Adding value: Transforming a fixer-upper is a great way to achieve a return on investment, as there is plenty of scope to add substantial value to the property. From replacing outdated features to improving the home’s aesthetics, you can potentially profit from a fixer-upper home when the time comes to sell.

Cons

Time: Time is our most valuable commodity, and renovating a home requires a lot of it. If you’re hoping to move in and get settled down quickly, a fixer-upper might not be for you.

Costs: While the initial savings can be enticing, remodelling a home might cost you more than you expected. Even if you have budgeted thoroughly, there may be some costs for repairs which you hadn’t planned for. It’s important to carefully consider your financial standing before investing in a home which needs serious restoration work.

Move-in ready homes

‘Move-in ready’ is a broad term as it can cover many degrees of readiness. But fundamentally, a move-in ready home requires little to no maintenance or repair before its next owners can move in. The homes have plenty of appeal, as they may have been recently renovated, and buyers may be able to unload their furniture and get settled in right away.

Pros

Convenience: One of the key advantages of move-in ready homes is the convenience they offer. Buyers can save time and effort as they don't need to deal with extensive renovations or repairs before moving in. This is particularly appealing to those with busy schedules or those who want to start enjoying their new home immediately.

Cost savings: While move-in ready homes may have a higher upfront cost, they can often save buyers money in the long run. The expenses associated with immediate repairs or renovations are avoided, preventing unexpected financial burdens.

Faster occupancy: The name itself implies that these homes are ready for move-in day. This can be advantageous for those who need to move quickly, whether due to job relocation or other personal circumstances.

Cons

Higher initial costs: Move-in ready homes often come with a higher price tag compared to fixer-upper properties. Buyers may pay a premium for the convenience of not having to invest time and money into renovations. This can limit the options available for those on a tight budget or looking for more affordable housing solutions.

Limited customisation: While move-in ready homes may be aesthetically pleasing, they often lack the level of customisation that some buyers desire. Some may find these homes restrictive, as major renovations may not be necessary but are also not easily accommodated.

Potential overlooked issues: Even though a home is labelled as move-in ready, there's still a risk of overlooked issues. Buyers should conduct thorough inspections, as cosmetic upgrades might mask underlying problems. When house-hunting, it's important to ensure that the home is not just visually appealing but structurally sound to avoid unexpected maintenance costs down the line.

Whether you’re looking for an investment property or your dream home, contact our expert team today

Fixer-upper vs. Move-in ready

Whether you’re on the market for your first home, or looking for an investment property, one of the key things to consider is: how much work are you willing to put in once you’ve been handed the keys?

If you’re on the fence between buying a fixer-upper or a move-in ready home, here are some pros and cons for both:

Fixer-uppers
A ‘fixer-upper’ is a property which requires thorough renovation and repairs before it can become a comfortable living space. Because of this, fixer-upper homes are generally sold for a much lower market value than homes which are ready to live in.

This type of home may be an ideal purchase for a first-time buyer or an investor, as they may be able to make a substantial profit by renovating and reselling.

Pros

Lower upfront costs: Fixer-uppers can command much lower asking prices than similar homes that are move-in ready. Those selling fixer-upper homes usually wish to achieve a fast sale, so you might be able to snag a good deal if you get your offer in quickly.

Personalisation and customisation: For some, the allure of a fixer-upper comes from the ability to use the home like a blank canvas and customise it to their exact liking.

Adding value: Transforming a fixer-upper is a great way to achieve a return on investment, as there is plenty of scope to add substantial value to the property. From replacing outdated features to improving the home’s aesthetics, you can potentially profit from a fixer-upper home when the time comes to sell.

Cons

Time: Time is our most valuable commodity, and renovating a home requires a lot of it. If you’re hoping to move in and get settled down quickly, a fixer-upper might not be for you.

Costs: While the initial savings can be enticing, remodelling a home might cost you more than you expected. Even if you have budgeted thoroughly, there may be some costs for repairs which you hadn’t planned for. It’s important to carefully consider your financial standing before investing in a home which needs serious restoration work.

Move-in ready homes
‘Move-in ready’ is a broad term as it can cover many degrees of readiness. But fundamentally, a move-in ready home requires little to no maintenance or repair before its next owners can move in. The homes have plenty of appeal, as they may have been recently renovated, and buyers may be able to unload their furniture and get settled in right away.

Pros

Convenience: One of the key advantages of move-in ready homes is the convenience they offer. Buyers can save time and effort as they don't need to deal with extensive renovations or repairs before moving in. This is particularly appealing to those with busy schedules or those who want to start enjoying their new home immediately.

Cost savings: While move-in ready homes may have a higher upfront cost, they can often save buyers money in the long run. The expenses associated with immediate repairs or renovations are avoided, preventing unexpected financial burdens.

Faster occupancy: The name itself implies that these homes are ready for move-in day. This can be advantageous for those who need to move quickly, whether due to job relocation or other personal circumstances.

Cons

Higher initial costs: Move-in ready homes often come with a higher price tag compared to fixer-upper properties. Buyers may pay a premium for the convenience of not having to invest time and money into renovations. This can limit the options available for those on a tight budget or looking for more affordable housing solutions.

Limited customisation: While move-in ready homes may be aesthetically pleasing, they often lack the level of customisation that some buyers desire. Some may find these homes restrictive, as major renovations may not be necessary but are also not easily accommodated.

Potential overlooked issues: Even though a home is labelled as move-in ready, there's still a risk of overlooked issues. Buyers should conduct thorough inspections, as cosmetic upgrades might mask underlying problems. When house-hunting, it's important to ensure that the home is not just visually appealing but structurally sound to avoid unexpected maintenance costs down the line.

Whether you’re looking for an investment property or your dream home, contact our expert team today

Should I wait to sell my house?

If you’re ready to move on from your current home, you might have asked yourself the question: Should I sell it or rent it out? Let’s explore the nuances of selling versus letting, why one option might be better for you, and how you can plan your next move for the best possible outcome.

Should I wait to sell my house?
Choosing the best time to sell is no easy task. If the housing market is buoyant, you could either wait and see if prices climb further, or strike while they’re already high. There are some reliable seasonal trends which you could follow, but timing will largely depend on the housing market in your local area. National trends may not apply to the market in your location, so it’s important to speak to a localised, experienced agent who can point you in the right direction when it comes to timing and pricing.

Will my mortgage lender let me rent out my house?
It is imperative that you speak to a mortgage adviser and check the small print of your mortgage agreement for any limitations before coming to a decision. Many mortgages will include a clause that disallows you to rent out your property, while some may only allow you to rent it out for up to a year.

If it turns out that you do have to change your mortgage, you’ll most likely have to switch to a buy-to-let mortgage. These mortgage deals often charge higher interest rates, but they also allow you to rent out your home. It’s important that you don’t make this decision overnight, as you’ll have to plan for a variety of upfront costs such as early repayment fees, valuation survey fees, and new mortgage arrangement fees.

Let-to-buy mortgages
Conversely, let-to-buy (LTB) mortgages could be a suitable option if you’re thinking about renting out your home. Unlike buy-to-let mortgages, you can take out an LTB to purchase your next home while renting out your old one. If you have enough equity in your home, you can remortgage and put some cash into a deposit for a new home, then with a let-to-buy mortgage, you can use rental income to cover your monthly mortgage repayments.

Advantages of selling

Achieving a good price
Listening to the advice of an expert agent and setting the right asking price will ensure that you get a great price for your property, which can then be used to purchase your next home.

Using increased value
Some people upsize using the increased value of their current home. If the value of your home has increased significantly since you bought it, you’ll be able to use the funds towards the cost of buying a bigger property. Or, if you’re hoping to downsize, your return on investment can be used as disposable income or placed into a savings account.

Pay less Capital Gains Tax
Capital Gains Tax (CGT) only applies if you’re making a profit from selling a property that is not your main home. Therefore, if the property you are planning on selling is not your main home, you can still pull in a return on your investment without having to worry about CGT.

Advantages of renting out your house

A faster move
You may rent out your house to facilitate a faster move, as you can place an offer on your next home as a ‘chain-free’ buyer, and not have to worry about delays in the conveyancing process.

Additional income
Renting could be a great option if you would benefit more from a steady stream of income, rather than a lump sum. Additionally, if you’re working abroad and plan on returning home at some point, renting it out will supply you with an additional source of income in the meantime.

Value growth
House value steadily grows over the years in which you own the home, so by renting it out for a few years instead of selling, you might be able to achieve a higher sales price, plus any additional income you made from rent.

Whether you’re buying, selling, renting, or letting, get in touch with the expert team

How to find a tenant before December hits

As autumn sets in and the end of the year approaches, landlords across the UK are gearing up to fill their rental properties before the holiday season arrives. Finding a tenant before December can present some unique challenges, so here’s a comprehensive guide to help you secure a tenant quickly and efficiently.

Prepare your property

First impressions count, so make sure your property is in top condition to attract potential tenants. Spend some time on necessary repairs, touch-ups, and deep cleaning. Additionally, you could consider enhancing kerb appeal with some eye-catching seasonal decorations or a welcoming wreath on the front door.

Set an attractive rent

An agent can help you set an attractive rent by researching current market rates in your area to establish a competitive rental price. While maximising profit is important, pricing too high can deter potential tenants. Be realistic and consider offering incentives such as utilities included or a reduced first month's rent to attract quality applicants.

Utilise online listings

A letting agent can utilise their online presence and take advantage of various online platforms to advertise your property. They will use high-quality photos and detailed descriptions to grab the attention of their network of potential tenants.

Screen applicants thoroughly

Once inquiries start coming in, applicants should be screened rigorously. A letting agent can handle the process for you by requesting references from previous landlords and conducting employment verification and credit checks. This ensures that potential tenants meet your criteria for reliability and financial stability.

Offer flexible terms

Consider offering flexible agreement terms to attract a wider range of tenants. Short-term tenancy agreements or month-to-month options can appeal to tenants seeking temporary accommodation or unsure of their long-term plans.

Provide excellent customer service

Respond promptly to inquiries and maintain clear communication throughout the application process. A positive landlord-tenant relationship often begins with a smooth and professional interaction. Opting for a fully managed package means your tenants are taken care of by professionals from the offset, which can be an invaluable service if you operate on a busy schedule.

Stay informed about legal requirements

Ensure you comply with all legal requirements and regulations regarding rental properties in your area. Stay updated on tenant rights, eviction procedures, and safety standards to avoid potential legal issues.

Enlist the help of a letting agent

If managing the rental process becomes overwhelming, consider hiring a letting agent to help you with all aspects of property management. They can handle marketing, tenant screening, tenancy agreements, and ongoing management tasks on your behalf.

Need help managing your investment? Get in touch with our dedicated team today

Things to look for when viewing a property

Choosing your next property is a big decision, and you will have many questions during a viewing. These questions could be the answer to finding the right rental property, and they will help guide you during your search.

Do you like the location?

Location is key when you are searching for your next home. Practical considerations such as your proximity to work, transport links, or excellent social amenities will help inform your decisions. But it’s also vital to ask yourself: What do you want from your next home's location? Is it important to be close to the countryside and vibrant towns and cities?

Is the kitchen in good order?

There's nothing wrong with running a tap to check the water pressure. How energy efficient are the appliances, and are they in good working order? Take a look at the cupboard spaces, as well as the condition of the walls. Check what is included as you would in any other room of the house.

Are the bedrooms right for your needs?

Are the bedrooms spacious enough for your needs? Is there scope to decorate? It’s important to define the boundaries here. If beds are included, you might want to inspect them thoroughly. It's also worth checking windows for drafts and areas around curtains for telltale signs of poor ventilation.

What should you look out for in the bathroom?

The bathroom's general cleanliness, from grouting between the tiles to the condition of the ceiling, is critical. Look carefully for evidence of mould. Extractor fans can be essential to keeping bathrooms in tip-top shape and can sometimes hide evidence of poor ventilation. That said, tenants should also play their part by opening windows regularly.

What does the property's exterior look like?

Whether you are renting a city apartment or a property in the suburbs, don’t neglect to take a thorough look around outside. Small and large outdoor spaces are equally important considerations. Do you have the time to maintain a large garden, or will it be maintained for you? Perhaps a characterful yet compact outdoor space that is perfect for winding down after a long day is exactly what you're looking for.

Final thoughts

Take full advantage of your agent’s knowledge and expertise; that’s what they’re there for. Some properties benefit from round-the-clock maintenance support. Even without this in place, you will benefit from expert guidance when renting through a reputable agent. Renting this way will allow you to feel at ease and provide you with all the right information you need to make a confident choice.

Ready to take your next step? Book a viewing of your favourite properties today

Our winter property guide for landlords

As we head towards the winter months, now is the optimum time for landlords to prepare their properties for the harsher weather. Spending time and effort winterising your properties now could prevent future problems and save money further down the line. Here’s our winter property guide for landlords.

Service your boiler

The number one priority for every landlord should be checking that the boiler in your property (or properties) is in good condition, as repair costs can be extremely expensive. Book a boiler service to ensure that everything is working correctly and safely, as boilers can easily break down when turned on and used in the colder months.

Insulate pipes

Adding insulation to your pipes is a worthwhile measure that will prevent them from freezing or bursting due to the cold. Focus on pipes in external areas and lofts, which may be subject to the most extreme temperatures, and problems should be avoided as the cold sets in.

Install smoke and carbon monoxide alarms

In line with regulations from October 2015, a smoke alarm must be installed on each floor of a rental property – now is the perfect time to double check these are in good working order. If your rental property has a fireplace (or solid fuel appliance), then additional carbon monoxide alarms must be fitted in the same room, as the chances of these items being used increase astronomically in winter.

Inspect the roof

Chipped, cracked, or dislodged tiles on your roof could lead to significant water damage, and in cold temperatures, this can lead to structural issues with water freezing and expanding. Double-check that your roof is in tiptop condition to prevent any issues in the future.

Clean the gutters

While you take time checking any issues on your roof, be sure to check your guttering and clear them out to avoid blockages and breakages when the inevitable rain falls. By not having your guttering cleaned regularly, you are making your property vulnerable to drainage issues, which could lead to larger problems in the future.

Seal any draughts or air leaks

Air leaks can crop up over summer, leaving your home ill-prepared for the cold winter. This will increase the energy bill for you or your tenants, so by inspecting windows, doors, or any other vulnerable spots and sealing them up with caulk, you can ensure to provide a warm and energy-efficient home.

Provide winter emergency supplies

Equip your rental property with essential winter emergency supplies to ensure your tenants feel safe in your property. This can be a first aid kit, a torch, or even a shovel for the scenario of becoming snowed in. Providing these will create peace of mind for you and your tenants.

Are you ready for the snowy season? Contact us today to find your next tenants

Six storage solutions to declutter before December

As the year draws to a close and the festive season approaches, it’s common to feel the pressure of keeping your space tidy and organised.

But beyond simply creating a more comfortable living environment, decluttering and optimising storage can also have a significant impact on your property's value and appeal, which can help if you're considering selling in the new year.

Here are six storage solutions that not only help you manage your belongings but also enhance your home's marketability.

Loft space

With a bit of creativity, lofts can become a useful storage space and major selling point. By turning your loft into an organised, accessible storage solution, you can not only make your life much easier but also increase the value of your property. Installing sturdy shelving and proper flooring makes your loft a safe and practical place to store decorations, suitcases, or unused items.

Built-in wardrobes

Freestanding wardrobes can be bulky and take up valuable floor space. A solution to this is installing a built-in wardrobe, which can be customised to fit your needs and bedroom designs. The sleek, modern look of built-in wardrobes also helps to increase property value, which is key if you decide to sell your property.

Under-stair storage

The space under the stairs is often overlooked, but it presents a great opportunity to create a clever storage solution. Installing pull-out drawers, shelving, or even a small coat cupboard can ensure you make the most of the space, making more room for furniture or festive decorations.

Organise kitchen cupboards

Kitchens can become cluttered with gadgets and ingredients, especially at Christmas time. Eating leftover snacks, discarding out-of-date ingredients, and organising your cabinets can help make cooking Christmas dinner and baking festive treats much easier.

Invest in bathroom storage

Bathrooms are often short on storage, so adding shelving, a vanity unit with drawers, or wall-mounted cabinets can transform your space. Keeping toiletries, towels, and cleaning products neatly stored away helps make even the smallest of bathrooms feel larger.

Outdoor storage solutions for garden essentials

If you have a garden, outdoor storage solutions are a must. A garden shed can help you neatly store tools, outdoor furniture, or children’s toys, leaving your garden looking tidy. Keeping the exterior of your property free of clutter improves kerb appeal and demonstrates to buyers that the outdoor space is low-maintenance, which could add value to your home.

Looking to sell? Get in touch with our dedicated team today

XMAS EVE WITH TOMMY PHILPOT Tue Dec 24 2024 at 09:00 pm

It’s Xmas eve, and Tommy returns in an annual Christmas tradition. This is always a great night, and perfect for families looking to enjoy one last night before the madness of Christmas Day ensues.

Click here to read XMAS EVE WITH TOMMY PHILPOT Tue Dec 24 2024 at 09:00 pm.