Welcome to your monthly property update!

Welcome to your monthly property update!




Will the property market slow down?

The last few years have seen a sharp hike in house prices across the country, but can this rise be sustained? While recent data from the Land Registry shows house prices were up by 12% since April last year, some believe we’re heading towards a slowdown.
 
So, what’s going on? While the market spiked in 2021 thanks to the well-publicised stamp duty holiday – fuelling sales as buyers rushed to save significant sums of money – it calmed over the winter of 2021 before slowly rising again across the UK.*
 
However, in May this year, the number of sales returned to levels seen just before the onset of the pandemic. But what has driven this reversal?
 
The cost of living crisis appears to be playing its part by straining household budgets. Combine this with rising house prices and mortgage interest rates, and you have a recipe for dampening buyers’ spending power.
 
This doesn’t necessarily mean prices will fall dramatically. Big names across the industry – such as Propertymark and Rightmove – are still reporting a mismatch between demand and supply, which is keeping prices buoyant for now. All in all, experts predict that prices may only increase by between 1–5% over the next year or two.**
 
What does this mean if you’re planning to sell? The good news for homeowners is that no one expects prices to plunge over the medium to long-term. But if you’re hoping to maximise your sale price, striking while the iron’s hot may pay off.
 
Our team is ready to provide tailored advice that reflects your unique situation. Contact us today to discuss your options and book a valuation.
 
*Based on data provided by HMRC (June 2022).
 
**Predictions provided by Rightmove, Zoopla
 
 
 
 
 
 



Lower interest rates for high EPC-rated properties

 
The Real Estate Finance division of Secure Trust Bank has launched a new funding initiative to encourage investment in energy-efficient homes. The new Green Investment Loan is welcome news to property investors facing pressure from the Government’s plans to raise energy efficiency standards in homes across the nation. 

 

But how does the loan work, and who will it benefit? Firstly, it’s only available to those planning to buy or refinance a residential property. The property in question must also feature an Energy Performance Certificate (EPC) rating of A–C for 90% of its floor area. 

 

In return, the Secure Bank Trust will lend between £2–65m at a lower interest rate of 2.95% over the Bank of England, amounting to a Loan to Value (LTV) rate of up to 60%. This rate can rise to 3.1% for an LTV of 65%. 

 

When the scheme first opened, it achieved £150m of investment for 525 energy-efficient properties over a six-month period. The STB is once again hoping to make raising EPC ratings a more profitable enterprise for everyone involved.  

 

Many buy-to-let mortgage providers are also falling in line by offering more competitive rates for landlords looking to invest in efficient homes. This is ideal if you’re thinking about building your property portfolio or improving your home with a view to rent or sell. 

 

Our specialist team can advise you about local investment opportunities and how to increase your property’s EPC rating. Get in touch with us today.



More landlords are needed to help tenants find homes

You may have heard how well the sales market has performed over the past couple of years, pushing prices up 12.4% nationally*. The rental market has followed hot on the heels of this trend, with around three tenants currently vying for each property.**
 
Compared to the previous year, the number of available rental homes has dropped by 9%, which has nudged up the average price by £150 per calendar month.*** This means tenants now pay around £1,088 outside of London or £2,193 PCM in the capital.
 
But what’s driving this steep increase in demand? There are several factors involved. Rising house prices may force tenants to rent for longer than planned, meaning fewer homes are circulating on the market. Almost a fifth of landlords report tenants are staying put for longer than in previous years.****
 
In addition, concern over upcoming rental reforms has prompted some landlords to take their properties off the market. Dwindling stock further encourages tenants to remain in their current rental while they search for somewhere else to live.
 
The fallout from the pandemic has also muddied the waters, with many people choosing to move back to urban centres or escape to the country to work remotely. The latter is partly responsible for the intense pressures faced by tenants in popular rural hotspots.
 
Without more landlords joining the market to ease supply, many people may be forced to stay in unsuitable accommodation, leave their local areas, or even risk homelessness.
 
The good news is that if you have a property to spare, now is a great time to get involved and reap the long-term rewards a solid rental income can provide. This is especially true if you’re letting in areas recently boosted by the Elizabeth Line or where supply is strained.
 
Curious about how much your rental property is worth in the current market? Our friendly team is ready and waiting to book your lettings valuation.
 
 
 
*UK House Price Index (ONS: April 2022).
 
**According to a recent report by Property Reporter
 
**Data from TwentyCI and Rightmove (early 2021 to early 2022).
 
****Property Reporter (June 2022).



The ultimate end of tenancy cleaning guide

The definition of the word ‘clean’ can vary from person to person, which is why most deposit disputes between landlords and tenants arise around the end of tenancy cleaning. It is the tenant’s responsibility to hand the property back over to the landlord in the same condition they found it in on move-in day, and most would prefer to do so without having to fork out for professional cleaning.

 

Tenants are not obligated to pay for professionals to clean the property if it is left in good condition. This is why a ‘deep clean’ is pinnacle, as dust and dirt can collect in every nook and cranny and is easy to miss during everyday clean-ups. Once you’ve packed up your personal items, you should tick all of these key cleaning steps off your checklist before handing the keys over:

 

Planning in advance

 

Cleaning an entire property from top to bottom can feel overwhelming, so it’s important to start planning early and budgeting for any necessary equipment. A deep clean will take more planning and effort than a typical spring clean, so make sure you allow yourself enough time, and factor in how long cleaning will take on top of your move.

 

One step at a time

 

The larger tasks in each room might call for your attention first and foremost, but the best protocol is to take things one room at a time. This way, you won’t find yourself overwhelmed and burnt-out early into the process, as cleaning from one room to the next allows a sense of order and you won’t end up forgetting the smaller details which matter just as much.

 

Deep cleaning

 

It’s best to make sure the property is completely empty before completing a deep clean, as personal items can get in the way, and you might end up having to go over the same areas more than once. A deep clean can match the results of professional cleaning if you put in the effort and attend to all of the essential tasks, these can include:

  • Mopping floors and tiles
  • Hoovering and steaming carpets and rugs
  • Cleaning and polishing taps and other water fittings
  • Removing cobwebs from walls, ceiling, and skirting boards
  • Cleaning windows, doors, and handles
  • Degreasing the hob, oven, and all components
  • Dusting and polishing surfaces, such as tables and sideboards
  • Removing limescale from sinks, showers, and bathtubs
  • Scrubbing and disinfecting the toilet
  • Removing mould from walls and tiles
  • Wiping down kitchen cabinets and countertops
  • Cleaning all appliances (kettles, toaster, and microwave etc)
  • Emptying and cleaning the fridge and freezer
  • Cleaning out large appliances like washing machines or dishwashers
  • Emptying and cleaning bins (inside and outside ones)
  • Sweeping and tidying outside areas
  • Hoovering mattresses and sofa cushions

Check the cupboards and drawers

 

A kitchen can appear clean at a glance, but once you start opening things up, you’ll probably find that there is more work to be done. Make sure all the cupboards and drawers are completely empty and clear of any food residue or marks left by pots and pans. Try sticking to gentle cleaners such as dish soap and water as harsh chemicals, and too much water can damage the cabinets. 

 

Defrost and descale

 

If your landlord provided the property with white goods, it’s your responsibility to leave them in the condition you found them in. You can descale the kettle by filling it with equal parts white vinegar and water and bringing it to a boil. As for the freezer, use disinfectant to ensure it’s completely clean before unplugging and leaving the door open to allow any ice build-up to melt.

 

If you’re considering the points within this article, you may be on the hunt for your next rental property. Browse the homes we have available here.



Three things landlords offering ‘bills included’ tenancies should know

As the cost-of-living spikes, landlords and tenants involved in ‘bills included’ rental contracts will need to communicate clearly with one another in order to grapple with the new host of challenges. As for landlords offering bills included in their monthly rental fees, there are three key things to consider…

 

Landlords should avoid confusion on government’s £400 rebate

 

The former Chancellor recently announced that households across the UK can expect a £400 grant this autumn to help out with soaring energy bills. There is also further assistance available for the most vulnerable. But when it comes to rental properties, the tenants will need to be aware that the £400 rebate will go directly to the bill payer, which will be the landlord in instances where the cost of utilities is included in their monthly rental fee.

 

Most landlords will retain the payment to help alleviate the growing costs of the energy and water bills that they are paying on behalf of their tenants. In the case that tenants have misunderstood the government’s helpful scheme, they might expect that the rebate is to be paid to them, even if they don’t pay utility bills directly. Agents and landlords can avoid this by communicating their plans and the reasoning behind them well in advance to ensure tenants don’t feel as though they have been left in the dark on the situation, and the next steps are clear.

 

Landlords may need to be clear about costs

 

As announced by The National Trading Standards (NTS) during May 2022, there are new changes to the rules around the material information that letting and estate agents should include in listings through property portals and their own sites. This means that tenants must be provided clarity on their "unavoidable costs" of renting the property. This includes council tax bands, deposits, and the price of rent. As the new rules are expanded, the regulations will soon cover additional areas such as utility set-ups or information detailing flood risk status.

In light of this, landlords offering ‘bills included’ tenancies will need to be upfront about costs and any variations in prices that may occur during the contract. All of this information will need to be communicated to the tenant explicitly and upfront by the agents, rather than on request.

 

Now might be the perfect time to invest in energy efficiency 

 

New Government legislation entails that by 2025, private sector landlords will have to ensure that their rental properties adhere to the required energy efficiency rating of ‘C’ or above on new tenancies. The UK is also set to ban gas boilers in all new build properties, starting from the same year. Due to this, landlords will need to boost the energy efficiency of their portfolios as soon as possible in order to keep up with changing legislation.

 

Arguably, with the lettings market retaining unparalleled buoyancy, and demand for rental properties reaching record highs, now is the best time to invest in existing stock ahead of the regulatory changes. Likewise, more energy efficient housing supply, would reduce the overheads for landlords who offer bills-included tenancies.

 

Visit our website today to browse our available properties.



One in three properties receive an offer one hour after viewing

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.



What are millennials looking for in a property?

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.



Castle to Castle Ultra 36Saturday 20th July 2024

Welcome to the Castle to Castle Ultra, an extraordinary endurance event that spans 36 challenging miles from the majestic Lancaster Castle to the historic Clitheroe Castle.

Click here to read Castle to Castle Ultra 36Saturday 20th July 2024.



Everything landlords need to know about fire door responsibilities


As a landlord, ensuring the safety of your tenants is not only a moral duty but also a legal obligation. Fire doors play a critical role in protecting lives and property; therefore, understanding your responsibilities regarding fire doors is essential to maintaining compliance with the law. Here’s what every landlord needs to know about fire door responsibilities.

What is a fire door?

A fire door acts as a vital safety device in the event of a fire by delaying the spread of both flames and smoke. This gives tenants critical time to get to safety, while also minimising the damage caused to the property.
Fire doors are an integral part of a building’s passive fire protection system and are essential in communal areas and any space where a fire could pose a significant risk. Certified fire doors must be rigorously tested and supported by a safety performance certificate to prove that they have been tested in accordance with British standards.

Who is responsible for fire doors?

While the landlord is responsible for the fire doors in the property, it’s wise to talk to your tenants about the rules regarding fire safety in rental properties. You could also provide them with a handbook which details the rules they will need to follow while living in the property.
For example, propping open a fire door is against the law due to the risk it poses to the tenants and others.

Fire door legislation

In the UK, fire safety regulations are primarily governed by two key pieces of legislation: the Regulatory Reform (Fire Safety) Order 2005 and the Housing Act 2004. The Fire Safety Order applies to all non-domestic premises, including common areas of residential buildings such as blocks of flats or houses in multiple occupation (HMOs). Under this legislation, landlords must carry out regular fire risk assessments, identify fire hazards, and take steps to reduce risks, including installing and maintaining fire doors.

Where should fire doors be installed:

Landlords are responsible for ensuring fire doors are installed in the following areas:

  • HMOS and multi-occupancy buildings: Fire doors must be installed in all rooms that lead to communal areas, such as hallways and stairwells. This includes kitchens, living rooms, and bedrooms in HMOs.
  • Flats: In blocks of flats, fire doors should be installed at the entrance to each flat and in any communal areas such as corridors and stairwells.
  • New builds and renovations: Any new building or renovation must comply with current fire safety standards, including the installation of appropriate fire doors where required.

Maintenance and inspection

Fire doors must be regularly maintained and inspected to ensure they remain effective. Landlords should conduct or arrange for a professional fire risk assessment that includes checking the condition of fire doors. Key things to look for include:

  • Door alignment: The door should close properly, without gaps that could allow smoke or fire to pass through.
  • Intumescent seals: These seals expand in heat to block gaps around the door, and they should be intact and properly fitted.
  • Hinges and closures: Check that all hinges are secure and that the door closer functions correctly, ensuring the door closes automatically.
  • No modifications: Any holes, damage, or modifications can compromise the fire door’s integrity.
Additionally, fire doors must be clearly labelled with appropriate signage indicating that they are fire doors. Signs such as ‘Fire Door – Keep Shut’ should be placed on both sides of the door. This is particularly important in communal areas, where tenants or visitors may not be aware of the door’s importance.

 

Need help managing your buy-to-let property? Contact our dedicated team today



Finding the right home for winter

 

It should not be the case but sadly for many tenants, winter will be a bigger ordeal than it should be thanks to unscrupulous landlords. Feeling cosy in a nice home for winter is simply magical and very important. 

A good EPC rating

EPC certificates show how energy efficient a property is and are graded from A to G, with A being the most energy efficient and G the least. So, it’s in your interests to choose a property with a higher rating. It’s been a legal requirement since 2018 for rented properties in the UK to have a minimum energy rating of E. EPC recommendations can include improving floor insulation, replacing boilers, and fitting LED light bulbs. So, picking a property with a good EPC rating will insulate you from the winter months.

Inspect the property thoroughly 

Don’t underestimate yourself when it comes to carrying out a visual inspection of the property when you are viewing it. The property description will specify its features and EPC rating. But it’s comforting to check for yourself. So, take a look at the windows, the location of the boiler, and the condition of the appliances to get a feel for how well-insulated the property is. If the property appears and feels fresh and well-maintained, then chances are it is.

Ask the right questions

Good agents are a fountain of knowledge, so use it. The more information you can find out about your potential new home, the better. You want to feel as settled and as happy as possible with your new home. This comes with the peace of mind a property expert can bring to the table. From understanding your lease to protecting your deposit, and all the other details of your tenancy that matter to you. Then you will feel more relaxed in your home when it’s time to snuggle up for the winter.

Rent with support

Property maintenance should never be overlooked. Sometimes renting can lead to tenants finding themselves in a property with a myriad of maintenance issues. Renting through an agent could provide you with the opportunity to choose a fully managed property. This will offer 24/7 maintenance support, meaning issues get addressed quickly. But there is more to a home than maintaining it. Finding a home in the right location so that you are close to the people or the things you love all makes for a happier life.

Enlist the help of a good agent 

It’s certainly not impossible to find a good property independently but using an agent will make it easier. Having a third party that ensures your home is compliant and is just a phone call away has a lot of benefits. A good letting agent will be there to represent you throughout your tenancy. Yes, agents also represent the interests of landlords but because of this, tenants benefit from living in properties of a higher standard, which is ideal for keeping the winter at bay.

 

Contact us to find your next home for all seasons



A guide on joint tenancy


Joint tenancies are a wonderful introduction to the world of renting. It provides a fun, social way of living while being super affordable. With many different types of letting agreements available, it’s important to understand the tenancy before signing it. In this article, we help you understand the entirety of a joint tenancy.

What is a joint tenancy agreement?

Joint tenancies, most common among students, young professionals, couples, and families, are legal agreements that bind two or more individuals together as equal tenants. It allows you to equally split the costs and responsibilities of renting a property. When involved in a joint tenancy, it’s crucial to have clear communication and organisation to avoid potential disputes.

What are the benefits of a joint tenancy?

Better affordability

A joint tenancy has many appealing benefits, but the biggest one overall is how it makes the costs of renting more affordable. This is because you are able to equally divide the overall expenses of renting, reducing your financial burden and allowing you to save for your own property one day.

Less responsibility

With an equal split in the tenancy, all responsibilities are divided between every party. Whether that's cleaning, cooking, or even simply taking the bins out, it allows you to share all the responsibilities of renting a home.

Create relationships

Being involved in a joint tenancy allows you to create solid friendships you will keep for life. Sharing a home with new people will boost your overall social life and create the perfect scene for anyone who doesn’t want to live alone.

What are my responsibilities as a tenant in a joint tenancy?

All the joint tenants are under one agreement, which means they share all the same responsibilities and face the same challenges as if they were one. Each tenant must follow the terms of the tenancy agreement and look after the property, but if an individual doesn’t comply with the rules of the tenancy, everyone in the joint tenancy is liable.
Joint tenancies usually have one key individual named as the lead tenant who interacts with the landlord or letting agent, making the communication path simpler. If you act as the lead tenant, this allows you to take charge of the tenancy and learn more about responsibility.

How do deposits work in a joint tenancy?

A joint tenancy deposit acts like any other regular deposit. The deposit is collected in separate payments from each tenant but collected and combined, creating one tenancy deposit. A joint tenancy is a joint responsibility with all the parties involved, so when it comes to the return of your full deposit, you will be relying on your housemates to be trustworthy and respectable towards the home.

How do I end my joint tenancy?

Ending a joint tenancy can be seen as a confusing process as it involves multiple tenants. You can’t end a fixed-term tenancy before it expires unless the tenancy agreement has a break clause, or all the joint tenants and landlord agree to end it. If the fixed-term tenancy comes to an end and an individual wants to discontinue their part of the tenancy but the others want to continue, the responsibility will fall on the remaining tenants, either paying the extra rent each month or by identifying a replacement tenant.

 

Is a joint tenancy the right way for you? Contact us for more information.



Everything you need to know about FENSA Certificates


Obtaining a FENSA Certificate is crucial when it comes to buying or selling a property. But what exactly is a FENSA Certificate, and why is it so important? In this article, we take a look at everything you need to know about them, from what they are to how they impact the selling and buying process.

What is FENSA?

The Fenestration Self-Assessment Scheme (FENSA) regulates the replacement of windows and doors in residential properties. It was established by the government in 2002 when building regulations were amended for double-glazing.

What is a FENSA Certificate?

A FENSA Certificate verifies that a FENSA-registered supplier installed all windows, doors, roofs, and skylights in accordance with building regulations. This verification eliminates the need for local building authorities to inspect the work to ensure that it meets the necessary regulations.

Why do you need a FENSA Certificate?

Without a FENSA Certificate, you are at risk of paying for a service that does not satisfy safety and quality standards. Failure to comply with certain regulations may even result in fines and legal issues.
A FENSA Certificate also ensures that the windows and doors installed in your home meet the required energy efficiency standards, which can help to regulate the temperature inside your home and reduce your energy bills.

How to get a FENSA Certificate

Using a FENSA-registered supplier is the easiest way to ensure you obtain a certificate. These professionals are certified to carry out installations that comply with building regulations.
After the work is complete, the installer may arrange an inspection to verify that the installation adheres to building regulations. They will then send the required paperwork to FENSA, who will issue you the certificate.

How FENSA Certificates affect the selling process

When selling a property, having a valid FENSA Certificate for any replacement windows and doors is essential. It gives any potential buyers peace of mind that the property is safe and secure, which could increase their likelihood of making an offer.
While it is not a legal requirement to have a FENSA Certificate when selling a property, buyers are increasingly savvy when it comes to property purchases. Their solicitor is likely to request to see the certificate before contracts are exchanged, so failing to have one could cause a sale to fall through.

How FENSA Certificates affect the buying process

On the flip side, when you are buying a property, it is important to check whether there is a valid FENSA Certificate for any replacement windows and doors. This will ensure that the property is compliant with building regulations and that there are no issues with the installation.
If a property does not have a FENSA Certificate for replacement windows and doors, this should raise red flags for you as a potential buyer. Your solicitor might scrutinise the quality of the installations, seek further details, or even request replacements to adhere to building regulations.

 

Looking to sell your home? Book a valuation today



Oasis Supernova Live At LEVEL ONE, DARWENSaturday November 23rd 2024 at 07:00 pm to 11:00 pm

Oasis Supernova is a full live Oasis tribute dedicated to the sound, swagger and story of Oasis.

Click here to read Oasis Supernova Live At LEVEL ONE, DARWENSaturday November 23rd 2024 at 07:00 pm to 11:00 pm.