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.

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Deposit Protection Schemes in 2025: What’s changing and how it benefits you

For tenants, a protected deposit provides peace of mind that their money is safe and will be returned fairly at the end of their tenancy. In 2025, there are updates to deposit protection rules and processes that tenants need to be aware of. Understanding how these schemes work and what changes are being introduced can help you feel more secure in your rental agreement. Here is what is new this year and how it benefits you.

What is a deposit protection scheme

Deposit protection schemes exist to ensure that tenants’ deposits are kept safe and handled fairly throughout a tenancy. By law, landlords must place your deposit in a government-approved scheme within thirty days of receiving it. At the end of the tenancy, deductions can only be made for agreed reasons such as unpaid rent or property damage. If there is a dispute over deductions, the scheme provides a resolution service to ensure fairness for both parties.

What is changing in 2025

New measures are being introduced to improve deposit protection, increase transparency, and make it easier for tenants to track and manage their deposits. Some of the key changes include.

Digital tracking and notifications

More schemes are moving towards online systems where tenants can log in and check the status of their deposit at any time. You may now receive automated updates confirming when your deposit has been protected and details on how to retrieve it at the end of your tenancy.

Faster dispute resolution

Improvements to the resolution process mean that disputes over deposit deductions are expected to be resolved more quickly. Some schemes are introducing stricter timeframes for landlords and tenants to submit evidence, helping to prevent unnecessary delays in getting your money back.

Stronger penalties for landlords who fail to comply

If a landlord does not protect your deposit correctly, they can now face tougher financial penalties. This change is designed to encourage full compliance with the law and ensure tenants’ money is safeguarded properly.

How these changes benefit tenants

The updates to deposit protection schemes are designed to make the process fairer, clearer, and more efficient for tenants. Here is how you will benefit.

Greater transparency

With more digital tracking options, tenants will have better access to deposit information, reducing uncertainty and making it easier to check that their money is being handled correctly.

Quicker access to your deposit

Faster dispute resolution means tenants will not have to wait as long to receive their deposit back at the end of a tenancy, even if there is a disagreement over deductions.

More security for your money

Stronger penalties for landlords who fail to protect deposits properly mean fewer risks for tenants. If your landlord does not follow the correct process, you will have more legal backing to claim compensation.

How to check if your deposit is protected

If you have paid a deposit, your landlord or letting agent should provide you with details of where it has been registered. In England and Wales, deposits must be held in one of three government-approved schemes.

Tenancy Deposit Scheme TDS
Deposit Protection Service DPS
My Deposits

You can check whether your deposit is protected by visiting the website of these schemes and entering your tenancy details. If your landlord has not provided you with deposit protection information, ask them for it immediately. If they fail to protect your deposit, you may be entitled to compensation of up to three times the deposit amount.

What to do at the end of your tenancy

To ensure you get your full deposit back, follow these steps before moving out:

Check the tenancy agreement: Review the terms regarding deposit deductions to understand what could be charged at the end of the tenancy.

Document the property’s condition: Take photos and videos when moving out to provide evidence that you are leaving the property in good condition.

Request your deposit return promptly: Once you have moved out, formally request your deposit back through the protection scheme to start the process.

A fairer and more secure system for tenants

The updates to deposit protection in 2025 are designed to make renting fairer and more transparent for tenants. With better tracking, faster resolutions, and stricter enforcement for landlords, tenants can feel more secure that their deposits are being handled properly. Knowing your rights and taking simple steps to check your deposit is protected can help ensure a smooth rental experience.

What landlords need to know about changing EPC requirements in 2025

The UK rental market is set to see changes in energy efficiency regulations, but not in the way initially expected. The previous Conservative government had planned to enforce stricter Energy Performance Certificate (EPC) requirements by 2025, requiring all newly rented properties to have a minimum EPC rating of C. However, these plans were scrapped in September 2023 due to concerns that landlords would face excessive financial burdens to meet the short deadline.

Understanding the EPC changes

In September 2023, the Conservative government abandoned the proposal to enforce EPC upgrades by 2025. The decision was made due to concerns that landlords would be required to undertake costly energy efficiency improvements within a short time frame.

The Energy Secretary has since pledged to take action to address past shortcomings in energy efficiency regulations and has committed to consulting on new measures by the end of the year. The revised proposal will focus on improving energy efficiency standards across both private and social rented properties by 2030.

As it stands:

Private rented homes can still be legally let if they meet the current EPC rating of E.

Social rented homes currently have no minimum energy efficiency requirements.

The government will consult on new regulations to bring private and social rented homes up to an EPC rating of C or equivalent by 2030.

How these changes affect landlords

No immediate mandatory upgrades: Landlords are not required to make EPC upgrades by 2025, as the original plan was scrapped.
Possible future regulations by 2030: The government is expected to introduce revised regulations, likely requiring rental properties to meet EPC rating C by 2030.
Longer time to prepare: While landlords now have more time, it is advisable to plan for future changes to avoid last-minute expenses.
Energy-efficient homes remain attractive: Despite the lack of immediate requirements, properties with higher energy efficiency will continue to attract tenants and could justify higher rental prices.

Steps landlords should take now

Review your EPC rating: Check your current certificate to understand where your property stands.
Plan for future improvements: Consider cost-effective upgrades such as better insulation, LED lighting, and energy-efficient heating systems.
Budget for gradual upgrades: With a longer timeline, landlords can set aside funds to improve their properties without financial strain.
Stay informed on upcoming regulations: The government’s consultation process will provide more clarity on future requirements, so staying updated is essential.
Consider financing options: Explore potential government schemes or green financing that may become available as part of the new regulations.

What happens if landlords do not comply in the future?

While there are no new fines or restrictions in place for 2025, the anticipated 2030 regulations may introduce penalties for landlords who do not upgrade their properties. Failure to comply could result in restrictions on letting properties and possible financial consequences.

Final thoughts

Although the proposed 2025 EPC upgrades have been scrapped, landlords should still prepare for potential changes in the coming years. Upgrading energy efficiency now can enhance property value, attract tenants, and ensure compliance with future regulations.

If you are a landlord looking for expert guidance on managed lettings services or a tenant searching for a property to rent, contact us today

The 2025 mortgage checklist: What to prepare

With the property market gaining momentum in February 2025, and mortgage deals improving, many buyers are taking steps towards securing their dream home. A mortgage is a key part of the process, and being well-prepared can make all the difference when it comes to securing the best deal and moving quickly when you find the right property. Whether you are a first-time buyer or moving home, having everything in order before you apply can help make the process smoother. Here is what you need to prepare for your mortgage application this year.

Check your credit score

Lenders will assess your credit score to determine your reliability as a borrower. A strong credit score can improve your chances of being offered a competitive mortgage deal. Before applying, check your score through a reputable credit reference agency and ensure there are no errors on your report. Simple steps such as paying bills on time and avoiding unnecessary credit applications can help maintain a healthy credit profile.

Organise proof of income and employment

Lenders need to see that you have a steady income to cover mortgage repayments. If you are employed, you will usually need to provide recent payslips and a P60 form. If you are self-employed, you may need at least two years of tax returns and accounts, along with bank statements showing your earnings. Having these documents ready in advance can speed up the approval process.

Calculate your deposit and budget

Knowing how much you can afford to put down as a deposit is essential before applying for a mortgage. The higher your deposit, the more mortgage options may be available to you. In 2025, there are still government schemes such as the mortgage guarantee scheme, which supports buyers with a smaller deposit. It is also important to factor in additional costs such as stamp duty, legal fees, and moving expenses when planning your budget.

Prepare bank statements and outgoings

Lenders will review your spending habits to assess whether you can afford mortgage repayments. Be prepared to provide several months’ worth of bank statements showing your income and regular expenses. Reducing unnecessary spending in the months leading up to your application can help demonstrate financial responsibility and improve your chances of approval.

Get an agreement in principle

An agreement in principle is a statement from a lender confirming how much they are willing to lend based on an initial assessment. While not a formal mortgage offer, it gives you a clear idea of your budget and can make you a more attractive buyer when making an offer on a property. Many estate agents will ask for this as proof that you are in a strong position to proceed with a purchase.

Research mortgage options

There are various types of mortgages available, including fixed-rate and variable-rate options. It is worth researching what suits your financial situation and future plans. Speaking to a mortgage broker or advisor can help you understand the latest deals available in 2025 and find a mortgage that meets your needs. Keep an eye on lender requirements, as affordability checks and lending criteria can change over time.

Consider your future financial plans

Before committing to a mortgage, think about your long-term plans. If you expect changes in your income, job, or lifestyle, it is important to choose a mortgage that fits your future goals. Some buyers may prefer flexibility, while others might want the security of a fixed monthly repayment. Planning ahead can help you choose a mortgage that suits both your current and future circumstances.

Be ready to move quickly

With the property market seeing increased activity in early 2025, being prepared gives you an advantage when you find the right home. Having all the necessary documents in place, securing an agreement in principle, and understanding your budget can help ensure you are ready to act when the opportunity arises.

Book a valuation for expert guidance on the next steps in your home buying journey

Rachel Fairburn: Side EyeMar 30 at 7:30PM

Rachel star of Live at the Apollo and co-host of All Killa No Filla, is a renowned stand up and rock'n'roll star of British Comedy Rolling Stone.

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Property Expert says UK Property Market Showing Strong Start in 2025

The property market has kicked off 2025 with a surge in home sales across most UK regions. Comparing the number of homes sold subject to contract in the first eight weeks of 2025 with the same period in 2024, the data shows an impressive rise in buyer activity.

Click here to read Property Expert says UK Property Market Showing Strong Start in 2025.

Darwen Property Market a Buyers’ or Sellers’ Market?

Are you a Darwen homeowner considering a move in the next six to twelve months? Perhaps you’re a buy-to-let landlord weighing up whether to expand or streamline your portfolio?

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Property Expert says The Average UK home is £50k cheaper today than 2022

Here’s something that might surprise you… the UK house is almost £50k cheaper today than it was in 2022 – and people’s wages have gone up too!

Click here to read Property Expert says The Average UK home is £50k cheaper today than 2022.

Property Expert says How Often Do Tenants Move Home?

Tenant mobility varies widely across the UK, with some regions seeing frequent moves while others have a much more settled rental population.

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