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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What's Actually Included in a Property Sale in the UK?

Understanding the property sale process

When selling a property in the UK, there are certain legal and physical components that are included in the sale, but it’s important to understand what you are actually transferring to the buyer. A property sale typically includes the land and any buildings, fixtures, and fittings that are permanently attached to the property. This means that any items like radiators, built-in cupboards, and bathroom fixtures are included, but free-standing furniture or appliances like fridges and washing machines generally aren’t unless specifically agreed.

Fixtures and fittings: what’s included?

One key consideration is fixtures and fittings. These are items that are permanently attached to the property, such as light fittings, kitchen units, and bathroom taps. The general rule is that if an item is fixed, such as a chandelier or a wall-mounted mirror, it’s included in the sale. However, free-standing items such as personal furniture or white goods are usually excluded unless otherwise specified. It's important to clarify any items that are included or excluded in the sale when the offer is made to avoid confusion later on.

Land and boundaries

The land included in the sale will generally cover the property’s boundaries as outlined in the title deeds. This includes the land directly surrounding the property, but it’s important to confirm the boundaries with the seller or through a professional survey. The sale will also include any rights to access, shared driveways, or easements, but it’s important to clarify these aspects during the transaction to avoid future disputes.

What’s excluded?

Certain items are excluded from the sale unless specifically agreed upon. These could include personal items, such as artwork, furniture, and freestanding kitchen appliances. The sale should also be carefully reviewed for any ongoing commitments, such as leases on equipment or rights of way.

Get expert guidance

Understanding exactly what’s included in a property sale can avoid potential issues. If you’re in the process of buying or selling, contact us today for clear guidance and expert advice to ensure your property transaction runs smoothly.

Should You Move or Renovate in 2025?

Weighing up your options: move or renovate?

When your current home no longer suits your needs, deciding whether to move or renovate can be a difficult choice. Each option has its benefits and challenges, and understanding what’s most important to you—whether it’s cost, convenience, or future growth—will help determine the best course of action. The property market in 2025 is dynamic, with fluctuating prices and changing buyer demands, so carefully considering your options will ensure you make an informed decision.

The benefits of moving

One of the main reasons people decide to move is that they want a fresh start or a new environment. Moving can allow you to upgrade your home to meet your lifestyle needs, whether that’s by purchasing a larger property, a better location, or a home with modern features that your current house lacks. If your home no longer works for you, or if you simply want to be closer to work, family, or amenities, moving can be an appealing option. Additionally, if property values in your area are rising, selling now might enable you to maximise your investment.

Renovating: A cost-effective option

On the other hand, renovating your current property can be a cost-effective way to enhance your living space. If your home is in a desirable area and you’re happy with the location, it might make more sense to invest in renovations. Whether you’re upgrading your kitchen, adding more space with an extension, or improving the property’s energy efficiency, renovating allows you to tailor your home to your tastes and needs without the added expense and hassle of moving. Renovations can also increase the value of your property, particularly in areas where home prices are rising.

Making the right choice

Ultimately, the decision to move or renovate depends on factors like your budget, your long-term goals, and the property market in your area. If you’re unsure which option suits you best, speak with a property expert to help evaluate your situation and explore your options.

If you’re ready to take the next step, contact us today for advice tailored to your needs. We’re here to guide you through the process and help you make the right choice.

Getting Your Documents Ready to Sell - A Checklist

Understanding the importance of documentation

Selling a property involves more than just setting a price and putting up a ‘For Sale’ sign. One of the most important steps in the process is ensuring that all your documentation is ready. Having your paperwork organised not only speeds up the sale but also helps avoid any complications down the line. Buyers want transparency, and having the correct documents available will give them confidence in their decision-making.

Title deeds and ownership proof

The first essential document is your title deed, which proves ownership of the property. If your property is registered with the Land Registry, obtaining an official copy of the title deed is relatively simple. This will provide details about the property and any rights or restrictions attached to it. If the property is not registered, you’ll need to find the original deeds, which may be held with your lender or solicitors.

Energy Performance Certificate (EPC)

An Energy Performance Certificate (EPC) is a legal requirement for all properties being sold. The EPC shows the energy efficiency of the property and provides recommendations for improvements. The certificate is valid for 10 years, so if you have an existing one, check that it’s still in date. If you don’t have one, you’ll need to arrange for an assessor to complete the assessment.

Fittings and fixtures list

When selling a property, you should prepare a fittings and fixtures list that details what will be included in the sale. This includes anything that is affixed to the property, such as light fittings, wardrobes, or kitchen appliances. Clarifying this in advance ensures there are no misunderstandings with potential buyers about what stays and what goes.

Mortgage information and other legal details

If you have a mortgage, you’ll need to provide mortgage details, especially if there is an outstanding balance. You should also ensure that you have information on any planning permissions or building regulations if you’ve made significant changes to the property. Having this information readily available shows buyers that the property has been well-maintained.

Ready to sell?

Once your documents are ready, you’ll be in a much stronger position to move forward with the sale. If you’re ready to list your property, contact us today for expert advice and to help guide you through the selling process.

What Adds the Most Value to Your Home in 2025?

What adds the most value to your home in 2025?
When looking to increase your property’s value in 2025, it’s important to focus on improvements that will offer the greatest return on investment. In today’s market, potential buyers are looking for homes that are modern, efficient, and well-maintained. While some upgrades can be costly, they can have a significant impact on the overall value of your property. Whether you're considering selling or simply want to make your home more comfortable and valuable, here are the most effective ways to boost your property’s worth.

Kitchen and bathroom renovations

Two areas that can dramatically increase the value of your home are the kitchen and bathroom. These spaces are often seen as the heart of the home, and a modern, stylish kitchen or bathroom can be a huge selling point. Upgrading appliances, re-tiling, or even changing outdated fittings can make a big difference. For example, installing energy-efficient appliances or adding extra storage can appeal to buyers looking for functionality and style. Even small improvements, such as new faucets or modern lighting, can enhance the appeal without a large investment.

Energy efficiency and sustainability

As environmental concerns grow, energy efficiency has become a key consideration for many buyers. Improvements like adding double glazing, upgrading insulation, or installing solar panels not only make your home more energy-efficient but also reduce ongoing running costs. Properties with energy-saving features tend to stand out in the market, especially with buyers who are conscious of their carbon footprint. These improvements may require a higher upfront cost, but they can significantly increase the value of your home while lowering energy bills.

Boosting kerb appeal

First impressions matter, and kerb appeal plays a significant role in the value of your home. Simple exterior improvements, such as maintaining your garden, painting your front door, or cleaning the windows, can make your property more attractive to potential buyers. A well-kept exterior shows that the home is well-maintained and cared for, which is appealing to anyone looking to buy.

Get expert advice on value-boosting improvements

If you're looking to make the right improvements to increase your home’s value, contact us today for tailored advice. We can guide you through the process and help you make decisions that maximise your investment.

Charlie WhittamJun 7 at 8:30PM - 12:30AM

The old function room. Watery Ln Darwen. Get tickets

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