Our July Newsletter

Three improvements buyers are looking for in a property

When it comes to selling your home, there is nothing you want more than for your buyers to love your home as much as you always have. Preparing your home can feel like a time-consuming and potentially daunting task. However, this is the very start of your property journey, and before you know it, you could be well on your way to your next home.

Recent research into what buyers are specifically looking for may give you an insight into how you can best prepare your home.

Leisure spaces are a big requirement

The report found that a home gym was one of the most asked for renovation trends, and with the arrival of summer, it is no surprise that buyers are also keen to find properties with outdoor kitchens and al fresco entertaining areas.

Going green with paint

That phrase may have you thinking about eco-friendly improvements. But, we’re talking about paint! Although it is often said that neutral walls are the best way forward, research suggests that adding a pop of colour by repainting the kitchen, or adding a green feature wall, could give your room a whole new lease of life.

Flooring is more important than you think

This one may not be the first thing you think of when improving your property. However, it seems that there are a range of styling options that are ticking buyers’ boxes. Interestingly, solid wood, herringbone flooring, or earthy flagstones are all popular choices for buyers.

Whether your home ticks all the above boxes and you are considering selling. Or, if you are simply curious to know how much your home could be worth, why not book your valuation with one of our professionals today?

More first-time buyers are investing in buy-to-let properties

Figures from an independent finance broker have revealed a 5% increase in the number of first-time buyers applying to purchase a property on a buy-to-let basis, rather than as a home to live in.

The shortage of properties on the market means the types of homes many people are looking for are simply not available to buy at the moment. By getting a foot on the ladder with a buy-to-let opportunity, lots of first-time buyers are choosing to invest in property, without the need for a house to be their home.

It has been estimated that 275,600 buy-to-let mortgages were approved in the 12 months prior to February 2022, which is the highest it has been since 2016.

If you are considering a buy-to-let opportunity as your first step onto the property ladder, get in touch for advice from our expert team.

*Property Reporter

Section 21 evictions are to be banned

The government recently announced the launch of its new Rental Reform Bill, with the primary goal of protecting tenants and providing them with access to secure living means.

Section 21 evictions, which can also be referred to as no-fault evictions, will soon become illegal in England. Following the change, landlords will be obliged to offer a reason for reclaiming a property that houses a tenant. General bans on pets, families with children, and tenants receiving benefits will also be made illegal, with landlords being unable to refuse an applicant without good reason.

In a bid to protect tenants in unsuitable homes, the bill will standardise rental conditions, which means those tenants who currently reside in unsuitable homes, will have access to safe and secure properties.

What is next for you as a landlord?

The Rental Reform Bill is yet to be introduced and passed through Parliament, so it could be several years before the above reform is enforced.

Many landlords already provide ideal accommodation for their tenants. However, for landlords who do not abide, penalties will be put in place and local authorities will have more powers to challenge situations.

In an instance where a landlord is faced with an antisocial tenant, the bill will make it a simpler process to reclaim the property.

How will the bill affect tenants?

Currently, renters can be instructed to find a new property at short notice, which in some cases leads to high levels of stress, significant moving costs, and huge upheaval.

Under the new bill, tenants will be able to challenge unjustified changes, such as rent increases and further receive a refund for poor accommodation.

With tenants in mind, the reform is set to ease the financial pressures families are facing and further improve the rental sector.

Looking for advice on how the new Rental Reform Bill may impact you? Get in touch for advice today.

*Rightmove

What is fueling the ongoing house price growth?

House prices nationwide are continuing to rise at rapid rates, and although there is a low supply of stock, there was a slight increase in new homes coming to the market in June. This is good news for our future buyers. *

Latest statistics show that the number of houses available on the market is down 11% year-on-year and this scarcity stretches across all regions in the UK. Interestingly, the most significant falls in stock were recorded in the North East and London, with supply falling by 19% and 18.7% respectively. *

In line with this, rising prices are not being perceived as an issue by buyers as marketing times remain historically low, with properties being snapped up in no time at all.

What’s happening in the rental market?

Similarly to the sales sector, rents are also up year-on-year. In fact, the combination of huge demand and scarcity of homes on the market has led to an annual rise of 18.8% in average rents. *

In London we’re seeing even higher rises in rents, with the average price now 27.6% higher than this time last year. *

Have you got a property to sell or let? Find out its value today with a free, no-obligation valuation.