Advice to help in your property journey!

As we now enter the winter months we share with you why you should consider buying or selling before Christmas. If you have been thinking of making your next move its currently a great time to sell with plenty of potential buyers ready and waiting for their next property purchase. Get started with an instant online valuation on our website.

Elsewhere we look at what buyers really look for when viewing your home and look back on what has been the busiest ever autumn. Finally we explore the impact COVID-19 has had on landlords in the buy-to-let market.

With the property market still booming and this expected to continue into 2021, we've shared with you some of our latest properties on the market to buy or rent.

We hope you enjoy this months edition!

Why you should consider buying or selling before Christmas

 

There are a wide range of influences that can prompt people to buy or sell in the run up to Christmas.

 

With market momentum showing no signs of slowing down, we've pulled together the key reasons to explain what's behind property market activity at this time of the year.

 

 

Avoid unpredictability

In 2020, it's fair to say we've all had a rollercoaster of a year so far, with the pandemic and Brexit negotiations making it hard to predict what could happen in the months to come.

 

However, what we do know right now is that the property market will remain fully open and that agents are being actively encouraged to continue progressing sales and lets, which should give homeowners and movers confidence regarding current market conditions.

 

At the same time, there's also the stamp duty holiday to consider.

 

Ending in March 2021, the scheme will mean you could save thousands off your next property purchase, incentivising many of us to make full use of the savings on offer.

 

Stand out

With some homeowners hesitant to buy or move in the winter months, you're guaranteed better chances at finding serious buyers and seeing less competition for their attention.

 

Whilst November and December are months that traditionally see more motivation from home movers, this will be especially prevalent this year, with everyone invested in completing before the stamp duty deadline.

 

Meanwhile, as a buyer, your offer is likely to stand out, meaning you can reach 'sale agreed' sooner than in other seasons.

 

Interest rates

At the moment, interest rates are at a historic low, making it one of the best times to find a great deal on mortgages.

Don’t get caught out in the spring rush

In the past, we've experienced a spring rush, as those who had delayed their move for warmer months flood back to the market.

 

Increased competition can often mean that you initially receive fewer viewings and offers, with buyers' attention divided by the new listings coming onto the market.

 

By avoiding the spring rush and starting the process now, you could secure a buyer in advance and be in your new home in 2021.

 

 

To get started with your property sale or search, contact our experienced agents today.

 

 

 

What buyers really look for when they are viewing your home

 

In their recent study, comparethemarket.com uncovered some interesting research on the property market to help sellers and their agents understand exactly what stands out to UK homebuyers.

Using eye tracking technology, they were able to precisely monitor engagement during viewings, which establishes whether the core USPs you think your home possesses truly matter to potential buyers.

  

Here are some things you might want to consider.

Radiators. As we approach winter, it will be high on people’s priority lists to check if there is cost-effective and efficient heating throughout the house.

 

If you have viewings booked, consider turning on your heating before they arrive; not only to ensure a warm, cosy environment but as a way of showcasing your radiators are fully functional.

Access to the garden. Not having easy access to a garden can be off-putting to buyers – especially after the year we have had.

 

For this reason, a lot of people are now looking for homes with extra outdoor space, so make sure the garden is accessible and well presented.

Water pressure. Another thing that people do when viewing the kitchen is turning on the tap to check for any faults with your water pressure and / or plumbing.

 

Is your water pressure to normal standards or do you need to have your plumber look it over?

 

As a key room for homeowners, potential buyers are extra vigilant in this section of the property, meaning it’s important to keep your tap limescale free and wiped down with baby oil for an added shiny finish.

Cupboard doors. Another thing viewers look out for when in the kitchen is the quality of the cupboards.

 

Replacing items in the kitchen usually comes with a hefty price tag, which can be a big factor for buyers. Make sure your cupboard doors are screwed on tightly and wiped down.

The oven. Viewers tend to look at the oven to see if it is operational.

 

Make sure it is clean and avoid cooking anything too smelly before the viewing takes place. Ensure the hobs and trays are as clean as possible too!

 

 

Following their study, Head of Mortgages at comparethemarket.com – Mark Gordon – commented: “UK house prices are currently on the up and with the stamp duty holiday prompting more buyers to get on the property market, it’s a competitive time for homeowners looking to sell their home.

“We conducted this experiment to determine the areas of the home that buyers look at most to help sellers maximise their chances of a sale. Some sellers may not have considered these factors when preparing their homes for viewings, so we hope our insight will help them focus on the areas they should check and freshen up.”

 

If you need help selling or buying this autumn, talk to us as your local property experts – book your valuation today. 

 

 

Please note: when organising viewings this November, please help your agent by adhering to the latest government guidance, which includes remaining outside of the property for the duration, disinfecting any common touch points like door handles, and making sure to limit contact. 

 

 

Busiest ever autumn? Buyers, prices and supply all up and rising

 

Buyers up. Prices up. Supply up.

An astounding number of homeowners and movers are progressing with their sale right now, with 140,000 more buyers in the process of completing when compared to this time last year.

 

Since the end of the country's spring lockdown, we've seen record levels for properties reaching 'sales agreed' in the UK, culminating in there being 50% more homes going through the system as buyers rush to meet the stamp duty deadline.

Zoopla estimates that there are currently over 418,000 sales in the pipeline awaiting completion, with an overall value that's over £112 billion.

 

 

What are the key facts and figures behind all of this market activity?

 

- Sales agreed hit an annual high back in August, showing a 62% year-on-year uplift.

- There has only been a slight change in pace, as sales agreed were running at a 53% year-on-year uplift this month in comparison to October 2019.

- Regionally, sales agreed year-to-date are up the most in the South East by 15%, followed by London at 12% and the East of England with 11%.

 

 

With the deadline for stamp duty savings looming, what can you do to increase your chances of completing in time?*

 

To avoid any disappointment, make sure you can do your bit to help move the process along, follow these tips:

 

Acquire a reliable solicitor

 

Over lockdown, the housing market will remain open, including for agents, solicitors and conveyancers.

 

Having gone through this once before, these representatives should be fully prepared to provide a seamless experience whether from home or the office.

 

Meaning once an offer's been accepted, you can move to the next stage without any unnecessary hold-ups.

 

 

Identify issues early on

A conveyancer will identify any problems and will offer solutions.

 

Obtaining the relevant information and agreeing a positive way forward will take time. If you know your issues early on, try and get them sorted as soon as possible and keep your solicitor updated.

  

Manage the chain

If you are in a chain, issues may arise that are beyond your control.

It is important you understand your dependencies. Talk to your seller, buyer and their agents regularly, monitoring what is happening with any related transactions and making sure you're all working towards the same target; that being, the same completion day.

Good communication will keep things on track and avoid any delays along the way. Talk to us today for more information.

 

*Stamp duty holiday ends March 2021.

 

What impact has COVID-19 had for landlords in the buy-to-let market?

 

Since the pandemic hit the UK earlier this year, landlords and tenants have felt the financial strain.

 

Here's how the latest developments are expected to impact the property market this autumn.

 
With the government's furlough scheme extended in line with the introduction of the second national lockdown, offering 80% of an employee's salary, it's thought that many will benefit from this respite over November.

 

However, with the future still largely unknown, it's understandably a stressful time for tenants unable to continue paying their rent and landlords who have seen reductions in their income.

 

Between March and August this year, ONS estimate that the number of workers on a payroll decreased by a worrying 695,000.

 

One of the hardest-hit groups is the under-24s, with 156,000 fewer individuals of this age in employment compared to just three months ago.*

 
Comparatively with homeownership in the UK, recent research has found that 92% of homeowners are confident they could continue to meet their mortgage repayments in the next six months, whereas the same could only be said for 81% of tenants about upcoming rent.

 

Up to 12 million Brits will struggle with rent and bill payments in light of COVID-19 and its continuing economic fallout.**

 

Whilst the government have extended the mortgage holiday for struggling homeowners and landlords by a further six months, it's advised to speak with your lender directly and to only consider this as a last resort.

 

During this holiday, interest will still accrue, which could add a significant amount for you to pay off after it has run its course.

 

If you need professional advice on any of the contents covered here, please contact our team.

 

 

 

 

*Source: BBC News

**Source: The Financial Conduct Authority