Welcome to your April Newsletter...

Home buyers and sellers are coming back to the UK property market in droves, breaking records along the way. Some home movers are early birds; others have given up waiting, while many are seduced by a beautiful array of inspiring properties and reasonable pricing.  

You have more daylight to enjoy viewings  

Spring and summer are perfect for getting out in the garden, even if it’s not your own. Longer, lighter evenings give you more time to book and enjoy house viewings. According to Rightmove, January saw a record-breaking 23% increase in valuation requests compared to last year.*  

Spring-summer surge

This time of year, often sees an increase in home-moving activity. Winter is over and the yearning for change is in the air. There are not many things that can change your life, like moving to a property you love. Many home movers choose spring, hoping to be in on time to enjoy summer.

0% stamp duty 

Stamp duty is due to increase in April 2025. But right now, it’s at 0% for homes up to the value of £250,000 and for first-time buyers up to the value of £425,000, and just 5% between £425,001 and £625,000 on the amount over £425,000.** This reduces the cost of your move. 

Sellers are back

Agreed sales were up by 16% in the first six weeks of the year compared with the same time in 2023.* And with the number of homes arriving on the market increasing as ‘For Sale’ signs appear in the locations you love; you know you are closer than ever to finding the property you really want.

Buyers are back

With buyer demand increasing by 11%*** in January compared with last year, buyers have been returning to the market for some time. Momentum is building steadily. Buyers are often sellers too, so they bring more choice to the market. All of this, combined with lowering interest rates, increases confidence in the market.

Best of both worlds with reasonable pricing

Make a good offer and you will be home in no time. This year is great for moving compared with previous years. You will get a good price for your current home with house prices inching up but, you will also get good value for money when buying due to the slowdown in house price inflation last year.

Good news for first-time buyers

With low deposit mortgages, the First Homes scheme offering discounts on new-build homes, affordable starter homes, and helpful savings schemes giving good interest to help you gather a deposit, it’s best to ignore the average house price in the UK mentioned in the news. Many homes are priced below this figure so you can get a footing on the ladder.

Positives for second steppers

If you are moving from a starter home, you will enjoy more demand than any other sector. This means you are in a good place to take a step up. With increasingly competitive interest rates and over 5,000**** mortgage products to choose from, from porting to buying something with the potential to improve, you have a lot of options.

Buy a home higher up the ladder  

Homes at the higher end of the ladder are still enjoying lots of room for negotiation. If you are a cash buyer, even better. So, if you have enjoyed a lot of success in recent years and want an extraordinary home, this is your time. As soon as you move into your home, it will start increasing in value as the market warms.

Moving is not stressful with the right agent 

Moving does not have to be stressful. As experienced agents combine their local market knowledge with access to a vast database of buyers and sellers, you can’t miss. This makes it easier to find an alternative if a sale falls through. Achieving a good price and finding the home you want is important and good agents make it happen effortlessly.

Make your move magical and stress-free by contacting us today

Rightmove*

GOV.UK**

Zoopla***

Moneyfacts****

Ready to make your move?

Accepting an offer on your home might feel like the final stage of your sale, when in reality, it’s just the beginning. Once you’ve chosen a buyer for your home and agreed on a price, the conveyancing process can commence. It’s important to know exactly what to expect so that you can prepare for the challenges ahead.

Instructing a conveyancer

The first thing you need to do is find a conveyancer, which can be done either before or after you’ve accepted an offer on your home. When selling a property, instructing a conveyancer early will give you a head start and help you avoid potential delays. Before you’ve even secured a buyer, your conveyancer can:

Verify identity
Source your property deeds
Draft up the contract
Obtain a copy of the lease (if applicable)
Instruct you to complete your conveyancing protocol forms

Having these key things ready well in advance can cut down on the conveyancing process by weeks and ensure that there aren’t any unnecessary roadblocks on your end.

Sold Subject to Contract

Once you have secured your buyer and accepted their offer, your estate agent will draft a Memorandum of Sale. At this point in the process, your listing will be labelled as Sold Subject to Contract (SSTC) which means that the sale of your house will not be legally binding until contracts have been exchanged. Therefore, you are still allowed to receive and accept other offers at this stage.

Pre-exchange

The pre-exchange phase is the longest part of the conveyancing process, as this is where your conveyancer works with the buyer’s conveyancer, estate agent and all other parties involved to advance your case. During this time, all your crucial documents and forms will be sent to the buyer’s party through your conveyancer, including title deeds and the draft contract. They will also address any queries from you or the buying party, which is when negotiations may arise.

Common things to negotiate and agree on may include:

Fixtures and fittings (inclusions and sale price)

The date of exchange and completion
Resolution of issues from the buyer’s survey.

Your agent can negotiate on your behalf, so let them know exactly what you want and are willing to agree on.

Exchange of contracts

The exchange of contracts solidifies the sale, and once this is completed, the buyer cannot withdraw without risking the return of their deposit, and you cannot accept any other offers on your home. Your conveyancer will submit the signed contract on your behalf and the buyer will do the same with their duplicate version. At this stage, the buyer will also pay their deposit, which will be kept safe and secure by the conveyancer until completion.

Once all these steps are complete, you and the buyer are now legally bound to the transaction, meaning that the buyer is obligated to purchase the property, and you are obligated to sell it to them.

Pre-completion

Pre-completion should be a period of calm where the uncertainty is over, and you can start planning for your move and tying up loose ends. Your completion day could be set anywhere between 7-28 days after the exchange of contracts, and this date should be agreed with the buyer. However, there is no minimum or maximum timeframe between exchange and completion, so you may have to negotiate to suit your circumstances.

Completion

Completion takes place on your agreed moving day and is the last step in the process of the sale. Completion day is when ownership is transferred from the seller to the buyer, keys are handed over, and you can officially move out of your old home and into your new one.

Thinking of selling this year? Book an expert valuation with HoldenCopley.

When getting involved in the property market, there are many technical parts to buying a home. Mortgages can be one of the most complicated steps.

What is a mortgage?

A mortgage is a legal loan agreement between a borrower and a lender for an agreed-upon amount of money. A mortgage loan can only be borrowed for a property purchase. This then allows the borrower to purchase a home and make monthly repayments with interest. If these repayments aren’t met each month, the lender has the right to repossess the property.

When you purchase a home, you place a cash deposit, which is normally around 10-15% of the property's price. You repay a mortgage on an agreed-upon timeline between 20 and 40 years, and sometimes you can be penalised if you pay back the mortgage too soon.

Fixed-rate mortgage

A fixed-rate mortgage is one where the interest rate stays the same throughout the agreed-upon period. This is usually maintained for two to five years. These mortgages are great if you want to maintain a constant payment over a period, but if the bank's interest rates reduce, you might end up paying more in the long run.

Variable-interest mortgage

This type of mortgage is where you pay an interest rate that your lender independently sets. The lender will use the Bank of England’s base interest rate as a guide but charge more in line with other lenders. With this mortgage, your monthly interest rates will be constantly changing.

Guarantor mortgage

A guarantor mortgage is a mortgage that has been created to support people who cannot get a mortgage independently. This may be due to a poor past credit score or a low salary. You have a relative or close friend as your guarantor, meaning they are responsible if you cannot meet your monthly repayments.

1% mortgage

A 1% mortgage is exactly as described in the title. You will only need to place a 1% deposit on the mortgage, but this will mean your monthly repayments will be higher. This will allow people who struggle to raise the deposit for a home to secure a mortgage.

Tracker mortgage

A tracker mortgage is a type of mortgage that tracks the base rate of the Bank of England. The base rate can change up to eight times a year, so the lender only increases and decreases your interest rate if the base rate at the Bank of England changes.

First-time buyer mortgage

A first-time buyer mortgage is directed at first-time property owners. These mortgages allow a smaller down payment than other mortgages to encourage first-time buyers to get onto the property market, as the average first-time buyer in England is 32.

Buy-to-let mortgage

A buy-to-let mortgage is a mortgage specifically designed for investors and landlords for a property they don’t plan to live in themselves. You are typically expected to put down a higher deposit, around 25–40% of the property price.

Offset mortgage

An offset mortgage uses your savings account to determine how much you are charged each month. Depending on how much money is in your savings account, it is used to reduce the total interest you pay each month. So, the more money placed in the savings account, the lower your monthly repayment.

Interest-only mortgage

An interest-only mortgage is a mortgage where you only pay the interest rate instead of the full monthly repayment cost. At the end of your mortgage term, you will then make provisions to pay back the original amount of the loan.

Joint mortgages

A joint mortgage is what it says in the name. It is where you share the mortgage and the monthly costs. You can get a joint mortgage for up to four people, but it is usually for couples. This allows more people to afford the cost of a mortgage.

Are you ready to secure a mortgage and get that dream property? Get in touch today for more details

When it comes to selling your home, there are a variety of factors that can impact its value. It’s important to understand these factors so that you can make changes to maximise your home’s value, so let’s take a look at what could affect the offers you receive.

Location

One of the most significant factors that can impact the value of your home is its location. Homes located in desirable areas with good schools, amenities, and low crime rates are typically more valuable than those in less desirable areas. Additionally, being situated near major cities, public transport links, and recreational facilities can also have a significant impact on the value of your home.

The property’s condition

The condition of your home is another crucial factor that can influence its value. A well-maintained property will generally command a higher price than one that is in need of significant repairs. It's essential to take care of any maintenance issues, such as leaky roofs, faulty plumbing, or outdated electrical systems before putting your home on the market.

Size

The size of a property is one of the first things that potential buyers will consider when looking at a potential new home. A larger property generally means more space for living, storage, and outdoor activities, which can be appealing to buyers with families or those looking for room to grow, and therefore often commands a higher price. On the other hand, smaller properties may be more affordable to first-time buyers or those looking to downsize.

Layout

The layout of a property can also have a significant impact on its sale value, as a well-designed layout that maximises space, flow, and functionality can make a property more attractive to potential buyers. Features such as open floor plans, modern kitchens, and large master bedrooms are often sought-after and can help increase a property's desirability and value. Outdated or impractical layouts may deter buyers and lead to lower offers.

Upgrades and features

Modern amenities such as stainless steel appliances, hardwood floors, and granite countertops are desirable to many buyers and can help increase the value of your property. Other features, such as a swimming pool, fireplace, or outdoor living space, can also set your home apart from the competition and attract more buyers.

Kerb appeal

As first impressions are key, the exterior appearance of a property can significantly impact its sale value. By making simple improvements to the external appearance of your home, such as painting doors and windows and creating an attractive front garden, you can attract more buyers, generate greater interest, and ultimately sell your property at a higher price.

Market conditions

Property market conditions can also impact the value of your home, as changing levels of supply and demand alongside tweaks to interest rates can influence how much buyers are willing to pay for a property. A trusted estate agent can help you stay up-to-date with the market conditions in your area when selling your home.

Book a valuation today to discover the true value of your home

The UK rental market is thriving and has a lot going on. The good news is that it seems to be calming. This promises a better future for tenants and landlords. However, a good agent will help you find what you are looking for, whether you are investing or looking for a nice home to live in. 

Lowering buy-to-let mortgage rates for landlords is good news for tenants

Lower mortgage rates are helping to reduce costs for landlords, which are often passed on to tenants, reducing the financial pressure for both. Average rents increased by 8.3% last year; in the previous two years, this figure was in double digits.* It’s important to remember that average figures mentioned in the news include more expensive regions. You can find affordable homes to invest in and to rent with the right agent.

The impact of lower-deposit mortgages 

Lower government-backed deposit schemes are giving first-time buyers a leg up on the property ladder. This is reducing pressure on the rental market by increasing the supply of homes as renters become homeowners. Landlords needn’t worry, as the supply of tenants far outweighs the supply of housing. This move by the government may also help to increase the value of property portfolios. 

What do reforms mean for the market?

The government has been planning to reform the Renters Bill for some time. Improving rights for landlords and tenants with the abolishment of Section 21, some landlords have feared the proposed reforms. However, with the strengthening of Section 8, landlords have nothing to fear. And the government has announced that the court system needs to be reformed first, delaying its implementation until late this year or next year.

The general election is on the horizon

New elections bring new promises that are not always delivered. The Renters Reform Bill could be an example. That said, politicians will be trying to appeal to landlords and tenants, and if this eventually leads to simpler legislation for both parties, this is a good thing. New legislation to improve EPC ratings from E to C by 2028 has been scrapped. However, many landlords have already invested in EPC improvements, which is good news for tenants.

Listen to your agent, not the news

Your agent will be able to find a property that suits your needs and budget. If you are on the move now or waiting for the right opportunity to appear in your inbox, the more you communicate with your agent, the better. With a fully managed service, you have very little to do except enjoy the benefits because property maintenance, rent collection, and the latest compliance checks will be taken care of for landlords and tenants.

Renting or investing? Get in touch today  

Zoopla*

Landlords have a duty of care, which means they are responsible for running a safe and compliant home. One of the most important measures is completing up-to-date safety checks on any gas appliances within the property, as these can pose a risk if left unchecked.

In this guide, we’ll cover all the key responsibilities expected of landlords to protect themselves and their tenants against gas hazards.

What are my responsibilities for gas safety?

As a landlord, it’s important to be aware of and tend to all of your responsibilities when it comes to gas safety.

The Gas Safety (Installation and Use) Regulations outline what landlords need to do to keep their rental properties safe:

Any gas equipment you supply must be safely installed by a Gas Safe registered engineer.
You must also have a registered engineer complete an annual gas safety check on all appliances and flues.
Your tenants must receive a gas safety check record before they move into the property, or within 28 days of the check.

The legislation also outlines three legal responsibilities:

Completing gas safety checks
Maintaining a Landlord Gas Safety Record
Maintenance of all gas pipework, appliances, chimneys, and flues

What is a Landlord’s Gas Safety record?

Gas Safety Records are a legal document that the gas engineer must provide upon completion of any work. A Landlord’s Gas Safety Record is similar and is required for any rented property in the UK. One of the key differences is that the Landlord’s Gas Safety Record must be provided to the tenants as well as a copy kept by you or your letting agent as proof that safety checks are being conducted regularly.

The law states that a copy of this record must be issued to current tenants within 28 days of safety checks and at the start of a tenancy for new tenants.

What happens if my property fails its gas safety check?

If the engineer finds any defects while testing your property, they will indicate this on the certificate by ticking the “Not safe to use” checkbox for the faulty appliance.

There are several different codes to indicate that appliances are unsafe for use:

Immediately Dangerous (ID) – This is an appliance that poses an immediate danger to life.
At Risk (AR) - If an appliance or installation has at least one fault that could pose a danger to life, it will be labelled as AR.
Not to Current Standards (NCS) – This refers to an appliance or installation that does not meet current standards but is technically safe.

If any immediate dangers are flagged up, your engineer will request permission to disconnect the gas supply and advise you on any remedial work that needs to be done to resolve the issues.

How to check your property’s appliances

With every new gas appliance, make sure to check the manufacturer’s guidelines to find out how often a service is recommended. If you cannot find any guidelines on this, it’s best to complete an annual service. Additionally, a Gas Safety engineer will be able to advise you on whether an appliance needs more check-ups than what is typically recommended.

Gas safety tips for landlords

Providing your tenants with information on how to keep themselves safe is key. Make sure they know exactly where and how to turn the gas on and off and what procedure to follow in case of a gas emergency. You can outline this in your tenancy agreement or arrange a visit to go through this with them in person.

It’s also vital that you ensure that you only instruct Gas Safe registered and qualified engineers to conduct checks on the property. This is a legal requirement for landlords and is an integral step in ensuring that the home is safe to live in.

A typical gas safety check will not cover installation pipework, so make sure to ask your engineer to take a look at it when they conduct a gas safety check.

Can letting agents take ownership of gas responsibilities?

If you instruct a letting agent, they can take on all legal and safety obligations related to your property, ensuring that it remains compliant and that you and your tenants are safe. Having an expert on your side can also save you a great deal of time from the moment your property is first marketed until the deposit is returned, allowing you a hassle-free experience.

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

When you are getting ready to welcome new tenants into your property, it is essential that everything is in order so that you can make a smooth transition. Let’s take a look at how to prepare your property for a new tenancy, what insurance you will need, and how a trusted estate agent can help you through the process.

Cleaning and repairs

The first step in preparing your property for a new tenancy is to ensure that it is clean and well-maintained. Before your new tenants move in, be sure to clean the property thoroughly, including all surfaces, appliances, and fixtures.

Additionally, you should take care of any necessary repairs, such as fixing leaky taps, replacing broken tiles, or repainting scuffed walls. Making sure that your property is clean and in good repair will not only make a positive impression on your new tenants but also help to prevent future issues.

Update safety features

Another important aspect of preparing your property for a new tenancy is ensuring that all safety features are up-to-date and in good working order. This includes checking smoke detectors, carbon monoxide alarms, and fire extinguishers to make sure they are functioning correctly.

To protect your tenants' safety, all gas appliances must pass an annual gas safety inspection, which should always be conducted by a certified Gas Safe registered engineer. Once completed, you will receive a Landlord Gas Safety Record detailing all the checks that were completed.

Check your insurance

Before you hand over the keys to a new tenant, it is vital to review your insurance policies to ensure you are adequately covered. Although it is the responsibility of the tenants to sort out their own content's insurance, landlords are responsible for insurance the building.

Being adequately covered is important so that, in the event of property damage caused by a tenant, it can help cover the costs of repairs or replacements. Also, if your property becomes uninhabitable as a result of serious damage, rental income loss coverage can help reduce the financial impact. It is also a good idea to take out liability coverage in case somebody injures themselves on your property.

Prepare an inventory

It is important to prepare a detailed inventory listing all of the items included in the property and their condition at the start of the tenancy. The list should include everything from furniture and appliances to fixtures and decorations.

Take the time to look for any signs of wear and tear, damage, or existing issues, and take photographs of each item to provide visual documentation of its condition. This can help prevent disputes over damages at the end of the tenancy and ensure that your tenants have a clear understanding of their responsibilities.

Communicate with the new tenants

When preparing your property for a new tenancy, it is important to keep your tenants informed every step of the way. This helps to build trust and ensures that your tenants feel valued and respected. Additionally, clear communication can help prevent misunderstandings and conflicts down the line.

You should provide your tenants with clear instructions on what is expected of them, including information regarding move-in dates and key collection.

It is also important to be responsive to your tenants' needs and concerns throughout the process of preparing your property for a new tenancy. Whether they have questions about the rental agreement, maintenance issues, or other matters, be sure to respond promptly and address their concerns in a timely manner.

Use a trusted estate agent

A trusted estate agent has the expertise and knowledge to navigate the complexities of the rental market. They understand the local area, market trends, and the needs of both landlords and tenants. When you work with an experienced estate agent, you can tap into their wealth of knowledge and experience to ensure a smooth and successful tenancy process.

They will have the resources and expertise to effectively market your property to potential tenants and conduct thorough background checks on them to ensure they are reliable and financially secure. They can also help ensure your property is in top condition and meets all legal requirements. Additionally, a trusted estate agent can help you create a secure and fair tenancy agreement that protects your interests as a landlord.

Looking for your next tenants? Get in touch today