Advice to help in your property journey!

We start our newsletter by taking a look in the surge in homeowners keen to move this year following a change in buyers' and sellers' attitudes since the initial lockdown back in March 2020. 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.

Further into our newsletter we reflect on 2020 at the highs and lows, looking back on the year in which everything. Have you ever thought about wanting to invest in property? Now is a better time than ever and we've put together the perfect investment checklist.

We hope you enjoy this months edition!

Surge in homeowners keen to move this year

COVID-19 has caused a major shift within the property market regarding buyers’ and sellers’ attitudes.

According to a recent survey of 1,000 homeowners, as many as 26% are considering moving within the next year.*

So, what are the reasons for homeowners wanting to move?

After a year of restrictions and confinement, we've all had more time to reflect on the way we live and use our homes.

Considering that 55% of respondents directly linked their reason for moving to COVID-19, we can see just how extensive the situation is, with many households finding that their property no longer fits their lifestyle or needs.

As well as desiring a bigger garden space, other important factors include finding somewhere with:

Natural light (15.8%): introducing natural light into your home reduces stress and anxiety, boosts immune systems and increases happiness through the production of serotonin – the feel-good hormone.

Whilst these are just some of the core benefits, they are the most relative as to why homeowners are seeking homes with plenty of natural light.

A home office (13%): working from home has given many of us the opportunity to see remote working as a long-term norm.

By working at home, families are able to share the responsibility of childcare and spend more time together that would have otherwise been spent separate.

A home gym (11.9%): the initial lockdown caused a rift in the country's health and wellbeing, pushing many to implement home workout measures in order to stay fit, active and fulfilled.

The reality is that a lot of people won’t feel comfortable returning to their regular routines for some time, minimising possibly high risk locations such as gyms for a safer alternative, choosing to exercise from home instead.

Chief Executive of IDSystems concluded that: “2020 has been a year of frustration and uncertainty for homeowners, with many now feeling the need to make big changes, either by moving out of the city or maximising their existing spaces.

Through the challenges and restrictions people have faced, it is clear that British homeowners are not afraid to make big decisions to ensure their homes are providing the best possible environment for work, study and relaxation.”

If you're feeling fed up and in need of a change, we'd invite you to browse our range of stunning local properties. Contact us today for more information.

*IDSystems

Understanding your property's value

If you are planning to sell or rent your property, then it’s important to get an accurate estimate of how much the property could be worth.

To give you an agent's perspective of what that involves, we've provided some of the key take-away points below.

Market value

Firstly, knowing how much your property is worth is more commonly known as its 'market value', which relates to the price a buyer is willing to pay when considering local and national market conditions.

What impacts the value of your property?

The value of your house can be determined by a variety of factors, such as any recent changes to the property or your neighbourhood.

Some of these factors may also include the size, location, amenities, condition and the asking price of similar houses nearby, so it's always beneficial to talk to a local agent with familiarity selling in your area.

The difference between market value and asking price

Valuing your house accurately is one of the most important parts of the process.

Bringing your home onto the market with an asking price that is too low could mean you receive offers below market value.

Whereas if the asking price is too high, you may not receive any offers at all, causing time delays and market stagnation as the ideal buyers are put off a home that falls outside of their price bracket.

So, whilst it can be tempting to instruct an agent based on who is offering the highest value, the risk of this is that you may need to gradually reduce your price anyway to reflect the property's actual market value.

How much could your house really be worth?

The best way to see how much your house is worth is through a combination of tried-and-tested
methods.

Over lockdown, it would be advisable to begin by referring to online house price calculators and valuation tools, as these will provide a guide based on Land Registry Data.

However, it's important to bear in mind that for the most accurate and up-to-date valuation, you should organise time with an agent, as an in-person appraisal will guarantee any recent developments to your home are taken into consideration.

If you’re thinking about putting your property on the market, book a valuation with our team today.

2020: A year where everything changed

As we all make preparations for the year ahead, we've brought you a month-by-month recap of 2020's property market highs and lows.

January – this time last year, we started with an incredible boost to market activity, with the 'Boris bounce' leading to more new listings and sales being agreed following a period of political uncertainty and concern over Brexit in 2019.

February – by the second month, news of the pandemic made its way across Europe; even though very few of us could have predicted just how much of an impact it would have at this stage!

Meanwhile, the largest ever private real estate transaction took place, with IQ student accommodation being sold for £4.7bn.

March – with the pandemic set to massively impact companies, the government froze business rates for retail, leisure and hospitality tenants.

However, the inevitable happened towards the end of the month, as the entirety of the UK were plunged into a complete lockdown.

April – the property market came to a standstill as the sector was forced to close for the foreseeable future.

Firms across the country tried to battle the pandemic’s financial effect using the furlough schemes and support available.

As a country, we also started embracing the benefits of remote working, developing new skills and spending time on DIY projects around the house.

May – in May, the property market could finally return to some degree of normality.

This involved the sector reopening, including the resumption of sales and lettings activity to get the country safely moving again.

June – unfortunately, June saw the massive real estate company – Intu – enter into administration, putting many of the UK’s shopping centres at risk.

We also saw the alert level downgrade from four to three, after a steady decrease in cases.

For the property market, we saw a steady and healthy return of pre-pandemic activity; especially for the lettings market with a rental bounce.

July – a stamp duty holiday was announced, which would cut the rate to 0% for all properties under £500k until March 2021.

The Government also launched a new drive that promised the biggest planning overhaul in decades, including a revamp to permitted development rights.

We also saw an extraordinary fundraising effort for the NHS, with 100-year-old Captain Tom Moore raising over £33m, as well as receiving a knighthood from the Queen.

August – prime property showed a remarkable recovery, as it reports the biggest rise in deals compared to other areas since the end of the lockdown.

The eat-out-to-help-out scheme went live, providing the hospitality sector with a much-needed boost.

September – as the number of cases rapidly rose, the UK was warned that a second wave of the virus had arrived.

As a result of this, the Government imposed new restrictions on the nation.

Many were concerned that this would hamper property market recovery, which turned out not to be the case, as sales agreed and tenant enquiries went from strength-to-strength.

October – demand continued to rise, spurred on by the possibility of stamp duty savings.

Towards the end of October, Boris Johnson announced that England would be placed in another lockdown.

Thankfully, the property market would continue to operate throughout this period, so as to avoid the impact the first lockdown had on the sector.

November – the market remained resilient despite the second lockdown, with house prices increasing by 5.8%.

We also saw mortgage approvals reach new record-breaking heights, according to Rightmove, with similar figures seen in 2007.

At the end of the month, it was announced that regions in England would be placed in different tiers based on case totals.

December – the last month of 2020 started with great news, with a COVID-19 vaccine being rolled out to those who were most vulnerable first.

This news boosted the whole of the economy, including the property market, allowing people to finally start seeing life as back to normal in the future.

If you have any questions, or you are looking to buy or sell in 2021, get in touch with our team.

Property investment - Your checklist

COVID-19 has had a huge impact on many aspects of our lives over the past 12 months, but the property investment sector has stayed somewhat consistent.

With the property market healthy and prosperous, now is a great time to invest, following these simple considerations.

1) Does your property have remote working potential?

With many workers continuing to work from home in 2021, property priorities are changing.

When picking your investment property, whether your intention is to rent or sell, you should be looking for areas where an in-home office could be set up.

2) Is your property energy efficient?

Older properties can sometimes have issues with not being very energy efficient, whether it's due to older windows or wooden flooring and poor insulation.

As it costs more to keep the property warm in winter, tenants and buyers are typically wary of energy-inefficient homes.

Thick carpets and double-glazed windows are key instalments for a buy-to-let or buy-to-sell project.

Other aspects to look into are the boiler and the wall insulation, as investing in these areas will lower energy bills for years to come but raise the value of your property.

3) Are you selling or renting?

When you are looking for an investment property, it’s important to know how you’re going to proceed after it has been purchased.

For example, a property that is up for rent may need to be furnished and decorated to suit tenant needs, whereas buyers often prefer a blank canvas.

Alternatively, if you’re looking to sell the property on, you should consider looking into mortgage lenders to ensure that the property will be accepted for a mortgage to help reach its full potential.

This will also allow for a quicker sale so that you can progress onto your next investment project.

4) Have you researched the local area?

With current priorities having changed in the past year, both potential buyers and renters are all looking for properties close to green space rather than being in busier areas.

Due to this, properties near parks or possessing a garden are more popular than ever and will be sure to attract the most attention.

As your trusted local agents, we are here to help you every step of your investment journey. To get started today, browse our properties.