Finn's Newsletter: Autumn, Issue No.10

<span style="font-family: Arial, Helvetica;">UK property prices up 13% compared to pre-pandemic</span>

 

When the stamp duty holiday came to an end, it was expected that the home buying frenzy would tail off, however, prices and demand continue to soar.

 

There are currently 24% fewer homes on the market than this time last year, with higher than average enquiry levels and interest per property listed.**

 

Even when SDLT savings dropped from £15,000 to £2,500 earlier this summer, house prices were 11% higher when compared with August 2020, as increased demand led to competitive offers from buyers.*

 

For August 2021, the average price sat at £248,857. That has risen by 13% since the start of the pandemic, and an increase of £5,000 in the space of one month.*

  

Levels of demand are set to continue climbing as borrowing costs remain low. The fact that these costs have remained low has caused consumer confidence to grow, increasing demand further.

  

Experts predict that in autumn 2021, the property market will continue to see promising transaction levels, whilst by 2031, the average house price will have jumped by 30%.***

 

Our property experts can give you a reliable and free market appraisal, so that you know exactly how much your property is worth.

 

Book your valuation today.

 

 

 

*Nationwide

**Zoopla

***Based on trends from the Office for National Statistics

 

 

<span style="font-family: Arial, Helvetica;">Rents rise at fastest rate for 13 years</span>

 

The lettings market is booming, with properties letting almost a week faster than in 2020.

 

Now the pandemic is easing, people are returning to the city centres, which is causing an increase in demand and a shortage of available rentals on the market.

 

Rents outside of London have increased at their fastest rate since 2008, reaching £790 PCM on average.

 

Whilst rents outside of London have shot up by 5%, London landlords are also seeing a rise in value.

 

The average rent in London now stands at £943, up 2.1% compared to last year.

  

Affordability has remained consistent across this period, with average earnings increasing faster than rents, ultimately showing signs of healthy growth in the buy-to-let sector.

 

With tenant interest 80% higher than the average between the periods of 2017 and 2019, demand is still outstripping supply of rental properties.

 

What is causing this spike in demand?

 

- Students returning for the academic year

 

- Returning demand for city properties post-lockdown 

 

- Level of rental homes decreasing by 13%

 

This mismatch in supply and demand has forced rents up and led to the rental market’s fastest paced year since 2016.

 

If you want advice on any aspect of the rental market, or are interested in a rental valuation, contact us today.

 

 *Zoopla Rental Market Report

 

 

<span style="font-family: Arial, Helvetica;">How much do you know about the mortgage process?</span>

 

According to a recent survey, buyers are hopelessly uninformed on the mortgage process.

 

Whilst the furlough scheme was active, 64% of those living in Britain believed that lenders would not consider whether they received support when applying for a mortgage.*  

 

Likewise, from a survey of 2,000 adults, 42% did not believe being self-employed would be considered.

 

When deciding whether to lend to you or not, a bank will always assess the risk factor, which means taking into account anything that may affect repayments, such as your employment status and spending behaviour. 

 

Of all generations, it is those aged 35 and under with the least experience on what to expect when applying or looking to re-mortgage for a better deal.

 

Only 15% of those aged 18 to 24 knew that the government-guaranteed mortgage scheme announced earlier this year applied to them, with a staggering 85% left in the dark.*

  

Wondering if you’re eligible?

 

Open until 31 December 2022 for new applications, this scheme is available to first-time buyers and home movers across the UK.

 

For more information, go to: https://www.gov.uk/government/news/new-95-mortgage-scheme-launches

  

If you’re looking for mortgage advice, contact our dedicated team today. We can provide comprehensive advice and help you find the best deal possible.

 

 

*Estate Agent Today

 

 

<span style="font-family: Arial, Helvetica;">Optimal selling conditions following the end of the stamp duty holiday</span>

 

Autumn is traditionally one of the best times to sell your home, and with demand levels remaining high despite the end of the stamp duty holiday, we're on track for one of the busiest years for sales yet.

 

Is now a good time to sell?

 

Annual house price growth was at 10% in September, so when combined with a shortage of available properties, homeowners looking to sell are in a promising position to achieve or exceed their asking price.*

 

Here are the top five ways to get your home sold this autumn:

 

Having neat furniture and fresh décor 

 

Keeping your house viewer-ready is paramount to securing a quick sale.

 

First impressions count, so make sure your home is looking its best before any marketing materials or photos are taken, as well as for the actual viewings themselves.

 

Add some colour to your garden 

 

Gardens can begin to look drab and unloved in autumn, however, there are simple changes you can make to ensure you get the full value from your sale.

 

Even if you have limited outdoor space, a tub or plant pot can easily brighten up your garden and make it look much more attractive.

 

Take advantage of natural light 

 

Post-lockdown, bright open space is in demand.

 

Let as much natural light in as possible before having photographs taken, such as by cleaning windows and keeping rooms well lit.

 

It may also be worth illuminating any dark corners with lamps to give the impression of natural light.

 

Be available for daytime viewings 

 

With limited light available in autumn evenings, it’s important to be available in the daytime. Any effective agent should be willing to do viewings when you are unable.

 

If you’re looking for the right agent, look no further and contact us to see how we could help you today...

 

Keep your home well ventilated 

 

The last thing you want is your house to be stuffy while you’re having a viewing. Having fresh air circulating is a great way to make your house feel airy and comfortable.

 

It’s a good idea to open all the windows for an hour or two before the viewing.

 

With the last rush of sales before the winter months, get your house on the market this autumn. Contact us today.

 

*Nationwide