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Rental growth soars outside of London

Cities outside of the capital have witnessed a mixture of strong rental growth, high tenant demand and profitable yields, with expectations this will continue to benefit the lettings market over summer.

Earlier this year, rent prices increased by 3%, standing at an average of £780 per month.

According to Zoopla, rents are surging at an extraordinary rate amid high levels of interest, paired with the shortage of homes available to rent.

The North East saw a 5.5% increase in the first quarter of this year compared to the same time last year. However, despite this increase in rental prices, the region remains one of the most affordable rental markets in the country, with an average monthly rent of £559.

Other regions with the highest rental increase include the South West with a 5.3% increase, 4.8% in the East Midlands and 3.8% in Wales; a 10-year high for all three regions.

In London, rents are at a similar level as seen seven years ago at an average of £1,554 a month. However, there are signs that things could change very soon.

What are your options as a landlord?

Demand for homes to rent is now 59% higher than normal levels, as tenants look to rent ahead of their next move.

With supply unable to match demand, you could be in a good position to let your property quickly, as well as securing a higher rent than you have previously achieved.

Browse our latest buy-to-let properties or contact us for a valuation.

How to avoid mortgage red flags as a prospective homeowner

Taking your first step onto the property ladder can seem daunting. There are a number of unfamiliar hurdles and legal requirements on the way to homeownership, but with the right support network, it can be efficient and pain-free.

According to recent data, around 35% of first-time buyers have experienced mortgage rejection, with certain brokers and lenders detailing unusual money mistakes as the main factor behind this.

To give you the best chance at getting approved the first time around, here are the red flags you should look to avoid.

Joke references when transferring money

What may seem like a joke amongst friends could turn out to be a very costly mistake.

Joke references can actually cause a delay in the mortgage process, so be careful and sensible when choosing your reference names.

Betting or gambling transactions

An occasional bet on something like the national lottery won’t have an impact on your application.

However, regular betting will be weighed up by lenders, who will decide if you are in a position to comfortably pay your mortgage each month.

Serious problems can arise from excessive gambling, but few take into consideration what the repercussions could be when looking to buy a house.

Making a big splurge purchase or giving money

Now, we aren’t telling you to not give money, but lending and spending large sums of money can raise questions from lenders.

The same applies to making a high number of purchases in quick succession, even if it is something for your future property, such as furniture.

Seeing less money in your bank than usual can cause delays throughout your mortgage process if calculations don’t quite add up.

Struggling to wrap your head around your mortgage options? Talk to the experts today, contact us for more information.

Five in-demand factors buyers are now looking for

Working and spending more time at home has caused significant changes to people’s property needs.

More than a quarter of the UK’s renters and homeowners (26%) have found that their property needs have changed since the outbreak of COVID-19.*

What are the key changes likely to stay on the priority list now restrictions are easing?

Gardens

Lockdown has caused a general desire for more space, meaning that many of us are seeking homes near public gardens or green areas.

Unsurprisingly, the demand for gardens has also increased by 74% worldwide, with UK buyers making it a top property feature to look out for.

Accessible Wi-Fi

Zoom and facetime have become the key to keeping in touch with loved ones, as well as playing an important role in remote working practices.

This means that having fast internet is essential for those looking to buy.

Natural lighting

Being confined to our homes throughout lockdown has given people a craving to create open, natural spaces inside.

Velux windows have increased in popularity due to the natural light and improved air quality they provide, whilst high ceilings also give a sense of greater space, and have seen higher search volumes of 15% over the pandemic.*

Home gyms

Lockdown has encouraged people to become more active in their spare time by taking up running and cycling where gyms have otherwise been forced to close.

Whilst sporting and leisure facilities have now opened up again, there's still a hesitancy from some previous members about when it is safe to return, making a home gym a staple feature of any home to attract attention from buyers.

Views

Having beautiful views is a big selling point, with balconies also increasingly more desirable now.

If you've been holding off on your next move, we'd like to extend our support. Contact us today.

*Wayhome

A third of homes sell for over the asking price

One in three properties sold for more than the original asking price in April.*

This has put homeowners looking to move in a better position than ever. What could it mean for you?

Here are a few top tips for selling your home this summer:

1. First impressions count

Don’t underestimate the impact that kerb appeal has on potential buyers.

A survey conducted by YouGov stated that well-maintained windows, front gardens and pathways can be the key to a quick sale.

2. Update the kitchen

The kitchen is the most valuable room in the house.

A bright spacious kitchen can be attractive to potential buyers.

A fresh coat of paint and removing any bulky appliances before viewings can make all the difference in creating a clean and spacious look.

3. Light and airy

Putting up mirrors in your home can make a room seem much larger and brighter.

Putting lamps in any dark corners will brighten up the room and create a warm glow that is inviting to potential buyers.

*Property Reporter