Discover the latest news from Page & Wells

UK house prices have climbed on average by £25,000 in the past year alone

 

House prices rose by 10.6% during August, up from 8.5% during July – bringing the average price to £264,000.*

 

This strong national increase is being fuelled by the perfect storm of high buyer demand combined with low housing stock levels.

 

The stamp duty holiday helped increase house prices in the UK by 9.8% in the year to August, before coming to a close in September.

 

Whilst growth rates were seen to be higher in Wales and Scotland, the average prices are lower at £195,000 and £181,000 respectively.

 

At the same time, London has seen the lowest level of growth across all regions but has reached a new height at £526,000 on average.

 

Even though the stamp duty holiday has finished, experts believe that prices won’t fall due to demand for homes remaining higher than supply.

 

Online property searches spike over the Christmas period, giving you an optimal window to showcase your home and attract buyers in the new year.

 

To learn your property's value and get it market-ready in time for the holidays, contact us.

 

*Office for National Statistics

 

 

Tenant demand is still high!

 

According to a recent survey of landlords, tenant demand is only increasing across 2021, with record heights seen in the third business quarter of this year.*

 

Seven in ten landlords (69%) have remarked on this development within the lettings sector. Of those, 36% believe the increase to be 'significant'.

 

The highest levels of confidence were present in the South West and South East, where 79% and 74% are seeing promising conditions for investors.

 

Key drivers behind the rise in tenant interest include factors relating to the pandemic, seasonal trends and the new wave of graduates starting new jobs or students beginning the academic year in rented accommodation.

 

Have you been considering expanding your portfolio?

 

Ahead of the new year, we'd urge you to consider your options as a landlord. For a profitable 2022, here are some items you should be taking the time to review:

 

1) What are your tenant screening processes?

 

Whilst the eviction ban has lifted, if there's one thing the last year has taught us, it's to prepare for every eventuality.

 

You need to have rigorous checks in place to secure the best financial future for yourself and your investments, so rather than go it alone, you could defer to an experienced lettings agent in your local area to help you locate reliable tenants.

 

2) Larger homes have seen the steepest rise in value, but regardless of your property type, it is worth having the rental value re-assessed so that you don't lose out on your rental income.

 

3) Are you safeguarded against any future losses?

 

If tenants can't or won't pay, rent guarantee insurance can offer you a lifeline when it comes to keeping up with your mortgage payments and outgoings in the meantime.

 

 

Do you need to speak with one of our trusted local agents? Visit our website today.

 

*Paragon Bank

 

Reasons to sell right now

 

From apartments to family homes, the average asking price of a property has risen to record levels around every region of the UK.

 

Whilst some people will choose to wait until the 2022 market has officially started, we have four reasons why it's the ideal time to ready your home for your new year sale right now.

 

Your home will be in front of a record number of potential buyers

 

The amount of people looking to relocate continues to outweigh the number of homes available for sale.

 

Furthermore, it's an immensely competitive market following the last year of intense activity and interest, with Rightmove and Zoopla reporting that they see the highest visitor numbers in the days after Christmas year-on-year.

 

You could get a better price for your home

 

Asking prices have hit record heights in 2021, so if it's been a few years since you last learned your home's value, you could see far more than you ever expected.

 

The budget for your next home might have changed

 

Depending on your property priorities, you might find that your dream home is within reach, as location is no longer the most desirable characteristic and demand levels are influencing price points on the market.

 

Favourable mortgage interest rates

 

Mortgage interest rates continue to stay low, and lenders remain eager to propose loans in the competitive market, helping you to secure your next move that much faster.

 

Find out your home’s true value with us today by booking your market valuation.

 

 

The paint colours that could decrease the value of your home

 

Smartening up a room is a great idea to attract prospective buyers, but certain paint colours could put a negative effect on the value of your home, potentially decreasing its value.

 

The use of trendy colours can date a property and be costly to update. So, what are the key colours that experts would suggest avoiding?

 

Dark brown

 

Darker paints can produce a bold and rich feeling, however, when this comes into contact with wooden furniture, there's the possibility that this will create an odd and jarring look for the room.

 

Citrus green

 

Whilst a bold contrast might suit your own tastes, there's a high chance that viewers will struggle to visualise the space as their own.

 

Bright yellow 

 

Despite its positive connotations, overuse of yellow can be overwhelming, especially where used heavily in a small space.

 

Bold black

 

This colour often comes across as daring, dramatic, and striking.

 

While it can lift a wall in an instant, research suggests it can make a front door appear uninviting.

 

Instead, a medium to dark grey with a white trim would give the same powerful impact without being overpowering.

 

Have you had a recent valuation of your home? If you've recently renovated, you could see high returns from your home, contact us today.