Statistics from Nationwide have shown annual house price growth has risen by 11.2%, taking the average value of a property in the UK to £255,556 after the sixth consecutive month of monthly increases. 

December 2021 to January 2022 saw an increase of 0.8% increase month on month, further demonstrating the continual price growth. 

The stamp duty holiday scheme was a major driving force behind the statistics we are currently seeing, with property demand and high mortgage approval rates also playing their part. 

With stock levels in the property market down after the rush of making the stamp duty deadline last September, this has led to buyers sparking a bidding war for properties, driving property prices in the process. 

Not only are property prices increasing, but property transactions throughout 2021 also reached the highest since 2007. 

With the current market conditions suiting those wanting to sell, and Spring often being seen as the best time to sell a property, now is the time to act. 

Value your property this February, contact us for a consultation.

The pandemic has sparked a dramatic rise in house prices across the country, with properties achieving 10.4% more in December 2021 than they did the previous year. * This is mostly due to a smaller supply of desirable homes clashing with greater demand, changing lifestyle trends, lower mortgage rates, and the recent stamp duty holiday.   

With the market experiencing such rapid growth, is now the best time to move? While buying is undoubtedly a more expensive enterprise than in pre-COVID times, mortgage lenders are still offering some good deals – especially for those with a larger deposit.   

The Bank of England is also considering loosening some affordability criteria in the coming months, helping first-time buyers borrow more. While this could increase your buying power, it might stimulate prices too.   

If you’re thinking about moving soon but only have a 5% deposit available, you could take advantage of the Government’s mortgage guarantee scheme, which runs until the end of 2022. Nationwide has recently estimated that a 10% deposit is currently over half of a first-time buyer’s annual income, so the scheme is great news for those struggling to get on the property ladder.   

House prices may also slow in growth, but this depends on the impact of the Omicron variant and whether rising inflation, interest rates, and living costs squeeze budgets enough to affect the housing market.   

So far, sales have remained strong despite increasing economic pressures. The good news is that spring brings more homes to the market as people look to wrap up a sale before the summer holidays, helping to stabilise prices. Therefore, if you’re looking to buy within the next six months, now might be the perfect time to take the plunge.  

Ready to discuss your options? Contact us today.  

*Nationwide 

 

People become residential landlords for a variety of reasons. 

Often, it’s because someone wants to do more with their savings and sees property as a safe investment with a regular income.  

Here are a few things to consider when becoming a landlord if you want to take advantage of the current lettings climate:

1. Furnished or unfurnished

You must decide whether you want to rent out a completely furnished or unfurnished property early on. 

If you've inherited a furnished property, the decision may be straightforward. If this is the case, you may find that this appeals to a potential tenant, and you may be able to negotiate a better monthly rent. 

If you rent out a property that isn't furnished, you won't have to buy anything for it. Some potential tenants prefer this since they can furnish it with their own belongings and make it their own home. 

Don't forget, carrying out an inventory is a smart idea because it will impact your insurance coverage and may help to avoid disagreements at the end of a contract. 

2. Paperwork 

Being properly organised and up to date with paperwork from the beginning is one of the best suggestions for becoming a landlord. 

Having a lot of paperwork can be intimidating, but organisation is crucial. 

Not only will this ensure that you are not in violation of any legal obligations, but it will also ensure that you are aware of where everything is at all times. (It's also helpful when doing your accounts or double-checking information.) 

3. DIY or use a lettings agency 

Using a lettings service to find a tenant and set up the first agreements will relieve you of some stress. 

Our lettings experts use their local rental market knowledge to assist our valued landlords in managing their properties. For further information, contact our helpful staff today. 

4. Legals & Responsibility 

You'll need an up-to-date Energy Performance Certificate for a property before it can be let. 

Each gas appliance in the property must have a gas safety certificate, and each property must have smoke alarms and a carbon monoxide detector. Any appliances or furniture must also meet the required safety standards.    

There are other regulations concerning a tenant's deposit and how it is held in a government-approved programme. We can help you with any of these if you need support. 

For expert property advice and becoming a landlord, contact our team of professionals below. 

As spring approaches, you may be ready for a deep clean. So, how can you prepare your home for the longer days and milder nights?  

Here’s a simple checklist to get you started. 

Extract your vases 

Fresh flowers are such a treat, and now is an excellent time to bring them back into your house.  

Give your vases a thorough clean and replace any that seem worn. 

Store away your winter footwear 

Clean your winter shoes, then pack the toes gently with newspaper to keep them in shape.  

Don't discard shoe boxes after purchase; they make wonderful storage containers.  

Stack your winter shoes and boots in the back or top of your closet and bring your summer shoes and boots forward. 

Clean doors and windows 

You will want to make the most of the spring light, so be sure to clean your windows to create an airier feel in your home. 

Cleaning your door frames is also a simple way to brighten up your home’s interior.  

Get your garden ready 

As we head further into spring, it might be time to bring out the garden furniture.  

Tidy away any plants which have caught the winter frost.  

Clear any remaining winter debris – including build-up in the gutters – and tackle any essential repairs before you get distracted by weeding and mowing the lawn.  

Keeping your home in tip-top condition is also a good idea if you intend to sell soon.  

Not only will it be ready for a professional photoshoot, but you’ll also make a great first impression on your viewers too.  

Are you ready for a fresh start? Just give us a call on today for expert advice about prepping your home for its market debut.