Your monthly update for summer

What's happening in the UK property market?

After two years of high market activity, you’d be forgiven for thinking the tide is ready to turn. But despite burgeoning constraints on household finances, the buying frenzy continues, with properties still selling at almost record speeds nationwide.*

But what’s driving this situation? The leading cause appears to be a general lack of supply. From delays brought about by the pandemic to a shortage of new homes across the UK, the supply-demand ratio is proving difficult to balance.

Low interest rates and rising inflation also mean that buyers hope to reduce their potential mortgage debt. This combination of factors has contributed to UK house prices increasing by 9.8% between March 2021 and 2022 – adding £24,000 to the average value.**

The market is still strong as we move into the summer months – and will most likely remain so for the foreseeable future.

Do you know how much your home is worth right now? If you’re thinking of selling, book a valuation with us today.

*Home.co.uk.

**UK House Price Index

How can you get financially fit before your first property?

By clarifying your financial position before buying a home, you can improve your chances of securing a mortgage while granting yourself a little peace of mind. Here are three tips to get you started:

1) Determine a workable budget

Identifying how your income compares to your spending will allow you to estimate the size of the mortgage you can realistically afford. Start by creating a simple spreadsheet listing fixed costs such as rent, repayments, subscriptions and council tax, and averages for other bills. Don’t forget yearly expenses like annually renewing memberships, holidays, and general house and vehicle maintenance.

Once you can see how your monthly outgoings match up to your income, you’ll know what you can afford to pay towards a mortgage. You can also use an online mortgage calculator or talk to a mortgage advisor to identify ways to give yourself more wiggle room.

2) Create a savings target

Now that you have your budget in hand, it’s time to set a realistic savings goal for a deposit or to give yourself a buffer to cope with the cost of moving. Use your spreadsheet to find ways you can reduce expenditure. Possible solutions include swapping energy suppliers, cutting out luxuries and unnecessary subscriptions, or postponing holidays.

There are some less painful ways to save, too. For example, government-backed Lifetime ISAs offer first-time buyers the chance to top up their savings by 25% each year, up to £1,000. Alternatively, many banks allow you to round up all your purchases to the nearest pound and transfer the difference into a savings account.

3) Deal with bad credit

Before applying for a mortgage, check your credit rating with a reputable agency like Experian or Equifax. If you spot any errors, get them fixed as soon as possible. Lenders will use your credit rating to determine if and how much you can borrow, so correcting mistakes is a crucial step toward financial fitness.

Our friendly team can help you find the perfect home within your budget. Just contact us to chat about your requirements.

1 in 4 households are making home improvements

The last few months have seen energy prices soar and household budgets squeezed. As a result, many homeowners are starting to alter their homes to cut bills and increase the energy efficiency of their properties.*

But it’s not just the cost-of-living crisis that has prompted this trend. Recent government net-zero policies mean that properties with higher EPC ratings may be easier to rent or sell in the future. Investing now will not only help you cut bills and boost your eco-credentials, but it could raise the value of your home moving forward.

According to a recent investigation, 16% of people plan to install windows with double or triple glazing, with energy-efficient fittings, draught-proofing, solar panels, and insulation also high on the agenda.

Meanwhile, general painting and decorating (58%) and installing a new bathroom (26%) took first and second place on the list of priorities, reflecting how much time people may be spending at home. The front garden was an important consideration too, hinting that kerb appeal and aesthetics matter to many homeowners.

Interestingly, around 6% of people surveyed planned to install a heat pump, with 7% thinking about an outdoor electric charging point for vehicles. With more political changes on the horizon and an uncertain energy supply resulting from the war in Ukraine, people may continue to feel the need to adapt their homes accordingly.

If your budget is tight, small changes such as using a smart meter or swapping out inefficient bulbs can still make a difference. We can also advise you on how larger improvements may increase the value of your home.

Contact us for a friendly chat or to book a valuation.

*Property Reporter

How to make your home office more comfortable

For many houses on the market today, home offices are slowly becoming less of an 'added bonus' and more of a 'must-have.'

With more people working from home and spending more time indoors, a home office must be a calm, constructive, and comfortable place to work.

Read on to find out how to make your office more comfortable when working from home.

Invest in a comfortable chair

If you're having trouble working in your home office, it's possible that your chair is the source of your discomfort. Investing in a high-quality, ergonomic chair can make a huge difference in how supported and relaxed you feel during the day. You might even become more productive as a result of it.

Upgrade your desk

Another reason your home office isn't feeling comfortable could be that you need to upgrade your desk space. If you have a small workstation that makes everything feel claustrophobic, it could be influencing how happy you are at work.

Upgrade to a larger desk that better suits your needs if you have the room. Make sure you select a model that is large enough to accommodate all of your critical gear.

Customise the Lighting

Is your home office too dark? Or too bright?

A good dosage of natural light is ideal for keeping you awake and productive in your home office. However, too much sunlight might make your screen glare, making it impossible to operate without squinting.

Investing in a pair of light-filtering curtains, day and night blinds or a good lamp can help tailor the lighting in your home office to suit your needs and make you feel more comfortable.

Maintain Consistent Temperatures

Being too hot or cold in your home office can have a significant impact on how comfortable you are. Temperature control can be difficult, especially if your home office is in a small room that gets hot or in an open-plan area that gets cold. However, the right temperature can make a big difference in how comfortable you are.

If you are looking for a house with optimal space for an office, we might have the property for you. Browse our available properties here.