Posted on April 6, 2022

Tips to make your home sell faster

Preparing your home for viewers is important. It will not only ensure your property sells faster but for a higher sale price; potentially adding thousands of pounds to its value.

Declutter – but keep it looking like a home

Get rid of items that have accumulated. Put it in storage, sell it, give it away or bin it. Consider removing any bulky furniture that makes the room feel small and replacing it with smaller furniture. People need to be able to envisage what the property would look like if they were living there. People often find this difficult, so make it easy for them to see all the fantastic living space you’re offering them. But, don’t make it look like a generic hotel; leave some personality. Apart from anything else, it gives unimaginative buyers suggestions as to what they might do. People are often buying into a lifestyle as much as a property.

Give it a lick of paint

Giving your walls a fresh lick of neutral paint will make your home seem lighter and bigger, create a blank canvass, but not a clinic! It will enable the viewers to more easily imagine how they would adapt the rooms to their needs. It will be easier for the buyers to move in and use the rooms immediately than if the walls were still bright purple or lime green.

Maximise kerb appeal

Kerb appeal creates a lasting first impression – most buyers make up their minds in the first few minutes of arriving at a property.

A survey of more than 2,000 UK adults conducted by YouGov, revealed the most important features for kerb appeal were well-maintained windows and a roof that appeared in good condition. A well-maintained front garden, pathways and fences and a well-painted frontage were also important. See how much it costs to do some simple updates to the exterior of your home to enhance its kerb appeal and value. Don’t forget to clean any stains from the drive and have any block paving professionally cleaned and water sealed, to give it a beautiful sheen.

Fix & Clean

Make any minor repairs – holes in walls, broken door knobs, cracked tiles, torn or threadbare carpets. Many buyers want to move in without making changes, so allow for this. Clean everything until it sparkles. Get rid of limescale, clean and repair tile grout, wax wooden floors, get rid of odours, hang up fresh towels. This will make the place more appealing and allow viewers to imagine living there. Tidy the garden: cut bushes back, clean the patio and furniture of lichen and dirt, and cut the grass. While this doesn’t add much value to your home, it makes it more likely to sell as people visualise themselves using the garden.

Update the kitchen

The kitchen is the most valuable room in a house. It is worth the most per square foot and can make the difference when buyers are unsure. Consider refacing your kitchen cabinetry. This is much cheaper than installing new cabinetry and often as effective. Upgrading kitchen counter tops is expensive, but can add serious value. Declutter the surfaces and just leave a bowl of fruit out. Take out any bulky appliances that you aren’t using. Consider upgrading the plumbing fixtures and white goods, but keep in mind that while that could make your property sell faster, you will be unlikely to recoup their full value. Consider giving it a detail clean, don’t miss anything including the grout between the tiles!

Use Mirrors to make space

Wall mirrors make a room look much bigger and lighter. Consider putting some up, especially in smaller rooms or hallways. Clean windows inside and out, and replace any broken light bulbs. Making the place feel light and airy makes rooms feel bigger and the property more attractive. Ensure that you have lamps on in any dark corners. Take your time and plan this carefully, if it is done properly, your home should feel bigger, but the mirrors will not be obvious.

Light a fire

If it’s a cold evening, or even chilly day, light your fire. This will make your home feel warm and inviting. If you don’t have a fire then ensure the fireplace is clean.

Dress your home

Make sure the windows are properly dressed with blinds or curtains as naked windows make a place feel impersonal and run down. Buy some cheap ones if necessary. Plants and flowers bring colour, life and light to a room and also smell wonderful. So does that fruit bowl on your kitchen counter.

Smells Sells

Win their hearts with beautiful smells. Bad smells are the single biggest turn off for prospective buyers. Don’t just cover them up, fix the source of the smell. Clear drains, wash bins, open windows, air the kitchen from old cooking smells, get rid of furniture that is embedded with cigarette smoke, and wash any grimy bed sheets. If you are a smoker, place bowls of vinegar around the house and leave out for three days. Though the vinegar will smell when you open the windows it will disappear quickly taking most of the stale cigarette smell out with it.

Conversely, good smells can make a property feel like an alluring home. While it might be impractical to bake fresh bread, cakes or brownies for every viewer that visits your home, you could perhaps brew some fresh coffee.

Display & presentation

Good presentation is everything. Your home must be a meticulously prepared show house, for every viewing, this is hard, especially after five or ten viewings, but one emotional bid from a buyer who falls in love with your home could mean thousands more in your final selling price.

Summary

More often than not, people looking for property, are working to a set criteria, price, location, garden, schools, ect. More often than not, they know what type of property they will be viewing, before they see it, so aim to exceed their expectations. Most buyers make a decision to buy in the first twenty minutes, so make every one of those minutes count.

Posted on March 21, 2022

Best ever spring market for vendors as prices hit new record

There’s been a remarkable 1.7 per cent increase in the average asking price of homes coming to the market in just one month, according to Rightmove.

The national average is now £354,564 after the largest March increase for 18 years; in addition, the annual price growth rate of 10.4 per cent is the highest that Rightmove has recorded in any month since June 2014.

“This unprecedented price level is being stoked by the greatest imbalance between buyer demand and the number of properties available for sale that we have ever measured at this time of year. This is the strongest spring sellers’ market that we have ever seen in several metrics” says the portal in its latest snapshot, published this morning.

There are now more than twice as many buyers as sellers active in the market, which is the biggest mismatch between supply and demand that Rightmove has ever recorded at this time of year.

The speed of the market is further demonstrated by the fact that are there more than one in five deals being agreed on Rightmove within the first week of being marketed. This is double the figure for the same period in the more normal market of 2019.

Almost half are having a sale agreed within the first fortnight, another indicator of high demand and the likelihood of finding a buyer quickly.

“While these unprecedented numbers are helping to drive prices to new records, they do also show that there are a number of properties that will remain on the market after this time and that may benefit from a price reduction” cautions the portal.

The largest monthly price rise has been recorded in the “top of the ladder” sector, predominantly comprising four bedroom or more properties.

This has seen a 3.8 per cent jump due to high demand and the greatest scarcity of supply, though encouragingly for prospective buyers in this sector 12 per cent more properties have come to market in the last month compared to the same period a year ago.

However it’s the more mass-market “second-stepper” sector that’s selling fastest, with just over half of these homes finding a buyer within the first two weeks of marketing.

Rightmove property data director Tim Bannister says: “Those who weren’t ready to take advantage of last year’s rush now have another chance to get on the market while these conditions last. Many of those who are selling in this record-breaking market obviously also face the prospect of buying again in the same market, and being in fierce competition against other buyers.

“Having a buyer for your own property, subject to contract, puts those who are buying again in a powerful position compared to buyers who have yet to sell, and agents report that these ‘power buyers’ are more likely to get the property that they want and negotiate the best deal on price.”

Bannister continues: “Agents report that despite the current high demand, a price reduction is often needed if a property has not found a buyer within the first two weeks.

“It could be that the property is too niche and has to wait for the right buyer with those specific requirements to come along, but more often it’s due to prospective buyers being underwhelmed by a seller looking for an over-optimistic asking price compared to other properties that are being snapped up at record speed. Acting quickly on a price reduction before the property goes stale can help to get sellers back on track for a speedier sale.”

Posted on March 11, 2022 March 11, 2022

Russian sanctions won’t hurt prime London claims high-end agent

High end estate agency Savills says the imposition of sanctions on Russians, amid new measures obliging overseas buyers to be more transparent about their wealth, will have little effect on the prime London housing market.

Mark Ridley, chief executive of Savills, says the company;’s own figures suggest 1.4 per cent of the housing wealth in prime central London is Russian owned,, while under 0.1 per cent of the agency’s own business came from Russia.

Earlier this week Savills said in relation to its own activities within Russia: “Savills is appalled by the scenes of humanitarian tragedy which are unfolding across Ukraine, has already made significant donations to humanitarian relief agencies working in the Ukraine and neighbouring countries to help alleviate this suffering and is supporting those of its people who are personally affected.”

Ridley’s comments come alongside Savills’ latest trading statement, which show record sales and profits for 2021.

The company – which operates in the commercial and consultancy fields around the world as well as selling high-end homes in some of the globe’s wealthiest countries – saw revenue rise 23 per cent last year to £2.1 billion.

Profits more than doubled to £183m and dividends included a special payment to shareholders to compensate for a cancelled payout at the start of the pandemic.

Ridley says it is “a thank you to shareholders who supported us”.

He adds: “Savills delivered a record performance in 2021 reflecting the significant recovery in both residential and commercial transactional markets supported by growth in our less transactional investment management, property management and consultancy businesses.

“The group has started 2022 in line with our expectations and the strength of our balance sheet supports our growth strategy to pursue further complementary acquisitions and significant recruitment across our global business.”

Posted on March 10, 2022 March 11, 2022

Rise in buyer interest for renovation projects

Buying agency Stacks Property Search is reporting g rising buyer demand for wrecks requiring significant levels of renovation.

The agency says that in the current market, where demand for property outstrips supply, more buyers struggling to find what they want, are instead seeking big refurbishment projects or a knock-down and rebuild.

James Law of Stacks says: “Property prices have increased significantly over the course of the pandemic, in some areas by as much as 30 per cent and when buyers do find something they want they’re shocked by the price.

“For example, reluctant to spend £1.2m on something that’s ready to move into that would have cost under £1m two years ago, they start seeking something for £800,000 that needs substantial work.

“The harsh reality is that this strategy is not a certainty. The cost of builders and building supplies have increased by as much as property, and everything is difficult to come by.

“Quotes are coming in at eye-watering levels, and there’s no guarantee that the price will be fixed over the course of the project as prices continue to rise due to a range of factors – Brexit, the pandemic, and energy prices to name the headliners.

“Add to that the fact that builders’ lead times are double or three times what they were two years ago, and the best ones are booked out for months or sometimes years in advance.”

His Stacks colleague Ed Jephson adds: “Buyers are constantly looking for higher quality, and sometimes the only way to achieve this is to do it yourself. Future-proofing from an eco point of view is becoming more important, and buyers are increasingly aware of running costs.

“Buying an old property that is perfect aesthetically but requires retro-fitting makes little sense, so in this respect taking on a project is more sensible in the long term.”

Posted on February 14, 2022 February 14, 2022

Demand for London flats soars as more seek to buy first property

Flats are once again trendy as first-time buyers look to smaller homes in a bid to buy in the capital.

London flats are back in fashion after falling hugely out of favour during the pandemic “race for space”.

The release of pent-up demand from first-time buyers who put off buying decisions during Covid lockdowns, combined with spiralling rents as London fills up again with workers, has sent demand for smaller homes soaring.

According to one survey, flat prices are outpacing the overall property market in five London boroughs — Barking and Dagenham, Greenwich, Newham, Hackney and Tower Hamlets — in a striking reversal of the trend of the last two years.

In eight other boroughs — Wandsworth, Lambeth, Southwark, Waltham Forest, Lewisham, Islington, Hammersmith and Fulham and Westminster — flat price rises have almost caught up with the overall market.

“London is on manoeuvres once again. There’s been no exodus. In fact, many younger buyers chose to rent while the dust settled on the pandemic, and that’s the main reason why the lettings market has been red hot.

“These buyers, who put their purchases on hold, are being confronted by the reality that borrowing costs are going up. Many of them are first-time buyers who are desperately playing catch-up. We expect the prices of flats in London to put in a robust performance in 2022 for this reason.”

Flats without outside space became increasingly hard to sell during the pandemic as buyers sought larger homes with gardens.

In the year to September prices of London flats only inched forward 0.74 per cent on average, compared with a 4.92 per cent rise for terrace houses, 7.33 per cent for semi-detached homes, and 9.18 per cent for detached houses.

However, Rightmove says it has seen the same marked flip-flop in the trend over recent months. It has seen a bigger increase in demand for flats — 27 per cent last month compared with last year — than for any other property.

Rightmove’s Tim Bannister said: “This coincides with the renewed demand to live in London, after it temporarily dropped due to restrictions this time last year.”

Posted on February 14, 2022

Rightmove pushing reluctant sellers to come to market within weeks

The number one portal is making a big marketing and research push to get reluctant owners to put up the For Sale boards next month.

It says its own research shows that March is the strongest month of the year to sell a home, having the highest number of buyer enquiries per property for sale on average over the last five years.

While new listings are also highest in March, strong demand from buyers in the month means March sees the highest competition for the homes available on average.

It says data currently suggests a build up of momentum as March nears: for example listings are up 11 per cent in the last three weeks compared to the same period last year, while buyer demand is up 32 per cent over the last three weeks compared to the same time last year.

Home-valuation requests to estate agents are up 27 per cent since the start of the year compared to the start of last year, while searches for gardens have jumped 70 per cent in two years, as more people continue to look for outdoor space.

Tim Bannister, Rightmove’s director of property data, comments: “For any sellers who might be conscious of coming to market at a time when the number of new listings has traditionally been high, the data shows us that the level of demand in March means sellers are likely to met with multiple potential buyers competing for their home.

“Those thinking of selling are also likely to be aiming to buy a new property, and may be tempted to begin the search for their new home before listing their current one on the market.

“Due to the speed and competitiveness of the market, agents are reporting that it continues to be of high importance for those actively looking to become ‘power buyers’, to give themselves the best chance of securing their dream home.

“This means making sure they have their current property on the market or preferably sold subject to contract before beginning the search for their next home.

“This spring is certainly shaping up to be a busy one, with buyer demand, new listings coming to market for sale, and valuation requests to estate agents from future sellers all continuing to increase compared to last year.”

Posted on January 14, 2022

Inflation wiping out house price growth in many areas – claim

Soaring inflation means that house price growth in much of the country is being wiped out, according to a leading housing market analysis.

The latest monthly market report from the Home website says that only four English regions, plus Wales, show annual growth over and above the latest RPI inflation figure of 7.7 per cent for November.

Home also warns that with RPI inflation – according to some analysts – heading for 10 per cent, “some regions are treading water while others are suffering significant price falls in real terms.”

The website cautions that with cannier buyers fixing seven year mortgage deals at as low a rate as two per cent, there are hedges against the growing inflation threat – so it is not expecting any significant impact on the number of buyers in the housing market in 2022.

Home also quantifies the large gap between supply and demand.

It says agents’ inventories over the past 12 months have dropped 41 per cent – and actually 50 per cent less than in January 2019.

Supply in London is down 33 per cent year-on-year, sales stock is down 25% and prices are already up 1.3% over the last six months, making it one of the top four performing English regions.

Monthly supply of new sales listings remains comparatively low across the UK, down 18 per cent compared to the month of December 2020. Greater London shows the greatest contraction again this month.

Scarcity is also prevalent in the rental market and Home warns that it’s getting worse – the supply of rental properties is down 24 per cent on January 2021, making further rent hikes inevitable this year.

Posted on January 14, 2022

Revealed – what customers REALLY think of estate agents

A new survey of people who have sold their home in the past six months has given a strong backing to the performance of their estate agents – with a few exceptions.

Some 1,159 owners who moved in the past six months were questioned in early January, and asked to rate their agent from 1 (top ) to 10 (bottom).

Over 50 per cent of respondents were within the top five scores, 15% rated their estate agent’s performance during their last sale as a five – the most prominent individual score. Exactly 30 per cent gave their agent one of the top three scores.

However, at the other end of the scale, eight per cent stated that they thought their agent’s performance was terrible.

When it came to the asking price achieved, buyers reflected roughly the split seen in wider market snapshots – 47 per cent said their agent didn’t achieve the asking price agreed, but 39 per cent did get the asking price and 14 per cent said they got above asking.

When requesting feedback on areas of improvement, the respondents listed:

– More proactive during the transaction in order to speed up the process;

– Better or more frequent communication;

– Better customer service in general;

– More information on how their sale was progressing;

– A higher percentage of asking price achieved;

– Better quality of property listing and/or photos of their home;

– More help on what was needed from the agent to progress the sale.

The survey was commissioned by online agency Nested, from which a spokeswoman says: “It’s clear that sellers view the added value of an estate agent above and beyond the price they achieve and constant, clear communication and a proactive approach to selling are some of the key areas they value most.

“This is hardly surprising given the fact that it takes an average of 320 days to sell a home and the vast majority of this time is spent progressing the sale to completion once an offer is accepted, during which time it’s still susceptible to falling through.”

Posted on January 14, 2022

Tax clampdown on second homes announced by government

Owners of second homes who abuse a tax loophole by claiming their often-empty properties are holiday lets will be forced to pay under new measures announced by the government today.

The Department of Levelling Up, Housing and Communities says the changes will target people who take advantage of the system “to avoid paying their fair share” towards local services in popular destinations such as Cornwall, Devon, the Lake District, Suffolk, West Sussex and the Isles of Scilly.

Currently, owners of second homes in England can avoid paying council tax and access small business rates relief by declaring an intention to let the property out to holidaymakers.

However, concerns have been raised that many never actually let their homes and leave them empty and are therefore unfairly benefiting from the tax break.

Following a consultation, the government says it will now bring changes to the tax system, which will mean second homeowners must pay council tax if they are not genuine holiday lets.

From April 2023, second homeowners will have to prove holiday lets are being rented out for a minimum of 70 days a year to access small business rates relief, where they meet the criteria.

Holiday let owners will have to provide evidence such as the website or brochure used to advertise the property, letting details and receipts.

Properties will also have to be available to be rented out for 140 days a year to qualify for this relief.

Housing Secretary Michael Gove says: “The government backs small businesses, including responsible short-term letting, which attracts tourists and brings significant investment to local communities.

“However, we will not stand by and allow people in privileged positions to abuse the system by unfairly claiming tax relief and leaving local people counting the cost.

“The action we are taking will create a fairer system, ensuring that second homeowners are contributing their share to the local services they benefit from.”

Posted on January 12, 2022 January 14, 2022

Property Wealth Tax proposed by former agency boss

A wealth tax on overseas owners of UK homes could raise £5 billion a year to help local people buy their first properties at reduced rates, a former estate agency chief has suggested.

Kevin Hollinrake – a former chairman of Hunters estate agency chain prior to its acquisition by The Property Franchise Group – is now Conservative MP for Thirsk and Malden.

He told a debate in the House of Commons that the government had to strike a balance between personal freedom to buy homes wherever an individual wanted, with the broader freedom of local people to afford homes in their own areas.

One suggestion he had was to increase taxes on non-resident purchases of additional homes, whether holiday properties or buy to lets or occasional residences.

He told MPs: “I do not think there is any argument for not taxing those people pretty heavily if they own property in the UK and are non-resident.

“We already have a two per cent surcharge, on top of the per cent surcharge, for overseas owners. These people are having a profound effect on some house prices in urban areas as well as rural areas.

“I think 28 per cent of properties sold above £2m are bought by overseas owners. Around 20 per cent of all properties in London—and probably a decent quantity in York and other cities—are owned by overseas residents. I do not see a reason why we would not seek to tax those people even more heavily than with a 100 per cent increase in council tax.”

Hollinrake went on to say that a one per cent wealth tax on UK properties —bought by non-UK residents – would raise up to £5 billion a year.

“There would still be an incentive for those people to invest their money in the UK, which I am not against, but the reality is that this would make it a fair and level playing field. They would still benefit from the very high house price growth.

“As we have heard today, house prices have been rising by around 10%, so it still makes sense for people to invest, but such a tax would mean that we could take a little bit out of the money they are making every year from house price inflation and put it elsewhere.”

The former agency chief said the revenue from such a property-related wealth tax could go into the government’s First Homes programme, which offers new-build discounted properties to local first time buyers.