Your October property update!

Wizards & Witches Fireworks at Bath Racecourse

Grab your broomsticks, dust off your pointy hat and cloak and enjoy this fabulous, family event. As well as a giant bonfire, tasty and warming food and drink, the highlight is of course the spectacular Firework Display of epic proportions - all to a great soundtrack!

Click here to read Wizards & Witches Fireworks at Bath Racecourse.

What are the key selling points of a home in 2022?

If you’re wondering how valuable your home is, knowing its most desirable assets is a good place to start. Estate agents know exactly which features are hot on the market right now, which is why they are highlighted in listings to make sure the property is easily spotted by suitable buyers.

Data from Rightmove suggests which features buyers are looking for in today’s market, by ranking the most popular ‘key words’ highlighted by estate agents to sell houses. Due to a change in working patterns, there has been a clear move towards garden offices, orangeries, summer houses, underfloor heating, bi-fold doors and open-plan rooms. If your house has any of these features to offer, your home could be extremely appealing to buyers in today’s market.

Take a look at the features that are highlighted to attract the most potential buyers in 2022.

Garden office

Working from home has become a new way of life, and this has caused many people to move entirely in search of better office space.

Advertising a spare room which is suitable for a home office with good ventilation, accessible outlets to plug in a computer setup and ample space for a desk will make your home extremely attractive to many buyers. The proportion of listings that mention garden offices, were found to be 11 times higher than a decade ago. That’s an increase of 1,046%!

Bi-fold doors

Rightmove reported a huge rise in demand for bi-fold doors, with a 589% increase in popularity compared to 10 years ago. The post-pandemic need for space is thought to be the driving force behind this feature becoming so sought-after, as this enables people to extend and diversify their living space.

Orangeries and summer houses

What sets orangeries apart from conservatories, is the bricks in place of glass. The name originates from where fruit trees were stored during the winter months, so that should tell you how cosy and warm these home extensions are. The number of property listings mentioning summer houses has also seen an increase, whereas greenhouses seem to have declined in popularity. Smaller windows allow for a more functional and dynamic space, allowing scope for multiple uses such as home offices, living rooms, and dining space.

Underfloor heating

Listings that feature underfloor heating jumped by 114%, as buyers search for more energy-efficient solutions to warm up the house.

Underfloor heating is a cleaner, smarter way to heat a home. Using radiant heat technology, under-floor heating gently warms people and objects in the room directly, from the ground up.

Open plan living

Open floor plans remain popular among families and busy households due to their better traffic flow and multifunctional spaces. The wide-open space is most desirable for those with larger families as the layout offers a grand communal area. Consider removing a wall that separates your kitchen from your dining room, and your listing will become more attractive to buyers looking for a family home.

Looking for advice on how you can improve your property before selling? Contact us today.

Home staging tips for the autumn

A thorough decluttering usually precedes home staging since it gives the house a more welcoming appearance and greatly facilitates the moving process. You could also choose to renovate if necessary.

Additionally, depersonalising your property and repainting it in a neutral colour scheme will help potential buyers see themselves living there.

Here are our top suggestions for staging your house in the autumn, since there are many seasonal aspects that will also influence how you present your property.

Clear the entrance way

The porch or hallway should get the same care you gave the front of your house. These areas are frequently cluttered with muddy boots, raincoats, and crimson leaves.

Carefully sprinkling autumnal decor

When setting your house in the fall, it might be simple to go overboard. Instead, of designing a space around the season, each area should make a tribute to it. Consider placing a single item of art, flower arrangement, or pumpkin display in each area to prevent the season from taking over your house.

Incorporate autumnal scents

Use reed diffusers and candles to spread delicate smells around the house. Seasonal colours like burnt orange and pumpkin go well together, but you should be cautious not to combine too many opposing aromas since they frequently work against one another.

Accentuate the fireplaces

As mentioned, viewers want to see a house they can imagine spending the winters tucked up inside, and a fireplace is the epitome of cosy nights.

Any purchaser will be won over by an original fireplace's cosy flames and delicate light.

Have you been looking for an agent? Get in touch to discuss selling your property today.

Tenants stay put due to rising rents: Is it time to go fully managed?

According to data from Propertymark, a shortage of rental stock is fuelling the surge in renters staying put, with 73% of letting agents saying they have seen a growth in the number of tenants renewing contracts over the past year.

Increase in long-term tenants

The rental market has seen a vast increase in tenancy renewals due to a shortage of stock, which has had a knock-on effect on rising rents. Remaining in the property is currently far more desirable than taking the risk with another property, or location, in a time of economic discomfort.

Propertymark’s July Private Rented Sector Report detailed the continuous surge in rental demand, with an average of 127 new applicants registered per member branch last month, noting that “this number has been on a slow upward trend since February.”

The imbalance between supply and demand has led to 82% of agents acknowledging that month-on-month rent prices increased in July. Pressure on rents has been steadfast since last year, with the cost-of-living crisis and rising inflation playing equal parts in the increases.

The cost-of-living crisis has created a vast number of long-term tenants, as saving for a deposit takes a back seat for the time being. The rental growth caused by current rampant demand is also a huge driving factor behind many people choosing to delay taking out a mortgage until supply picks back up, making rental accommodation a highly popular choice. Becoming a landlord in today’s climate allows the investor to generate capital growth, as their yield grows while the property value increases.

Is now the time to go fully managed?

With the disparity between supply and demand underpinning a rise in inflation, UK landlords are reaping the benefits of getting their foot in the door during a time of peak buoyancy. As the average property price increases, future sale prices also increase, meaning a buy-to-rent asset increases in value over time.

However, such an asset can be difficult and time-consuming to manage without help, particularly for new landlords who are still learning the ropes. The prospect of long-term tenants presents its own challenges too, as long-term use of a property demands more regular check-ups and maintenance.

To help landlords secure and maintain long-term tenants, letting agents can:

Find the right tenant for you and market your property.
Arrange the tenancy: A rental agent can handle everything from getting references to running credit checks, securing deposits, and drawing up tenancy agreements.
Collect rent: A rental agent can collect rent from your tenants and follow up on any late payments.
Answer tenant queries, deal with issues and concerns, and handle maintenance or repair work that needs scheduling.

Fully managed services can ensure the quality of your tenants

One of the most important reasons for becoming fully managed is to ensure that you have high-quality, dependable tenants. A managed service can help you to create long-term, positive relationships with tenants who are loyal, pay their rent on time and keep your property in good condition – giving you peace of mind.

If your tenants are staying put for longer, our fully managed services will alleviate the stress of taking care of your property. Find out more by getting in touch today.

Housing stock levels hit a 12-month high

The ongoing imbalance between supply and demand could finally be seeing some leverage on the other side, with stock levels beginning to rise in the wake of a 3-year long slum. Despite obvious economic headwinds, consumer confidence in buying and selling property evidently remains robust, and the market has yet to see its predicted slowdown.

Buyers will be pleased to hear that the horizons on the market are expanding, with supply seeing a steady increase of 5% since January, which is the positive news many home hunters have been waiting for.

The latest OnTheMarket Property Sentiment Index, which reflects property market activity in July, has been released. It reveals that housing stock has reached its highest level in a year due to the return of a seasonally driven housing market.

The findings also suggest that there is no clear sign of political and economic uncertainty unsettling buyers or sellers.

Since February, there has been a consistent week-on-week increase in stock levels, with the highest level of available stock in July compared with any time during the 12 months prior.

It is also noteworthy, that stock levels were predicted to continue improving due to more potential buyers being on holiday, further diluting the pool of competitors.

Consumer confidence remains robust

Some 75% of active buyers in the UK were confident they would purchase a property within the next three months, while 80% of sellers expressed confidence in selling their property within the same period.

In July, only 4% of movers were concerned about securing a mortgage to fund the purchase of their next property, unchanged when compared to June 2022 (4%).

Speedy sales

The report revealed that 57% of properties were Sold Subject to Contract (SSTC) within 30 days of first being advertised for sale, compared with 56% in July 2021.

Unwavering buyer interest appeared to prevail through the pandemic, and despite the rising cost of living, sentiment remained unchanged in July 2022. The market is seeing more serious buyers committed to seeing the transactions through, giving sellers reliable applicants to choose from.

What does this mean for buyers?

A rise in stock after a lengthy drought can only prove positive for buyers waiting to make their move. Those who had been holding off in fear of rampant competition, surging prices, and tricky chain implications can now act with more confidence.

The law of supply says that a higher price will induce producers to supply a higher quantity to the market. Likewise, when supply is low, prices will rise as people scramble to buy up scarce resources. This is certainly true when it comes to the property market, and therefore, it’s best to time your purchase during spikes in supply.

What does this mean for sellers?

Increased buyer confidence and a more level market mean speedy and reliable sales for those selling their property. With stock gradually increasing, this offers a larger scope for buyers to take their time and choose a home that is right for them. Thus, opening the market to serious buyers who are committed and genuinely interested in properties they arrange viewings for, rather than making hasty and half-hearted decisions that could consequentially collapse at the last minute.

Thinking about selling? Book your valuation today.

*Information retrieved from YourMortgage