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Our latest property news and Negotiator Awards win!
In this months' edition with the year swiftly coming to an end, we bring you some tips to on selling your home in the new year.
Next we delve into the rise of first time buyers and the increased consciousness of eco-friendly living. To end our newsletter we share our insight to the demand in rental property, and our successful achievements at the annual Negotiator Awards!
We hope you had a great Christmas and wish all of our customers a Happy New Year!
Explaining the rise in First Time Buyers
Throughout 2019 there has been a steady increase in first time buyers jumping onto the property ladder. Aberdeen buyers have benefitted the most, with some first-time buyers managing a real steal to purchase a house at a lower price than in 2013. However, the majority of Britain has seen first-time buyer prices retain an average cost which remains similar to the main market. The fair price has supported the first-time buyer market in having a fair shot at beginning their property journey. However, there are other aspects of the housing market that have also worked in favor of new buyers which are detailed below.
Brexit Bounce
It would be careless not to consider the effect that the general election and Brexit have had on the appetite of prospective buyers. But surprisingly, the number of first-time buyers has continued to rise and has been constant throughout the year, which is particularly impressive within this climate of uncertainty. The economic outlook is still hard to predict with the Brexit deal currently unknown, but what this has allowed is lower mortgage rates and favorable fixed rate deals. That, in turn, has opened a window of opportunity for first-time buyers who have snapped up this option.
A Helping Hand to Buy
The extension of the Government Help to Buy scheme is another enticement for first-time buyers with the deadline for opening a Help to Buy ISA extended to the end of November, allowing a last-minute spike in applications. It has encouraged the younger generation to consider home owning as a real possibility with the scheme allowing contributions until 2029.
According to HM Treasury data, a total of 234,074 property completions have been support by the Help to Buy ISA scheme. It has also resulted in reducing the median age of a first-time buyer from 30 years old to 28 years old, indicating that younger people are now entering the property market and reaching the milestone of buying a first home. This age is set to reduce further as more first-time buyers save for their deposits, so it’s clear that the scheme has been a real success as well as being a great help for buyers to help make their dreams become a reality.
Variety in the market
Finally, it’s worth noting that there is a greater variety of homes available on the market, which has only accelerated the stream of sales to first-time buyers. Survey findings concluded that younger buyers understood and appreciated period style features such as high ceilings, fireplaces, and bay windows which is something usually associated mostly with more mature buyers.
These characteristics have been described by those surveyed as extravagant and interesting. As such, these features are beginning to be incorporated into new-build developments which ensures that the character of British property is maintained with the continuing demand from all potential buyers looking on the market.
Multiple gold awards won at the annual negotiator awardsÂ
We are delighted to announce that a very successful year for us has been recognised at the annual Negotiator Awards, the property event of the year. We were shortlisted in four categories and are delighted to have achieved three gold awards.
Click here to read Multiple gold awards won at the annual negotiator awards .
Green Living on the Rise
Fresh air, green trees, and birds singing…sounds like a simple yet picturesque dream, doesn’t it? Climate change and our environment have been hot topics for discussion across the planet this year, with a rise in awareness in part due to global activist efforts. But has that truly had an effect on how we live our lives in Britain?
Recent data provided by Property Wire suggests that a whopping 68% of UK residents would be mindful of ecofriendly features when seeking a new home, which is certainly heartening to hear. But what do we mean by the term green living?
Simply put, it’s a description of living environmentally friendly, to maintain the earth’s natural resources. This includes:
Building with sustainable materials
The property sector is making good headway when it comes to making eco-friendly changes to buildings to create sustainable living, with a heavy focus on making urban environments ‘greener’. According to the UK Green Building Council, 40% of Britain’s carbon emissions come from property which is a large proportion of the carbon footprint. Sustainable design is beginning to be woven into planning requirements, particularly with commercial buildings, to support the goal of reducing greenhouse gases.
Renewable energy and reducing energy consumption around the home
To aid the above, there is a big drive on making properties more efficient in their energy performance. Energy bills across Britain could be brought down by a staggering £6.1 billion if energy efficiency rates were brought up to a C ranking. Many energy providers are using renewable energy to recycle, provide customers competitive prices and simultaneously helping the planet, but you can also reduce the amount of energy used in your household to support this cause. Small steps such as turning lights and plug sockets off, turning taps off, and reusing rainwater for the garden can make a big difference.
Using better methods of transport for the environment
Using public transport, cycling, walking, and car sharing are all great ways to reduce pollution. Although this is not always an option for commuting, everyone can make small lifestyle changes to contribute. Even a change as small as walking to the shop instead of driving supports the reduction of pollution. Even little things can help!
Recycling items and packaging
It is a requirement for everything we buy in packaging to indicate whether it can be recycled or thrown with regular waste. Local councils make it extremely easy for households to recycle with waste collections for correct disposal of rubbish and items for recycling. Regular collection of rubbish, garden waste, recycling waste, and even glass is a big step to maintain the earth’s natural resources. Make use of the local support on offer to do your bit to support the planet.
The continued demand for rental property
 Properties for rent are in particularly high demand as we come to the end of 2019, with the shortfall in available housing triggering a continual increase in rental asking prices.
The Royal Institute for Charted Surveyors suspect that the growth in asking rents will continue into next year, with the south of England seeing a staggering 3.5% rise and steady national average increase of 1.3% backing up their claim.
Nationwide changes
With the rental market in such good health, Wales’ National Assembly has taken steps to support tenants in the process of securing a rental property by writing an information checklist that landlords and agents must abide by. The checklist, set to hit the market in mid-December is a list of information that must be supplied to the prospective tenant prior to them paying the holding deposit.
This isn’t the first law change in support of tenants this year; in the summer, English legislators introduced the Tenancy Fee Act 2019, which prevents landlords charging additional fees other than those outlined. Despite the increase in rent prices, tenants have seen the Government introduce lots of support for their rental rights this year that is set to continue through 2020.
Build to Rent
Created to incentivize landlords to purchase lettings properties and to satisfy demand from renters, the Build to Rent scheme is expected to take off over the next few years. There’s plenty to consisder for both, with property investors placing heavy consideration on location and transport links, being conscious of convenience as a key factor when choosing a home to rent.
It’s a massive assistance to renters who have different priorities to buyers and like the flexibility that renting provides. For example, a massive 85% of tenants are happy renting with no immediate urge to get onto the property ladder, with other life milestones being prioritised before purchasing property. 560,000 households are expected to be in the private rental sector by 2023 increasing the proportion of rental property by 2%.
Keep your eyes open
Concerningly, a further indication of the demand for rental housing can be shown in the rise of subletting scams seen in the market this year. Increased media coverage has exposed the frequency of homes that are secretly subletting and overcrowded; as well as causing issues for the landlord, it presents grave safety risk breaching several health and safety regulations. Regular property visits and inventory checks can help prevent this issue. Further support for landlords is to be considered in the future to refresh the justice process in the current system.
New year new home
There is often speculation as to when is the best time to sell your home. Sellers often wait for certain times in the year that may be construed to be better than others. If you feel like you are ready to sell, you should seek a valuation and consider whether it is the right time for you, as it may well be right now.
The lead up to the general election caused mixed feelings about the housing market with many waiting to see whether policy changes (such as stamp duty reforms), will be put in place. However, if you are considering selling your home, now is a good time to put your property on the market. There will always be other circumstances that can affect the housing market, but none of that should prevent you from getting a full market appraisal. Property searches surge after Christmas so you wouldn't want to miss out.
House prices have continued to increase throughout these uncertain times so you may be surprised at how much your home is worth. But no matter what time of the year it is, there are a few checks that you can run through to ensure that your home is in its optimum condition. High spec homes are attracting the attention of serious buyers, so if your house is well presented and organised, it will help potential buyers believe in your home.
Photos
Photos, photos, and more photos! If there was one factor alone that could attract potential buyers to your home, this is it. It’s key to make a good first impression, so ensure that photos are of a high specification, in natural daylight and show the full room to its full potential. Check that your home is neat and tidy so that buyers can visualise living in the home themselves.
‘Tis the season!
Leading on from photos, we have Christmas. It might be tempting to make your home a festive feast for the eyes, but you should ensure that you have photos of your home without decorations up. This is so that those viewing can see how the space in the home could look throughout the year.
Declutter
It should go without saying, but your home needs to be clean and tidy when on the market, both inside and out; you never know when a potential buyer may be driving past the home unexpectedly! Keep leaves swept off the garden and ensure that doorbells and outside lights are working, which will show that the home has been well maintained. Inside, you want to prove that there is ample storage space, so anything that is left out on tables, sides or shelves should be there for a reason. That way potential buyers can see that there is plenty of storage to maintain a tidy home.
Paperwork
Remember all that important paperwork that you keep in that ‘safe place’? Now’s the time to dig it out! Important paperwork relating to deed titles and guarantee certificates for any work you have had done are essential during the selling process; collate any paperwork that you have for the home into a folder so that you can show prospective buyers that everything is in order.
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