PygottandCrone

Pygott & Crone Newsletter: Latest Property Market Updates




What is likely to happen to property prices in 2022?

 
The sudden appearance of COVID-19 kickstarted a tidal wave of market activity as people nationwide upped sticks and pursued a new life elsewhere.
 
In 2021 alone, house prices increased by 9.8% in England and 15.5% in Wales. *
 
But, can we expect house prices to continue soaring throughout 2022?
 
Well, a major property portal still predicts prices to rise by 5% in 2022.
 
It has also reported a 19% hike in valuation enquiries since December. **
 
Whether these figures are buoyed by those taking advantage of a more flexible working environment or wishing to return to the lifestyle they had before, it’s clear that many people are looking to move soon.
 
With buyers flooding the market and the spring boom on the horizon, now could be the perfect time to sell.
 
The expected peak could also be good news for buyers as higher values tempt more sellers to list.
 
Therefore, the market may begin to balance out while continuing to strengthen.
 
Still unsure what your home is worth?
 
The last two years have taught us that the property market is highly dynamic and rapidly changing.
 
That’s why we recommend an up-to-date appraisal – you may be pleasantly surprised.
 
Our friendly team are on standby to advise on your unique situation. We’ll share insights about the current market and furnish you with an accurate valuation.
 
Contact us today to discover your property’s true potential.
 
*Based on recent data from the UK House Price Index
**Compared to the same period in 2020.



Top tips for first-time buyers saving for a deposit

 
Buying your first home is an extremely poignant event in anyone’s life and being able to put down a significant deposit is vital to stand you in good stead for your future repayments.
 

However, in light of Covid-19, we appreciate that it can seem more daunting than ever to imagine yourself taking that step towards homeownership. 

 

As your trusted local estate agent, with lots of first-time buyer experience, we have compiled these tips to support your saving goals this January.


Plan ahead

 

During your property purchasing journey, it is crucial to identify any additional funds that you may need along the moving process.  


Likewise, being aware of your monthly income and outgoings is extremely important in order to create a timescale for your saving journey.

 

Move back home

 

If your parents or family are not in a position to be able to support you financially with your property purchase, there are other ways they can help. 

 

The vast majority of first-time buyers find it difficult to save for a deposit due to their monthly rental outgoings, so moving in with a friend or family member is a great option to reducing these costs.

 

Due to COVID, it is important that you check the most recent guidance before changing your living situation. 

  
Downsize

 

If your current rent price per calendar month is slowing your deposit saving down, and you can’t move in with a family member or friend, then downsizing may help. 

 

Looking for a property that is smaller could save you hundreds or even thousands over the span of your saving period.

 

Check your direct debits 

 

Especially at this time of year, many of us will take out various subscriptions without continuing to need them beyond the first month. 

 

As such, it is important to go over your direct debits and ensure that you are still using all of the services you are paying for. 

 

In 2019, Brits spent £4 billion on unused gym memberships – and with the average monthly fee being £35 per person – the cost really adds up.* 

 

This also goes for streaming services and club memberships that you may no longer use. 

 

Whether you have your deposit ready to go, or you’re looking to downsize to save some extra money, we’re here to help you every step of the way. 

 

Discover the latest property news for January:


 
*Daily Mail 

 



Rental market predictions for 2022

 
The pandemic has influenced rental demand and opportunities across the country, but what does this mean for tenants and landlords in 2022?
 
Changing demand and supply
 
The last two years have witnessed a boom in house prices, with the average property in October 2021 commanding £24,000 more than it did a year previously. * This dramatic rise has forced many potential first-time buyers to remain in rental accommodation for longer.
 
UK rental prices, in turn, increased by 8.6% between November 2020–21. ** Despite this, Zoopla’s recent market report shows that affordability remains roughly the same, with 37% of a single tenant’s income spent on rent.
 
However, some regions have been significantly affected as workers from more populated areas retreated to the countryside, drying up an already holiday-centric rental market. This has spiked demand in rural heartlands such as the South West, which also contends with lower wages.
 
What will 2022 bring?
 
Zoopla also reported that overall demand for rental homes has increased by 43% while supply has dropped by the same amount, based on a five-year average. Thanks to fluctuating movement patterns and remote working, renting is likely to remain a problem in places where affordable rental stock is already thin on the ground.
 
The pressure on rural hotspots may ease now workers and students are being encouraged back into urban centres, but this also means an uptick in city prices.
 
While London’s rental prices are still lower than pre-pandemic levels, we can expect this to increase as supply dips in the coming months. Zoopla’s data shows there has likewise been a 60% hike in demand in Birmingham.
 
Alongside underinvestment in social housing and fewer landlords, the pandemic has created an unbalanced situation that’s likely to increase rents by 4.5% in the UK and 3.5% in London.***
 
The good news? Now is a great time for landlords to invest in quality housing to make a strong return while easing pressure on the rental market – a win for tenants too.
 
Call our property experts today to have your property valued for the lettings market.
 
 
*According to recent data from the UK House Price Index
**Based on the HomeLet Rental Index
***According to Zoopla’s November 2021 Rental Market Report



How to make the most of a small kitchen

 

Having gone through multiple lockdowns, the most desirable factor that's attracting attention from buyers and tenants right now is a property with plenty of space.

 

Compared to houses built in the 1960s, new homes are now designed with smaller kitchens; dropping by 2.77 metres on average across the UK.*

 

As a central room, it's really important that you're maximising value from your kitchen.

 

You want your kitchen to be practical and attractive, which requires innovative design ideas and creative storage solutions.

 

To help you accomplish your renovations this year, we've brought you our top suggestions for making a small kitchen feel spacious and inviting.

 

Take off the doors

You would be surprised at how much space traditional swinging doors take up.

If it opens outwards, the kitchen door might not be as much of a problem, but if it swings into the kitchen, you could be losing up to a square metre of usable space.

 

Go for a light colour scheme

As an effective, quick fix to make a small kitchen feel bigger, opt for a neutral colour scheme.

Neutral does not mean just sticking to shades of white and cream, why not try white patterned tiles and marble countertops with a light grey cabinet?

This will reflect the light, making it feel much more spacious than you would find with a darker colour palette.

 

Install a small breakfast bar

If there is no room for a dining table in your kitchen, consider sacrificing a few cabinets to squeeze in a small breakfast bar.

Or you could even consider using a wide shelf on the wall for an alternative table space – the stools can be tucked underneath to avoid being in the way.

 

Work your way up the wall

When surface and floor space is limited, it is a good hack to use up wall space too.

Install shelves, rods and notice boards to remove the utensils and clutter from your workspaces.

Adding plants and more lighting will also brighten up the room, creating the illusion of space.

 

Make use of the space around your fridge and oven

Even if you only have a small space between the wall and your fridge or oven, you could think about adding a hidden rolling cupboard; perfect for storing cans, spices and dry food.

 

Invest in an over-the-sink cutting board

For kitchens that are tight on surface space, an over-the-sink cutting board is a good way to take advantage of the whole area available. It is also a practical way to wash your fruit and veg without making a mess.

 

Take advantage of the end of counter space

Rather than keeping this free, take full advantage.

Why not install a bathroom rod to hang your saucepans on? This will free up another cupboard for other things. If they are nice pans, it also adds to the aesthetic of your homely kitchen!

 

Find a new home for your washing machine

The kitchen is an obvious place for the washing machine but in other European countries, you are more likely to find them in the bathroom.

If you are stuck for space, why not relocate your laundry appliances somewhere else in your home, perhaps the bathroom or a cupboard under the stairs.

 

Looking for a more spacious home? Browse our available properties.

 

Discover the latest property news for January:

 

*Source: LABC Warrant




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