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October Newsletter - Getting your property ready for the colder weather
In this month's edition, we kick things off with the news that first-time buyer activity is at its busiest level for almost ten years.
We're also full of top tips this month as we offer our suggestions for preparing your property for the colder weather and rejuvenating your kitchen. Finally, we detail the importance of setting a realistic asking price when selling your property.
First-time buyer activity busiest for almost a decade
According to a new report from Zoopla, first-time buyers are continuing to prop up the property market in 2019, with this group responsible for the majority of property purchases this year. Thanks to favourable mortgage rates, as well as more flexible mortgages including a higher loan-to-value ratio, first-time buyers are now in a more favourable position than ever to purchase a property.
It would appear that rather than the current train of thought, which would suggest that first-time buyers are doing anything they can in order to join the market, the reality is that they are taking a much more considered approach. Typically, first-time buyers are looking for three bedroom properties which will provide them with a longer term home to grow into which is a stark contrast to previous generations who began with a “starter property” which they quickly moved out of in order to purchase something larger.
Since 2010, first-time buyers as a group have grown by 85%, according to statistics from UK Finance, and this trend is not stemming.
“First time buyers have been the driving force behind the housing sales market in recent years. Lower mortgage rates, and improving mortgage availability have supported the growth in FTB numbers across the country” explains Richard Donnell, research and insight director at Zoopla.
“Despite increased barriers from high house prices in southern England and mortgage regulations, the appetite to buy their first home remains strong. Whilst the outlook is more challenging in London, growth in FTB volumes is expected to be driven in regional markets where affordability remains attractive, supported by greater availability of higher loan to value mortgages,” he continues.
Getting your property ready for the colder weather
As the days get shorter and the temperatures start to drop, it’s hard to avoid the fact that winter is on its way. The colder weather can wreak havoc with your property, so we have put together some top tips to keep your property in tip-top shape throughout the cooler months.
Pipe dreams
As the temperatures drop, the water in your pipes can freeze causing them to burst and deal major damage to your home. In order to avoid this, keep an eye out for any gaps in external walls as the cold air could reach the pipes and encourage them to freeze over. Sealing over any gaps in external walls, as well as adding insulation around vulnerable pipes in areas such as the loft and garage could mitigate this problem. Further to staying vigilant to external wall gaps, keeping your heating on a low-level (around 4 degrees) - even when you’re away from your home - will maintain a consistent temperature around pipes, thereby avoiding the problem of pipes freezing over.
Boiler spoiler
When was the last time that you had your boiler checked? A poorly maintained boiler wastes energy and costs more to run, as well as running the risk of leaking carbon monoxide into your home. Having your boiler serviced will reap rewards in the long run, as well as giving you peace of mind in terms of safety and efficiency. Naturally, one of the key components of your boiler system are your radiators - a handy hint to maximise their efficiency is to put kitchen foil behind them for the heat to be reflected back into the room they are in.
Fill the gaps
Around a quarter of the heat lost from your home escapes through the loft, and therefore having good loft insulation is key to staying warm this winter. As well as the loft space, cavity wall insulation can make a real difference to keeping your home warm and energy bills low - with a typical saving of £145 per year saved on energy bills simply through having insulation installed. In terms of cost, there are a number of government grants and subsidy schemes available to help you with the initial outlay of insulating your home and staying warm this winter – so do your research and stay warm for less.
The big switch
If you feel that your winter energy bills are high despite your best efforts to prepare your home for the cold months then give your energy supplier a call and have a chat about being allocated a more cost-effective tariff. Remember that you will never experience a disruption in service if you decide to change suppliers, so feel free to shop around and find the best deal that works for you. You can use online comparison tools as well as literature direct from suppliers to find the most competitive energy rates and offers, so turn up that thermostat and get extra cosy!
Down the drain
As the leaves fall from the trees, drains and gutters can easily become blocked with debris, causing build-ups of water which could make its way into your home in the form of damp. As the temperature drops, these leaves are prone to freezing which can weigh down your guttering and damage external structures. Ensure that your drains and gutters are debris free by checking lower-level guttering on your property and clearing these out by hand as safely as possible - if the lower-levels are blocked then higher levels may also require a closer inspection.
Looking to rejuvenate your kitchen? Read our top tips
We’ve all heard the saying “the kitchen is the heart of the home”, and this is never more pertinent when you’re thinking of selling. Presenting your kitchen in its best possible light may well secure you a sale, so with that in mind, we have put together some guidance on how to rejuvenate your kitchen without having to spend a fortune.
Cabinets
One of the easiest and most transformative ways to rejuvenate your kitchen is to change the cabinets. Don’t worry about replacing the cabinets themselves; instead, give them a new lease of life by painting them in a fresh, modern colour such as an olive green or pale grey. This will change the aesthetic of your kitchen entirely and certainly make it more photogenic. If you are going to paint your cabinets, then ensure that they are thoroughly sanded and primed before you apply the final colour – this will ensure the final coat adheres nicely to give you a more professional finish.
Surfaces
The surfaces in your kitchen need to be practical and attractive – changing the worktops in your kitchen will appeal to buyers and is a cost-effective way to amp-up the style factor. Laminate worksurfaces are the most cost-effective, but you can also find more luxe materials if you shop around. If you’re really looking to adhere to a budget, then try using a vinyl covering to update your surfaces.
Declutter
Even if you have a large space to work with in your kitchen, an easy way to transform the space without spending any money is to declutter. Remove the items which you haven’t utilised for a while, such as the bread maker or mixer, and try to keep surfaces clear – this will create the feel of more space and is certainly more modern in feel.
Walls
If you are looking to make a big change with a minimum of fuss, then updating your walls in the kitchen is a good place to start. Whether it is a single feature wall or the whole room, decide what you are prepared to take on in terms of a project. For feature walls, think of utilising a textured wallpaper as this can create a striking aesthetic in a room not normally associated with wallpapers (florals and leaves work well to create a natural-feeling space). If you are changing every wall, then choose a light and mellow colour to create a feeling of space and utility – avoid kitsch colours such as blue and green.
The importance of setting a realistic asking price when selling
Recent analysis from comparison site Zoopla has shown the benefits that are reaped when a property is priced correctly rather than over-ambitiously, with overvalued properties taking up to two months longer to sell.
In addition to a longer sale period for properties which are overvalued, the research also found that by dropping the price in order to attract buyers, these properties also achieve an average asking price of £12,000 less than their more accurately valued counterparts.
“Our research highlights the importance of accurate pricing and reveals the areas where there is the healthiest alignment between a seller’s expectations and what a buyer is willing to pay for a property,” said Charlie Bryant, managing director of Zoopla.
“When a home is valued too ambitiously at the start, or simply overpriced, the sales process can be derailed. Homes can languish on the market for much longer than they should and the vendor loses control of the sale, often leading to price reductions,” he pointed out.
“Agents in Salford, Driffield and Dronfield stood out in our report in aligning their vendor expectations with the realities of the market, and what a potential buyer is willing to pay for that particular house, in that particular location.
“The English and Welsh average sold price, which amounts to 96.3% of the asking price, indicates a market realism, and moreover a market that is transacting good values, despite wider macro-economic and political concerns,” he added.
This research shows the important part which an estate agent plays in those initial meetings, with an over-valuation extremely attractive at first, but damaging in the long-run. If you are thinking of selling your property, then complete your own research so that you can have open and honest conversations with your agent in order to list at a realistic value.
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