Bored buyers are behind the upsurge in market activity

From recent property exchange data, it has been suggested that buyers are seemingly ‘bored’ after the UK’s lockdown; leaving them eager to move on from the first half of 2020 and get on with their next property sale or purchase.

Since the end of August, reports suggest that there has been a 69% increase in property exchanges, which is a 20-month high for the sector.*

In areas where the property market was slightly slower to gain traction, such as London, this increase is an impressive 94% since restrictions were reduced. For which the majority of these exchanges achieved within 10% of the asking price.

Due to current conditions, prospective buyers are fearful of missing out on good deals, leading to an increased rate of accepted offers.

Key reasons you should be thinking about buying in October:

• Spurred on by strong market conditions, we’re listing stunning properties at an incredible rate as sellers and buyers rush to make their next move

• Starting the process now will give you just enough time to complete and be in your new home by Christmas, whilst taking full advantage of stamp duty savings

• Due to lockdown, sellers are more motivated to reach completion and avoid delays, making them more realistic about the offers they’re willing to accept

Are you ready to see what’s currently on the market in your area?

We have implemented measures to help you safely and responsibly move in 2020. For more information on what practices we have in place, contact us today.

*Source: Knight Frank, Estate Agent Today

Five top tips for a stress-free moving experience

Buying a new property has the potential to be stressful, and we get it! To help you out, we have put together this guide of helpful tips, based on real buyers’ experiences.

1. Planning

It might seem obvious, but lack of preparation can be the biggest hurdle for homeowners and buyers, with two-thirds of viewers forgetting to bring pre-prepared questions when taking a look around a new property.

Put together a criteria of your non-negotiables and the features or items that you’re willing to compromise on, and make sure you’re spending your time wisely. A thorough search online will give you a good starting point finding suitable properties, but you can also reach out to agents directly, as they may have similar properties you’ve overlooked.

2. Understanding the process

Next, it’s about ensuring you have set realistic time expectations and have set aside the required amount needed for the deposit.

Not everything will go according to plan every time, so make sure you’re aware of potential blockers that could get in your way.

Market conditions are strong right now, but for buyers to take full advantage of the recently announced stamp duty holiday, they need to be going through the process right now, as increased demand could mean you face delays further down the line.

Likewise, you don’t want to under-plan for your budget. Take into consideration average fees for surveyors and conveyancers so you don’t overstretch yourself.

3. Build connections

Another great idea is to get to know the seller and their agent, as this has the potential to make them favour you as a trusted buyer.

Similarly, talking to neighbours when viewing a property is invaluable. You can obtain information about the local area, as well as inside knowledge about potential problems about the property.

Along the same lines, checking local broadband speeds, phone signal and parking permits is a great way to be prepared prior to your moving date.

4. Preparing your own sale

If you’re looking for a quick sale, staging your house correctly is extremely important.

Freshening up paintwork and completing any repairs or improvements will add tremendous value to your home.

Well-staged homes have been proven to sell for higher prices than for those that are not. So before having your house photographed, make sure each room is captured in its best light, and avoid having any seasonal decorations up, as this could date your listing.

5. Moving in 2020

Since the market reopened, we’ve seen phenomenal levels of activity as those living under lockdown rush to buy somewhere with more space, a bigger garden and an office.

The best way to reduce stress when buying or selling this year is to make sure you’re completely comfortable with the pandemic measures that have been put in place by agents.

This includes any measures to limit human contact, as well as remote processes and online marketing strategies to reduce the number of people meeting you in-person.

To find out how we’re safely conducting sales and lets this month, contact us.

Friends and family loans are providing support to first-time buyers

Half of first-time buyers have made the difficult decision to put their plans on hold due to the pandemic; either due to their financial situations (41%) or because lockdown has caused them to reconsider what they’re looking to buy and where (42%).*

With many prospective homeowners feeling pushed out of the market right now, we want to offer our guidance, so that when you’re in a position to proceed as planned, you’re informed and able to make the right choices.

23% of housing transactions are backed by Bank of Mum and Dad (BoMaD)

Loans from friends and family members have been an extremely popular option so far this year, with an estimated 175,000 transactions involving this support type going through in 2020.**

Whilst lenders are currently trying to put a cap on family lending for deposits, it’s thought that the so-called Bank of Mum and Dad will still be behind £50 billion worth of property transactions.

Furthermore, despite the pandemic and the financial strain its put on households, 15% of BoMaD lenders plan to give their loved ones more contribution to their deposit and property purchase than initially intended.

What do you need to know as a first-time buyer?

For everything you need to know before taking that first step, please visit: https://www.which.co.uk/money/mortgages-and-property/first-time-buyers.

*Source: Aldermore

**Source: Legal & General

Green Homes Grant now open for applications

Two-thirds of UK households fail to meet long-term efficiency targets, meaning that Brits are spending more on energy bills whilst unknowingly raising their carbon footprint.

The BBC has recently revealed that up to 12 million properties fall below the C grade on Energy Performance Certificates (EPCs), which are graded A-G.

With applications now open for the green homes grant, homeowners and landlords based in England can apply for vouchers to install energy efficiency improvements – with a government contribution of £5,000 making it a cost-effective way to update your property.

Have you considered applying this October?

If you’re a homeowner or residential landlord, you now have the opportunity to make crucial eco-friendly changes at a fraction of the price.

In total, £2 billion has been allocated to the green homes grant, with participants having until 31^st March 2021 to redeem their vouchers and receive future annual savings of £600 – on average – from their eco-friendly home improvements.

What can the vouchers be spent on?

With the vouchers covering at least two-thirds of the cost – up to £5,000 per household – there are a wide number of energy-saving features to choose from, including at least one of these primary measures:

It’s important to bear in mind that there are certain conditions determining how your vouchers can be used.

For instance, you can only use the grant for the installation of new measures that weren’t previously there, not to replace or repair existing insulation or low-carbon heating features.

Lower income households can apply for a higher grant value, up to £10,000. Whilst landlords are limited to receiving the base £5,000.

For more information or to apply for the grant, please visit: https://www.gov.uk/check-eligible-green-homes-grant