Busy Spring in store for the property market

Busy Spring in store for the property market


In this month's edition, we're predicting another typically busy Spring in the property market.

There's also great news for the market's health, with housing at its most affordable level for over ten years. We also provide potential buyers with our top tips for viewing properties like a pro, and finally, if you're looking to spruce up your home, read our list of decor ideas!


Busy Spring in store for the property market

 
Spring has always been a popular time of the year for buying and selling properties, with the change from the colder months of winter to the warmer spring temperatures often galvanizing people to make a change. This year is forecast to be no different and spring 2019 is set to be a busy time for estate agents across the UK…

Recent analysis from The Advisory, an independent advice service for house sellers, has shown that March is statistically the best month to sell. The average amount of time taken to sell in March stands at 57 days, compared to other months later in the year at 79 days. With gardens starting to bloom, the weather becoming fairer and properties looking at their best, it is no surprise that spring is at the top of the list for when to sell a property.

Of course, spring 2019 is a little different than any of those prior due to the uncertainty that lies around Brexit. Although it may seem like the political climate could be a hindrance to property sales, there are many indicators which would suggest quite the opposite, with spring 2019 actually buoyed by Brexit.

There could indeed be somewhat of a surge after 29th March from potential buyers and sellers who have waited for the Brexit date to pass before they enter the market, and with supply and demand already at their highest levels for over a decade, this would see the property market in a particularly strong period.

Twinned with the historically low-interest rates, and the most flexible mortgage offerings ever provided by the banks, buying a property this spring will be on the minds of many and could indicate something of a renaissance for the property market, which has proven to be stable rather than spectacular in the last few months.
 



Busy Spring in store for the property market

 
Spring has always been a popular time of the year for buying and selling properties, with the change from the colder months of winter to the warmer spring temperatures often galvanizing people to make a change. This year is forecast to be no different and spring 2019 is set to be a busy time for estate agents across the UK…

Recent analysis from The Advisory, an independent advice service for house sellers, has shown that March is statistically the best month to sell. The average amount of time taken to sell in March stands at 57 days, compared to other months later in the year at 79 days. With gardens starting to bloom, the weather becoming fairer and properties looking at their best, it is no surprise that spring is at the top of the list for when to sell a property.

Of course, spring 2019 is a little different than any of those prior due to the uncertainty that lies around Brexit. Although it may seem like the political climate could be a hindrance to property sales, there are many indicators which would suggest quite the opposite, with spring 2019 actually buoyed by Brexit.

There could indeed be somewhat of a surge after 29th March from potential buyers and sellers who have waited for the Brexit date to pass before they enter the market, and with supply and demand already at their highest levels for over a decade, this would see the property market in a particularly strong period.

Twinned with the historically low-interest rates, and the most flexible mortgage offerings ever provided by the banks, buying a property this spring will be on the minds of many and could indicate something of a renaissance for the property market, which has proven to be stable rather than spectacular in the last few months.
 



Buying a home is much more affordable than a decade ago

 
Buyer hesitancy has been a common theme over the last few years, with the affordability of housing, Brexit and a lack of confidence in the market frequently coming up as reasons for renters to stay put. It’s understandable that plenty of potential buyers are feeling a sense of unease when it comes to taking the plunge on a house, but the reality is that more and more people are putting their worries aside and searching for that perfect home, even within the current climate.

December saw a rise in mortgage approvals, for instance, and we now have more good news to share due to the fact that affordability is improving at its fastest rate since 2011, meaning that purchasing a home is more affordable than it was ten years ago.

According to mortgage broker Private Finance, the average borrower is saving £104 per month on what they would be paying in 2008, with average monthly payments falling from £804 to £700.

Whilst house prices have risen at a much quicker rate than wage growth-inflation over the last 20 years, the broker is insisting that once the initial payment is made on house, monthly repayments are broadly in line with the same levels seen 20 years ago.

“News of the UK property market’s affordability crisis is never far from the headlines,” offered Shaun Church, director at Private Finance. “What we often fail to acknowledge, however, is that thanks to falling rates, those with a mortgage today are in a similar – if not better – position than their predecessors, who owned property at a time when housing was considered vastly less expensive” explains Shaun Church, director at Private Finance.

“Homeownership can be attainable. Those in a position to buy should shop around for the best rates on the market, to ensure they capitalise on the incredibly competitive rates currently on offer. Borrowers should also consider locking into these with a longer fixed term, to cushion themselves against any further rate rises and keep the monthly cost of ownership low for as long as possible.”



Top tips to help you view a property like a professional

 
When it comes to buying property, it is important to keep in mind that it could potentially be the home you live in for the rest of your life. With this in mind, it is essential that when you view potential properties that you take the time to be thorough and get all the information you can.
To help make sure you don’t miss a thing and make the right choice when you do eventually make an offer, we’ve compiled the following list of tips to help you to view a property like a pro.

Don’t rush
We all feel a bit strange viewing someone else’s home, but as we said earlier, you could be living in this property for decades, so don’t rush through this process! It’s vital that you spend close to 30 minutes exploring the property, asking questions and just getting a good sense of how it feels. If you just wander from room to room, taking a quick look and then moving on, you won’t get a good feel for the property. Taking that little extra time will mean you are well-informed when you come to make a formal offer.

Think about how much space there actually is
When it comes to property, space is one thing you can never have enough of. Whether you’re looking to fit in that Queen-size bed or you need somewhere to store all of the precious knickknacks that you have collected over the years, space is incredibly valuable. Pay attention to the way the current owner has laid out the furniture, as it will provide you with some insight into how to best make use of the property’s available space. It’s also an excellent opportunity to think about how much room your items take up and whether there is any scope for a little pre-move declutter.

Take a walk through the area
When you’re buying a property you’re not just investing in that building, you’re also investing in the neighbourhood itself. If you’re first-time buyers and looking to build a life in this new home, you have to ask whether the area is suitable for your family’s needs. Are there plenty of shops close by? How do local schools perform? It’s best to wander around the area for a short while in order to see how it all feels, after all, if you’re going to be here for some time, you need to feel comfortable.

Once you’ve taken a good look, take another and maybe another
As we stated at the beginning, when it comes to buying property it’s best done the right way, but even when you do everything right, it’s always best to check things twice. No matter how thorough you intend to be there is always the possibility that you missed a couple of things the first time around. Most would advise visiting a property 2-3 times and at different times of the day – if possible – to see if you feel the same way each time. Buying a home can be very exciting, so it is worth visiting the property a few times.

Don’t forget that your agent is there to help you! Make sure you ask them questions about the property’s history and the local area, as they will be more than happy to assist you with your decision.



10 home decor ideas to instantly transform your property

 
Now that spring is just around the corner, the much-welcomed extra sunshine might be shining a light on some of the less-polished parts of your property. If you’re thinking that a good spring clean won’t quite cut it this year, then follow our 10 home decoration ideas to instantly transform your home…

1) First impressions count
We all know that it is tough to change a first impression once it has been made, and the same is true for our properties. If you don’t have a grand entrance hallway, and even if you do, it is important to create the right aesthetic as soon as you step through the front door. Depending on the size of your entrance hallway, choose an appropriately-sized console table with a few choice ornaments and you’ll create an elegant first impression. A traditional table with some tasteful art above it will set a sophisticated tone, and an on-trend transparent table with high-gloss accessories will create a chic and modern atmosphere.

2) Mirror, mirror on the wall…
If you have a staircase in your home, it is easy to see it simply as a passageway to the next level of your home. Similarly, if you live in single-storey accommodation then you will most likely have a hallway that you see simply as a thoroughfare. Instead of treating these spaces as utilitarian, turn the walls into a gallery by hanging a variety of antique mirrors, an eclectic mix of photo frames or a mixture of both. Charity shops and antique shops are a great place to source interesting frames and mirrors, and as an added bonus, the reflective surfaces will help to brighten up the staircase or hallway.

3) Feng shui your home
When it comes to transforming your home, it’s not just a case of spending money – using what you already have in a different way can have equally stunning results. Rearranging your furniture is simple enough to carry out, but it can change a room entirely; throw the rule-book out of the window when you are experimenting with where to put your furniture and see what looks best. In the living room, for example, arrange your furniture around a coffee table rather than facing the television and you will create a much more social space.

4) Don’t neglect the accessories
One of the most cost-effective ways to update your home is through accessories; by simply enhancing what you already have through a few choice items you can take your home from drab to fab. Of course, the essentials of throw cushions, blankets and ornaments (such as candles and vases) are the holy trinity when it comes to jazzing up your room; however, you can also branch out to lampshades, wall hangings and art. By rotating your accessories seasonally, you will keep your rooms looking fresh, on-trend and reflecting the time of year.

5) Flower power
If you’re going to do one thing to your home in order to quickly refresh it, then adding flowers is a great idea. Placing some nicely arranged flowers in a clear glass vase will make any room feel more cared-for and elegant, all for only a few pounds!

6) Create a dreamy sleep-space
A good night’s sleep is essential for all of us, but the bedroom is often the last room that we renovate as it isn’t on show, like the living room or kitchen often is. Indulge yourself, and step-up your property’s style by investing in some bed linen. Plenty of cushions twinned with a matching throw at the foot of your bed will instantly make your bedroom feel more sumptuous, and you’re guaranteed to sleep soundly in your upgraded boudoir.

7) Don’t shrug from the rug
Floor coverings are costly and time-consuming to replace, so if you’re looking for a quick fix to update your home then we wouldn’t suggest laying a whole new floor. Something that will make a difference, however, is the use of rugs. A simple rug can change the whole aesthetic of your room, and the choices are endless; you can choose from boho, rustic or traditional and small, large, long or wide. Experiment by layering rugs and creating interest in your floor spaces without the expense of having to change the whole floor covering.

8) Curtains up
Curtains are more than a privacy aid, they can add colour, texture and interest not only to your windows but also throughout the home, if you are brave enough to use them creatively. Using curtains as an alternative to a door can add rich texture to your home and using a contrasting colour will make them pop against your walls.

9) Let there be light
Something that can make a room feel dark and dreary is a lack of light. If you want to transform your home, then changing the light fixtures, or adding in some extra lighting can make all the difference. Ensure that your ceiling lights aren’t dwarfed by heavy lampshades which are constricting the amount of light in the room – current trends favour glass lighting fixtures anyway, so changing your lampshade should be a simple fix. We’d also recommend adding in some uplighters and floor lamps to the corners of your room in order to avoid the wasted dark spaces which we are often guilty of neglecting.

10) Make a statement
If your walls are looking a little plain, or you’re simply looking for a way to brighten up the room then statement art is the answer. Easy to change and rotate with the seasons, statement art such as large-scale photography or something abstract will transform even the most listless room.