Bill Tandy property update

This month's property update from Bill Tandy brings you the latest on low supply and high prices for the rental market, forcing prices to increase like never before. As well as this, UK house prices hit a record high according to the nation's figures.

Have you considered selling your home? Book an appointment with Bill Tandy for a valuation now!

We give you some tips on bringing the outdoors in for stress relief. Lastly, we give you some news on the government's scheme to help first-time buyers overcome the hassles of buying a property.

We hope you enjoy this month's edition of our newsletter.

High demand forces rental prices to increase

Low supply and soaring demand fuel high prices for both the sales market and the private rental sector – a truth that makes itself felt by landlords and tenants.

NAEA Propertymark – a membership body for estate agents – has recently shared data collected by its members to provide a snapshot of the current situation. Interestingly, almost 80% of agencies say rental prices have increased monthly since May. This reflects a wider trend of rising rents over the last 12 months.

While more properties have appeared on the market since February, agencies are seeing applications from new tenants reach an average of 113 per month – compared to 78 applicants in February. *

With demand easily matching supply, prices are steadily rising, providing a good opportunity for landlords to enter the market or increase their portfolios. This, in turn, could help balance out the supply issue over time – a win for tenants, too.

We know some potential landlords are worried about the recently published Renters’ Reform White Paper. However, the proposals are still up for debate before any new legislation is introduced. The Government is also planning to strengthen ‘Section 8’ grounds for possession and improve rights for responsible landlords.

If you’re hoping to capitalise on the lively private rental market, book a lettings valuation today – you may be pleasantly surprised by what you could achieve.

Property Reporter *

UK house prices hit a record high

With inflation reaching 9%* and the cost-of-living crisis undermining consumer confidence across the board, it may be surprising that the average UK house price recently hit a record high. While this is fantastic news for sellers, the latest figures from the Nationwide Building Society suggest the market is strong but losing steam.

According to Nationwide’s figures, the average home currently costs £271,613. But the latest release of the UK House Price Index actually puts the average slightly higher at £281,000 – a 12.4% increase compared to the previous period.**

However, there’s some evidence that the market may be heading towards a pinch point as rising interest rates and a potential economic slowdown cast their shadow. In the past three months, the growth rate has decreased – although June was the 11th month in a row that prices rose.

In the coming months, widespread financial pressures may reduce the number of approved mortgages and lessen overall demand, which could affect average house prices. Currently, the market is resilient, which may be explained by a lack of supply and a buoyant labour market.

What does all this mean for you? If you’re planning to sell, a ‘sooner rather than later’ attitude could prove advantageous. This is especially true in popular areas for buyers, such as the South and North West of England, East Anglia, and Wales.

Increasing prices can positively influence how much your home is worth. The only way to know for sure is by booking an up-to-date valuation – just contact us to arrange yours today.

*Consumer Price Inflation (ONS: May 2021–2).

** UK House Price Index (ONS: April 2021–2).

Bringing the outdoors in

Nature is fantastic for our mental and physical health, and being around plants and animals has many proven benefits, such as reducing stress and increasing oxygen supply.

As society becomes more conscious about living in harmony with the natural world, homeowners, architects, and interior designers everywhere are exploring the concept of biophilic design.

Never heard of it? Biophilic literally means ‘the love of living things’, and it’s all about lessening the divide between artificial environments and the natural world by bringing in the abundant greenery and materials available beyond your front door.

The pandemic created a change in lifestyle and priorities that prompted many of us to appreciate fresh air and green space to a greater degree. How you replicate that freedom inside your home depends on your budget and the amount of time you wish to invest.

On a macro level, this might mean creating a garden or sunroom either by repurposing a space or extending into the garden. Alternatively, large picture windows and glazed doors are great for framing a view and capturing sunlight.

Not much to see outside? If you have a garden or terrace, you could vary your planting scheme to encourage birds and wildlife or set up nesting boxes and feeding stations. Window boxes and windowsill herbs will also help to blur the line between inside and out.

Small details within your home can make a big difference too. Use natural materials, fibres, colours, and prints/patterns whenever possible, whether you’re refitting your kitchen or sprucing up your décor. Of course, if you can introduce plants or even a living wall somewhere in your home (or a courtyard), even better.

Improvements that appeal to buyers' desires can also increase your home's saleability. Even a few tweaks can help viewers appreciate your property's lifestyle, so think light, fresh, serene, and you can’t go far wrong.

Our team can provide an up-to-date valuation that reflects any recent changes you’ve made. We’re also happy to discuss specific ideas to maximise your asking price. Contact us today to book a face-to-face consultation.

How the government intends to help first-time buyers

In a recent speech, Boris Johnson committed to helping first-time buyers overcome the hurdles faced when securing their first property. As it stands now, the biggest issues first-time buyers face are the strict mortgage lending restrictions, the need for a high deposit, and rising house prices.

As part of the speech, Boris Johnson stated that more than 50% of renters could afford a monthly mortgage payment. However, other factors mean that only 6% could immediately access a FTB mortgage.

He said: “First-time buyers are trying to hit a continually moving target. By the time they’ve put aside money to secure their mortgage, prices have risen, and it’s no longer enough.”

“And of course, the global rise in the cost of living is only making life harder for savers. So, we want it to be easier to get a mortgage. Reporting back this Autumn, [the review] will look at how we can give our nation’s aspiring homeowners better access to low-deposit mortgages.”

Are you a first-time buyer looking for property advice? Get in touch today.

*Rightmove

Click here to read .

The Guild Guide to Investing in a Second Home

Many homeowners dream of property investment for the immaculate sense of achievement, which is why more than one in 10 of us in the UK own a second home. Here’s a guide to get you started.

Click here to read The Guild Guide to Investing in a Second Home.

What is shared ownership and is it for you?

The property market isn’t easy to navigate, particularly for first time buyers and those on a tight budget. If you’re considering purchasing a shared ownership property, read on to discover if it’s right for you.

Click here to read What is shared ownership and is it for you?.

Eco Friendly Homes Playing an Important Role

Climate change has received immense attention recently with urgent calls to reduce the contributing factors to carbon emissions, rising sea levels, and rising temperatures. The UK has committed to reduce its CO2 emissions to net zero by 2050; and this commitment cascades to all markets, including property. This commitment is a great achievement for the UK, with it being the first first-world country to pass law to such a commitment.

Sadly, the amount of greenhouse gasses produced from heating properties has increased since 2014. Heating our homes accounts to a staggering one seventh of overall UK emissions. Our increased use of fuel can be resultant from heat escaping from properties through walls, windows and ceilings during winter. Luckily, the Government have called an end to the rise in fuel consumption and are devising a plan to battle the emissions producing more energy efficient homes. They are behind an initiative called Future Homes Standard, which is planned to be in full operation by 2025.

Having more energy efficient homes is a great ambition for all. It will lead to lower carbon emissions, reduced energy bills, and upgraded housing. In 2025, all new build homes will have to abide by the initiative to have clean technology to heat homes instead of the current fossil fuel burned for gas boilers. The construction sector and developers are at the heart of this revolution with their designs crucial to meeting this goal.

The Housing Minister, Esther McVey, said that “industry has told us some homes built using modern methods can have 80% fewer defects and heating bills up to 70% lower. Homes built using modern methods can be of higher quality, greener and built to last. I want to see a housing green revolution.” 2020 is set for an environmental transformation, with the property market a strong contributor to this.

Easter Eggstaraganza

Saturday 4th April

Follow the Woodland Trail to find the Easter Bunny who's giving everyone free chocolate.

Click here to read Easter Eggstaraganza .

Things to consider before putting your home on the market

Deciding to sell your most valuable asset – your home – is an exciting moment. It can also feel a little daunting. However, you can prepare your property for success, even before launching to the market. Have you ticked any of these steps off your list yet?

1. Declutter

The chances are you have collected plenty of unwanted items over the years – from clothes and shoes to defunct mobile phones and old paperwork. By decluttering now, you’ll not only save on moving boxes, but also make your home more appealing to viewers.

2. Spring clean

Once floors, shelves, surfaces, and wardrobes are clear, pull out your furniture to dust and vacuum, hire a carpet cleaner, and make those bathrooms gleam. If you have pets, remove any tell-tale odours or hair from the carpets and sofas. 

3. Refresh your décor

Neutral colours may seem boring, but they give viewers a blank canvas to adjust to their taste. As well as this, your home will also appear brighter and bigger. Pops of colour or designer wallpaper on a feature wall can add interest, but less is more. If your design scheme is already on point, just make sure you touch up any tired paintwork.

4. Tackle the to-do list

Leaky taps, cracked walls, chipped tiles, and loose fittings can give your home a neglected appearance. This could leave viewers wondering what other issues they may encounter once they move in. If necessary, hire a professional to complete any lingering projects.

5. Assess the lighting

Poor lighting can make the most charming room appear dark and uninviting. A few well-placed lamps can help – just remember to stock up on lightbulbs too.

6. Prepare for viewings

Help potential buyers imagine themselves in your home by paring back on personal items such as family photos, magazines, and toys. Get ready to stage your home too – think crisp prop towels for the bathroom, new linen and cushions for the bedrooms, and fresh flowers or houseplants.

7. Boost kerb appeal

We all know that first impressions count. If you have a front garden or drive, make sure it’s clear of debris and freshly weeded or mowed. Attend to any broken or missing roof tiles and damaged guttering, and think about cleaning windows and repainting the exterior.

8. Consider storage options

If you have a lot of furniture or treasured belongings, why not put some into storage? This will help you clear the decks and get your home ready for staging and viewings. It could also come in handy when you move.

9. Research potential estate agents

Now that you have given your home some TLC, it’s time to shortlist a few local estate agents. Pay attention to the marketing the agent provides for their current listings and follow your gut. While the big names may tempt you, don’t rule out smaller independents who may offer a more personal service.

10. Get your home valued

Before you make your final decision, it’s a good idea to invite a handful of agents to value your home in person. This is your chance to find an achievable price point for your property and get a feel for the people who will be representing it.

Our team are always here for a no-obligation chat. Contact us today.

Mad Hatter's Tea

Thursday 9th April

Enjoy an afternoon tea in the school holiday's with fun, craziness, singing and dancing.

Click here to read Mad Hatter's Tea.

Wedding Open Day

Sunday 19th April

If you are planning a wedding for 2020 or 2021 this wedding day is a perfect chance to see dressed rooms.

Click here to read Wedding Open Day.