October Newsletter - How much would you be prepared to pay for your 'forever home'?

In this month's edition, we take a look at how much people are willing to pay when it comes to purchasing their 'forever home'. 

Elsewhere, we guide you through the pitfalls of converting your loft, you'll find top tips for dealing with condensation around your home and finally, reports have suggested that the rental market has defied the typical season slowdown seen during the Summer. 

How much would you be prepared to pay for your 'forever home'?

 

Everybody has their own notion of a forever home, whether that is a sprawling mansion, a chic downtown loft or a quaint cottage in the country. However, what would you be willing to pay for that dream residence?

Research conducted by the Nottingham Building Society has shown that homebuyers expect to be purchasing their forever home, that is the property that they will live in for the rest of their lives, when they are around 41 years old. This is despite the statistics showing that the average age of those who have already purchased their final property being 36, displaying a certain level of pessimism amongst those surveyed.

Ben Osgood, senior mortgage manager at The Nottingham, said: “You would naturally assume people always want more so it’s really refreshing to see so many people realising they already live in their forever home.

“A homebuyer’s ‘wish list’ is often created when purchasing their first house but more often than not there’s a degree of compromise required when people are first getting on to the ladder.

“As you travel up the property ladder, taking the next step gets more and more expensive so we’re seeing an increasing number of people asking about additional borrowing so they can remodel and extend to turn their current home into somewhere they have no reason to move from.”

When it comes to that elusive forever home, one of the most important factors is the location of the property with 50% of people who were surveyed by The Nottingham placing this as their key factor. As well as location being central in the search for a forever home, the size of the property (16%), price (13%) and the appearance (8%) all ranked highly amongst those surveyed.

 

Rental market defying typical seasonal slowdown

 

Rental properties have defied the usual summer slowdown which is often seen in the housing market due to several factors, including summer holidays and children not being at school. According to the latest data from the Agency Express Property Activity index, properties let nationally were up 6% month-on-month.

The Agency Express index is based on the number of lettings boards which are erected each month, and is therefore a particularly up-to-date measure of activity in the marketplace. According to the board company, as well as properties ‘Let’ being up 6%, the number of properties entering the lettings market also increased by 8.5% month-on-month.

Some regions which observed particularly strong growth are listed below:

Properties ‘to let’
South East 16.4%
Yorkshire & Humberside 16.1%
South West 10.8%
Wales 10.8%

Properties ‘let’
North East 17.2%
Yorkshire & Humberside 7%
South West 6.7%
London 5.8%
Wales 4.3%
South East 4%

Stephen Watson, managing director of Agency Express, commented: “July has been an unexpected month for the UK lettings market. Usually we would see slower movement throughout the summer holidays but this month’s activity, which is somewhat reflective of an increase in our customer base has been buoyant.

“Looking forwards, while we expect to see further increases in August, we don’t envisage a real pickup in activity until September. It will be interesting to see if the current rate of activity continues.”

Loft conversions - what you need to know

 

For some of us, a great option to increase the floorspace in our homes is to move upwards into the loft area. However, if you’re considering converting your attic space into living space, there are a few factors that you should consider before starting any work…

Is it worth it?
When you are weighing up the potential of a loft conversion, it’s worth deliberating whether the cost of the work is equal to the value which you are adding to your property, so that you don’t end up overspending with no hope of recouping the costs when you decide to sell up. A loft conversion can add up to 20% to the value of a property, a significant amount; however, the cost of completing the works can vary depending on the type of space that you have available and the complexity of the requisite works. Shop around for your building quotes so that you have multiple options and then compare property prices in your area that have had loft conversions to see the difference in price; this should give you a strong idea in terms of budgeting.

Is my loft suitable for conversion?
Not all lofts can be converted into bona fide living space, as there are some caveats in terms of the available head height in the area, the pitch of the roof, the structure of the roof and obstacles such as water tanks or chimneys which may obstruct the area. When you measure from the bottom of the ridge timber to the top of the ceiling joist, you need to have at least 2.2m of usable space for a conversion to be suitable.

Do I need planning permission?
Depending on the type of conversion that you are implementing, you may not need any planning permissions whatsoever. As of 30th May this year, “Permitted Development” rules grant rights to enable homeowners to undertake some types of building work without the need for any permissions. If you are completing a simple conversion, with no structural changes to the roof, then you will most likely not require planning permission, making the process a lot simpler. To read about “Permitted Development”, see government guidelines here: https://www.gov.uk/guidance/when-is-permission-required

How do I intend on using the space?
One of the most important questions to ask yourself before you commit to the building work is what exactly you need the extra space for. In some instances, this will be an easy question to answer; for example, if you’re a growing family in need of an extra bedroom. However, for others the use of the room may not be so clear-cut. If you’re adding the extra space simply because you’re feeling a little squeezed for space in your property, then a loft conversion may well be the wrong answer as, although you’ll be increasing your living area, you will most certainly be losing useful storage metres. If you are looking for more space, then consider moving into a more appropriate property in your area – you may well have made a profit on your current property which would enable you to upsize.

Don’t fall foul of your insurer
Before completing any works on your property, ensure that your insurer has been fully briefed with regards to the possible changes to your property as you don’t want to invalidate your home insurance. Adding value to your property may affect your premiums, and any building work being completed (such as floors being taken up or electrics changed) can result in damage to the property which may not be subject to insurance claims.

Condensation - how to prevent damp in your home

 

If allowed to enter your home unchecked, dampness can cause untold damage to your property, possessions, and even to your health. Dampness can be expensive to remove, and at the very least, causes an unpleasant and lingering musty smell.

Condensation is just one form of dampness but it is the most common and often most ignored. During summer, your guard is down. How can my house be affected by condensation when it is a problem typically associated with cold weather?

The truth is that condensation can be caused by changing temperatures that occur within your household, and not just outside of it. Kitchens, bathrooms, and attics are more susceptible to this problem due to there being higher chances of steam or inadequate ventilation in these rooms.

So before your condensation issue escalates into a full-blown black mould problem, we have a few recommendations for you that can keep your home, health, and happiness better protected.

Know the signs
Nip your condensation problem in the bud by keeping an eye out for:
Excess water on your window sills
Peeling paint or plaster
Mould on clothes or fabrics
Musty smells
Presence of black mould
Unfortunately, by the time that some condensation warning signs are discernible, the damage can already be quite extensive, and that’s why it’s best to take a preventative rather than a reactive approach.

Our suggestions
When facing difficulties with condensation, good ventilation is key.

Give your house plenty of room to breathe. Leave small gaps between your furniture and walls, don’t cram too much into too tight of a space – as air will not be able to circulate efficiently – and hang wet laundry outside.

It is essential that your kitchen is properly ventilated whilst you are cooking! Cover pots and pans, and make use of your extractor fan. Don’t have one? Invest now and save yourself a bigger bill later on. It’s also important to have properly ventilated washing machines and tumble dryers.

If able, close your kitchen door when cooking or boiling a kettle. This may seem excessive but it will stop condensation spreading from room to room.

As for your bathroom, keep your windows open during and after baths or showers. Again, invest in an extractor fan if you have a windowless bathroom. Mould growth will thrive in this environment, and without proper bathroom ventilation, you risk breathing in these harmful spores.

Say no to condensation
Whether you are trying to sell your house, or simply live in it, condensation must be dealt with before the problem progresses beyond your control. Ventilate your home following our suggestions and provide a cleaner, healthier environment for yourself and your household.