November Newsletter - How will the general election affect the property market?

In this month's edition, we start with a look at how December's general election could affect the property market. 

Elsewhere, we reveal what homebuyers value most when choosing a property, you'll find top tips on improving your home's security and finally, if you're thinking of redesigning your child's bedroom, why not read our guide?

How will the general election affect the property market?

 

Over the past few years, Brexit has dominated the political landscape of the United Kingdom, but for the next month the general election will take up the headlines. Here, we investigate what the general election, and its result, could mean for the property market.

With the property market performing well over the past month, with a particular uptake in the last quarter, there is hope that the general election may bring with it yet more good news as potential vendors and buyers are buoyed by the stability of a new Prime Minister. In previous general elections in 2010, 2015 and 2017, an uptick in sales volumes were reported across the property market and Nedbank, the private wealth firm, have stated that they expect a significant impact on the property market following the election.

As it stands, the two main frontrunners in the general election are the Conservative party and the Labour party, both of which may well have to rely on other political parties if they fail to reach a majority.

The Conservative Party – Focus on First-Time Buyers
As the party already in power in the UK, should the Conservatives win the vote then the biggest effect on the property market will almost certainly be the break from Europe which Boris Johnson has been working towards since taking over as Prime Minister. For months, many have been predicting a flood of property transactions as soon as Brexit is agreed thanks to the people who have been waiting to buy or sell simply due to the political uncertainty – with Brexit completed, transactions should increase in the property market.

Further to Brexit, the Conservatives have pledged to create up to 100,000 new starter homes with a 20% discount for first-time buyers under 40 years of age in order to continue with the momentum that has been seen over the last two years amongst this group. They will maintain the Right to Buy scheme which will continue to see the number of council owned properties declining, and the rental market fluid.

This should come with a note of caution, however, given that Whitehall’s spending watchdog recently discovered that the party has failed to build any of the 200,000 starter homes promised in 2015’s party manifesto.

The Labour Party – Mansion Tax
Labour have plans to shake up the property market on a bigger scale, and this is no more evident than with their proposed Mansion Tax where property owners whose homes are worth more than £2m would face an annual charge, based on the value of the property. In line with this, those who own second homes would pay higher rates of tax, as well as those who own properties which are empty or owned by non-residents of the UK.

In terms of first-time buyers, Labour have pledged to build 200,000 homes a year in order to keep the market fluid and meet the demands of an ever-increasing population who have recently faced under-supply.

Improving your home's security this winter season

 

As the nights are drawing in and we occupy ourselves with the wintery joys of hot chocolate and cosy evenings, it is easy to forget that it is during these wintery months when burglaries are most rife. Lloyds Bank noted that there are 35% more claims for forced burglary during the darker months of the year, with criminals emboldened by the shorter days. Follow our helpful hints and tips to ensure that you can enjoy the winter months without any other worries apart from who has turned up that thermostat!

Doors
Did you know that over a third of burglars use the front door? It seems like such a simple fix, but this winter remember to secure your doors to ensure that you don’t have any unwelcome guests. Inspect all your exterior doors to ensure that the frames are strong and in good condition and don’t forget to check the hinges as well. If your door has a mailbox, then ensure that nobody can reach through by installing a mailbox protector.

Windows
As well as doors being popular entry points for burglars, windows are also amongst the most common entry points for break-ins. It’s unlikely that you will be leaving your windows open with the temperatures currently plummeting, however the latches on your windows can prove to be ineffective if put under stress. To stay safe this winter and beyond, you can improve the security credentials of your windows by adding locks or key operated levers which will prove to be much sturdier than the original fixings.

Lights
There is a clear relationship between the darker nights and higher incidence of burglaries – and that is due to the cover which the dark of the winter months provides to would-be criminals. Illuminate your home using outdoor lights in order to make your home a less appealing option to potential security risks; lights on pathways and in gardens will eliminate those darker areas. The use of motion lights is becoming more and more popular, with the element of surprise of a light turning on proving to be an effective deterrent.

Wi-Fi
When considering your home’s security, you would be forgiven for only protecting the bricks and mortar, however a key consideration in these modern times should be your wi-fi network. Your home wi-fi is a potential pathway for intruders in to your personal and financial information, and with the ever-increasing popularity of home automation apps can also make your home vulnerable to break-ins. To protect your wireless network, ensure that you are using a secure router and that you have enabled WPA (Wi-Fi protected access) or WPA2 encryption – as well as the usual staples such as a strong password and firewall protections.

Neighbours
Life these days is extremely fast-paced and British sensibilities often drive us to simply say a polite “good morning” and “good evening” to our neighbours, with little more conversation shared. These seemingly inconsequential conversations could also be used to improve your home security, however, as well as fostering better relationships with those living next to us. Use those early-morning interactions with your neighbours to discuss holidays and upcoming plans, so that they will be aware if there is something untoward happening at your home. Neighbours can also move parcels or letters left on your doorstep so that potential burglars won’t be made aware of your absence.

 

Read our guide to designing a child's bedroom

 

Designing a child’s room can be tricky; there are a number of factors to consider so it is hard to know where to begin. Design trends are forever changing and your child is constantly growing, so it is important that you consider a few things before starting.

Striking the balance between fun and practical is a challenge and designing something that your child does not grow out of too quickly is not easy, but by taking the time to think it over, you can save yourself a lot of hassle and create a space that is fun for them and easy for you to manage.

Draw Up A Floor Plan
Before you start buying all sorts of cute and colourful furniture, it’s important to remember that depending on your child’s age, this room could have a variety of functions.

Have a think about what the room will be used for and draw out a plan. If the room just needs to be a comfortable place to sleep then you should have plenty of freedom, however, if it also needs to be an area to play and study, you’ll require a good amount of floor space and maybe a dedicated little corner for a desk.

Everyone’s home and preferences are different but you want to get as much out of the space as possible, so take a moment to consider the role that the room will play and how it may change over the next few years.

Choose The Right Colour
It may be tempting to simply ask your child what their favourite colour is and then start buying paint or wallpaper.

While it is a good idea to include your child in the design of their room, if their favourite colour resembles a highlighter pen, then your best option is to go with the more neutral shade of that colour.

Your best strategy is to aim for a colour palette that nicely blends with a variety of furniture and will not look so childish once your child turns into a teen. Save yourself a redecoration job in 18 months by picking a colour that will age well with the rest of the ever-changing décor.

Decide On The Flooring
When it comes to flooring you have a few options, all with their pros and cons, so you just have to decide which will be best for you.

Carpet helps keep the room a little warmer but is vulnerable to stains. Hardwood is much more durable and easy to clean but does not provide much cushion for a child that is a little more clumsy than most. You could also opt for rubber flooring that does offer the benefits of both carpet and hardwood; however, it is the most expensive option of the three.

The flooring that is best for you is dependent on the age of your child, but research your options while keeping your budget in mind and make sure your choice of flooring compliments the room and doesn’t break the bank.

Getting The Furniture Right
There are two key things to keep in mind when choosing your furniture, functionality and lifespan.

We’ve already established that space is a valuable commodity so finding multifunctional furniture can be a real lifesaver.

Beds that have storage built in underneath are quite easy to find and the extra storage they provide can go a long way, as well as free up more of the room for other essential items. This also gives you an opportunity to get a little creative and look for ways to combine 2 items into one such as adding some padding to a desk or dresser so that it also can be used as a changing table.

The other consideration for furniture is its lifespan. There is a lot of cute miniature beds, tables and chairs that might look great, but you must remember that they will grow out of it quicker than you think. A good strategy would be to buy some furniture that they can grow into. Their small clothes may not justify full sized dresser just yet, but it will not be long before you are looking for extra storage space and their feet are hanging out of the end of the bed.

Add Character Through Accessories
Now that your room has been planned out, you have chosen your colour palette, had the flooring fitted, assembled and placed the furniture, it’s time to add character.

The great part about this phase of designing the room is that because the rest of the room's features were kept neutral and timeless, you can now give your child a good amount of freedom to add their own personality to the room from accessories.

Whether it’s action figures, bed covers or posters, you can basically style the room however you want and the best part is, these accessories can be easily replaced and changed over the years at the same rate as your child’s taste in décor shifts from one thing to the next.

What do homebuyers value most in a property?

 

According to recent research, homebuyers regard traditional features as one of the most important factors in a property when looking for their next home. With the prevalence of first-time buyers in the marketplace, traditionally important factors such as school catchment areas are descending in terms of their importance to buyers.

At the top of the list of considerations for buyers is green space – either private or shared - with almost a third of those surveyed ranking this as the most important factor when looking for a property. For those currently thinking of selling, the garden may take a backseat in terms of priorities over winter; however, in light of this research it may pay dividends to ensure that your outside space remains as pristine as your home over the coming months.

With a focus on green areas, it may come as no surprise that a private car parking space was ranked second with people now prepared to travel a little further to get that all-important green space.
Interestingly, in the capital city good transport links were considered the most important factor, with 31% rating this as priority number one.

Amenities such as shops and restaurants, as well as good transport links, followed in the list of priorities with around 13% of respondents noting the importance of good local facilities.

Michael Stone, Founder and CEO of Stone Real Estate, noted that: “Buyers are now searching for the right lifestyle fit for them and not just the right property and this level of innovation by developers in order to remain competitive and stand out from the crowd has resulted in homebuyers getting much, much more for their money.”