The rental market is highly lucrative and full of opportunity, with soaring demand and lists of people looking to rent. As a landlord, you are set to gain a good return on investment; it’s just a bit more complex than it used to be.

Not conducting tenant screening
It’s vital to carry out the right background checks. The last thing you need is to place a tenant who is problematic when it comes to damage to your property or paying rent. Credit checks and references are good ways to ensure you are letting your property to the right tenants.

Not keeping on top of maintenance
It’s imperative to keep on top of your property. Small issues can very quickly become expensive problems if not dealt with quickly. If tenants live happily in a well-maintained property, then this reduces the risk of accidents, claims, or losses in revenue if your tenant decides to leave.

Not conducting inspections
A great way to prevent expensive repairs is to conduct regular inspections of the property. This will help you identify any potential problems before they become repairs. It's vital that you give your tenants at least 24 hours' notice before conducting viewings. It’s less about checking up on tenants and more about keeping your property in good condition.

Neglecting legal obligations
From the right safety checks to the correct level of insurance, there is a lot to remember. Having the right tenancy agreement is also vital, and you don’t want to skim over the details of this. It’s important to define the cost of rent and what it covers to notice periods. It’s also important to maintain records of rent payments, and while some things may not be a legal requirement, they can help your case if legal disputes arise.

Incorrect pricing
When deciding how much rent to charge, it’s important to strike the right balance. You don’t want to charge too much, which could lead to your property being vacant. On the other hand, you must factor in your maintenance costs and the area where your property is located.

Not using a letting agent
A letting agent can take care of as much or as little of all these processes for you, which helps protect your investment and ensures your rights as a landlord are protected. Managing your own buy-to-let property is a time-consuming business. But more than that, you don't want to get caught out or increase your costs due to poor management.

Contact us today to find your buy-to-let property

 

Buyer demand in July was 3% higher than in 2019, but the number of available properties for sale was 12% lower than the same period in 2019.* This means that your home is in demand. While there is a healthier choice of properties than in recent years, demand still exceeds supply.

The housing crisis
There is a backlog of 4.3 million homes that are missing from the national housing market because they were never built.** With so much talk of high interest rates and the cost of living, it’s easy to forget that the housing crisis has not gone away.

Some good news about inflation
Inflation is finally falling, as it dropped to 7.9% in the year to June.*** This is the lowest level for over a year and will impact the base rate, meaning lower mortgage interest rates should follow. As this happens, the property market will revitalise, but without the sudden upsurges of the past.

First-time buyer homes
The national average asking price for these types of homes decreased by -0.4% from June to July, with an annual change of +0.3%.* The demand for first-time buyer-type properties is high, with many people still managing to get a footing on the ladder despite all the challenges. The mortgage guarantee scheme, which ends in December, has helped, as has a competitive range of mortgages from high-street lenders.

Second-steppers homes
The national average asking price for these types of homes decreased by -0.5% from June to July, with an annual change of +0.6%.* With many home movers getting a good price for their first-time buyer-type homes, they are taking advantage of good levels of equity and moving to something bigger. Whether it’s a house in the suburbs or a townhouse, the figures show that these types of houses have increased in value over the past year.

Homes at the top of the ladder
The national average asking price for these types of homes decreased by -0.1% from June to July, with an annual change of +0.8%.* Homes at this end of the market had not been quite as buoyant in terms of sales as those in the first-time buyer market. However, overall, as with all house types, the value of these types of properties looks healthy on an annual basis.

Spend some time with your agent
It’s easy to listen to the news or look at average house prices and arrive at the wrong conclusion. Agents know your local market intimately. Better still, they have the right approach when it comes to pricing your home at the correct level. Properties that need a reduction in asking price are 10% less likely to find a buyer compared to a property that was priced correctly in the first place.* Your situation will differ from that of the next person. You may have high levels of equity in your home, but even if you don't, agents today can put you in touch with mortgage providers and advisors who will create a solution that is right for you.

Get in touch today for advice on all aspects of your move

Rightmove*
centreforcities**
Office for National Statistics***

 

There is nothing better than good news, and while the UK property market is resilient with plenty of buyer demand and many home movers getting on with finding their dream homes. There is much to feel positive about thanks to lowering inflation and falling mortgage interest rates.

Falling mortgage interest rates
Mortgage interest rates are finally falling as the rate of inflation slowed to 7.9% in the 12 months to June.* This means that two and five-year fixed-interest rate deals have been reduced. According to Moneyfacts, the average two-year fixed interest rate deal fell from 6.81% to 6.79% in July.** While this is not a significant reduction, it is a good sign of things to come. With inflation now at its lowest level for more than a year. Many analysts now expect the Bank of England not to raise the base rate by quite as much due to slowing inflation.

Cost of living support
More good news is that lenders are now offering you the chance to extend the term of your mortgage or pay interest only for up to six months. This gives you a breather and will reduce your monthly outgoings. This was instigated by the government and aims to help people who are feeling the pinch of high interest rates.

First-time buyers
The Mortgage Guarantee Scheme was extended until the end of December 2023. The government-backed scheme has helped over 24,000 households get on the property ladder.*** Its aim is to help people with a 5% deposit, and it was launched in April 2021.

Aimed at first-time buyers, it’s similar to the government’s Help to Buy scheme, which ended earlier this year. So, you still have time to take advantage of it.

Increase the term of your mortgage
With mortgage providers now offering longer-term mortgage deals, in some cases up to 35-year terms, you can get on the move now as your mortgage will be more affordable. This could also be a short-term solution to buying the home you want now, as there is nothing to stop you from getting a new deal in a few years.

Have you considered porting your mortgage?
If you are currently locked into a favourable fixed interest rate deal but really want to move home, then porting your mortgage is the perfect solution. Some lenders will allow you to keep your existing mortgage to buy your new property. So, you can move home without changing your mortgage.

Talk to an expert
Your agent will put you in touch with a mortgage advisor who will be able to find a solution that works best for you. In June 2023, there were 5,000 mortgage products available on the market.****

Whether you are a first-time buyer, have a lot of equity in your home, or are downsizing and want to invest in a second property, there are many ways to go about financing a home you can cherish.

Get in touch with our dedicated team today to discuss your property aspirations

 

BBC*
Moneyfacts**
GOV.UK***
Zoopla****

 

Being a tenant has a lot of advantages. In the UK, 36% of households rent, 35% of households own their house outright, and 30% of households are mortgage holders.* This technically means that the UK is now a nation of renters. It’s a good time to look at some of the great reasons to rent in the UK.

It’s easier to move
Once you find your perfect place, it’s relatively easy to make your move. With no selling or buying involved, you have a lot more flexibility to find something bigger or somewhere in a different location with speed and convenience, and your agent will take care of everything for you.

Fewer financial commitments
With an initial deposit for a rented property being a fraction of the amount needed for a deposit for a mortgage, you are already saving before you move in. Then, if there are any maintenance issues, you are not liable for the costs. You may find that bills are included in your rent, and this allows you to budget for the more fun things in life.

Less responsibility
With less responsibility for repairs, all you will most likely need to do if something needs fixing is call your agent, who will have a dedicated maintenance team. This, combined with a lower financial commitment and the legal responsibilities of home ownership, means you are not tied down.

You don’t have to worry about rising interest rates
Many homeowners are currently worried about increasing interest rates and paying their mortgages in the current cost-of-living crisis. When you rent, you don’t have to think about this, nor will you need to borrow or become tied down with a mortgage.

Social opportunities
Whether you are renting in the suburbs or a city apartment, because of the ease of moving, you can find a place near the social scene or amenities that most interest you. Whether you are addicted to travelling and want proximity to the airport, or you simply want to be near a decent gym, living close to good restaurants and bars will save you time and add to the quality of your life.

You can focus on other investments and goals
With fewer financial commitments, you could choose to invest in the stock exchange or perhaps properties in locations that are more affordable. You may have a retirement plan, a hobby, or a business you would rather develop. Perhaps you have other passions you want to pursue.

Greater freedom to explore
If you are developing your career and, as a result, may move abroad or change your job roles regularly and don't want the financial commitment of a mortgage, then renting can be the perfect solution. Renting also allows you to explore different living arrangements, from sharing to city life and then, in no time at all, country living.

Try out different properties
There are so many different property types you can enjoy renting. From a flat in the city to luxury homes, humble terraced homes to rural retreats. Whatever you are looking for, from a quaint village to a place in the leafy suburbs, it’s always worth talking to a good agent to help you in your search.

Contact us today to discuss your rental requirements

 

English Housing Survey*

 

Whether you’re an experienced landlord looking for new investment opportunities or looking to take your first steps to becoming a landlord, the market is looking promising as we settle into 2024. Let’s look at how the rental market is shaping up and how you can benefit from it as a landlord.

Rental prices are on the rise
One of the main reasons you should be feeling optimistic as a landlord is that rent prices are predicted to continue rising. According to Zoopla’s rental index, average rental prices increased by 9.7% across 2023, increasing income for landlords.* It is predicted that average rent prices will increase by a further 5% this year*, further maximising return on investment for landlords, who could use this added income to expand their portfolio or make improvements to their existing properties.

Mortgage rates have decreased
More positive news for landlords is the recent announcement that mortgage rates have decreased, making property investment more affordable. These days, it’s possible to get a 5-year fixed-rate mortgage below 4%, meaning you can obtain a better deal when investing. As banks fight for business, increasingly attractive deals are becoming available.

Better deals on buy-to-let mortgages will also appear, which will help you expand your portfolio and increase your rental income. With lower interest payments, a larger proportion of your rental income can be distributed towards property maintenance and upgrades to increase the value of your existing properties and enhance the overall profitability of your portfolio. You also have the option of refinancing your existing mortgages at the new interest rates, reducing your overall borrowing costs for the entire duration of the mortgage.

There is plenty of choice
Now is an opportune time to search for new properties to invest in, as there is currently a high volume of properties on the market. On Boxing Day 2023, over 10,000 new properties were listed on the market, which is the largest number of new listings in a single day since 2011.** With an abundance of properties to choose from, you can select those that align with your investment goals, budget, and target market.

 

This high supply of properties will allow you to diversify your portfolio and spread your investments across several types of properties. For example, you may decide to buy a larger property and convert it into a Home for Multiple Occupancy (HMO), which often produces higher rental yields than regular lettings.

How an estate agent can help you
If you’re looking for properties to invest in, an experienced estate agent will conduct a thorough market analysis to understand the trends and dynamics affecting property prices in your area. This knowledge will allow you to set the right rental price, maximising your rental income while remaining competitive in the market.

Additionally, an estate agent will identify strong investment opportunities and negotiate a competitive price for any properties you may be interested in, maximising your return on investment.

 

The housing market has once again proven resilient despite residual uncertainty as we move into 2024. According to Zoopla*, new sales agreed ran 17% higher in November than they were at the same time in 2022, while buyer demand has climbed by 19%.* .

 

Tentative signs of growth

Confidence in the market has taken a series of hits over the past couple of years, starting from November 2022 following Kwasi Kwarteng’s Autumn ‘mini-budget’ announcement.

Today’s market has recovered nicely with an increase in the number of homes available for sale – up 25% in the last year – boosting choice and supporting sales.*

Zoopla also reported a further drop in mortgage rates, with some incredibly competitive rates for borrowers with a 60% LTV*. This is set to strengthen affordability and boost buyer demand in the coming months.

With the help of a trusted letting agent’s skills and knowledge, you can diversify your portfolio and experiment with different projects to see what works best for you.

 

How to time your move

While conditions are improving, the housing market is in a constant state of fluctuation; so, timing is everything. By considering seasonal nuances, market trends, and personal schedules, you can make an informed decision for your move.

Seasonal considerations

Each season will have its renowned pros and cons for moving. There is a lot of misinformation online about seasonal market dynamics, so it’s important to speak with a local agent who can provide you with accurate and localised data to help you weigh your preferences against practical factors.

Create a timeline

Moving is a step-by-step process which takes a lot of time. You can stay organised and even speed things up by developing a detailed timeline for your move. Consider when you will start packing, which dates the kids are off school, and when to hire tradespeople. This should provide you with a clear and realistic idea of what date you can get moved in by, allowing you to plan around work and any other commitments.

Should I put my house on the market before looking?

Having your home on the market while you’re looking for your next will put you in a stronger position as a buyer. When the market is competitive, some sellers may even sell their homes first and rent for a while so that they can be chain-free buyers. Your position as a homebuyer is strengthened if your home is already under offer or sold, as this shows sellers that you’re a serious buyer who can move in quickly.

 

 

 

Is your home ready for the market? Get in touch with our expert team today to find out how we can help

 

With the arrival of sub 4% mortgage deals, banks are attempting to outdo each other by setting headline-grabbing rates. And with better deals on the horizon, with lower rates for those with smaller deposits, homemovers are starting to make a move.

Your property’s value will increase
As interest rates lower, demand for your home increases. Your home has become more affordable to buyers who need a mortgage to purchase it. A rejuvenated property market, which is enduring a shortage of homes, means your property's value increases. But as prices rise, you may have to borrow more, so it could be worth making an early move to get ahead of buyers returning to the market.

A quicker sale
With more buyers returning to the market, you are more likely to achieve a quicker sale. Let’s be honest: once you have decided to move and have found the right home, you want the entire process over and done quickly. Better mortgage deals mean more buyers are in a position to move. This also applies down the chain, meaning you are less likely to encounter delays.

An increase in certainty
The UK property market performed far better than many expected in 2023. In the aftermath of so many interest rate increases, the steadying of the base rate towards the end of last year came as a big relief to many homeowners and homemovers. Lowering interest rates and a positive outlook for the year ahead mean you can feel more confident as confidence in the market increases.

Lower mortgage payments and faster equity growth
Lower rates mean lower mortgage payments, with more of your payment contributing to the outstanding balance of your mortgage. This means you can build up equity far quicker. If you are planning on moving to your forever home in a few years, lower rates mean that you can move up the ladder more quickly. Financing home improvements also becomes more affordable.

There are other ways to save
Moving to a better home and making good investments has a hugely positive impact on your life. There are plenty of ways to make moving a viable financial option to counter slightly higher interest rates. If you can save on your commute, enjoy greater energy efficiency, have a better work-from-home space, and make your family happier, you will save money.

Your property story can begin
Are you a first-time buyer, downsizing, planning on retiring to a holiday home, or want to boost your pension while living in a more compact, energy-efficient property? Perhaps you love restoring and improving properties, like living in them for a few years, then moving on to the next project. Maybe you could be a fully-fledged buy-to-let investor?

 

Become the author of your moving success story by contacting us

 

House sharing is a good solution to finding your independence at more affordable levels. But if the idea conjures up memories of your student days when the sink was always full or you couldn’t sleep because of a house party, then think again. Things have moved on.

Have a cleaning strategy
There are some awesome properties available to rent and to make the most of them, it’s best to keep them clean. Whether you live with family or your partner, you will need to clean, even if you use a professional cleaning company or hire a cleaner. Taking turns or using a roster will help everything fall into place if some housemates are not proactive.

Remember your headphones
Parties or other social events should be discussed; the chances are you will be joining the celebrations. But for those times when you need to blast out some tunes, maybe late at night after a hard day's work, your headphones will help keep the peace. When planning forthcoming social events or times when you may be planning a special meal or gathering, it’s always best to give plenty of notice.

Talk about finances
It’s always best to split bills evenly. By agreeing to this in advance, you reduce the potential for any arguments. If you are saving to rent or buy your own place or are planning on moving in with your partner, this will help you save more quickly. Communication is the key to being a good housemate. If you know where the boundaries are, then it’s easier to live within them.

Be nice
If you find yourself living with a good bunch of people, a few kind gestures, go a long way. It is all about keeping everyone happy, and living with people who are upset or who become moody due to tensions in the home is not healthy and will increase your stress levels. Respecting each other's space, knocking before you enter, and generally being courteous will encourage the household to feel happier, which should result in more fun.

Remember the little things
From setting the thermostat, and taking out the bins, to using the washing machine, a flexible approach is the right way to go. Compromise is also key to preventing any fallout or tension. And with all the little things taken care of, you will find that they should not become bigger problems. The same goes for the maintenance of the property. If you use a letting agent, maintenance issues can be taken care of for you.

Get your own place
House sharing is a cost-effective solution to enjoying a great place to live. You can benefit from companionship, fun, and the safety that comes in numbers if the alternative is living alone. However, if house sharing is not for you, a fully managed property will mean you will have a dedicated maintenance team, which promises to improve your renting experience. From finding great homes to obtaining references and protecting your deposit, the entire process can be fast and straightforward with the right letting agent.