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*

It’s come to the end of your current tenancy agreement, and your tenants are ready to move on, but are you? We’re here to supply you with a simplified checklist on how to get ready to place your property back on the rental market. 


Agreed-upon end date 

If you have tenants that have decided to leave or whose contract has ended for your rental property, then you need to ensure you have both confirmed an end date. This is extremely important to ensure that all parties involved are aware of this agreed-upon end date. This should be written down in a contract. This contract should include the signatures of all parties so it can be proven that you have both agreed on it. This will give you a small fraction of safety and protection in case the tenant does not leave the property by the agreed-upon end date. Having this date in the diary will also allow you to plan so you have a smaller gap between tenants. 


Inspect the property

Inspecting the property is one of the most important steps when it’s the end of a tenancy. This will allow you to identify if they have cared and maintained respect for you and your property. Once they have removed all their belongings from the property, you need to ensure you complete a thorough inspection. This inspection will allow you to confirm whether you return their deposit or not. As a landlord, you will need to provide a good reason with evidence to not return their deposit; otherwise, they could penalise you and involve the court. During this inspection, it is also important that you make sure the past tenants have removed all their items from the property.


Check previous payments

Finally, before exchanging the keys and returning the deposit for the property, we would recommend going through all your previous payments with them. This will allow you to guarantee that they have completed all their payments. We would also recommend checking if there are no outstanding council tax and utility bills under the address of the property before parting ways with the tenants. This will allow you to once again be certain they were good, respectful tenants before returning their deposit.
 

Deep clean 

Once you have completed the process with the previous tenants and you are happy, we advise deep cleaning your property in preparation for new tenants. This is not a required step, but if the past tenants have not returned the property to its original state, you can claim the deposit. This can be used to pay for a deep cleaning service and anything else you may have to fix within the property. 

Re-list your property 

Are you happy with your property? If so, the next step is to get it back on the market! After taking updated pictures of the property, it can then be listed and show encouraging new tenants for the future.

If you are an independent landlord or a new landlord entering the market for letting, we advise collaborating with an estate agent. This will reduce your involvement with clients and leave fewer tasks on your to-do list. Allowing you to rent out your properties stress-free.

Get in touch with us today if you are seeking advice

 

 

Understanding how the property market is evolving is crucial to making informed property decisions, especially if you’re considering a move. Let’s take a look at how the market has been shaping up so far this year, why it is a good time to move, and how you can make the most of today’s market.

 

Property prices are stabilising

According to Zoopla’s house price index, property prices did not change between the end of 2023 and early 2024 and decreased by just 0.8% compared to the same period 12 months prior.* This could be indicative of the country’s economy stabilising, with the government freezing interest rates at 5.25% over this period.

As a stabilising market increases the number of affordable properties available, it becomes easier for buyers to find a reasonably priced home within their budget. It also creates a less frantic market, which paves the way for a smoother buying process, allowing buyers to secure their desired property with less pressure from competing offers.

 

Buyer demand has increased

The start of 2024 has seen a promising increase in buyer demand, with figures showing a 12% increase compared to 12 months ago.* This could be attributed to the re-appearance of sub-5% mortgage rates, subsequently improving buyer affordability. Similarly, there has been a 15% increase in new properties appearing on the market for sale since last year.**

One of the primary benefits of higher demand and supply is the possibility of quicker home sales as more individuals look for properties. The increasing supply also ensures that there is a wide variety of properties to choose from, making it easier for buyers to find their dream home.

 

Housing market activity has also increased

The overall number of agreed sales has continued to remain high in early 2024, indicating that buyers and sellers are becoming more aligned when it comes to pricing. With new sales up 13% in the past 12 months and the flow of homes listed for sale up 22%,* it is clear to see that sellers are feeling much more confident.

The alignment in pricing expectations between buyers and sellers allows for smoother negotiation processes, as both parties are likely to reach an agreement more quickly. This reduces stress for both parties and increases confidence that the price they have reached is fair.

 

How your agent can help

An experienced estate agent can help you benefit from stabilising property prices, improved buyer demand, and increased market activity by using their knowledge and expertise to help you take advantage of the market's current conditions. They possess in-depth knowledge of the market and keep up to date with the latest trends, allowing them to provide valuable insights and an accurate valuation of your current property to help you make informed decisions for the future. 

 

Ready to make your move?

 

 

Before buying a home, you may consider its saleability; after all, it may not be your forever home. You may be interested in bagging a bargain by buying a property that you can add a lot of value to. This can be a good way of securing your financial future while creating a home you love and speeding up your ascent of the property ladder. Perhaps you are a seasoned property expert who loves nothing more than buying, improving, and selling for a healthy profit. Whatever your motives, here are some things to consider when you are looking for a home with a good resale value.

Can you improve kerb appeal?
The kerb appeal of your home is not everything, but it’s important. If the facade of your home did a good job attracting you to it, then chances are it will do the same for other buyers. However, there’s always room for improvement. Do the windows need replacing? Is the guttering in good condition? Then there is the garden, large, small, or nonexistent—a little effort makes a big difference. The power of a good clean, a better front door, or the addition of some fresh gravel to make the face of your home pop is profound.

How much potential has the garden got?
The simplest of properties often have bags of potential, especially in the garden. Research conducted by Zoopla revealed that 50% of Brits believe a well-designed garden is as important as a well-designed bathroom or kitchen.* There are no end of options for you to consider. From outdoor living spaces, free-standing structures, and purposefully designed areas defined by walls, raised flower beds, paving or gravel. Sometimes it’s just a case of making the best of what is already there with good maintenance and adding a few details, such as better lighting, some new plants, or furniture.

Is there scope to make the home more energy-efficient?
Having a greener vision for your potential home will make it more appealing to buyers in the future and reduce its running costs. How far you go will be largely dictated by your budget. Solar panels may pay for themselves in the long run, but if they are out of reach financially, there are lots of little things you can do. What is the EPC rating of the home you are viewing? The average in the UK sits at D.** It will not be hard to improve this with LED lighting, better insulation, triple-glazed windows, a better heating system, or by installing energy-efficient appliances.

Is the home’s interior in need of updating?
Kitchens and bathrooms make a big impact on the value of a home. So, if they need replacing, as long as you don’t overspend, improvements will increase saleability and your potential asking price. Many homes have already had a lot of improvements carried out. This makes your potential purchase an effortless one, and you know homes such as these will be sought after in the future. Conversely, you may relish finding a property that requires modernisation throughout. This will give you the opportunity to put your own mark on every room and redefine the property’s floor plan by removing walls.

Consider the location of the property
A good location is great, but an up-and-coming area can be even better. Sometimes it’s a financial challenge to find a home in the postcode you want. And if you do, the home you purchase will be in high demand now and in the future. However, if you buy in an up-and-coming area, the resale value and demand for your home will increase, while often costing a little less to purchase. Catchment areas, quiet neighbourhoods, and homes located near good transport links and social amenities all play a role in increasing demand for your home and increasing its resale value.

Get to know the market
Taking a peek at what other homes are selling for in the area and paying attention to the condition of these properties will shed light on any potential gains. Pick the brains of estate agents. Be honest and straightforward in your approach. Good communication with regular updates about potential properties and insights into increasingly improving locations will help you get a better understanding of the market. So, it’s always a good idea to get on the email list of a good agent, book plenty of viewings, and simply spend time discussing your requirements.

Zoopla*
Office for National Statistics 2021**

 

When you rent a property, it can be particularly challenging to make four walls feel like your home. Looking for options and inspiration on how to decorate your property without risking your deposit? Look no further, we are here to help you discover ways you can allow your personality to shine in every room of your property.

When decorating a living space, there are many ways to achieve the look you desire. This can range from creating a cosy feel by making large furniture purchases to even buying a bouquet of flowers weekly to create a homey feel.

What does your tenancy agreement allow?
Before renting a property and signing your contract, it’s important to recognise if anything within the property needs improving or decorating. You can then discover if your contract would allow this. There is no point in binding yourself into a rental agreement, and after a month of renting, you realise you can’t even use damage-free wall strips to hang up photos. Sometimes contracts can be restrictive, but most landlords are very lenient with decorating as long as you are improving their current property. So, it’s always important to check your contract ahead of time to ensure you don’t breach it.

Consult your landlord
When renting a property, the contract doesn’t always align with how the landlord may respond to certain questions. We would advise creating a healthy relationship with your landlord, allowing you greater leeway for decorating. Many landlords accept decorating outside of contracts. If you have agreed to this with your landlord, ensure you have a written, signed agreement allowing your deposit to remain safe for when you do vacate the property.

They are far more accommodating when it comes to you adding your own personal touch to the property if your rental agreement is for an extended period, spanning multiple years, until you can purchase your own home and join the property ladder. However, you will most likely be limited to using neutral colour schemes.

Creating life on your walls
Many landlords will accept decorating the walls of the property. It will create a fresh look within the property, even if it’s just ‘eggshell’ paint, as it doesn't ruin the overall aesthetic. To bring life to your walls, it’s good to design feature walls with lots of frames and prints. These can be hung up by using hanging strips, which can be found in most hardware stores.

They do no damage to the walls but still allow you to create a personalised look. Another great way to decorate your walls is by using temporary wall murals. These are art stickers that create a nice dynamic and resemble wallpaper. If you can’t hang or stick anything on your walls, large frames and mirrors look fantastic when leaned up against the walls, creating minimal damage. Mirrors can also give the living space the illusion of a larger room.

Spruce up your floor
When living in a rental property, typically you cannot renovate the flooring. As an excellent alternative, vinyl flooring can be installed over the existing flooring. It can produce a dramatic, customised appearance that truly gives the floor a temporary character of life. Large rugs are also a great option to cover the existing flooring, as they take up most of the floor and can dramatically alter a room's personal feel in a positive, homely manner. Because these particular items are owned by you, having them on your property might also make you feel at home.

Add accessories
The simplest way to add a personal touch without risking your deposit is with accessories. These can be from throws, stacked books, candles, plants, you name it. These small features create a whole different atmosphere and a personalised touch, creating character in each individual room. When placing accessories around the home, they don’t have to involve being hung on the wall causing damage. They can just be placed gently on a piece of furniture or shelf, creating a personalised look.

Final thoughts
Overall, personalising your living space shouldn’t be a chore. Even with the constraints of a rental agreement, your home should be a blank canvas waiting to be filled with your personality and individual touch, creating a home for you.

 

Interested in renting your own home? Contact us today for more information