Your property market update for January

In this month's newsletter we take a look at the surge in homeowners keen to move this year following a change in buyers' and sellers' attitudes.

We also share with you which room in your home is the best value for money so that you can make home improvements whilst spending time indoors. Further into our newsletter we give first-time buyers some top tips on how to save money for a deposit, before finally looking back on 2020 at the positive property developments.

We hope you enjoy this month's edition. If you have any questions please do not hesitate to contact us.

Surge in homeowners keen to move this year

COVID-19 has caused a major shift within the property market regarding buyers’ and sellers’ attitudes.

According to a recent survey of 1,000 homeowners, as many as 26% are considering moving within the next year.*

So, what are the reasons for homeowners wanting to move?

After a year of restrictions and confinement, we've all had more time to reflect on the way we live and use our homes.

Considering that 55% of respondents directly linked their reason for moving to COVID-19, we can see just how extensive the situation is, with many households finding that their property no longer fits their lifestyle or needs.

As well as desiring a bigger garden space, other important factors include finding somewhere with:

Natural light (15.8%): introducing natural light into your home reduces stress and anxiety, boosts immune systems and increases happiness through the production of serotonin – the feel-good hormone.

Whilst these are just some of the core benefits, they are the most relative as to why homeowners are seeking homes with plenty of natural light.

A home office (13%): working from home has given many of us the opportunity to see remote working as a long-term norm.

By working at home, families are able to share the responsibility of childcare and spend more time together that would have otherwise been spent separate.

A home gym (11.9%): the initial lockdown caused a rift in the country's health and wellbeing, pushing many to implement home workout measures in order to stay fit, active and fulfilled.

The reality is that a lot of people won’t feel comfortable returning to their regular routines for some time, minimising possibly high risk locations such as gyms for a safer alternative, choosing to exercise from home instead.

Chief Executive of IDSystems concluded that: “2020 has been a year of frustration and uncertainty for homeowners, with many now feeling the need to make big changes, either by moving out of the city or maximising their existing spaces.

Through the challenges and restrictions people have faced, it is clear that British homeowners are not afraid to make big decisions to ensure their homes are providing the best possible environment for work, study and relaxation.”

If you're feeling fed up and in need of a change, we'd invite you to browse our range of stunning local properties. Contact us today for more information.

*IDSystems

Which room in your home is the best value for money?

Faced with a third lockdown, how are you maximising your time to your advantage?

Whilst it might be the furthest thing from your mind right now, making home improvements is the perfect way to spend all of that extra time indoors.

So that you know where to concentrate your energy, we've outlined the rooms considered 'best value'.

Perhaps unsurprisingly, the best-valued room has been revealed as the master bedroom, where we spend an average of 2,482 hours a year.

A recent study from comparethemarket.com has shown that Brits spend £308.51 each year on renovating the main bedroom, which makes sense when we consider just how much the room is used.

The average person spends about 26 years sleeping in their life, which equates to 9,490 days. We also spend seven years trying to get to sleep, totalling 33 years or 12,045 days spent in bed!

With the pandemic forcing more of us than ever to work from home, it is no surprise that the home office follows the bedroom for the room most used within our households.

Since March, an average of £213 has been spent on sprucing up the office room or area where we're working.

In the last five years, over £10k is spent on improving our homes on average, with just under a quarter of that going on our kitchen.

It seems we enjoy improving our culinary skills as well as our homes, with Brits spending just under 800 hours a year in the kitchen.

With many people adding renovations to their New Year’s resolution list, it is important to know which room to do first.

If you are thinking of making changes to improve the value of your property, it is best to start with the kitchen or bathroom.

When buyer’s view a property, nothing grabs their attention more than a stunning kitchen or a modern bathroom. These improvements don’t have to break the bank to go a long way to impressing prospective owners.

If you’re improving your house for your own purposes only, it’s best to start with the room you would notice changes in the most.

To get your home valued or browse our latest properties, visit our website.

Top tips for first-time buyers saving for a deposit

Buying your first home is an extremely poignant event in anyone’s life and being able to put down a significant deposit is vital to stand you in good stead for your future repayments.

However, in light of the pandemic, we appreciate that it can seem more daunting than ever to imagine yourself taking that step towards homeownership.

As your trusted local estate agent, with lots of first-time buyer experience, we have complied these tips to support your saving goals this January.

Plan ahead

During your property purchasing journey, it is crucial to identify any additional funds that you may need along the moving process.

Likewise, being aware of your monthly income and outgoings is extremely important in order to create a timescale for your saving journey.

Move back home

If your parents or family are not in a position to be able to support you financially with your property purchase, there are other ways they can help.

The vast majority of first-time buyers find it difficult to save for a deposit due to their monthly rental outgoings, so moving in with a friend or family member is a great option to reducing these costs.

Due to COVID, it is important that you check the most recent guidance before changing your living situation.

Downsize

If your current rent price per calendar month is slowing your deposit saving down, and you can’t move in with a family member or friend, then downsizing may help.

Looking for a property that is smaller could save you hundreds or even thousands over the span of your saving period.

Alternatively, moving out of a central location has the potential to save you a significant sum, and with remote working the new norm, you might find this option can be implemented without disrupting your lifestyle.

Check your direct debits

Especially at this time of year, many of us will take out various subscriptions without continuing to need them beyond the first month.

As such, it is important to go over your direct debits and ensure that you are still using all of the services you are paying for.

In 2019, Brits spent £4 billion on unused gym memberships – and with the average monthly fee being £35 per person – the cost really adds up.*

This also goes for streaming services and club memberships that you may no longer use.

Whether you have your deposit ready to go, or you’re looking to downsize to save some extra money, we’re here to help you every step of the way.

*Daily Mail

Positive property market developments from 2020

Looking back on 2020, it’s easy to focus on the negatives. However, the impact last year had on the property market was definitely overall positive.

What is in store for the sector this year?

Government schemes

2020’s COVID crisis gave rise to the stamp duty and mortgage holiday to support property homeowners and landlords through their financial hardship.

The stamp duty holiday began on July 8th and will remain in place until March 31st this year, giving buyers and investors the opportunity to see savings of up to £15,000.

Due to the scheme, house sales rose by a huge 21.3% in September.*

Whilst it's been reported that an impressive 140,000 more people are waiting to complete on their house purchase since this time last year.**

Similarly, the mortgage holiday was initially introduced in March 2020 and has been extended various times with a current end date of July 2021.

This scheme was announced to help households who had been financially impacted by the pandemic and can be taken for up to six months.

For more information, please speak to your lender directly on whether a payment holiday is the right solution for you.

House price surges

With property priorities changing to favour gardens, large living spaces, rural locations, home offices and dining rooms, prices for these properties has increased massively.

Similarly, with the aid of the stamp duty holiday, many buyers have been able to push themselves financially and purchase a larger property than they first thought possible.

With so many positive elements to take away from 2020, and a bright future for the property market ahead, now is a great time to evaluate your options.

If you’re thinking of buying, selling or letting this year, contact us.

*GOV.UK
**Property Wire