Your property market update for June

In this month's newsletter, we start by looking at five in-demand factors buyers are now looking for. In April, the lettings market saw a record-breaking number of enquiries from new prospective tenants, causing the demand for rental properties to reach new heights.

Further into our newsletter, we remind you that eviction notice periods have now been reduced to four months for landlords, instead of the six months they were previously set at to help protect tenants over lockdown.

Finally, as summer fast approaches us, we take a look at how valuable your garden could be, sharing guidance on how to make your garden pay for itself.

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

Five in-demand factors buyers are now looking for

Working and spending more time at home has caused significant changes to people’s property needs.

More than a quarter of the UK’s renters and homeowners (26%) have found that their property needs have changed since the outbreak of COVID-19.*

What are the key changes likely to stay on the priority list now restrictions are easing?

Gardens

Lockdown has caused a general desire for more space, meaning that many of us are seeking homes near public gardens or green areas.

Unsurprisingly, the demand for gardens has also increased by 74% worldwide, with UK buyers making it a top property feature to look out for.

Accessible Wi-Fi

Zoom and facetime have become the key to keeping in touch with loved ones, as well as playing an important role in remote working practices.

This means that having fast internet is essential for those looking to buy.

Natural lighting

Being confined to our homes throughout lockdown has given people a craving to create open, natural spaces inside.

Velux windows have increased in popularity due to the natural light and improved air quality they provide, whilst high ceilings also give a sense of greater space, and have seen higher search volumes of 15% over the pandemic.*

Home gyms

Lockdown has encouraged people to become more active in their spare time by taking up running and cycling where gyms have otherwise been forced to close.

Whilst sporting and leisure facilities have now opened up again, there's still a hesitancy from some previous members about when it is safe to return, making a home gym a staple feature of any home to attract attention from buyers.

Views

Having beautiful views is a big selling point, with balconies also increasingly more desirable now.

If you've been holding off on your next move, we'd like to extend our support. Contact us today.

*Wayhome

Demand for rental properties has reached new heights

In April, the lettings market saw a record-breaking number of enquiries from new prospective tenants, and the demand shows no signs of slowing down now we've reached summer!*

The average rent of a newly let property outside of London is 8% higher than in February last year, which equates to £68 more per month.

This increase in demand for rental properties has been influenced by the pandemic, as potential buyers have either delayed their plans due to their financial stability or concerns.

Furthermore, as the furlough scheme is relatively new, lenders tend to be reluctant to provide mortgages to applicants where their employment status is changing or uncertain, meaning that renting may be a more viable option for those still out of work.

Rent prices

 67 per cent of agents said they saw landlords increasing rent over the last 12 months. This figure has doubled since 2019.

At the same time, the number of tenants able to get a rent reduction decreased by 1.7% – the lowest recorded number since January 2020.

Selling up

The number of landlords selling their buy-to-let properties has decreased year-on-year.

With the market booming, this has remained consistent over the last seven months.

If you're looking for a lettings valuation of your property or need help managing your portfolio, contact us for more information.

*Propertymark’s latest private rented sector report

Eviction notice periods now at four months

From June, eviction notice periods have been reduced to just four months for landlords, instead of the six months they were previously set at to protect tenants over lockdown.

In cases of extenuating circumstances or anti-social behaviour, notice periods will be lower.

After a year of restrictions and economic uncertainties, the change is part of a phased approach from the government to help the country regain normality.

Before the changes, there had been a ban on bailiff-enforced evictions to protect tenants during the ‘stay at home’ instructions.

The UK’s housing minister, Christopher Pincher, has continued to pledge support from the government for tenants, whilst balancing the needs of landlords.

He stated that crucial financial support will continue to be available, with the furlough scheme and universal credit uplift currently in play.

Many people in the property sector have agreed with the changes, stating that now is a sensible time to roll-back the measures as restrictions come to an end.

Whilst the ban on evictions has caused financial distress to some landlords, it seems to be regarded as a success in the wider picture.

We are committed to helping our landlords and tenants with their every property need.

If you have any questions regarding the reduced notice periods, or a general query or concern, get in touch.

How valuable is your garden ahead of summer?

With the summer months promising a season of sun and property market surges, we're sharing guidance on how to make your gorgeous garden pay for itself.

If you'd like to increase your home's value, spending some time on the outdoor space is a must, with summer buyers and sellers extra vigilant about their green space options.

Here are a few improvements you can make:*

Add a building

Potential gain = between 5% to 15% value to your home

Over lockdown, many of the country's professional workforce found themselves stuck at home and searching for places to accommodate working from home, opting for a noisy kitchen or dark spare room where no other options were available.

For those homeowners and landlords already benefitting from having an outdoor building, many found that they could use that to their advantage to raise the value of their property.

Outdoor buildings can be used in many inventive ways, such as an office or gym.

Letting the outside in with bi-folding doors

Potential gain = between 5% to 10% to the property's value

Over the past few years, bi-folding doors have become a fashion symbol for homes as their popularity has grown massively.

Fewer homeowners have opted for conservatories, instead favouring extensions in other parts of their home to avoid taking away from their gardens.

However, as well as opening up the space joining your indoors and outdoors, bi-folding doors can portray your property as an ideal location to entertain guests or host summer events.

Add decking

Potential gain = up to 10% added to the value of your home

For those who routinely invite over friends and family members, this feature can give a garden multiple levels and different zones, so don't be afraid to be creative when looking at ways to maximise on space.

Just a splash of paint

Potential gain = 5% or around 12.5k in value depending on the project

Whilst at first it may seem like a daunting task, adding a lick of paint to your home’s exterior can make a big difference.

Are you curious to discover how much your home may be worth? Contact us today.

*MyToolShed