The latest news from Town & Country

Top tips on being ready to sell your property

 

According to Rightmove, enquiries from buyers are up by 18% when compared to the same period last year.

 

If you decide to sell right now, you’re pretty much guaranteed to get high levels of interest following your market launch.

 

Here are our five top tips for selling your home in a busy market

 

 

Talk to the right people and stay informed

 

Whilst it’s easy to get caught up in the post-lockdown rush, remember that moving house is a big decision.

 

Make sure that selling is the right decision for you and that you have the best local advice to help you achieve the best deal possible.

 

Get certified

 

If you’ve made considerable renovations to your home, ensure you have the correct certifications.

 

If people are interested in your home, they will likely want to see them.

 

Check your property

 

If you’re selling a newly built or converted property, you must check it was built under a building standards indemnity scheme.

 

Lenders often won’t provide mortgages if newly built or converted properties are not covered by a warranty scheme or Professional Consultants Certificate (PCC).

 

This will be an issue if your buyers need a mortgage to buy your property.

 

We’d suggest getting in touch with someone that can provide you with a PCC, confirming that your new build has been constructed in accordance with the drawings and instructions provided by building control.

 

Carry out any minor repairs

 

Disrepair can seriously put off homebuyers.

 

The amount of work that needs doing to the property can impact how much interest you receive. Furthermore, doing any refurbishment before starting the selling process is always a good way to increase the market value of your property.

 

If there are any serious structural issues with your property, you should get them fixed before viewings begin.

 

Get in touch with a professional

 

If you want your home to sell quickly, always contact a professional.

 

We provide a bespoke selling service that is adapted to each individual property.

 

If you’re looking for a quick and easy sale, contact our team today.

 

 

 

What’s next for the property market over the upcoming months?

 

Having contributed to record-breaking sales numbers over the last year, we consider what's next for the property market following the approaching end of the stamp duty holiday.

 

For first-time buyers

 

Introduced by the government this spring, the 95% mortgage guarantee scheme has encouraged lenders to offer lower deposit options, paving the way for the return of first-time buyers wanting greater flexibility and freedom becoming homeowners.

 

This scheme is set to close to new applicants in December 2022, with the government’s total investment expected to reach over £20 billion.

 

Flexible mortgage schemes

 

In support of the government's help-to-buy option for first time buyers, we are seeing banks and developers coming together to create other schemes that could essentially replace the government’s help-to-buy scheme when it comes to an end.

 

An example would be the Deposit Unlock Scheme, which provides buyers with a package that allows them to buy new build homes up to a value of £330,000, with a 5% deposit and 3.5% mortgage rate – fixed for two years.*

 

High street banks are also beginning to offer 5% mortgages, which offers to lend buyers an extra 10% of a traditional 15% deposit, requiring buyers to only front up 5% themselves.

 

Looking ahead

 

Existing and new incentives will boost a drive in the first-time buyer market and are likely to have a similar impact as the SDLT holiday.

 

Other new schemes could involve cuts to SDLT rates, particularly with second home purchases in order to get this section of the market moving again.

 

Are you looking to buy this year? Get in touch with us today.

 

 

*Newcastle Building Society

 

 

 

 

 

Lettings market boom and what it means for landlords

 

The lettings market has had a record strong month, with reports of a decrease to the length of average void periods in most regions, as well as rising rents seen across the country.

 

In some parts, void periods have dropped by as much as 50% month-on-month, taking England's average from 22 to 16 days.*

 

How have rents changed for landlords?

 

After a year of uncertainty for landlords, with the eviction ban repeatedly extended, the news of rent growth in every region in June should signal a return of optimism for the market.

 

Certain areas saw an increase as high as 10%, whilst the average cost to rent a property in England now sits at £932.

 

In fact, average rents were higher this June than when compared to a pre-pandemic 2019.

 

Looking to take advantage of the increased rental demand? Here are our top tips on how to become a new landlord.

 

1) Understand your business

 

As with any new business venture, if you lay the right foundations, you have the potential to secure a comfortable financial future for yourself.

 

Most landlords only let one property, so it's important you know the local market and choose the best spot for your investment in terms of location, demand and opportunity.

 

2) Take the time to learn more about the legal requirements

 

There are a number of important regulations that a landlord must meet to protect their tenants, as well as themselves and their properties.

 

Taking the time to familiarise yourself with the sector will put you in good stead to build an established reputation letting in your area, which will ultimately help you to keep good tenants for longer.

 

3) Shop around for your buy-to-let mortgage

 

It’s important to find the right deal for you, which might mean considering a range of solutions before making a decision.

 

To get the best returns, you should speak with a trusted mortgage advisor who can point you in the right direction selecting your mortgage.

 

4) Decorate for a tenant, not for yourself

 

Just like when you're selling a property, you need to plan how to stage your rental property before listing it.

 

Whether you're wanting to let to families, students or working professionals, providing the right furnishings and neutral tones will create a blank canvas suited for future tenants interested in renting your property.

 

 

5) Who will be managing the day-to-day responsibilities?

 

This last step is what will really set your business in motion.

 

Choosing the right lettings agent is essential to protect your investments and safeguard your interests, as they'll be the liaison point for your tenants whilst overseeing all checks, changes and inspections.

 

 

To learn more about our property management service, contact us today.

 

 

 

*Property Reporter

 

 

 

Why is now the time to buy a second home?

 

After a year without the ability to socialise or travel, many Brits have been able to save a considerable sum, with savvy savers now wondering what to do with their sizeable nest eggs.

 

As many as 74% of millennials are more interested in the idea of investing following the pandemic,* with property remaining one of the key areas to see returns.

 

Before buying your second property, have you asked these key initial questions?

 

What's the purpose of this investment?

 

It's worth considering if you're wanting to pursue a high involvement strategy, flipping homes for profit, or you'd like to opt for a lower involvement and more long-term plan, such as letting or owning a holiday home.

 

Having an in-depth discussion with a local agent will help you to determine your financial position, as well as the plan most suited to your goals and interests.

 

The hidden costs of running your second home

 

As with all undertakings that require a financial and personal commitment, you need to make sure you have a thorough understanding of the responsibilities and costs.

 

When becoming a landlord or holiday home owner, you need to think about insurance and bills, as well as how you plan to manage and grow your rental income.

 

Likewise, flipping properties can come with considerable bills to pay if you make hasty decisions along the way, so you should have a budget that's realistic and practical.

 

Unoccupied insurance for a holiday home

 

As holiday homes are usually unoccupied for the majority of the year, you will find that a regular home insurance policy won’t cover you.

 

This is because serious damage like a break-in or burst pipe can only be minimised if there is someone in the property.

 

It’s important you are upfront with your insurer about how often you will be visiting your holiday home.

  

Am I insured if I rent my property out?

 

If you decided to rent out the property, you face extra risks.

 

However, for some, letting could be a big part of why they bought the property in the first place.

 

It would be recommended to speak with an insurance broker, as this will ensure you have full coverage as a landlord whether the property is being occupied by tenants or not.

 

For any help or advice when it comes to property, speak to us.

 

 

 

*Finder.com