The latest news from Town & Country

UK house prices have climbed on average by £25,000 in the past year

 

House prices rose by 10.6% during August, up from 8.5% during July – bringing the average price to £264,000.*

 

This strong national increase is being fuelled by the perfect storm of high buyer demand combined with low housing stock levels.

 

The stamp duty holiday helped increase house prices in the UK by 9.8% in the year to August, before coming to a close in September.

 

Whilst growth rates were seen to be higher in Wales and Scotland, the average prices are lower at £195,000 and £181,000 respectively.

 

At the same time, London has seen the lowest level of growth across all regions but has reached a new height at £526,000 on average.

 

Even though the stamp duty holiday has finished, experts believe that prices won’t fall due to demand for homes remaining higher than supply.

 

Online property searches spike over the Christmas period, giving you an optimal window to showcase your home and attract buyers in the new year.

 

To learn your property's value and get it market-ready in time for the holidays, contact us.

 

*Office for National Statistics

 

 

Reasons to consider selling your home right now!

 

From apartments to family homes, the average asking price of a property has risen to record levels around every region of the UK.

 

Whilst some people will choose to wait until the 2022 market has officially started, we have four reasons why it's the ideal time to ready your home for your new year sale right now.

 

Your home will be in front of a record number of potential buyers

 

The amount of people looking to relocate continues to outweigh the number of homes available for sale.

 

Furthermore, it's an immensely competitive market following the last year of intense activity and interest, with Rightmove and Zoopla reporting that they see the highest visitor numbers in the days after Christmas year-on-year.

 

You could get a better price for your home

 

Asking prices have hit record heights in 2021, so if it's been a few years since you last learned your home's value, you could see far more than you ever expected.

 

The budget for your next home might have changed

 

Depending on your property priorities, you might find that your dream home is within reach, as location is no longer the most desirable characteristic and demand levels are influencing price points on the market.

 

Favourable mortgage interest rates

 

Mortgage interest rates continue to stay low, and lenders remain eager to propose loans in the competitive market, helping you to secure your next move that much faster.

 

Find out your home’s true value with us today by booking your market valuation.

 

 

Selling should always come before buying

 

House hunting takes time and effort, so when you've finally found a property you want, it can be crushing to lose out in favour of another buyer.

 

In a competitive market such as the one we've experienced so far in 2021, homeowners have their pick of offers and buyers, but there are a number of factors that you could consider in order to stand a better chance of being chosen.

 

First and foremost, whilst it's a negotiation, you want to be careful not to lowball them and risk offending the seller, especially where the house is fairly and accurately priced.

 

It also helps to have already sold your property or purchase without a chain holding you back. By being in this position, you will benefit from the following:

   

Sellers will take you more seriously

 

Having your current property listed on the market or Sold Subject to Contract (SSTC) will demonstrate your motivation to progress quickly with the sale.

 

You'll be able to avoid making any hasty decisions

 

If you secure your new purchase before finding a buyer yourself, you might find that you're willing to accept offers far below your expectations.

 

You have a better insight into your budget

  

If you anticipate selling at £250,000 but your agent helps you sell above asking price, you have additional funds to put straight into your next purchase, meaning you may be able to afford the home you want rather than settling.

 

In need of our expert advice? Contact us today to discuss selling, whether you're looking to start right away or in the new year.

 

 

Tenant demand remains high towards the end of 2021

 

According to a recent survey of landlords, tenant demand is only increasing across 2021, with record heights seen in the third business quarter of this year.*

 

Seven in ten landlords (69%) have remarked on this development within the lettings sector. Of those, 36% believe the increase to be 'significant'.

 

The highest levels of confidence were present in the South West and South East, where 79% and 74% are seeing promising conditions for investors.

 

Key drivers behind the rise in tenant interest include factors relating to the pandemic, seasonal trends and the new wave of graduates starting new jobs or students beginning the academic year in rented accommodation.

 

Have you been considering expanding your portfolio?

 

Ahead of the new year, we'd urge you to consider your options as a landlord. For a profitable 2022, here are some items you should be taking the time to review:

 

1) What are your tenant screening processes?

 

Whilst the eviction ban has lifted, if there's one thing the last year has taught us, it's to prepare for every eventuality.

 

You need to have rigorous checks in place to secure the best financial future for yourself and your investments, so rather than go it alone, you could defer to an experienced lettings agent in your local area to help you locate reliable tenants.

 

2) Larger homes have seen the steepest rise in value, but regardless of your property type, it is worth having the rental value re-assessed so that you don't lose out on your rental income.

 

3) Are you safeguarded against any future losses?

 

If tenants can't or won't pay, rent guarantee insurance can offer you a lifeline when it comes to keeping up with your mortgage payments and outgoings in the meantime.

 

 

Do you need to speak with one of our trusted local agents? Visit our website today.

 

*Paragon Bank