It’s believed Boxing Day is so named because it originated as a day to give gifts to the poor. Today, it’s synonymous with Boxing Day sales. But it may interest you to know that the property market is not immune to this buying fever. On Boxing Day, 2022, the number of sellers who put their property up for sale increased by 46% on Rightmove, and the number of views of homes for sale jumped by 20% between the week of Christmas and Boxing Day.*

A nice time to look 
Many of us spend more time with our homes at Christmas. It’s perfect for catching up with loved ones, eating, relaxing, and, let's face it, buying. Even if you are not in the market right now, it’s always nice to have a look. Thousands of homes present themselves, and you can feast on idyllic settings, awe-inspiring designs, perfect fireplaces, and outdoor spaces that take your breath away.

Selling up? 
With so many people putting their homes on the market and so many people viewing, the first week of January is rather busy for agents. Many report that the week of Christmas is the busiest time of the year. Making a fresh start as a new year appears is a very appealing idea. It’s also quite practical, as a vibrant market creates more opportunities to find your home or investment property. It’s exciting, saving you a bit of time, and with a big focus on pricing, you could gain by getting a good price for your current home while paying the right price for your new property. 

Top tips for the big sale:

Kerb appeal
If your home looks good at first glance, it will have a vastly better chance of finding its new owners. A splash of paint or a little weeding can freshen up your home drastically.

Your garden 
A good garden is a massive part of buying a home for more and more buyers. Make it look good to attract your buyer and get the true value of your home.

Pay attention to the price 
Pricing your home correctly is invaluable in today's market. And with so many variables to consider, such as your home's unique selling points, market knowledge, and activity, the skills of a good agent are vital.

Get your valuation from a good agent 
There are so many ways to get in touch with your agent. You can begin your move by getting an instant valuation and arranging face-to-face valuations, which will find any hidden value in your home.

Press the right buttons
As you peruse beautiful properties, it’s vital that you press the right buttons! Agent’s sites will give you options to begin your moving process immediately. Often, by booking a  viewing, just follow the links.

Make the most of your agent
Prepare your rooms well. Your agent will be an expert in dressing your home. Utilising the latest technology to take high-quality pictures and possibly three-dimensional tours of your home at its best. Your agent will happily guide you in all aspects.

Remember, your agent is connected
Agents will be busy in early January, and their databases will be bustling with buyers and sellers who are eagerly waiting to move. You will be able to move quickly and link with more mortgage options.

If you are looking for a more affordable way of finding a new home or entering the property ladder, buying a leasehold property could be the best option for you. With lower upfront costs and fewer maintenance responsibilities, this type of property can offer a more relaxed experience for buyers. Whether you are buying your first home or simply looking to relocate, it is essential that you understand the complexities of leasehold ownership. Here’s everything you need to know...

What is a leasehold property?
When purchasing a leasehold property, the leaseholder acquires the right to use and occupy the land and the buildings on it for a certain period of time, while the freeholder who grants the lease retains ownership of the land. This differs from purchasing a freehold property, which grants the owner complete ownership of both the land and the buildings on it for an indefinite period of time. The freeholder is responsible for any necessary repairs and the upkeep of the property throughout the duration of the lease.

Lease duration
Leaseholds have a specified duration for which the leaseholder has the right to occupy the property. The length of a leasehold can range from a few years to several decades, with 99, 125, and 999 years being common durations. The length of a lease can have a significant impact on the market value of a property, as a longer duration is often regarded as more reliable for buyers.

Ground rent
The regular payment from a leaseholder to the freeholder for the use of the land on which a home is situated is known as ground rent. The amount and payment frequency of the lease is stated in the contract, and costs £10-£500 per year, with the average leaseholder in the United Kingdom paying just £50 per year.*

Service charges
Leaseholders are responsible for paying service charges, which are used to pay for the upkeep and maintenance of communal areas and facilities such as corridors, gardens, and exterior walls. The freeholder is responsible for making any necessary repairs to the property as well as making sure it is properly insured. The lease agreement should specify in detail what the freeholder is responsible for and should also detail the leaseholder's financial responsibilities.

Lease extensions
If certain criteria are met, leaseholders may have the choice to extend their lease period, which can provide peace of mind and increase the value of a property. The leaseholder is only eligible for a lease extension once they have owned the property for at least two years. The safest way of extending a lease is by the leaseholder giving the freeholder a statutory notice expressing their desire to extend the lease by 90 years and stop paying ground rent. The price will be negotiated between the two parties and then decided upon mutually. If a freeholder decides to sell their property, the leaseholder legally has the right of first refusal.

Professional advice
Before buying a leasehold property, it is important to check through the lease agreement to make sure all the details are correct, including the duration of the lease, the cost of ground rent and service charges, and the options for extending the lease in the future. It is important to talk to your estate agent when you are looking to buy a leasehold property, as they can help with finding a suitable property, explaining the terms of a lease, and negotiating ground rent and service charges.

The rental market in the UK is going from strength to strength. Despite the negative news stories in the press, there is much to look forward to and celebrate as we enter another new year. A better deal for landlords and tenants, beautiful properties, and new landlords entering the market promise to add a breath of fresh air to the entire industry.

Good demand 
Rental demand is growing, and many new landlords are entering the buy-to-let business as some choose to retire. This will bring new ideas and a fresh approach to the industry. If you are a tenant, you will benefit from higher standards of property. Landlords now take a long-term view of property investment and the energy efficiency standards that are required today. This improves life for both landlords and tenants.

A fresh supply of properties 
It’s no secret that there is a shortage of property, both for sale and rent, in the UK. This will continue in 2024. However, the good news is that the first-time buyer market will most likely continue to be buoyant. As first-time buyers move out of their rented properties, more will appear on the market for you to rent. So, it’s worth keeping in touch with a letting agent. Landlords will also benefit from lowering interest rates and falling inflation, meaning they can expand their property portfolios, adding to the supply of rental properties for tenants. Lowering inflation will also make life easier for tenants, as it helps reduce the cost of living 

The Renters Reform Bill
This has now had its second reading in Parliament and is at the committee stage. It aims to deliver reforms that will make life fairer for tenants and landlords. Despite the scaremongering, landlords need not fear. Landlords will be able to carry out referencing and have the final say as to who they let their property to. Landlords will also be able to recover their properties more easily, particularly from anti-social tenants breaching their tenancy agreements. Tenants will benefit from safer, better-quality homes, with fairer tenancy agreements, more rights for their pets, and the ability to challenge landlords for unlawful evictions. However, the Renters Reform Bill is not expected to become law until the end of 2024 at the earliest.

A crackdown on rogue landlords and tenants    
Increased levels of legislation, such as the Renters Reform Bill, will help to stop rogue landlords and tenants in their tracks. This is good news for both parties, as it will prevent unscrupulous landlords from undermining the positive reputation of the industry. Tenants will have a better choice of nicer properties. As these landlords move out of the industry, tenants can move into better properties provided by good landlords. The landlord-tenant relationship thrives when you place good tenants in great properties. It will be more possible for this to flourish in 2024 since the landscape will have advanced in a way never seen before.

More landlords and tenants will choose managed services    
Life for tenants and landlords will be made much easier with a managed letting service. Tenants don’t have to worry about searching high and low for a good property, and landlords can find good tenants with all checks in place. When it comes to maintenance, it can be taken care of swiftly, which saves a lot of time for landlords and is incredibly reassuring for tenants. Rent collection is also made more convenient for both parties, and that’s just some of the ever-growing facilities agents can offer.

Conclusion
2024 is set to be a good year, with more rights for tenants and landlords. Renting has many advantages over buying. You don’t have to worry about maintenance; the deposit is smaller, and you can make a move quickly. With more reforms on the horizon and new landlords entering the market, landlords can add to their portfolios or start from scratch in a stable market, which will protect their investment. Tenants will be able to enjoy a greater choice of better properties.