Welcome To Our August Newsletter

3-bedroom properties in high demand

 

Property experts from Rightmove are urging homeowners to sell their three-bedroom homes, as high demand leads to an average selling time of just 45 days.

 

With the summer season well under way, the latest house price reports indicate high asking prices in the UK.

 

So, why is the housing market so hot right now?

 

Available homes are in short supply

 

Some homeowners have had to delay their moving plans over the last 18 months, causing an imbalance of homes on offer compared to buyers, sparking competitive bidding wars and driving prices higher.

 

This has also resulted in gazumping becoming more and more common, as buyers fight for the remaining properties.

 

New construction was halted

 

Between 240,000 and 340,000 new homes are needed every year to keep up with demand.

 

A shortage in construction materials, as well as delays and lockdowns within the sector have resulted in fewer new homes being built since the emergence of the pandemic.

 

Even though construction of new build homes has recently reached a 21-year high, the market is still struggling to make up for lost time and meet the needs of new home buyers.*

 

Mortgage rates are at a record low

 

Product choice has reached the highest levels in 16 months, with competitive rates and as many as 4,512 new deals to pick from encouraging deal-savvy buyers to consider their next move.**

 

 

Post-COVID race for space

 

After being stuck indoors for months, people are sick of seeing the same four walls.

 

Whilst many of us took to DIY renovations and projects to make our homes better suited, a significant number decided to look elsewhere altogether, wanting a bigger space with gardens and the room for a home office. 

 

If you’re looking to buy or sell, contact us today to get started.

 

 

 

*Ministry of Housing, Communities and Local Government

**Financial Reporter

 

 

 

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.

 

 

 

Why does market activity peak in August?

 

For the past 12 years, reports show that August has been one of the most popular months for home moving, with a third of movers choosing to buy or sell between June and August.*

 

Whilst typically homeowners would expect to fare best by listing earlier in the season, the same won't be said for 2021.

 

Fewer Brits are predicted to travel due to restrictions, meaning there's plenty of time to spend house hunting instead, as well as save towards deposits and moving costs over paying for flights and accommodation.

 

What’s the most popular day to move?

 

One in four pick Fridays for their moving day, giving themselves all weekend to unpack and settle in, with activity likely to peak ahead of the Bank Holiday weekend.**

 

With the stamp duty holiday ending 30th September, this could mean delays for buyers and sellers who aren't prepared in advance, particularly for those relying on moving companies for the big day.

 

19% of those who bought up to 2018 experienced delays due to the sellers vacating their homes late or not having funds clear in time, so it's important to communicate with other parties in your chain to establish any potential problems before they materialise.**

 

Why move this summer?

 

A summer move gives you the best conditions to market your property and have the best weather for the move in period.

 

If you'd like advice on why you should choose now to list your home or make your next move, we can help.

 

For advice on buying or selling, contact us today.

 

 

*Property Reporter

**Homeowners Alliance

 

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

 

 

 

 

 

Old Road, Harlow

This extended four bedroom detached family home offer flexible accommodation throughout on a sought after road in Old Harlow, boasting four reception rooms.

 

£760,000

Click here to read Old Road, Harlow.

Newmans End Matching Tye

Rarely available to the market this three bedroom semi-detached cottage has been a much-loved family home for the current owners.

 

£530,000

Click here to read Newmans End Matching Tye.