Learn the latest property news this April




The key trends we have noticed during the pandemic

 
A year of being homebound has given us a lot of time to reflect on what's important in our personal and professional lives, and we've seen a huge shift in attitudes within the property sector too.
 
Over the last 12 months, there has been a huge change in the way homeowners and tenants view their homes.
 
Here are just some of the significant developments since the pandemic:
 
 
Home renovations have spiked massively
 
Being trapped inside has left people with plenty of time to reassess their current living situation and notice cracks and flaws they'd previously been able to overlook.
 
As working from home became a 'norm' for the country, we found that our living spaces were impractical and did not help us maintain a healthy work-life balance, with issues over Broadband speeds, unsuitable desk set-ups and distracting environments.
 
Regardless of the restrictions in place, it was so essential for the UK workforce to have more space that over 60,000 applications for planning permission were submitted by homeowners wanting extensions.
 
Over this period, we have also spent a combined £55 billion on renovations and DIY projects.
 
When asked, 63% said their reasons for completing renovations right now was due to having spent more time at home and wanting to improve their living situation, whilst other common reasons were to prepare their property for sale.*
 
 
More homebuyers are looking to escape to the country
 
As a result of our search for more space, Rightmove have reported a 69% rise in the number of sales being agreed for properties in rural areas, compared to 49% in urban areas.
 
With spring and summer on the way, as well as the prospect of lockdown regulations being lifted, many Brits are currently on the search for bigger gardens and a new lease of life with larger properties.
 
 
 
If you are looking for more information on recent changes in the market, get in touch with one of our expert agents.
 
 
*money.co.uk
 



Home improvements to help boost your house price

 
Whatever your budget, there are plenty of ways you can add value to your property before selling this year.
 
For inspiration on where to start, have a look at these home improvement suggestions, ranging from high cost to low:
 
Conservatories or sunrooms – adding a conservatory or sunroom is one of the most cost-effective ways to add more value to your home, with an estimated 6% uplift to the value of your property.
 
Updating your kitchen or bathroom – it is often said that potential buyers will look at the kitchen and bathroom first before they pursue a property.
 
Updating your kitchen or bathroom isn’t always the cheapest home improvement option, but it is one that can certainly boost your value by a significant amount, with an average property value increase of 5.5%.
 
If this home improvement option doesn’t quite suit your budget, but you still think these rooms could do with a refresh, replacing old worktops or cabinet doors is a fail-safe way to improve the overall look.
 
Updating old boilers and central heating – a new boiler or central heating system is a key element to consider if yours hasn’t been updated recently.
 
A dated or inefficient heating system could put potential buyers off, as this will result in more hassle for them after moving in.
 
Fixing a damaged roof – improving the core foundations and features of a property is always a safe bet.
 
A new or fixed roof is essential for both insulation and structural purposes, and – again – will save buyers from having to take on the task themselves.
 
Upgrading the home to be smart and energy-efficient – energy-saving smart home improvements are not only good for the environment but are also a great addition to have to add value to your home.
 
This can be achieved by installing smart lighting, using energy-efficient LED bulbs, followed by upgrading to eco-friendly appliances, adding double glazing and upgrading insulation.
 
Creating a defined sunspot in the garden – a recent survey by Rightmove showed that properties with a south-facing garden could be worth up to £22,000 more than those without.
 
There’s not much you can do to change the orientation of your garden, but if you don’t already have a defined sun-spot, creating a zone for this will help potential buyers picture themselves living there and enjoying the weather and seasons to come.
 
Redecorating – decorating can make a world of difference to your home, whether that’s a fresh coat of paint, updating wallpaper or installing new carpet.
 
It’s also important to remember to stay neutral and avoid any loud colours that could deter potential buyers.
 
Tidying up the front garden – the front garden is the first thing that welcomes people to your home, so it's important to keep your garden up to scratch.
 
  
Before beginning any major project, it’s important to ensure that you are spending your money wisely and understand the cost versus the potential return you will gain.
 
Get in touch with us today to talk about your home improvement plans and get advice on what will make the most difference to your home's value.
 
 
 



Housing market sees the strongest spring for home sellers in a decade!

 
Many of us have been thinking about selling our homes in recent months, with a record number of buyers enquiring about properties on Rightmove.
 
Compared to this time last year, demand levels are 34% higher; even in light of the market's pre-pandemic surges in activity at the start of 2020.
 
There were moments of concern when thinking about how the rest of 2021 was going to play out, with a predicted cliff edge, but thanks to the stamp duty holiday extension and the 5% deposit scheme, buyer demand will be further boosted throughout this month and next.
 
The average asking price for a home coming to the market has risen by 2.7% in just the past 12 months, bringing the average house price to £321,064 in the UK.
 
National average asking prices.
 
Month
 
Avg. asking price
 
Monthly change
 
Annual change
 
Index
 
March 2021
 
£321,064
 
+0.8%
 
+2.7%
 
248.2
 
February 2021
 
£318,580
 
+0.5%
 
+3.0%
 
246.3
 
  
 
Despite fewer properties coming to market, the number of sales agreed for the first week in March was still 12% higher than 12 months ago, whilst almost two out of three properties currently on agents’ books are sold subject to contract.*
 
If you are thinking about taking advantage of this incredible demand and would like a quick sale, please book a valuation to start the process.
 
 
 
*Source: Rightmove
 
 



Mortgage agreements for early 2021 at their highest since the financial crisis

 
Mortgage approvals have reached a 14-year high, propelled by last year's property market boom.
 
The Bank of England’s mortgage data from the end of last year shows a 24.2% increase in mortgages agreed compared to the previous year, and at any time since the global financial crisis, with £87.7 billion worth of mortgages agreed.
 
In Q4 2020, mortgage lending reached £76.6 billion, with a year-on-year increase of 4.2%, whilst the share of mortgages with a low loan-to-value was 4.5% down in a year; the lowest since 2007.
 
Considering that the housing market was effectively closed for two months in 2020, it is incredible to see that the year ended with more approvals than the one prior.
 
The value of new mortgage commitments hitting a 14-year high was largely driven by homeowners who looked to move into larger properties and see savings of up to £15,000 from stamp duty tax in the process.
 
This activity has resulted in the annual growth rate for new mortgage commitments almost quadrupling in Q4 2020.
  
April should signal a turning point for first-time buyers, who will now have access to 95% mortgage options once again due to government-guaranteed support.
 
Having been absent until now, it's thought that the return of lower deposit mortgage products will lead to more positive growth for the sector in 2021.
 
As we head into the popular seasons for home selling, with schools and businesses reopening and the vaccine program continuing to take effect, we'd like to help you with your plans this year.
 
To learn your property's value, visit our website.