Learn the latest property news this August

A third of homes sell for over the asking price

One in three properties sold for more than the original asking price in April.*

This has put homeowners looking to move in a better position than ever. What could it mean for you?

Here are a few top tips for selling your home this summer:

1. First impressions count

Don’t underestimate the impact that kerb appeal has on potential buyers.

A survey conducted by YouGov stated that well-maintained windows, front gardens and pathways can be the key to a quick sale.

2. Update the kitchen

The kitchen is the most valuable room in the house.

A bright spacious kitchen can be attractive to potential buyers.

A fresh coat of paint and removing any bulky appliances before viewings can make all the difference in creating a clean and spacious look.

3. Light and airy

Putting up mirrors in your home can make a room seem much larger and brighter.

Putting lamps in any dark corners will brighten up the room and create a warm glow that is inviting to potential buyers.

*Property Reporter

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 by clicking here

*Property Reporter

**Homeowners Alliance

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 by clicking here

*Ministry of Housing, Communities and Local Government

**Financial Reporter

A look at what the stamp duty holiday has led to

Since its launch, the stamp duty holiday has led to phenomenal sales numbers for England's property market, with 50% more transactions in Q1 2021 compared to the previous year, pre-pandemic.*

Now, with the tapered end of the holiday in sight, we take a final look at what the property market has seen over the last year, and what is still to come.

Originally intended to stimulate the market after its spring closure in 2020, the SDLT holiday has triggered a house buying boom, with price surges up and down the country and buyers scrambling to put in offers at record speeds.

Even for buyers who may have faced higher property prices over this time, the value of buying with a smaller upfront cost meant that homebuying was an affordable option for 100,000s.

In fact, one survey suggested that four in ten Brits (39%) were able to take advantage of the government's initiative, with many finding themselves better able to save for deposits and moving costs with limited lockdown options.**

Following the end of the SDLT holiday on the 30th September, the rates will be as follows:

- 0% up to £125,000

- 2% on £125,001 - £250,000

- 5% on £250,001 - £925,000

- 10% on £925,001 - £1.5m

- 12% on any value above £1.5m

For advice about buying and selling in 2021, we'd like to offer you our support. Please contact us today for more information by clicking here

*Mortgage Introducer

**Show House

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 by clicking here

*Finder.com