March newsletter

Top tips for first-time buyers saving for a deposit

Buying your first home will most likely be the biggest purchase of your life so far. Are you fortunate enough to have access to a lump-sum of money? Have you won on the lottery? Inherited an extremely rare and valuable heirloom?

Sadly, lots of us are not in any of these wonderful predicaments, so good old-fashioned saving is the key – but particularly in the current climate, this is often the biggest hurdle to deal with when getting your foot on the property ladder.

Decide how much you need to save

Depending on how much you, your partner, or your friend earn, your deposit is a big factor in deciding how much you can borrow. To get a good idea of how much you could borrow, use any of the major high street mortgage lenders' mortgage calculators. Usually, banks ask for a 10% deposit, but the chances are that you may be eligible for a first-time buyers' scheme, some of which offer 5% deposits. The larger your deposit, the less interest you will typically pay to the lender of your choice. Whatever your circumstances, all this will help you determine what you are entitled to and give you an idea of how much you need to save.

Set a target

Now that you know how much you need to save, calculate how much you can save per week or per month. Then calculate how long you will have to save for to reach your target. Before you do this work out how and where you can save on how much you spend!

Top tips for spending less and saving more

Rent

Can you rent a room instead of an entire flat or house? Would you consider moving back home with your parents or with a relative with a spare bedroom?

Cars

How many cars have you got in your current household? If you and your partner both drive, then could you get by with one car? If you have financed your vehicle, then settling that finance helps matters too. Your mortgage provider will look at any monthly outgoings and existing debts when deciding how much they will lend you.

Food

One of the biggest expenditures for households these days is food. Think less takeaways and more culinary creativity. Prepare for the fact that when you buy your first home, you may want to cook more food from scratch. There are numerous tips and guides online to help you reduce food costs by developing your kitchen skills. Make it fun, invite friends, and enjoy it!

Get the right savings account

Now that you have worked out how much you can save per month, choose an account that will pay you the most interest. A good savings account will give a return, rather than a costly current account. Then, set up a standing order so that the money is transferred into this account and cannot be spent.

ISA

Depending on how long you are saving, you might consider an ISA. Tax-free and offering interest of up to nearly 5%, this can help speed up your saving and reach your target sooner.

The rewards

Remember to reward yourself for this change in lifestyle – make it fun! See it as an opportunity to improve yourself, and when you reach certain targets, reward yourself so that you have some fun along the way. Just because you are saving more and spending less does not mean that it must be a miserable process. You may find that some changes make your life better. In many ways, it’s about growing and adapting to life as a homeowner, because for the first time, you will have a mortgage to pay.

Looking for your perfect first home? Browse our properties today.

Achieve a quicker sale by avoiding these decorating mistakes

Less is more when it comes to decorating your house for a quick sale. Everybody has their own unique style and taste, so the best solution is to keep things neutral and simple. This means that your potential buyers feel that without too much effort, your house can become the home they want to live in. More importantly, this creates the perception of a well-cared-for home that will not need too much work. A great starting point is a good deep clean to make your home as desirable as possible.

Here are a few simple dos and don'ts to help you save money and move quickly. You can do these in any order you like, and the results could increase your home's value and make it quicker to sell.

Remove the clutter and don’t spend more on furniture or appliances

It may sound obvious, but before you give your home a good clean, clear out the clutter. Keep the worktops in the kitchen clear of pots and pans, clear the hallways of shoes and coats, and try to strip back some of your personal items like photographs and holiday trinkets. Clearing away some of the clutter will make your home appear bigger and more visually appealing, and buyers will be able to envision living there.

Deep-clean each room

Now that you have a bigger space to work with, it’s time to clean. The items you have cleared away have probably been hiding a few walls or surfaces requiring your attention; so clean the bathroom, the floors, walls, worktops, and the oven.

First impressions last

Your buyer’s decision-making process starts as soon as they see your home. Think about how the house looks as you approach it. Is the door clean? Does the front garden have any weeds? Has the grass been cut? Do you have a patio in the back garden? Does it need a brush? If it’s crying out to be replaced then use stones, which costs hundreds, rather than paying thousands for new paving.

Forget the new extension or knocking down walls – add a fresh lick of paint!

A fresh coat of paint can make such a difference in freshening up your home, but here’s what not to do: Don't just pick your favourite colour. Instead, stick to neutral colours that are bright, modern, and on-trend. Prioritise which walls, ceilings, or skirting boards need the most attention, and if they don’t need it, don’t waste your money.

Make your house a home with some simple homely touches

Adding some simple finishing touches, such as plants and some logs next to the fire, costs little and will have a greater impact than buying a new couch. You’re selling your home, not your furniture. A new lamp shade to replace the old one when it’s begging for replacement is worth it; in the right tone, it will put buyers in the mood for buying!

Get it on the market

If time is of the essence, all these things can be achieved quickly and easily, and most of them can be carried out without hiring tradespeople, saving costs and increasing your budget for your new home.

Looking for a speedy sale? Arrange a valuation with us today.

Sacred Sound Ceremony

25th February, 2023

Sometimes we experience life as a cacophony and it’s our dharma to take that cacophony, and find the inhale...

Click here to read Sacred Sound Ceremony.

Property market predictions and influences for 2023

Now that the property market is stabilising and weathering the stormy waters of last year, we peek at some predictions and influences, you can use, to gain more success as the 2023 property market gathers momentum.

Legislation

In 2022, legislation required all new homes to produce 30% less carbon. With the cost of energy remaining a challenge, more energy-efficient homes with efficient appliances, better insulation and building materials mean new builds are raising the standards for all homeowners. As a result, home movers and developers are dialling into the importance of meeting these greater energy efficiency expectations!

Green mortgages

Some banks are now offering better interest rate deals for more energy-efficient homes. Reducing the cost of your energy bills could lead to a cheaper mortgage. Combine this with adding value to your property and in some instances, cash-back offers for greener homes from banks, going green is a no-brainer.

Embrace technology

Making your property as compatible as possible with the tech age we live in is now becoming not just desirable but essential. USB sockets, automatic and efficient lighting, superfast broadband, modern appliances and homes which offer an efficient and effective space to work from home are trends showing no sign of waning.

Don’t wait and see!

With all the tumultuousness of last year, it’s easy to sit on the fence. With interest rates stabilising, the long-term view looks good. While it’s tempting to delay and procrastinate, this influences the housing market in a way that slows it down. So, keep the market moving by moving!

Slow but steady

It’s no secret that the property market has slowed down, but with slowness comes stability. Many analysts suggest that the property market is now where it should be. Interest rates had been super low and perhaps prices increased too quickly. With less volatility, planning is easier. It may take a little longer to make your move, but it will most certainly happen.

Building blocks

With the shortage of building materials and labour, property development is generally moving at a slower pace. Whether a new build or refurbishment, it will take a little longer. If this slows down supply as prices fall a little, it’s not a bad thing. And with so many decisions to be made when undertaking a property development project, whether it’s a few rooms or an entire housing estate - Is it really such a bad thing to take a bit more time over such impactful choices? Not to mention this all helps stabilise the market.

The good news

The outlook is very positive in so many ways for 2023. Demand for rental properties will remain extremely high. Buyers and sellers are still keen and mortgage deals for first-time buyers are still good with many lenders offering 5% deposit deals until the end of this year. With things happening at a less frantic pace, the quality of building, buying, selling and living will improve, maybe things are on the up!

Looking for a new home which combines beauty and efficiency seamlessly? Browse our properties.

Will house prices decline this year?

What does it really mean when you read a headline which mentions falling house prices? We hear this phrase so often that we are led to believe it! The media constantly churns out facts and figures to scare us all and warn of looming doom!

For most people, buying a house is a long-term investment and if house prices rise or fall it’s always best not to focus on the headlines, instead take a step back and put things in perspective.

If we look at last year, it’s true that houses price increases dipped due to interest rates rising and the impact of the minibudget. In 2022 house prices grew by 2.8% over all for the year, falling from a growth rate of 4.4% according to the Nationwide house price index.

Yet according to the office for National Statistics average UK prices increased by 12.6% over the year to October 2022. So, it depends on who you ask! Not to mention regional differences and property type - often houses increase in value more rapidly than flats.

Predictions

Zoopla predicts a 5% fall in house prices, while Lloyds bank give a higher figure of 9%. Many analysts agree house prices to fall for the next two years but rise again in 2025. Perhaps more optimistically the housing market could simply level out, with smaller drops in house prices. There is still a shortage of houses and therefore this will stabilise the market. The housing market is simply returning to a pre-pandemic norm with more realistic interest rates. The good news is without rapidly rising prices, there is more long-term stability.

The good news

Ultimately if you are selling, the value of your home will have gone up considerably over the past years so if it falls a little you have still gained. If you are about to purchase your first property and still gathering the deposit and you know it may take a little longer, at least house prices are not rocketing which gives you a little more time. And when you are in a position to make an offer, you may find that you have a lot more wriggle room in terms of making a lower offer and saving some money.

Long term

Buying a house is a long-term investment for most of us and even large drops in value will not create big gains or losses.

For example, if you buy a house for £200,000, typically the deposit is 10%, £20,000.

If you plan is to wait thinking house prices will drop by 10% you have saved £2000, in terms of a deposit. In a long-term investment this is not a significant amount of money.

And if the worst happens and you buy a house tomorrow and house prices suddenly drop by 10% unless you are planning on selling within the next 2 years, with house prices set to rise again in 2025 then again realistically you have lost £2000, temporarily before gaining again.

In both the above scenarios, in the long term, you will still gain.

Conclusion

The future looks good, yet even if there is sudden drop in the grand scheme of things, it’s not such bad thing! In fact, does it even matter? What’s important is finding a house you can call home and cherish the memories you make in it.

Looking your first home or your forever home? Browse our properties.

Top tips to increase your chances of securing a mortgage

Getting a mortgage can be stressful and worrying. It’s not a complicated process, however, something as simple as not remembering to register to vote can bring the entire process to a halt. You could be left wondering why you were refused a mortgage when you seem to be such a safe bet for your bank!

It starts with the right mortgage provider

Each mortgage provider differs slightly in how they make lending decisions, but all will consider your deposit, income and employment status, credit history, outgoings and debts.

Credit report

Go online and take a look at your credit report and make sure all payments, past and present are on time. From your mobile phone contract to car finance, credit cards, overdrafts and any other borrowings. Then check your credit score, if you have always paid on time and your credit score is low, find out why.

Make sure you are on the electoral role

This takes two minutes to do online and without it you will not get a mortgage.

Balance your borrowing and available credit

If you have a credit card, with a high limit, even if you do not use it, this can dissuade a potential lender from offering you a mortgage because of the potential to run up a lot of debt. Yet it’s also worth remembering not to lower your limit to the balance as this looks like you have used all available credit.

Equally as important is to have some credit history to show your lender you can pay back debt. As a general rule, the less debts you have - the less outgoings you have, meaning you can borrow more.

Streamline accounts

The longer you have banked with your bank the better so don’t close or switch accounts. However, if you have several accounts, you do not use, shut them down. You don’t want the risk of fraud ruining your chances.

Don’t apply for credit

If you are applying for a mortgage ideally avoid applying for any other credit beforehand. If you get refused this will show on your credit report.

Take a look at your spending

Your lender typically will want to see your last three bank statements so beforehand look at your spending and reduce it where you can.

Gather your paperwork

Your most recent payslips and bank statements for the past three months, proof of deposit, ID –passport, and proof of address.

Mortgage calculator

At any point you can go online and get a reasonably accurate idea of how much you could borrow using one of the high street bank’s mortgage calculators.

Agreement in principle

An agreement in principle, allows you to see if a potential mortgage provider will lend to you and is a soft search of your credit history. You do not necessarily have to be in a position to buy to get an agreement in principle, although to process your application further following the steps above will help secure a mortgage successfully.

Are you ready to buy or do you simply need some advice? Browse our properties.

Things to consider before putting your home on the market

If you have made the decision to sell your home, chances are you will want to do it swiftly and as smoothly as possible. You probably have so many happy memories from each and every room in your house, yet already you are beginning to see your home in a different light. It’s important to look at your home as a house subjectively and see what you can do to get it sold.

Combined with this you need to be organised; you don’t want to be delayed – don’t neglect that silly little thing you forgot to do which delays everything by weeks!

So here is a checklist which you can use as a reminder and a few other things to consider which will help you achieve the best possible price for your home.

Check out the competition

Look at what other houses in your area are selling for. View online most recently sold properties in your post code to give you a good idea of an asking price.

Declutter
Everyone has their own unique way of living whether it’s sitting by the fire and knitting or collecting unusual beers. Start decluttering by packing them away now and creating space. An emptier kitchen worktop will make the entire space look bigger and more appealing to potential buyers.

Clean

Have a good spring clean, everything from the fireplace to kitchen tiles and carpets. It all helps make your home more sellable.

Repairs

Are there are any small repairs that need doing or scuff marks that need a touch of paint? Perhaps you have some paint leftover in your shed. It will not cost you much, but it will make your home look better and become more resistant to silly offers!

The garden

Don’t forget the garden and the front of the house. Are there any bushes or trees that need trimming? Are the windows clean, has the grass been cut? The first thing your buyers will see is the front of the house and first impressions last.

Make an entrance

As you enter your home through the front door look at what will greet potential buyers. A nice, presentable, clean and in good condition hall or room or porch will welcome new owners not just viewers.

Paperwork

You don’t want to be delayed waiting for a gas safety certificate, or any other paperwork - perhaps from building control for any structural work you had carried out.

Solicitor

Don’t give your solicitors any excuses to delay you! Call them and double check if there is anything you need in terms of conveyancing and paperwork to get the ball rolling.

Photography/video tours

Check out your home’s profile once it goes live, check the pictures for accuracy. Once you have done all this your house should look as pretty as a picture and you will soon be on the move for the right price.

Do you want to enjoy a seamless and swift house move? Contact us

Spring 2023 promises more choice for the housing market

There is nothing quite like spring, with thawing winter frosts heralding the imminent arrival of summer and longer evenings. 2023 will allow you to drink all this in and enjoy these inspirational moments all the more. The same can be said of your property search. With houses no longer selling like there’s no tomorrow, unlike the rather uncomfortable rush of the past couple of years. You can finally breathe, take a little time, and find the home you love.

A little more housing stock means house prices are not spiralling

Be in no doubt: there is still a housing drought in the UK property market, helping keep prices buoyant. Demand still far outweighs supply. However, with stocks replenishing a little as the market calms so do house prices. You no longer have to race to the first possible viewing to compete with other buyers and make offers over the asking price. The result is that house prices are not spiralling too quickly. Instead, house-buying conditions are more settled and compatible with a secure future.

Quality time spent with your agent and your potential new home

Sometimes too much choice makes it harder to make up your mind! Have you ever found yourself wishing you could have the kitchen from your first viewing in the location or with the garden from another viewing? The guidance, inspiration, and seasoned yet informed input of a good agent will help your vision become an adventure that surpasses your expectations. Reality is often more beautiful and awe-inspiring than your dreams, and you could end up with a far better home than you ever imagined.

More choice gives you more inspiration

Inspiration and choice go hand in hand. View and explore the feelings inspired by other homes. Physical viewings will yield to your imagination myriad ideas to help you truly understand what you are looking for. In many ways your new home picks you, and the more homes you view the greater the chances of finding your true home destiny.

Live the house dream

Perhaps one of the greatest incarnations of a dream is buying and moving into the home you have wanted for so long. You get live inside your vision. When this happens, the feeling of elation is unique and unforgettable. The house you choose will be the place to witness so many happy memories while protecting you from the elements and challenges of the world outside. You don’t want to rush this big decision, and now you are in a good place to make the right choices.

Browse our choice of properties and help us to help you find your home.

Can’t wait to get on the property ladder?

Getting on the property ladder is all about getting started, and there are so many ways to do just that. With so much to spend your money on, whether it’s traveling, socializing, or all of the above. Finding the means of saving a deposit is no mean feat. A growing proportion of first-time buyers are now choosing to buy with friends. The process is a little more complicated, so it’s important to go about things the right way.

You can buy with up to four people

Up to four people can put their names on the deed, so even if you're a far cry from getting together a large enough deposit to buy a home completely independently, you could be closer to owning your first home than you think.

Tenants in common

This is the most popular form of agreement and allows each person you buy a property with to own different shares in the property, and you can pass on your share of the property in your will. This differs from "joint tenants," which means you have equal rights to the entire property and can’t pass on your share in a will.

The less, the merrier!

Perhaps you believe that the more, the merrier! It certainly will reduce the cost of your mortgage payments. However, it’s worth noting that if one of your house co-owners can’t pay their share of the mortgage, then the rest of you are liable. Needless to say, the fewer people involved, the simpler the arrangements.

Borrowing

Most high-street lenders will gladly lend to two buyers; however, the options for mortgages with four buyers are more limited.

Have an exit plan

It’s important to set out in a contract a good get-out clause covering the circumstances in which the property can be sold. Include how the profits from such a sale would be divided if certain individuals invested in its development, as well as anything else you feel is relevant. Then, when the time comes to sell up and buy your own house independently, the process is as seamless as possible.

Finding the right home

It’s important to find the right home that everybody is going to be happy with. Location is key to keeping the peace. The minor details of bedroom allocation are critical when purchasing a home in which you and your co-owners will be happy and thrive.

The doorway to owning your own home

Buying a home with your friends is a great way of rapidly speeding up your next steps on the property ladder. Taking house prices out of the equation, as you pay your mortgage and build up equity, you are effectively saving a deposit for your own home.

Find a great home for you and your friends and get on the property ladder now! Browse our properties.

UK house prices make a stable start to 2023

House prices are not as important as many analysts like to suggest! If you are selling, you may get a little less, and if you are buying, you may pay a little less. Equally, if prices rise, you may get more for the home you place on the market, but then the house you buy will cost you more!

However, house prices give a good indicator as to the state of the UK property market. What we really want is stability, and it appears that after years of soaring prices, there is evidence to suggest that the property market is reaching a plateau.

According to the Halifax, average house prices in January 2023 have hardly changed since December 2022, while average house prices are still £5000 higher than in January 2022.*

Price growth and price increase are not the same

What appears to be happening is a dip in growth, which is very different from a dip in prices. It’s no secret that prices have increased a bit too rapidly over the past few years. A softer, slower market is a more stable market. Buying a home is a long-term investment, and slow and steady wins the race! Some analysts shout "crash" like a nervous passenger in the front seat of a speeding car, but now that the market is driving forward at a slower pace, a crash is unlikely.

The law of averages

Many of the figures and stats we hear about are based on averages. It’s important to take these with a rather large pinch of salt! If you are a first-time buyer or looking to move, when you turn on the news and hear the average house price in the UK, you may feel somewhat intimidated, perhaps even frightened! For example, in November 2022, the average price of a property in England was £315,073.** However, there is no substitute for getting online, talking to your agent, and exploring physical viewings to see how far your money can really go!

The market is settling down

Another good sign that the market is settling down is the return of more competitive mortgage interest rates. Many lenders are now offering deals hovering around the 4% mark. Stable house prices and stable lending rates create nicer conditions for settling down in the home you want.

You accept the price, but you love your house

Price is something you must accept when selling or buying. Who knows, you may love the price if it’s right! Ultimately, you are investing your time and emotion in a house that you want to be the best version of your home. House prices in the long term will inevitably rise, and you don’t want to accept anything less than the right home.

To see how much property, you can really get for your money, get in touch.

Halifax*Office for National Statistics**

7 good reasons to be positive about the 2023 property market

Positivity is like a fresh spring breeze; it just makes you feel good and clears your head! With so much negativity bandied about in the media, with sensationalist headlines, it’s easy to become worn down by all the doom and gloom. Your head becomes clogged with confusion, which is almost as uncomfortable as a winter cold. On the other hand, you are an optimist and want to move forward based on informed choices and good reasoning.

The housing market is built on good foundations

A significantly large part of property sales are cash buyers and buyers borrowing less than 50% of the value of their property.* This is hard to hear for those of us who have to borrow much more to progress on the property ladder. However, the good side to this is that it helps stabilise the property market and the wider economy. Unlike so many other sectors of public and private borrowing, the house of cards scenario is not as precarious!

A stable and secure borrowing and property market

It’s now widely accepted that while interest rates are higher than they have been over the years, they are set at more realistic levels. It’s comparable to responsible lending; prior to this, borrowers could almost borrow as much as they wanted, leading to big repayment problems during the banking crisis.

Since the introduction of responsible lending, the future is less susceptible to the perils of overborrowing. Interest rates may be higher, but the result is a more stable borrowing market and a more stable housing market. Interest rates are stabilizing, and even if there are more adjustments to the base rate, a small increase will not affect your mortgage interest rates.

House prices remain resilient without soaring, with good long-term growth

House prices are no longer soaring towards the sky or dropping through the floorboards. Instead, due to low supply and high demand and good levels of employment, prices are realistically stable. When it comes to making an offer, there is also some room for price manoeuvring, while long-term growth prospects remain favourable.

First-time buyers

With 5% mortgages available to first-time buyers thanks to the government’s Mortgage Guarantee Scheme, extended until December 2023, there is a lot for first-time buyers to feel good about.

Demand for green homes is increasing

Homes are becoming greener and leaner, and as such, they are becoming more desirable. Houses that are more self-sufficient in terms of energy fetch higher prices than homes that are more expensive to run.

Homes are becoming more energy efficient

The government’s ECO+ scheme, due to start in April 2023, will run for three years and, with a pot of £1 billion, will give big energy suppliers the means to offer customers grants to make their homes more energy efficient by improving insulation.

The standard of homes has increased massively

It’s no secret that during the pandemic many homeowners spent a lot of time and money making home improvements. Today, as you get on the move, you can enjoy the fruits of all those labours and find a property that is in great condition; modernised, energy efficient, stylish, and ready to be lived in. All you have to do is enjoy it.

Make some positive steps towards buying the home you truly desire. Contact us for more information.

Zoopla*

29 April 2023 | Dainton Park Golf Club

30th Anniversary Music Festival

Celebrate everything that Dainton has to offer - live music through the afternoon into the evening with a selection of local food and drink.5 years on from our 25th anniversary festival, Dainton’s 30th anniversary festival continues to celebrate everything that Dainton has to offer.

Click here to read 29 April 2023 | Dainton Park Golf Club.