Welcome to your monthly property update!

Buying a new build vs. an old build home

When purchasing the perfect property for you to call home in the UK, there is such a wide variety available in the housing market to choose from. In the UK, the government is attempting to reach a goal of 300,000 new homes built per year to keep up with the high demand and increase in population. * Some people prefer the character of an old building, while others crave a new blank canvas.

When buying your perfect property, new builds and old builds will both be available, so we are here to compare the two and decide which home suits you.

What’s the difference between a new build and an old build?
When purchasing a home, you must compare the different types of properties. Whether you would prefer a one-bed apartment in a city or a four-bed house in the country, you need to decide which home best suits your lifestyle. This is the same when it comes to choosing a new-build or an old-build property. A newly built property has never been lived in before and is sometimes designed particularly to what you desire. An old building is a property with lots of character, history, nd several previous owners. So, there are extreme differences between an old-build and a new-build home. Do you want a move-in-ready home or a potential property adventure?

What are the positives of purchasing a new build property?
When buying a new home, it is most likely that you will buy the property before it has even been built. This allows you to add certain personalisation’s to the home, like the room layout, light and power placements. It is most likely to be a more energy-efficient home, as newly built homes must meet certain requirements. This means the home's EPC rating will be excellent when you want to sell or rent out your property. Another benefit of a new build is that it never has a chain of properties attached to it, decreasing the chances of your move falling through. It is known that when buying a new home, you have more access to better mortgages and shared ownership options. This increases your chances of owning a property earlier than the average first-time buyer.

What are the negatives of buying a new build property?
A new build isn’t always the best choice for every home buyer, and they can be made more accessible for first-time buyers. New builds aren’t always built on the timeline you planned, creating delays in your moving timeline. New builds aren’t for everyone, but they create the perfect, comfortable step on your property ladder. When buying a new build, you are the first owner, however you may less have less scope to carry out home improvements. There is normally no community built yet, and there is no previous seller to tell you how amazing it is to live at that location.

What are the positives of buying an old build property?
When purchasing an older period home, there are many benefits that come with the purchase. The homes normally have larger square footage, with bigger rooms creating more space. They are well structured, built with thicker walls, and surrounded by more land. Older properties hold valuable character and history, which cannot compete with a new build. You can easily add value to these properties by renovating and redecorating, creating a modern twist. Old build properties will only increase in value over the years unless they are poorly looked after.

What are the negatives of buying an old build property?
When buying an old building, you normally get tangled within a long chain of properties. This is because for people to afford to buy their next home, they must ensure their past property is sold, creating this chain of properties. Old builds normally need constant maintenance and renovation when purchased, but these are spotted quite easily in an old build and normally bought as an exciting project. These homes will have lower EPC ratings as they weren’t built with high energy efficiency, but they can always be improved in the future.

What’s the difference in price between an old build and a new build?
When purchasing between an old build and a new build, there is not much of a price difference. The price is slightly higher for a new build, only because it has never been lived in before. An old build costs less, but you will most likely need to redecorate and renovate parts of the property.

Are you searching for a new home? Contact us today to check out our range of dream homes.

BBC*

Your guide to understanding Council Tax bands

Council tax bands are used in the United Kingdom to determine how much each household should pay in council tax. Paying your council tax bill is a legal obligation for residents in the United Kingdom, and failure to pay can result in serious consequences. Therefore, it is crucial for every homeowner and tenant to understand the calculation of council tax and the role of council tax bands. Let’s take a look at what council tax is, how it is calculated, and how to pay it.

What are council tax bands?
Council tax bands are categories used to assess the value of residential properties for the purpose of levying council tax. Each property is assigned to one of these bands, ranging from Band A (the lowest value) to Band H (the highest value). Your council tax band is determined by the market value of your property on a specific date. In England, it is based on what the value of your property was on April 1, 1991.

What is council tax used for?
Council tax revenue funds a wide range of public services and infrastructure that benefit residents in the area. Some of the key areas where council tax funds are typically allocated include:

Local government services
Education
Social care
Waste collection and recycling
Transportation
Public safety
Parks and leisure facilities
Housing services
Emergency services

Different council tax bands and their costs
Here are the council tax ranges for England based on your property value*:

A: Up to £40,000
B: £40,000 - £52,000
C: £52,000 - £68,000
D: £68,000 - £88,000
E: £88,000 - £120,000
F: £120,000 - £160,000
G: £160,000 - £320,000
H: More than £320,000

Factors that affect council tax bands
When assigning a property to a council tax band in the United Kingdom, several factors are taken into consideration to determine its assessed value. One of these factors is the location of a property, as those situated in areas with higher property values or better amenities may be assigned to higher bands.

The size and type of the property, including the number of bedrooms, bathrooms, and overall floor space, are also taken into consideration. Larger properties, or those with additional features, such as garages or outbuildings, may be assigned to higher bands.

Additionally, the age and condition of the property can influence its assessed value. Older properties or those in need of significant repairs are typically assigned to lower bands, while newer or well-maintained properties may be assigned to higher bands. Any alterations or improvements made to the property since the valuation date may impact its assessed value and council tax band. Whether the property is used residentially or commercially may also increase its tax band.

Council tax for newer properties
Council tax on newer properties in the United Kingdom is calculated in a manner similar to that of older properties, but with some differences in the assessment process. For newer properties, the valuation date used to determine the council tax band is typically the date of completion. In some cases, comparable properties in the area may be considered to establish an appropriate valuation.

The quality of construction materials and finishes used in newer properties may contribute to their higher assessed value compared to older properties. Features such as high-quality fixtures, fittings, and construction techniques can impact the property's valuation. Properties built by reputable developers known for constructing high-quality homes in desirable locations may command higher market values, affecting their council tax bands.

Paying your council tax bill
Most people pay their council tax in 10 instalments over a 12-month period; however you can pay in fewer instalments or even in one annual lump sum if you wish. There are several ways to pay your council tax, including via direct debit, online payment, or telephone payment. If you prefer to pay by post, you can send a cheque payable to your local council along with the payment slip from your council tax bill. However you pay, make sure you allow enough time for the payment to reach the council before the due date.

There are severe consequences for failing to pay your council tax bill. Your local council may impose additional charges or penalties for late payment, and these charges can accumulate over time, increasing the amount you owe. If you continue to refuse or neglect to pay your council tax, the council may eventually apply for a committal warrant, leading to imprisonment in extreme cases.

If you are struggling to pay your council tax bill, you should openly communicate this with your local council. They may be able to offer support or assistance, such as setting up a payment plan based on your financial circumstances.

Looking for a new home? Contact our expert team of agents today

GOV.UK*

How can you accelerate your mortgage?

When diving deep into the world of property, it can sometimes feel hard to resurface. Constantly making payments month after month can become exhausting and may seem never-ending, but paying off your mortgage can truly be accomplished quicker than you assume.

We are here to shine a light on your mortgage this summer with simple tips on how you can accelerate your mortgage.

The benefits of accelerating your mortgage
Accelerating your mortgage may finally give you freedom from your monthly payments sooner than you expected. There are numerous benefits to accelerating your mortgage deal which could save you money in the long term.

A mortgage usually lasts around 25–40 years, depending on how much your home deposit was and what you are willing to pay back per month. So, the longer you stretch your mortgage term, the cheaper your monthly repayments will be but the longer you will be paying back your mortgage. We recommend overpaying on your monthly repayments to shorten your mortgage loan term.

Reduce your interest rates
By overpaying your mortgage, you are far better off in the long run as you save on your interest rates and shorten your overall loan term. The interest is added onto your mortgage loan daily, so by paying more quickly you reduce the amount of interest added. Once you finally pay off your mortgage, you will also receive access to better mortgage deals in the future with other properties, as you have proven reliable for repayments.

How does it work?
Accelerating your mortgage occurs by overpaying on your monthly repayments or by performing weekly repayments rather than monthly. Before accelerating your mortgage, you need to check with your lender about the terms of your mortgage agreement and make them aware of what you are doing. This is because your lender could easily mistake your overpayments for reducing your next monthly repayment, when in fact you want to reduce your overall term.

If you are on a fixed-rate mortgage, it is harder to achieve acceleration as you are typically only able to overpay by 10%.* Sometimes it can be better to remortgage your home to escape a fixed-rate mortgage and get a variable-rate mortgage. This allows you to overpay your mortgage without any early repayment charges. By paying more each time or by paying weekly, you reduce your outstanding mortgage quicker, resulting in a faster decrease in the amount owed on your mortgage.

Is it worth it?
If you were to overpay your mortgage by just £100 a month for a year, it would allow you to take off nearly 3 years of mortgage repayments. This is all due to the interest charge added to each payment, as mortgage interest is calculated daily.

It is worth paying that little more or changing your mortgage payments to weekly, as this leads to less overall interest accumulating on your remaining balance as you are paying off your loan quicker, reducing the term of the mortgage. Weekly repayments are where you change to paying the monthly agreed amount weekly, split into four payments a month rather than one. This will lead to 52 payments a year rather than 12, allowing you to achieve financial freedom sooner.

What happens when I pay off my mortgage?
When you have finally paid off your mortgage sooner than you knew was possible, you will have a new sense of pride. You will now outright own your property and feel proud while noticing extra disposable cash each month.

Accelerating your mortgage can make a huge difference in your overall financial freedom throughout your life. By overpaying or making more frequent payments, it can take away a large amount of interest added to your owed amount. Speak to your lender to discover your options and see how you could gain financial freedom this summer.

Sunnyavenue*

Sales agreed and buyer demand spring forward in time for summer

The spring 2024 market is running serenely and more smoothly than this time last year, thanks to a more stable market. So, if you decide to move, the question has to be asked; Could it be your easiest move ever?

Homemovers are moving the market forwards
This time of year is always busy and 2024 is not disappointing. In fact, the UK property market is moving forward at a better pace than many anticipated. It’s a case of the more, the merrier. When buyers find a new home for sale that they like, it’s another transaction to add to the tally and when their old home is bought by another buyer, this multiplier effect carries on right down the chain. This drives the entire market forward, bringing more buyers to your door and more choices of homes to your inbox.

The market has a lot going for it
You could be forgiven for missing the many opportunities that 2024 has to offer homemovers, thanks to the naysayers in the press and social media. But the facts speak for themselves: stamp duty is favourable at 0% for your first £250,000.* Mortgage rates are improving and, in a historical context, are very favourable, and equity levels are strong, yet house prices are at reasonable and affordable levels. Then there is the standard of properties themselves, which have received a lot of love and attention due to the home improvement frenzy that still continues.

Sales agreed are increasing
In March, sales agreed were 13% higher than the previous year.** Homes are appearing on the market well-prepared by their eager-to-move owners. Gleaning lots of tips and hints on preparing their homes for sale and benefiting from years of hard work and renovations, as well as paying off the mortgage as the value of their properties increases, means equity levels are good. It’s perfect moving weather for packing up and making a fresh start and this is also true when you are viewing properties.

Buyer demand is growing ever stronger
In March, buyer demand was 8% above the same time last year,** due to slowing inflation, and increasing wage levels. The UK property market is a rich and textured place. Demand is increasing on all fronts, from first-time buyers taking advantage of up to 0% stamp duty up to £425,000,* and the 5% deposit Mortgage Guarantee Scheme to cash buyers, and home movers at the higher end of the market. Each property has its own personality yet can be adapted to suit yours. From stunning eco-homes to listed properties, homes often choose their owners.

Agents are making moving easier
The old saying that moving home is one of the most stressful things you can do is losing some of its street credit. Moving does not have to be stressful, but it can be, if the agent you choose is not up to scratch. Good agents attract good vendors, nice properties, offer great listings and can recommend other property professionals that will make the entire process run smoothly. Sometimes it’s being prepared for the unexpected. If a sale falls through, a good agent’s database of buyers will quickly get your sale moving again.

gov.UK*

Rightmove **

Ways your home can earn its keep

One of the joys of owning property is the doors of opportunity it can open. Even if you have no intention of renting out your property, there are lots of things you can do to make a bit of money from it. So here are a few ideas to inspire you.

Get a lodger
Taking in a lodger is a quick way to get some extra cash to pay those bills. The first £7,500 you make will be tax-free thanks to the government’s Rent a Room scheme. Interestingly, you do not have to be a homeowner to take advantage of this scheme, but the room must be furnished. It’s important to inform your home insurance provider, just in case. Doing this can work because it may offer a lot of flexibility for you and any potential lodgers.

Rent out office spaces, outbuildings, or your driveway
Depending on the size of your location and how much extra income you are interested in earning, this will help determine what you are going to do. If you have large outbuildings, you have more options to rent out, without anyone entering your home. Whether they rent storage space, office space, a garage, or a workshop, it’s important to make sure the facility is well-maintained and compliant. If your home is at the edge of a big city and near a train line, it could be ideal for renting out your driveway.

Let your property
Letting your property is a great way to build a secure and prosperous financial future. Using a letting agent makes the process a lot smoother with a lot less effort. You can choose which level of managed service you like. For example, you may take care of maintenance yourself while your letting agent collects rent and finds referenced tenants. You may prefer a round-the-clock maintenance service for your property with a fully managed package. Whether you make a profit on the cost of your mortgage or not does not minimise your long-term return on investment.

Home improvements
As you pay off your mortgage and your home increases in value over the years, it’s earning money. You can accelerate this by improving it. Fitting a new kitchen can add up to 15%*** to the value of your home. A new bathroom may add 3%-5%.*** Simple things can also make a difference. Decorating, improving lighting, and the energy efficiency of your home are also effective ways to add value. Fitting solar panels, and selling excess energy back to your local electricity board, is another canny way to make a few extra pounds from your home.

Sell up; the market will help your home pay for itself
With the UK property market performing well, you could move and make a profit. In January 2005, the average house price in the UK stood at £150,633, in June 2023, it increased to £287,546.* Figures released in March, by Rightmove, suggest the average price of newly marketed properties was £368,118.** You could cash in on this equity to move, improve, or buy a second investment property. According to Zoopla, average sellers in the UK made £74,000 profit in 2023.*** With lowering interest rates and homemovers returning to the market in large numbers, the outlook remains positive.

Do you fancy moving to a home with more potential? Contact us today

Office for National Statistics*

Rightmove**

Zoopla***

Love Riot - Hearn Field | Fri 5 Jul 2024

Step into a world of etiquette, scandal and matchmaking, with this fresh new take on an 18th century rom-com from Cornwall’s Miracle Theatre.

Click here to read Love Riot - Hearn Field | Fri 5 Jul 2024.

"Wray Valley" Half Marathon & 10k 2025Sun, 01 Jun, 2025

The “Wray Valley Trail” in South Devon is an old railway line that connects Bovey Tracey to Moretonhampstead.

Click here to read "Wray Valley" Half Marathon & 10k 2025Sun, 01 Jun, 2025.

Daccabridge Road, Kingskerswell, TQ12

A superb, individual, four/five-bedroom detached home in a tucked-away village location boasting generous sized and beautifully...

£895,000

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With classical lines from its 1930s origins, a stunning, light-filled interior and with a first class detached annexe at the bottom...

£650,000

Click here to read Golvers Hill Road, Kingsteignton, TQ12.

Buyer Beware: What a Surveyor Really Looks For

When you’re buying a property, you want to be sure that your investment is sound. This is where a surveyor comes in. A surveyor’s job is to examine a property and highlight any potential issues that could cost you later on. A survey is your safety net. Without one, you may find yourself facing expensive repairs you didn’t see coming.

Surveyors look for a range of issues, from structural damage to dampness. They’ll check the foundations, the roof, and the overall integrity of the building. These might not be things you’d notice on a quick viewing, but they could be costly to fix. Cracks in the walls? A red flag for potential structural issues. Water stains on the ceiling? That could point to a leaky roof or plumbing problems. Damp is another common issue, often hidden behind walls, which could lead to mould and long-term damage if not addressed.

But it’s not just the obvious structural concerns. Surveyors also check for electrical problems, which can be dangerous if left unchecked. Old wiring, faulty sockets, or improper installations could be a safety hazard. Don’t forget about the heating system too – a surveyor will ensure it’s working efficiently. A poor heating system can make a property uncomfortable and costly to run.

Now, here’s the thing – while you can’t always spot these issues yourself, a surveyor can. They know what to look for and will give you a clear picture of the property's condition. If the survey reveals issues, you’ll be in a much better position to negotiate with the seller or decide whether to proceed with the purchase.

Don’t skip this step. Booking a property survey is an investment that can save you from unexpected costs down the line. It’s a small price to pay for peace of mind. Contact us today to arrange your survey – and ensure your new home is built on a solid foundation.

Tips for Buying Leasehold Flats in the UK

When it comes to buying property, leasehold properties are a popular option, especially in urban areas where freehold properties can be harder to come by. However, before committing to a leasehold, it’s essential to understand the unique considerations that come with it. Leasehold ownership means you own the property for a set number of years, but the land it sits on is owned by someone else – typically a freeholder. This can affect everything from the length of the lease to the cost of maintenance and ground rent, so it’s vital to approach with the right information.

Check the length of the lease

One of the first things to check is the length of the lease. If the lease has fewer than 80 years left, it could significantly impact the value of the property and make it more difficult to secure a mortgage. If you find a property you’re interested in, it's a good idea to ask the seller to extend the lease before you proceed with the purchase. This can help avoid complications later on.

Review ground rent and service charges

Next, it’s essential to review the ground rent and service charges. Ground rent is the amount you pay to the freeholder for the land the property is on. Some leasehold agreements have increasing ground rent clauses, so it’s important to check whether this is the case for the property you're considering. Similarly, service charges cover the cost of maintaining the building and communal areas, and these can vary significantly depending on the property’s size and location.

Understand the leasehold restrictions

Another point to consider is the leasehold’s restrictions. These may include anything from restrictions on pets to limitations on making alterations to the property. Understanding these restrictions upfront can save you from potential frustrations down the line.

Consult professionals before purchasing

Buying a leasehold property can be a great investment, but it's crucial to go into it well-informed. If you're looking to purchase a leasehold property, be sure to consult with a legal professional and a property agent who understands the ins and outs of leasehold agreements. They can guide you through the process, ensuring you make the right decisions every step of the way.

Ready to explore leasehold properties? Get in touch with us today and let us help you find the perfect home.

Thinking of Selling or Remortgaging? Why a Fresh Valuation Matters

Thinking of selling or remortgaging? Why a fresh valuation matters
Whether you're considering selling your property or remortgaging, getting a fresh valuation is an essential step that can greatly impact your decision-making process. Property values can fluctuate for a number of reasons, such as market conditions, changes in local infrastructure, or the condition of your home. A valuation will give you an accurate picture of your property's current worth, helping you make more informed choices moving forward.

The benefits of an accurate asking price when selling
For those looking to sell, a fresh valuation allows you to set a realistic asking price. Overpricing can lead to your property sitting on the market for too long, while underpricing may result in you leaving money on the table. An accurate valuation ensures that you can strike the right balance, attracting potential buyers without compromising on value. It also helps in understanding where your property stands in comparison to others in your area, giving you an edge in a competitive market.

How a fresh valuation supports remortgaging decisions
If you’re thinking of remortgaging, a fresh valuation is just as important. Lenders will use this figure to determine how much you can borrow and at what interest rate. A higher valuation can mean access to better deals and more borrowing power, potentially saving you money in the long run. By ensuring you’re working with up-to-date information, you can position yourself for the best possible financial options.

Plan for the future with accurate property data
Having an up-to-date valuation also helps you plan for the future. Whether you want to make improvements to increase your property’s value or you’re evaluating the current equity you have, knowing exactly where your property stands is invaluable. A fresh valuation gives you the clarity to move forward with confidence, ensuring that your decisions are based on the most current and accurate data.

Make the most of your property’s value
To make the most out of selling or remortgaging, getting a fresh valuation is a smart move.

Reach out to us today for expert advice and to arrange a valuation for your property.

Capital Gains Tax: What Property Sellers Need to Know

Capital Gains Tax: what property sellers need to know

When selling a second home, rental property, or buy-to-let investment, it’s easy to focus solely on the sale price. However, there are other financial factors to consider, particularly Capital Gains Tax (CGT). This tax applies to the profit made from selling a property that is not your primary residence. Understanding how CGT works can help you plan effectively and avoid any surprises when it comes to your tax bill.

How is Capital Gains Tax calculated?

CGT is calculated on the profit you make from selling the property, not the full sale price. For example, if you purchased a property for £200,000 and sell it for £300,000, your taxable gain would be £100,000. However, you can reduce this taxable gain with allowable costs, such as the purchase price, any improvement costs (but not maintenance), and professional fees like solicitor or estate agent costs.

Exemptions and allowances that can reduce your tax bill

In some cases, you may qualify for exemptions that reduce or eliminate CGT. For example, if the property you’re selling has been your primary residence for the entire period of ownership, you may be eligible for Private Residence Relief, which can exempt you from paying CGT altogether. However, if the property has been used for rental purposes or as a second home, you may not qualify for this relief.

It’s also important to keep track of your annual CGT allowance. Each tax year, there is a tax-free allowance for gains made, known as the annual exempt amount. For the 2025/2026 tax year, this allowance is set at £12,300. If your gains exceed this amount, CGT will apply to the excess.

Positive aspects of Capital Gains Tax for property owners

While CGT may seem daunting, there are ways to minimise your liability and take advantage of exemptions and allowances. If you’re selling a rental property or second home, understanding CGT can actually help you plan for the sale and avoid unexpected financial impacts. Additionally, certain improvements made to the property may be deducted, reducing the taxable gain.

Seeking professional advice

If you’re uncertain about your CGT liability or want to ensure you’re fully compliant, it’s wise to consult with a tax advisor or an experienced estate agent. They can help you navigate the complexities of CGT, advise you on exemptions, and make sure you’re well-prepared for the sale.

Ready to make your next move? Contact us today to discuss your property sale and how we can help you navigate the capital gains tax process.