Agents are currently only permitted to carry out “virtual viewings” on vacant properties, and mortgage lenders are putting a temporary stop to new mortgage applications whilst restrictions prevent their surveyors from valuing properties with usual accuracy, given that they cannot physically visit the vast majority of properties at present.
The only ones that are still moving home, are those that are well progressed with their sale or purchase and are contractually bound to move. The same more or less applies to those renting as well, with virtual viewings applicable to vacant properties only, and only those that absolutely have to move are able to do so.
Prior to the outbreak of COVID-19, the property market was doing extremely well, and there was already strong evidence that the so called Boris Bounce was having a positive impact on the property market.
Our own data showed a 14% increase in the number of property viewings immediately following the election, and an overall increase of 32% when compared with the same period in 2019. This was also evident in the most recent property transactions for 2020, showing an increase in the average price paid for a property in Thames DItton, Esher, Claygate, Hinchley Wood and Molesey of £25,000.
Right now, we should be experiencing one of the busiest seasons for the property market, commonly known as the Spring Market, but restrictions are preventing people from bringing their property to market, causing a back log of people that were planning to move at this time.
Can you think of another recent event that was talked about in the news every day that may have also had a bottleneck effect, and created a back log of people that were waiting for more certainty before putting their property on the market…?
The EU referendum in the UK along with amendments to how stamp duty land tax is calculated, reduced transactions in Molesey, Esher, Thames Ditton, Claygate and Hinchley Wood by around 30% and as a result, 2020 was expected to be a busy year for the UK Property market with pent up demand reaching critical mass.
We now have one bottle neck on top of another bottle neck, and if the data tracking property transactions in South Korea and China is anything to go buy, we can expect transaction levels and the health of the property market to snap back at an exceptional pace.
With the UK’s own specific set of circumstances leading up to this point, we are expecting a wave of new properties coming to market in the second half of 2020.
If you are one of those people that are planning to sell your property once life begins to return to normality, is there anything that you can do to beat the crowd?
You may or may not already know that you can instruct a solicitor before you find a buyer. Our panel of solicitors work just like our estate agents do, on a No Sale, No Fee basis.
Why does this matter? The initial process of setting up the sale of your home with a solicitor takes anywhere from 2-3 weeks. Most people wait until they have a buyer to begin this process, but if everyone is trying to do this at the same time, it will likely take longer than usual for the initial steps to be completed.
If you are serious about moving, why not put yourself in a position where you are up to 3 weeks further ahead than other properties that launch to market? There’s no catch, and you don’t even have to use Newton Huxley Estate Agents to sell your property to get access to this service. However, if you decide to take advantage of our award winning estate agency services, your solicitor fee payable upon the completed sale of your home will be absorbed into the commission we charge, saving you an average of at least £1000.00
For more information please contact our team on 01372 631 622 or email firstname.lastname@example.org
Tenants will stay for longer and your property will let much faster if you correctly maintain kitchens and bathrooms, you don't have to install a new kitchen for every tenancy but if your kitchen or bathroom(s) are more than 10 years old you may want to consider having some improvement works carried out such as replacing cupboard doors or worktops. Make sure any dripping taps are fixed, under cupboard lightbulbs are all working and appliances are sparkling clean before you start marketing the property. Good tenants hold these things in very high regard.
Many landlords have heard horror stories about being caught on on missed legal obligations, and some landlords just assume they are legally compliant becuase they have a gas safety certificate and have put the tenants deposit into a recognised scheme. This gives us horrendous anxiety as there is so much more to it and there will be more to come as legislation continues to evolve!
Depending on your own circumstances and the type of tenancy you have, your legal obligations can vary drastically and fines for non compliance can range from hundreds to thousands of pounds, and some even carry prison sentences. If your property is already let and you would like to know if you are legally compliant, we offer a free tenancy health check to landlords in the KT postcode area, just email email@example.com with your name and the address of the property and we will guide you through our checklist.
Many landlords will know the pain of having an empty property, and this can quickly turn your year from a profitable one to a loss. For example a property with a typical rental value of £3000pcm will lose £692 per week if left without a tenant, and that's not including council tax, gas, electric, water rates and any service charges (if you own a leasehold property). If for example you previously let your property for £3000pcm in a more buoyant market and your tenant is leaving during a more competitive season or less buoyant market, you are better off discounting your rent by £100pcm to secure a tenant quickly, and avoid having the property empty, leaving you with lost income and footing the bill of running costs for an empty property.
When you do need to find tenants, how will you market your property? Tenants are more likely to enquire about a property that clearly lists key benefits, has good photography and most importantly, a floor plan. Taking a few quick shots, adding a brief description and an asking rent will just about get the job done most of the time, but is that the right attitued to have towards such a valuable asset? Wouldn't you rather attract a tenant who appreciates good presentation and communication? Reliable tenants mean less stress and less risk, a good letting agent will sense an ideal match, and ensure they secure the best tenants for their clients property.
If you are a landlord with a buy to let mortgage you may want to look at available rates if you are approaching the end of a fixed term. In some instances you could save hundreds of pounds per month just by switching lender. This can be done with a quick search on one of the various comparison sites, but if you want to be extremely thorough, we can put you in touch with our own financial advisors who would be happy to search the market for you as they often have rates available to them that are not available on the open market. Just email firstname.lastname@example.org if you would like to discuss this in greater detail.
Do you have a property that always seems to attract professional sharers? You may be able to get a better return by letting each room rather than under one tenancy. In most cases this can increase monthly return by 20%-30%, but it does come with its own set of legal requirements and associated risks, however when managed correctly it can boost income signficantly which will not only give you better cash flow each month, but can give you options to borrow against your increased rental income to expand your portfolio. Contact our lettings team at email@example.com or call Len Taylor on 01372 631 622 for more information.
If you are letting a house that attracts family tenants and you are looking for a long term let, it may be worth allowing pets into your property if you are not already doing so. It is exceptionally rare that they cause problems, and its worth making allowances in return for a long tenancy with a reliable and usually hassle free tenant. As long as your tenancy agreement reflects the additional responsibilities to the tenant and their furry friend.
Where market trends are on the rise, request an increase in monthly rent to keep in line with market values. A small incrase of just £25 per month equates to £300 per year which will cover most if not all of your maintenance costs for any repairs at the property over a 12 month period. If the market value reflects this there is no reason why you should miss out! If you would like to get an idea on the current rental value of your property quickly, you can use this free instant valution tool here.
This really only applies to those letting houses as opposed to apartments. Many landlords forget that tenants are buying a product, and they can make their decision before they even enter the property. Keep your windows clean, driveways free of weeds, brickwork, gates and paving all in good shape to make a good first impression that will go a long way to helping your property stand out against the competition, helping you to secure a better tenant and command a market leading monthly rent.
It isnt pure luck that some landlords enjoy long term tenancies with minimal fuss and some seem to have to replace tenants every year with non stop maintenance issues. Responding to maintenance requests quickly are not only part of your obligations as a landlord, but it keeps tenants happy, which will likely mean they stay in your property for longer, and are more likely to agree to rent increases. Most long term renters have had a bad experience with a badly maintained property, they will see the value in being looked after and will want to stay with you as much as you want to keep them.
We understand that some landlords do not have the time or experience to correctly maintain proeprties and their obligations, which is why we offer a full tenancy management package so you can forget about the day to day running of your investment and get on with your day to day life with peace of mind. Even if we did not palce your tenant we can take over the management of your property, if you would like to discuss this further please email firstname.lastname@example.org or call 013720631 622 and ask to speak to our Managing Director, Len Taylor.
There are always many schools of thought when it comes to letting, and it really depends on what type of tenant you want to attract. We hope that you have found the above useful and if you would like to discuss the local lettings market or recent changes in lettings legislation that may affect you or your investment, please contact our lettings team on 01372 631 622 or email email@example.com.
As always, if you have a property to let and would like us to visit your property for a market appraisal, you can book your appointment here.
The current property drought is nationwide, with the average price of a property sold subject to contract in the UK in September at £221,797. On top of that, the supply of properties for sale is 14.3% down compared to 12 months prior, and 3.1% from August this year.
New instructions are also down 18.5% in London, where the average house price last month was £521,383.
Buyer activity is being magnified, with new buyer registrations up 8.4% annually, in particular the number of new first-time buyer registrations is up 7.4% with the current low mortgage rates.
Already we have seen a spike in new buyer registrations with many homes going under offer with the first seven days of marketing, and on average we are acheiving 98% of asking prices. A sure sign that there are more buyers per property.
The affect this has had on the Molesey property market is great news for those planning to sell in the near future. In the past 6 months property prices in East and West Molesey have increased by £15,583 on avg (2.86%), with 117 transactions in the KT8 postcode area in the same time period.
For the first 6 months of 2015 there were 164 transactions which shows a drop in completed sales of around 28%. It is no wonder then that as the amount of new buyers searching for a home increases, and new instructions coming to market dropping, property prices have increased significantly.
This bubble will burst when mortgage rates rise and there are numerous reports that suggest this will happen in the not too distant future, when this happens we anticipate buyer activity will decrease and property values will level off temporairily. We therefor urge anyone considering selling to take advantage of the current market and to bring any plans to sell forward where possible.
Should you require a valuation and market appraisal of your home our appointments are offered free of charge and without obligation. Please contact our sales team on 0208 396 6717 to arrange your appointment.
Sam Kamali | Sales Director
07957 301 214 | firstname.lastname@example.org
Pretty much the same as any ISA, a savings account allowing individuals to hold cash free of tax on dividends, interest, and capital gain. The BIG difference being that the government will give you a 25% bonus on anything you save. This is capped at £3000 meaning you will need to save £12000 to get the maximum benefit.
Initial deposits are capped at £1000, with maximum monthly payments of £200 per month. So to get to the maximum of £12000 would take 4.5 years. The government will pay 25% bonus on any balance over £1600.
Unlike the Help To Buy scheme this ISA is only available to first time buyers. You can also combine ISA's if you're buying with another first time buyer.
The Help To Buy ISA will be available from Autumn this year and new accounts should be available for the next 4 years.
The average asking price for a flat in East Molesey is currently just over £300,000 so for those of you buying together this could really make a difference. If you are considering making your first purchase and would like some advice on how best to proceed, please contact our sales department on 020 8396 6717 and press option 1.