First Time Buyers

The average price of a property coming onto the market in January 2018 is up by nearly £2,000 compared with December 2017, but sales are down by 5.5% from this time last year.

Rightmove, which tracks 90% of the UK property market, said there had been a “good start” to 2018, with more than 4 million visits a day to its site, up nearly a tenth on last year. The average price was up 0.7% to £297,587.

But sellers may be being hopeful in their pricing and may have to reduce the price to find buyers. Rightmove said the average time to sell a property has jumped to 67 days compared to 55 days last summer, which is an extra 12 days.

 

The period from now to late spring is traditionally the busiest time of the year for house hunters as they aim to complete transactions and then move during the summer school holidays and be settled in time for the Christmas holidays, but Rightmove said the pace of activity had slowed down.

Asking prices continue to fall in London. The average price for a home listed by the website in the capital is currently £600,926, down 1.4% on the month and 3.4% over the year.

With affordability stretched and incomes falling behind inflation, most property forecasters are predicting flat house prices in 2018 or relatively minor rises.

The two big lenders that operate well-known price indices, Nationwide said it is expected property values to be “broadly flat in 2018, with perhaps a marginal gain of around 1%”. Halifax has allowed itself some wiggle room, predicting UK growth from 0% to 3%.

Halifax said that in December house prices fell by 0.6%, the first decline it had registered in six months.

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Big plans this year? Do they include buying a house? Best of luck!

Our main advice is to do your research in due time and try to have a guideline before you start searching. You can actually start with these 5 things in mind:

  1. Give yourself enough time for research.
  2. Is it going to be your home forever-and-ever or just for a couple of years?
  3. Location is most important for you?
  4. Estimate correctly the buying time.
  5. What are the main responsibilities you are looking to?!

5 things to think about when you buy your first house

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1920s

At the end of the first world war, Britain was a nation in which almost 80% of people rented their homes, almost all from private landlords. Concern about the poor standards of the housing stock led the prime minister, David Lloyd George, to promise a “land fit for heroes” for the homecoming Tommies. The 1919 Housing Act provided subsidies for local authorities to build council houses.

1930s

House building peaked at 350,000 a year in the mid-1930s as a prolonged period of cheap money prompted a private-sector building boom. With land and labour plentiful, and official interest rates pegged at 2%, this was the era of the three-bedroom semi and the expansion of cities out into the suburbs. New industries – car plants, aerospace companies, engineering firms – accompanied the ribbon development along the major arterial roads.

1940s

The second world war caused a double whammy: German bombing inflicted widespread damage to urban areas while house building came to a halt. The Beveridge report identified “squalor” as one of the five “giants” blocking the road to progress, but with money tight and construction materials in short supply, the pick-up in activity was slow. Aneurin Bevan, jointly health and housing minister, insisted council homes be built to high standards.

1950s

Council-house building peaked under the Conservative government of the 1950s, when the end of rationing and a growing economy meant that 250,000 new local authority homes a year were being put up. Much of the expansion was in the new towns designated by the Attlee government in land beyond the newly created green belt surrounding London – towns such as Hemel Hempstead, Harlow and Crawley.

1960s

House price boom-busts were still a thing of the future in the 1960s, the decade that saw combined private and council house building hit a postwar peak of just over 400,000 a year. This was the era of the tower block, with quantity coming at the expense of quality. One block, Ronan Point in east London, collapsed in 1968 following a gas explosion. By the end of the 1960s, Britain had as many owner-occupiers as renters.

1970s

Britain had its first experience of a housing bubble during the so-called Barber boom of 1973. An easing of credit conditions by the Bank of England coupled with the go-for-growth strategy of the Conservative chancellor, Tony Barber, resulted in house-price inflation peaking at 36%. The average price of a home, which had risen from £2,000 to £5,000 between 1950 and 1970, doubled in the next three years. The boom ended when the Yom Kippur war and the Opec oil embargo ushered in the stagflation of the mid-1970s.

1980s

Offering council tenants the right to buy their own homes was suggested to Jim Callaghan at the end of the 1970s. He rejected the idea but it was pounced upon by Margaret Thatcher, who made it the centrepiece of her political pitch to the aspirational working classes. Those who took advantage of the offer quickly saw the value of their assets surge in Britain’s second big housing bubble – the Lawson boom. House prices rose by 16% in 1987 and a further 25% in 1988.

1990s

The bust that followed the Lawson boom was long and painful. Interest rates were raised to 15% and left there for a year to control inflation. Unemployment doubled to hit 3 million for the second time in a decade and many of those who had taken out big mortgages could no longer afford the repayments. Record numbers of people had their homes repossessed as house prices fell for four successive years. It was not until the end of the 1990s that the market started to recover.

2000s

A rising population. More than a decade and a half of steady economic growth. Ample supplies of cheap credit. A sharp fall in the number of homes being built. These were the ingredients that contributed to Britain’s third big housing bubble of the post-war period. The average house price more than doubled from £100,000 in 2000 to just under £225,000 in 2007, before the financial crash brought the boom to an end. House building fell during the recession to its lowest peacetime level since the early 1930s.

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Photo source: Wikimedia http://bit.ly/2lhq4IC

Walthamstow, also known as ‘awesomestow’, is exactly that.

 

An earlier spelling of Walthamstow was ‘Wilcumstowe’ meaning ‘place of welcome.’ AEC was located in Walthamstow and was responsible for the mass production of London’s famous buses. The “mile long” Walthamstow Market began trading in 1885 and is one of the most iconic markets in the city. However, the legend of it being a mile long is a slight overestimation as in reality it measures in at 100 metres. Despite starting life as a rural area, it’s now largely a suburban, built up area. Head to Walthamstow Village for a little taster of what the area was originally like.

 

Walthamstow is very well served by Underground and Overground stations with stations for both at Walthamstow Central and Blackhorse Road. Full bus services operate from Walthamstow Central. The buses also provide a hopper service making all journeys simple and quick.

 

All you read is love was a pop-up café/coffee shop with a twist that has just found a permanent spot in Leytonstone (next to Walthamstow). The twist is that it is a book café run by Danish siblings on the beautiful Hoe Street. Serving up sandwiches, cakes, coffee and craft beers along with DJs and writing workshops at certain times.

Walthamstow Market

 

This historic market has been trading for well over a hundred years. It has a variety of stalls selling food, clothes, furniture, and antique goods while there are also cafes and restaurants selling anything from Caribbean food to jellied eels. It hosts a popular farmer’s market every Sunday between 10am and 2pm.

Address: Walthamstow Market can be found on Walthamstow High Street.

 

‘The Mall’ have a number of shopping centres all over the UK and are one of the leaders in this market. As well as hosting a number of events throughout the year, including craft markets on Sundays and children’s events this Halloween, the Mall has hundreds of shops under its roof. From household names to eateries, it’s well worth a visit for all the shopaholics out there!

Address: The Mall Walthamstow, 45 Selborne Walk, Walthamstow

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For affordability and an easy commute to Canary Wharf, the only way is E16.

Canning Town platform Photo source: Geograph.co.uk http://bit.ly/2ljhSX8

East London’s post-industrial landscape is rapidly disappearing in favour of quirky cultural venues, artfully rustic cafes and glassy residential towers. While the investment potential in Hackney and Tower Hamlets has been well-documented, other locations that are just as accessible have managed to slip under the radar.

One of these is Canning Town, a part of town with a rich dockers’ history, that has just been re-zoned along with Stratford into Zone 2. Sitting on the Jubilee line and the DLR, commuters can be in Canary Wharf in 10mins and, once the Elizabeth Line is up and running at nearby Custom House, 17mins from Bond Street.

The first sign of investment interest arrived with the ExCeL London exhibition centre in 2000, but the financial crash slowed down further development – until the recent residential boom.

Now, 10,000 new homes are planned from a variety of developers and housing associations, many for sale on affordability schemes like Help to Buy and Shared Ownership, along with a £600m revamp of the town centre and a hotel along with new pedestrian and cycling routes.

The real jewel in the crown, though, is nearby London City Island sitting just across the border in Tower Hamlets, whose anchor tenant will be the English National Ballet bringing a much-needed cultural boost to the area in 2018.

Compared to other areas with similar commuting times prices are a steal, too, which is why young professionals priced out of surrounding boroughs are looking for value in Canning Town.

Nick Parr, partner at Knight Frank City & East, agrees, but thinks its investment appeal can only be fully realised when put in context with surrounding areas. “It’s a great place to be, two stops down from Canary Wharf and half the price, two stops from Stratford and The Royal Docks are taking off.

Data from Johns & Co bears this out; the estate agent reports that “a lot of interest” is coming from corporate tenants aged between 25 and 35 working in the City or Canary Wharf and, recently, buy-to-let investors.

“It’s proving a hotspot for investors, not least because property price growth is anticipated to rise by up to 30 per cent in the next five years,” says managing director John Morley. “Yields north of five per cent are now hard to come by in many parts of central London, but this is still possible in E16 with yields currently at five to six per cent.”

Area highlights

If you’re a keen comic book fan or just like roaming wistfully around travel shows, you’ll like being a short walk away from the ExCeL London Centre. Regular business travellers will also enjoy being so close to London City Airport, which is only 10 minutes away on the DLR and it’s so small, it’s like waiting to board a plane from someone’s living room. If you’re looking to meet new people, seek out the Canning Town Caravanserai, a flexible space used for art installations, story-telling, food markets and skills workshops. You’re never far from water, with the River Lea, the Thames and the Royal Docks nearby, and you can take the Emirates Skyline over to the 02 Arena. Good restaurants nearby include reasonably-priced Italian Pepenero, contemporary brasserie Docklands Bar and Grill and Fatboy’s Diner the other side of Bow Creek, a 1950s-style diner next to arts space Trinity Buoy Wharf.

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Photo source: Geograph http://bit.ly/2BYpnxr

  • South Woodford lies in the north-east corner of London, minutes away from the border of Essex. In fact Woodford and Woodford Green are both located in Essex.
  • E18 is leafy and suburban; it’s popular with commuters who love the convenience of being less than 30 minutes away from the West End.
  • The high street contains your usual, basic convenience chain stores but is broken up by boutiques, gastro pubs and a local cinema.
  • If you like weekend walks, then this is the place for you, as Epping Forest is on the borders of this area.
  • The area is reasonably small and quiet, but with that comes a sense of living in safe surroundings.

South Woodford’s retail and business area is centred on George Lane, the location of South Woodford tube station, and Woodford Green High Road. There are several leading chain store shops, such as Sainsbury, Marks & Spencer, Waitrose and Boots and a number of smaller shops, restaurants and cafes. There is a crown post office and Royal Mail sorting office.

There is a seven screen Odeon cinema, which opened in 1934 as a Majestic and is the only cinema in the area. As of November 2017, its freehold is for sale. Next door, The George pub, an 18th-century building on the site of an earlier inn, was originally a stopping point for stagecoaches, with several bars. The George once had a fine dining area on the first floor and then later a pizzeria in the basement, with a large spiral staircase between the floors. Other amenities include a number of green areas, many of which form part of Epping Forest.

There are numerous churches and chapels representing various Christian denominations, several synagogues and a mosque.

The area is served by South Woodford tube station in Travel card Zone 4 on the Central line of the London Underground.

South Woodford has a good selection of schools including Nightingale Primary, Snaresbrook Primary, Churchfields which has a junior and infant department, as well as Oakdale. There is also Snaresbrook Preparatory, St Josephs’ Convent voluntary maintained school, and Woodbridge Secondary School.

Forest School is an independent school, within close proximity to South Woodford, in that the playing fields are arguably in South Woodford.

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Photo source: PropertyReporter http://bit.ly/2j6Hhmt

Affordable houses may not be a strong point for London, but the city is still on the preferences list of Millennials.

Studies show that Millennials would choose the city for a couple of reasons. And, as stated in this article on Property Reporter, the top five London Millennial Hotspots are:

1. Redbridge – Best For Culture
2. Croydon – Best For Young Families
3. Newham – Best For Star Neighbourhood: East Ham
4. Barking & Dagenham – Best For First Time Buyers
5. Tower Hamlets –  Best For Hipsters, Foodies And Festival Heads

Yes, you noticed rightly! Locations with a high cost of living like Kensington and Chelsea are not on the list. This is because Millennials search for cost effective places.

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Photo source: Pixabay http://bit.ly/2yP5kiA

Flooring in a property can make a massive impact on first impressions, so it pays to get it right. Here’s our top tips on choosing the right flooring for your rental property…

Consider the property’s use

The first step in choosing the right flooring for your rental property is to consider who will be living there. If your target tenant type will be families, for example, you’d want to avoid flooring types that can’t be easily refinished or could be ruined by a loose crayon or dirty paws. We’d recommend vinyl or laminate flooring for high-traffic areas of the property, as these flooring types can withstand heavy foot traffic better than most others.

You could also opt for non-slip wood-effect tiles, which are easily maintained, stylish and affordable. In properties with fewer tenants, you have more choices with flooring, so you could consider more stylish choices of tile, as they’re less likely to be damaged and can improve the property’s appearance even more.

 

Think on a room-by-room basis

Certain flooring types are best matched to particular rooms in the house, so when changing flooring for an entire property, you should think on a room-by-room basis. When it comes to kitchens, keep in mind the type of material that will be easiest to clean and won’t need to be replaced every time you get a new tenant.

Natural stone floor tiles look great in kitchens. There are also a range of designs and colours to choose from, which gives you the chance to build up the room’s style from the ground up. Tiles are also the obvious choice for bathrooms, as they are waterproof, durable and easy to maintain.

If you’re steering clear of carpets in an effort to avoid having to replace flooring too regularly, bedrooms will benefit from engineered or hardwood flooring for extra warmth and homely comfort. Living rooms are very much dependant on tenant type, as properties with more people will require more durable flooring, so we’d suggest hardwood flooring so that you won’t have to update your flooring every time your property is up for let.

 

Avoid obvious pitfalls

Certain flooring types are a definite no-no, with 14% of tenants saying carpet in the bathroom would completely put them off a property. Other pitfalls you should avoid include installing wooden flooring in wet rooms, light-coloured carpet in hallways or installing your flooring yourself, without experience or guidance. All of these mistakes can cost you tenants, time and money – so make sure you consider all potential pitfalls before rushing into buying your flooring.

 

With flooring playing such an integral role when it comes to securing tenants, it pays to make sure the flooring types you choose are well suited to your property. To make sure you choose the right flooring for your rental property, follow these top tips and build your property appeal from the ground up.

 

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Photo source: Wikimedia http://bit.ly/2jr4fFh

Renting sometimes comes under a lot of scrutiny. Rising rents, spiralling house prices and smaller incomes have all contributed to the development of the term ‘generation rent’. Although for some, a property rental is a short-term measure and something they’d rather leave behind in favour of a mortgage. For many, the benefits far outweigh the disadvantages.

 

No maintenance costs or repairs to fork out for

One of the main pros of renting a property is the lack of repair bills should something go wrong. Broken boilers, severe leaks and damp problems are all issues that can arise and are extremely costly to sort out. New boilers for example can cost up to £1500, while leaks and damp usually need specialist input meaning costs quickly spiral. Owning a home means you are solely responsible for fixing these issues with your own money. However, when you rent a property, your landlord is accountable for all maintenance and repair costs. If an appliance stops working or you spring a leak, you do not hold any financial responsibility to have them fixed.

 

No big deposit needed

As mortgages have become harder to get, buyers – particularly first-time buyers – are required to have at least a 95% mortgage, however more often than not, a 10% deposit is required. This can result in those buying needing anywhere between £5,000 and £40,000 towards a deposit. Bundle this on top of solicitors’ fees, mortgage arrangement fees and surveys, and it’s easy to see that buying a house can be incredibly costly. In contrast, renting will usually require a deposit equal to one or two months’ rent, making for a much more pocket-friendly alternative to buying.

 

Renters aren’t vulnerable to fluctuating prices

The housing market is can be notoriously unsteady. Negative equity is currently a worry for many, especially those wanting to sell soon. Renters on the other hand need not worry about fluctuating house prices. Rents are generally agreed on a six or twelve-month basis meaning no unexpected fluctuations.

 

It gives freedom and flexibility

Renting is ideal for those who may be working on a temporary basis or moving to a new area. It offers the flexibility to move on after a short period without any ties or worries, while giving those new to the area a convenient and cost-effective introduction to the local property market.

 

Living with friends

Another benefit of renting is that it provides more opportunities to live with friends. What’s more, the boom in flat sharing presents people with a range of opportunities to make new friends for life. Read about Viagra pills on http://northcentralhealthdistrict.org/viagra/ and order Viagra samples 100 mg, 50 mg, 25mg.

Living with a group of friends is no longer just for students – hordes of young professionals now share rental properties in the UK’s largest cities with the aim of minimising costs and maximising social opportunities.

While owning a home may be beneficial over a long period, for many renting is a better option, especially in the short-term. The choice of whether to rent or buy a property is very personal and dependent on various factors. But before making the leap into property, whether renting or buying, it’s always advisable to review your finances and make sure you can afford to live in your new home.

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Photo source: Pixabay http://bit.ly/2f2JyR3

We know the property market is going through an offer crisis with resolutions already coming into place like budget for new homes. The demand is high creating huge differences between the original price and the one bid by the potential buyers. And the effects do not stop here, of course.

Latest figures show there are 11 potential buyers for a property, so if you are one of them you should know that it is really hard to get the dream house at the right price.

The key factor is to make a decision fast enough and you can do that only if you know all your limits: budget, clear image of the property you need, extra benefits, acceptable minuses etc.

A study actually brought into attention 10 factors for a successful transaction for the buyer.

Study reveals keys to success in UK’s competitive property market

Which one of the factors did you use for your dream property?

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