Worrying news for the rental sector!
The latest Ministry of Housing report shows that almost 4,000 buy-to-let properties are being sold by landlords each month, resulting in the first recorded decline in the number of rental properties in 18 years.
Source:
Photo source: https://bit.ly/2tupISG
When you put your property on the market, it’s important that you do everything you can to make sure it looks as aesthetically pleasing as it can be. Here are some of the ten biggest turn offs for potential buyers or renters when they look at a property.
Damp
A whopping 70% of people stated they’d be turned off at the sight of damp patches or stained walls. This is often due to how expensive it can be to fix and can also indicate further issues within the property, like a leaking gutter or roof.
Property in poor state of repair
Next was a property that’s in a poor state of repair. This isn’t a surprising one since repairs can get very expensive quickly and are often time consuming.
No garden
It appears that 57% of people consider a garden a deal breaker. Despite the inconsistent UK weather, many buyers are always after the opportunity at least to plant some flowers and grow vegetables.
Bad smells
Many homebuyers appear to be turned off by poor smelling homes, which shouldn’t surprise many. Examples could be smells caused by pets, food and cigarettes.
No space for parking
Over half of homebuyers stated that parking was another deal breaker when selecting a new home.
Poorly lit rooms
54% of people were put off by poor lighting; hardly anyone wants to come home in the summer to a house where the lights still need to be turned on, so it’s important to keep your home properly lit so it feels welcoming to viewers.
Unfinished works
About 54% of individuals stated that unfinished building work was off-putting when it came to buying a house. Viewing a house that looks like a building site isn’t very appealing and neither is the thought of buying one.
Small rooms
51% of homebuyers said a home with small rooms was a turn-off. This is probably because of the increasing popularity of open plan areas. Small spaces are often advertised as ‘cosy’ but it appears many homebuyers aren’t looking for this.
Small kitchens
It seems 44% of individuals would be put off by a property with a small kitchen. A kitchen is the hub of many homes and if there isn’t enough space for wining and dining guests it often won’t be considered.
Poor DIY
Good intentions aside, bad DIY is off-putting to 43% of homebuyers. An unfinished curtain rail or skirting board can look tatty and gives off the feeling that the property isn’t care for. When the time comes to conduct viewings, we suggest just putting the tools down.
Photo source: Pixabay http://bit.ly/2pcBFtF
The inflation for house prices reached a 5 years low: 4.9% this April compared to the average of 6.9% in the last 5 years.
Considering the fall from the last quarter of 2017, what the housing market is feeling now is actually a rise of 2.9% for prices. But this is mainly because the last quarter of 2017 consisted of a fall of 0.5%, instead of a growth.
Large regional cities are the strongest perfomers with signs of slower growth across the south coast. The pace of overall city level growth is losing momentum, partly due to static prices in London.
One of the cities with the fastest growth rate is Manchester, but the situation is unique in each UK large city.
London is actually the most particular: most of the authorities signalized a growth, but there is still a consistant number (16 out of 46) that are registering a negative growth and prices falling.
Details and an overlook in this very good analysis on Hometrack:
Awards for the Victor Michael team at the 2018 ESTAS
Last night was a very important night for Victor Michael. The team at Victor Michael was awarded two gold awards at the Estate Agent of the Year Awards (ESTAS) 2018.
The two gold prizes received by Victor Michael were for:
The ESTAS awards 2018 happened under the tagline “Because Service Matters” and it highlighted regional and nationally services like real estate agents, brokers, conveyancers, home-builders for the excellent standard of customer service they deliver throughout the year.
You can watch the moment of the announcement of the Gold Winner on our Facebook page.
Photo source: Pixabay http://bit.ly/2Dyz3Ls
Internet automation is a great thing, most of the time. But, at Victor Michael we understand the value of having the best people and the best knowledge possible, so that we can do the very best job when it comes to selling your home. With that in mind, here are just a few of the things that make Victor Michael different from the purely online only competitors out there.
This is the single biggest thing to factor in when selling your home, because it affects everything else. Ultimately, without the best possible knowledge and experience of the area, it’s impossible to have an easy time selling your home. So, Victor Michael balance having a national database of statistics and clients with also having more local knowledge than you can shake a stick at. Our estate agents come with years of experience and local knowledge which we further develop and enhance. They’re then trained to a nationally consistent standard and pushed to know more and more about the areas they’re selling in. Our agents know not only what other properties in your area have sold for, they also know what can be done to maximise your home’s value. And, although some online agents claim to be in touch with ‘local experts’ there’s no way to know that you’re dealing with the best people possible. Often, with online agents, you never meet the person or people looking after your account, there isn’t the option to go in and speak in person. We know how reassuring it is when there is someone who can offer you a cup of tea and a word of advice.
At Victor Michael we liaise with you the entire time, and this is crucial with viewings, because we know how frustrating viewings can be, and not just for the time it takes you to prepare your house. With online agencies, not only might you have to organise and attend all of the viewings, but there’s also no way to figure out who is truly interested in your property. Because potential buyers deal with us directly, we’re able to make sure that only highly interested parties come to see your property and take up your time. Above and beyond all of this, we accompany every viewing to your home. This way, you can rest assured that your home is being displayed by experienced salespeople, who know how to market your home to its highest potential.
We know that selling your home can be a stressful time, it’s a big move to make, and it’s not just the practical side you have to deal with — there are a lot of emotions too. Whether it’s help with negotiating your offer or dealing with solicitors, Victor Michael are here to make your sale as smooth as possible throughout the process. So we’ll take charge of communications with the buyers and even offer advice when working with your solicitor, something online agencies don’t always do. Having us do some of the negotiating takes out a lot of the stress involved when selling your home.
We will get you the best price for your home.
There is no real motivation for online agents to get you the best possible price for your home. Though many claim to get 99% of the asking price, research suggests that some of the most popular agents only secure the initial asking price for between just 30 and 50 percent of sellers. Part of this ties back to the very first point we made, online agencies simply don’t have the experience of the local area you need and deserve. Without a deep understanding of the local area, it’s almost impossible to give you an accurate valuation of your home, which you need to get the best price later on.
These are just some of the things that set Victor Michael apart from online agencies, and trusting anyone with your property is a big step, we know that. So if you have any other questions, if you’re not quite convinced, just drop into your local Victor Michael branch today and ask us — we’ll always be happy to help.
Photo source: Pixabay http://bit.ly/2pcBFtF
February ended with a rise in property prices, as the data reveals. We were interested in finding out which of the regions were best seen by buyers…
From the prices table, we can see the leaders that peaked the charts:
North West
East Midlands
South West
Wales
South East and London have had prices raise by 2.5%, as this article on Property Reporter states.
It leaves the average value of a home in England & Wales at £299,556, up £1,512 compared to one month earlier, and £1,700 compared to a year ago.
If you’re a homeowner with an interest only mortgage, you should prioritize discussing your repayment options with your lender. Otherwise, you might be in danger of losing your home.
There are a lot of ways of launching yourself into the real estate business. And if you are really close to the business, opportunities might be even more diverse. And that is because ‘diversification’ is a trend and it creates niches of investments one can miss as an outsider.
UK is about to become a world leader for ‘for speed, simplicity and an open approach to data’, when it comes to real estate transactions. This is the goal the Land Registry set for 2018 and it should be reached once digitalization is in place – 6th of April 2018.
The process will become simpler, faster and cheaper while at the same time the integrity and security of the register against threats from cyber-attacks and digital fraud will be strengthened…
But what are the implications for those acting on the real estate market: sellers and buyers?!
Details in the article on Property Wire:
Photo source: http://bit.ly/2nartS9
Before buying a home, it’s essential to know whether it’s freehold or leasehold. It’s the difference between owning your property outright and having a landlord.
Owning a property freehold means you own the whole building and the land it stands on. Most houses – not ones divided into flats – are sold on this basis. When buying a freehold property, you are listed on the land register. You’re responsible for any and all costs incurred to maintain the fabric of the building, common parts and land.
While this might sound like a big responsibility, the benefit is that you won’t need to pay ground rent, service charges or management fees, and you’re able to modify the property to your tastes – seeking planning or building permission where required.
Leasehold means you effectively lease a property for a number of years. This is common for flats or apartments, and less common with houses. You will have bought and signed a lease agreement for the property from the freeholder, often referred to as the landlord.
When buying a leasehold, the more number of years on the lease, the better. Leases can last as long as 999 years! After this time, the lease reverts back to the freeholder. Avoid buying properties with 80 years or less left on the lease. Securing mortgages on these properties is difficult and you may have to shell out for expensive renewal fees if you wish to remain in the property after the lease has expired.
Leasehold limitations
You don’t own the property outright when you buy a leasehold. As a result, you may face restrictions and additional charges.
For example, you’ll need the freeholder’s permission to do certain things. This is known as requesting a ‘licence for alterations’. From asking to keep a pet, to seeking permission to knock walls through, actions you may need to ask the freeholder about can vary from property to property.
Ground rent and service fees apply, too. These annual fees are charged to the leaseholders for the maintenance of the building. Primarily, these fees are put towards building insurance, but also cover the upkeep of common areas, entrance ways, building security or roofing and structural repairs.
The only time this is not the case is if the leaseholders have been awarded the Right to Manage.
What is Right to Manage?
Unhappy with how the freeholder’s managing agents look after the property, or are spending the service charge funds? You could apply to take over certain building management duties from the freeholder. This is known as ‘The Right to Manage’ and is awarded by the First Tier Tribunal.
To gain Right to Manage responsibilities, multiple leaseholders need to apply collectively. For more information on qualifying for Right to Manage, visit the Leasehold Advisory Service.
Should you choose to buy a leasehold property, in many cases you may be eligible to collectively purchase the freehold. ‘Collective enfranchisement’ is when a group of leasehold property owners act together to buy the freehold of the property. Owning the freehold is an attractive prospect, because you’ll have more freedom over your property. Sounds great, but the road to get there is complicated.
We strongly recommend researching the complexities of owning a share of the freehold, seeking legal advice before making your first move. Sites like gov.uk and lease-advice.org are great starting points.