The best time to move is the time that best suits you. But whether you are a first-time buyer, looking for your perfect forever home, or a property investor, it seems now is a good time to move.

Many early birds are moving home
Many people have been watching the market closely and were preparing to move well before Christmas last year, getting their homes’ sale-ready, and addressing anything that helped to maximise their selling prices’. As interest rates stabilised, home movers decided to get an early start and take advantage of reasonably priced homes, thanks to a slower 2023 market, before prices start to rise again.

Sellers know they will find a buyer quickly
In January, the number of homes for sale was 13% higher than the previous year and agreed sales were up by 16%* in the first six weeks of the year compared with 2023. This momentum is growing, increasing demand for your home. Spring home movers make this time of the year one of the busiest and with early bird buyers kicking off the beginning of the year, the market is in better shape than is often described in the news.

Home movers who delayed their move last year are moving in 2024
An increasing number of buyers who were waiting to see what happened last year have been entering the market. Eager to move and start enjoying a better property means homes are not on the market for long. Wanting to take advantage of lower stamp duty rates at 0% for homes up to the value of £250,000 and for first-time buyers up to the value of £425,000,** is also a big factor.

The market is ripe for picking properties
With house prices generally not increasing last year while maintaining good levels of value, many people are getting on the move. They know that they can get a good price for their current property without overpaying for their next. As more and more 'sold' signs sprout up under the warming sky, more buyers return to the market. They bring fresh, sale-ready, and often move-in-ready homes that attract a lot of interest.

Springtime is a good time to move
Springtime is perfect for moving. Summer is on the horizon and your garden will be foremost in your mind. As warmer, lighter, and longer evenings appear, you have more time for house viewings and making your home look beautiful. You don’t want to move when the weather is too cold, but you want to move in time for summer. And as the economic climate improves, a positive mood purveys without the franticness of previous years.

Better mortgage deals and an acceptance of a new normal
You buy a home because you love it and will be happy living in it. It is also an investment. Since January, mortgage approvals have been increasing as mortgage rates decrease. It’s little wonder more people are moving. While interest rates are not as low as in the past, many people are accepting that they will not return to super-low levels. Waiting for interest rates to fall will probably mean paying more for the home you want as house prices rise.

 

You had a good feeling from the moment you saw it. Then, as you walked from room to room, you could see you and your loved ones making lots of happy memories. You know you want this home, and you decide it’s time to make an offer.

Look at the price of homes nearby
Going online and peeking at the property portals or the Land Registry to see what other properties were sold for may offer a little guidance when deciding your offer price. Most recent sold prices are best, but take them with a pinch of salt, as all homes are unique.

Think about your budget
It’s a good idea to have an agreement in principle already in place, before making an offer, and to understand how much you can borrow. Don’t forget that stamp duty is currently at 0% for your first £250,000.* You should also consider the running costs of the property.

Get to know the area
Getting to know your potential new postcode is as important as getting to know your new home. Good schools, hidden gems like great cycleways, and proximity to amenities and transport links all play a big part in any property's value but also in the quality of your life.

Ask your agent how long the property has been for sale
Find out how long the property has been on the market. The current market is buoyant. But if you are buying a home that needs some work, then you may find it’s been on the market for a little longer than expected. This can open the door to a lower offer being accepted.

Familiarise yourself with the property market
The property market is performing well and plenty of homes are finding new owners. You can enjoy realistic pricing when buying and achieve a strong price for the home you are selling. Sensitive pricing means little movements in price make a big difference.

Take stock of your position in the market
Being a cash buyer, chain-free buyer, or first-time buyer puts you in a good position and means the seller may accept a lower offer from you. Your agent is legally obliged to tell you about other offers but not necessarily the amount.

Understand the seller’s position in the market
Is the seller part of a chain? What is the condition of the property like? Does the property need money spending on it? Have many people viewed the property? All of the answers to these questions will influence your offer price.

Communication with your agent is key
Your agent will be able to provide you with the answers to the questions and information you need to know when deciding on your offer price. You may find that you need to meet your seller halfway, need to improve, or have your offer accepted. A good agent can guide you through this process.

 

Contact us to experience the 'I'm home' feeling, and we'll help make it a reality for you.

 

GOV.UK*

 

Accepting an offer on your home might feel like the final stage of your sale, when in reality, it’s just the beginning. Once you’ve chosen a buyer for your home and agreed on a price, the conveyancing process can commence. It’s important to know exactly what to expect so that you can prepare for the challenges ahead.

Instructing a conveyancer
The first thing you need to do is find a conveyancer, which can be done either before or after you’ve accepted an offer on your home. When selling a property, instructing a conveyancer early will give you a head start and help you avoid potential delays. Before you’ve even secured a buyer, your conveyancer can:

• Verify identity
• Source your property deeds
• Draft up the contract
• Obtain a copy of the lease (if applicable)
• Instruct you to complete your conveyancing protocol forms

Having these key things ready well in advance can cut down on the conveyancing process by weeks and ensure that there aren’t any unnecessary roadblocks on your end.

Sold Subject to Contract
Once you have secured your buyer and accepted their offer, your estate agent will draft a Memorandum of Sale. At this point in the process, your listing will be labelled as Sold Subject to Contract (SSTC) which means that the sale of your house will not be legally binding until contracts have been exchanged. Therefore, you are still allowed to receive and accept other offers at this stage.

Pre-exchange
The pre-exchange phase is the longest part of the conveyancing process, as this is where your conveyancer works with the buyer’s conveyancer, estate agent and all other parties involved to advance your case. During this time, all your crucial documents and forms will be sent to the buyer’s party through your conveyancer, including title deeds and the draft contract. They will also address any queries from you or the buying party, which is when negotiations may arise.

Common things to negotiate and agree on may include:

• Fixtures and fittings (inclusions and sale price)
• The date of exchange and completion
• Resolution of issues from the buyer’s survey.

Your agent can negotiate on your behalf, so let them know exactly what you want and are willing to agree on.

Pre-completion
Pre-completion should be a period of calm where the uncertainty is over, and you can start planning for your move and tying up loose ends. Your completion day could be set anywhere between 7-28 days after the exchange of contracts, and this date should be agreed with the buyer. However, there is no minimum or maximum timeframe between exchange and completion, so you may have to negotiate to suit your circumstances.

Completion
Completion takes place on your agreed moving day and is the last step in the process of the sale. Completion day is when ownership is transferred from the seller to the buyer, keys are handed over, and you can officially move out of your old home and into your new one.

 

Thinking of selling this year? Book an expert valuation with

 

Home buyers and sellers are coming back to the UK property market in droves, breaking records along the way. Some home movers are early birds; others have given up waiting, while many are seduced by a beautiful array of inspiring properties and reasonable pricing.

You have more daylight to enjoy viewings
Spring and summer are perfect for getting out in the garden, even if it’s not your own. Longer, lighter evenings give you more time to book and enjoy house viewings. According to Rightmove, January saw a record-breaking 23% increase in valuation requests compared to last year.*

Spring-summer surge
This time of year, often sees an increase in home-moving activity. Winter is over and the yearning for change is in the air. There are not many things that can change your life, like moving to a property you love. Many home movers choose spring, hoping to be in on time to enjoy summer.

0% stamp duty
Stamp duty is due to increase in April 2025. But right now, it’s at 0% for homes up to the value of £250,000 and for first-time buyers up to the value of £425,000, and just 5% between £425,001 and £625,000 on the amount over £425,000.** This reduces the cost of your move.

Sellers are back
Agreed sales were up by 16% in the first six weeks of the year compared with the same time in 2023.* And with the number of homes arriving on the market increasing as ‘For Sale’ signs appear in the locations you love; you know you are closer than ever to finding the property you really want.

Buyers are back
With buyer demand increasing by 11%*** in January compared with last year, buyers have been returning to the market for some time. Momentum is building steadily. Buyers are often sellers too, so they bring more choice to the market. All of this, combined with lowering interest rates, increases confidence in the market.

Best of both worlds with reasonable pricing
Make a good offer and you will be home in no time. This year is great for moving compared with previous years. You will get a good price for your current home with house prices inching up but, you will also get good value for money when buying due to the slowdown in house price inflation last year.

Good news for first-time buyers
With low deposit mortgages, the First Homes scheme offering discounts on new-build homes, affordable starter homes, and helpful savings schemes giving good interest to help you gather a deposit, it’s best to ignore the average house price in the UK mentioned in the news. Many homes are priced below this figure so you can get a footing on the ladder.

Positives for second steppers
If you are moving from a starter home, you will enjoy more demand than any other sector. This means you are in a good place to take a step up. With increasingly competitive interest rates and over 5,000**** mortgage products to choose from, from porting to buying something with the potential to improve, you have a lot of options.

Buy a home higher up the ladder
Homes at the higher end of the ladder are still enjoying lots of room for negotiation. If you are a cash buyer, even better. So, if you have enjoyed a lot of success in recent years and want an extraordinary home, this is your time. As soon as you move into your home, it will start increasing in value as the market warms.

Moving is not stressful with the right agent
Moving does not have to be stressful. As experienced agents combine their local market knowledge with access to a vast database of buyers and sellers, you can’t miss. This makes it easier to find an alternative if a sale falls through. Achieving a good price and finding the home you want is important and good agents make it happen effortlessly.

 

Make your move magical and stress-free by contacting us today

Rightmove*
GOV.UK**
Zoopla***
Moneyfacts****

 

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.

 

As we head into the summer months, the property market is continuing to bolster as an increase in market activity continues to benefit home movers. Let’s take a look at recent property market data and how the current market conditions benefit sellers and buyers alike.

Recent market data

According to Zoopla's house price index, there were 20% more properties for sale in March 2024 than the previous year.* There was also a 9% rise in sales agreed during this time period.*

This rise in market activity is partly due to an increase in the average working wage and an overall robust job market, both of which boost consumer confidence. In fact, confidence in personal finances has reached the highest level in more than two years, according to GFK's Consumer Confidence Barometer.** This made homeowners considerably more interested in buying a new home, therefore increasing market activity.

 

Benefits for buyers

More choice

An increase in market activity leads to a wider range of choices available for buyers to consider. This improved choice empowers buyers to explore various properties, compare features and prices, and ultimately make more informed decisions that align with their preferences and needs.

Price stability

The market remains well balanced as the demand for properties and the supply of homes for sale have equally increased. Because of this, prices are less likely to fluctuate, potentially making for a more stable investment. Increased market activity also helps to create a clearer picture of the true value of properties, further contributing to stable pricing.

More negotiating power

Due to increased confidence, buyers have the opportunity to be more assertive when negotiating a price for a property. Since the supply of properties is so high, buyers are less desperate to secure a particular property and can carefully consider their options.

More opportunity for investment

For those looking to invest in property, the increased supply increases their options massively. In a busy market, investors can buy a property, make renovations, and sell for a profit in a shorter timeframe.

 

Benefits for sellers

Increased demand

With more people in the market for a new home, sellers can command higher sale prices for their properties as buyers engage in bidding wars. By achieving a higher sale price, sellers can then look for a higher-value property than they previously considered possible.

Faster sales

The increased level of demand makes it easier for sellers to find potential buyers, which can lead to faster sales and less problematic property chains. Additionally, if a buyer is particularly interested in a property, they may be willing to pay a slightly higher price to secure a quick sale.

Flexible terms

Strong demand can give sellers the upper hand in negotiating certain terms. For example, if the seller needs to close the sale quickly, they can choose the buyer who is in the best position to complete the transaction as soon as possible.

Less pressure

In a balanced and active market, sellers may experience less pressure to accept lower offers or make compromises that they're uncomfortable with. They can feel confident that a more suitable buyer will soon show interest and make a better offer.

How an estate agent can help

Estate agents use their in-depth knowledge of the property market to assist buyers and sellers alike in taking advantage of summer 2024’s active market. They have access to a wide range of property listings and can help movers identify suitable properties that match their needs and preferences. They are also skilled negotiators who can secure favourable terms and prices while guiding movers through every step of the process.

 

Contact us today for help taking advantage of the market’s favourable conditions

 

Zoopla*

GFK**

 

When purchasing a property, there are many stages throughout the buying timeframe you need to face before you can finally call the property yours. During these stages, there are multiple factors that can get in the way and extend the process unnecessarily.

In this article, we discuss the different stages you go through after your offer is accepted and how you could potentially speed up the process of purchasing your dream home.

 

Stage 1 – Your offer is accepted

 

Finally, you found the home of your dreams, and your offer is accepted, but that doesn’t mean the property is yours just yet, as nobody is contractually obliged.

The 2 G’s

The buyer and seller are not legally bound until the signed contracts are exchanged, so there’s always the chance you could be gazumped or gazanged. Have you heard of these terms?

Gazumping is when another buyer offers more money to the seller even after your offer has been accepted, reversing your deal. To avoid the possibility of this happening, it’s common to ask the seller to take the property listing off the market.

Gazanging is where the seller decides to cancel the sale and not sell the property. A shift in the market could trigger this, potentially increasing the value of their property in the future.

Both are decisions made by the seller, making it hard for you to avoid them. Either of these decisions could result in a financial loss. This is why speeding up the buying timeframe is extremely important, as you are vulnerable until the exchange of contracts.

 

Stage 2 – Apply for mortgages

 

When purchasing a property, you are most likely going to need a mortgage to make this happen. Mortgage offers normally only stay valid for 30 to 90 days, depending on the lender. Ensure you complete thorough research when applying for mortgages, and don’t just accept the first offer.

By completing thorough research ahead of time, you can shorten the timeframe of your property purchase, as it can take as long as a couple weeks to over a month for a mortgage offer and approval.

 

Stage 3 – Discover a Conveyancing firm

 

Conveyancing is the legal process of transferring property from one person to another. Conveyancers are lawyers who specialise in property and complete all the legalities of exchanging property. It’s important to choose the right conveyancing firm that is reliable and offers clear communication. By choosing your conveyancing solicitor firm ahead of time, you can speed up the process.

 

Stage 4 – Property searches and surveys

 

While your mortgage application waits for approval, your conveyancing solicitor can begin to complete the necessary searches that are advised.

• Local authority searches
• Drainage searches
• Environmental searches

These searches come at a cost but are sometimes required by the mortgage lender.

When purchasing a property, it is highly recommended to get a property survey completed. This will highlight any hidden issues that may not be spotted with the naked eye. By having a property survey completed, this allows you to negotiate price reductions or repairs before the final transaction goes through. 

The lender will complete their own mortgage valuation of the property to see if they are prepared to lend you the mortgage. The lender completes this process because the bank would repossess the property if the mortgage repayments weren’t met.

 

Stage 5 – Mortgage offer

 

Your mortgage offer is accepted! Now it’s time to check your offer thoroughly and ensure that everything is accurate. A mistake as small as a misspelt name could cause delays and expenses, extending your wait.

Transferring your deposit

You’re almost ready to exchange contracts, which means transferring your deposit to your solicitor. Most banks don’t allow large sums of money to be moved in a short span of time, so you may need to contact your bank to organise this.

Signing your contract

At this stage, you will now sign the contract and commit to buying the seller’s property. The transaction still isn’t fully completed yet though!

 

Stage 6 - Exchange contracts

 

Finally, your solicitor and seller’s solicitor will swap signed contracts, and this is known as the ‘exchange in contracts’. Once completed, it’s time to celebrate! This exchange is legally binding between you and the seller, and now neither of you can retract it.

Your solicitor will deliver paperwork with a clear breakdown of the contract and any remaining costs of the property transaction.

Signing the transfer deed

The transfer deed is a contract that confirms you are taking ownership of the property; it needs to be witnessed and sent to the seller’s solicitor.

Paying for the property

The solicitor will arrange the payment to the lender, and this will kickstart the mortgage. You will receive proof that the seller’s mortgage has been cleared from the property, and you will begin yours.

 

Stage 7 – Move into your new home

 

It’s time to collect the keys and move into your new home! You can now start paying off your mortgage and begin your journey on the property ladder.

 

Contact us for more information on how you can speed up your property purchase

  

What are deeds?    

The title deeds of your property prove that you are the legal owner of your home, so they are extremely important when buying or selling. 

  

Do you need deeds to sell your home? 

When it’s time to sell your home, you will not need your original paper deeds if your home is registered with the Land Registry. It has been compulsory for any transfer of land or property to be registered with the Land Registry since 1990. So, unless you moved or remortgaged before this, then your home will be registered. If your property is not registered with the Land Registry, you will need your deeds. If you have searched your home thoroughly for your original paper deeds, and can’t find them, there are a few places you should look.  

  

Places where you may find your deeds other than your home  

If you need to find the deeds of your property because it is not registered with the Land Registry and you have searched every nook and cranny of your home, your mortgage provider or solicitor may have them. It could also be worth checking with the previous owner or their solicitor. However, finding the original paper deeds to a property is no easy task, as often they can be quite old. This is where you will need the help of a conveyancer or solicitor.  

  

How can a conveyancer or solicitor help? 

So, if you can’t find your deeds and your property is not registered with the Land Registry, it’s time to contact your conveyancer or solicitor. The Land Registry does not store original paper deeds so you will have to apply to the Land Registry for a first registration. Your solicitor can help you with this process. You will need to provide information such as when the original deeds were lost or destroyed, how this occurred, identify the property in detail and whether you had a mortgage at the time the deeds were misplaced. The Land Registry will consider each case individually so seeking the guidance of a good solicitor or conveyancer is a wise move.  

 

Great properties and property professionals 

It’s easy to become disheartened if a few obstacles stand in the way between you and your dream home. When you find the home you want and are organised, moving is a straight-forward process. However, from time to time, a few problems may need the attention of experts. That’s why it’s important to surround yourself with the right team who can guide you through the moving process. From finding the home you love, a good mortgage advisor and conveyancer, a great agent will give you all the support you need. 

 

For more advice and guidance, contact our expert team today 

 

 

 

When it comes to selling your home, first impressions count for a lot. Potential buyers often make quick judgments based on the smallest details, so quick fixes can be just as important as more substantial renovations. Here are seven minor yet significant factors that could potentially reduce the value of your home. 

 

Mess and clutter 

The first thing buyers notice when entering a home is its cleanliness and tidiness. Mess and clutter can distract from your home’s best qualities, so make sure to spend some time tidying and decluttering before viewings. This can also help to showcase the full potential of your home. 

Evidence of pets 

The UK is a nation of pet lovers, but buyers aren’t so keen on the smells, hairs, and damage pets tend to leave behind. If you keep pets, it’s important to have a top-to-bottom deep clean before conducting any viewings to remove odours, stains, and fur. You could even arrange for your pet to stay with a loved one during the viewing process to help ease the upkeep.  

An unloved garden 

A neglected garden can give the impression of a property that needs additional maintenance, which many buyers can find off-putting. Overgrown plants, weeds, or a lack of landscaping can make the outdoor area seem smaller and less inviting. Simple gardening tasks like mowing the lawn, trimming bushes, and repainting any fencing or railing can significantly enhance its appeal. 

Poor lighting 

Dimly lit rooms can make a home feel smaller than it actually is, whereas good lighting expands the space. Make sure all light fixtures are working correctly and consider adding lamps or fairy lights to brighten darker areas. Natural light is also ideal for showcasing your home at its finest, so keep curtains and blinds open during viewings. 

Damaged windows 

Cracked or damaged windows not only detract from the aesthetic appeal of your home but can also raise concerns about insulation and security. Replace any broken or damaged windows and ensure that they open and close smoothly. 

An old front door 

The front door is the gateway to your interior and sets the tone for the rest of the home. An outdated or worn-out front door can make a negative first impression. Consider painting or replacing it to enhance kerb appeal and give a fresh look to your property’s entrance. 

For more advice and guidance, contact our expert team today 

 

 

 

 

 

Equity release: Is it right for you? 

 

Whether you decide to release equity in your home largely depends on your individual circumstances. Whether you are looking to increase the size of your pension pot or simply want to make some home improvements, you have a lot of options. We can’t advise you, but we take a closer look at some of those options. 

  

What is equity release? 

  

Equity is the amount of value you own in your home after you have subtracted any borrowings, such as mortgages on your property. Releasing equity from your home, in the simplest terms, means using some of that value in exchange for cash. There are a number of different ways to release equity depending on your needs. 

  

Ways of releasing equity 

  

Re-mortgaging  

 

If you are interested in borrowing more money against the value of your home to make home improvements or even for debt consolidation, this may be an option. If you use your existing mortgage provider, then you may be eligible for additional borrowing. This allows you to borrow more money with your current mortgage. This means if your mortgage is on a better rate currently, you may end up paying more interest. On the other hand, you may choose to find a new mortgage provider in order to get a better mortgage interest rate.  

  

Lifetime mortgages 

 

Aimed at homeowners aged 55+, this type of mortgage allows you to borrow a proportion of your home’s equity. You could do this in one or a series of lump sums, while drawdown allows you to take equity as and when you need it. Interest will then be charged on the amount you borrow, which will be repaid when your home is sold. Most mortgage providers will allow you to repay up to 10% each year on the loan amount you borrow as equity from your home. It’s important to check that the scheme you choose comes with a no-negative equity guarantee in case mounting interest exceeds the value of the property in future years. 

 

Home reversion  

 

Targeted at homeowners aged 60+ this scheme involves selling part of your home to the lender for a lump sum or an agreed income for a percentage of its market value. For example, you may sell 50% of your home for 30% of what it’s worth. While you can carry on living in the home, you will only receive a percentage of the market value for the share of your home you sell to them. This makes this scheme less popular than a lifetime mortgage due to its costly nature. When the home is sold, the revenue from the sale is divided according to the percentage each party owns, which includes any increases in value.  

  

Could downsizing be a better move? 

 

If you need to fund your retirement and find yourself in a position where you have too much space, downsizing could be a better option. Most people are not best pleased about taking equity out of their homes. It can be a complicated and confusing process, which could erode any inheritance you leave for loved ones. Most people prefer the idea of owning their homes outright. Moving to a smaller, more energy-efficient property could give you a lump sum to fund your future plans without relinquishing any part of your home ownership.  

  

Discuss your property options with a good agent  

 

Sometimes properties themselves can hold the key to new opportunities and the solution to a better future. So, whether you want to downsize and use the profit from selling your old property to start a property portfolio, help family get on the ladder or to retire, it’s worth talking to your agent. Maybe you are making home improvements and want to know how much value you can add to your home. Perhaps you have hatched an ingenious plan that could involve letting part of your property to build a nest egg. Whatever your plans are, it's important to seek the right advice. 

  

Contact us today to explore your property options 

 

 

 

 

 

 

 

 

 

 

 

 

If you're considering buying a new home, recent trends suggest that it may be best to act sooner rather than later. The housing market has shown some promising signs that could benefit you as a buyer. Let’s take a look at how the market’s conditions could make your dream move more achievable than you may have thought. 

Asking prices dip 

Rightmove data shows that new seller asking prices dropped by 0.4% in recent months.* While this may seem like a small change, it signals potential for buyers. With sellers adjusting their asking prices, buyers are gaining more negotiating power. For those who have been waiting for prices to stabilise after years of rapid growth, this dip in asking prices could represent an opportunity to enter the market at a more affordable level. 

This is especially positive for first-time buyers who are trying to step onto the property ladder. As prices dip, the market’s conditions may allow them to secure a home without being priced out. It could also be a good time for those looking to upgrade their current homes or invest in additional properties, as sellers become more willing to negotiate. 

 

Prices expected to rise in the future 

While asking prices have dropped slightly, overall property prices are still projected to rise by up to 2% by the end of 2024.** This may sound negative at first, but it reinforces the importance of acting sooner rather than later. The recent dip in asking prices could be short-lived, so moving now is crucial. 

If you're in a position to buy now, you're not only benefiting from the recent reduction in prices, but also from the potential for future growth. Waiting too long might mean paying more for the same property in a few months’ time, as prices inch back up towards the 2% increase predicted for the end of the year. 

 

Supply is increasing 

Another significant change in the market is the improving supply of homes for sale, which increased by 16% compared to July 2023.** This is a crucial factor for buyers, as greater supply means more options and less competition for each property. It offers buyers a better chance of finding a home that meets their needs and preferences. 

As well as better choice, increased supply gives buyers more leverage when negotiating prices. Sellers who are competing with more properties on the market may be more open to dropping their asking price in order to secure a buyer. With more homes to choose from and sellers eager to secure buyers, there’s a greater possibility of finding value in the current market. 

 

How we can help 

If you’re considering buying a home, our expert team is here to help you take advantage of the market’s conditions and make your move a successful one. With our help, you could not only save money, but also position yourself perfectly to benefit from future increases in property prices. 

 

Contact us today to begin your dream move 

 

 

 

 

Rightmove House Price Index* 

Zoopla House Price Index** 

 

 

 

 

 

 

 

 

Investing in a property with a sitting tenant involves a slightly different process compared to purchasing a vacant property, but it offers unique advantages that can make it worthwhile. Let's look at the key benefits of buying a property with a sitting tenant, as well as why it could be a great way to build your portfolio. 

 

The process of investing in a property with a sitting tenant 

Firstly, it’s important to thoroughly assess the property and understand the existing tenancy agreement. This includes reviewing the agreement’s terms, rent details, the duration of the tenancy, and any other obligations the tenant may have. It's also crucial to evaluate the tenant's rental history to ensure they have a strong track record of timely payments and proper maintenance of the property. 

 

Securing financing 

Once you've done your due diligence, the next step is securing financing. Lenders often favour properties with sitting tenants because of the existing income stream, which can make it easier to obtain a mortgage. Once completed, the transaction proceeds similarly to any other property purchase. However, as the new landlord, you’ll inherit the existing tenancy agreement, which means you must be prepared to honour its terms. 

 

Immediate rental income 

One of the most significant benefits of purchasing a property with a sitting tenant is the immediate rental income. Unlike vacant properties, where you may face months of searching for a suitable tenant, a property with an existing tenant generates income from day one. 

This instant cash flow can help offset mortgage payments, maintenance costs, and other expenses associated with property ownership. 

 

Reduce vacancy risk 

Vacancy periods are a concern for any landlord, as a vacant property generates no income while still incurring costs. By investing in a property with a sitting tenant, you can minimise the risk of lengthy vacancies. 

A sitting tenant ensures continued rental income, provides financial stability, and reduces the time and effort required to find new tenants. 

 

Predictable income  

With a sitting tenant, you have a clear understanding of the rental income you can expect, as well as the payment history of the current tenant. This predictability allows for more accurate financial planning and budgeting. It also provides reassurance that the tenant has a history of paying rent on time, lowering the risk of future payment issues. 

 

Potential higher returns 

Properties with sitting tenants may be priced slightly lower than vacant properties as not all landlords favour them. Therefore, if you’re willing to take on a sitting tenant, you could be able to buy a property at a discounted price, potentially leading to improved return on investment in the long run. 

 

How your trusted agent can help 

If you’re considering investing in a property with a sitting tenant, we will guide you through every step of the process with expertise and care. From the initial assessment of the tenancy agreement to understanding the tenant's rental history, we will make sure that you have a clear picture of the property's situation. 

 

Contact us today to find out more about our lettings managed services 

 

 

 

 

 

Investing in a property with a sitting tenant involves a slightly different process compared to purchasing a vacant property, but it offers unique advantages that can make it worthwhile. Let's look at the key benefits of buying a property with a sitting tenant, as well as why it could be a great way to build your portfolio. 

 

The process of investing in a property with a sitting tenant 

Firstly, it’s important to thoroughly assess the property and understand the existing tenancy agreement. This includes reviewing the agreement’s terms, rent details, the duration of the tenancy, and any other obligations the tenant may have. It's also crucial to evaluate the tenant's rental history to ensure they have a strong track record of timely payments and proper maintenance of the property. 

 

Securing financing 

Once you've done your due diligence, the next step is securing financing. Lenders often favour properties with sitting tenants because of the existing income stream, which can make it easier to obtain a mortgage. Once completed, the transaction proceeds similarly to any other property purchase. However, as the new landlord, you’ll inherit the existing tenancy agreement, which means you must be prepared to honour its terms. 

 

Immediate rental income 

One of the most significant benefits of purchasing a property with a sitting tenant is the immediate rental income. Unlike vacant properties, where you may face months of searching for a suitable tenant, a property with an existing tenant generates income from day one. 

This instant cash flow can help offset mortgage payments, maintenance costs, and other expenses associated with property ownership. 

 

Reduce vacancy risk 

Vacancy periods are a concern for any landlord, as a vacant property generates no income while still incurring costs. By investing in a property with a sitting tenant, you can minimise the risk of lengthy vacancies. 

A sitting tenant ensures continued rental income, provides financial stability, and reduces the time and effort required to find new tenants. 

 

Predictable income  

With a sitting tenant, you have a clear understanding of the rental income you can expect, as well as the payment history of the current tenant. This predictability allows for more accurate financial planning and budgeting. It also provides reassurance that the tenant has a history of paying rent on time, lowering the risk of future payment issues. 

 

Potential higher returns 

Properties with sitting tenants may be priced slightly lower than vacant properties as not all landlords favour them. Therefore, if you’re willing to take on a sitting tenant, you could be able to buy a property at a discounted price, potentially leading to improved return on investment in the long run. 

 

How your trusted agent can help 

If you’re considering investing in a property with a sitting tenant, we will guide you through every step of the process with expertise and care. From the initial assessment of the tenancy agreement to understanding the tenant's rental history, we will make sure that you have a clear picture of the property's situation. 

 

Contact us today to find out more about our lettings managed services 

 

 

 

 

 

 

 

 

 

 

 

When buying a property, there are several additional costs you pay as well as the home’s actual price. These can range from legal fees, surveyor fees, moving costs, and Stamp Duty. In this article, we discuss the UK's infamous Stamp Duty, exploring its definition, introduction, and evolution over the years. 

 

What is Stamp Duty? 

Stamp Duty is a tax you pay when buying land or a freehold or leasehold property over a certain value. The amount of Stamp Duty payable is determined by the price of the asset, how it will be utilised, and whether you own any other property. If you're a first-time buyer, you're currently exempt from paying Stamp Duty on your first property purchase for up to £425,000. 

 

Why was Stamp Duty introduced? 

In 1694, Stamp Duty was originally introduced to England as a transaction tax to raise money for the war against France. It first appeared on documents required to sell land, properties, and any other legal transactions. If documents did not have this ‘stamp’, they were not legally valid, which made sure everyone paid Stamp Duty.  

The money raised by Stamp Duty tax was used to fund goods throughout the war, such as newspapers, clothes, hats, patent medicines, and much more. This tax was originally intended to only last for four years, but since then, Stamp Duty has remained present in English society to current day. 

 

Stamp Duty in the past 

1765 - Stamp Duty was introduced to the British-American colonies. This tax began to rise, triggering the start of the American War of Independence. 

1808 - Originally a fixed amount, Stamp Duty became introduced as a percentage of the value on transfers of properties, land, and shares of what was being transferred. 

1950 - If you bought a property with a higher value of £30,000, you would only need to pay one percent of Stamp Duty. 

1991 - Due to the major recession in 1991, Chancellor Nigel Lawson increased the Stamp Duty threshold to stimulate demand in the property market. 

1992 - As demand grew, the rates were reverted to their original state (£30,000) in 1992. Over the years, the rates steadily increased, matching inflation and the rise in the cost of living. 

1997 - In 1997, Chancellor Gordon Brown introduced two different bands of Stamp Duty tax: a lower and higher threshold. These responded and increased due to the rise in house prices. 

2014 - Fast forward to the 2000s, when progressive charges were introduced. First-time buyers were announced to be exempt from Stamp Duty on properties up to £500,000. 

2020 - A worldwide pandemic hit, and the UK government decided to introduce a Stamp Duty tax holiday to boost property purchases. This allowed all property purchases up to a limit of £500,000 to be Stamp Duty tax free. 

 

Stamp Duty in the present 

Currently, Stamp Duty is payable on all property purchases. The amount payable is all dependent on the value of the property. A property valued up to £250,000 has 0% Stamp Duty payable, as well as first-time buyers being able to buy a property with a value of up to £425,000 and pay 0% Stamp Duty. 

If you purchase a property between £250,001 and £925,000, you will have to pay 5% Stamp Duty and if the property is valued between £925,001 and £1,500,000, you will pay 10% Stamp Duty. Finally, any property above £1,500,001 has 12% Stamp Duty payable. 

 

Stamp Duty in the future 

So, as you can see, Stamp Duty has been around for over 329 years! And it shows no sign of going away. With a change of election having occurred in July 2024, the future of Stamp Duty is most likely going to change. The main change that has been announced to occur under the new government is first-time buyer relief. 

Currently, the first-time buyer relief is set at £425,000, but the new Labour government plans to reduce this to £300,000 in April 2025. Labour have also decided to introduce an extra 1% raise on Stamp Duty for non-UK residents, meaning the surcharge will increase to an extra 3% when they purchase a residential property in the UK. 

 

Ready to make your move on the property market? Contact us today for more information 

 

 

 

 

The past of Stamp Duty 

TheStandard* 

StampDutyRates* 

Napb* 

The present of Stamp Duty 

GovUK* 

The future of Stamp Duty 

TheNegotiator* 

LimeProperty*