What's happening this month?

Tenant demand continued to rise at the start of the year

 

The number of prospective tenants registering with agents rose for the third consecutive month in March, as many homebuyers either chose to delay their purchase plans or decided to rent in between their next house sale and purchase.

 

According to the latest Private Rented Sector report, there were 84 tenants per branch in March compared to 82 in February, with the West Midlands recording the highest number of new tenants per branch, seeing an average of 157.*

 

At the same time, the number of properties managed per agent fell from 195 in February to 193 in March, with reduced rental stock making rental properties even more valuable.

 

The West Midlands had the highest number of properties managed with a figure of 260.

 

Mark Hayward, the chief Policy Advisor at Propertymark, said: “This report demonstrates that the rental market continues to show no sign of slowing down.

 

“Agents have continued to support landlords and their tenants throughout the ongoing COVID-19 difficulties, and it is essential that tenancies are maintained wherever possible to ensure rent keeps flowing.”

 

Do you need our expert guidance managing your property investments and tenancies?

 

Talk to us today to learn more about our fully-managed packages for landlords.

 

 

*ARLA Propertymark

 

How much hidden equity is in your home?

 

It has been reported that almost half of homeowners are undervaluing their homes, including some cases where the properties were worth nearly £50,000 more than they realised.

 

Zoopla reports that only three in ten people have an accurate idea of how much their home is worth, with 45% undervaluing and 25% overvaluing.*

 

Nearly one in ten homeowners whose property was worth more than expected found that it was valued at over £100,000 more, with 40% located in the London and South East regions.

 

This means that more than one million UK properties could be hiding six figures of hidden equity – unbeknown to the owners.

 

What does it look like in London?

 

35% of London homeowners have found their property to be worth more than expected, by an average of £117,000.

 

Whilst 37% said their home was worth less than they thought, by an average of £49,000. 

 

In light of all the findings, a property in London is worth on average £22,846 more than anticipated, which is more than double the £9,470 national average.

 

What benefits are there for homeowners?

 

It is reported that the benefits from hidden equity have meant:

 

- 81% could improve their lifestyle

- 50% were able to move to a better property

- 18% between 55-64 were able to retire sooner than expected

- 13% could upgrade their car

- 13% went on more holidays

- 8% were able to help get family and children on the property ladder

 

Seven out of ten homeowners would have made different financial decisions if they had been aware of their hidden equity.

 

What could this mean for you?

 

You may be in for a surprise if you check the current value of your home.

 

There are huge benefits to knowing how much your home is worth, particularly if you’re thinking of selling, as the value could influence the type of property or location you move to.

 

Gráinne Gilmore, head of research at Zoopla, explained: "the effects of the pandemic over the last 12 months have been felt in the housing market, with many households reassessing how and where they want to live.

 

"There is soaring buyer demand but this is not currently being matched by homes being listed for sale. Homeowners considering a move could be in pole position in their local market if they offer their property for sale, and could be set to unlock hidden equity."

 

If you’re looking to sell your property or would like to get your property valued, please contact us today.

 

 

 

*Zoopla’s Hidden Equity Survey is based on research among 2,000 UK homeowners who have had their home valued by an estate agent in the past three years. 

 

 

 

£150m ‘Help to Build’ scheme to be launched

 

The government has announced a new ‘Help to Build’ scheme in a bid to make it easier and more affordable for people to build their own home.

 

Following a statement made by the government, the aim of the scheme is to help ensure that self-custom home building can become a more realistic option for those looking to get onto the property ladder through lower deposit mortgages.

 

It's planned that an initial £150 million will be made available from the government over the next four years to help implement and support the scheme, delivering low deposit mortgages and improving the affordability of homeownership.

 

Similar to the 'Help to Buy' scheme, the 'Help to Build' initiative will provide an equity loan on the completed home.

 

A statement from Robert Jenrick, the government’s housing secretary, said “building your own home shouldn’t be the preserve of a small number of people, but mainstream, realistic and an affordable option for people across the country. That’s why we are making it easier and more affordable.”

 

The announcement was met by an immediate positive response from the property market, further backed by the National Federation of Builders (NFB), who stated that it was "wholly behind the government’s self and custom-build announcements".

 

Whilst supporting homebuyers, this plan will also provide an important boost to small builders and businesses.

 

Applications for the scheme are due to open in late summer, according to the government’s action plan.

 

For more information, go to: https://www.gov.uk/government/news/over-150-million-funding-to-kickstart-self-building-revolution

 

Or contact us to discuss your buying options.

 

 

 

12 cleaning tricks at the fraction of the cost!

 

From your oven to your bathroom, if you love to take pride in your home, you’ll want to know all the cleaning tricks and hacks to keep your home sparkling for a fraction of the cost.

 

Plenty of natural, cheap, and quick cleaning tips from tin foil to vinegar and lemons can be used to save you time and money, making it even easier when you need to prepare your property for guests or even potential viewers who are interested in making an offer. 

 

 

Cleaning tips for bathrooms

 

Tip number 1 

 

 

Clean your bath with a grapefruit!

 

Get rid of water marks or stains in your bathtub by cutting a grapefruit in half, sprinkle on some rock salt and give it a good scrub, then rinse.

 

Tip number 2

 

Removing limescale from your shower using vinegar.

 

If you’re looking for a more natural way to clean your home from top to bottom, vinegar is your new best friend!

 

Soak your shower head in a mixture of boiling water and vinegar to unclog any limescale easily.

 

Tip number 3

 

Use an old toothbrush for cleaning your bathroom.

 

Don’t throw away your old toothbrush as it can be very useful!

 

Give it a rinse in boiling water to get rid of any germs and use it to get into any nooks and crannies that your vacuum cleaner can’t reach. It’s especially handy for cleaning hard-to-reach areas like around the tap or drain.

 

Tip number 4

 

Clean your toilet stains with coke.

 

Get a grubby toilet back to sparkling white by pouring in a can of coke.

 

Let it sit in the bowl overnight, give it a good scrub with the brush and then flush the next morning for a new sparkling loo!

 

Tip number 5

 

Unclog drains with baking soda.

 

Pour down the drain one part baking soda followed by one part vinegar then cover with a wet cloth. 

 

The two elements will react with one another to clean your drain naturally. Wait five minutes and then run some hot water to rinse.

 

 

Cleaning tips for kitchens

 

Tip number 6

 

 

Clean your chopping board with lemon.

 

Our chopping boards get a lot of use from meat joints to fruit and vegetables, so it’s no wonder they end up looking a bit tired and worn.

 

Lemons are great to lift stains as well as removing any smells. Still not shifting? Then try sprinkling some baking soda and repeat.

 

Tip number 7

 

Pop a lemon in your fridge.

 

Cut a lemon in half and put one on the top shelf and one on the bottom to mask any strong smells in your fridge.

 

Tip number 8

 

Remove limescale from your iron.

 

Keep your iron working well by removing excess limescale from time to time. 

 

Simply heat up, unplug and let it cool. Fill with one part vinegar to one part water. Leave for an hour then empty and rinse.

 

Tip number 9

 

Use a pastry brush to clean crumbs out of your toaster.

 

Unplug your toaster and sweep those hard-to-reach crumbs and burnt bits with a pastry brush. This will help your toaster last longer.

 

Tip number 10

 

Clean your washing machine with vinegar.

 

Place the empty washing machine on a hot cycle with one cup of vinegar inside. This will help remove limescale and mildew, making the machine last longer and clean more efficiently, plus smell amazing! 

 

Tip number 11

 

Use a fabric softener sheet to stop your bin from smelling.

 

There’s nothing more frustrating after you’ve emptied the bin than to find a lingering smell. Pop a fabric softener sheet into it for an instant air freshener.

 

Tip number 12

 

Clean your oven with tin foil.

 

Pop some oven cleaner or fairy liquid into the oven and scrub the fat and grime away!

 

 

For more information on maintaining your property, talk to us today.