What's happening this month?

Carbon monoxide campaign to alert ‘new landlords’

 

The government has launched their ‘Carbon Monoxide Safe 4 Summer’ campaign, which has been put in place to highlight how dangerous carbon monoxide can be.

 

As part of this initiative, the government are looking to educate the sector on the dangers, particularly with new and / or short-let landlords.  

 

 

What is carbon monoxide?

 

Incomplete combustion (when the fuel does not burn fully) can cause formation of odourless, colourless gas. This gas is carbon monoxide.

 

Carbon monoxide can displace oxygen in the human body and lead to poisoning. Because it does not smell and you cannot see it, it can be very difficult to detect.

 

 

Knowing the signs of carbon monoxide poisoning

 

Tension headaches are the most common symptom, however, other indicators of carbon monoxide poisoning may include: dizziness, feeling and being sick, tiredness and confusion, stomach pain, shortness of breath and difficulty breathing.

 

As these are relatively common symptoms, people may get them for any number of reasons, and this can make spotting carbon monoxide poisoning very difficult – especially at low level exposure.

 

 

What measures can you take to keep safe?

 

If you have fuel-burning appliances, a fireplace or an attached garage, you should look to install carbon monoxide detectors.

 

- Check or change batteries in carbon monoxide detectors every six months.

 

- Keep vents and flues free of debris.

 

- Never leave the engine running in a vehicle parked in an enclosed or partially enclosed space, such as a garage.

 

- Ensure any fireplaces or fuel burning appliances are fitted by a professional.

 

- At least once a year, have a qualified professional inspect your fuel-burning devices to make sure they continue to operate properly.

 

 

Learn more about carbon monoxide poisoning here: https://www.nhs.uk/conditions/carbon-monoxide-poisoning/

 

For advice on renting out your property, contact us today.

 

 

 

Is it still location, location, location?

 

Faced with the prospect of a lockdown-free summer, buyers are anxious to move quickly, resulting in record numbers paying over asking price to secure their dream property.

 

With leading experts predicting that the house buying frenzy is here to stay, is location still as key as it used to be for buyers?

 

In the space of just 18 months, we've seen homebuyers rush to the countryside and back to cities again, as they've swapped lifestyles and jobs to better suit their own needs post-lockdown.

 

However, while requirements have altered dramatically for some, the popularity of online searches for the perfect location shows that this remains high on the list of buyer priorities.

 

So, what stands out as the perfect place for today's buyers?

 

- Access to areas of green, open space or gardens has become an immediate priority for many homebuyers.

 

- Now lockdown is coming to an end, people want to be close to cafes, restaurants, leisure amenities and shops once more to make the most of their freedom.

 

- Being close to the office is also becoming important again, as people adopt a hybrid style of working. This has also brought demand for a suitable working space at home, as well as a fast and reliable broadband connection.

 

- Being in a good school catchment will always be a priority for families.

 

- Buyers are doing their research into future developments in the area, like new schools, hospitals, shopping facilities or public transport links, as they can dramatically affect future house prices.

 

Location is a key factor in driving up demand.

 

If you’re looking to find the perfect location or sell your property, get in touch today.

 

 

 

Managing properties through the eviction ban extension

 

Over the course of the eviction ban for residential tenancies, the government have looked to balance support for tenants and landlords, helping those unable to meet their rent payments whilst recognising the strain this puts on landlords who may depend on the income.

 

As of June 1st, notice periods were reduced from six to four months for residential tenancies.

 

This is except for situations including anti-social behaviour, with a shorter notice period of two weeks.

 

Compared with homeowners, it's estimated that tenants are more than three times as likely to be behind with rent or bills, 6% and 19% respectively.*

 

With courts still prioritising hearings based on severity, it's important to look for a resolution to rent arrears or disagreements where able between parties.

 

As leading lettings agents, we facilitate communications between landlords and tenants to offer our expert services.

 

What about for commercial landlords?

 

Whilst the ban has lifted for residential agreements, the ban on evicting firms for unpaid commercial rent is to be extended for a further nine months.

 

Many businesses within the hospitality sector are yet to reopen and resume trading as normal, all the while accruing an estimated £5bn in rent debt.

 

 

If you need advice about the eviction ban, go to GOV.UK.

 

Want help managing your property? Talk to our team today.

 

 

*YouGov

 

Post-pandemic predictions for the property market

 

After 18 months of uncertainty, the UK property market has seen some incredible highs and lows, from the sector closing and reopening last spring, to the impact of the stamp duty holiday on residential transaction levels.

 

For those looking to buy or sell in 2021, here are the top projections on what will continue to shape activity levels in the coming months.

 

House prices at a record high

 

Initially propelled by the stamp duty holiday, house prices have risen by 10.2% in the year to March 2021, with vaccine optimism now fuelling high demand levels.*

 

With a tapered end this September, homeowners can still save £2,500 on the first £250,000 of a property due to the stamp duty holiday, meaning that sales will continue to push up prices this summer.

 

If you haven't had a recent valuation of your home, talk to us today to gauge its current value.

 

The long-awaited return of overseas property investors

 

Travel has been made all-but-impossible for most travellers.

 

However, with vaccine programs being rolled out in other countries as well as the UK, we should soon see the return of overseas buyers looking for their next investment opportunities.

 

This will be key to help the market fully recover from the events of 2020, particularly for the construction sector.

 

Country locations increase in popularity

 

Remote working became the norm for most of the country's workforce in 2020, which gave people the freedom to move further afield.

 

As outdoor space went up in our estimations, the need for a perfect commute distance became less important, leading to more buyer activity as homeowners and tenants found themselves restless with their current accommodation.

 

More space for remote workers

 

For those whose job will continue to operate remotely, a home office or designated workspace is essential.

 

Larger properties are in short supply, making it the ideal time for homeowners to sell up.

   

Commercial spaces transformed into residential properties

 

Commercial spaces are being left empty, as many people are now opting to work from home, where able.

 

This means that many offices have closed permanently, leading the owners to convert them back into residential properties.

 

Overall, this could have a massive impact on the market.

 

 

Do you want to know your options buying or selling this summer? We'd like to offer you a consultation, visit our website to learn more.

 

 

*ONS

 

What’s driving property prices?

 

Asking prices continue to climb, with several key reasons to explain why this is happening after the emergence of a global pandemic.

 

 

A record number of people are looking to move

 

If you cast your mind back to a pre-pandemic time, the property market was faced with extraordinary pent-up demand due to Brexit concerns, as buyers and sellers put their plans on hold.

 

Before this pent-up demand could be fully alleviated, COVID-19 made its way across the globe in spring 2020, shutting down the property market along with most other commercial sectors.

 

The government were quick to launch schemes and support to encourage a return of activity, with tremendous success last summer, mainly driven by the extended stamp duty holiday.

 

Following all of these delays, demand for homes continues to dominate market headlines.

 

Over 180,000 properties were listed on Rightmove in the last month, with homes selling above asking price doubled from previous figures.

 

 

Stamp duty savings

 

Ending on June 30th, the stamp duty holiday caused a market rush, which meant that asking prices rose at an incredible rate.

 

Having extended the initial savings period once already, the government introduced a tapered end to the SDLT holiday, taking us up to September 2021 with £2,500 available on the first £250,000 of a property.

 

 

Record low interest rates 

 

With interest rates low, more people have been enticed to upsize to bigger, more expensive homes.

 

If you're looking to take advantage of better rates, we'd recommend speaking to a mortgage professional about your options.

 

   

Looking to sell? Book a valuation today.

 

 

 

Top home improvements for this summer

 

Over the last 18 months, the number of Brits undertaking DIY projects and renovations has jumped significantly, as we found new ways to pass our time in lockdown and improve our living situations.

 

But, which home improvements have the biggest impact to your property's value?

 

Extensions

 

Adding an extension is one of the most popular home improvement projects, adding up to 23% to your home's sale price.*

 

In fact, in northern regions over 2020, there was a double digit increase in planning permission applications for extensions.

 

Garages

 

Adding a garage is a great way to expand your home.

 

Having a property with secure parking can lower the price of your car insurance policies, as opposed to on-street spaces, whilst making your home more attractive to buyers.

 

Loft conversions

 

Loft conversions are a brilliant way of creating extra space out of an area that is rarely used, whilst contributing an additional 20% in value to your property's price.*

 

Due to COVID-19, people are looking for space for home offices.

 

A loft conversion is the perfect solution!

 

Conservatories

 

One of the great advantages of building a conservatory is that planning permission is more straightforward.

 

It also adds around 5% to the value of your house.*

 

Outbuildings and sheds

 

Green space has become massively important to us.

 

Having an outdoor space that can be used for storing gardening equipment or even as somewhere to relax is highly desirable.

 

Find out how much your lockdown improvements have added to your property.

 

Book a free valuation with us today.

 

 

*Nationwide, Homeowners Alliance and Conservatory Expert