Your market update

Who’s most interested in your home’s value?

Have you ever used property sites to snoop on how much someone has paid for their home?

In a study by Zoopla, six out of ten Brits admitted to checking out how much someone has paid for their home, with the most popular people to snoop on being neighbours, friends and family.

Who are Brits most likely to snoop on?

- Neighbour 36%

- Friend 34%

- Family member 29%

- Someone they sold a house to 16%

- Colleague 11%

- Partner 8%

- Someone they dislike 6%

- In-laws 3%

- Ex-partner 3%

But, why are we so nosy about house prices?

Reasons for researching property prices can include: wanting to discover a property’s interior value (18%), the nostalgia of a previous home (12%) and wanting to improve your own property (10%).

However, one of the main reasons to look up the value of another person’s property is to get a better idea of how much your own home is worth.

If you’re curious about the value of your home, there’s no need to guess.

Source: Zoopla

Could you benefit from repaying your mortgage early?

The average homeowner will be 57 before they’re able to fully repay their mortgage, so paying off the debt early is a desirable financial goal.*

What is there to consider if you want to pay off your mortgage early?

If you are thinking of repaying your mortgage, do your sums.

When will you finish repaying your mortgage and what will your financial situation be like then? It's important to consider your options and review them frequently.

Here are a few options to help you pay off your mortgage sooner:

1) Overpay whilst you can

Ensure you have enough money to keep you going for at least three months before paying off your mortgage, as this is a good way to judge if now is the right time to get rid of that debt.

Most mortgages won’t charge you for overpaying, however, it’s always worth checking.

2) Consider remortgaging

Interest rates are at record low levels and there is more product choice for buyers than ever before. If there is a better deal on offer, it might be a good idea to remortgage whilst you can.

Remortgaging can help you reduce the size of your loan and avoid less favourable mortgage rates that will extend your mortgage term.

3) Reduce your mortgage term

Sticking with your current mortgage plan could leave you overpaying if your financial position has changed since you first applied for your mortgage.

If you can now afford higher repayments, you should consider reducing your term. By doing this and increasing your monthly payments, it’s a guaranteed way to pay off your mortgage sooner.

If you’re looking for expert advice regarding buying and selling, contact us today.

*Hargreaves Lansdown

What does the supply-demand imbalance mean for you?

Vendors have benefited from the supply-demand imbalance seen across the market in 2021, with 40% of properties selling above their original asking price, making conditions optimal for selling.*

What makes conditions optimal this autumn?

1) Low stock

Due to the pandemic, many people were put off selling their homes whilst the construction of new build properties came to a halt, causing a dip in housing stock.

This means that the homes currently on the market are being snapped up faster, with serious buyers putting offers in much sooner than they otherwise might have done.

2) Increased demand

With UK restrictions easing, buyers are now competing for properties, with 36% of homes attracting offers from three or more buyers.*

Many who originally put off moving due to the pandemic are now looking to relocate, causing a huge increase in demand and sparking bidding wars between buyers.

3) Mortgage rates

With the number of available UK mortgages on the rise, lenders are competing to attract more customers with low-interest rates and low-deposit mortgages, giving buyers more choice than ever when it comes to choosing the correct financial option for them.

Need a helping hand selling your home? Get in touch with our team today.

*Property Reporter and Which?

Tenant demand still on the rise

Following a surge in tenant demand over the last quarter, the market could see rents increase over the next three months.*

The pandemic has heavily impacted the lettings sector, with fewer rental properties being listed on the market. This has caused the increasing demand to continue to outstrip supply.

This is good news for anyone looking to begin their buy-to-let journey, as tenant demand has hit the highest levels recorded since 2016.**

If you want to let a property in 2021, here are three top tips to get started with your portfolio.

1) Impress with add-ons

Investing in your property prior to letting it will ensure you receive the maximum return on investment possible.

Being able to say you have “modern, state of the art appliances” or offer free Wi-Fi is a great way to attract tenants.

If you do upgrade your appliances, you could always go for energy-efficient models and make your property environmentally friendly, as this is another big selling point.

2) Promote your property as pet friendly

There are some tenants who won’t even consider moving into a pet-free property.

By welcoming well-behaved pets, this will open your property to a much wider search radius, as well as the potential to see higher rents.

3) Make use of your local letting agency

We’re here to help manage your property, find tenants and bring you peace of mind.

Your property is in safe hands when you let with us, so take the stress out of letting and leave it to the experts.

Contact our team and find out how we could help you manage your property.

*Propertymark

**What mortgage