Your latest property market newsletter

The UK saw a 1.6% increase in property prices during April?

Data released by a well-known property portal shows that the average property price rose by £5,537 in April alone. Compared to figures recorded three months ago, the typical UK property is now worth a whopping £19,082 more, pushing the average house price up to £360,101. *

The current scarcity of properties continues to be the main driving force behind the steep increase in property prices.

What does this mean for you as a seller?

Despite more properties coming to the market, the demand for homes still outweighs supply. At present, sellers are successfully finding buyers twice as quickly as at the same time in 2019, and once a buyer has been found, homeowners are achieving top prices for their property.

In fact, statistics show that you could achieve up to 1.6% more for your home than one month ago.

If you do not yet have an up-to-date valuation, now is the time to get yours! Request your professional property valuation here.

*Rightmove

Avoid making these mistakes when selling your home

Selling your home can be a daunting process, from the valuation to the exchanging of contracts. If you are selling your property for the first time, you will want to avoid these mistakes. *

Avoid unflattering photos

With many potential buyers looking for homes online, it is incredibly important to make sure your house looks its best when the photographer arrives.

Ensure all clutter is packed away and all spaces have been thoroughly cleaned to ensure that viewers can focus on the house.

You will want to showcase your property’s best attributes to make it stand out from the crowd. Make good use of natural light to create the best possible first impression.

Problems inside your home

If there are any problems with the property, they will be uncovered during the inspection process. Therefore, you are left with two options:

Fix the problem ahead of time. This will allow you to acquire your property’s full value.
Price your home accordingly, taking the problem into account.

We would always recommend discussing any known issues with your appointed estate agent. This way, you can ensure that you are making the right decision!

Not thoroughly preparing for viewings

Failing to prepare your property for viewings could put buyers off purchasing your home. You want the viewer to imagine themselves living in the house. This means tidying up before viewings, eliminating unpleasant odours, and keeping a neutral tone in your house.

Of course, one of the most important steps is picking the right estate agent. If you have any questions when preparing your home for sale, do not hesitate to contact us.

*Investopedia

The Greenaway Foundation

The primary aim of The Greenaway Foundation is to help local financially challenged families.

Find out how you can get involved.

Click here to read The Greenaway Foundation.

Demand for chain-free homes rises

New figures have revealed that, in the past year, the number of chain-free properties sold has increased by a huge 29%. *

A total of £28.8 billion was spent on chain-free purchases in the last 12 months. This is £8.7 billion, or 43% higher than the previous year and is reflected across every region, with increases in both the quantity and value of transactions. *

It is easy to see the appeal of a chain-free purchase. The key benefit is that there is a much smaller chance of a sale being delayed or falling through. Statistics indicate that a chain-free transaction takes, on average, 60% less time to complete than when a property is in a chain. *

The great news for sellers is that it seems homebuyers may be willing to pay a premium for a house that is not part of a chain.

If you are thinking of selling your home, now is a great time to get a valuation. Book a valuation today.

*Property Reporter

How landlords can make use of PDR to boost earnings

In 2021, legislation introduced a new ‘Permitted Development Right’ (PDR). The new PDR has opened a range of new opportunities for investors who want to convert and refurbish a property, either to let it out or sell it for profit. Simply achieving planning permission through PDR is an opportunity for profit, reportedly offering a value increase of up to 30%. *

Permitted development rights are rights to make certain changes to a building without the need to apply for planning permission. They derive from general planning permission granted by Parliament rather than the local planning authority. Unlike applying for planning permission, which can be an uncertain and lengthy process, permitted development rights can provide a straightforward right to development, if predefined criteria are met. This means that approval can often be achieved in less than two months.

PDR offers the potential for hundreds of Class E premises to be given approval for a change of use into Class C3 and Class C4 dwelling-houses and HMOs. Class E includes commercial and service-use premises in town centres, such as offices, shops, cafés, restaurants, surgeries, nurseries, and indoor gyms.

To qualify for PDR, the property must have been in use under one of the use classes captured by Class E, for at least two years prior to the submission of the approval application. It must also have been vacant for three months.

If you are thinking of expanding your property portfolio, contact us for a no-obligation valuation.

*Property Reporter