Your sales and lettings newsletter with Greenaway Residential

What is the outlook for the housing market?

 

Compared to this time last year, the value of homes being sold in the UK has practically doubled in the first 15 weeks.

 

During this period, around £149 billion pounds worth of property transactions have taken place, with industry sources predicting this to climb even higher for the rest of 2021.*

 

How busy is the housing market to date?

 

Intense activity has led to there not being enough available homes on the market to keep up with demand, with supply in April nearly 30% below the levels recorded in 2017 and 2019.

 

How has this affected house prices?

 

Annual house price growth was at 4% in March, nearly double the 2.1% recorded for the same period last year.

 

The greatest increases have been seen in the northern regions, in particular: Manchester and Liverpool at 6.5% and 6.3%, closely followed by Leeds, Nottingham and Sheffield with a 5% increase.

 

However, in London – which is the region with the highest average house price – annual growth was only 2%.

 

What could this mean for you?

 

With the search for space remaining a top priority, three and four-bedroom homes are in high demand, with many being sold over their asking price.

 

This means that homeowners selling a family home have been in a prime position to receive offers in record time, often leading to a shortage of choice for those still looking to buy.

 

Are you on the lookout for a new property, or just curious to see how much your home could be worth?

 

Get in touch with a member of our team who will be happy to assist you further.

 

 

*Zoopla

 

Five in-demand factors buyers are now looking for

 

Working and spending more time at home has caused significant changes to people’s property needs.

 

More than a quarter of the UK’s renters and homeowners (26%) have found that their property needs have changed since the outbreak of COVID-19.*

 

 

What are the key changes likely to stay on the priority list now restrictions are easing?

 

Gardens

 

Lockdown has caused a general desire for more space, meaning that many of us are seeking homes near public gardens or green areas.

 

Unsurprisingly, the demand for gardens has also increased by 74% worldwide, with UK buyers making it a top property feature to look out for.

 

 

Accessible Wi-Fi

 

Zoom and facetime have become the key to keeping in touch with loved ones, as well as playing an important role in remote working practices.

 

This means that having fast internet is essential for those looking to buy.

 

 

Natural lighting

 

Being confined to our homes throughout lockdown has given people a craving to create open, natural spaces inside.

 

Velux windows have increased in popularity due to the natural light and improved air quality they provide, whilst high ceilings also give a sense of greater space, and have seen higher search volumes of 15% over the pandemic.*

 

 

Home gyms

 

Lockdown has encouraged people to become more active in their spare time by taking up running and cycling where gyms have otherwise been forced to close.

 

Whilst sporting and leisure facilities have now opened up again, there's still a hesitancy from some previous members about when it is safe to return, making a home gym a staple feature of any home to attract attention from buyers.

 

 

Views

 

Having beautiful views is a big selling point, with balconies also increasingly more desirable now.

 

If you've been holding off on your next move, we'd like to extend our support. Contact us today.

 

 

 

*Wayhome

 

 

How to avoid mortgage red flags as a prospective homeowner

 

Taking your first step onto the property ladder can seem daunting. There are a number of unfamiliar hurdles and legal requirements on the way to homeownership, but with the right support network, it can be efficient and pain-free.

 

According to recent data, around 35% of first-time buyers have experienced mortgage rejection, with certain brokers and lenders detailing unusual money mistakes as the main factor behind this.

 

 

To give you the best chance at getting approved the first time around, here are the red flags you should look to avoid.

 

Joke references when transferring money

 

What may seem like a joke amongst friends could turn out to be a very costly mistake.

 

Joke references can actually cause a delay in the mortgage process, so be careful and sensible when choosing your reference names.

 

 

Betting or gambling transactions

 

An occasional bet on something like the national lottery won’t have an impact on your application.

 

However, regular betting will be weighed up by lenders, who will decide if you are in a position to comfortably pay your mortgage each month.

 

Serious problems can arise from excessive gambling, but few take into consideration what the repercussions could be when looking to buy a house.

 

 

Making a big splurge purchase or giving money

 

Now, we aren’t telling you to not give money, but lending and spending large sums of money can raise questions from lenders.

 

The same applies to making a high number of purchases in quick succession, even if it is something for your future property, such as furniture.

 

Seeing less money in your bank than usual can cause delays throughout your mortgage process if calculations don’t quite add up.

 

 

Struggling to wrap your head around your mortgage options? Talk to the experts today, contact us for more information.

 

 

 

Eviction notice periods now at four months

From June, eviction notice periods have been reduced to just four months for landlords, instead of the six months they were previously set at to protect tenants over lockdown.

 

In cases of extenuating circumstances or anti-social behaviour, notice periods will be lower.

 

After a year of restrictions and economic uncertainties, the change is part of a phased approach from the government to help the country regain normality.

 

Before the changes, there had been a ban on bailiff-enforced evictions to protect tenants during the ‘stay at home’ instructions.

 

The UK’s housing minister, Christopher Pincher, has continued to pledge support from the government for tenants, whilst balancing the needs of landlords.

 

He stated that crucial financial support will continue to be available, with the furlough scheme and universal credit uplift currently in play.

 

Many people in the property sector have agreed with the changes, stating that now is a sensible time to roll-back the measures as restrictions come to an end.

 

Whilst the ban on evictions has caused financial distress to some landlords, it seems to be regarded as a success in the wider picture.

 

We are committed to helping our landlords and tenants with their every property need.

 

If you have any questions regarding the reduced notice periods, or a general query or concern, get in touch.