What's happening in the property market?

Shortage sees rental growth accelerate to above 12%

 

 

While many Brits are grappling with the cost-of-living crisis, rising interest rates and inflation, saving for a hefty deposit is resolvedly taking a backseat and potential homeowners may be choosing to hold off until price growth in the housing market cools down.

 

As ongoing undersupply of rental homes has pushed growth to 12.3% and, with no indication that this will change any time soon, rents are predicted to continue to post above-average growth rates into 2023, despite cost-of-living headwinds, according to the latest data released by Zoopla.

 

The rise in tenant interest could be a result of thousands of Brits seeking a temporary home during times of a challenging economic climate. Additionally, tenants who have already secured their lease are more reluctant to move out, with competition for housing rising, resulting in an increase of long-term tenancies - which provides landlords with a stable flow of income.

 

There are now 24% more tenants choosing to extend their lease than in 2019, and the number is 13% up from last year alone.

 

Growth in tenant enquiries

Rising rents are largely driven by a shortage of available rental stock, with low volumes struggling to meet the high rate of demand, rising over the past three years. Throughout this year, the rental market has seen continuous growth in tenant enquiries due to a combination of factors including the post-pandemic search for space, tenants returning to the city and a challenging economic climate leaving people unable to save for house deposits for the time being.

 

No signs of significantly improved rental supply

Zoopla also warns of there being no real prospect of significant improvement in rental stock any time soon, as private landlords continue to sell due to uncertainty towards changing legislation, and renters staying put in their current homes. Higher mortgage rates will compound the pressure on demand, making it more difficult for would-be first-time-buyers to stop renting and purchase a home.

 

The property portal highlights that 3 in 4 renters will choose to remain in their current property – which means they will experience lower levels of rental growth at 4% or less – this will underpin the imbalance of supply and demand in the market as a result.

 

Homes in the city centre grow in appeal

Renters seeking out smaller homes with lower running costs appear to be flocking towards new-build city centre flats.

 

Zoopla’s report acknowledges that rental growth is ranging from 7.6% in the North East, to a staggering 18% in London.

 

The strongest performing urban markets are London (17.8%). Manchester (15.5%), Glasgow (14.4%) and Bristol (12.9%) – where rental growth is standing above the UK average of 12.3%.

 

Outlook for the rest of the year, into 2023

The disparity between supply and demand is here to stay, and rents are expected to rise to above-average levels across the more affordable markets. There is still space for renters to pay more – especially outside of London and the South East – where rental affordability will remain a drag on demand.

 

Have you been considering embarking on the journey to become a landlord? Get in touch to find out how much your property is worth, and how we can support you.

 

 

 

What to consider when moving house before Christmas

 

 

Moving home can often be a stressful process for sellers, but there are plenty of ways to make things run as smooth as possible. Timing sits somewhere at the top of the list, as the property market changes on a monthly basis, and demand fluctuate with it.

 

Get the property ready for marketing

Once you have decided to market your existing property, you will need to make sure it is photo-ready and looking its best for potential buyers.

 

Those looking to move in time for Christmas will want to be able to envision cosying up around the fireplace or sitting at the dinner table with family. So, make sure you can present your home to buyers as a fresh canvas by decluttering, deep cleaning and making the place feel brand new.

 

Choose the right selling agent for you

If you want to achieve the best price for your property, you need to find the best agent to sell it. Make sure you take extra care when making your final decision on the right agent and take the time to get to know them. A good estate agent will do the difficult work for you and take care of any nitty gritty complications which could slow you down. They will also accurately value your home and advertise it effectively and efficiently.

 

Arrange a valuation on your property early

Get this done as soon as the possibility of a future move crosses your mind, as it will allow you time to make any upgrades or adjustments to your property. It will also save you time later when you’re ready to sell, and will give you a good idea early about the scope of your budget for your new home.

 

Set the right asking price

Setting the wrong price - whether too high or too low - means you could miss out on suitable buyers willing to make fair and sensible offers. The best way to speed up your selling process is to set the right asking price for what your home offers, so you can reach as many potential buyers as possible and have a number of fitting applicants to choose from.

 

Book surveyors as soon as possible

Once you’ve found the right property for you, it’s advisable to ensure that you get a decent survey before you fully commit to the new home. This way you can avoid any unpleasant (and costly) surprises after you move in. A surveyor will be able to spot any issues with the property - so you won’t have to later.

 

Don’t forget the final details

In the excitement of a move, it’s easy to forget the small details. Ensure you tie up any loose ends such as informing utility companies that you’re moving, and having your mail forwarded to your new address – just in time for Christmas cards!

 

Have you considered selling with us? Visit our website to find out what we offer.

 

 

 

Things you want to consider when relocating to a new place

 

 

It may be really thrilling to contemplate relocating. Daily life might seem like an adventure when you first relocate. There will be fresh places to eat, nearby marketplaces to visit, and friends to make.

 

However, deciding whether to relocate to a new place is a significant choice, so think carefully before making the leap.

 

We will offer our advice on the key factors to take into account before relocating to a new area and purchasing a new home.

 

Do the transportation options meet your needs?

You undoubtedly travel about your community regularly, perhaps even every day. An area's suitability as a place to live can be greatly influenced by its transportation options. Consult the area recommendations on the website of your local estate agents to see whether the location fits your lifestyle.

 

Are the amenities in the area suitable?

Some people like to live close to a lot of facilities, including parks, shopping centres, colleges, and supermarkets. Others, however, might not consider these factors to be as significant. The facilities you desire in a location ultimately depend largely on your lifestyle. Researching the area and speaking with a knowledgeable estate agent are the greatest ways to learn about the surrounding benefits.

 

What are crime rates like?

It's a good idea to look into the local crime statistics if you have children, elderly relatives, or any other reason to be particularly worried about the crime rates in a certain area. This is possible online. Just keep in mind that the numbers might not be as alarming as they first appear, so it's a good idea to compare them to your current location before making a choice.

 

Can you afford it?

First, you need to establish whether you can afford to live in your chosen new area – and which type of property is best for your budget. The best way to do this is to get in touch with a local estate agent. With their help, you can understand what types of properties are available to suit your budget.

 

Have you been considering relocating? Get in touch to discuss selling and finding your next property today.

 

 

 

Housing stock levels hit a 12-month high experts say

 

 

The ongoing imbalance between supply and demand could finally be seeing some leverage on the other side, with stock levels beginning to rise in the wake of a 3-year long slum. Despite obvious economic headwinds, consumer confidence in buying and selling property evidently remains robust, and the market has yet to see its predicted slowdown.

 

Buyers will be pleased to hear that the horizons on the market are expanding, with supply seeing a steady increase of 5% since January, which is the positive news many home hunters have been waiting for.

 

The latest OnTheMarket Property Sentiment Index, which reflects property market activity in July, has been released. It reveals that housing stock has reached its highest level in a year due to the return of a seasonally driven housing market.

 

The findings also suggest that there is no clear sign of political and economic uncertainty unsettling buyers or sellers.

 

Since February, there has been a consistent week-on-week increase in stock levels, with the highest level of available stock in July compared with any time during the 12 months prior.

 

It is also noteworthy, that stock levels were predicted to continue improving due to more potential buyers being on holiday, further diluting the pool of competitors.

 

Consumer confidence remains robust

 

Some 75% of active buyers in the UK were confident they would purchase a property within the next three months, while 80% of sellers expressed confidence in selling their property within the same period.

 

In July, only 4% of movers were concerned about securing a mortgage to fund the purchase of their next property, unchanged when compared to June 2022 (4%).

 

Speedy sales

 

The report revealed that 57% of properties were Sold Subject to Contract (SSTC) within 30 days of first being advertised for sale, compared with 56% in July 2021.

 

Unwavering buyer interest appeared to prevail through the pandemic, and despite the rising cost of living, sentiment remained unchanged in July 2022. The market is seeing more serious buyers committed to seeing the transactions through, giving sellers reliable applicants to choose from.

 

What does this mean for buyers?

 

A rise in stock after a lengthy drought can only prove positive for buyers waiting to make their move. Those who had been holding off in fear of rampant competition, surging prices, and tricky chain implications can now act with more confidence.

 

The law of supply says that a higher price will induce producers to supply a higher quantity to the market. Likewise, when supply is low, prices will rise as people scramble to buy up scarce resources. This is certainly true when it comes to the property market, and therefore, it’s best to time your purchase during spikes in supply.

 

What does this mean for sellers?

 

Increased buyer confidence and a more level market mean speedy and reliable sales for those selling their property. With stock gradually increasing, this offers a larger scope for buyers to take their time and choose a home that is right for them. Thus, opening the market to serious buyers who are committed and genuinely interested in properties they arrange viewings for, rather than making hasty and half-hearted decisions that could consequentially collapse at the last minute.

 

Thinking about selling? Book your valuation today.

 

 

 

*Information retrieved from YourMortgage

 

Camino Ultra Epping Forest 50k

Back for its second year….Camino Ultra are once again excited and proud to put on a world-class ultra in the heart of London’s Epping Forest. The Epping Forest 50km Ultra will be an “out and back” from Wanstead to the top of Epping Forest 

 

October 15

Click here to read Camino Ultra Epping Forest 50k.

Kings Wood Park, Epping

This modern family home is positioned on the northeastern side of the town where Epping meets a section of the Forest. The house is well-placed for recreational walks as well as being within reasonable walking distance of the Central line...

 

£950,000

Click here to read Kings Wood Park, Epping.

Woodgreen Road, Upshire

Standing in a conservation area, at the front of a roughly 1/3rd acre garden site at the foot of rolling countryside and adjacent to woodland, this detached period house offers superb family accommodation. The property has been...

 

£1,175,000

Click here to read Woodgreen Road, Upshire.