admin – Online Agents

Budget 2023: Chancellor ignores housing market

admin — Thu, 16 Mar 2023 17:13:02 +0000

Jeremy Hunt has rejected the chance to boost housing supply and seemed to dodge the housing market altogether in the spring budget. The chancellor failed to increase the short supply of affordable and family homes to buy or rent. He disreguarded the Conservative Party’s 2019 manifesto pledge to build 300,000 new homes per year. This could lead to impending problems; an affordability crisis looming for first time buyers, a mortgage affordability crunch for those coming off low fixed rate loans, and a supply shortage in the private rented sector.

The budget is heavily geared toward boosting economic growth, it would be expected the housing market would have been mentioned, given how central it is to the economy. Lack of support for first-time buyers, no mention of how to address new home supply issues, and a missed chance to encourage existing landlords to remain in the market and attract new landlords with some form of tax-break. The withdrawal of landlords from the market at a time when workers are returning to the office following the pandemic means there is little choice for tenants and has pushed up rents at an astonishing pace.

Landlords remain vital for the future of a fit and healthy private rented sector and placing further negative legislative burdens on both amateur and professional landlords will only prove detrimental to a PRS which is already overflowing.Recent data from Companies House revealed that there were a record 47,400 new buy-to-let companies incorporated in 2021 across the UK. Which is nearly twice the number that was set up in 2017 and further proof that the sector is shifting away from ‘amateur’ landlords and becoming more professional. Tightnening regulations, rising morgage rates and the annoucement of the rise of corporation tax.

Stamp duty explained

admin — Fri, 28 Feb 2020 07:10:29 +0000

Stamp duty is one of the costs you need to consider when you purchase a new home. Depending on the value of the property you buy, it can be a sizeable cost to take into account.

Officially known as Stamp Duty Land Tax (SDLT) in England and Northern Ireland, the charge is a tax that’s paid to the government when you buy property. Some buyers and properties are exempt, while there are different rates that apply depending on the value of the home you buy.

Kwasi Kwarteng, Chancellor of the Exchequer, has announced the relaxation of Stamp Duty Land Tax rules which are likely to benefit thousands of home-movers over the coming months.

Chancellor Kwasi Kwarteng has moved to double the amount at which stamp duty kicks in for all home purchases, meaning the first £250,000 of a property’s price will be exempt from the levy compared to £125,000 now.

The Stamp Duty Land Tax bands, therefore, now stand as follows:

£0 – £250,000.00 – NIL RATE
£250,001.00 – £925,000 – 5%
£925,001.00 – £1,500,000 – 10%
Above £1,500,001 – 12%

According to the Government, this action will mean:

“a standard buyer in England will save £2,5000, meaning a typical family moving into a semi-detached property will save £2,500 on stamp duty and £1,150 on energy bills – and if they have a combined income of £50,000 around an additional £560 on tax. This is around £4,200 in total”.

Help for first-time buyers was equally generous, with the threshold at which stamp duty begins rising from £300,000 to £425,000, while the maximum value of a property on which first-time buyers can claim relief increased to £625,000 from £500,000.

Additionally, the Government will introduce further financial support for first-time buyers, who meet the HM Revenue & Customs criteria, which include:

The purchase must be a residential property
The purchase price must not exceed £625,000.00 an increase of £125,000.00 on the previous relief
The buyer must intend to occupy the property as their only or main residence
The buyer must not have previously had, at any time, a major interest in a property anywhere in the world

First-time buyers that satisfy the above criteria will be eligible for relief from all Stamp Duty Land Tax payable on a purchase price of up to £425,000.00, this is an increase of £125,000.00.

Where first-time buyer purchases for over £425,000.00 they will pay a five percent Stamp Duty Land Tax on the proportion from £425,000.00 to the purchase price.

Rising numbers of buyers searching for environmentally friendly homes

admin — Fri, 28 Feb 2020 07:09:36 +0000

Many people are becoming increasingly eco-conscious and want to do their part to protect the planet.

Home hunters are increasingly searching for eco-friendly homes amid concerns about rising energy bills, figures suggest. New research has shown a marked increase in the number of property buyers who are keen on securing a mortgage based on a building’s EPC as part of the search process – a nod to the fact that energy performance certificates are becoming more crucial than ever as a way of ensuring cheaper bills.The rise in the number of people looking for eco-friendly products to go along with eco-friendly homes appears to be tied with the crippling energy cost rises being experienced by many households in recent months.

Despite Liz Truss’s recent announcement that the typical household energy bill would be capped at £2,500 annually, costs are still surging, making energy efficiency higher on many people’s agendas.

Some homes go much further than simply matching building regulations. They go over and above the call of duty in an attempt to cut bills and carbon emissions back to zero. Green building in Britain is moving past the experimental stage and into the mainstream.

Gone are the days when only grand designers were able to live in eco-houses, built to bespoke standards by enthusiasts willing to invest huge amounts of time and money in creating a home that would use less energy than it could generate through innovations such as solar panels and wind turbines.

While not all new-builds are A-rated, statistically a vastly higher proportion of newly built properties have top A or B ratings when it comes to EPCs, compared with existing properties, where the average is a D.

Nationwide found that properties in the A-C top-rated EPC bracket currently pay an average £1,700 on bills per year (based on the April 2022 price cap). But those in the bottom tier F-G properties are paying more than twice as much, at around £3,900 per year.

In the private rented sector, when thinking about saving money, all landlords must now consider the EPCs of their rental properties. At present, rental homes must achieve a rating of E or higher, but this could soon rise to a C, which may pose problems for many investors.

As a way of future-proofing, growing numbers of landlords are considering new-builds. While the initial outlay can be higher, this can be weighed up against the cost of retrofitting an older home to bring it up to standard, as well as the premium rents new-builds can attract from tenants.

With tenants also prioritising the cost of living, more landlords are reporting questions from prospective tenants about energy prices at properties to let. This is another way that new-builds could prove more attractive to a wider group of tenants, with lower energy costs proving extremely attractive.

Will there be a housing crash in 2024?

admin — Fri, 28 Feb 2020 07:08:57 +0000

The housing market’s set to slow down later this year. There’ll be fewer sales and house price growth is easing.

The market’s proving more resilient than anyone expected, even in the face of economic headwinds.

It’s given us greater choice over where we live, highlighted our relationships with our homes, and altered our reasons for moving.

And the housing market’s in a very different position to the last time we saw house prices fall, after the global financial crisis of 2008.

House price growth has spread around the country.

It’s no longer London and the South East that are tracking the biggest house price gains.

Instead, we’ve got the South West, Wales and the Midlands seeing double-digit house price growth.

With higher demand in new areas, the value of housing has started evening up across the country.

House price growth has spread across the country.

More people want to move because of the pandemic.

Hybrid working is here to stay.

More people are retiring. Almost half a million older workers have left the labour market since the pandemic.

At the moment, the best placed buyers are well-off homeowners who spend less on energy and food and have benefitted from double-digit house price growth in the last two years, they have also worked from home and built-up their savings.

That is not to say that first time buyers are being pushed out of the equation. They are motivated to get on the ladder.

In conclusion, we believe that there is potential for sales to slow down or stagnate by the end of the year because of high prices demanded by sellers and a gloomier economic backdrop, we do not believe that there will be a crash.

Top Tips To Sell Your Home

admin — Fri, 28 Feb 2020 07:07:43 +0000

Many people are making the decision to sell their homes in search of something newer, bigger, smaller, or just different. If you’re ready to put your current house on the market and want to increase your chances of selling it quickly, have a look at these top tips.

1. Clear away dead leaves, weeds and branches

2. Mow your lawn and trim hedges

3. Move your wheelie and recycling bins out of sight

4. Give your windows a clean from the outside

5. If you have a garage, de-clutter it to make it appear as large as possible

6. Park vehicles away from the front of your house to give buyers a better view of the front

7. Avoid cooking smelly foods the night before the viewing

8. Don’t smoke in the house before the viewing and remove all ashtrays

9. Empty all of your bins

10. Temporarily relocate any caged pets like hamsters, guinea pigs and birds

11. Remove all dog and cat hairs from sofas, beds and carpets

12. Temporarily remove pet food bowls, toys and beds

13. Remove family photographs so the viewers can imagine themselves living there

14. Put all your towels and flannels in the laundry basket

15. Avoid showering just before a viewing, so the bathroom doesn’t feel damp

6. Put the washing up away, hide the rubber gloves and put the washing up liquid out of sight

17. Take all food items off the kitchen surfaces and place them into the kitchen cupboards

18. Remove coats and shoes from the hallway to make your entrance space feel larger

19. Make sure you can walk freely throughout the house without bumping into objects

20. Tidy away all clutter or sell any items you don’t use anymore

21. Close windows if you live somewhere noisy

22. Remove any dead or wilting house plants

23. Clean windows from the inside and open all curtains and blinds.

24. Fix anything broken

25. Clean all mirrors

26. Wash your shower curtain ahead of time

26 Tuck everyday items like toothbrushes, toothpaste and toiletries away in a cupboard

27. Change bed linen and make the beds

How to keep your home safe while you’re on holiday

admin — Fri, 28 Feb 2020 07:06:57 +0000

1. Make your house look occupied

An empty home can be an open invitation to burglars. The secret is not to draw their attention in the first place.

They’ll be looking for:

post piling up
deliveries sitting on the doorstep
an empty drive with no car outside
no lights on at night or lights that are obviously running on a timer
overgrown plants or a lawn that needs mowing
rubbish bins that haven’t been emptied or returned to their normal position after a collection.

To minimise the risks of a break in, give a trusted neighbour or friend a key and ask them to pop in from time to time. They can open and close the curtains, turn lights on and off, collect your mail and manage your bins – and if they can park their car in your drive too, even better.

It’s also helpful for someone to have a key in case of a leak or other emergency.

Make sure you cancel any regular deliveries, such as your daily newspaper or milk – and don’t order anything online that may arrive while you’re away.

If there’s no helpful neighbour to hand, Royal Mail offers a keepsafe service that will hold you mail for up to 100 days and deliver it to you once you’re home.

If you’re going away for a fortnight, the service will look after your post for 17 days for £18.50.

2. Lock up

It may sound like a no-brainer, but you’d be amazed how many people leave a window open or door unlocked when they go away. It’s a mistake that could invaldate your insurance, as some policies will only cover burglary claims if there are signs of forced or violent entry.

Make sure all windows and doors are locked before you leave – with locks approved by your insurer.
Secure any garages, outbuildings and sheds.
Keep tools locked away so they can’t be used to break into your home. If you’ve no option but to leave a ladder outside, ensure it’s secured in a fixed location with a padlock and chain.

3. Hide your valuables

Keep your valuables, including computers and laptops, out of sight or lock them away if possible.

Having a fitted safe can be a good investment. Just make sure it’s fixed securely in place, as smaller models are an obvious target for thieves and easy to steal.

4. Get an alarm system

There are different types of burglar alarms available, making it easier to find one that suits your budget and the level of security you’re after.

Weigh the cost of the system against the value of your possessions and look for models accredited by either the National Security Inspectorate (NSI) or the Security System and Alarms Inspectorate Board (SSAIB).

5. Secure your doors

It’s not a quick pre-holiday fix, but upgrading your external doors can play a big part in securing your home. According to the Office for National Statistics, 70% of intruders who gain access to a private residence do so through the door.

The strongest doors are made of solid wood, or for a longer-lasting alternative, try a composite door that is made up of several different materials. It’s likely to be thicker than others on the market and could come with the latest locking mechanisms – just make sure it meets PAS 24 British Security Standards and has a Secured by Design accreditation.

If the composite option is too pricey, a uPVC version is a cheaper alternative and new models are likely to come with an anti-snap lock, as well as a multi-point locking system, to help keep intruders out.

It’s also a good idea to avoid glass panels or opt for reinforced glass, which will be harder to break. You can fit a letterbox guard too, which stops people looking inside or reaching in to steal keys from a nearby hook or shelf..

6. Don’t advertise your absence

Be careful what you post on social media. If you mention on your Facebook account that you’re jetting off, it could give potential thieves the green light to pop round. Leave posting photos and videos until your return. Turning off the geotagging feature on your phone, which exposes your exact location where the picture was taken.

Similarly, talking about your forthcoming holiday in a local shop or public space – where you could easily be followed home – is best avoided.

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7. Get the support of your community

For extra peace of mind, join a Neighbourhood Watch scheme, if there’s one in your area. If there isn’t, you could set one up. It doesn’t have to involve a lot of people – it could just cover your street.

8. Turn the water off

Keeping your home safe doesn’t just mean securing it against theft. Water damage can be just as costly – and even a small leak, left for a week or two, can have costly implications if it turns into a flood.

If you’re away for a while, turn off your water at your inside stop valve. You’ll find a helpful guide on the Thames Water website.

Before you go away, check your buildings insurance to make sure you’re covered for burst pipes and water leaks. Most policies include it as standard, but always read the small print.

9. Unplug electricals

Leaving gadgets charging or on stand-by uses electricity, so turning them off will save you money on your energy bill while you’re on holiday.

However, to reduce the risk of fire, go a step further and unplug everything you can at the wall – with the exception of the fridge/freezer, unless empty.

Before you go away, make sure your home insurance covers fire damage – and remember, most policies won’t cover your property if it’s left unoccupied for more than 30 consecutive days.

10. Going on an extended trip?

If you’re intending on staying away for longer than 30 days, you’ll need to tell your insurance provider, or your policy may be invalid.

For long trips, consider unoccupied property insurance, which could cover your home for longer periods against fire, flood and storm damage, vandalism and theft or attempted theft.

A couple more tips are to cut your grass before you leave and have a neighbor or friend park their car in your driveway. Remember, the goal is to make it look like someone is home.

12 Walkable Cities

admin — Fri, 28 Feb 2020 07:06:09 +0000

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Housing Markets That Changed the Most This Decade

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Nice Room with View

admin — Fri, 28 Feb 2020 07:05:15 +0000

Housing Markets That Changed the Most This Decade

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Housing Markets That Changed

admin — Fri, 28 Feb 2020 06:49:05 +0000

Housing Markets That Changed the Most This Decade

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