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The latest news from Andrew Craig

Housing supply starts to improve

This month, property search portal OnTheMarket published its Property Sentiment Index, offering insights into how things might be changing. According to the report, the number of sale listings is rising, slightly dampening the issue of supply.

In addition, strong market growth over the past two years means that 82% of buyers still believe they can achieve a completion within three months. Along with the promise of moving in time for summer, this confidence is further driving homeowners to list their properties for sale. *

However, due to an inherent lack of housing stock nationwide, prices are unlikely to drop dramatically any time soon. Instead, buyers should look for the coming window of opportunity as the market settles to an ‘elevated version of the pre-pandemic market’.*

Looking to buy? Browse our available properties here.

*OnTheMarket

Get financially fit before your first property purchase

By clarifying your financial position before buying a home, you can improve your chances of securing a mortgage while granting yourself a little peace of mind. Here are three tips to get you started:

1) Determine a workable budget

Identifying how your income compares to your spending will allow you to estimate the size of the mortgage you can realistically afford. Start by creating a simple spreadsheet listing fixed costs such as rent, repayments, subscriptions and council tax, and averages for other bills. Don’t forget yearly expenses like annually renewing memberships, holidays, and general house and vehicle maintenance.

Once you can see how your monthly outgoings match up to your income, you’ll know what you can afford to pay towards a mortgage. You can also use an online mortgage calculator or talk to a mortgage advisor to identify ways to give yourself more wiggle room.

2) Create a savings target

Now that you have your budget in hand, it’s time to set a realistic savings goal for a deposit or to give yourself a buffer to cope with the cost of moving. Use your spreadsheet to find ways you can reduce expenditure. Possible solutions include swapping energy suppliers, cutting out luxuries and unnecessary subscriptions, or postponing holidays.

There are some less painful ways to save, too. For example, government-backed Lifetime ISAs offer first-time buyers the chance to top up their savings by 25% each year, up to £1,000. Alternatively, many banks allow you to round up all your purchases to the nearest pound and transfer the difference into a savings account.

3) Deal with bad credit

Before applying for a mortgage, check your credit rating with a reputable agency like Experian or Equifax. If you spot any errors, get them fixed as soon as possible. Lenders will use your credit rating to determine if and how much you can borrow, so correcting mistakes is a crucial step toward financial fitness.

Our friendly team can help you find the perfect home within your budget. Just contact us to chat about your requirements.

Make your summer house move stress-free with children

Even if you've discovered your dream home in the ideal location, the process may be stressful, especially if you're relocating with children.

Whether it's for a new career opportunity, to be closer to family, or to make a necessary lifestyle adjustment, uprooting your life may make sense to you. Your children, on the other hand, may not be as understanding, as everything they know and are used to is about to change. You can use a few tricks to make the transition go as smoothly as possible.

As soon as possible, inform your children

According to some parenting experts, you should tell your children as soon as possible. It may be difficult to remain a secret for long, as you will almost certainly have possible buyers coming in and out of your home, and your children will notice something is different. You don't want to keep anything from them because it will just add to your stress level, so inform them as soon as possible to make them feel included. Include them and make it more exciting by allowing them to help choose the new house and plan what they want to take with them if they're up for it.

Allow them to be emotional

It may be difficult to watch, but when your children scream or throw tantrums, remember that this is a normal reaction and that you should allow them to be upset. Their entire lives are changing, and the relocation may be separating them from friends, cherished family members such as grandparents, or a childminder they've known since childhood. Instead of becoming furious, try to understand why they aren't accepting the changes immediately. Each child is unique and adjusts to change at their own rate, but it often takes six months for children to adjust to their new life in a new place.

Talk about what will remain the same

The stress of so much change might be difficult for your children. Rather than focusing on what will be changing, remind them of what will remain the same. Their bedrooms may differ, but their possessions will be identical. Even if their schools are different, all of their after-school activities will remain the same. It may be difficult for them to focus on the similarities, so try your best to remind them as much as possible.

Stick to old routines

Just because you've moved to a new location doesn't mean you should abandon your old habits. Remember that you need to keep certain pieces of your previous life constant for your children to adjust, and keeping at-home routines running is a terrific way to do so. If kids have certain after-school rituals, try to stick to them as closely as possible, even if some things change.

Prepare everyone

Don't be caught off guard when it comes to moving day! Starting the moving process as soon as possible will help you avoid a last-minute rush to pack and clean. It's a good idea to prepare an overnight bag for everyone for both the last night in your old home and the first night in your new one, so you don't have to unpack right away after a long day.

Allow your children to express themselves

Allowing your children to participate in the entire moving and packing process will provide them with a sense of stability and control over the changes in their surroundings. Ask about their thoughts on topics such as what to pack and how to decorate their new rooms!

Contact our friendly team for useful guidance on all areas of moving home, and we will be happy to assist.

Ten steps to finding your perfect home

If you are searching for a home, you will want to follow these steps to help you along the way.

1. Set a sensible budget

To help set a sensible budget, it can help to involve a specialist mortgage advisor at this early stage. Decide on a monthly mortgage repayment which is affordable for you, allowing for this to increase in line with interest rates. Then consider how much you can afford to put down as a deposit. With these figures in mind, work out how much you would like to borrow and establish a price range for your property search.

2. Get your paperwork in order

One of the most common mistakes buyers make is not getting a mortgage agreement in principle. If you are looking to purchase a new house with a mortgage, this can be a useful step in your search.

3. Decide on your deal-breakers

With your budget in mind, decide on your deal-breakers. Determine what you need from your home – location, number of bedrooms, outside space and parking. Then make a list of things you would like, but are not essential. Decide what you are willing to compromise on and what you are not.

4. List your existing home

If you need to sell your existing home, it can be a good idea to list it on the market before you start the search for a new one. This will make you more appealing to prospective sellers and could avoid some of the delays associated with being in a chain.

5. Start the search

In addition to using the popular property portals, register your interest with your local estate agent. Give as much information to your agent about your budget, timeframe for moving, requirement to sell before buying and your dealbreakers.

6. Think ahead

Think about what might be important to you in the coming years. If you plan to start a family, for example, consider the availability of local nurseries. Look for good local schools and place yourself well within their catchment areas. If you are approaching retirement, it may be worth considering single-storey living, as well as looking at the proximity of local transport and facilities like shops and GP surgeries.

7. Maximise each viewing

When you look at a prospective new home, look carefully and thoroughly. Imagine yourself living in the home, visualise how you would use each room and whether the layout of the house would work for you. Keep an open mind and think about a property’s potential, looking beyond the current décor and the seller’s furniture.

8. Consider the surroundings

It may be a cliché but, when it comes to buying, think ‘location, location, location’. Will you feel comfortable in the area, and does it have everything you need?

9. Choose head over heart

Buying a house can be a really emotional process for many of us. Avoid being swept away by a property you fall in love with, but which is outside your budget or falls short of your dealbreaker list.

10. Take your time, but not too much time!

Making rash decisions and rushing are things to avoid when buying a new home. Equally, leaving it too long to take action may mean you miss out.

If you are looking for your perfect home, check out our latest listings.

What makes the perfect tenant?

Having a positive relationship with your landlord is important when renting a property. But what are the best qualities to have as a tenant.

One of the most important things to consider is your payment. Rent should be paid on time every month, and you should pay in full whenever the rent is due.

If there comes a point when you can’t pay, you should stay in touch with your landlord so it can be resolved.

Three more tips to help you become the perfect tenant:

Check your credit score

Ensure you are financially responsible by getting a credit check. If you are responsible when paying bills, the chances are, a landlord will trust you to pay your rent on time too!

Get a reference

A reference check gives your landlord a good idea about whether you will be a suitable tenant.

This will provide key information on your employment history and ability to pay rent, as well as any previous dealings you have had with other landlords.

Meet potential landlords

It’s important you have a good relationship with your landlord, so meeting them is essential. Furthermore, it’s a great opportunity to ask any important questions face-to-face.

Take a look at our available rental properties and find your next place to call home.

Blackfriars Cookery School - Street Food Express

Bored with the usual places to go for lunch? Don’t fancy eating a sandwich on the go? Then why not join us at Blackfriars Cookery School and take part in one of our 1-hour express classes. You will learn to make a classic street food that will take you back to the streets of Bangkok or Mumbai, at your own individual workstation...

Click here to read Blackfriars Cookery School - Street Food Express.

Sales being agreed in the quickest time since 2016

In the last five years, there’s been a 42% drop in how long it takes to accept an offer on the average UK home.* This is a fall from 45 days back in 2016 to a mere 26 days in 2022 – less than a month!

However, specific periods still beat the average. While sales slow at the beginning of the year (54 days), houses fly off the shelves in April in just 36 days.** Bear in mind that we’d expect to see variations like this because the market tends to quieten over Christmas and during the summer holidays.

Different regions have also proven more in demand than others, which helps fuel speedy sales. In particular, the East Midlands, the East of England, and London are popular spots for buyers right now. Slower areas include Yorkshire and the Humber, the West Midlands, and Wales, but overall, houses across the country remain in high demand.

What does this news mean for you? Both buyers and sellers are benefiting from a quicker sale process, and with the market set to ramp up again in autumn, now is the perfect time to think about moving in time for Christmas.

If you’d like to take advantage of the favourable market conditions, why not contact us to book a valuation?

*According to an analysis of Zoopla’s listing data conducted by money.co.uk.

**Average between 2016 to 2022.

Reduce your energy bills with these money-saving tips

The cost of living crisis has strained the budgets of most UK households, largely due to an alarming increase in energy prices. If your home isn’t energy efficient, it’s likely your bills have given you cause for concern in the past months.

Autumn and winter are fast approaching. So, whether you intend to stay put or move soon, the cost-cutting solutions below could be worth their weight in gold.

Knowledge is power

Energy bills can be confusing, so it’s worth ringing your provider to discuss anything unexpected, check the tariff you’re on, and go through your payment options. You may also be able to set up email reminders to prompt you to submit regular meter readings to avoid being charged for what you haven’t used.

Check your entitlement to financial help

The Warm Home Discount Scheme and Winter Fuel Payment can help pensioners and those on a low income pay their fuel bills. You can also claim tax relief if your job requires you to work from home, because you live far away from your office, or your employer doesn’t have one.

You also qualify for a 25% council tax discount if you’re the only adult living in your home. As well as this, certain households can apply for insulation, and heat pump grants, or funding for improvements under the Energy Company Obligation scheme.

Prevent heat leakages

An easy way to save money is by sealing any draughty spots around windows and doors. Think about installing double glazing and blocking up unused chimneys and vents. Increasing the insulation in the walls and loft will prevent heat from escaping too.

Avoid energy vampires

According to British Gas, leaving your devices plugged in unnecessarily and forgetting to switch off sockets when not in use can cost almost £150 a year. Consider installing heating controls and smart plugs to help you manage your usage at the touch of a button. Inefficient bulbs can also burn through your budget – so choose low-energy LEDs.

Check your boiler and radiators

Bleeding your radiators and installing thermostatic valves can prevent cold spots and air pockets, increasing the efficiency of your heating system. Likewise, if your boiler is running at too high a temperature or the pressure is off, you could be losing money. If in doubt, invite an expert to check your boiler’s settings and keep it regularly serviced.

If you’d like to know how improving your home's energy efficiency could increase its value, contact us today.

Letting short-term? Here are the prime locations to invest

Letting a home to the holiday market can be lucrative, especially in popular staycation destinations. A recent analysis found that short-term lets account for 7% of total homes across 15 of the nation’s tourist traps. *

Overall, the number of holiday lets has increased by 2.8% since 2019! This isn’t surprising considering the level of demand created by a reduction in the availability of foreign holidays during the pandemic. *

With chaotic scenes still unfolding in many of the UK’s airports and the rising cost of living putting off many from booking a trip aboard, the nation’s beauty spots, and traditional resorts look set to enjoy continued interest from holidaymakers.

Scarborough has seen the biggest hike in holiday lets – a rise of 2.3% since 2019. Ever-idyllic Cornwall still has the highest actual number of holiday properties, accounting for 7.4% of the total housing stock. At 6.1%, Dorset also remains extremely popular, with the number rising just above Cornwall (1.6% versus 1.2%). *

Of course, a high proportion of holiday lets in a single area can hurt the ability of local residents to find affordable homes to rent and buy, despite helping to boost the local economy by attracting tourists.

If this issue concerns you, letting your own home part-time or renting a separate property on your land could be a great way to earn extra income without impacting the ability of local workers who support tourist services to stay in the area.

If you’re planning to move to one of the popular spots we mentioned above, it may be worth considering properties that come with this potential. Whatever you choose to do, we’ve always got our ear to the ground for local properties that could suit your short-term letting goals.

Get in touch to learn more about how we can help you find or manage the perfect let.

*Property Reporter

What happens after your offer has been accepted?

You’ve found the house of your dreams, and your offer has been accepted. You’re itching to start your new life, but the process is turning into a marathon rather than a sprint. At this point, many buyers feel mystified. What’s the hold-up?

The first hurdle is the pre-contract stage. This can take anywhere between 1–3 months. During this time, your mortgage lender will carry out their own checks to make sure they can turn your Agreement in Principal into a concrete offer.

After this, the relevant contracts will be drawn up with the help of the seller, their conveyancer, and the Land Registry. Filling out forms incorrectly, or not having the right documents on hand can delay this process, so make sure you have your ducks in a row.

Once the contracts are ready, your conveyancer should organise a survey of the property. Delays may arise if any problems crop up, but there are ways around this, and being prepared is always the way forward!

Now it’s time to exchange contracts. At this point, you can agree on a completion date. This may take up to several weeks if you need time to access the money from your lender and sign any further documentation relating to the transfer. If you’re in a chain, you may also have to wait until the seller can leave.

With a move-in date on the horizon, you’ll have to sort your building insurance to protect your new home from the day you arrive. Where necessary, you must pay Stamp Duty tax, and you’ll need to notify the Land Registry to confirm your ownership, and ensure your conveyancer gives you the title deeds. Tying up these loose ends can take two weeks.

Overall, it takes six months on average to go from an accepted offer, to picking up the keys to your new home.

Having the right professionals on your side can make all the difference. When you buy or sell with us, our team can help you every step of the way. We offer advice, and work closely with you to ensure your transaction is as smooth and stress-free as possible.

Visit our website to learn more about how we can help.