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What are the top priorities for buyers looking for a home?

Good schools, good commuter links and a good kitchen; traditionally, this is what has been considered to be the magic triad of priorities for buyers.  However, new research has suggested that this is no longer the case. Read on to see what buyers are prioritising whilst on the hunt for a new property…

A poll from a regulated property buyer has shown that a budget supermarket has ousted the school catchment area for one of the top spots in buyer priorities, with almost 40% of those surveyed stating their desire to live within close proximity to an Aldi or Lidl. School catchment areas remain high on the wish list of buyers with 29% saying that they would move home in order to be in a specific catchment area.

The desire for good-value shopping could be linked to the need to economise after purchasing a new property, so it is no surprise that it is the younger generations who rate the budget supermarket highest; some 54% of 18 to 24-year olds want to live near to one. This figure gradually declines to 34% of over 45s sharing the same view.

The outright top spot on buyer priorities, however, is for a scenic view with 44% of people preferring a property with scenic surroundings. Budget supermarkets follow this in second place, and local bars and restaurants come in at third in the wish list of buyers.

“Everyone has their own priorities when moving to a new house, but it’s interesting to see how the overall patterns are changing. Budget supermarkets are definitely growing in popularity, especially among the younger generations, and their presence in a region is now making a place more desirable to live,” said Ross Counsell, director at Good Move.

Once a property move is completed, research also revealed what people first investigate once they have moved to a new area. Public transport links are the first item which people look into with 21% of people researching this immediately, followed by local schools, crime rates and broadband speeds.

Fife Properties Group Office Owner, Jim Parker said, “It is no surprise that budget supermarkets are moving up the list of priorities as people realise every penny counts. So it is just as important to get the best mortgage deal and that means a specialist to check you are better off. Often it far outweighs the fee for arranging the mortgage itself”

If you want to book a FREE initial consultation with our specialists, please tap the link to contact any of our local offices or book online https://www.fifeproperties.co.uk/contact/

Buyers rush to beat Brexit: mortgage approvals increase

Research from chartered surveyor e.surv has shown that mortgage approvals reached a peak of 66,390 in December of last year, which amounts to a 7.8% annual increase. This seasonal rise has led to claims that there is a pre-Brexit rush to purchase property, and that the political uncertainty arising from the imminent break with Europe is actually fuelling current demand in the property market.

Commenting on the figures, Richard Pike, sales and marketing director for Phoebus Software, said:

“It is hard to talk about anything at the moment without mentioning the ‘Brexit’ word: it is all-consuming and there is little doubt that it continues to affect the housing market.

“The fact that house purchase approvals were up in December suggests that people are planning ahead and making their move before the March deadline. Interestingly the number of remortgage approvals took a dip compared to the same month in 2017, which bucks the trend throughout the rest of the year.”

“Nonetheless, I would expect it to be the remortgage sector that will be keeping the mortgage market going in the coming months, as we wait to see how our exit from the EU pans out.”

Throughout the year, types of mortgage being approved also reflected the influx of first-time buyers in the property market, with mortgage products offering loans at 95% of a property’s value increasing in popularity.

Data showed that over a quarter of mortgages approved in December were taken out by borrowers with a small deposit (less than 20%), and this was also the case in November. A key step-change in property has been the introduction of government schemes in order to alleviate the headache of saving for a deposit, and these statistics show that this is having some success in the marketplace.

Tony Sutton, managing director of mortgage brokerage group Specialist Financial Services, said lenders have become more competitive as they seek to protect their market share.

Mr Sutton said: “There is a wider choice of products available, serving a broader range of people with more sensible underwriting decisions.

“Lenders are trying to maintain market share and have increased the terms they are willing to offer.”

Such an increase in mortgage offerings has clearly made the process of gaining a mortgage easier than ever before – with some lenders even offering 100% mortgages on properties in an effort to maintain their place in the marketplace. With more options available offering more flexibility, it is no wonder that mortgage approvals have increased, which bodes well for the year ahead for property.

Fife Properties Group Office Owner, Jim Parker said, “It is a highly competitive market out there and to stay ahead of the game it is always best to get a specialist to help get the best deal. Often it far outweighs the fee for arranging the mortgage itself”

If you want to book a FREE initial consultation with out specialists please tap the link to contact any of our local offices or book online https://www.fifeproperties.co.uk/contact/

The 2018 Budget and its impact on the property market

The recent Budget has ramifications for all of us – with the Chancellor setting out levels at which we pay income tax, fuel duty prices and the all-important “sin taxes” around cigarettes and alcohol. What, therefore, does the Budget 2018 mean for property?

Stamp Duty

Stamp duty has been abolished for all first-time buyers of shared ownership homes (whereby the buyer purchases a share of a home, with the local council or housing association owning the remainder) up to a value of £500,000. The policy will be retrospectively applied from the 2017 budget meaning those who already bought a shared ownership property within the past year will also benefit from the change. Further to this, first-time buyers do not pay any stamp duty on homes below £300,000.

Stamp duty rates in Scotland are now as follows:

  • First £145,000: 0% (£175,000 for First Time Buyers)
  • £145,001 to £250,000: 2%
  • £250,001 to £325,000: 5%
  • £325,001 to £750,000: 10%
  • £750,000+ : 12%

Help To Buy Scheme

There are a few changes being made to the Help to Buy scheme, one of the key points being that the term has been extended to 2023. Further to this extension, the new iteration of the scheme from 2021 to 2023 will only be available to first-time buyers rather than to all, as is the case with the current scheme.

Overseas Investors

A new tax will be introduced for overseas investors, the revenue from which will be used to tackle homelessness across the country. Overseas investors will face an extra charge of 1% to 3% when they buy a UK property, in addition to current stamp duty charges. As well as using the revenue to tackle the increasing problem of homelessness, the intended effect is to dissuade some of the rife competition from the London market which is making purchasing increasingly difficult in the capital.

New Homes

Although the Help to Buy scheme is being extended by two years, there are fears that the cessation of the scheme will slow down new-build homes as there will be fewer buyers able to purchase. The government is intending to give an extra £500 million to councils through the Housing Infrastructure Fund in order to promote the building of new homes and avoid any slowdown in the production of new properties.

Transformed High Streets

As part of a billion-pound boost to the UK’s struggling high streets, the Chancellor has announced a £675 million fund to help councils support their retail zones through this difficult period. An unexpected result of this could be the redesigning of empty retail units into homes – with the chief executive of the Federation of Master Builders, Brian Berry, estimating that as many as 400,000 new homes could be created by making use of empty space above shops on high streets.

Group Office Owner Jim Parker said: “Stamp duty is one of the biggest cons in the government’s history. Raising taxes on what is a necessity while not actually adding any value to the transaction at all or putting anything back into the system. Plus the 3% extra duty on 2nd homes has not solved the initial problem at all, which was to stop overseas buyers.”

Tips for selling your home at Christmas

There are some things that the British public simply cannot believe at this time of year; how cold it is, how dark it is and, above all, that it’s nearly Christmas. Nevertheless, Christmas is indeed upon us and if you are selling your home, or thinking of selling your home, you may be under the impression that it’s not the optimum time to bag a sale. Our top tips to sell your home at Christmas will show you that not only is it possible to sell your home during the festive season, it is a doddle.

Picture perfect

The average time that a buyer takes to look at a picture on a property advert is three seconds, so having the perfect image is essential in your quest to sell your home – especially at Christmas. When having your home photographed, it is important to think about the staging; ask yourself whether the clutter around your home has been put away, can you remove some of your personal items in order to create more space or give everything one last polish? Once you’ve ticked off those basics, think about the Christmas factor – do not include heavily decorated rooms in your photographs as they will detract from the space and may age your property if your home remains on the market into January.

Keep the pine in line

Of course, at this time of year the Christmas tree has taken its place in our living rooms and other communal spaces, but make sure that the tree isn’t dwarfing the space it is in. We can all get carried away with the festivities, but this may not be the year to get the 7-foot Nordic spruce of your dreams – in the same way that cramming a king-size bed in to a single room will make the room appear cramped, an over-sized tree will also make your room seem smaller than it is. Buyers like to imagine their own furniture in potential new homes, so allow them the space to do so.

Serious offers only

Although some may suggest that Christmas is a difficult time to attract buyers to your home, what the period does provide is serious buyers. You can make the most of the serious buyers in December by ensuring that you see each property viewing as the optimum chance to sell – making sure that your home is in pristine shape and you are welcome and positive about the property and the area. Potential buyers can glean an image of what it may be like to live in the area from their interactions with you as the homeowner, so ensure that you are up-to-date about local schools and solely positive when they ask you any questions. Similarly, being flexible may bag your buyer as an accommodating vendor, who allows for viewings at irregular hours, for example, could help clinch that crucial sale.

Preparation is key

Being organised could be the key to securing your Christmas sale. Make sure that your fixture and fittings list is put together, you have the legally required energy performance certificate and, if you have had work completed on the house, make sure you have the relevant consents. Solicitors can be the make-and-break in a sale scenario, with a slow solicitor frustrating both buyer and seller, so take recommendations from your estate agent and have an efficient solicitor all lined up, ready for a sale.

Being in a new home by the New Year can seem to be an impossible task, however by showing restraint with your festive decorations, and taking the appropriate steps to be prepared and organised you can certainly sell your home this Christmas and start your 2019 with the perfect gift – a new home.

Group Office Owner Jim Parker said, “You’re as busy or as quiet as you want to be. The overall demand for buying a property is still evident. It, however, takes a longer time to sell due to restrictions on viewers availability as it gets darker quicker and not everyone can view during the day, so it has to be weekends. Therefore, we feel it is so important that we still provide this valuable service to our customers to ensure we do viewings when needed and not your typical viewing person that has no prior experience and can only suggest that you call the office on Monday to get the answer to your important questions.”

To book an initial consultation on selling your home with one of our specialist agents please tap the link:

https://www.fifeproperties.co.uk/property-valuation/

UK property market set to revive next year after Brexit

With Brexit negotiations in Brussels reaching their crescendo, the reality of Britain leaving Europe is now truly upon us, and for the property market, it seems that this could lead to something of a revival.

During the drawn-out periods of consternation and uncertainty around Brexit, sellers and buyers alike have shown some restraint in their interactions with the market, and this pent-up demand is set to boost activity next year.

“People with important and costly decisions to make tend to pause and reflect, waiting for a time when the outcome is more predictable. The ongoing machinations of the Brexit process for the last two years are no exception, so it is little wonder that the property market has become increasingly subdued as time has gone on” said Richard Watkins, the land and planning director for Aston Mead.

“What’s more, despite the risks involved in the current challenging market conditions, we expect that come April 2019, those hoping to trade up will find that the gap in sale values and onward purchase prices will be the narrowest it has been for half a decade. So there continue to be real opportunities out there” he concluded.

First-time buyers will be buoyed by the two-year extension to the Help to Buy scheme offered by the government in the recent Budget and, with house prices growing at a steadier rate than in historical years, people looking to take their step on to the property ladder will surely benefit from the post-Brexit period.

Despite the well-publicised Brexit uncertainties, the property market has remained relatively stable this year and endured the period of political instability better than most predictions initially forecast. However, 2018 has still seen some slowdown in property transactions throughout the year, and therefore the notion of a post-Brexit revival will be good news for many. With the demand for properties now at an all-time high, and new-builds unable to keep up with this vociferous appetite by the masses to own a home, buyers and sellers should benefit equally after March 2019.

Fife Properties Group Office Owner Jim Parker said, “People move because of their circumstances so even if we see a slowdown just now it will speed up later. If you are selling though and wondering when to do this the answer is NOW. Waiting any longer will only leave you exposed to a higher risk as uncertainty over Brexit continues and there is nothing to gain by waiting any longer. There isn’t going to be a jump in prices even though it’s a favourable outcome”. To book your FREE initial consultation on selling your home with one of our specialist agents tap the link:

https://www.fifeproperties.co.uk/property-valuation/

 

Revealed: how the property market has changed in the last five years

The ‘Housing Futures’ survey has been conducted annually by Strutt & Parker since 2013 to examine how the property market has evolved and then utilising this data to identify future trends which will shape the market. The latest version, ‘Housing Futures: New Horizons’, has shown that ‘connectivity seems to be the key for British home movers in 2018. We want to be connected in all areas of our lives…there is a growing requirement for connection, community and convenience.

Increased demand for lettings

An increase in the demand for lettings has had a significant impact upon the property market, with research showing that rental increased as a future tenure from 10% to 13% – reflecting its growing popularity. Growth in the private rented sector has seen a near 30% annual increase and encompassed within this sector is the “Build-to-Rent” market. Over the course of the past year, there has been a 45% increase in the delivery of completed “Build-to-Rent” homes with the focus on the type of property now shifting from blocks of flats to family housing, thereby supporting the lettings market in the long-term.

The pace of life dictating property requirements

As the pace of life quickens and we become more accustomed to instantaneous connections, our property requirements are reflecting this desire for connectivity – both virtually to networks and physically to one another. “Good broadband” is now regarded as a necessity for the majority of buyers – up to 57% – and twinned with this desire for “good broadband” is the desire to be closer to family and friends – up to 48%. There should be no surprise, therefore, that city living has increased in popularity as cities offer the greater levels of connectivity and accessibility which is now sought-after by buyers.

Fiscal concerns shaping the property market

As the Housing Futures report states, “over the past five years, the UK has seen turmoil in the political arena as well as in the regulation and taxation of residential property”. This “turmoil” can be seen in the changing shape of the property market; for example, demand for detached houses has significantly dropped over the last 5 years from 83% to 49%, whilst semi-detached homes have become the most popular. This shift away from larger homes indicates a hesitancy amongst buyers to stretch themselves when it comes to their finances, perhaps also explaining the growth in the lettings market as potential buyers become more financially prudent.

Family Ties

Also identified in their housing report ‘26 different property tribes’ – groups of people who are the most prevalent in the property market. One of the ‘tribes’ which will exert the most influence on the property market over the coming years is aptly named ‘The Waltons’ and consists of multi-generational households, much like those seen in years gone by. This multi-generational family home will become more prevalent due to the increasing price of property and the resulting necessity for multiple family members to combine their wealth in order to purchase better homes than if they were to purchase individually, or simply because family members cannot afford to live by themselves. Further to this family aspect in the future purchase of properties, providing financial support for relatives has become one of the key reasons to move home – now up to 22% of those surveyed cite this as a motivator to move home.

As political and policy changes take place throughout the United Kingdom, the property market is flexing to respond to these types of change – this is reflected in the rise of the popularity of the semi-detached home and the continuing growth of the lettings market. Buyers are more aware of their fiscal concerns and more demanding in terms of their requirement to be well-connected to friends, family and wireless networks. With an ageing population continuing to live longer, the power of the “grey pound” will exert itself upon the property market and, combined with younger generations who have a voracious appetite for property both in terms of letting and purchasing, one thing is for certain – the property market remains extremely financially solvent.

Fife Properties Managing Director, Jim Parker commented, “Connectivity is definitely one of the main drivers today when purchasing a house. While broadband speeds are important proximity to relatives/friends are also an essential part. Buyers want to know about lifestyle which is why our local property experts go out of their way to find out about the surrounding area, so they are informed.”

How much of an impact can a street name have on a home?

When considering the purchase of a property there are a number of variables to consider; how many bedrooms you need, if there are good schools in the catchment area and what the local amenities are to name but a few. However, it seems that there is one aspect which should also now be taken in to account – street name. Recent studies have shown that the name of the road which you live on can have an impact upon the value of your property – so the old adage of “location, location, location” may be even more accurate than ever previously considered when buying a home.

The regal touch

Streets with regal names such as Royal, Palace, Lord and Bishop can boost the value of your home – showing that royal prestige extends well beyond Buckingham Palace. Nearly 10% of house-hunters surveyed are willing to pay more for a property with a regal suffix, with 8% prepared to pay up to an enormous £30,000 more. This perception of prestige clearly has an impact on the price of a home and the overall appeal to buyers – so think carefully when browsing through all those homes for sale and don’t just consider their curb -appeal, but also their catalogue blurb-appeal.

The house on the hill

Aside from the prestige of the monarchy, it seems that certain road names also exert a hypnotic appeal upon buyers with properties on “Hills” and “Lanes” worth 50% more than the national average. Naturally, when you consider a hill or a lane there is the image of peace and tranquillity, which could be a contributing factor in their popularity amongst buyers. On the other hand, properties with “Street” or “Terrace” in their address are amongst the least expensive in the UK, perhaps because of the frequency of these names and as such, a perceived lack of exclusivity.

Bishop’s Hill or High Street?

Property buyers are a discerning bunch, with never-ending lists of requirements, and it would seem that a new addition to this list is an “exclusive” sounding address with many prepared to pay a premium for a premium-sounding address. This preparedness to pay for the privilege of living on “Royal Way” or “Hill Lane” however is split regionally – with those in London 24% more likely to pay extra for an address when compared to those in the North East. Perhaps, then, it is the high prices of the capital city and the greater level of investment it takes to buy in London which can woo buyers into spending just that little bit more – a premium-sounding address to reflect the premium cash outlay required to buy their property.

Fife Properties Managing Director, Jim Parker commented: ‘It is amazing how a simple a thing such as a street name can make a fundamental difference but in the past, we have had “Lovers Lane”, “Witches Wynd” which have all attracted more than their fair share of interest.’

15% rental rate rise predicted by 2023

The rental market in the UK has seen its fair share of changes over the last two years and it is now looking like those changes are starting to have an impact.

The Royal Institution of Chartered Surveyors (RICS) recently conducted a survey which provided some interesting forecasts for the Private Rented Sector.

It appears that the supply of homes available for rent has taken a fall and has done consistently for the past 2 years. Changes to tax law for landlords and an increase in stamp duty for buy-to-let purchases has made potential new landlords more hesitant to jump into the market.

RICS found that across the last 3 months 22% of respondents to the survey saw a drop in new landlords. This combined with the growing demand for rental homes due to affordability issues has led to forecasts of a 2% rise in rental rates over the course of the next year.

This increase is expected to be felt in all regions of the UK, with East Anglia and the South-West of England highlighted to see the largest growth.

Long-term, this is predicted to continue also, with the pressures of the UK property market predicted to drive rents up by 15% over the next 5 years.

A separate report from tenant referencing company HomeLet, stated that rents had risen by 1% in the 12 months to July, currently standing at an average of £777 per month, with London seeing a 3.3% rise to £1,615 in the same period.

Chief Economist at RICS – Simon Rubinsohn – commented on the findings of their survey, stating “The impact of recent and ongoing tax changes is clearly having a material impact on the buy-to-let sector as intended.

“The risk, as we have highlighted previously, is that a reduced pipeline of supply will gradually feed through into higher rents in the absence of either a significant uplift in the Build to Rent programme or government-funded social housing.

“At the present time, there is little evidence that either is likely to make up the shortfall.”

Fife Properties Lettings Director, Richard Cook commented, “Fife Properties have been lobbying the UK Government with the SNP and Scottish Association of Landlords since the new tax changes for Landlords were announced in 2016 but the UK Government is just burying it’s head in the sand. These tax changes are making it worse for tenants as we see more Landlords exiting the market and more tenants entering thus creating more demand and pushing up rents. This will not stop as it’s one on one economics of supply and demand. The Government should be embracing Landlords for helping them solve the housing crisis not penalising them.”

Top Tips For Viewing A Property Like A Pro

When it comes to buying property, it is important to keep in mind that it could potentially be the home you live in for the rest of your life. With this in mind, it is essential that when you view potential properties, you take the time to be thorough and get all the information you can.

To help make sure you don’t miss a thing and make the right choice when you do eventually make an offer, we’ve compiled the following list of tips to view a property like a pro.

Don’t rush
We all feel a bit strange viewing someone else’s home, but as we said earlier, you could be living in this property for decades so don’t rush through this process! It’s vital that you spend close to 30 minutes exploring the property, asking questions and just getting a good sense of how the property feels. If you just wander from room to room, taking a quick look and then moving on, you won’t get a good feel for the property. Taking that little extra time will mean you are well-informed when you come to make a formal offer for the property.

Think about how much space there actually is
When it comes to property space is one thing you can never have enough of. Whether you’re looking to fit in that Queen-size bed or you need somewhere to store all of the precious knickknacks that you have collected over the years, space is incredibly valuable. Pay attention to the way the current owner has laid out the furniture, as it will provide you with some insight into how to best make use of the property’s available space. It’s also an excellent opportunity to think about how much room your items take up and whether there is any scope for a little pre-move declutter.

Take a walk through the area
When you’re buying a property you’re not just investing in that building, you’re also investing in the neighbourhood itself. If you’re first-time buyers and looking to build a life in this new home, you have to ask whether the area is suitable for your family’s needs. Are there plenty of shops close by? How do the local schools perform? It’s best to wander around the area for a short while in order to see how it all feels, after all, if you’re going to be here for some time, you need to feel comfortable.

Once you’ve taken a good look, take another and maybe another
As we stated at the beginning, when it comes to buying property it’s best done the right way, but even when you do everything right, it’s always best to check things twice. No matter how thorough you intend to be there is always the possibility that you missed a couple of things the first time around. Most would advise visiting a property 2-3 times and at different times of the day – if possible – to see if you feel the same way each time. Buying a home can be very exciting, so it is worth visiting the property a few times.

Don’t forget that your agent is there to help you! Make sure you ask them questions about the property’s history and the local area, as they will be more than happy to assist you with your decision.

Fife Properties Managing Director, Jim Parker commented, “We always encourage and help buyers get as much information and facts as possible to help them make an informed decision after all for most of us this will be a home for many years to come.”

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