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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.’

What makes up the price of a property?

If you had to rebuild your home from scratch, how much do you think it would cost, and are there any special features which would cost a premium to emulate should the worst happen? According to a new study conducted by Direct Line Premier Insurance, the average person overestimates the rebuild costs for their home by 38%, showing that the general public has little idea when it comes to the bricks-and-mortar cost of rebuilding their properties. Then again, the true value of a property is clearly made up of more than simply the basic construction costs, with other considerations such as local amenities also playing a part in the overall value of a home.

On average, the base construction costs of our homes make up around 59% of the property’s actual value, according to Direct Line. Other considerations which influence the market value of a home include access to local amenities, schools and public transport; these account for over two-fifths of a property’s value. Naturally, there are regional variations in terms of the premium which is paid for these location-based factors and, perhaps somewhat unsurprisingly, it is in London that the highest location premium is levied.

In the capital, a three-bedroom property costs on average £647,000 which is an astonishing £442,571 above the rebuild cost of £205,000 – quite the location premium indeed. In fact, the location premium in London is so high that it is higher than the average market value of homes across the rest of the UK. After London, other locations with higher premiums include Brighton, Bristol and Edinburgh – all with location premiums of 60% or higher when compared to the actual rebuild costs of homes in these areas.

“Although people may be surprised by the amount of value placed on a property’s qualities beyond bricks and mortar, this analysis shows just how much intangible benefits such as; local amenities, location and transport links add to the price of a property,” said Nick Brabham, head of Select Premier Insurance.

The adage of ‘location, location, location’ has long been engrained in the property buyer’s psyche and this new research demonstrates just how tangible that cliché can be, in real monetary terms. An important reflection considering these figures is that of property insurance and the devastating impact which an inaccurate home valuation could have upon an insurance claim, with the effect of over-paying for some and underpaying for others.

Fife Properties Managing Director, Jim Parker commented, “On a more local level we can see the same with St Andrews, the London of Fife. It’s frightening to think how much more they could be paying. After all, the rebuild value of a 3 Bedroom Detached Villa will generally be the same anywhere in Fife so why should they have to pay more for insurance”.

If you want to discuss this further, then the local experts at Fife Properties can often get expert advice for you. You can book a FREE initial consultation today at the following link https://www.fifeproperties.co.uk/property-valuation/

Revealed: the biggest property viewing put-offs

When trying to sell a property we all do our best to make sure our home is in tip-top shape and that we present it in the best light possible.

The little things can go a long way when it comes to selling a home and what may look like minor issues to you could be deal breakers to a potential buyer.

ScS recently surveyed several prospective buyers with the goal of discovering the biggest turn-offs when viewing a property.

Whenever you’re selling a home, making each room feel as spacious as possible is key to the sale, so it comes as no surprise that the number 1 turn off is clutter or obvious lack of storage, with 41% of survey participants stating that they would be put off a property which is clearly lacking for space.

Not very far behind at all and chosen by 40% of participants was pets, bad smells and general mess, as it appears that the thought of lasting damage from pets and odours is a big enough deal breaker for some buyers.

Continuing the theme of wear and tear and chosen by 36% of those who took part in the survey was old/damaged carpets, flooring can be quite costly to replace so it is understandable that a worn-out rug could ruin a viewing.

The kitchen is arguably the most important room in a home when it comes to a viewing as if it’s not to the buyers liking, it’s easily one of the most expensive rooms to renovate. This holds true according to the results of the survey, as 35% of people said they would not buy a home if they were not a fan of the kitchen.

Coming in at 5th place was being near a main road, as one-third of us (33%) prefer a home in a more secluded spot away from noisy traffic.

The study also found which features were considered ‘must-have’ with 57% searching for a home with the right number of bedrooms, 40% looking for off-street parking, 32% wanting a well-maintained garden and a similar number of participants looking for new windows and a new kitchen, chosen by 31% and 30% respectively.

Fife Properties Managing Director, Jim Parker commented, “Buying a home is a major investment and while most people are put off by clutter, bad smells, worn carpets and having to renovate there is still a market for properties like this. However, with professional guidance from our experts, you would be surprised at what you can achieve. The key is to get the right professional advice before doing anything and that is where we excel.”

Fife Properties can do an initial pre-marketing home assessment to ascertain and advise of any issues that might affect your properties saleability. You can book a FREE initial consultation today at the following link https://www.fifeproperties.co.uk/property-valuation/

How much do top schools add to a property’s price?

If you and your family have ever looked for a new home, there is a good chance you’ve taken a look at the local schools so you can make an informed decision about your purchase.

If you’ve got young children then living in the catchment area of a good school is without a doubt a bonus, but have you ever considered how the top schools impact the price of your home or how much buyers are willing to pay to be near one? New research from Santander Mortgages has sought to answer these questions.

According to their data, homes located in the catchment area of one of England’s top 100 state secondary schools, receive a 42% boost to their value.

This price premium even applies at a primary school level, as homes in the catchment area of a top 1000 state primary school are valued at 8% more than homes in the surrounding areas.

It appears that parents are happy to pay a little extra for a home near a top school, with Santander’s research finding that they would be willing to pay almost £27,000 more than the average price of a home in the UK.

What is more interesting about these statistics, is that top schools rank far above any other local amenity, such as low crime rates or good transport links, as buyers are only willing to pay 11% and 10% for these benefits.

The research also found that 30% of parents with children of school age are considering finding a new home within the next 2 years in order to secure their child a place at a top school and just under 1 in 4 parents would even consider downsizing to send their child to a private school.

Managing Director of Mortgages at Santander UK – Miguel Sard – offered his comments on the results of the research, he said; “Living in the vicinity of a top-ranked school carries a significant house price premium. If families are looking to move into a catchment area specifically to boost their chances of getting into an elite school, they can expect to pay a hefty price

“It is important when considering purchasing a property that people understand the true costs as the house price is just one of many. Stamp duty, solicitors’ fees and moving costs mount up. Parents are prepared to sacrifice a lot to give their child the best start in life and given these costs, it is important to find a mortgage lender that offers the best rate for you to ensure repayments are manageable, and the buying process is made as smooth as possible”

Fife Properties can do arrange a FREE mortgage health check with one of our preferred partners. You can book a FREE initial consultation today at the following link https://www.fifeproperties.co.uk/property-valuation/

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.”

Revealed: The Best Day Of The Week For Moving Home

When it comes to moving home, there are plenty of things you can do to make sure things run as smooth as possible, but at the end of the day, moving home will always be a challenging process.

Some have described it as one of the most stressful tasks you will ever take on and although most of us would just prefer to get started and hope to get it over with as soon as possible, new research suggests that some days are better than others.

Which days do people prefer?

Compare My Move conducted a study in which they analysed 66,500 house moves throughout the UK to find out people’s preferences for when they feel is best to move home.

The research found that the most popular time to move home is during the summer and on a Friday, suggesting that most people are looking to take care of the whole process in one weekend.

In terms of expense, it was found that moving home on a Thursday is the most expensive day to do so if you’re hiring a removal van and the opposite is true if you move on a Sunday.

These findings are true throughout the majority of the UK, except for Wales, where the most ideal day is a Wednesday and the least popular day is surprisingly a Saturday.

Movers avoid Sundays!

What may come as no surprise to a lot of people is that the least popular day of the week in the UK, in general, is Sunday, which is understandable with many of the local shops and amenities operating for a shorter number of hours or closed altogether.

August is the most active month of the year for moving, most likely due to families wanting to wrap everything up during the school holidays, but this does vary to other warmer months such as July and September, depending on which region you’re looking at.

Co-founder of Compare My Move – Dave Sayce – commented on the findings of their research. He said “Our research shows that Friday still reigns supreme for movers across Britain, with a huge 30% of movers choosing this day. With one day off work netting you three days to get settled in with the help of the weekend, it’s clear why Friday is such a favourite. If you want to nab a Friday move at a decent rate, make sure you book at least three months ahead of time, and always compare removal quotes.

“If you’re looking for a budget move, our data shows that the cheapest rates are on the most unpopular moving days of Sunday and Tuesday. Only 5% of our users opted for a Sunday move, and with businesses and banks winding down on the day of rest and Monday morning looming, it’s easy to see why”.

Fife Properties Managing Director, Jim Parker commented, “The research backs up what most people already know and if you are flexible on moving days then it is clear that you might want to take advantage of the cheapest days”.

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