Making a good first impression is key when presenting your home for sale. Potential buyers and renters are always extra vigilant when it comes to viewing properties, from the front gate to the back garden, meaning it’s even more important to present your home in the best light from the start. Continue reading 6 Simple Kerb Appeal Improvements for Homeowners in Fife (4 min read)
Tag: St Andrews
Buyer and seller activity increases as Brexit’s effects wane
In what appears to be a reaction to the most recent Brexit delay, the housing market is experiencing a pronounced period of activity, according to figures provided by NAEA Propertymark.
Property demand from prospective buyers was at an eight month high during May, with the number of registered property hunters increasing by an average of 16% during the month from 265 to 307. This represents the highest level of registrations since September of last year, another significant statistic in a period where increased levels of public activity are being seen across the market.
The supply of available housing has also seen an increase in line with this increased activity, with an average increase from 35 properties per member branch on offer in April to 41 in May. This also represents a year-on-year increase of four properties from the same month last year. Average sales per branch also saw a brief increase, from 8 in April to 9 in May.
So, what’s caused the increased activity? Seasonal demand appears to have played a part, alongside the aforementioned Brexit delay which won’t see Britain exit the European Union before October 31st at the earliest. With that in mind, buyers and sellers appear keen to progress with their plans and transactions during this period of relative political calm.
“It is encouraging to see the housing market bouncing back, with supply and demand rising to the highest levels seen since last year,” noted Mark Hayward, Propertmark’s chief executive.
“It’s evident that buyers and sellers are no longer waiting for the outcome of Brexit and want to get things moving, particularly as many sellers are realising that it’s a buyers’ market in certain areas of the country.”
Fife Properties Group Office Owner, Jim Parker commented, “Buyers and sellers have concluded that all the things that could affect the housing market from Brexit have now been factored in and some are not convinced we will be leaving in October. So, it’s business as usual because they cannot wait. We are seeing unprecedented levels of seller and buyer activity compared to previous years with many properties selling quickly but more importantly over the home report value “
Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the current value of your property but gives extremely useful advice on maximising the value when selling. To book click the link: https://www.fifeproperties.co.uk/property-valuation/
Traditional estate agents found to be good value for money
With recent changes to the landscape of estate agency, including online-only providers and new fee structures, it may come as a surprise to some to see that traditional estate agents are considered good value with regards to fees and value-for-money, estate agent comparison site GetAgent has found.
The review site has found that 84% of home sellers who purchased a property over the last year decided to use a traditional estate agent, with 69% of those feeling that the fee which they paid was good value for money. It would seem, therefore, that when making one of the biggest decisions that many of us will ever make, the traditional method of building a relationship with an agent who then leads you through the buying or selling process is still heavily favoured.
Colby Short, founder and chief executive of GetAgent, said: “We’ve seen some big changes to the sector over the last decade through the rise and fall of the online agent and this consumer learning curve has led to an adjustment in opinion when it comes to the fee charged to sell a home.
“While a low fixed fee may have seemed like the future of home selling and many may have sold successfully via that model, a number of high-profile company collapses along with a consistent string of customer service failures has seen the market share of online agents fail to live up to expectation.
“Previously, the commission fee charged by traditional agents was seen as too high, I think the consumer is now starting to realise that you get what you pay for.
“To pay a few thousand pounds in commission to achieve a higher sold price while securing a buyer in current market conditions is ultimately much better value for money than a few hundred up front and no sale achieved at the end of it.
“Of course, the current lethargy plaguing the market is not ideal and has evidently had an impact on the price achieved and the time it’s taking to sell, but I think it has helped demonstrate the worth of a good estate agent which is a silver lining for the industry at least.”
Fife Properties Group Office Owner, Jim Parker commented: “I agree. Choosing an Estate Agent to sell your house will probably be one of the most important things you will ever do. While fees are important what is equally important is the end result. Having an Estate Agent that can demonstrate the ability to achieve more than the asking price on consistent basis could far outweigh trying to save a few hundred pounds in fees at the beginning. We have that track record”
Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the current value of your property but gives extremely useful advice on maximising the value when selling. To book click the link: https://www.fifeproperties.co.uk/property-valuation/
Property transaction numbers increase by 4%
A key indication to the health of the property market is always transaction numbers, with healthy transactions pointing towards a strong marketplace with serious buyers. In April this year, there were an estimated 64,000 transactions which represents a 4% increase in transactions from the same point last year, according to LSL and Acadata.
With a marked increase in transaction numbers, the market is proving to be extremely resilient in a turbulent political landscape. Strong first-time buyer activity in the marketplace, with many taking advantage of the Government Help-To-Buy scheme, as well as the changes to Stamp Duty encouraging purchases. Indeed, only 65% of transactions were reported as liable for Stamp Duty during the first quarter of this year.
Supporting this increase in transaction volumes is an extremely solvent mortgage market, with more money being injected into the housing market in May 2019 than at any point since 2017. In May this year almost £9bn of home-purchase mortgages were approved by banks and lenders, which is 6% higher than the previous month and an 11% increase on the same time last year.
“April’s marked rise in mortgage approvals suggests that housing market activity may well have got at least some temporary support from the avoidance of a disruptive Brexit at the end of March,” said Howard Archer, chief economic adviser at EY ITEM Club, an economic forecasting group.
It seems that the sentiment in the market is that both buyers and sellers are somewhat fed up of waiting for a Brexit resolution, and are therefore eager to carry on with their property transactions in the present rather than biding their time.
Fife Properties Managing Director, Jim Parker commented: “It is business as usual as the public cannot hold on forever to see what Brexit brings. I am not convinced that it will have any further adverse effects as these have already been factored in when people are deciding. The reality is you have to move for circumstances and not because you feel like it so my advice is always to do it now if you need to, as you don’t know what will change later.”
Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the current value of your property but gives extremely useful advice on maximising the value when selling. To book click the link: https://www.fifeproperties.co.uk/property-valuation/
How to become a buy-to-let landlord (3 min read)
Bricks and mortar have always been a bolthole for people looking to invest their money in a safe place and, despite recent changes to the lettings market, buy-to-let remains a popular investment avenue. If you are looking to become a buy-to-let landlord, then the results can be fruitful – follow our five tips below to start your journey!
Mortgage Matters
The first port of call if you are considering becoming a buy-to-let landlord is the mortgage market; either with your current mortgage provider if you are looking to convert a current mortgage into buy-to-let, or to the general marketplace if you are looking to buy a new property for lettings purposes. Ensure that you shop around for your buy-to-let mortgage as the marketplace is currently extremely competitive in terms of lending, which should help you to obtain favourable rates. If you are converting your mortgage, ensure that your lender has granted you “Consent To Let” before you move any tenants into the property.
Managed or Unmanaged?
With the recent surge in tenant and landlord legislation, managing your own property may seem like a daunting prospect. If this is the case, then look for a reputable estate agent who will manage the lettings process for you – this will take a lot of the stress out of letting a property for you. If you are more confident, then you may want to work with an agent to list your property and find tenants, but then manage those tenants independently – if this is the case then seek as much advice as possible and keep legislation at the top of your list as a landlord.
Landlord Insurance
When it comes to buy-to-let properties, you will need to make sure that you are covered for every eventuality. Specialist landlord insurance is a must, as well as buildings insurance, and if you have furnished a property then contents insurance may also be required. Speak to your chosen estate agent about their recommendations in terms of insurers and remember that spending a little on comprehensive cover may save you a lot in the long run.
Financials
Once you have your buy-to-let mortgage in place, you have your tenants in a fully-insured property and you are reaping the rewards, one of the key steps will be filing your taxes correctly. With buy-to-let being an investment source, you will have to pay specific taxes regarding the property and the profit which you are making from that; speaking to an accountant will help you to get your finances in order. Further to this, you will be able to offset some of your expenses and costs against tax – don’t miss out on these opportunities.
Target Market
It would be easy once you have your investment property in place to then sit back and relax. One of our recommendations would be to keep your finger on the pulse of the lettings market and adapt your property accordingly. Currently, the student lettings market is extremely popular and the potential rental yield extremely high, therefore it could be a good market to position your property within currently. As the economy changes, families may be the driving market in lettings, or indeed young professionals, therefore stay flexible with your offering and you may well be able to increase your portfolio.
Fife Properties Lettings Director, Richard Cook commented: “This is a market that we are leading in and with over 50 years of combined experience and track record it speaks for itself. Letting a property is not for the faint-hearted because it is not about getting the tenant in the property it is making sure you have the right tenant that has undergone proper vetting and after this, it is the 50 pieces of legislation you have to contend with next to make sure you are doing it right. If you are not sure then it pays to get the best advice first on all of the points about and more. This is where we excel.”
Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the current rental value of your property but gives extremely useful advice on maximising your return of investment when renting. To book click the link: https://www.fifeproperties.co.uk/property-valuation/
Fife Properties Estate & Letting Agents wins ‘Best in County’ award at The ESTAS
Fife Properties Estate & Letting Agents wins ‘Best in County’ award at The ESTAS again for the 9th year, the most prestigious estate & letting agent awards in the UK
The Glenrothes, Leven and Cupar based agency received the ‘Best in County’ title for the Kingdom of Fife at the prestigious ESTAS 2019. The award was announced by Phil Spencer, the TV property expert at a lavish luncheon & ceremony at the Grosvenor House, Park Lane London attended by 1,000 of the UK’s top property professionals.
The awards, celebrating their 16th year determine the best estate and letting agents in the UK based purely on feedback from customers who are asked a series of questions about the service they have received from their agent, over 45,000 surveys were completed by customers during the competition.
Phil Spencer, who has hosted the ESTAS every year since their inception in 2003 said: “The ESTAS encapsulates what your typical agent is trying to do, which is to provide honest, transparent service for their clients. These awards are special because shortlisted and winning firms are selected purely on the service they deliver. Real feedback from real customers experiencing real service, I don’t think there can be a greater honour in the industry than to receive an award based on that mantra.”
Estate and letting agents were recognised in counties around the UK. Regional and national Grand Prix Awards were also announced for the Best Single Agent Office in sales and lettings.
Simon Brown Founder of The ESTAS said: “At The ESTAS we’re proud to say we believe in old fashioned values like customer service. We know how hard it is to deliver it and that’s why we put the spotlight on property firms who are committed to providing excellent service. The ESTAS review and awards platform brand help agents generate consumer trust.”
Richard Cook, Lettings Director of Fife Properties said “We are absolutely thrilled to be recognised at this year’s ESTAS again and this is the 9th time we have been Fife’s No.1 Letting Agent. It means so much to us as we know it’s our customers who have judged our performance over all our offices in Fife. We take our levels of customer service very seriously because we know clients have a choice. We have always been very proud of the personal service and this proves we are delivering what we promise.”
Jim Parker, Managing Director of Fife Properties said “It’s a great achievement to be awarded the top letting agent for the 9th time by our customers but over 95% of the ones that voted in the Estate Agents category rated us as excellent or amazing. Again, confirming why more and more customers recommend us to their friends and family.”
The common mistakes made by first-time buyers and how to avoid them
There’s no denying that purchasing your first property can be an incredibly exciting process. Everything from your first viewing to deciding which bread bin goes best with your new kitchen can feel like a thrill, but that doesn’t mean that there aren’t a multitude of things to avoid as you look to buy your first home.
But don’t fret! We’ve outlined the most common mistakes that first-time buyers when looking for the property of their dreams, and what your best practise should be instead.
Seal an agreement in principle
First thing’s first; get an agreement in principle from your lender in place first. The importance behind getting this step resolved is that it will give you an idea of how much your mortgage provider will allow you to borrow, and given that they’re often valid for 30-to-90 days, you should have the best part of three months to search for the right home before you need to get the agreement re-evaluated.
The benefit of getting what’s also known as a mortgage promise in place is simple; should you find a home you love and need to act fast, there’s no guarantee that you can find a loan big enough for you to buy it. With that in mind, figuring out the amount of money that you have at your disposal is vital.
Check your credit score
Another simple thing, but one that is also frequently missed. Checking your credit score prior to applying for a mortgage can save you a large potential headache; if you have a poor credit score then you run the risk of your mortgage application being rejected, which will cause further damage to your score. An early check of your score prior to applying for a mortgage can allow you to correct errors and get your credit rating in a healthier place.
Do your sums!
The process of buying a home is about much more than the price of a property; you have to factor in valuations, house survey costs, legal fees and conveyancing. These financial hits can seem unreasonable, but again, they’re vital to making sure that the property you’re buying is in good condition. With that in mind, make sure that you have enough money for these vital parts of the purchasing process, too.
What’s going on locally?
We all have certain criteria for the area that we’ll be moving into when it comes to choosing a home. Are there good schools nearby? What about shops or park space? Are the transport links sufficient for your work or other needs?
Research the local area; find out if this place will meet your needs and provide what you require in order to enjoy your life. If you’re able, spend a bit of time walking around and getting a feel for the place. Moving home can be an emotionally overwhelming process, so the more you know about your new area, the more settled you’ll feel once you move in.
Ask questions and don’t be afraid to get advice
It’s important to know what you want out of a home prior to conducting viewings, and it certainly does not hurt to have an idea of what questions you’d like to ask before you start visiting properties. Ask the sellers why they’re thinking of leaving, for example, or how long they’ve lived at the property, whilst testing out things like taps, windows and lights.
Beyond that, seek professional advice from an impartial mortgage broker. This is key, as a broker can assist you with setting up a financial plan, help you to find a good deal on a mortgage and get the ball really rolling on the buying process.
Fife Properties Group Office Owner, Jim Parker commented: “All great advice for first-time buyers. The key is to get the best advice and most importantly the best mortgage advice. Our mortgage partners can search the whole of the market for the best deals, some of which are only available to them and are better deals than the banks own branches can do!”
Fife Properties currently offer a FREE mortgage initial consultation service. To book click the link: https://www.fifeproperties.co.uk/contact/
The UK has the cheapest agent fees in Europe
For most of us, the purchase of a property will be the biggest single expense which we ever have to cover, and the fees associated with this are often touted as expensive. However, a recent report has shown that fees in the UK are the lowest in Europe and therefore the old myth of expensive fees has been debunked, with other parts of Europe up to five times more expensive than the UK.
The average commission paid on the sale of a property in the United Kingdom is 1.2%, according to analysis from GetAgent, which is lower than all other European countries, with Denmark and Ireland next cheapest at 1.25% and 1.75% respectively. On the other end of the scale is Romania with an average fee of 6% – five times more than the UK.
“I think it’s fair to say that estate agents in the UK have a tough time of it when it comes to justifying their fees, with the predominant opinion being that they charge too much for the service provided,” said Colby Short, GetAgent’s chief executive officer.
“This really isn’t the case and as this research shows, the UK is actually home to the lowest estate agent fees in the EU and therefore you could argue, the best service as well. Of course, the price of property means there is a degree of relativity and the 6% commission you might pay in Romania will be a lot lower due to the lower cost of getting on the ladder,” he pointed out.
“So while you consider if three to four thousand pounds is a justifiable spend when selling a property for hundreds of thousands, remember you could be paying upward of ten thousand if you were to live in another area of Europe,” he added.
Fife Properties Group Office Owner, Jim Parker commented, “Choosing an Estate Agent to sell your house will probably be one of the most important things you will ever do. While fees are important what is equally important is the end result. Having an Estate Agent that can demonstrate the ability to achieve more than the asking price on a consistent basis could far outweigh trying to save a few hundred pounds in fees at the beginning.”
Fife Properties currently offer a FREE initial consultation service which not only provides an idea of the current value of your property but gives extremely useful advice on maximising the value when selling. To book click the link: https://www.fifeproperties.co.uk/property-valuation/
A First-time Buyers Guide to Making an Offer
If you’re a first-time buyer and have begun the hunt for your first home, you may think that once you’ve found the right one you simply offer what they ask for; job done! However, when it comes to making an offer on a home, there’s a bit more work that should go into it than simply offering the price advertised.
You need to be confident when making an offer that you’re not going to be stung by an inflated asking price or take yourself out of the running by offering too low. To help you prepare, we’ve put together the following information to help you through this stage of the home buying process.
Get some advice
The first and arguably most important step you need to take is speaking to an expert. If you’re a first-time buyer, then you probably don’t have a wealth of knowledge on how the market works and what you can and can’t afford. Get in touch with a mortgage advisor, get informed on how it all works and more importantly, find out what your price range is so when you do make a formal offer you can do so with confidence.
Research the local market
Once you know how much you’ll be able to spend, it’s time to get a better understanding of your local market. The more research the better. Take a look at what’s up for sale and find out what your budget will get you in each area.
Build a list of key features that your home will need, such as the number of bedrooms or a driveway. The chances of you moving into your dream property with your first move are somewhat slim; however, it’s important that you know what you’re looking for and how much it will cost you in each area.
It would be wise at this point to get in touch with a local estate agent. You can do as much research as possible, but a good local agent will always be a benefit as they will know the market like the back of their hand. This means that they can fill you in on what to expect from vendors and hopefully help you avoid any pitfalls.
Get out there and book some viewings
Now that you’ve done your research on what you want, what you can afford and what the market has to offer, it’s time to book some viewings and get out there. Things can move very quickly in the property market, so your previous work and research leading up to this point will come in handy as there’ll be no time wasted travelling to unsuitable areas or over-priced properties.
While viewing properties, be sure to check out the building’s structure and not just its décor. Check for any damage such as cracks in walls or damp. Make sure you understand exactly what you’re getting into and have a good idea of the current state of the home as it can help form your offer.
When you find the right home, be ready to act!
If you’ve managed to find the right home, then it would be best to act quickly as there’s a good chance you’re not the only one eyeing up that house. If you’re ready to make an offer, consider a few things before doing so. How much do other similar properties go for in the area? Does the property need some repairs? Have house prices dropped slightly since the home was first put on the market? We’d all love to knock a few thousand off the asking price, but the seller isn’t going to make such a concession easily, so if your offer is lower than the asking price, you’ll need to demonstrate why.
The Final Steps
Now before you finally put your offer on the table, try and organise all the other pieces of the puzzle beforehand so you are ready to go as soon as it’s accepted. If you’re a first-time buyer then one of your major benefits is that you don’t have to organise selling your own home, but if you can organise such things as surveys and solicitors then it’ll make the process much smoother.
Fife Properties Group Office Owner, Jim Parker said, “It is a daunting process of making an offer but the most important thing is to establish what funds you have. This means getting the financing right and speaking to a specialist mortgage broker to help get the best deal.”
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/
Housing supply and demand are both on the up
If you’re of the mindset that the property market is in the midst of a period of difficulty, then the latest figures from the National Association of Estate Agents (NAEA) will surely change your mind, with both the supply of housing and the demand for housing at increased levels proving the market’s current health.
The NAEA Propertymark’s latest figures have shown that the supply of available housing increased by 20% in December. The number of properties reached the highest level for December since 2014, with housing supply per branch increasing to 42 – an increase from 35 per branch in November. Simultaneously, the number of house hunters also increased by 8% in December, with overall demand up 13% year-on-year.
Mark Hayward, chief executive at NAEA Propertymark, said: “This month’s findings prove that despite the current political climate, people still want to move. There is movement in the market with demand from house hunters up 13% year-on-year, and the supply of available properties also rising. Although the number of sales agreed hit a 12-month low, this is something we always see in December, with Christmas festivities typically taking priority over any plans to buy or sell.
“While many are adopting a ‘wait and see’ strategy until there’s further clarity over what Brexit might mean for the market, there is choice for those who want to buy now, and there are people on the market looking for new homes.”
First-time buyer sales also showed an increase in December, with the number of properties sold to the group increasing to 24%. With first-time buyers integral to the health of the property market, rising statistics in terms of their buying potential is always a good indicator of the viability of the market.
As we move further into 2019, it is difficult to predict whether the health of the market will remain consistent in the face of political instability and the financial effects of this lack of consistency. On the other hand, there are other macroeconomic conditions which are favourable for the health of property across the country, such as historically low-interest rates and the relative ease to obtain mortgage credit. These conditions mean that more people than ever are in a position to take out a mortgage and purchase a property, with schemes also available to alleviate the trouble which some find in saving for a deposit, and this increased demand should shore up the market even after Brexit has (or indeed, hasn’t) taken place.
Fife Properties Group Office Owner, Jim Parker said, “It is always best to get a specialist to help get the best deal on financing. 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/
