Your monthly property market round-up

Five star service when buying, selling or investing with us

"We spent four months looking for our new home and the very first day I met Alex I knew that was going to be our home.

It was quite a traumatic experience for four months, but Federica and Alex made it so much easier.

I have been through at least 10 different agents all around London, north to south, but they were able to do their job in a professional way and at the same time were really friendly and available."

Click here to read Five star service when buying, selling or investing with us.

How do I make an offer on a house?

A new home will most likely be one of the largest investments you'll make in your lifetime.

We understand that starting out can be tricky as the property market can be a minefield. That's why Orlando Reid's founder, Jack Reid, tells you how you can make an offer on a house that you love.

If you're looking to buy a property in London or Manchester, get in touch!

Click here to read How do I make an offer on a house?.

Battersea Power Station: London’s iconic landmark is reborn

The Battersea Power Station redevelopment is finally complete after an epic, eight-year regeneration project. Over that time, the impressive Grade II listed building has been transformed...

Is Pension or Property Investment Best For a Comfortable, Financially Secure Retirement?

To say that we want to live comfortably and outlive our savings after years of hard work wouldn't be a stretch.

But are pension or property investments better able to create the financial security in retirement that we are all looking for?

Click here to read Is Pension or Property Investment Best For a Comfortable, Financially Secure Retirement?.

The world's best destination for festive fun

Located in London’s iconic Hyde Park, Winter Wonderland is the world’s ultimate destination for festive fun. Running for six magical weeks from 17th November 2023 to 1st January 2024, Hyde Park Winter Wonderland offers a variety of attractions, activities...

Click here to read The world's best destination for festive fun.

Apartments and flats are in demand

With fantastic views, minimal effort, and trendy, modern, and classical designs, apartments and flats are as appealing as ever when it comes to buying a place to live. So, it’s little wonder urban areas and remote locations are seeing healthy levels of interest in this convenient way of living.

Demand for one- and two-bedroom flats across the UK increased from 22% to 27% in the year to February 2023, while one- and two-bedroom flats for the same period in London accounted for 49% of demand.* There are a number of reasons for this.

Easy living
If you don’t want to be weighed down by a big mortgage or large monthly bills, flats are the way forward. Often located near good transport links, shops, and amenities, adding to a potentially great social life with bars, pubs, and other apartment owners on your doorstep, life can be easier and potentially more fun than living in other forms of property.

Low maintenance
It’s most likely you will not have a garden to worry about, and if you do, it could be maintained for you. Alternatively, you may enjoy a balcony as an outdoor space, in which case you can enjoy the novelty of good views and a different perspective on things. It’s easier to keep on top of cleaning with little or no maintenance involved.

Cost of living
As interest rates rise and the cost of energy soars, although right now some of these expenses are at last reducing, simply heating a flat often costs much less than even a modest terraced house. Decorating and revamping an apartment is most likely to be more affordable.

First steps and more
Typically the domain of first-time buyers or perhaps individuals who have chosen to retire, apartments are becoming increasingly popular with a broader demographic as they improve in size, quality, and location.

A great investment
The demand for flats and apartments is always high. If one day you wake up and decide you want to rent it out, you are guaranteed to get a good income without facing costly maintenance bills. And because of this rental and buyer demand for properties of this type represent a stable investment.

Energy-efficiency
Consuming less energy for heating and lighting thanks to good insulation and proximity to other buildings makes flats more energy efficient. And if they need updating to improve this, then those costs are also significantly less than for larger properties.

Downsizing
Many people are downsizing. Perhaps the family has flocked the nest. An increasing number of people choose to live life as an experience, want to spend more time and money travelling, have hobbies or work in many locations throughout the world, and don’t want to be tied down.

Outlook for the future
The UK property market is proving resilient and offers a huge diversity of architecture and property options for you to choose from and enjoy. Whether you buy a flat as a buy-to-let, as a private dwelling, or both. Demand is expected to grow solidly well into the future.

Looking for a house or an apartment? Browse our properties to find the one you want to buy.

Zoopla*

What do landlords and tenants have in common?

We discuss how a managed letting service improves the shared best interests of landlords and tenants.

Click here to read What do landlords and tenants have in common?.

Does 2024 hold a better future for landlords and tenants?

The rental market in the UK is going from strength to strength. Despite the negative news stories in the press, there is much to look forward to and celebrate as we enter another new year. A better deal for landlords and tenants, beautiful properties, and new landlords entering the market promise to add a breath of fresh air to the entire industry.

Good demand
Rental demand is growing, and many new landlords are entering the buy-to-let business as some choose to retire. This will bring new ideas and a fresh approach to the industry. If you are a tenant, you will benefit from higher standards of property. Landlords now take a long-term view of property investment and the energy efficiency standards that are required today. This improves life for both landlords and tenants.

A fresh supply of properties
It’s no secret that there is a shortage of property, both for sale and rent, in the UK. This will continue in 2024. However, the good news is that the first-time buyer market will most likely continue to be buoyant. As first-time buyers move out of their rented properties, more will appear on the market for you to rent. So, it’s worth keeping in touch with a letting agent. Landlords will also benefit from lowering interest rates and falling inflation, meaning they can expand their property portfolios, adding to the supply of rental properties for tenants. Lowering inflation will also make life easier for tenants, as it helps reduce the cost of living

The Renters Reform Bill
This has now had its second reading in Parliament and is at the committee stage. It aims to deliver reforms that will make life fairer for tenants and landlords. Despite the scaremongering, landlords need not fear. Landlords will be able to carry out referencing and have the final say as to who they let their property to. Landlords will also be able to recover their properties more easily, particularly from anti-social tenants breaching their tenancy agreements. Tenants will benefit from safer, better-quality homes, with fairer tenancy agreements, more rights for their pets, and the ability to challenge landlords for unlawful evictions. However, the Renters Reform Bill is not expected to become law until the end of 2024 at the earliest.

A crackdown on rogue landlords and tenants
Increased levels of legislation, such as the Renters Reform Bill, will help to stop rogue landlords and tenants in their tracks. This is good news for both parties, as it will prevent unscrupulous landlords from undermining the positive reputation of the industry. Tenants will have a better choice of nicer properties. As these landlords move out of the industry, tenants can move into better properties provided by good landlords. The landlord-tenant relationship thrives when you place good tenants in great properties. It will be more possible for this to flourish in 2024 since the landscape will have advanced in a way never seen before.

More landlords and tenants will choose managed services
Life for tenants and landlords will be made much easier with a managed letting service. Tenants don’t have to worry about searching high and low for a good property, and landlords can find good tenants with all checks in place. When it comes to maintenance, it can be taken care of swiftly, which saves a lot of time for landlords and is incredibly reassuring for tenants. Rent collection is also made more convenient for both parties, and that’s just some of the ever-growing facilities agents can offer.

Conclusion
2024 is set to be a good year, with more rights for tenants and landlords. Renting has many advantages over buying. You don’t have to worry about maintenance; the deposit is smaller, and you can make a move quickly. With more reforms on the horizon and new landlords entering the market, landlords can add to their portfolios or start from scratch in a stable market, which will protect their investment. Tenants will be able to enjoy a greater choice of better properties.

Are you looking for a new home to rent or want our expert team to manage your property? Get in touch

Ten reasons why the 2024 property market is looking good

2023 was a better year than expected

Next year is already off to a good start on the back of a much less bleak 2023 than anticipated. Many doom-mongers had predicted the worst, but the annual national average asking price in November came in at -1.3%.* When you consider the rapid growth in prices over the last few years, this is insignificant. In fact, in October 2023, the monthly change in the national average asking price increased by 0.5%.*

Realistic pricing

There are no hard-and-fast rules. All properties are unique, and first-time buyer home prices have remained the most robust. This will continue in 2024. But with house prices no longer rapidly increasing, the market is in a better place and more reasonable pricing is prevailing. There is also slightly more room for negotiation on bigger homes. Because of this, it’s vital to value and price your home correctly in the coming year.

Stabilising interest rates

Interest rates were held at 5.25%** for the second consecutive time by the Bank of England in November after months of increases, thanks to falling inflation. This has created more certainty and stability as we enter a new year. There is a wider acceptance that mortgage rates will not return to the super-low levels of the past. This is ushering homemovers into getting on with their moves and not waiting any longer with a life-is-for-living attitude. And with many banks not passing on the increase in the base rate to mortgage rates, if there is another increase, then your mortgage will not necessarily cost you more.

More mortgage products to choose from

Your mortgage benefits from a more stable base rate. This leads to a greater choice of cheaper mortgages appearing on the market. Moving home mortgages or porting your mortgage allows you to move home with your existing mortgage. This year has seen an increase in mortgage support schemes and longer terms, which make moving with higher interest costs more affordable. A good mortgage advisor, like a good agent, can be the key to making your move more possible and can explore options such as offset mortgages, and interest-only mortgages. Next year, we should see a bigger increase in choice as the market settles.

As mortgage rates decrease property prices will increase

Some analysts predict that mortgage rates will decline in 2024 and that house prices will rise towards the end of the year. But there is little point in waiting for this to occur, as property prices right now are reasonably priced. Putting off moving to later in 2024, when mortgage rates may decrease, will not save you any money. As property prices increase, any savings you thought you might gain by waiting will be lost.

A returned-to-normal market

The market has returned to the more normal levels of 2019. With reasonable pricing, strong demand, and good levels of affordability, 2024 promises to be a better year. Prices could not continue to rapidly rise as they have in recent years. Looking ahead, the property market is strong, resilient, stable, and far less frantic than in recent years. This year has seen a re-adjustment and the re-emergence of a market that will allow you to enjoy your home move with more time and less haste.

The Christmas and New Year surge

In 2022, the number of views of homes for sale on Rightmove jumped by 20% between the week of Christmas and Boxing Day.* Thousands of homemovers start viewing properties over Christmas as homes appear on the market in time for the Boxing Day home viewing frenzy. Getting an early start to the year ahead will create renewed buoyancy in the market. Your home will sell quickly, and there will be plenty of homes for you to explore. Perhaps it is also hard-wired into many of us that we like change as a new year appears.

Good growth

With improved levels of affordability, a renewed vibe at the beginning, and an expectation of lower interest rates by the end of the year, 2024 is looking good. Many people are eager to get moving after postponing their plans to wait and see what happens. With competitively priced homes entering the market and this pent-up demand, 2024 could see good levels of growth.

Properties

Whether you are window shopping or seriously seeking the property of your dreams, you will notice a huge variety of beautiful properties appearing on the market. With for-sale signs sprouting on your street and property portals. Homes and investments in all locations, from first-time buyers to large, luxurious, or compact apartments, will give you a greater choice than in past years. And finally, you make your move to a better way of living.

Your agent will make it easy

Estate agents are evolving and being less rushed than in previous years, they will have a lot more time for you. But don't be fooled into thinking this is due to a lack of market activity. The market will remain strong, resilient, and buoyant and feel less frantic. Agents are connected to vast databases of homemovers and mortgage advisors, and with the ability to price your home correctly, they make moving easy.

Need any more reasons to make your move happen? Contact us

Rightmove*
Bank of England**

Have you heard about the Boxing Day home viewing boom?

It’s believed Boxing Day is so named because it originated as a day to give gifts to the poor. Today, it’s synonymous with Boxing Day sales. But it may interest you to know that the property market is not immune to this buying fever. On Boxing Day, 2022, the number of sellers who put their property up for sale increased by 46% on Rightmove, and the number of views of homes for sale jumped by 20% between the week of Christmas and Boxing Day.*

A nice time to look
Many of us spend more time with our homes at Christmas. It’s perfect for catching up with loved ones, eating, relaxing, and, let's face it, buying. Even if you are not in the market right now, it’s always nice to have a look. Thousands of homes present themselves, and you can feast on idyllic settings, awe-inspiring designs, perfect fireplaces, and outdoor spaces that take your breath away.

Selling up?
With so many people putting their homes on the market and so many people viewing, the first week of January is rather busy for agents. Many report that the week of Christmas is the busiest time of the year. Making a fresh start as a new year appears is a very appealing idea. It’s also quite practical, as a vibrant market creates more opportunities to find your home or investment property. It’s exciting, saving you a bit of time, and with a big focus on pricing, you could gain by getting a good price for your current home while paying the right price for your new property.

Top tips for the big sale:

Kerb appeal
If your home looks good at first glance, it will have a vastly better chance of finding its new owners. A splash of paint or a little weeding can freshen up your home drastically.

Your garden
A good garden is a massive part of buying a home for more and more buyers. Make it look good to attract your buyer and get the true value of your home.

Pay attention to the price
Pricing your home correctly is invaluable in today's market. And with so many variables to consider, such as your home's unique selling points, market knowledge, and activity, the skills of a good agent are vital.

Get your valuation from a good agent
There are so many ways to get in touch with your agent. You can begin your move by getting an instant valuation and arranging face-to-face valuations, which will find any hidden value in your home.

Press the right buttons
As you peruse beautiful properties, it’s vital that you press the right buttons! Agent’s sites will give you options to begin your moving process immediately. Often, by booking a viewing, just follow the links.

Make the most of your agent
Prepare your rooms well. Your agent will be an expert in dressing your home. Utilising the latest technology to take high-quality pictures and possibly three-dimensional tours of your home at its best. Your agent will happily guide you in all aspects.

Remember, your agent is connected
Agents will be busy in early January, and their databases will be bustling with buyers and sellers who are eagerly waiting to move. You will be able to move quickly and link with more mortgage options.

Let us guide you through a stressless, serene, and seamless property purchase. Get in touch

Rightmove*

Properties are selling faster than you might think

Are you thinking of selling your home but worried about how long it could take? The sale time may not be as long as you think. There are many different factors that can affect the speed of a sale, including pricing strategies, local market conditions, and property type. Let’s take a look at the average sale times of a range of property types and how you can make sure you secure a sale in good time.

Two-bedroom terraced houses shifting quickly

According to Rightmove’s November 2023 study, two-bedroom terraced houses sell faster than any other property type, with an average sale time of just 28 days.* This is primarily due to the fact that they are one of the most affordable property types, as well as the fact that they are relatively rare, accounting for just over 8% of properties on the market recently.* Three-bedroom terraced houses and three-bedroom semi-detached houses also sell quickly, in just 31 and 32 days on average respectively.* Flats also sell quickly, taking between 35 and 37 days on average, depending on the number of bedrooms.*

Larger properties are not far behind

You might expect sale times for larger properties to be much higher. However, the average sale time for a four-bedroom semi-detached house is just 39 days, with a terraced property containing the same number of bedrooms taking just two days longer.* Three-bedroom detached houses take just 43 days to sell on average, and even the property type included in the study that takes the longest time to sell, four-bedroom detached houses, takes just 47 days on average.*

The market has stabilised

The more eagle-eyed individuals may have noticed that these figures show an increase in average sale times compared to Rightmove’s 2022 study. However, this is not a reason to panic. It is simply the result of the housing market stabilising after the pandemic. Sale times are still relatively fast and should definitely not deter anybody considering selling their home.

What you can do to secure a sale quickly

There are several things you can do to ensure that your property sells quickly and smoothly. Firstly, it is important to price your home correctly, as overpricing your property may discourage potential buyers from making a bid. Making sure your property is well-presented for viewings also helps to secure a quick sale, as it increases the chances of someone liking the property and making a bid. You should also take advantage of an estate agent's marketing skills, as they can advertise your property using a variety of different strategies to find you a buyer.

Looking to sell your property? Contact us today

Rightmove*

Old School R&B Brunch

UK’s first official Old School R&B Brunch - expect your favourite classics, good food and great vibes!

"Ready or Not, here we come!"

Old school Brunch has caught the scene by storm filled with endless R&B hits, immersive games and interaction, even Montel Jordan wanted to know ‘How We Do It’.

Click here to read Old School R&B Brunch.