December Newsletter - New Year, New Home: how to sell in 2020

How has Brexit created opportunity in the market?

 

Data released from Rightmove has shown that agreed house sales last month rose 6.1% from the same point last year, with every single region showing improvement. Considering the current climate of Brexit, could this upsurge in the property market actually be attributed to the relative political instability, rather than in spite of it?

It’s been another period of gigantic upheaval in British politics in regard to Brexit, but months of uncertainty have seemingly encouraged a spike in activity in a rush to beat the currently unstable deadline of October 31st. Buyers and sellers are therefore making something of a concerted effort to complete their property transactions within the next quarter.

Supporting this microcosm of activity in the market is the number of UK mortgage approvals which have also risen significantly. Approvals for house purchases rose to their highest level for two and a half years in July, with Howard Archer, chief economic adviser to the EY ITEM Club, stating that: “It is possible that mortgage activity is being lifted by some people looking to complete their house purchases before Brexit occurs on 31 October, given the major uncertainties surrounding the UK successfully leaving the EU with a deal.”

Speaking prior to recent developments in the House of Commons, CEO of reallymoving Rob Houghton says: “The outlook for the property market over the next three months is remarkably positive, considering the current political and economic context. The recent election of a new Prime Minister who is committed to leaving the EU on Halloween even if a deal isn’t reached could mean clouds are gathering on the horizon, but any impact on prices in the short term is likely to be mitigated by the urgency of home movers to complete deals in the next three months.”

The Hemel Triathlon is coming on Sunday 29th September

Join us on Sunday 29 September for the Hemel Hempstead Triathlon. Gear up for swimming, bike riding and a 5km run!

Click here to read The Hemel Triathlon is coming on Sunday 29th September.

Explaining the rise of first-time buyers in the market

 

Throughout 2019 there has been a steady increase in first-time buyers jumping onto the property ladder, with the majority of Britain seeing first-time buyer prices retain an average cost which remains similar to the main market. The fair price has supported the first-time buyer market in having a fair shot at beginning their property journey. However, there are other aspects of the housing market that have also worked in favour of new buyers which are detailed below.

Brexit Bounce
It would be careless not to consider the effect that the upcoming general election and Brexit have had on the appetite of prospective buyers. But surprisingly, the number of first-time buyers has continued to rise and has been constant throughout the year, which is particularly impressive within this climate of uncertainty. The economic outlook is hard to predict due to a lack of decision making on Britain’s future from the country’s leaders, but what this has allowed are lower mortgage rates and favourable fixed-rate deals. That, in turn, has opened a window of opportunity for first-time buyers who have snapped up this option.

A Helping Hand to Buy
The extension of the Government Help to Buy scheme is another enticement for first-time buyers with the deadline for opening a Help to Buy ISA extended to the end of November, allowing a last-minute spike in applications. It has encouraged the younger generation to consider homeownership as a real possibility with the scheme allowing contributions until 2029.

According to HM Treasury data, a total of 234,074 property completions have been supported by the Help to Buy ISA scheme. It has also resulted in reducing the median age of a first-time buyer from 30 years old to 28 years old, indicating that younger people are now entering the property market and reaching the milestone of buying a first home. This age is set to reduce further as more first-time buyers save for their deposits, so it’s clear that the scheme has been a real success as well as being a great help for buyers to help make their dreams become a reality.

Variety in the market
Finally, it’s worth noting that there is a greater variety of homes available on the market, which has only accelerated the stream of sales to first-time buyers. Survey findings concluded that younger buyers understood and appreciated period style features such as high ceilings, fireplaces, and bay windows which is something usually associated mostly with more mature buyers.

These characteristics have been described by those surveyed as extravagant and interesting. As such, these features are beginning to be incorporated into new-build developments which ensures that the character of British property is maintained with the continuing demand from all potential buyers looking on the market.

Green living on the rise in Great Britain

 

Fresh air, green trees, and birds singing…sounds like a simple yet picturesque dream, doesn’t it? Climate change and our environment have been hot topics for discussion across the planet this year, with a rise in awareness in part due to global activist efforts. But has that truly had an effect on how we live our lives in Britain?

Recent data provided by Property Wire suggests that a whopping 68% of UK residents would be mindful of ecofriendly features when seeking a new home, which is certainly heartening to hear. But what do we mean by the term green living?

Simply put, it’s a description of living environmentally friendly, to maintain the earth’s natural resources. This includes:

Building with sustainable materials
The property sector is making good headway when it comes to making eco-friendly changes to buildings to create sustainable living, with a heavy focus on making urban environments ‘greener’. According to the UK Green Building Council, 40% of Britain’s carbon emissions come from property which is a large proportion of the carbon footprint. Sustainable design is beginning to be woven into planning requirements, particularly with commercial buildings, to support the goal of reducing greenhouse gases.

Renewable energy and reducing energy consumption around the home
To aid the above, there is a big drive on making properties more efficient in their energy performance. Energy bills across Britain could be brought down by a staggering £6.1 billion if energy efficiency rates were brought up to a C ranking. Many energy providers are using renewable energy to recycle, provide customers competitive prices and simultaneously helping the planet, but you can also reduce the amount of energy used in your household to support this cause. Small steps such as turning lights and plug sockets off, turning taps off, and reusing rainwater for the garden can make a big difference.

Using better methods of transport for the environment
Using public transport, cycling, walking, and car sharing are all great ways to reduce pollution. Although this is not always an option for commuting, everyone can make small lifestyle changes to contribute. Even a change as small as walking to the shop instead of driving supports the reduction of pollution. Even little things can help!

Recycling items and packaging
It is a requirement for everything we buy in packaging to indicate whether it can be recycled or thrown with regular waste. Local councils make it extremely easy for households to recycle with waste collections for correct disposal of rubbish and items for recycling. Regular collection of rubbish, garden waste, recycling waste, and even glass is a big step to maintain the earth’s natural resources. Make use of the local support on offer to do your bit to support the planet.

New Year, New Home: how to sell in 2020

 

There is often speculation as to when is the best time to sell your home. Sellers often wait for certain times in the year that may be construed to be better than others. If you feel like you are ready to sell, you should seek a valuation and consider whether it is the right time for you, as it may well be right now.

The imminent general election has caused mixed feelings about the housing market with many waiting for the outcome of the election to see whether policy changes (such as stamp duty reforms), will be put in place. However, if you are considering selling your home, now is a good time to put your property on the market. There will always be other circumstances that can affect the housing market, but none of that should prevent you from getting a full market appraisal.

House prices have continued to increase throughout these uncertain times so you may be surprised at how much your home is worth. But no matter what time of the year it is, there are a few checks that you can run through to ensure that your home is in its optimum condition. High spec homes are attracting the attention of serious buyers, so if your house is well presented and organised, it will help potential buyers believe in your home.

Photos
Photos, photos, and more photos! If there was one factor alone that could attract potential buyers to your home, this is it. It’s key to make a good first impression, so ensure that photos are of a high specification, in natural daylight and show the full room to its full potential. Check that your home is neat and tidy so that buyers can visualise living in the home themselves.

‘Tis the season!
Leading on from photos, we have Christmas. It might be tempting to make your home a festive feast for the eyes, but you should ensure that you have photos of your home without decorations up. This is so that those viewing can see how the space in the home could look throughout the year.

Christmas time is where we can really show off our homes and display how inviting it is, giving viewers a lasting feeling about your home. The festive spirit is a great tool but be mindful to use tasteful festive décor without too many different colours. Everybody has different tastes so a more neutral Christmas touch will work best if you have viewings over the Christmas season. Potential buyers will also be able to see a sense of community and good spirits in the neighbourhood.

Declutter
It should go without saying, but your home needs to be clean and tidy when on the market, both inside and out; you never know when a potential buyer may be driving past the home unexpectedly! Keep leaves swept off the garden and ensure that doorbells and outside lights are working, which will show that the home has been well maintained. Inside, you want to prove that there is ample storage space, so anything that is left out on tables, sides or shelves should be there for a reason. That way potential buyers can see that there is plenty of storage to maintain a tidy home.

Paperwork
Remember all that important paperwork that you keep in that ‘safe place’? Now’s the time to dig it out! Important paperwork relating to deed titles and guarantee certificates for any work you have had done are essential during the selling process; collate any paperwork that you have for the home into a folder so that you can show prospective buyers that everything is in order.

 

Kickstart your 2020 off with a new home! Click here for your free instant valuation.

How to create a Winter Wonderland in your garden

 

Staging a perfect Christmas scene in your garden is simpler than you may think. We always have such a strong focus on decorating the interior of our homes that our exterior often gets neglected, so why not upstage the current features in your garden with a Christmas twist to make a perfect Winer Wonderland?

Light up any trees or bushes
You can never have too many fairy lights at Christmas! Do something different this year and brighten up those frosty trees and bushes outside your home to create a warm welcome to your guests before they’ve even stepped inside your front door. There are a wide range of fairy lights available now that are both waterproof and specially made for the outdoors, as well as being battery powered too for ease of use.

Decorate your door
The front door is the entrance to your home, so why not make it extravagant this Christmas? Even those without front gardens can make use of this tip as there are so many styles of wreaths to choose from to suit any home and personality, from a classic woodland pinecone wreath to an artificial bright holly wreath.

If you like to get creative you can also add your own touch of sparkle to these by spraying glitter on them, or even making your own from scratch. Foam wreath rings are widely available so you can go out and collect your own holly to make your own individual wreath. Easy fun for all the family!

Bird feeder wreaths are becoming increasingly popular too and can be hung anywhere in the garden. As well as a decorative purpose, you’ve got the added bonus of supporting the wildlife through the colder months, which is sure to please Father Christmas, if nothing else.

Festive scene
A festive scene suggests a warm inviting home; it takes minimal effort and is a lovely touch to add to your garden. Use a wooden or wicker basket to fill with artificial presents, plants, flowers, and holly, basically, all things festive! You can even get some artificial candles and festive ornaments to add around it. When selecting plants for the winter ensure to check their desired conditions for them to keep healthy and survive through the colder months. Clear any leaves that have fallen from the trees to keep your garden looking neat. You can even use them to your advantage to decorate your festive scene.

Santa, please stop here!
And finally, one for the children; your winter wonderland wouldn’t be complete without a Santa sign. This can bring excitement and joy to the whole family as the countdown to Christmas continues.

To take it one step further you can add some fake footprints leading off your driveway (if it hasn’t been snowing), or even take it indoors to show the children that Santa has been. Footprint stencils can be bought at low cost or you can even make your own stencil by drawing around a boot and cutting this out of a piece of paper. Using fake snow, you can create your very own path of Santa’s footprints to make your children’s dreams come true.

 

The Rotary Club Santa Sleigh is doing the rounds until Xmas Eve

Hemel Hempstead Rotary Club's Santa Sleigh will be doing the rounds this weekend! Click here to see its local stops.  

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The Serpent's Tale, hosted by Water Gardens

Join the wild and wonky May Queen to discover The Serpent's Tale - an original play on Saturday 28th September. 

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Should you pay off your property's mortgage early?

 

New research from financial services firm Hargreaves Lansdown has shown that one in six of us who have purchased a property will either be over 65 by the time the mortgage is fully paid off, or the loan will never be fully paid off. The question stands, therefore, as to whether you should pay your mortgage off early or not?

As the average age of homeowners creeps upwards, and first-time buyers are entering the marketplace beyond 30 years old, the prospect of entering into retirement with a mortgage still to pay is going to be a reality for many. Research conducted by the Financial Conduct Authority supports this notion, with the FCA forecasting that 40% of first-time buyers in 2017 would still be repaying their home loans at 65.

First and foremost, do your sums to see whether you have anything to worry about in the first place. If you are going to be receiving a healthy pension anyway, then the prospect of continuing mortgage payments may not be anything to worry about. On the other hand, if you are going to be on a lower income than you’re currently accustomed to, then mortgage payments may well prove to be a stretch. If this is the case, here are a few options to help you pay that mortgage off sooner:

Overpay whilst you can
Speak with your mortgage provider to see when your prospective final payment is, and use this to incentivise yourself to pay early when you can afford it. Many mortgages will not charge you for overpaying, instead embracing the higher payments so double-check with your provider and overpay in order to bring forwards that final payment date.

Consider remortgaging
With interest rates at record-low levels, many borrowers are now considering remortgaging in order to obtain a more favourable mortgage. Eventually, you will be moved onto your lender’s standard variable rate (SVR) if you do not remortgage or move onto a different deal during your mortgage term. Avoid these less favourable mortgage rates which will extend your mortgage term, and you could slice years off your repayment schedule just by switching providers or plans.

Reduce your mortgage term
Rather than overpaying on your current mortgage plan, reassess your financial status to see what you can really afford now. You will most likely be in a different economic position now to when you first purchased your property, and potentially able to afford higher repayments. If this is the case, and you are likely to remain in a stable position for the foreseeable future, then reducing your term and increasing your monthly payments is a guaranteed way to pay off your mortgage more quickly.

Help to Buy - what are your options for purchasing a home?

 

If you’re a first-time buyer looking to purchase a property, then you’ll almost certainly be aware of the Help to Buy scheme and its success in helping people get onto the property ladder. What you may not be aware of is how the scheme works, and how it helps buyers to secure deposits for homes that would otherwise be out of their reach.

With that in mind, we’ve put together a rough guide to how Help to Buy works.

Can you get a sufficient deposit together?
Most standard mortgages require a deposit of at least 5% of the value of the home you want to purchase. If you are able to get the capital required, then you may not need to apply for any scheme.

Equity Loans
If your deposit doesn’t stretch that far, however, never fear! This is where Help to Buy comes in. If you have a 5% deposit, you can apply for an equity loan for purchasing new-build properties. The Government will lend you up to 20% of the property’s price, but you’ll have to start paying interest on that loan after five years.

For example, should you purchase a £200,000 house, you’d pay £10,000 (5%), get a mortgage for £150,000 (75%) and the Government would loan you the remaining £40,000 (20%).

ISAs
If you’re still saving for that all-important deposit, then a Help to Buy ISA is available to you, with the Government adding 25% on top of the value of your savings, with up to 2.6% interest tax-free. A word of caution; if you’re considering this option, then you would need to apply for your ISA prior to 30th November this year. Click here to learn more.

Shared Ownership
If you can’t stretch your finances to be able to afford the entirety of a mortgage, Shared Ownership provides you with the opportunity to buy a share of your home (between 25% and 75% of the property’s value) whilst paying rent on the remaining share. You can also buy bigger shares in the property once you’re able to, offering you flexibility for the future whilst owning a significant stake in the home you wanted.

Purchasing a home doesn’t have to be beyond any first-time buyer. Speak to our financial experts about your Help to Buy options and find out how you can finally buy the property of your dreams.

Tales From Beyond the Grave - performance workshop

Enjoy a spell-binding performance which brings local history to life this Saturday at Rectory Lane Cemetery. 

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Jack and the Beanstalk family panto @ Highfield Community Centre

Come down to Highfield Community Centre the annual family pantomime with two shows on New Year's Day - 1pm and 4pm.

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