Everything you need to know this summer

How the government intends to help first-time buyers

In a recent speech, Boris Johnson committed to helping first-time buyers overcome the hurdles faced when securing their first property. As it stands now, the biggest issues first-time buyers face are the strict mortgage lending restrictions, the need for a high deposit, and rising house prices.

As part of the speech, Boris Johnson stated that more than 50% of renters could afford a monthly mortgage payment. However, other factors mean that only 6% could immediately access a FTB mortgage.

He said: “First-time buyers are trying to hit a continually moving target. By the time they’ve put aside money to secure their mortgage, prices have risen, and it’s no longer enough.”

“And of course, the global rise in the cost of living is only making life harder for savers. So, we want it to be easier to get a mortgage. Reporting back this Autumn, [the review] will look at how we can give our nation’s aspiring homeowners better access to low-deposit mortgages.”

Are you a first-time buyer looking for property advice? Get in touch today.

*Rightmove

High demand forces rental prices to increase

Low supply and soaring demand fuel high prices for both the sales market and the private rental sector – a truth that makes itself felt by landlords and tenants.

NAEA Propertymark – a membership body for estate agents – has recently shared data collected by its members to provide a snapshot of the current situation. Interestingly, almost 80% of agencies say rental prices have increased monthly since May. This reflects a wider trend of rising rents over the last 12 months.

While more properties have appeared on the market since February, agencies are seeing applications from new tenants reach an average of 113 per month – compared to 78 applicants in February. *

With demand easily matching supply, prices are steadily rising, providing a good opportunity for landlords to enter the market or increase their portfolios. This, in turn, could help balance out the supply issue over time – a win for tenants, too.

We know some potential landlords are worried about the recently published Renters’ Reform White Paper. However, the proposals are still up for debate before any new legislation is introduced. The Government is also planning to strengthen ‘Section 8’ grounds for possession and improve rights for responsible landlords.

If you’re hoping to capitalise on the lively private rental market, book a lettings valuation today – you may be pleasantly surprised by what you could achieve.

Property Reporter *

UK house prices hit a record high

With inflation reaching 9%* and the cost-of-living crisis undermining consumer confidence across the board, it may be surprising that the average UK house price recently hit a record high. While this is fantastic news for sellers, the latest figures from the Nationwide Building Society suggest the market is strong but losing steam.

According to Nationwide’s figures, the average home currently costs £271,613. But the latest release of the UK House Price Index actually puts the average slightly higher at £281,000 – a 12.4% increase compared to the previous period.**

However, there’s some evidence that the market may be heading towards a pinch point as rising interest rates and a potential economic slowdown cast their shadow. In the past three months, the growth rate has decreased – although June was the 11th month in a row that prices rose.

In the coming months, widespread financial pressures may reduce the number of approved mortgages and lessen overall demand, which could affect average house prices. Currently, the market is resilient, which may be explained by a lack of supply and a buoyant labour market.

What does all this mean for you? If you’re planning to sell, a ‘sooner rather than later’ attitude could prove advantageous. This is especially true in popular areas for buyers, such as the South and North West of England, East Anglia, and Wales.

Increasing prices can positively influence how much your home is worth. The only way to know for sure is by booking an up-to-date valuation – just contact us to arrange yours today.

*Consumer Price Inflation (ONS: May 2021–2).

** UK House Price Index (ONS: April 2021–2).

Bringing the outdoors in

Nature is fantastic for our mental and physical health, and being around plants and animals has many proven benefits, such as reducing stress and increasing oxygen supply.

As society becomes more conscious about living in harmony with the natural world, homeowners, architects, and interior designers everywhere are exploring the concept of biophilic design.

Never heard of it? Biophilic literally means ‘the love of living things’, and it’s all about lessening the divide between artificial environments and the natural world by bringing in the abundant greenery and materials available beyond your front door.

The pandemic created a change in lifestyle and priorities that prompted many of us to appreciate fresh air and green space to a greater degree. How you replicate that freedom inside your home depends on your budget and the amount of time you wish to invest.

On a macro level, this might mean creating a garden or sunroom either by repurposing a space or extending into the garden. Alternatively, large picture windows and glazed doors are great for framing a view and capturing sunlight.

Not much to see outside? If you have a garden or terrace, you could vary your planting scheme to encourage birds and wildlife or set up nesting boxes and feeding stations. Window boxes and windowsill herbs will also help to blur the line between inside and out.

Small details within your home can make a big difference too. Use natural materials, fibres, colours, and prints/patterns whenever possible, whether you’re refitting your kitchen or sprucing up your décor. Of course, if you can introduce plants or even a living wall somewhere in your home (or a courtyard), even better.

Improvements that appeal to buyers' desires can also increase your home's saleability. Even a few tweaks can help viewers appreciate your property's lifestyle, so think light, fresh, serene, and you can’t go far wrong.

Our team can provide an up-to-date valuation that reflects any recent changes you’ve made. We’re also happy to discuss specific ideas to maximise your asking price. Contact us today to book a face-to-face consultation.

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This delightful Regency home (1823) is located in Whittlesey street, Waterloo. One of Central London’s most desirable and recognisable streets.

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