Some people say the property ladder is disappearing. Many first-time buyers are no longer satisfied with a flat or humble two-up, two-down starter home. Starting small has traditionally been the beginning for many on their property journey. There are some great advantages to this.

Typically, smaller mortgage repayments and a general perception that it’s easier. However, sometimes doing things a bit differently can make a lot more sense and skipping a few steps wherever you are on the ladder might not be as hard as you think.

Get to know the market
Getting to know the property market in your area and beyond is important. Sometimes a three-bedroom house may represent better value than a two-bedroom home or possibly be even cheaper. Many flats, for example, can cost more than smaller homes because they are in high demand.

Buy together
Buying your first property with your partner or a friend could mean you could save a bigger deposit and increase your budget. This could mean you could buy a larger first home, skipping the first few steps on the ladder. Then you may decide to rent any spare rooms.

Buy bigger in the first place
Many people who buy their first homes have well-established careers. Choosing to travel and enjoy life before settling down and perhaps buying a home a little later in life means their earnings and deposit are healthy. When this happens, many people will choose to buy what they can afford.

A more expensive home could be cheaper!
If your plan is to buy a smaller home and then move again to a bigger home later, save on moving costs and buy bigger in the first place. You will gain more equity in your home more rapidly as you pay off your mortgage and save on moving costs and other relocation expenses.

Add value
Perhaps you are already on the ladder, and you want to buy something a few steps further up. A great way to boost your equity is to add value to your home. The trick here is to not overspend, which is easier said than done. A new kitchen or simply painting and decorating can add value. Choose tasks you can do yourself to save on labour costs.

Take on a property project
If you are determined to ascend the property ladder quickly, developing a property if you get the numbers right is a great way to gain a profit, which could be used to buy your next home. Some of the many ways to maximize returns include refurbishing, modernizing, or converting a house into flats. You may enjoy it even if you have to live in a building site! Do it a couple of times over, then find your forever home.

Broaden your search
A top tip for making your property pound go further is to simply broaden your search area. Do the research and find areas that are up and coming often; these will increase in value rapidly. Open your mind and get to know areas you might not have considered moving to. Talk to your agent; they will have a wealth of knowledge to draw on.

Be creative
When it comes to property, the possibilities are endless. You could become a developer with a group of friends and live in the home you're renovating. You could just make a smart purchase by educating yourself on the market. Perhaps you have much grander plans and want to renovate a country estate. Transforming it into apartments, a great family home, and a business all in one place. Whichever level you are at and whatever your budget, there are always great opportunities to scope out.

Do you want to find the perfect property to help you skip a few steps on the property ladder?

Get in touch to see how we can help you today!

 

Spring is here, and before you know it, it will finally be summer. As each slightly warmer day passes, the property market becomes a little busier, but don’t panic—this is a good thing. If we believed everything we see in the news, you might be forgiven for not wanting to get out of bed, let alone move home.

House prices start to fall, and suddenly the world is about to end! The truth is that the property market is showing signs of resilience, but even more than that, proof of brilliance.

The fresh spring market
Spring is traditionally a great time to sell your home. More buyers get out and about as fresh for sale signs suddenly appear, giving the market momentum. Late last year, the market paused a little longer than usual for Christmas. But even in January, buyer demand looked promising, with the number of people contacting agents up by 11% compared with the same period in 2019. * People who wanted to move earlier are now returning to the market hungry to move, viewing a fresh choice of properties.

Stunning properties
The bar has been raised over lockdown, when many homes were given some very special treatment. This means the choice and standard of homes to choose from are better than ever. From innovative energy-efficient green homes to added features like balconies and glass walls. Neat and compact modern flats are also in vogue. It’s an exciting and interesting period in the property market.

House prices are at the right level
It depends on who you ask; house prices for some homes are not falling, but if they are, don’t worry! When sussing out the state of the property market, it’s important to put things in perspective. The average house price on the market rose by just £14 this month (+0.0%) from January to February to £362,452.* This means the market is stable.

While house price growth fell with prices in February, down by 1.1% compared to February 2022.** This is the first such decrease since June 2020, and it does not take a rocket scientist to fill in the blanks! During the COVID bubble, house prices were hyperinflated, and readjusting the market by letting off a bit of steam gradually couldn’t be more perfect.

It stops the market from boiling over and becoming chaotic, having a calming effect on the market. Not to mention, buying a home is now a bit more pleasant, and bidding wars are thankfully behind us, possibly replaced with a bit of bargaining power.

The housing market is in a good place!
House prices can sometimes not be as important as they seem to be in the news, but they give a good indication of the state of the property market.

Long-term growth
Property goes up in value in the long term. So do not worry about making a long-term investment in the home you want. Analysts predict house prices will ascend again in 2024.

Employment levels
Employment levels are pretty good, with many industries screaming out for more people. This creates consumer confidence when it comes to making a move.

Supply and demand
When all is said and done, there are more people looking for homes than there are houses. It’s simple economics and is the backbone to keeping the value of your home stable.

Browse our properties to see if you can find the home that goes beyond your property expectations!

 

Rightmove*
Nationwide House Price Index**

 

Don’t worry if you have outgrown hunting for chocolate; spring is a good time to go house hunting as more fresh homes appear on the market. Houses look good at this time of year as nature comes alive again, so getting out and doing a bit of house hunting is nice after being cooped up all winter. You also get to see your potential home in its true light.

Finding your forever home takes time!
You could be lucky and cast eyes upon your forever home instantly, almost like love at first sight. Chances are, even if you fall in love with a home on first viewing, it might not tick all your boxes straight away. After all, forever is a long time.

The market
Right now, the market is in good shape. With the housing market being more stable, there is more choice, reasonable pricing, and a bigger scope for haggling, so now is a good time to pick up a bargain. Call it your forever home, but it does not have to be forever!

Explore
Don’t just go on viewings; explore beautiful and interesting homes with an open mind. Ask your agent as many questions as possible. Get us in on the act. Who knows what we may find for you? After all, we are expert property hunters.

Location
This is huge when considering a potential forever home. Consider the long, short, and medium-term needs of all in the household. From schools, work, and proximity to transport. In a rural location, think about walks, trails, or distance from your interests and hobbies. Don’t forget about life for your furry friends or other pets!

Scope for improvements and exetensions
From the interior to the electrical appliances to the general condition of the building, you must consider things from a long-term perspective. Will you be happy with the aspect of the rooms? Will you want to make major alterations? Perhaps you have a vision of open-plan, eco-friendly living?

Plans for the future
Whether you are planning on relocating, raising your grandchildren, or more, maybe this will be your forever home! Whatever story your home weaves, it’s important to get the details right.

Neighbours
If you don’t get along with the neighbours, forever might not last as long as you think! Take the opportunity to meet them. Have a chat and suss out whether you can see yourself living near them.

Budget
You can be as creative with your budget as you are with your property plans. You’re going to live there for a long time.

And if you are prepared to wait, you can plan the development of your property over many years. The story of your forever home may change as time goes on, such as needing a practical work-from-home space to help pay for the extension in later years!

Get in touch to see how we can help in your search for your forever home.

 

The market is calm and stable, with huge long-term demand and with more people renting for longer, now is a great time to invest in property. Tenants are renting for longer as it takes a bit more time to get a footing on the property ladder. Being a landlord is very much a business. The most successful businesses adapt to the times. It’s true that many tenants are feeling the pinch of the cost-of-living crisis. But for many savvy landlords, this is a great opportunity to grow and expand their property portfolio.

Increasing rents
The buy-to-let market can be highly lucrative and offer great returns on investment. Average rents increased in the 12 months from December 2022 by 12.1%.*

Supply is short
The shortfall in the supply of rental properties is still massive and will remain so for many years to come. Simply put, there are far more tenants than available properties.

The trend toward smaller homes
Smaller, more affordable homes are in demand. Flats and more modestly sized homes are appealing simply because they are cheaper to run. Tenants are a little more cost conscious with the challenges of the cost-of-living crisis.

Energy efficiency is easier
It’s not all about size. Modernising your rental property is now becoming more essential than ever. This is much easier to achieve in more modestly sized homes. Energy Performance Certificate rules will be more stringent in 2025, with new tenancy agreements having to meet an energy rating of C. If modifications need to be carried out to meet these demands, the smaller the property, the more likely it is that they will be cheaper.

Bigger can be smaller!
Developing larger properties and then letting them out room by room is also a great way to spread the risk of your property investment. Converting terrace homes into flats can double your rental income while helping to alleviate the chronic shortage of affordable homes.

Funding efficiency
Investing in multiple properties is a shrewd move when it comes to expanding your portfolio. Instead of having all your capital tied up in one property, investing in smaller properties means the funds you receive for one can help cover the costs of the other.

The opportunity to diversify
The more property you own, the more rental markets you can pursue. Invest in the student, professional, house, flat, or holiday home markets—the possibilities are endless.

The best of both worlds
If you are not sure whether you want to develop property to sell or let property, you can enjoy the best of both worlds and adapt your investment plan more easily.

Whether you are looking to expand or create a property portfolio from scratch, get in touch to see how we can help you today!

 

Zoopla*