What's happening this month?

Cities are making a comeback with buyers and tenants

The pandemic took a toll on the UK's previously bustling cities, with empty streets and closed down businesses becoming the new norm for many residents.

Due to changing lifestyles, it wasn't long before buyers and tenants turned their attention to rural living, with increased enquiries and searches for properties in more remote, tranquil locations.

In fact, for most of 2020, demand for rural properties outweighed demand for city properties, with countryside searches on Rightmove up 69%.

With the easing of lockdown restrictions and the prospect of the UK getting back to normal, we've now seen that interest reverse once more, with urban living now taking the lead.

What are buyers and tenants looking for?

From January 2021, flats located in major cities have seen a 39% increase in demand, says Rightmove.

This shows a strong contrast from 2020 trends, where ‘larger family homes’ were the most popular choice.

But what are the reasons for the sudden switch in demand?

As well as the lockdown roadmap, another huge factor behind the spike in interest for cities is the UK's vaccination program and successful rollout, as this has led to optimism for the housing market and consumer spending in general.

With a range of stunning properties available with us, why not discover your next home?

A third of homes sell for over the asking price

One in three properties sold for more than the original asking price in April.*

This has put homeowners looking to move in a better position than ever. What could it mean for you?

Here are a few top tips for selling your home this summer:

1. First impressions count

Don’t underestimate the impact that kerb appeal has on potential buyers.

A survey conducted by YouGov stated that well-maintained windows, front gardens and pathways can be the key to a quick sale.

2. Update the kitchen

The kitchen is the most valuable room in the house.

A bright spacious kitchen can be attractive to potential buyers.

A fresh coat of paint and removing any bulky appliances before viewings can make all the difference in creating a clean and spacious look.

3. Light and airy

Putting up mirrors in your home can make a room seem much larger and brighter.

Putting lamps in any dark corners will brighten up the room and create a warm glow that is inviting to potential buyers.

*Property Reporter

How to avoid mortgage red flags as a prospective homeowner

Taking your first step onto the property ladder can seem daunting. There are a number of unfamiliar hurdles and legal requirements on the way to homeownership, but with the right support network, it can be efficient and pain-free.

According to recent data, around 35% of first-time buyers have experienced mortgage rejection, with certain brokers and lenders detailing unusual money mistakes as the main factor behind this.

To give you the best chance at getting approved the first time around, here are the red flags you should look to avoid.

Joke references when transferring money

What may seem like a joke amongst friends could turn out to be a very costly mistake.

Joke references can actually cause a delay in the mortgage process, so be careful and sensible when choosing your reference names.

Betting or gambling transactions

An occasional bet on something like the national lottery won’t have an impact on your application.

However, regular betting will be weighed up by lenders, who will decide if you are in a position to comfortably pay your mortgage each month.

Serious problems can arise from excessive gambling, but few take into consideration what the repercussions could be when looking to buy a house.

Making a big splurge purchase or giving money

Now, we aren’t telling you to not give money, but lending and spending large sums of money can raise questions from lenders.

The same applies to making a high number of purchases in quick succession, even if it is something for your future property, such as furniture.

Seeing less money in your bank than usual can cause delays throughout your mortgage process if calculations don’t quite add up.

Struggling to wrap your head around your mortgage options? Talk to the experts today, contact us for more information.

What is the outlook for the housing market?

Compared to this time last year, the value of homes being sold in the UK has practically doubled in the first 15 weeks.

During this period, around £149 billion pounds worth of property transactions have taken place, with industry sources predicting this to climb even higher for the rest of 2021.*

How busy is the housing market to date?

Intense activity has led to there not being enough available homes on the market to keep up with demand, with supply in April nearly 30% below the levels recorded in 2017 and 2019.

How has this affected house prices?

Annual house price growth was at 4% in March, nearly double the 2.1% recorded for the same period last year.

The greatest increases have been seen in the northern regions, in particular: Manchester and Liverpool at 6.5% and 6.3%, closely followed by Leeds, Nottingham and Sheffield with a 5% increase.

However, in London – which is the region with the highest average house price – annual growth was only 2%.

What could this mean for you?

With the search for space remaining a top priority, three and four-bedroom homes are in high demand, with many being sold over their asking price.

This means that homeowners selling a family home have been in a prime position to receive offers in record time, often leading to a shortage of choice for those still looking to buy.

Are you on the lookout for a new property, or just curious to see how much your home could be worth?

Get in touch with a member of our team who will be happy to assist you further.

*Zoopla