We recently produced our Spring edition of MarketView to update and inform people interested in the property market locally and nationally. As one of the leading agents in the area and having been established for over 30 years in Storrington and Pulborough, we have seen many highs and lows as market conditions ebb and flow. Our team keep on top of these with local and national statistics, data and knowledge and you can read our full MarketView here but for up to date information and good advice, please come and talk to one of our experienced, local and knowledgeable staff.

And to see how the property industry reacted to yesterday's Bank of England Interest Rate news, please click here.

So grab a coffee, take a seat and have a read...

 

The best time to move is the time that best suits you. But whether you are a first-time buyer, looking for your perfect forever home, or a property investor, it seems now is a good time to move.

Many early birds are moving home
Many people have been watching the market closely and were preparing to move well before Christmas last year, getting their homes’ sale-ready, and addressing anything that helped to maximise their selling prices’. As interest rates stabilised, home movers decided to get an early start and take advantage of reasonably priced homes, thanks to a slower 2023 market, before prices start to rise again.

Sellers know they will find a buyer quickly
In January, the number of homes for sale was 13% higher than the previous year and agreed sales were up by 16%* in the first six weeks of the year compared with 2023. This momentum is growing, increasing demand for your home. Spring home movers make this time of the year one of the busiest and with early bird buyers kicking off the beginning of the year, the market is in better shape than is often described in the news.

Home movers who delayed their move last year are moving in 2024
An increasing number of buyers who were waiting to see what happened last year have been entering the market. Eager to move and start enjoying a better property means homes are not on the market for long. Wanting to take advantage of lower stamp duty rates at 0% for homes up to the value of £250,000 and for first-time buyers up to the value of £425,000,** is also a big factor.

The market is ripe for picking properties
With house prices generally not increasing last year while maintaining good levels of value, many people are getting on the move. They know that they can get a good price for their current property without overpaying for their next. As more and more 'sold' signs sprout up under the warming sky, more buyers return to the market. They bring fresh, sale-ready, and often move-in-ready homes that attract a lot of interest.

Springtime is a good time to move
Springtime is perfect for moving. Summer is on the horizon and your garden will be foremost in your mind. As warmer, lighter, and longer evenings appear, you have more time for house viewings and making your home look beautiful. You don’t want to move when the weather is too cold, but you want to move in time for summer. And as the economic climate improves, a positive mood purveys without the franticness of previous years.

Better mortgage deals and an acceptance of a new normal
You buy a home because you love it and will be happy living in it. It is also an investment. Since January, mortgage approvals have been increasing as mortgage rates decrease. It’s little wonder more people are moving. While interest rates are not as low as in the past, many people are accepting that they will not return to super-low levels. Waiting for interest rates to fall will probably mean paying more for the home you want as house prices rise.

A brand new four bedroom, three bathroom home with south facing gardens and ready for immediate occupation, set back from the road within the desirable village of West Chiltington.

 

When deciding whether you’re going to use a letting agent as a tenant or a landlord, it shouldn’t be a difficult decision. It’s estimated that only 20% of all homes in England are privately rented.* This shows how many tenants and landlords choose to use and work with letting agents. We are here to demonstrate the countless advantages you would receive when using a letting agent as a landlord or a tenant.

Benefits of using a letting agent as a landlord

When becoming a landlord, you can face a lot of responsibilities and challenges. You are responsible for the maintenance and upkeep of all your properties, inside and out. These responsibilities then begin to consume all your free time, and being a landlord can become more of a burden than you thought.

Hiring a letting agent would create less responsibility for you as a landlord, meaning you’re not required to manage your tenants. This will cause fewer problems and allow you to maintain a healthy relationship with your tenants, as the letting agent will act as the middleman.

Fast turnover between tenants
When trying to discover new tenants for a property, it can be very difficult for a private landlord. Tenants usually go to letting agents to find rental properties on the market. So, to prevent your property from having vacant spaces between tenants, using a letting agent can guarantee more exposure to the public, ensuring your property is filled quickly.

Required regulations
Letting agents are great at establishing a checklist for letting out your property, ensuring you meet all the required regulations and specifications.

These include:

• Gas safety certificate
• Electrical safety certificate
• Energy performance certificate
• Proof of tenancy deposit protection
• Fire safety measures
• HMO licence
• Landlord insurance

After your property has been filled with new tenants, you may think that your letting agent is no longer necessary, but this is where they can become the most beneficial. Letting agents look after your tenants and remaining the middleman keeps the relationship professional.

The only downfall of a letting agent is that they undoubtedly charge a monthly fee. The typical cost can be up to 15% of the total monthly rent.

Benefits of using a letting agent as a tenant

When trying to discover and rent a property in the UK, it can sometimes become one of the most complicated situations, especially if you rent through an independent landlord. We are here to ensure you recognise the simplicity of renting through a letting agent instead of an independent landlord.

Renting through a letting agent will ensure you are choosing the property you desire to rent and not choosing a property because of the better landlord. It allows an element of professionalism in renting a property as they maintain a professional relationship throughout the process.

Stress-free renting

Renting through a letting agent guarantees you will receive high standards and conditions for the rental property, as the letting agent wants to keep a positive reputation within the rental sector. The letting agent also ensures that everything is legally in order. Allowing you to rent stress-free. Agents in England are not required to be registered, so we always recommend looking for agents who are part of NALS (the national approved letting scheme). Agents being registered with the NALS ensures that they are part of the client money protection scheme, ensuring your deposit and monthly rent payments are kept safe and recorded.

 

We highly recommend using a letting agent as a landlord and a tenant. It simplifies both ends of the relationship and creates a smoother process for both.

Whether you're a tenant or a landlord get in touch with us today and discover how to rent the right way

 

Parkers Properties*

 

When it comes to selling your home, there are a variety of factors that can impact its value. It’s important to understand these factors so that you can make changes to maximise your home’s value, so let’s take a look at what could affect the offers you receive.

Location
One of the most significant factors that can impact the value of your home is its location. Homes located in desirable areas with good schools, amenities, and low crime rates are typically more valuable than those in less desirable areas. Additionally, being situated near major cities, public transport links, and recreational facilities can also have a significant impact on the value of your home.

The property’s condition
The condition of your home is another crucial factor that can influence its value. A well-maintained property will generally command a higher price than one that is in need of significant repairs. It's essential to take care of any maintenance issues, such as leaky roofs, faulty plumbing, or outdated electrical systems before putting your home on the market.

Size
The size of a property is one of the first things that potential buyers will consider when looking at a potential new home. A larger property generally means more space for living, storage, and outdoor activities, which can be appealing to buyers with families or those looking for room to grow, and therefore often commands a higher price. On the other hand, smaller properties may be more affordable to first-time buyers or those looking to downsize.

Layout
The layout of a property can also have a significant impact on its sale value, as a well-designed layout that maximises space, flow, and functionality can make a property more attractive to potential buyers. Features such as open floor plans, modern kitchens, and large master bedrooms are often sought-after and can help increase a property's desirability and value. Outdated or impractical layouts may deter buyers and lead to lower offers.

Upgrades and features
Modern amenities such as stainless steel appliances, hardwood floors, and granite countertops are desirable to many buyers and can help increase the value of your property. Other features, such as a swimming pool, fireplace, or outdoor living space, can also set your home apart from the competition and attract more buyers.

Kerb appeal
As first impressions are key, the exterior appearance of a property can significantly impact its sale value. By making simple improvements to the external appearance of your home, such as painting doors and windows and creating an attractive front garden, you can attract more buyers, generate greater interest, and ultimately sell your property at a higher price.

Market conditions
Property market conditions can also impact the value of your home, as changing levels of supply and demand alongside tweaks to interest rates can influence how much buyers are willing to pay for a property. A trusted estate agent can help you stay up-to-date with the market conditions in your area when selling your home.

 

Understanding your rental yields is a fundamental part of becoming a landlord. As a property investor, you will need to identify what a desirable yield is and be able to calculate it. Let’s take a look at rental yields, what they are, and why they matter.

What is a rental yield?
The term ‘rental yield’ refers to the potential amount of money your property can make through rental income. This is often expressed as a percentage of the market value of the property. While yields can be calculated for any period, annual yields are most commonly used.

Why do rental yields matter?
When it comes to investing in property, obtaining a good return on investment (ROI) is an important objective. Before purchasing a buy-to-let property, you should work out what to charge for rent to make your investment worthwhile.

Working out your potential yields ensures that you aren’t selling yourself short or overpricing your property. For example, if your potential income falls short of your expenditure, or if you only manage to break even, something as seemingly trivial as a boiler repair could leave you out of pocket.

On the other hand, if what you’re charging in rent exceeds the market rate, you may struggle to obtain tenants.


Gross and net rental yields might sound like complicated business terms, but the difference between the two is simple:

• The gross rental yield is the total amount of money your property makes before expenses. This is calculated using the price of the property and the income generated by the property.
• The net rental yield is everything you make after expenses. You can calculate this by adding the price of the property to the income generated through rent, and then subtracting the associated fees and costs of owning the property.

How to calculate your rental yield?

1. Multiply your monthly rental income by 12 to get the annual figure
2. Divide that figure by the property’s purchase price
3. Multiply that figure by 100 to get your gross rental yield percentage

If your tenants pay rent weekly, multiply the figure by 52 to get your annual rental income.

If you haven’t bought the property you’re interested in yet, use the current market value and your anticipated rental income to determine the rental yields.

What counts as a good rental yield?
There are no hard and fast rules in what constitutes a ‘good’ rental yield. But generally, if your property pulls in a gross yield of 5-6%, you can consider this a ‘good’ ROI, and anything above 7% is ‘very good’.

Rental income can vary widely across the board, depending on external factors such as location, the wider economy, and fluctuations in demand. However, there are a few ways to ensure you’re getting the most out of your rental yield:

Adjust the rent
If your tenancy agreement allows it, you may be able to increase your rent if it’s currently less than the local market rate. On the other hand, if you’re charging higher rent than similar properties in your area, lowering it a little bit could boost tenant interest and subsequently lower your void periods.

Adjust your outgoings
You can make significant savings by simply assessing and adjusting your property’s outgoings. From remortgaging and finding a better deal to working with a letting agent who will carry out maintenance for you, identifying and cutting down on unnecessary expenses can make a huge difference in your net rental yield.

Keep on top of regulations
Legal disputes are extremely costly and detrimental to rental income, so it’s vital to keep on top of current health and safety regulations when running a rental property. Our dedicated team are experts in maintaining rental properties, ensuring full legal compliance, a great reputation for your property, and peace of mind for you.

 

Need help managing your investment? Contact our expert lettings team today

 

The spring 2024 market is running serenely and more smoothly than this time last year, thanks to a more stable market. So, if you decide to move, the question has to be asked; Could it be your easiest move ever?

Homemovers are moving the market forwards
This time of year is always busy and 2024 is not disappointing. In fact, the UK property market is moving forward at a better pace than many anticipated. It’s a case of the more, the merrier. When buyers find a new home for sale that they like, it’s another transaction to add to the tally and when their old home is bought by another buyer, this multiplier effect carries on right down the chain. This drives the entire market forward, bringing more buyers to your door and more choices of homes to your inbox.

The market has a lot going for it
You could be forgiven for missing the many opportunities that 2024 has to offer homemovers, thanks to the naysayers in the press and social media. But the facts speak for themselves: stamp duty is favourable at 0% for your first £250,000.* Mortgage rates are improving and, in a historical context, are very favourable, and equity levels are strong, yet house prices are at reasonable and affordable levels. Then there is the standard of properties themselves, which have received a lot of love and attention due to the home improvement frenzy that still continues.

Sales agreed are increasing
In March, sales agreed were 13% higher than the previous year.** Homes are appearing on the market well-prepared by their eager-to-move owners. Gleaning lots of tips and hints on preparing their homes for sale and benefiting from years of hard work and renovations, as well as paying off the mortgage as the value of their properties increases, means equity levels are good. It’s perfect moving weather for packing up and making a fresh start and this is also true when you are viewing properties.

Buyer demand is growing ever stronger
In March, buyer demand was 8% above the same time last year,** due to slowing inflation, and increasing wage levels. The UK property market is a rich and textured place. Demand is increasing on all fronts, from first-time buyers taking advantage of up to 0% stamp duty up to £425,000,* and the 5% deposit Mortgage Guarantee Scheme to cash buyers, and home movers at the higher end of the market. Each property has its own personality yet can be adapted to suit yours. From stunning eco-homes to listed properties, homes often choose their owners.

Agents are making moving easier
The old saying that moving home is one of the most stressful things you can do is losing some of its street credit. Moving does not have to be stressful, but it can be, if the agent you choose is not up to scratch. Good agents attract good vendors, nice properties, offer great listings and can recommend other property professionals that will make the entire process run smoothly. Sometimes it’s being prepared for the unexpected. If a sale falls through, a good agent’s database of buyers will quickly get your sale moving again.

gov.UK*

Rightmove **