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Welcome to our July newsletter. As we muddle through the next stages of returning to the new normal, we wanted to share our latest updates and advice! This month we focus on landlords, the buy to let market and share our sales success!!

We hope you enjoy this months' edition!

How To Minimise Deposit Disputes

When tenancies come to an end, there are sometimes disagreements between the tenant and the landlord regarding the deposit. If your deposit was paid after 6th April 2007 then it will be protected by the landlord in a secure scheme and won’t be able to be touched until the end of the agreement.

Deposit deductions are historically proven to cause friction. 20% of tenants who lost some of their deposit feel it was unreasonable. A huge 30% of tenancies end with some amount deducted from their deposit, out of which 13% lost the entire amount.

Some common reasons for deductions:

• Rent that hasn’t been paid
• Any bills that haven’t been settled
• Stolen or misplaced belongings
• Any direct damage to the property or its contents
• Lack of maintenance.

Of course, this is subjective to each individual contract, but honesty is the best policy. If you have broken something, it is always the better option to just be open about it. Inform your landlord and in most cases, they will understand and organise it to be taken care of.

Be thankful for your inventory report! Having your inventory report during the process of sorting out your deposit will make everyone’s life so much easier. You will have two inventory checks during your tenancy, one at the beginning and one before you move out. The report is a thoroughly detailed list that states the condition and contents of the property. Once the two checks have been completed, then it is very easy to see if there are any changes that need to be accounted for. This document will either cover your back or it will be used to prove you in fact did misplace or break something. Either way, necessary for both parties.

Did You Know The Right Survey Could Save You Money?

Buying a house can be an incredibly tense and stressful time. Falling in love with a property but not knowing how it is going to play out is often the situation for most buyers. Imagine falling in love with a beautiful Victorian house only to find out later down the line that there are major issues with the roof and require thousands of pounds worth of construction work. You would rather know this sooner rather than later. Getting the right survey could save you this stress but also a lot of money.

According to a study by Hillary, an interior specialist, more than two thirds of Britons don’t know what property surveys are available, never mind which ones are best. And it is leaving us around £3000 out of pocket from repairs, which isn’t ideal for anybody, never mind someone who has just bought a house. That money could be spent on something so much more worthwhile.

The study also asked 2,056 new British homeowners all about their buying experiences.

54% of people had uncertainty during the whole buying process,
62% didn’t know what surveys were available,
79% thought that one survey covered everything, and that isn’t the case.

What are the different survey options?

Home condition report, at around £250: This is the more basic and cheaper option. It is quite a short, surface level inspection that highlights the obvious defects. This report is good for someone whose property appears to be in good condition but would still benefit from being checked for hidden damp or structural movements.

Homebuyers report, at around £300: This survey is more suited for Victoria aged properties. This will mirror the home condition report but will include advice and maybe an independent valuation of the building. If after the report, the value given is less than what you offered, don’t worry. This doesn’t mean you should pull out of the sale. Speak with your surveyor about the potential problems and how much it will likely cost. Try and use this information to negotiate the price down. If the seller won’t budge, you then need to make the decision to proceed or withdraw; depending on the cost. Your surveyor will have experience with similar circumstances so use them to help you.

Building survey, at around £500: If you’re investing in a much older property then this survey is vital for you. It is also worth noting that if you’re planning on doing any construction work such as loft conversions or extensions then this one applies for you too. This survey looks in detail at the condition, defects and the possibility of extending. The surveyor will also be able to provide a cost of how to rectify any problems listed.

Another recommended report is a gas and electric survey. This is vital for properties older than 25 years and if there are bare wires visible. It is even more important if you are planning on renting the property out as you will legally need to provide these safety certificates.

You’re probably thinking all these extra costs sound intimidating, but just think it could seem a lot now, but in the long run it is the more cost-effective option.

House Prices In The Brexit 'Transition Period'

Just as you start to think the topic of Brexit was dying down, you couldn’t be more wrong. There are still so many questions left unanswered surrounding the sensitive subject. The question on a lot of people’s mind is how the decision will affect house prices within the UK from leaving the EU.

Brexit officially happened on 31st January 2020, but we are still in the transitional period which will last till the end of the year. Negotiations take place in the upcoming months and this will determine a lot. Deal or no deal is a phrase being thrown around, but the outcome penultimately has a massive impact on future property values.

If the government can’t agree on a trade deal with the EU by the end of 2020 then we will be leaving the European Union with no deal. There is a lot of uncertainty surrounding this being our only option, including some statistics provided by an accountancy firm KPMG. They predicted that in September, house prices could drop by 6% following a no deal Brexit deal.

Whilst it is still very unclear as to what the actual outcome is going to be, if you’re able to take out a mortgage, then now could be a good time. As everyone is talking about Brexit, the interest rates are still low. If you do take a mortgage out in the upcoming months, be sure to take out a fixed-term mortgage so your payments are Brexit proof for the next few years.

In 2019 people were sitting tight. No-one was completely sure if it was best decision to sell, or if it was best to sit on their property, so there was somewhat of a stillness in the market. The more we learn and find out about us leaving the EU, the more clarity we will get on future house prices.

There are still signs of confidence in the UK property. With mortgage interest rates still being so low, indicates there is still assurance that there will be no market crash after Brexit. It is unlikely we will see any drastic rise in mortgage rates anytime soon. If there was to be, then it would only be slight and nothing to cause any real concern with the property market.

Key points to take away:

1. Don’t always believe the media. These scary headlines are only there to make good news, there are no real reasons to believe the market will fail.

2. Don’t be put off buying or selling during this period. The trend for the past 100 years has been at a consistent steady increase, so there is nothing to say this won’t continue after Brexit.

3. People won’t wait forever. Sooner or later people will get bored of waiting for Brexit to end and will act regardless of the circumstances.

Would you be interested in getting a valuation for your property? If so, head to our website where you can get an instant online valuation, or book a market appraisal.

10 Home Decor Ideas

Now that spring is just around the corner, the much-welcomed extra sunshine might be shining a light on some of the less-polished parts of your property. If you’re thinking that a good spring clean won’t quite cut it this year, then follow our 10 home decoration ideas to instantly transform your home…

1) First impressions count
We all know that it is tough to change a first impression once it has been made, and the same is true for our properties. If you don’t have a grand entrance hallway, and even if you do, it is important to create the right aesthetic as soon as you step through the front door. Depending on the size of your entrance hallway, choose an appropriately sized console table with a few choice ornaments and you’ll create an elegant first impression. A traditional table with some tasteful art above it will set a sophisticated tone, and an on-trend transparent table with high-gloss accessories will create a chic and modern atmosphere.

2) Mirror, mirror on the wall…
If you have a staircase in your home, it is easy to see it simply as a passageway to the next level of your home. Similarly, if you live in single-storey accommodation then you will most-likely have a hallway that you see simply as a thoroughfare. Instead of treating these spaces as utilitarian, turn the walls in to a gallery by hanging a variety of antique mirrors, an eclectic mix of photo frames or a mixture of both. Charity shops and antique shops are a great place to source interesting frames and mirrors, and as an added bonus, the reflective surfaces will help to brighten up the staircase or hallway.

3) Feng shui your home
When it comes to transforming your home, it’s not just a case of spending money – using what you already have in a different way can have equally stunning results. Rearranging your furniture is simple enough to carry out, but it can change a room entirely; throw the rule-book out of the window when you are experimenting with where to put your furniture and see what looks best. In the living room, for example, arrange your furniture around a coffee table rather than facing the television and you will create a much more social space.

4) Don’t neglect the accessories
One of the most cost-effective ways to update your home is through accessories; by simply enhancing what you already have through a few choice items you can take your home from drab to fab. Of course, the essentials of throw cushions, blankets and ornaments (such as candles and vases) are the holy trinity when it comes to jazzing up your room; however, you can also branch out to lampshades, wall hangings and art. By rotating your accessories seasonally, you will keep your rooms looking fresh, on-trend and reflecting the time of year.

5) Flower power
If you’re going to do one thing to your home in order to quickly refresh it, then adding flowers is a great idea. Placing some nicely arranged flowers in a clear glass vase will make any room feel more cared-for and elegant, all for only a few pounds!

6) Create a dreamy sleep-space
A good night’s sleep is essential for all of us, but the bedroom is often the last room that we renovate as it isn’t on show, like the living room or kitchen often is. Indulge yourself, and step-up your property’s style by investing in some bed linen. Plenty of cushions twinned with a matching throw at the foot of your bed will instantly make your bedroom feel more sumptuous, and you’re guaranteed to sleep soundly in your upgraded boudoir.

7) Don’t shrug from the rug
Floor coverings are costly and time-consuming to replace, so if you’re looking for a quick-fix to update your home then we wouldn’t suggest laying a whole new floor. Something that will make a difference, however, is the use of rugs. A simple rug can change the whole aesthetic of your room, and the choices are endless; you can choose from boho, rustic or traditional and small, large, long or wide. Experiment by layering rugs and creating interest in your floor spaces without the expense of having to change the whole floor covering.

8) Curtains up
Curtains are more than a privacy aid, they can add colour, texture and interest not only to your windows but also throughout the home, if you are brave enough to use them creatively. Using curtains as an alternative to a door can add rich texture to your home and using a contrasting colour will make them pop against your walls.

9) Let there be light
Something that can make a room feel dark and dreary is a lack of light. If you want to transform your home, then changing the light fixtures, or adding in some extra lighting can make all the difference. Ensure that your ceiling lights aren’t dwarfed by heavy lampshades which are constricting the amount of light in the room – current trends favour glass lighting fixtures anyway, so changing your lampshade should be a simple fix. We’d also recommend adding in some uplighters and floor lamps to the corners of your room in order to avoid the wasted dark spaces which we are often guilty of neglecting.

10) Make a statement
If your walls are looking a little plain, or you’re simply looking for a way to brighten up the room then statement art is the answer. Easy to change and rotate with the seasons, statement art such as large-scale photography or something abstract will transform even the most listless room.

Property Viewing From The Comfort Of Your Own Home

In order to make the most of being at home, you may be thinking about the current value of your property and whether you may want to sell-up later in the year, or what you can do to maximise the value of your home. Many estate agents are now flexing with the current situation and offering virtual viewings in order to allow you to plan for your property transaction and search for the right property, but how do we value your property without ever stepping foot in your home?

The first solution is simple – online valuation tools. Online valuation tools have become increasingly more popular as their accuracy improves, and as people become more aware that the values are a rough guide rather than a solid appraisal figure. These tools look at land registry data to ascertain the price a property was previously valued at and then use matrices in order to give you a value in today’s inflated rate. Although the estimates can vary, they do give you an idea of the value your property could obtain on the open market, and allow you to have conversations with your agent about selling your home.

The next solution to have your property appraised remotely is more technological – by using video calling applications such as Skype, Zoom, Facetime, WhatsApp and others you can walk an estate around your home. You will be able to talk to the estate agent and they will also be able to guide you in terms of what they need to see to give you an accurate figure – they can also inform you of where the most valuable improvements can be made.

Finally, if you do not have the technology or the know-how to facilitate a video call, then sending over specific images of your property to your estate agent should be sufficient to give you an estimate of your property’s value. In principal, an estate agent will need images of the exterior of your property, including any gardens, garages and parking, as well as an image of each room of the property. If any further clarifications are necessary, your agent will call or email you so that your valuation isn’t delayed.

We would like to emphasise the fact that during this period you can make plans which will help to facilitate your property aspirations in the future – we are here to help you however we can.

We've Put Together Our Essential Tips For Working From Home

For a small number of people, working from home will be the norm. But for the majority of the nation, the current climate has caused us to quickly adapt our working practices to home working for the safety of ourselves and those around us. In doing this, it is important to create healthy working practices to maintain motivation and routine throughout the day.

We’ve gained advice from those who regularly work from home so that we can share some top tips for the coming weeks ahead. Continue below for our top tips on how you can get the best out of home working:

1. Get ready for the day
Get up and ready for work as you normally would. Getting dressed out of your pyjamas and fresh for the day helps you to maintain a routine and get ready for a day of work. Doing this will signal to your brain that you are going to work and create a good mindset.

2. Have a routine
Working from home can get lonely, so a routine will prevent the day blurring into a mix of work and relaxation time. Creating a morning routine that will guide you into your work chair each day so that you can signal the separation between home and work. Start and finish work at your usual times so that you do not become overworked.

3. Create an office space
If you have a separate office space to work in, then that’s great. But even if you don’t, it is still important to create an area in your home that you can designate and associate with work. Whether that be at a desk, or if it has to be your dining room table, this will support you to keep a routine. At the end of the day, shut down your equipment and put it away. This will signal the end of your working day and the start of your own time.

4. Keep to your regular hours of a working day
With all your work equipment at home, it can be tempting to try and get ahead by setting yourself mammoth tasks that take you all evening to complete. Set yourself achievable goals (as you would when you go into work) so that you maintain your usual work hours and maintain your positivity and optimism. This will also allow you to keep a work life balance.

5. Have regular breaks
When you are in the office, you naturally take short breaks throughout the day. Whether that be to go and make a drink or go and discuss something with a colleague. These breaks away from the computer are crucial for your productivity and health. Breaks away from the computer screen help to break bad posture habits, help with concentration and productivity, and prevent fatigue. This should be no different at home. You can call a colleague for a chat, go and make a drink, or spend some time in a different room for a few moments.

6. Get some exercise
Living and working in the same space can be challenging at times so you may find it important to get a change of scenery. Stepping outside for a walk not only allows you to “leave the office” but also allows you to get valuable exercise (providing this is in line with Government guidelines). Some fresh air and natural light will do you the world of good. With people rarely leaving the house, a short walk could be all the exercise you get in a day so place importance on this. Alternatively, you may want to do a short home workout. There are tons of guides online to help you do this. Let’s not forget about those all-important endorphins.

7. Take your lunch break
You are still entitled to your full lunchbreak and it is important to take this. Ensure you continue to eat well and take time away from your workspace to break up the day. Using this time to get some exercise (as advised in step 7) is a great idea too.

8. Get on the phone
Communication is so important during this time. Working from home can be isolating (especially if you live alone). To overcome this, ensure to keep up with regular team meeting via group calls. Check in with your colleagues throughout the day – even for a general chat not related to work. This is what you would usually do in the office and it is important to maintain this to make the day more enjoyable. Call people instead of email so that you can have proper conversations during the day which is so much more personal that email communication. You could even use Facetime for a more personal touch.

Here Are Some Ideas For Keeping The Kids Entertained

With schools now essentially closed across the country, many parents are having to care for their children whilst also working from home. During these unusual circumstances, it is essential to keep your children’s minds active, as well as ensuring that they exert some physical energy. We have compiled a list of resources and activities which should help fill the days…

1) Joe Wicks PE lessons – Joe Wicks, known as “The Body Coach” is streaming thirty minute PE lessons for kids every morning at 9am from Monday to Friday. You can either follow the workout live or catch it on his YouTube channel here https://www.youtube.com/channel/UCAxW1XT0iEJo0TYlRfn6rYQ

2) Carol Vorderman’s maths resources – since the Government chose to close schools for the masses, Carol Vorderman’s online maths resources have been made free for all to use. You can visit the site at https://www.themathsfactor.com/ and there are plenty of resources to keep your children busy, all of which have different levels of difficulty attached.

3) TES.com – You may never have heard of https://www.tes.com/ but if you are a teacher or work in education then it is a goldmine of resources. You can sign up free and then in the “Resources” section you will find literally thousands of lesson plans, activities and ideas that teachers upload to the site and often form the basis of their own lessons. With TES you can search for a specific topic and there will often be multiple resources – if you are looking to keep up your child’s scholastic habits during the school closures, this will be a real lifesaver.

4) Audio books – David Walliams’ children’s books have proved to be extremely popular and for the next month a new audio story will be released each day totally free of charge. Just head to bit.ly/AudioElevenses each day for the latest story.

5) Twinkl – Twinkl provides professional educational resources from early years upwards and often puts together some of the most imaginative learning resources around. During the Coronavirus period, they have made many resources free of charge and are offering free guides to help you with your child’s education https://www.twinkl.co.uk/resources/covid19-school-closures

6) Teach them to cook – If you are looking to teach something extra-curricular then why not start in the kitchen? Teaching your children a few basic recipes will eat up the time, as well as teaching them valuable life skills. You can start with baking basic recipes that require few ingredients, to them helping you with dinner for the evening.

7) Learn a new skill – With the internet, there is no excuse for avoiding new skills and has there ever been a better time to do so? With your child, you could learn how to knit – order the tools online – and could watch videos together, whilst helping one another with the intricacies of the craft. Other popular crafts to learn include crochet, needlepoint and cardmaking.

8) Practise yoga – In the current climate, it is easy to feel overwhelmed with world events, and children are extremely sensitive to our own behaviours. One activity that you can do together and is mutually beneficial is yoga – there are plenty of apps or YouTube channels which you can use to guide you through the process, and it should help with your whole family’s wellbeing.

Check out our tips to boost your productivity

Very few of us will ever have had as much time on our hands the past couple of months. It would be easy to let this time pass by, so we have put together some top tips on how to boost your productivity!

Routine
If you’re working from home, or returning back to the work place, then the likelihood is that you already have some sort of routine as you need to be answering those video calls and available to answer the phone during normal business hours. However, if you aren’t working at the moment, then the days can merge together due to a lack of structure. We would recommend finding your own routine, even if you’re not working – getting up at a set time and having some structure to your day will help your mental wellbeing and with the compartmentalisation of your time. With nothing being open on the weekends, you can use this time to explore hobbies and interests you've always longed to. Or have a Netflix marathon if you've had a busy week!

Small Manageable Goals
The key to productivity is being effective over sustained periods, and that means lots of small but easily identifiable goals. Think about reading a large book – 30 chapters may seem excessive, but 3 per day is much easier to achieve and will at least have you making some headway into the task – by setting a target that is easily achievable, you will often motivated to exceed it and as such be even more productive.

Learn A Language
One way to make the most of this lockdown period is to learn a new skill, such as acquiring a new language. With websites and applications such as Duolingo offering structured and methodical teaching techniques for learning a new language. We would recommend a language such as French if you are going to teach yourself as you will probably have some basics ingrained from school, and the sentence structure and word stems are comparable to English.

Organise Your Home
There has truly never been such an opportune moment to organise your home and get rid of all those possessions that you no longer need! Why not look back at this time as the time you organised your home; think about the kitchen cupboards, wardrobe, bath cabinet – all of the spaces that can often be neglected.

Organise Your Finances
With the lockdown bringing with it fiscal implications for many of us, now is a good time to take stock of your personal finances. Spend some time analysing your own personal finances, looking at your monthly expenditure, savings, mortgage or rent and see how you can improve on your current status. That may mean opening a savings account and depositing just a little each month, or cancelling services that you no longer use. Taking stock of your finances now could put you in a better place in future years, as you create better spending and saving habits.

Property programmes to inspire you

If you’ve been the thrill of looking at new properties and imagining your next home, we have put together a list of programmes which will help inspire your next property purchase. Available on streaming platforms to fit into your timetable, this selection should give you a taste of what could be possible with your own home and future properties.

Netflix

• How To Live Mortgage Free With Sarah Beeny – Property entrepreneur Sarah Beeny meets with different individuals who have managed to clear their mortgages by using simple and effective tricks.
• Tidying Up With Marie Kondo – Tidying guru Marie Kondo has become somewhat of a sensation over the past few years in helping people declutter their homes and their lives.
• The Apartment – In this reality series hosted by design icon Jamie Durie, interior designers show off their design skills each week in a bid to win the overall prize.
• Amazing Interiors - This series shows that we should never judge a book by its cover as each of the properties featured looks relatively ordinary from the outside, with the interiors then anything but ordinary.
• The World’s Most Extraordinary Homes – Living up to its title, this series explores the world and discovers the most unbelievable properties, from Norwegian valley homes to Spanish cliff-face villas.

Amazon

• Homes By Design – This series focuses on a different design aspect each episode and looks at superb examples of property architecture throughout the Americas and Europe. From Gothic Revival architecture, to ocean inspiration this series truly does have it all.
• Homes Under The Hammer – Originally made famous on the BBC, this series is also available on Amazon and showcases properties bought auction which are then restored by their new owners with the express intention to sell them quickly or let them for profit.
• CoCoCozy Design House – CoCoCozy is regarded as one of the top design influencers around the world, and this series chronicles the latest design project from the renowned design house.
• The Really Big Flip – Flipping a house is the process of buying a property that is ripe for restoration and then selling it on as quickly as possible for a profit. This challenge programme follows three teams who are tasked to do just that.

Channel 4 On Demand

• Property Ladder – Amateur developers source run-down homes for them to develop and sell for a profit, but along the way they are presented with challenges both financial and logistical.
• The Property Chain – Perfect for those who have never purchased for, this series follows property chains and explores the whole process – from offers being accepted all the way through to move-in day.
• Location, Location, Location – A Channel 4 favourite fronted by Kirstie Allsopp and Phil Spencer, this programme follows different individuals and couples on their property searches.
• Big House, Little House – In this series, two sets of couples with budgets at different ends of the spectrum create amazing new spaces in their homes.

Healthy habits to see you through lockdown

It can be easy to become demotivated spending so much time indoors at home; especially if you were used to being out of the house more often than in. However, it is important that we pay attention to our mental health and wellbeing to ensure that we are looking after ourselves. Whilst we have so much more time on our hands, we have an opportunity to adopt some healthy habits into our usual routines to keep us feeling good. Continue below for some ways to improve your wellbeing.

Drink Water

We all know that we should drink more water, but it can be easier said than done. Water is so important for our health as it performs a range of vital functions in our body. Our body is made up of 60% water! When we don’t drink enough of it, we can become dehydrated causing tiredness, poor concentration, and headaches. Most of us should drink around 6 to 8 glasses of water a day. For a different taste we can also try herbal teas, coconut water, and include foods in our diet that have a high-water content.

There are also apps that can help us to remember to drink throughout the day, such as Plant Nanny. Plant Nanny allows you to grow a virtual plant and water it every time you drink a glass of water to help it grow.

Eat Healthily

A balanced diet is a healthy diet. We should include a variety of foods in our diets to ensure that we get all the nutrients and vitamins for our body. Some ways that we can incorporate a healthy diet into our lifestyles is by meal planning. Now that we are spending more time at home, we have more time to cook meals from fresh. So now is the time to get out those recipe books or head to the many online recipes available at the click of a button.

Another tip to encourage healthy eating is to keep healthy snacks around. This will ensure that you do not binge on unhealthy treats. Baking your own healthy snacks is a great way to understand what you’re eating (such as making your own granola bars).

Exercise

Research shows that exercise can help to relieve stress, improve mood, and stimulate the production of endorphins which can create feelings of happiness for us. So, it is the perfect remedy for days where we might feel stuck in a rut. It obviously improves physical health too!

There are hundreds of free online workouts that you can follow. Or you can make it as simple as going for a walk or a run, dancing in your living room, or doing some yoga. The more we can get our bodies moving during this time the better we will feel.

Be More Present

If there is one thing that has changed for most of us during lockdown, it’s that our lives have slowed down. No longer are we rushing around from the moment we get out of bed in the morning.

We can use our additional time spent at home to learn how to be more present, which essentially means to be focused on the one thing that you are doing, or the people you are with. Practicing mindfulness can help with this. There are many apps available to try, such as Headspace. Headspace talks you through short breathing and mindfulness techniques to calm the mind and promote positive health. Keeping a gratitude diary can also help you to focus on what you have in your life without always thinking about more.

Connect With Family And Friends

Although we can’t meet up with our family and friends as normal, it is so important to stay in regular contact with them. With the endless digital tools that we have available, it’s so easy to do this. There are many ways to be inventive when connecting online through social media or video call. There are games and quizzes you can play; as well as having a good old chat. Keeping in touch with people will boost our sense of belonging as well as providing crucial support to those we care about. Our relationships are so important to us so create a habit of checking in with family and friends more often.

Buy To Let Mortgage Availability

Now that the property market is resuming activity we have seen property demand increase, especially in the lettings market. Research by Rightmove found that demand for rental homes rose by 33% in May 2020, which is higher than the same time last year! Mortgage lenders have also re-introduced many of their products to accommodate the increased activity.

The range of mortgages has expanded over the past few weeks with buy to let options re-entering the market. There are many lenders that are offering a range of mortgage products with excellent rates. If you are a landlord and have not needed a mortgage payment holiday, this could be your window of opportunity. Landlords may wish to use this time to consider expanding their portfolios as there are plenty of prospective tenants looking for their next home. Investing in property now could lay the foundations for long term capital gains. The welcome boost from the Government with the stamp duty holiday offers further encouragement to landlords to expand their property portfolio.

How has buy to let mortgage availability changed?
The outlook for buy to let landlords has improved vastly recently. Landlords who are seeking buy to let mortgages now have more choice with Barclays, Lendinvest, and Virgin Money (to name a few) renewing their products to include increased variety. Over the past month, buy to let products have increased to levels almost the same as March 2020. If you are a landlord, now if a great time to re-assess your property portfolio and consider expanding, or recalculating your portfolio financing. There are an additional 280 further options for buy to let mortgages. This rise shows the mortgage lenders shift in focus from existing borrowers, to including new borrowers too.

What about interest rates?
Buy to let mortgage rates are low, as with all mortgage rates currently. This is because the Bank of England’s base rate is still currently sitting at 0.1%; making rates increasingly competitive. The greatest savings have been identified with 5 year fixed rates; the greatest reductions can be found with five year fixed with 80% LTV. If you are in a position to switch your mortgage deal, or enter the buy to let market, now is the perfect time to look around.

Landlord Updates - Electrical Legislation

As a landlord, it is important to keep up with the latest legislation in order to keep your tenants and yourself secure. The latest change to keep abreast of is the government’s new electrical safety regulations – specifically for electrical installations in your properties. Fall foul of these rules, and you could be facing financial penalties of up to £30,000.
In recent years we have seen somewhat of a reform to the rental sector with seismic changes including the Tenant Fees Act, Fitness For Human Habitation Act and a potential review of Section 21 evictions. The new Electrical Safety Standards regulations will apply to all new tenancies from July 1 2020 and for existing tenancies from April 1 2021.

One of the key features of the legislation is electrical inspections, with landlords having to ensure that all electrical installations in their property are inspected and tested by an appropriately qualified electrician at least every five years. Documentation around these inspections then need to be shared with new, existing and prospective tenants as a legal requirement. Should the local authority request the paperwork, a landlord is also then required to supply this within 7 days of receiving the request.

Here is an overview of the changes;
• A landlord is required to obtain an inspection and test report from a qualified person, supply that report to each tenant within 28 days, and to the local housing authority within seven days of a request. A copy must be retained until the next inspection is due.

• For new tenancies, the landlord must supply a copy of the last report to any new tenant before occupation, or any prospective tenant within 28 days of a request.

• If the report requires further investigative or remedial work, this must be carried out within 28 days or sooner if the report suggests. Written confirmation of the work being carried out by a qualified person must then be given to the tenant and the local authority.

• If a landlord is in breach of the regulations, the local authority can serve remedial notices, if necessary, carry out the required works themselves recovering their costs from the landlord and can impose financial penalties of up to £30,000.

If you would like to read the full guide for landlords published by the government, you can do so here or if you would like to talk to us about your rental properties, please do not hesitate to contact us and we will be able to advise you.

New Sales Agreed Reach Early March Levels

As the United Kingdom was plunged into lockdown, we saw property portals and online property websites reporting huge numbers of visitors and this online activity is now being translated into sales agreed. Zoopla are reporting a huge spike in sales agreed with current figures now matching those back in early March when the market was booming, showing that the property market in England is experiencing a true resurgence post-lockdown.

In the month following the reopening of the property market, up to 7th June, analysis shows that demand for housing was 54% higher than at the start of March, with new sales agreed having risen by 137% since the market reopened.
Interestingly, the higher the values of the property the greater the increase in the volume of sales agreed when compared to before the Coronavirus crisis. Home sales for properties priced £1m and above are 16% higher than three months earlier – this could be attributed to homeowners looking to trade up in terms of location or property size. The impact of the Coronavirus can be seen on the most searched terms for properties – with home offices and outdoor space now higher in buyers’ priorities.

Zoopla’s Director of Research and Insight commented:

“The rebound in housing demand over the last month is not solely explained by a return of pent-up demand.

“COVID has brought a whole new group of would-be buyers into the housing market.

“Activity has grown across all pricing levels, but the higher the value of a home, the greater the increase in supply and sales as people look to trade up.”

The analysis from Zoopla is supported by Rightmove’s recent data publication which revealed that 40,000 new sales have already been agreed since the market reopened – with the average asking price of properties up by an average of 1.9% compared to pre-lockdown.

Property expert Miles Shipside commented:

“Following the initial shock of the early reopening of the housing market, England is getting moving again with a boom in traffic on Rightmove,” said Shipside.

“There are no signs of panic selling or even a price dip. Some sellers who had agreed a sale before lockdown have been worrying that their buyer may try to re-negotiate with a reduced offer.

“On this evidence buyers may now be trying to exchange quickly, as there are signs of high pent-up demand and upwards price pressure, rather than downwards.”

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What Does The Stamp Duty Cut Mean For Landlords

The buy to let sector has seen a tremendous amount of change over the past few years in order to help rebalance the property market, with key pieces of legislation such as the Tenant Fees Act and the recent Electrical Safety Standards regulations. The changes to stamp duty will go some way to reigniting the buy-to-let market and offers landlords a tremendous opportunity to make the most of the tax changes.

With the temporary increase on the stamp duty threshold to £500,000 until 31st March next year, first-time buyers and existing homeowners are set to save up to £15,000. For additional and investment properties, stamp duty is also removed up to this value, however the 3% surcharge remains.

Charlotte Nixon, mortgage expert at Quilter, believes that the changes to stamp duty could have the consequence of more investors returning to the market;

“Buy-to-let investors have left the market in their droves over the last few years after tax changes have made it an untenable investment for many. The stamp duty holiday may serve to entice some of these investors back to the market.

“Not only will this cut help to reignite the property market but also improve the supply of rental properties, which has been dwindling over the last 12 months."

Nixon is supported in her opinion by David Whittaker, Chief Executive of Keystone Property Finance who believes;
“The Chancellor’s decision to cut stamp duty will have positive implications for homebuyers across the country and will certainly help to stimulate the housing market. Importantly, this latest cut will also go some way towards providing a much-needed boost for the buy-to-let sector.”

“As a result of this measure, many portfolio landlords across the UK will now be considering new buy-to-let purchases."
The numbers can be useful to bare out the extent of the potential savings for landlords looking to increase their portfolios – before the stamp duty holiday was introduced you would have paid £26,000 in stamp duty but now that is reduced almost by half to £13,500.

If you are thinking of investing in an additional property or looking to increase your property portfolio, then making the most of the stamp duty holiday is advised – contact us today to see how we can help you.