The rental market is at a five-year high following the easing of COVID-19 restrictions, with demand on the rise and rents are also increasing.

Even though demand is high, it's important to make your property stand out to attract prospective tenants.

Here's how to keep your lettings properties in high demand...

1. Energy efficiency is important

UK tenants have highlighted how important green issues and the environment are to them in a new survey which revealed an overwhelming 98% would prefer a property that was optimised to increase energy efficiency, reduce energy costs and minimise environmental impact.*

2. Invest in mod cons

Modern tenants expect more from their rental properties and mod cons are becoming a top priority for renters, with high-speed Wi-Fi a particularly important factor for many modern renters.

3. Location preferences

When considering a property investment, choose a location that is appealing to renters - near to train stations and village or town centres.

Rental trends change frequently, so as a landlord you need to ensure you understand the needs and priorities of your tenants and consider how these could change over time.

If you are looking to take advantage of this year's rental market conditions, but don't know where to start, why not contact our team today for more support.

The next six months are expected to be a busy time for the property market

As restrictions are officially lifted and the stamp duty holiday draws to a close, we take a look at what will be influencing home purchases going forwards over the next few months.

What will happen to house prices after the stamp duty holiday?

As demand still remains above normal levels for the season, many people will be undeterred by the end of stamp duty savings next month.

Instead, they'll be pushed to buy based on their changing needs and living conditions, meaning house prices are expected to remain consistent.

Market update

Over the last year, average property prices in Surrey, have increased by 12%, with the average property now worth £613,048.*

*Rightmove Intel

Taking a step on the ladder is really exciting! 

So, you shouldn’t be daunted by mortgages. We can help you find your perfect property and offer you expert mortgage advice. 

What is a fixed-rate mortgage? 

With a fixed-rate mortgage, the interest rate that you pay remains the same throughout the period of the contract – typically one to five years. Choosing a fixed-rate mortgage means that you will know exactly how much your mortgages will cost for a set period of time, and your repayments will remain the same, even if interest rates change. 

What is a tracker mortgage? 

The interest rate on a tracker mortgage is linked to the Bank of England base rate. This means that if the base rate changes, so will your mortgage rate. You can get lifetime or term trackers that are often very flexible and can be great if you don’t want to be tied into a mortgage. 

What is a guarantor mortgage? 

With a guarantor mortgage, your friends or family members can opt to be your mortgage guarantor. With this type of mortgage, if you miss any repayments, your guarantor could risk losing their savings or their home. 
 

SEARCHING FOR MORE SPACE THIS SUMMER?

Here's why you should sell your property this summer...

1. IT'S A PERFECT TIME TO SHOWCASE YOUR PROPERTY

If you are looking to showcase your most valuable asset, summer gives you the chance to ‘wow’ potential buyers and sell them the dream they’ve been looking for. With the garden in full bloom and sunlight streaming through the windows (when the UK decides!) buyers will love looking around your home.

2. SERIOUS BUYERS & SELLERS

Sometimes there are less properties on the market in Summer, however the buyers and sellers looking tend to be the most serious ones!

3. GET SETTLED BEFORE THE NEW TERM

Buyers with children will be keen to have them settled in before school term starts. What’s more, with glorious weather, moving home can actually be a great experience.

More than a quarter of UK homeowners and renters have claimed that their property priorities have changed since the COVID-19 outbreak.

Previously highly-sought after and high-value property features have dropped down the priority list for home buyers and tenants, as they now seek different factors when looking for a property that meets their needs and lifestyles.

Easy commutes to work, proximity to local shops and restaurants, and local public transport links are no longer as desirable as they once were.

Instead, we have noticed a significant increase in those searching for more space, whereby those searching are willing to compromise on location or local amenities in return for larger bedrooms and a 'work from home' zone.

Having access to a private garden or nearby green space has also become one of the top preferences for homebuyers and renters, especially in light of reduced travel options this summer.

If you need more space, call V&H Homes on 01372 221 678 to see how we can help.

This article was extracted from Rightmove for informational purposes

The government has announced that the temporary stamp duty holiday in England and Northern Ireland has been extended until the end of June.

The news will hopefully come as a relief to those buyers and sellers who have been desperately trying to get their sale completed in time to meet the previous deadline of 31st March.

What is the temporary stamp duty holiday? 

The temporary stamp duty holiday, first announced by the government on 8th July last year, means that if you are buying a home up to the value of £500,000 you will not pay any stamp duty.

The extension means you now have until 30th June to complete on the purchase to make the stamp duty saving.

Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September.

It will return to the usual threshold of £125,000 on 1st October.

There hasn’t been any further update from Scotland on any extension to the Land & Buildings Transaction Tax (LBTT) holiday, which is currently due to end on 31st March 2021.

In Wales, temporary Land Transaction Tax reductions are also set to end on 31st March, but we’ll let you know if this changes.

Are there delays in the home-moving process right now? 

When the announcement was first made in July we recorded our busiest ever day on Rightmove, as people rushed to see if they could move home and make use of the savings, leading to a huge increase in the usual number of sales that would be going through the legal process.

We estimate that there are currently 628,000 sales going through, and this massive number, coupled with the challenges of conveyancers, solicitors and councils working from home, has led to delays in the home-buying process.

Our latest data shows that it is taking an average of 65 days from the time a seller has a property listed by an agent on Rightmove until they get an offer accepted, and a further 126 days to get through to legal completion, which is almost seven months.

But remember these are averages, and other factors such as if you are a cash buyer or if council searches in your area take longer will affected how long it takes.

What do the experts say?

Our resident property data expert Tim Bannister explained that the stamp duty holiday extension should give tens of thousands of home-movers the chance to complete before the new deadline.

He said: “This three-month extension will come as a huge relief for those people who have been going through the sales process since last year and were always expecting to make use of the stamp duty savings.

“Our recent data shows one in five sales that were agreed in the same month the stamp duty holiday was first announced in July last year still haven’t completed, so this additional time will make a big difference to help those stuck in the logjam complete their purchase in time before the new end of June deadline.

“Buyers who have recently agreed a sale now have a race on their hands to see if they can also make use of the stamp duty savings, but many with purchases over £250,000 will find that time is too tight to complete before the end of June and so shouldn’t be factoring this into their purchase.

“It’s worth remembering that the average savings vary massively around England, and first-time buyers will still be exempt if they’re buying for £300,000 or less. There are also many other reasons people are choosing to move, evidenced by the strong buyer demand Rightmove has already seen in the first two months of the year.”

The following information is extracted from Rightmove

A mortgage guarantee scheme aimed at helping first-time buyers and existing homeowners is set to be unveiled by the government in this week’s Spring Budget announcement. 

Chancellor Rishi Sunak is expected to reveal the specifics of the scheme on Wednesday (3rd March). In the meantime, we can share what we know so far.  

What do we know about the mortgage guarantee scheme? 

Under the new scheme, which is expected to launch in April, we anticipate that buyers will be able to purchase homes worth up to £600,000 with a deposit of just 5%. 

And this means that the majority of buyers should be eligible for the scheme, as our data analysts have found that 86% of properties currently listed for sale on our site have an asking price of £600,000 or less. 

However, please note that with an average asking price of £621,886, many properties across Greater London will be priced above the scheme’s proposed threshold of £600,000 (see below). 

What impact could the mortgage guarantee scheme have regionally? 

What are some of the key statistics? 

• The national average asking price for all properties is currently £318,580, which is 3.0% higher than February 2020  
• The national average asking price of a first-time buyer property is £200,692, which is 3.6% higher than February 2020
• Since the 2013 Help to Buy mortgage guarantee scheme was first launched, national asking prices have increased by 29% from £246,748 in October 2013 to £318,580 in February 2021 
• Since the 2013 Help to Buy mortgage guarantee scheme was first launched, national asking prices for first-time buyer properties have increased by 36% from £147,464 in October 2013 to £200,692 in February 2021

The rent or buy debate is a pretty controversial topic with no simple answer, but we want to put paid to the ever-present myth that buying is always better than renting.

But renting doesn’t mean you are throwing away money in the same way that buying a home isn’t always the right decision at certain times in your life. So we’ve come up with a list of 12 reasons why renting might just be the better option for you.

1.No maintenance costs or repair bills

When renting a property, your landlord is usually responsible for all maintenance and repair costs, ensuring you don’t have the financial responsibility to get these things fixed.

2. No large down-payment

Renters have the better financial deal upon signing as a house with a mortgage requires a sizable down payment compared to the usual deposit for renting a property.

3. There’s a fixed rent amount

Rent amounts are certain for the span of the lease agreement – so long as it’s a fixed-term contract – making it easier to budget your money so you know exactly how much you’re required to pay.

4. You can keep things flexible!

When you buy a house you are tied down to living in that location for at least a few years usually, whereas if you’re renting a property you have the flexibility to move around if something changes in your life or outlook.

5. You have the options for housemates

Housemates are many things – from being someone to split the bills with to potentially becoming some of the best friendships you may ever have.

6. Invest money on your own terms

Choosing not to buy a home – at least for the moment – opens up other possibilities for saving and investing so you can choose exactly where your hard-earned money is going.

7. Generally lower utility costs

Rental properties typically have a more compact floor plan, therefore renters can often expect to face lower utility costs – another money saver.

8. Enjoy being mortgage-free

By renting you can put away as much (or more) savings as a homeowner, but without the debt that comes along with owning a property.

9. Urban living at a cheaper price

Depending on where you want to live, trendy areas, such as major cities, and beach communities, are typically more renter friendly.

10. Decreasing property value

Property values go up and down over the years depending on the area you live, and, while this may affect homeowners in a big way, it affects renters substantially less so, if at all.

11. Excuse yourself from costly updates

As a renter, there is freedom in knowing you couldn’t remodel your home even if you wanted to, so this a way of saving money.

12. Insurance is cheaper

Renter’s insurance is significantly cheaper than the insurance home owners have to pay.

So there you have it. It’s likely you already have your own opinion about whether renting or buying is right for you now – or in the future – but hopefully this article has given you a few reasons to show that renting can be seriously advantageous for many of us.

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

Under the current lockdown rules, home moves can still take place providing everyone follows the government’s safety guidance.

This means that you you’re free to contact estate agents, view homes in person, get your home valued, and do just about everything that home-moving involves, as long as you stick to the government’s latest advice.

If you’re unsure about what all these guidelines are, we’ve summarised them for you below.

But before we get into the details, the government maintains that the three most important rules continue to be:

• Wash your hands – with soap, regularly, and for at least 20 seconds.
• Cover your face – especially when in an enclosed space with people you don’t usually meet with, and where socially distancing is difficult.
• Maintain social distancing – stay two meters apart as much as possible.

Also remember that if you or anyone in your household is experiencing any flu symptoms or tested positive for coronavirus, you must pause your plans to move until you’re better. You shouldn’t view properties in person or allow people to come view yours until your period of self-isolation is over.

Viewings

Try to do a virtual viewing first, if it’s an option. It’ll reduce the number of viewings agents do, which also minimises the spread of germs.

It could also save you time, because you’ll have a better idea of whether a house is worth seeing or not.

When viewing a property in person, this should only be done by appointment. Make sure you wear a face mask, avoid touching surfaces, and wash your hands or use sanitiser before and after.

There shouldn’t be more than two households within the property at any one time, and viewings should only be arranged by appointment, so ‘open houses’ shouldn’t be happening at the moment.

If you’re selling your home and are having interested buyers come around to have a look, open all the inside doors beforehand so they don’t have to touch the door handles. You may also want to have some hand sanitiser available to them in case they forget theirs.

It’s recommended that you’re not in the property during the viewing, and that you disinfect all surfaces after.

Offers through to completion

You’re free to make or accept an offer or reserve a property as normal.

Bear in mind that in some areas the conveyancing process will be slower than usual, as some solicitors and agents may be operating at limited capacity, or are very busy working through deals that have stacked up over the last few months.

If you are about to enter into a legally binding contract, you should discuss the possible implications of one of the parties being affected by having to self-isolate or quarantine.  Ask your legal representative if they can include provisions to manage these risks in the contracts.

If someone in your household – or the other party’s – began to show any flu symptoms just as you’re about to complete, you’ll probably need to postpone things by a few weeks.

The government says we should all remain flexible in this sort of scenario, so it would be ideal if your contracts can reflect that.

Moving

Removal firms are able to carry out work, as long as all the usual procedures that ensure everyone’s safety are in place.

Try to do most of your packing yourself, if possible. And if you can, give your belongings a quick spray or wipe-down with a disinfectant before they’re handled by someone else.

When the removals’ team is around, do your best to maintain distance and wash your hands regularly.

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

This information was extracted from Rightmove

If you’ve decided that this is your year to move, you’re not alone.

Home-hunters up and down Great Britain have started 2021 thinking about moving, and in fact, the market has just witnessed its busiest ever January on record.

Last month, our website saw over 211 million visits from home-movers – a record for this time of year.

The amount of time that people spent on our site last month totalled more than 1.6 billion minutes, which equates to over 3,000 years collectively!

This is up by 44% compared with January 2020, and the busiest day was Saturday 30th January, when home-hunters spent over 60 million minutes searching for their next home.

There are also strong signs of a number of new buyers just starting out on their search in 2021, with 7% more buyers contacting estate agents via Rightmove than in January 2020.

However, the number of new properties coming to market is not satisfying the increased demand from buyers. We know that the challenges of lockdown and trying to homeschool while also work full-time has made it really difficult for some people to have enough time to think about moving.

This has led to there being 21% fewer new properties coming up for sale on Rightmove compared to this time last year. It’s worth noting that this time last year there was a boost in activity after the election so we are comparing against a strong month.

We have started to see some early signs of more deals than usual starting to fall through, with the proportion up 7% on this time last year. This is likely due to a number of reasons, but some of them could be because some buyers and sellers are realising they won’t have time to meet the looming stamp duty holiday deadline on 31st March.

If you’re in this predicament, we recommend talking to your agent and making sure you’re clear on how much you and everyone in your chain would have to pay if you don’t meet the deadline. The savings will vary a lot depending on how much the property is that you’re buying.

In the rental market the increase in demand we’ve seen is even higher, with 14% more renters looking for property, and new listings down by 14%.

There are now over 186,000 property listings for sale and to rent that have online viewings available from agents, which compares to 100,000 videos being available in March last year, so you’re more likely to find more agents offering this when you enquire.

What do the experts say?

Rightmove's property data expert Tim Bannister explained that buyers may have more properties to choose from when schools reopen, and parents have more time to get their homes ready to sell.

He said: “It’s clear that more people than ever before used the new year as a chance to start thinking about moving home, despite all of the challenges and worries that came with January, but we are seeing the effect of lockdown on the number of properties coming to market.

“I know first-hand how hard it is right now to juggle your work commitments with also trying to teach your kids their times tables, so those looking to trade-up to a bigger home may find there isn’t as much choice as before in this sector of the market until kids start going back to school.

“We’re starting to see fall throughs creep up a bit, though not by a substantial amount, a sign that some deals may be falling apart as they know they won’t complete in time to make the stamp duty holiday deadline, though this is likely to be in the groups set to make more substantial savings.

“The start of February so far looks encouraging for activity, which points to some positive signs for the next few months and into Q2.”

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678

The following information has been extracted from Rightmove

Choose the right estate agent

If you haven’t had your property valued yet, get that booked in as soon as possible. We recommend you get at least two agents around to value your home, and choosing the right for you is super important.

Here’s a list to help you know what to look for:

• How experienced are they in your area?
• Have they successfully sold properties similar to yours recently? Find out how long it took them, what prices were achieved, and what the difference between their initial asking price and the sold price was, if any.
• Don’t become overly fixated with the fee the agent charges. Usually the most important things to keep in mind are:
  1. The amount of money the house sells for: the sold price minus the agent’s fee.
  2. How quickly the sale will happen.

Working with an agent who provides a great service, is responsive, proactive, and an expert in your local area, will make a huge difference to the whole experience, and is most likely to get your house on the market quicker.

Get the price right

Don’t automatically be swayed by the agent promising the highest price for your home. It’s tempting, but if you end up over-pricing the property it will only prolong the process, and you’ll have to reduce the price further down the line anyway. A recent study we carried out found that you were twice as likely to sell your home if it sold based on the first listed asking price.

Instead, ask the agent to provide evidence to support why they recommend that asking price. And again, look at their recent history in the area.

The first two weeks your house appears on Rightmove is usually when it gets the most attention from home-hunters – especially during this busy period. So if it’s priced correctly, with the level of exposure it could be getting, you may even end up with an offer in the first couple of weeks.

Have all documents ready

Your estate agent and solicitor will ask for various bits of paperwork throughout the selling process, so if you can gather together all the relevant documents ahead of time, you should avoid delays further down the line.

Some of the paperwork to consider rounding up include:

• HM Land Registry title documents
• gas checks completed by a Gas Safe registered engineer (or Corgi-registered engineer prior to 2009)
• electrical checks – an Electrical Installation Condition Report (EICR) or a NAPIT or NICEIC certificate/report from a registered electrical competent person
• FENSA or CERTAS certificates for windows
• planning permission for any major work carried out
• building regulation completion certificates and builder’s guarantee certificates for alterations or additions
• subsidence guarantees/warranties
• damp guarantees/warranties
• party wall agreements (if relevant)
• if a listed building, listed building consent for interior and exterior works
• if your home is in a conservation area, conservation area consent for works
• any title insurance policies you may have taken out to solve title defects

Get your home ready

You’ll want to spend some time de-cluttering and making your home look as presentable and attractive as possible, so that as soon as you’ve instructed your agent they can get straight to work.

The quality of the photos that appear on Rightmove play a big part in determining the level of interest the property will get. Low quality photos of cluttered and messy rooms put some people off, whilst high-resolution images of bright, tidy, well-presented homes are attention magnets.

Here are some ideas to make your home look amazing when it’s on display:

1. Make it light and airy

Darker rooms generally look smaller than lighter ones, and this can be a big turn off for potential buyers. So we’d suggest making sure that blinds are open, and curtains are apart, to flood your home with light.

1. Keep the garden tidy

The front garden is the first thing that a potential buyer will see, so make sure that you give them a reason to smile straight away.

Similarly, the back garden can be a deal clincher, and an impressive outdoor space could set your home apart from the rest. Here are some suggestions for things to tick off your list:

1. Bathrooms and kitchens

These two rooms are the most expensive for a buyer to upgrade. However, if you’ve made an effort to clean and declutter them, you’ll be giving potential buyers another reason to be positive about your home. So, here are some of our top tips:

Bathroom:

• Making this room mould-free is a must
• Store toiletries away where possible
• Clean shower doors
• Keep the toilet seat down

Kitchen:

• Keep worktops tidy
• Keep utensils organised and food in cupboards
• Put washing up away
• Clean the windows
• Tidy away any indication of pets being in the house, as your prospective buyer may not be a pet lover

We’re not used to spending so much time in our homes, but whilst we are, it’s important that we make the most of it.

It gives you a chance to play more with the kids and also see to those bits of DIY that you have either not been able to get round to doing or purposely avoided.

There’s no getting out of them now and you shouldn’t want to as they will benefit your home life.

Show your home some love with these three simple DIY jobs and it will love you back:

Add a lick of paint to those rooms in need of it!

One of the quickest and most effective ways of reviving a room is to patch up any paintwork that’s looking untidy. Hopefully, you might have a tin of the original paint lying about somewhere and a few paintbrushes stashed away.

For a more drastic transformation, change a colour scheme completely by fully repainting a room in a fashionable shade.

As it’s now spring, a sage or olive green colour seems fitting, or try a cheery yellow.

To get a combination of colours, paint your skirting boards and doors in different finishes.

Do a bit of fixing and recycling

It’s unheard of for a home to have nothing that needs fixing – there’s always something in need of repair.

Certain pulls, handles and knobs on your cupboards could be loose and need tightening or a fence panel in the garden wants mending. You can sort this yourself rather than pay someone to come and remedy them for you once lockdown is over.

If you’re a hoarder, now would also be an apt time to repurpose any rarely used items you have in the house.

Get your garden organised for spring / summer

Being stuck indoors for so many hours of the day can be tough, so use your garden at every opportunity to breathe in some of that fresh air.

In ordinary circumstances, we’d encourage you to bring the outdoors indoors, but current circumstances demand a reversal – taking the indoors, outdoors.

So get that garden furniture and those bean bags out so that you can relax in the sunshine, whilst the kids take to their swings and slides.

Give the garden a good tidy first to maximise the space, donning your gardening gloves for all that mowing, weeding and preening you need to do.

If you are considering selling or letting your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678