With demand for homes still outstripping supply, sellers can be confident they will find a buyer quicker than ever before. * 

On average, properties are spending just 33 days on the open market, compared to 2019 when the average time on the market stood at 67 days. As well as this, the huge decline in sale time means that 53% of property sales are now being agreed at a figure above the asking price, as buyers bid higher to secure their ideal home. * 

The large number of buyers continues to create a competitive market, ideal for sellers. Over 125,000 prospective homeowners took to the market in April to take advantage of the great seller’s market. *  

If you are looking for a quick sale of your property, start by booking a free property valuation here. 

*Rightmove 

Last year, Rightmove saw a 26% increase in web traffic, with over four million of us visiting their website on Boxing Day.
 
Your property could be marketed to a HUGE online audience over the festive period and the New Year.
 
Listing is a sure-fire way of capturing attention from serious buyers and tenants.

Did you know...
 
Online property searches double over the Christmas and New Year period.
 
On average, there's a 20% increase in people searching online for their next home.
 
9 pm was the citied as last year's prime property-surfing time. 
 
Over 2.3 million people visit Rightmove on the 29th December.
 
Over 3.3. million people visit Rightmove on the first day of the New Year.
 

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.

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 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 government proposal to reform leasehold laws, leaseholders will be able to extend their lease by a maximum term of 990 years at zero ground rent. And with new rules possibly arriving within two years, investors may be setting their sights on properties with short leases buoyed by the prospect of no longer having to pay ground rent to a freeholder and much longer lease term allowances.

What are the proposed changes to the leasehold system and how does it affect current leaseholders and future homeowners buying a leasehold property?

Historically, properties with short leases have been eschewed by investors and homebuyers due to the complexity and costs involved when extending a lease. This is set to change. 

Announced in early January 2021, in one of the biggest reforms to English property law for 40 years, the government is planning to introduce reforms to leasehold property to make it easier and cheaper for leaseholders to buy their homes or extend their lease at zero ground rent by a maximum of 990 years.

For some leaseholders, these changes could save them thousands, to tens of thousands of pounds.

Under current rules, leaseholders of flats can extend their lease at a zero ‘peppercorn’ ground rent, but usually only for 90 years.

Leaseholders can also face high charges to extend their lease. Leasehold house owners, which face slightly different rules, can also face barriers when they look to extend their leases. 

Details of how changes will be implemented are yet to be clarified by the government. V&H Homes dedicated Sales team can provide advice on all matters relating to lease extensions and buying leasehold property in the UK.

1 BEDROOM APARTMENT WITHIN A STONES THROW TO ASHTEAD STATION 

Terms of lease

999 year lease

Managed in the first instance by Smarter Developments who are the freeholders

Ground rent £250pa

Service charge c£850pa TBC

Rental values

Approximate rental values are between £1,000pcm and £1200pcm

Key features

• Executive New Build Apartments
• Opposite Ashtead Common
• 280 Metres from Train Station
• Highly Energy Efficient Building
• Contemporary Kitchens with Breakfast Bars
• Patio Garden
• Ideal for Working From Home
• Underfloor Heating in Bathrooms
• Superb Investment or Home
• Prices from £320,000

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 is taken from Rightmove...

"The property market has experienced a mini boom in 2020, and the big question many of you want answered is: will prices continue to rise in 2021?

Whilst we don’t have a crystal ball, we do have the biggest home-hunting audience in the UK, as well as unique insight into future demand for property.

So armed with all that data, we’ve produced a forecast of what we think will happen to property prices in 2021.

Our main prediction is that the recent surge in average asking prices will continue into next year, as the nation’s housing needs are likely to outweigh any economic uncertainty.

Specifically, we forecast a robust 4% national average house price growth in 2021. However, we think that the price rises will be at a slower pace than this year, which finished 6.6% up on 2019.

What can we expect from the property market in 2021?
It will be a busy start to 2021. The New Year is typically a time for resolutions for the year ahead, and many will see it as an opportunity to draw a line under 2020, which may well include a fresh start in a new home for those who have not already acted.

Many of you have already done so this year, and many more are continuing to do so despite the seasonally quieter run-up to the Christmas period and the declining chance of completing a purchase before the stamp duty deadline in March.

Despite the clock ticking, around 130,000 sales were agreed over the last month, up by a remarkable 44% on the same period in 2019.

However, there remains a processing logjam and some completions are already projected to be delayed until April next year, especially where there are search delays, legal issues or complex mortgage applications.

What will happen when the stamp duty holiday ends?
It will be a slower second quarter once the stamp duty holiday is over, though even with the average price in Britain up by 6.6% this year, cheap mortgage rates that are available for some leave scope for further modest price growth – despite the loss of the tax saving.

What do the experts say?
Rightmove's resident property data expert Tim Bannister explained that it may be quieter in the market in the spring.

He said: “2021 has a lot of variables, and so is not an easy one to call, but with Rightmove’s unique leading indicators of buyer and seller behaviour we are confident that the housing market will continue to outperform general expectations next year as it did this.

“Our 2021 forecast of a 4% price rise is more conservative than the unsustainable 6.6% national average seen this year. There’s likely to be a lull in quarter two unless the stamp duty holiday is extended, but for many buyers its removal will not be make or break, though may lead them to reduce their offers to a degree to compensate for the higher tax, and indeed many sellers may be prepared to help to mitigate their buyer’s financial loss.

“First-time buyers will remain largely exempt, so in most cases will be no worse off. The maximum savings of £2,450 in Wales or £2,100 in Scotland are considerably less decisive than the £15,000 available in England for a house costing £500,000 or more, which does however only apply to a small part of the market.”

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

Traditionally, spring and autumn are the most popular times to sell your house. But this year has been anything but ordinary and with the stamp duty deadline looming, many sellers have put their house on the market already.

If you are selling your home over the coming winter months, here are some tips to help make sure your property stands out.
 

• Make your home a cosy refuge from the cold. Put the heating on ahead of viewings and, if you have one, light the fire. Check all your light bulbs, make sure the lights are on throughout the house and consider placing lamps to brighten up any dark corners. For viewings in the late afternoons and evenings, ensure outside lights are on before anyone arrives.
   
• As ever, promote your home’s best features. With strong demand for home working spaces, showcase how your property fits the bill – whether it’s a separate office or a dedicated desk for home schooling in the playroom. By all means tidy up but don’t feel the need to tidy work away, as it will show off how the space can be used.   
   
• Don’t forget the garden. Outside space is at the top of many buyers’ wish lists so ensure yours is presented in its best light, despite the gloomy winter weather. Make sure it looks cared for by raking up leaves, clearing guttering, mowing the lawn, trimming shrubs, clearing moss from paths and tidying plant pots, removing any weeds. Don’t forget to cut back plants growing around windows so they’re not blocking the light. Put away garden furniture unless it’s a dry, sunny day when you could get it out for viewings.
   
• As is the case with selling at any other time of the year, make sure your home is clean, decluttered and tidy, and finish off any odd jobs around the house that need doing. Tidy up paintwork and fix damp patches, superficial cracks or stains on ceilings or walls left by previous leaks. This sort of upkeep is typically inexpensive to sort out but can be off-putting on a viewing.
   
• First impressions count. The front door can get dusty and dirty at this time of year, especially if you live in a town. Keep it washed down and polish any brass door furniture. A collection of pots full of winter flowers by the front door is a welcoming touch and will brighten things up.

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 government has announced that the new Help to Buy Equity Loan scheme in England, which is due to begin in April 2021, will be open to new applications from the 16th of December.

This may come as good news for first-time buyers struggling to save up for a deposit of more than 10%, at a time when mortgages with a loan-to-value higher than 85% are hard to find.

The new scheme, which is replacing the current one, is set to run for two years, until March 2023.

Here’s a quick overview of what it is, and who it’s for.

What is the Help to Buy Equity Loan scheme?

Back in 2013, as a way to help more people get on to the property ladder, the government launched a scheme which makes it possible for buyers to buy a home with as little as a 5% deposit.

Close to 300,000 new homes were bought using the scheme in the seven years since its launch, and as it comes to an end, the government has created a new, and similar, one to replace it.

If you’re eligible for the scheme, and can prove you have enough saved to cover a 5% deposit, the government will provide a low-interest loan of 20% of the house price (or up to 40%, if you’re in London), and the mortgage provider will lend the remaining balance.

The government loan is interest-free for the first five years. After that, a monthly interest fee of 1.75% will apply, and will increase each year in April in line with the Consumer Price Index (CPI), plus 2%.

Who’s eligible for it?

The new scheme is only available if you meet all of the following requirements:

• You’re a first-time buyer. You – and your partner, if you’re married or in a civil partnership – must not own, or have previously owned, any property or residential land in the UK or abroad.
• You are purchasing a newly built home. And you’ll have to make sure you’re buying the property off an approved developer who is registered with the scheme.
• The property must be your only property and your permanent residence.
• You can demonstrate you have a minimum deposit of 5% of the property’s purchase price, and that you have the means to keep up with the monthly mortgage and Equity Loan repayments.

Is there a limit to the price of the property I can buy using the scheme?

Yes, the government has introduced price caps for each region in England, so the maximum property price will depend on where you are buying.

There are the new regional price caps:

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