“Amidst the chaos and uncertainty, the property market is a positive beacon and a sign that people are finding ways to get on with their lives.”

Lockdown part 2 will not include a second lockdown of the UK housing market.

Within hours of the announcement by the Prime Minister, Secretary of State for Housing Communities and Local Government; Robert Jenrick confirmed that renters and homeowners will be able to move; removal firms and estate agents can operate; construction sites can and should continue; and tradespeople will be able to enter homes.

RICS also confirmed that, where appropriate, professional surveying services can continue, in a safe and secure manner, and that all activities must be done in accordance with existing government guidelines. In short, it’s business as usual!

When the property market reopened in May after the first lockdown, RICS provided detailed guidance for surveyors carrying out property inspections. I was involved in helping to draft the guidance, which was based on practical first-hand knowledge of what would be required. The full details are available here: https://www.rics.org/…/covid-19-guide—rics-physical-inspe…, but the main points require surveyors to wear appropriate PPE, maintain distance from any occupiers of the property, aim for minimal amount of contact with surfaces and sanitize equipment. In the heightened atmosphere of a second lockdown, there will clearly be greater emphasis on surveyors exercising caution, but the detail of this guidance remains.

Today’s business as usual is, of course, very different to standard trading environments we have known in the past. The property market has been turbo-charged since the easing of the first lockdown and announcement of the stamp duty holiday and it has exhibited some very particular trends.

The second lockdown is likely to entrench those trends of people looking for houses with more space, both inside and outdoors, and will most probably encourage even more people to move out of large cities and suburban areas. I recently spoke to someone from a removal firm who said they are used to providing 160 quotes a month. At the moment they are averaging more than 300 quotes a month and most of these were for people leaving London and heading to the sea and countryside.

It will be interesting to see what stance the government takes regarding the end of the stamp duty holiday for properties valued up to £500,000, which is scheduled for the end of March. There are already delays in the system, leading to speculation that many current transactions may not complete in time to beat the deadline, and the property industry has called upon the government to take action to avoid a cliff edge. This second lockdown adds weight to those calls. It may well slow activity in the market, which could help to clear the backlog being experienced across the chain from mortgage lenders through to surveyors, conveyancers and local councils carrying out searches, but will also provide added considerations and potentially more delays.

It’s business as usual as it can be at the moment. People continue to be driven to move home, motivated by personal and lifestyle reasons and there is still no sign of this activity softening. Amidst the chaos and uncertainty, the property market is a positive beacon and a sign that people are finding ways to get on with their lives.

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 housing market is to remain open during the second lockdown in England.

Uncertainty over whether estate and letting agencies will be classified as essential services under Thursday’s lockdown rules, has been clarified.

In a statement to the industry, the Government says: “Buying, selling and renting a home can continue, in a COVID-secure way, as it has in recent months. Estate and letting agents can operate, show homes and sales suites can remain open and property viewings, mortgage valuations and surveys can take place.”

Subject to approval, the regulations specifically state that activities relating to the sector are allowed to continue under exceptions to leaving home to undertake any of the following activities in connection with the purchase, sale, letting or rental of a residential property:

• visiting estate or letting agents, developer sales offices or show homes;
• viewing residential properties to look for a property to buy or to rent;
• preparing a residential property to move in;
  moving house;
• visiting a residential property to undertake any activities required for the rental or
• sale of that property.

V&H Homes have been operating under the Covid-19 Secure Guidelines since May and will continue to prioritise the saftey of our clients and staff whilst we remain fully operational.

We cover property sales and property lettings in Ashtead, Leatherhead, Fetcham, Epsom, Bookham and the surrounding areas.

If you are looking to sell, let, buy or rent a property, or if you are just looking for some advice, please call us on 01372 221 678.

If you’re the sort of person who enjoys watching shows like Homes Under the Hammer and thinks “I could do that!” then you’ve probably considered becoming a landlord at some stage.

But being a landlord is a tough business, and despite what some people may think, it’s not a licence to print money.

So, Rightmove have spoken to The Secret Landlord – who’s been letting, refurbishing and selling properties across the UK for almost two decades – for her top tips on what it really takes to succeed as a landlord.

An award winning landlord, as judged by the National Landlords Association, The Secret Landlord has provided accommodation for hundreds of tenants from all walks of life.

Scroll down to read their Q&A for some expert insight and hopefully you’ll learn plenty of top tips along the way!

RM: How important is budgeting as a landlord?

SL: It’s easy to get caught up and think little odds and ends don’t matter too much, but they do. Every penny of expense should be recorded and submitted. Accurate records need to be kept at all times. This will also make your life easier when they do make tax digital.

Too many investors worry about the big ticket items and don’t spend enough time thinking about the smaller spends. Money leaks out of businesses in weird and wonderful ways and you need to do your best to understand where it does to be sure you’re running an effective operation.

RM: How do you approach rent increases?

SL: Rent increases are controversial, especially when they involve long term good tenants. Rewarding tenants with no rent increases is one strategy, however another approach is to look at biennial incremental rent increases (market factors permitting). Small rises are an opportunity for you to remind good tenants they are being rewarded with a lower than market rate and allow you to build an ‘improvement pot’ to ensure your property remains in good condition.

It’s also important to understand the value of your business as a landlord where, unlike a homeowner, you will be a repeat customer for many trades and suppliers. This means you should seek out the best prices and service levels to provide the most you can for your tenants.

RM: How do you deal with things going wrong?

SL: No matter how much you try and future-proof and fool-proof a property it will always go wrong. Entropy is a fact of life. As an investor you must understand things will always decline, a roof will never fix itself and a problem will never go away until you solve it.

Solving problems always costs money and takes time and those things need to be factored in. Things will always take longer and cost more than what you initially expect, so it’s best practice to add another 10-20% to any estimate. If it comes in at price, you’ll be pleased with the ‘saving’.

RM: Is there much paperwork involved?

SL: Paperwork is a pain, but it’s also critical to ensuring you run a safe and reputable business. Records need to be kept of all ASTs, deposit certificates, gas and electrical work and ensure you diarise when things become due. Gas safety checks are annual, electrical checks are every five years, EPCs every ten years.

There are many free and low priced technical solutions available for making the headache of paperwork less stressful, which should be explored and used. Having adequate insurance is crucial, it’s best practice to also include legal expenses. Insurance is only as good as the policy small print, so it’s best to ensure you have a comprehensive one that fits your needs, not just the cheapest.

Be on top of when any guarantees, warranties and mortgage deals expire and shop around at least one month beforehand. Being prepared is key to getting the best deal.

RM: What’re your top pieces of advice for aspiring landlords?

SL: To make it as a landlord you need to be prepared for anything and everything to happen at a moment’s notice. It’s important to educate yourself and keep up-to-date with changing legislation. Landlord organisations are only a few pounds per month and offer excellent guidance along with helplines. There are also many resources available from property blogs to property forums and books. Building up a sinking fund is crucial and it’s advisable to save at least 15% of your rent for rainy days.

Like any business, buy to let has seasonal variances. Winter is worse for roof repairs, autumn for boiler problems and spring for windows and fencing. Adjust your budget so you can be ready for the year ahead. If you’re concerned by expensive boiler repairs, consider taking out a policy which protects the boiler in the event of an emergency.

Unfortunately, you cannot stop problems occurring, but the best course of action is to be prepared for when they do. If you’re going on holiday, or live far away from a property, it might be useful to take out an emergency policy to ensure repairs can be dealt with swiftly.

It’s not easy to always expect the unexpected, but planning ahead, keeping accurate records, having a good network of people and an emergency budget will help you sail through many storms.

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

As many of us get used to life away from the office, we have found that renters as well as buyers are looking to move into bigger homes with more space to work from home.

Our data analysts looked at the most popular homes among renters in September 2019 compared with September 2020, and the findings show a big change compared to this time last year.

In September 2019, the most in demand property type was a studio flat, followed by a two-bedroom house.

Last month, however, not only had two-bedroom houses overtaken studio flats as the most in demand home, studio flats had fallen seven places – behind bungalows and houses.

Across the rental market as a whole, asking rents have soared to an all-time high outside London to £964 per month, driven by record demand from renters.

Regionally, asking rents are up 4% in the South West and up at least 3% in the North East (+3.3%), North West (+3.1%) and Yorkshire & the Humber (+3.0%).

The number of rental homes on the market is up by 20% compared to this time last year, though because of increased competition, available stock is up by just 2% nationally, but up by 80% in London.

What’s happening in London?

London is the only region where rents are falling. They’re down 6.8% in Inner London, but in Outer London they’re up by 0.8%.

Asking rents have been falling since the beginning of lockdown in the capital, and are now an average of £110 per month lower than back on 23rd March at the start of lockdown.

Looking at property types in London, asking rents of studio flats are 3.5% lower than this time last year, one-bedroom flats are down by 3%, and two-bedroom flats are down 4%. Two-bedroom houses are faring better, up by 0.7%.

What do the experts say?

Our resident property expert Miles Shipside explained that high levels of demand for bigger rental homes, which are usually more expensive, have pushed asking rents to a record high.

He said: “Landlords with a large portfolio of studio flats may find they need to accept lower rents than over the past few years, although let’s not forget that overall rents have gone up by £100 per month outside London and £140 in the capital over the past five years so those with a longer term view will still be able to make some good returns.

“It will be the accidental landlords that have one property that need a good agent more than ever, to promote the attractive attributes of their buy-to-lets. I’ve heard from some agents that they’re now advising their landlords to turn part of the living room into a work from home space, or offering to install high-speed broadband for tenants as an added incentive.

“The rise in demand for properties that have more space and that typically have higher rents is helping push up average rents to new record highs.”

What are estate agents seeing?

Michael Cook, National Lettings MD at LRG, said: “We’ve moved more customers this September than any month previously, which is largely due to pent-up demand from tenants.

As some of the restrictions imposed during the pandemic began to lift, there was a documented surge in enquiries from renters who were restricted from moving over the spring. Changes to stamp duty also saw some investors take advantage of reduced acquisition costs of new properties and an increase in buy-to-let purchases.

However, we’re still seeing a gap in supply and demand and the need for more homes – many thousands more homes in the Private Rented Sector – is clear. At the same time, COVID has changed tenant priorities, with many now wanting bigger homes with gardens and a separate space to work in, and this now comes at a premium.

Demand for rental stock outside of London has outpaced that shown in the capital with a requirement for more home working space and gardens and a reduction in the need to be in such close proximately to the office, with more flexible homeworking being offered by employers. We’ve also seen houses increase in demand over flats with people looking to rent properties for longer, increasing average tenancy lengths.”

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

With many homeowners rushing to sell their properties and others looking to move thanks to the Stamp Duty holiday, homeowners have revealed the features they’re looking for, and the one’s they’re keen to avoid. According to new research from Hammonds Furniture, certain features could knock an average of £49,471 off your home.

Noisy neighbours, pet smells, pebble dash, being near a pub and the notorious Japanese knotweed are some of the most undesirable features of a house that would convince homeowners to ask for a discount or put them off a purchase altogether.

However, the two things most likely to put a potential homebuyer off a house were mould or damp on the walls (62%) and signs of a pest infestation (57%). Michael Patterson, Managing Director of WeBuyAnyHouse, claims these issues can knock a huge 20% off a property’s value, or £49,471 off the average house price of £247,355.

He said: “Mild cases of mould may not affect value too dramatically if all is needed is a dehumidifier and some mould-resistant paint, but very severe cases can reduce a property’s value up to 20%. Pests can also cause extensive damage, especially rats that are prone to chewing through electrics and wooden beams, which you would need to repair. Depending on the damage done, you could be looking at between 5-20% of a decrease in value”.  However, while it’s common to be put off by signs of disrepair and neglect that may cost a significant amount of money to fix, surprisingly, a large number of homebuyers also claimed to be put off by features that can be quickly rectified.

A third of people (33%) would be put off a house if it had a messy garden, which could knock off up to 20% of a properties price, according to Michael. A quarter (24%) of people would look elsewhere if the house had ugly wallpaper, and two in ten (19%) people would be put off by holes in the walls from hanging pictures or paintings. A huge 37% of people would find pet smells off-putting, and 28% would reconsider a purchase if a house had a weak shower.

Many features that are out of a property owners’ control have also been proven to be detrimental to the price of a property. Four in 10 (39%) people would reconsider a purchase if a house if it had a “messy looking” neighbouring house (39%), almost half would if they could hear noisy neighbours (48%) and a surprising three in 10 people would dislike the thought of a pub nearby (32%). Perhaps less surprising, 14% would be put off buying a house if the road had a rude street name.

Other house buyers also claimed that they would be put off by features that others might find attractive; one in 10 people (10%) wouldn’t choose a property if it had a swimming pool or hot tub, and 13% would dislike laminate flooring.

When it comes to features that house buyers would pay more for, a garden tops the list with almost half of all homebuyers (45%) claiming that they would pay more for outside space. This is closely followed by a garage (37%) a conservatory (31%) and a loft conversion (27%).

Only 15% of people would pay more to be close to public transport, just 13% would pay more for a log burner and only 8% of people would be swayed by smart meters in the home.
According to Michael: “A nice sized garden can add up to 25% more on a house price, especially if it is well maintained with a seating area for the summer. A carriage driveway can add up to 15%, and an attractive conservatory can add up to 10% to a house price. If a loft conversion can be used as an extra bedroom, it can add 20% to a property price.”

Holly Herbert, Head of Content at WeBuyAnyHouse, offers her advice:
“In general, to get a house in a good position to sell I would say decoration is key – freshly painted walls make a big difference, even if it’s the same colour as before, as it will make the place brighter and remove any scuffs and marks. Gathering all information about the house for viewers is also important; general running costs, council tax band, local transport links. Getting it all in one place so you have it to hand with no hesitation is something buyers appreciate. And don’t forget to take the best possible advertising photos.”

Kirsty Oakes, Head of Product and Marketing at Hammonds Furniture, said:
“We all have something in mind when we begin a search for our next home, but there are certain features that for many people could be an absolute dealbreaker. However, some of these features are surprisingly quick and simple to amend if you are looking to sell your house.

“If you’re selling, you can make your house look much more appealing by making some small changes, such as filling in holes in the wall or switching to a neutral colour pallet. A deep clean can make a huge difference to how your property is perceived, and well as clearing away extra clutter (even if you just store it in your car). Don’t be afraid to ask your neighbours to clean their garden as well!”

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

From Wednesday 8th July 2020 until 31st March 2021, if you complete on the purchase of a residential property you only start paying Stamp Duty Land Tax (SDLT) on the amount that you pay for a property above £500,000.

During this time, the special rules for first time buyers are replaced by the new reduced rates.

You can use the table below to work out the SDLT due:

EXAMPLES

Rectory Lane, Ashtead - £535,000

Previous SDLT: £16,750

Current SDLT: £1,750

Keswick Road, Fetcham - £1,200,000

Previous SDLT: £63,750

Current SDLT: £48,750

Levett Road, Leatherhead – £265,000

Previous SDLT: £3,250

Current SDLT: £0

Ruden Way, Epsom - £1,100,000

Previous SDLT: £ 53,750

Current SDLT: £ 38,750

Additional property purchases will also benefit from this reduction; however, they will still pay the additional 3%.

The following rates apply for additional properties:

Please see the government guidance for further details :

https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates

If you are considering selling your property in Ashtead, Leatherhead, Fetcham, Epsom, Bookham or the surrounding areas, call V&H Homes on 01372 221 678 or click on the below link to arrange a valuation.