The latest from Moving Works

Welcome to our latest newsletter. This month we share some property market insights. 

Firstly, we share news that rental growth has picked up for the sixth month in a row. Also, we look at how over 750,000 buyers have seen stamp duty savings.

To finish the newsletter, we show you how much you could save by re-mortgaging your home.

If you have been thinking about bringing your home to market why not start with our instant online valuation tool.

From all of us at Movingworks, we hope you continue to have a great March. Stay safe! 

Thirlmere Close Longton, £300,000

MovingWorks present to the market, this chalet style dormer bungalow situated in a central village location. The property is set on a large corner plot offering front, side and rear gardens. 

 

 Three Bedroom Detached

 

 Spacious Lounge Area

 

 Garage Suitable For Conversion As Residential Annex

Click here to read Thirlmere Close Longton, £300,000.

Hunter Avenue Tarleton, Preston £190,000

We are delighted to offer to the market for sale, a three bedroom detached chalet style House. This property is located in a quiet spot in Tarleton village, a short distance to local amenities.

   No Chain Delay

 

 Ground Floor Shower Room And First Floor En-suite

 

 Spacious Driveway For Off Road Parking

Click here to read Hunter Avenue Tarleton, Preston £190,000.

Hunter Avenue Tarleton, Preston £190,000

Movingworks present a three bedroom detached chalet style house. This property located in a quiet spot in Tarleton village, a short distance to local amenities.

 

   No Chain Delay

 

 Ground Floor Shower Room And First Floor En-suite

 

 Spacious Driveway For Off Road Parking

Click here to read Hunter Avenue Tarleton, Preston £190,000.

Gill Nook Walmer Bridge, £230,000

MovingWorks presents to the market this three bedroom detached property situated in a central village location. This property is situated on a corner plot at the head of a quiet cul-de-sac.

 

 Double Length Garage

 

 Spacious Lawned Garden

 

 Large Driveway

Click here to read Gill Nook Walmer Bridge, £230,000.

Liverpool Old Road, £90,000

MovingWorks present this opportunity to purchase a modern first floor flat situated within the desirable village location of Walmer Bridge ideally located for shops, amenities and transport links.

 

 Spacious Lounge

 

 Ideal FTB/ Rental Investment

 

 Double Bedroom

Click here to read Liverpool Old Road, £90,000.

Our Top Tips On Moving Home

You have found your new property and are excited to finally have the keys in your hand – now you just need to move your possessions from your old home into the new model. We have put together some top tips to make this process as stress-free as possible.

Choose the right removals firm
It may seem like an easy task, but finding the right removal company to help to transport all of your goods will make all the difference. Depending on the amount of items that you are moving, and the nature of the items (for example you may need a specialist if you are moving a high-worth object like a piano) you may need multiple firms to help facilitate your move. Do your due diligence and rely on testimonials, as well as recommendations from your estate agent and, if possible, have a company come and give you a quote based on the items you would like to be transported. We would also recommend booking as early on as time will allow, as often people will want to move on similar dates, such as school holidays.

Get planning
Planning for your removal early will help you to deal with any excess moving stress, as you will know that you have everything in hand. Once you have chosen the right firm, you can get planning – from which rooms to start packing first, to how you are going to pack your items up. The only way to truly stay on top of things is through using lists – make a list for each room you are packing up and create a timeline also so you have visibility of how much time you have on your hands. Decide how much material you will need to pack your items in terms of boxes and wrapping to keep items safe – people always underestimate the volume they will require so try to be as generous as possible in your predictions.

Pack!
Of course, packing the actual items up is the name of the game, but it isn’t just a case of throwing things into boxes – there is a subtle art to packing that will help to keep you organised. We would recommend starting from the top of the house and moving downwards – pack up what is in your loft according to the frequency with which you use the items and then move through each room methodically. When packing electricals, pack the cables separately and then bind the wires with masking tape and write on the tape which appliance the cable is for, and with clothes keep them on the hangers and pop a black bag over the top of them using an elastic band to hold the tops of the hangers together.

Create A Fact File
A fact file is such a useful goldmine of information – essentially it is an information document that you put together about your property including details of where the stopcock is for the water, the gas and electricity switches and so on which will help the people moving into your home enormously. Speak to whomever you are buying your property from and have them create one for you using your own as a template – try to include as much information as possible as this will help you in the long run. Information can include heating systems and how to use, any warranties or guarantees on items in the property, bin collection days, reliable tradesmen you have used, burglar alarm details, paint colours around the house – the list is really endless but it should act as a handbook to the property.

Summer Property Maintenance Tips

 

Now that summer is availing itself, many of us are making the most of our outdoor spaces and enjoying the uptake in the weather. However, whilst we enjoy being outside don’t forget to keep your property ticking along during the summer months. Here are a few maintenance tips that should keep your property in tip-top condition over the next few months.

Check your gutters
After the cold winter months with freezing temperatures, gutters are at risk of leaks and especially following the recent spell of rainy weather which can move debris into gutters, summer is the ideal time to check their health. Leaky and unsecure guttering can lead to bigger problems of water damage to your property, as well as being a fall hazard. Whilst you’re checking your gutters, go ahead and check your drainage system at the same time to ensure that there aren’t any blockages there, too.

Doors and windows
Similar to your guttering, doors and windows have been through a rough period by the time summer is in full swing. With the cold months of winter potentially cracking door and window seals, followed by spring showers causing further damage, it is imperative to check your doors and windows. Of course, if you have double glazing this is less of an issue, but checking that your seals are in order is certainly a good use of half an hour during the summer to stop any problems later on in the year.

Central heating
When the weather heats up, the temptation is simply to turn off the central heating, give the radiators a holiday and then start everything back up once temperatures inevitably plummet. Keeping the heating on a low-level through the colder summer days will keep the central heating system ticking over and also prevent any damp issues. During the summer, bleeding your radiators will also ensure that they remain efficient – if you’re unsure of how to do this then a quick search online will direct you to some intuitive videos. If you go on holiday during the summer, the same applies; keeping the heating on a low level may save you larger problems in the long run.

Sound the alarms
Whilst a check of your smoke and CO2 alarms may not seem like a particularly summery activity to be carrying out, you should be checking these units several times a year. By building these checks into your summer list of tasks, you are keeping yourself and others safe.

Insulation throughout the seasons
Updating your insulation may intuitively seem like a winter task, but part of keeping your home cool and comfortable in the summer is good insulation as this will stop heat penetrating the building. Of course, when it comes to the winter months you will also reap the benefits of insulation as it will keep the heat from escaping, ensuring a cosy property when the temperatures begin to plummet.

Property Market Springs Back To Action

 

With an estimated £82 billion of property transactions on hold due to coronavirus, the Government's announcement in the middle of last month that operations could resume, with the appropriate measures in place, was welcome news to many.

The immediate effect of the reopening of the property market could be seen clearly on the property portals – with a distinct spike in searches for properties the day after restrictions were lifted. Rightmove recorded over 5 million visits on 13th May and reported that sales demand doubled from Tuesday (when restrictions were still in place) to Wednesday.

The spike in property searches can be attributed to the many people who have had to put their property search on hold due to coronavirus and are now looking to move quickly in order to avoid their own chain collapsing, or just to take advantage of current circumstances.

A shift in attitude is also noticeable in terms of the types of mortgage which are being searched for – with a move away from remortgage loans to purchase mortgages. Mortgage technology firm Twenty7Tec reported a 27% week-on-week increase on 17th May for the volume of searches being completed.

“We are starting to see significant volumes return to the market – with searches for purchase mortgages in particular rapidly gaining pace. Searches for purchases are now at 44 per cent of pre-lockdown highs, up from lows of 15.6 per cent in mid-April” explains James Tucker, chief executive of Twenty7Tec.

Miles Shipside, Rightmove director and housing market analyst, said: “The traditionally busy spring market was curtailed by lockdown, but we’re now seeing clear signs of returning momentum, with the existing desire to move now being supplemented by some people’s unhappiness with their lockdown home and surroundings.

“Some may be unable or unwilling to move now, but those who are ready to take the plunge have jumped immediately into action.

“Unique enquiries on property for sale doubled from the day before, though we expect consistent momentum to rebuild over several months rather than weeks.

“With no new seller asking price data it’s too early to comment on price movements, though high demand is needed to support a stable market.

“If there are attractive lower deposit mortgages available it would help sustain the recovery in activity. The industry has been caught by surprise, as we were all expecting the housing market to stay closed until at least June.”

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Help-to-buy extension has been confirmed

The deadline for the current help-to-buy scheme is set to be extended by a further month – taking it to the end of March – in order to take into account delays to the sector caused by the pandemic.

 

Aimed at first-time buyers, it was during July 2020 that the practical completion deadline was initially extended from the end of December to February 28th this year.

 

This came down to matters regarding COVID-19 and how the current climate has drastically affected the property market as a whole, whereby the government were asked to rethink the date in order to benefit those looking to step onto the property ladder and move into a new build home.

At this point in time, practical completion can be done up until March 31st, however, that stands as the final deadline for legal completion.

 

The only exemption is where Homes England has previously granted extension to legal completion regarding those homes reserved before June 30th 2020, and who now have until 31st May.

Statistics that were officially published last year indicate that 278,639 new homes were bought on a help-to-buy scheme between April 2013 and June 2020.*

 

If you require further guidance or support, please don't hesitate to contact a member of our team today.

 

*GOV.UK

 

 

How the pandemic impacted the housing market

It would be somewhat of an understatement to say that the pandemic led to confusion and uncertainty for businesses last year.

 

The property market went through a lot in 2020, with huge repercussions on the way in which people now buy, sell, let and rent.

Not only did the various stages of buying and selling change, but we saw a massive U-turn in the way that the population thought about their homes, with Santander releasing data in September on record numbers of homeowners applying for loans to increase space and renovate.

 

More buyers were searching for bigger properties, including for larger family homes and increased outdoor space.

 

Something else that changed over the last 12 months – according to Editor of Luxury Daily, Alam Khan – is the way that affluent buyers are approaching the market; not only in how it will look but where they want it to be.

Prior to the pandemic, many high-powered business owners and working professionals would choose to live in their primary residence closer to the office.

 

However, many people have found remote working easier than anticipated, with companies able to save money and likely to close their physical premises completely.

It is safe to say that – overall – the pandemic has impacted the property market for the better.

 

Are you looking to move this year to better suit your working situation or lifestyle?

 

Browse our properties or speak to our local team for a valuation of your home. 

 

 

How to secure the snappy sale of your home this spring

If you’re planning to put your home on the market in the next few months, now is the time to spring into action (see what we did there?).

Traditionally, the property market booms in springtime, with many buyers and sellers opting to wait out the winter and make their move when the days start to get longer and warmer.

Click here to read How to secure the snappy sale of your home this spring.

Rental growth picks up for the sixth month in a row

The rental market has picked up for a consecutive sixth month, suggest sources in the property sector, with reports showing a 4.3% increase in January – which is 0.2% higher than the 4.1% figure in December.*

The South East topped the rental growth market, seeing a 10% increase in rents over the last 12 months.

The lowest rental region in the UK was the North East, with an average rental cost of £539 per month, whilst the highest region being Greater London had an average rent of £1,556; an approximate difference of 288% for the country's capital.**

What are the main reasons for this rental market growth?

Cost is an obvious drive for rental growth as we continue to see house values rise.

 

From 2007 to 2017, the property market saw the average UK house rise in price by just shy of £40,000, which has had a knock-on effect to tenants.

Another possible factor could be that – in the last 12 months – more and more people are becoming tenants due to so called ‘risk factors’, for instance, lengthy 25-year mortgages and not wanting to worry about house depreciation over time.

 

This has been amplified by those who have decided to rent for longer, such as first-time buyers delaying their purchase plans.

Changes in society also play a massive part in the rental market, as households are embracing the ability to move out easier and not being committed to a given property.

How we can help

With a tried and tested method to support landlords, we can help you maximise your property investments and make smart choices with your portfolio.

Contact a member of our team now to explore your options.

 

 

*Letting Agent Today
**Statista

 

 

750,000 buyers have seen stamp duty savings so far

It's been estimated that 600,000 homebuyers agreeing a sale from May 2020 onwards will not pay any stamp duty at all and are set to be saving £5 billion in total – that is an average of £4,660 each, according to Zoopla.

 

Last month, many questioned whether the further 140,500 waiting to complete would be able to do so in time for the March 31st deadline, but in light of the government's March Budget announcement, those concerns are no longer necessary.

 

Not only have the government extended the stamp duty holiday for another three months – taking us to June 30th – but the scheme will also have a staggered ending, with properties worth £250,000 or under eligible for savings of up to £2,500 until 30th September this year.

 

Along with an extended furlough scheme and the re-introduction of government-guaranteed 95% mortgage loans, these initiatives will protect the property market and mean that homeowners, first-time buyers and investors are shielded from a sudden withdrawal of support.

 

Who does this affect?

With the stamp duty only paid on completion, it has not only benefitted those already in the process of buying when this announcement was made but also acted as an incentive for other buyers to move before the original 31st March deadline.

 

This demand and more homes on the market has boosted overall activity levels in the property sector.

 

So, given the extension, it's predicted that we'll see a strong spring and summer for property sales, having already demonstrated above average seasonal averages for the previous winter.

 

 

What can I do to speed up my property transaction?

If you’re in the process of buying a home, there are a number of steps you can take to help make the conveyancing process go as smoothly as possible.

1. Make sure you have all the relevant paperwork to hand.

2. Respond to any additional information as quickly as possible.

3. If you need to sign any documents and return them to your solicitor, deliver them by hand.

4. Communicate regularly with your solicitor and estate agent to keep everything on track. Maybe agree to have weekly updates from everyone involved.

5. Prepare to be flexible. 

 

Research Director from Zoopla – Richard Donnell – commented last month that “demand for housing started 2021 as strongly as last year", going on to say that at the time, there was "limited evidence of new buyers being put off by the proposed ending" of the stamp holiday on the 31st March.

Contact us today for more information or to get started with your next sale or property purchase.

How much could you save by re-mortgaging?

Homeowners whose fixed rate mortgage deal has ended could save hundreds by just re-mortgaging!

When a fixed mortgage deal ends, you are usually automatically put onto the lender's Standard Variable Rate (SVR), which can cost borrowers more each month in repayments than if they actually re-mortgaged onto a new fixed rate deal.

Here are some examples to show you the savings when switched:-

How much could you save re-mortgaging with 40% equity in your home?

If a homeowner owned 40% equity in their home, they would look for a mortgage deal at 60% Loan to Value (LTV).

• The average SVR currently stands at 4.41%*
• The average two year fixed rate at 60% LTV is 1.67%*
• The average five year fixed rate at 60% LTV is 1.90%*

With a property valued at £250,000, mortgage borrowers looking to re-mortgage at a 60% LTV would be looking to borrow £150,000.

Using a mortgage repayment calculator, you can calculate that if this borrower was on the average SVR on a mortgage term of 20 years, they would be paying £941.70 per month.

 

If they re-mortgaged onto a two year fixed rate deal at the average rate of 1.67%, this borrower would pay £735.61 per month in repayment, a reduction of £206.09 per month.

 

If this borrower were to re-mortgage on a five year fixed deal at the average rate of 1.90%, they would pay £751.74 each month in repayment, a reduction of £189.96 per month.

How much you could save re-mortgaging with 25% equity in your home?

Those homeowners who own 25% equity in their home would look for a mortgage deal at 75% LTV.

• With a two year fixed rate average at 75% LTV, which is currently at 2.29%
• With a five year fixed rate average at 75% LTV, which is currently at 2.49%

If your property is valued at £250,000, a homeowner would look to re-mortgage at a 75% LTV, borrowing £187,500.

 

On the average SVR of 4.41% and a mortgage term of 20 years, repayments on the average SVR would be £1,177.13 per month.

 

Re-mortgaging onto a two year fixed deal at 75% LTV at the average rate detailed above, repayments would be £974.50 per month.

 

If the homeowner re-mortgaged onto a five year fixed deal at 75% LTV at the average rate detailed above, it would make their monthly repayments of £992.65, a reduction of £184.48 each month.

How much could you save?

There are many deals available offering rates below the average, which means for some borrowers, bigger savings could be made.

 

If you speak to a mortgage broker, they’ll be able to give you the best options for your circumstances.

Contact us today for more information or help finding the right mortgage deal for you.

 

 

 

*Moneyfacts.co.uk