After statistics show that this January was the strongest in the property market since 2005, the hot property market of 2021 appears set to continue throughout 2022. 

According to Nationwide data, annual house price growth has increased by 11.2 percent, bringing the average value of a property in the UK to £255,556 after a sixth month of price increases. 

Month on month, prices increased by 0.8 percent from December 2021 to January 2022, reflecting the ongoing price increase. 

The stamp duty holiday scheme was a major driving force behind the recent data, with high mortgage approval rates and property demand also playing a role. 

Due to low stock levels in the property market as a result of the stamp duty deadline in September, purchasers have sparked a bidding war for houses, driving property prices up. 

Not only are property prices rising, but property transactions are also at their highest level since 2007. 

With current market conditions favouring sellers and Spring being often regarded as the best time to sell a home, now is the time to act. 

Find out your home’s value this March... 

The pandemic has sparked a dramatic rise in house prices across the country, with properties achieving 10.4% more in December 2021 than they did the previous year. * This is mostly due to a smaller supply of desirable homes clashing with greater demand, changing lifestyle trends, lower mortgage rates, and the recent stamp duty holiday.   

With the market experiencing such rapid growth, is now the best time to move? While buying is undoubtedly a more expensive enterprise than in pre-COVID times, mortgage lenders are still offering some good deals – especially for those with a larger deposit.   

The Bank of England is also considering loosening some affordability criteria in the coming months, helping first-time buyers borrow more. While this could increase your buying power, it might stimulate prices too.   

If you’re thinking about moving soon but only have a 5% deposit available, you could take advantage of the Government’s mortgage guarantee scheme, which runs until the end of 2022. Nationwide has recently estimated that a 10% deposit is currently over half of a first-time buyer’s annual income, so the scheme is great news for those struggling to get on the property ladder.   

House prices may also slow in growth, but this depends on the impact of the Omicron variant and whether rising inflation, interest rates, and living costs squeeze budgets enough to affect the housing market.   

So far, sales have remained strong despite increasing economic pressures. The good news is that spring brings more homes to the market as people look to wrap up a sale before the summer holidays, helping to stabilise prices. Therefore, if you’re looking to buy within the next six months, now might be the perfect time to take the plunge.  

Ready to discuss your options? Contact us today.  

*Nationwide 

Of course, you want to attract and select the best tenants - people who will take care of the property, pay the rent, and leave you with little to do. 

But where do you look for suitable tenants? 

Is there anything you could do to make the tenancy as painless as possible, allowing you to get on with your life? 

1. Delegate viewings to your agent. 

Use your lettings agency to handle viewings unless you have prior experience. 

In our situation, we have a lot of experience in the industry and will have a gut sense about the people who walk through the door. 

This, together with your brief, ensures that we are always prepared to 'vet' potential tenants. 

Have faith in your agent. If they're anything like us, they'll be aware of the type of tenant you're looking for and will make sure that any viewing requests are in line with your requirements. 

2. Work as a property matchmaker 

If you're searching for someone to live in your home who is as nice and tidy as you are, it's a good idea to have it photographed in that state, even if it's minimalist. 

You'll be more likely to find the ideal tenant who wants to live that way, and they'll be aware of the expectations you establish from the outset. 

When the images are taken, make sure your rooms are decorated or arranged suitably. 

3. Compile a shortlist 

It's easier to weed out undesirable tenants if you and your lettings agency ask a list of questions you've already prepared. 

Whether you're asking or we're asking, the responses will assist you in making a decision. 

Consider the responses you'll need to hear and tailor your inquiries accordingly. 

4. Conduct thorough background checks. 

Viewings have been completed, and you've identified some potential tenants. Bingo. But hold on a second. Now is the moment to complete those crucial checks. 

Even if you're letting to a friend, it's critical to do this part correctly. 

This is where we can help you the most. 

We'll do all of the legwork for you and recommend the people we think are the best fit for your property. 

Please contact us if you require assistance in leasing your property. 

We'll gladly assist you in marketing your property, finding a tenant, and completing any necessary inspections.

 

People become residential landlords for a variety of reasons. 

Often, it’s because someone wants to do more with their savings and sees property as a safe investment with a regular income.  

Here are a few things to consider when becoming a landlord if you want to take advantage of the current lettings climate:

1. Furnished or unfurnished

You must decide whether you want to rent out a completely furnished or unfurnished property early on. 

If you've inherited a furnished property, the decision may be straightforward. If this is the case, you may find that this appeals to a potential tenant, and you may be able to negotiate a better monthly rent. 

If you rent out a property that isn't furnished, you won't have to buy anything for it. Some potential tenants prefer this since they can furnish it with their own belongings and make it their own home. 

Don't forget, carrying out an inventory is a smart idea because it will impact your insurance coverage and may help to avoid disagreements at the end of a contract. 

2. Paperwork 

Being properly organised and up to date with paperwork from the beginning is one of the best suggestions for becoming a landlord. 

Having a lot of paperwork can be intimidating, but organisation is crucial. 

Not only will this ensure that you are not in violation of any legal obligations, but it will also ensure that you are aware of where everything is at all times. (It's also helpful when doing your accounts or double-checking information.) 

3. DIY or use a lettings agency 

Using a lettings service to find a tenant and set up the first agreements will relieve you of some stress. 

Our lettings experts use their local rental market knowledge to assist our valued landlords in managing their properties. For further information, contact our helpful staff today. 

4. Legals & Responsibility 

You'll need an up-to-date Energy Performance Certificate for a property before it can be let. 

Each property must have a gas safety certificate, and each property must have smoke alarms and a carbon monoxide detector. Any appliances or furniture must also meet the required safety standards.    

There are other regulations concerning a tenant's deposit and how it is held in a government-approved programme. We can help you with any of these if you need support. 

For expert property advice and becoming a landlord, contact our team of professionals below.