Briefly discussing the housing market in his third Budget as chancellor, Phillip Hammond announced that he will extend the cancellation of stamp duty for first-time homebuyers on properties up to £300,000 to first-time buyers of shared ownership properties valued up to £500,000.  He also stated that the measure would be retrospective, so that any first-buyer who has bought a home since the last Budget will benefit.

According to Iain McKenzie, CEO of The Guild of Property Professionals, removing Stamp Duty on all shared equity purchases up to £500,000 is great news for prospective homebuyers getting into the market for the first time, but will do little for those who currently own property and wish to trade up. “Since the abolishment of the stamp duty for first-time buyers, many more people have been able to get their foot on the first rung of the property ladder. In fact, as Hammond announced, the number of first-time buyers purchasing property is at an 11-year high. However, it seems that the last two first-time buyer incentives have been designed to drive the focus away from the traditional second-hand market. Initially Help to Buy and now the incentive to buy shared equity property,” he says.

More money for Housing Infrastructure Fund

Hammond also announced that he will give a further £500m to the Housing Infrastructure Fund, which is designed to enable a further 650,000 homes to be built. “The demand for housing in the UK has long outweighed the number of available properties. This further allocation of funds will assist the government in addressing the housing shortage and will create more opportunities for people to become homeowners,” said McKenzie. 

Housing on the high street

McKenzie adds that another interesting point that the Chancellor made was turning unused commercial spaces on the high streets into residential housing, again in a bid to ease the burden of the housing shortage, as well as rejuvenating the high-street and creating more foot traffic past high-street businesses. An amount of £675 million will be put into a future high street fund to redevelop un used areas and help the high streets adapt and increase interest for local businesses.  

Lettings relief limited

In the Budget, Hammond said that from April 2020 lettings relief would be limited to properties where the owner is in shared occupancy with the tenant. “The lettings relief is often used by people who have difficulty selling their home, whereby a maximum of £40,000 of gain per owner is exempt if the property is rented out. It seems that small landlords are being targeted again with the reformation of the lettings relief, as it is only available where the owner and tenant are in shared occupation,” adds McKenzie.

International investment

Permanent tax relief has increased from £200,000 to £1 million for 2 years to encourage more investment. “With many international property investors adopting a wait-and-see attitude towards the UK before the Brexit decision, a tax relief could be a great incentive to allure them back in and encourage further investment in the country. However, the extent of this will remain to be seen,” said McKenzie. 

“Overall an encouraging Budget for housing in the short term, but the real question remains. What is the government’s long-term strategy? More still needs to be done to encourage transactional volumes and price growth in all sectors,” he concludes.

When it comes to selling your property, making a good first impression is imperative. Our Guild agents share their expertise and identify the top 10 biggest turn-offs for prospective buyers and how to avoid them.

1. Clutter

Clutter is not only distracting, but it could indicate that the property does not have adequate storage. 

Nick Manson from Mansons Newcastle upon Tyne said: “De-cluttering is a great way to increase your chances of completing a sale, but that doesn’t mean that you have to part with your prized possessions. You can box them up and store them in the loft or garage. If this is not an option, ask family or friends to store them. Failing that, there is always the option of self-storage.”

Creating a clutter-free, minimalistic environment will help buyers visualize themselves living in your home. Additionally, too much furniture can make a property seem a lot smaller than it is. 

2. Smells

No matter how pleasant your home appears, persistent odours such as the smell of pets, cigarettes, or pungent food can be detrimental when it comes to selling your property.

Simon Bradbury from Thomas Morris Cambridgeshire explains: “An unpleasant odour is sure to put off a prospective purchaser or tenant. Whether it’s the whiff of stale food, pets or even something more… ‘human’… make sure that your property is free of unwanted smells. Ask a trusted friend to give your home a ‘sniff test’!”

It’s better to be safe than sorry, so we suggest opening your windows to air out your property before a viewing and use air freshener or light a candle to ensure your home doesn’t smell unpleasant.

3. An untidy exterior

Overgrown, unkempt gardens are a big no-no. Abby Wheeler from Keats Estate Agents Haslemere said: “The first thing viewers see is the exterior. Ensure your bins are not overflowing and your pathway is weed free. Do whatever you can to make your home feel inviting from the outset. Don’t forget, our viewers have probably already done a drive-by before making an appointment.”

4. Noise

Most people expect their home to be a place of peace and tranquility. It may not always be preventable, but there are steps you can take to reduce unwanted noise from your property.

Mandy Thomas from Keats Estate Agents Haslemere said: “Upgrade your glazing or install sound proof fencing. Alternatively, try to avoid organising viewings at busy times of the day such as rush hour, when traffic will be particularly bad.”

5. No natural light

Light and warmth are two of the most important factors to attract a buyer for your home, especially in the colder months of the year. Angie Kraft from Simmons & Sons Henley-on-Thames explains: “A cold or poorly lit home can be an instant turn-off  to potential buyers by making the property appear dingy and dark in places. If this is the case, it gives the impression of a house that is unloved and uncared for.”

Resolving this issue can be simple. Philip Trollen from Keats Estate Agents Haslemere said: “Natural light is very important as dark rooms are always off-putting. Ensuring the room is well lit, whether that be naturally or with staged lighting is quite simple to do. Make sure the curtains are open and remove those net curtains!”

6. Bad décor

Avoid controversial or quirky décor in your home as it is not to everyone’s taste. What you think is retro, others may consider dated. Bold colours and patterns can turn-off a prospective buyer, as it is important for them to see themselves living there and décor plays a huge part in this.

Simon Miller from Holroyd Miller Wakefield said: “Replace heavily patterned retro carpets, when purchasers are greeted with such a carpet all they see is decades of dirt and grim – I can guarantee the viewer will want to leave as soon as they’ve stepped through the door.”

7. Nightmare neighbours

Nobody enjoys noisy or messy neighbours, especially not a potential buyer. This is something you cannot change, but it is something you can manage. Whether their garden hasn’t been cleaned in years, or their pet dogs incessantly bark, get to know your neighbour and perhaps they may be able to help. If all else fails, organising viewings for when they are not home might be beneficial, too.

8. Poor presentation

Poor attention to detail such as: flaking paint on soffits, grubby kitchen units, tatty net curtains, unemptied ashtrays and nicotine stained walls are taken into consideration when viewing a property.

Lizanne Simmons from Penny & Sinclair Oxford said: “First impressions are massive and we often find ourselves apologising for the sights of the less cared for properties. We always arrive early to a viewing to open the windows, curtains, close the lids to the toilets and pull a duvet into position here and there.”

Simon Bradbury from Thomas Morris Cambridgeshire said: “Dirty kitchens or bathrooms are not a nice thought and certainly not something that a viewer will want to see. My best advice: have the property professionally cleaned before going to market.”

Small and affordable fixes such as: freshening up the paint work, or having your home professionally cleaned will make a world of difference and worth it in the long run.

9. An unexpected problem

Martin Moore from Morris Marshall & Poole Mid Wales said: “There is nothing worse for a viewer than turning up to find there is a significant issue with a property which they were not aware of such as a structural defect, a problem with something in the neighbourhood or compromised accommodation. It is a wise precaution to maintain compliance with Consumer Protection Regulations, but it also makes good business sense – the viewers are more trusting of us and willing to discuss the issues and the available solutions.

10. An over zealous vendor

It is common for a vendor to want to take part in the viewing or show off their DIY aspects of the property. However, vendors being present at viewings may not always be a good thing. 

Stephen Ingram from Penny & Sinclair Oxford said: “A seller that follows the viewer around is never well-received. With the best intentions, those scenarios always highlight why it’s best to leave it to your agent.”

Take a step back and let your agent do the work, it is their job after all and you will thank them later.

Source: guildproperty.co.uk

Are you dreaming of building your own home? It can be a complicated process, so here are some top tips.

- Carefully consider the land’s location, size, and surroundings. Would the property fit in with the neighbours? This will be crucial to get planning approval.

- Always do a land registry search. It’s affordable and can tell you a lot about the land you’re considering. The search will tell you if the property is registered. Unregistered land can take time to get papers in order.

- There are many checks to do before you build. Depending on the scale of your project, you’ll need a bat survey, an asbestos test, and a geotechnical survey. Check there is no Japanese knotweed on the property, and ask the Council if there are any tree protection orders. Without these, unexpected building costs can arise, which can add thousands of pounds to your build cost.

- Put an inquiry into the planning department for £140 to see if they will grant full approval to build. It’s good to do this before you buy to guarantee approval.

- Employ an architect or an architectural designer. Visit the RIBA website to find a list of local firms.

Are you looking for land? Contact Sawdye & Harris to find out what is on the market in your area. 

TOP TIPS FOR CHOOSING AN ESTATE AGENT

Selecting an estate agent to market your home can be a daunting task, especially with so many to choose from. When trusting someone to sell your biggest asset, it’s essential you know what you’re signing up for in order to get it sold quickly, professionally and achieving the best price possible. NAEA Propertymark have outlined a few things to consider before choosing an agent.

Make a shortlist

Start by creating a list of possible agents. Reach out to family, friends and neighbours for any recommendations. It’s important you do some research to see if the estate agent not only marketing but is also actually achieving sales on your type of house in your area, as some estate agents specialise in specific types of properties. Consider looking on online sites such as On The Market, Rightmove, or Zoopla and check that the estate agent has taken attractive pictures of all the important features of the houses they are selling.

Ask questions and get a valuation

Once you have narrowed down a shortlist of possible agents, arrange a visit to their office to meet them face-to-face as this is a good time to determine if they are friendly, professional and knowledgeable. Following this, contact a few different agents to provide a valuation and marketing strategy individually for your property and ask them what their advice is for a successful sale. They should be able to provide some local comparisons and reasons to justify the price they have come up with. Ask lots of questions and make a mental note of the agent’s punctuality, politeness, knowledge of the process and management of your expectations.

What are their fees?

You will then need to look carefully at the nitty-gritty of the contract and the agent’s fees. If you are selling your house using a traditional, high-street estate agent, their fee will be based on a percentage of the price paid by the buyer, but as in any contract check what you are paying for and what is not included. In order to avoid unexpected costs, don’t sign anything that you don’t understand and make sure to ask about anything that is not clear. Avoid tying yourself into a long agency period.

Check industry credentials

Remember the industry is as yet unregulated with little barrier to entry. It’s wise to choose an estate agent that is a member of a trade body, who applies to a strict code of conduct, as this indicates a higher level of professionalism and diligence. NAEA Propertymark Protected agents will give you the assurance that your estate agent follows best practice, meets all requirements of the profession, has voluntarily chosen to be regulated and works to high industry standards. They hold professional indemnity insurance and if they are holding monies are required to be covered by Client Money Protection to give you peace of mind throughout the sale of your house.

See what kind of service is offered

Don’t be afraid of asking lots of questions about the service offered. This includes finding out how easy it will be to get hold of your agent, and how often they will update you on their progress. As a seller, you need to be fully involved and informed at all times. You also need to trust that the agent is batting for you, not the buyer.

Find an agent you can trust

Finally, as a homeowner, having an estate agent that you believe in is a must. Whether through local word of mouth, testimonial or Internet reviews, start off on a good foot with an estate agent that you feel confident in, and with whom you have empathy.

Mark Hayward, Chief Executive, NAEA Propertymark comments: “Choosing the right estate agent is crucial to the successful sale of your property. Working with a professional agent who has an in-depth understanding and appreciation for the local and regional market place will ensure your property is marketed effectively to the right buyers. Contrary to common thinking, not all agents are the same and some will be more effective than others so it’s important that you do your research.

“Picking the right estate agent to market your home can make the whole process run smoother but can also make a difference to the general experience – which should be a very positive one.”

SOURCE: NAEA PROPERTYMARK

TOP TIPS FOR SELLING YOUR HOME THIS SUMMER

The summer can be a difficult time to sell a property, with holiday season in full swing and families spending time entertaining their children rather than house hunting. However, there are many advantages of marketing a home in the summer and we have a few simple tips and tricks to help you to attract those summertime buyers.