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Research reveals how many people find problems with their home after moving
Some 20% of British people feel that they have compromised when finding a new home with those renting more likely to be unhappy than buyers, new research has found. They feel they like their home less than when they moved in and the reasons include not liking neighbours, finding the property too small and finding the upkeep too much. The poll by AA Home Membership found that 29% discovered a lot of problems after moving in and the same number didn’t get on with their neighbours while 26% confessed they moved in as the property was affordable rather than because they liked it. The research also found that 25% found the property too small after living in it for some time and 21% found it needed too much upkeep while 13% found it no longer suitable as their circumstances had changed. The results also showed some big differences between homeowners and tenants. Some 26% of tenants said they’d grown less fond of their home compared to 17% of home owners. Tenants were more likely to live in homes which had unexpected problems and not get along with their neighbours. Home owners on the other hand, were more likely to struggle with the upkeep of a property and have changing circumstances such as children leaving home which made their property less suitable. The cost of the property was the most commonly re-evaluated aspect cited by 32% and 27% said they had to compromise on either the location or the size of the home they chose. Some 19% moved somewhere that needed more work doing to it than they had originally planned and 18% had fewer bedrooms than they wanted. A quarter of those who made a compromise were unhappy about having to do so. Those aged 18 to 24 were the most fussy with 31% of them saying they made a compromise begrudgingly. ‘It must be quite disheartening to find that your home is not all you hoped it would be. Some issues such as property maintenance and anti-social neighbours may only become apparent over time and may not have been a cause for concern when the householder chose the property,’ said Helen Brooker, head of AA Home Membership. ‘It’s pretty common for people to have to compromise when looking for somewhere to live as after all, not many people can afford their dream home. Even if you find your ideal property, the housing market is so competitive there’s no guarantee you’ll get it,’ she explained. ‘Others, particularly those who are looking for somewhere to live with a partner, may find that they have different tastes and opinions and may find it difficult to agree on what they want,’ she added. Continue reading
Average UK prices up 1.4% in May, latest data shows
Average UK house price increased 5.6% annually and 1.4% on a monthly basis in May, taking the average home price to £212,495, according to the latest data to be released. In London the market is seeing significant growth again following reservations around the general election with prices up 16.7% year on year and 3.4% month on month to an average of £536,286. Sales in London have recorded their biggest monthly uplift since August 2014 and the monthly data report from haart estate agents also shows that in May there were 11 buyers chasing each available property across the country but this rises to 20 in London. Overall data from the firm has now shown a steady upward trajectory for UK property prices since November 2014, which has been driven by high levels of demand in relation to supply. Average first time buyer property prices across the UK are also on the increase, up 4.3% annually and 1.7% on the month. The number of new buyers registering has increased marginally on the month in May, up by 0.3% since April. However, the number of new buyer registrations is down 12.7% annually. But the firm says that given the particularly high levels of buyer activity in 2014, a fall in the number of new buyers is to be expected. The volume of new property instructions coming to the market has increased 2.6% on the month and haart says that this emphasises that sellers are feeling confident when it comes to putting their home on the market. There are now 11 buyers chasing each property for sale across the UK, which is a slight fall in activity levels on an annual and monthly basis but still shows that the market is busy, with consumer confidence high. The average loan advanced to a first-time buyer has increased 4.2% annually to just shy of £130,000 which the report says reflects strong institutional confidence in lending. As with the number of new buyer registrations, first time buyer registrations have fallen annually, which is a reflection of the strength of last year’s market. The data also shows that the North of London is the most expensive postcode area in which to buy with prices up 36% annually to an average £667,944. The North West is the only postcode area where the average property price is still less than £400,000. Paul Smith, chief executive officer of haart pointed out that with all this positivity in the air and continued low mortgage rates more people will aspire to buy, and without accompanying fresh supply property will become more unaffordable. ‘First time buyer activity in London is down significantly with 30% fewer first time buyer registrations in May 2015 compared to May 2014. The result will be that young professionals are driven from key areas as they can’t afford to live there,’ he said. ‘This is bad news for local economies and the UK as a whole and we need at least… Continue reading
Rise in people looking to rent their property on a short term let
Just over a quarter of letting agents in the UK have seen a rise in the number of inquiries for short term lets, according to new research from the Association of Residential Letting Agents. The latest report from ARLA reveals that 26% of letting agent members have reported a rise in this sector where lets are classed as under 90 days. Such a tenancy is regarded as having many perks such as offering landlords a quick income and providing people with an alternative to hotels. However, there are legal requirements involved in the process and ARLA says it is easy to get it wrong. Homeowners, who are looking to let their property out short term should ensure they’re complying with the law, ensuring best practice and making the most of their property. ARLA advises landlords to check mortgage or tenancy agreement to ensure you are permitted to rent out your property and to use a reputable agent. For example, an ARLA Licensed agent will not only help with marketing and finding tenants for your property, but also ensure that all legislation is being met, whilst you happily benefit from the income. If you go through an agent, using them to manage the property as well means you don’t have to worry about maintenance on the property as the agent will do that for you. For landlords who are letting their property out because they’ve had to move away or are abroad, this will be invaluable in making the process as pain free as possible. Landlords also need to ensure the property is in a decent condition including being clean and tidy with little clutter. Also, all of the furniture in the property needs to comply with the relevant safety legislation and vital safety checks will need to be carried out before you make the property available for a short let. If you are only letting your property for a couple of weeks, for example during Wimbledon or whilst you go on holiday, ARLA’s advice is to make sure someone visits it regularly. Consider having someone come in every day to clean and change the bed sheets. This will mean your property is kept in a good condition for when you return and also ensure that a short term license does not become a full statutory tenancy. ‘Short term lets can be hugely beneficial for both tenants and landlords, offering freedom and convenience for both parties. A short let can also be a more profitable option as you may be able to charge a higher rent than you would if you were letting a property out full time,’ said David Cox, ARLA managing director. ‘We’ve already seen a massive rise in the number of enquiries for short term lets and with the rising popularity of websites like Airbnb this is only going to continue. Landlords looking to let their property out short term should follow our simple tips to ensure they’re… Continue reading
