Welcome to your monthly property update!

Santa Specials16 - 17 December 2023

Experience a magical journey to Lapland Central, tuck into seasonal treats in Mrs Claus’ Kitchen and take part in festive activities!

Meet Santa in his beautiful grotto and receive a quality gift!

Click here to read Santa Specials16 - 17 December 2023.

Devonshire Avenue, Lincolnshire, DN32

This is a superb four/five bedroomed detached house standing in this sought-after, established...

£465,000

Click here to read Devonshire Avenue, Lincolnshire, DN32.

The Green, Waltham, DN37

Welcome to this stunning five-bedroom detached home, brought to you by Carr and Carr, builders of...

£610,000

Click here to read The Green, Waltham, DN37.

Ten reasons why the 2024 property market is looking good

2023 was a better year than expected

Next year is already off to a good start on the back of a much less bleak 2023 than anticipated. Many doom-mongers had predicted the worst, but the annual national average asking price in November came in at -1.3%.* When you consider the rapid growth in prices over the last few years, this is insignificant. In fact, in October 2023, the monthly change in the national average asking price increased by 0.5%.*

Realistic pricing

There are no hard-and-fast rules. All properties are unique, and first-time buyer home prices have remained the most robust. This will continue in 2024. But with house prices no longer rapidly increasing, the market is in a better place and more reasonable pricing is prevailing. There is also slightly more room for negotiation on bigger homes. Because of this, it’s vital to value and price your home correctly in the coming year.

Stabilising interest rates

Interest rates were held at 5.25%** for the second consecutive time by the Bank of England in November after months of increases, thanks to falling inflation. This has created more certainty and stability as we enter a new year. There is a wider acceptance that mortgage rates will not return to the super-low levels of the past. This is ushering homemovers into getting on with their moves and not waiting any longer with a life-is-for-living attitude. And with many banks not passing on the increase in the base rate to mortgage rates, if there is another increase, then your mortgage will not necessarily cost you more.

More mortgage products to choose from

Your mortgage benefits from a more stable base rate. This leads to a greater choice of cheaper mortgages appearing on the market. Moving home mortgages or porting your mortgage allows you to move home with your existing mortgage. This year has seen an increase in mortgage support schemes and longer terms, which make moving with higher interest costs more affordable. A good mortgage advisor, like a good agent, can be the key to making your move more possible and can explore options such as offset mortgages, and interest-only mortgages. Next year, we should see a bigger increase in choice as the market settles.

As mortgage rates decrease property prices will increase

Some analysts predict that mortgage rates will decline in 2024 and that house prices will rise towards the end of the year. But there is little point in waiting for this to occur, as property prices right now are reasonably priced. Putting off moving to later in 2024, when mortgage rates may decrease, will not save you any money. As property prices increase, any savings you thought you might gain by waiting will be lost.

A returned-to-normal market

The market has returned to the more normal levels of 2019. With reasonable pricing, strong demand, and good levels of affordability, 2024 promises to be a better year. Prices could not continue to rapidly rise as they have in recent years. Looking ahead, the property market is strong, resilient, stable, and far less frantic than in recent years. This year has seen a re-adjustment and the re-emergence of a market that will allow you to enjoy your home move with more time and less haste.

The Christmas and New Year surge

In 2022, the number of views of homes for sale on Rightmove jumped by 20% between the week of Christmas and Boxing Day.* Thousands of homemovers start viewing properties over Christmas as homes appear on the market in time for the Boxing Day home viewing frenzy. Getting an early start to the year ahead will create renewed buoyancy in the market. Your home will sell quickly, and there will be plenty of homes for you to explore. Perhaps it is also hard-wired into many of us that we like change as a new year appears.

Good growth

With improved levels of affordability, a renewed vibe at the beginning, and an expectation of lower interest rates by the end of the year, 2024 is looking good. Many people are eager to get moving after postponing their plans to wait and see what happens. With competitively priced homes entering the market and this pent-up demand, 2024 could see good levels of growth.

Properties

Whether you are window shopping or seriously seeking the property of your dreams, you will notice a huge variety of beautiful properties appearing on the market. With for-sale signs sprouting on your street and property portals. Homes and investments in all locations, from first-time buyers to large, luxurious, or compact apartments, will give you a greater choice than in past years. And finally, you make your move to a better way of living.

Your agent will make it easy

Estate agents are evolving and being less rushed than in previous years, they will have a lot more time for you. But don't be fooled into thinking this is due to a lack of market activity. The market will remain strong, resilient, and buoyant and feel less frantic. Agents are connected to vast databases of homemovers and mortgage advisors, and with the ability to price your home correctly, they make moving easy.

Need any more reasons to make your move happen? Contact us

Rightmove*
Bank of England**

Why buying now could be a really great move?

Timing is often on the minds of many homemovers. You want more. You want to move, but you ask yourself: Is it the right time? This can be for an entire host of reasons, and in many ways, it does not exist. Often, the amount of time you have invested in a property supersedes anything else, including financial elements. If you have a lot of equity in your home or are a cash buyer, you probably don’t worry too much about interest rates. If you are moving to a region where you have more space for your money than your previous location, then you still stand to gain. Perhaps you are moving for emotional reasons, and while the numbers are important, they are not a priority. But if you are someone who likes to be a bit savvy, it’s all about anticipating the market ahead. In fact, average asking prices in October 2023 increased by 0.5%.*

2024 has been built on good years

Many properties have had a small fortune spent on them in recent years. If you are thinking of moving now, you will find a high standard of interesting, inspiring, and, in some cases, breathtaking properties. There are still plenty of projects to be found that are both characterful and modern, with a little room for improvement in the mix as well. Over the past few years, prices have rapidly increased, allowing your home to gain equity quickly. Yes. There was a little bit of a lull in 2022, but it was nothing like the bleak picture that the mainstream media painted. This allowed the property market and you to catch your breath. Letting off a little steam is a healthy thing; it prevents overheating and keeps the market stable.

Many home movers are making an early start

A lot of homemovers will put their homes on the market over Christmas, and many more will be viewing them; it’s become a tradition. As you feast on Christmas fayre your eyes can gorge on stunning homes and investments. Suddenly, it will be 2024, and offers, viewings, and more valuations will keep agents busy. But not in a frantic way. Though all this activity will keep prices healthy, unlike in recent years, they will not get carried away. This early momentum makes it a good time to find a property and plant a for sale sign at your address.

Get ahead of the market

There are positive signs that the market has stabilised thanks to settling interest rates. There is much talk of the property market ascending as 2024 progresses, so by moving now, you can get ahead of the curve. Prices may fluctuate marginally, but the strong demand for your home means your property will retain its value. So, buying now before prices start increasing more rapidly could be the way forward. Valuing your home correctly with a skilled and knowledgeable agent is critical.

Defeat higher mortgage rates

With the right mortgage advice, you may find that you are already further ahead than you realise. In October 2023, the number of mortgage products stood at 5,495, which is the highest in 15 years.** Moving home with your existing mortgage (known as porting) or taking out a longer-term could counter the effect of today’s higher interest rates.

Final thoughts

It’s understandable to feel a little anxious with so much change occurring in 2023. A lot of what is churned out in the media is negative, and this does not help. But by focusing on your unique situation with the right agent to advise you, there are many doors open to you that will lead you to the right home. In fact, buying now could be the best move you ever make.

Get in touch to get a true understanding of what is possible for your 2024 property plans

Rightmove*
Moneyfacts**

How to present your home for a viewing in 2024?

Have you placed your home on the market with the goal of relocating in the new year? If so, you should make sure your home looks irresistible when potential buyers come for a viewing. Let's look at what you can do to improve your chances of receiving the offer you desire for your home.

Give your home some kerb appeal
First impressions are crucial. Because of this, your property's exterior must be appealing so that prospective buyers are impressed before they even step foot inside. One way to achieve this is by giving your door a clean, and maybe even a lick of paint. If you have a front garden, you should mow the lawn, trim any shrubbery, and get rid of any weeds that may be growing on your driveway or patio.

Open up the space
It is important to make sure your home is clutter-free, as a clean and organised interior showcases the full potential of a property. A tidy living area allows potential buyers to envisage themselves in that property, increasing the likelihood that they will make an offer. A cluttered property will distract people from your home’s features and may even give the impression that the property has not been maintained properly, so it is always best to present the interior of your home in an attractive way.

Make the necessary repairs
Before showing your home to prospective buyers, make sure all necessary repairs have been made, as this will give them confidence that the property has been well maintained. A property that has no issues will likely achieve a higher asking price and sell faster, as potential buyers will be more encouraged to make an offer. A well-maintained property also gives you leverage when negotiating a price for your home, and the buyer is much more willing to make an offer that matches your asking price.

Let some light in
In order to create a bright, welcoming ambiance that will attract prospective buyers, it is important to let in natural light before a viewing. As well as improving your property’s aesthetics, natural light will make your home feel more inviting and spacious. Good lighting will really show off your home’s features and character, making the buyer more likely to be tempted into making an offer.

Freshen up the air
Allowing fresh air into your home is a great way to create a pleasant and clean atmosphere. A well-ventilated home removes bad odours and reduces the effects of damp and condensation, which could put off potential buyers if present. Creating that fresh feel in your home could make all the difference when potential buyers consider making an offer.

Looking to move to a new home in 2024? Contact us today

Interested in buying a leasehold property? Here’s what you need to know

If you are looking for a more affordable way of finding a new home or entering the property ladder, buying a leasehold property could be the best option for you. With lower upfront costs and fewer maintenance responsibilities, this type of property can offer a more relaxed experience for buyers. Whether you are buying your first home or simply looking to relocate, it is essential that you understand the complexities of leasehold ownership. Here’s everything you need to know...

What is a leasehold property?
When purchasing a leasehold property, the leaseholder acquires the right to use and occupy the land and the buildings on it for a certain period of time, while the freeholder who grants the lease retains ownership of the land. This differs from purchasing a freehold property, which grants the owner complete ownership of both the land and the buildings on it for an indefinite period of time. The freeholder is responsible for any necessary repairs and the upkeep of the property throughout the duration of the lease.

Lease duration
Leaseholds have a specified duration for which the leaseholder has the right to occupy the property. The length of a leasehold can range from a few years to several decades, with 99, 125, and 999 years being common durations. The length of a lease can have a significant impact on the market value of a property, as a longer duration is often regarded as more reliable for buyers.

Ground rent
The regular payment from a leaseholder to the freeholder for the use of the land on which a home is situated is known as ground rent. The amount and payment frequency of the lease is stated in the contract, and costs £10-£500 per year, with the average leaseholder in the United Kingdom paying just £50 per year.*

Service charges
Leaseholders are responsible for paying service charges, which are used to pay for the upkeep and maintenance of communal areas and facilities such as corridors, gardens, and exterior walls. The freeholder is responsible for making any necessary repairs to the property as well as making sure it is properly insured. The lease agreement should specify in detail what the freeholder is responsible for and should also detail the leaseholder's financial responsibilities.

Lease extensions
If certain criteria are met, leaseholders may have the choice to extend their lease period, which can provide peace of mind and increase the value of a property. The leaseholder is only eligible for a lease extension once they have owned the property for at least two years. The safest way of extending a lease is by the leaseholder giving the freeholder a statutory notice expressing their desire to extend the lease by 90 years and stop paying ground rent. The price will be negotiated between the two parties and then decided upon mutually. If a freeholder decides to sell their property, the leaseholder legally has the right of first refusal.

Professional advice
Before buying a leasehold property, it is important to check through the lease agreement to make sure all the details are correct, including the duration of the lease, the cost of ground rent and service charges, and the options for extending the lease in the future. It is important to talk to your estate agent when you are looking to buy a leasehold property, as they can help with finding a suitable property, explaining the terms of a lease, and negotiating ground rent and service charges.

Looking for your next home? Get in touch today

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