April's market update

April's market update




Is April still a good time to sell your home?

 
The predicted spike in buyer demand is getting into full swing. Spring has always been a great time to sell, as buyers look to settle into their new home in time for the summer.
 
According to recent data from a well-known property portal, valuation requests have shot up by 27% compared to the same period last year. While March lived up to its reputation as the strongest month for sales, April is a close second as buyers continue to compete for homes. *
 
If you’re hoping to sell, you may also be on the hunt for a new home. To land your dream home, it’s crucial to be able to make a serious offer. That means getting your property spruced up and ready for its time on the market.
 
Don’t forget that many buyers now prioritise outdoor space to enjoy in the warmer months, so if your home has got it, flaunt it!
 
Make sure you are prepared for your April sale by contacting our team of experts.
 
 
 
*Rightmove



Five key questions every homebuyer should ask

 
From assessing your finances to booking a viewing, you have a lot to think about when searching for your dream home. By asking a few key questions, you can be confident you’ve chosen the right property.  

Here are five to start with:     

 

1. Has the property been on the market for a long time? 

It’s normal for a home to take a few months to sell. After that, you may need to dig a little deeper to discover why the property has been on the market a little longer than usual.  

By pressing for more information, you could save yourself any worries in the long run. 

 

2. Have there been any significant alterations? 

It’s always a good idea to check what renovations or extensions have taken place over the years. Of course, we recommend having any property professionally surveyed before signing on the dotted line.  

 

3. What is staying with the property? 

When you set your heart on a home, it’s easy to get caught up in the big picture and forget about the finer details. Do you know what the current owners are leaving behind? How will this affect your moving arrangements and budget? Make sure any remaining items are listed in the contract to avoid any potential delays further down the line. 

 

4. What are the likely running costs? 

Pay close attention to hard-to-control factors such as the council tax band. Also, check the average utility costs in the area and think about how you’ll heat your home. Location can be a consideration, especially if you're moving to a more rural area. In this case, factoring in any increased travel costs is a good idea.  

 

5. Are there any issues with the neighbours? 

The seller must give a true account of any disputes, from disagreements over boundary lines, to formal noise complaints. While their answer may not stop you from buying, forewarned is forearmed. 

 

Ready to start the search for a new home? We have some fantastic properties available to browse here. 

 

 



Soaring demand continues to push rent prices higher

 
According to a recent market report by a well-known property portal, the current demand for rental homes is a staggering 76% higher than during the same period between 2018 and 2021. As demand continues to outweigh supply, we truly have a perfect storm that is, in turn, pushing up rent prices across the UK. *
 
Tenants can now expect to pay around £969 per month, which equates to an extra £744 per year compared to pre-pandemic prices.
 
With supply currently unable to meet demand, landlords are in a strong position and should remain so for the foreseeable future. Rental properties are only taking two weeks to let, making it easier than ever to attract the right tenant in a very short time frame.
 
Predictions show that rents will rise by 4.5% across the UK over the coming year, so if you’re thinking of letting your property, now is the perfect time to capitalise on the expected market growth.
 
Ready to discover how much you can secure for your rental? Book your valuation today.
 
 
* Zoopla



Helping our landlords navigate the changing regulations

 

Being a landlord is a rewarding way to secure your income while providing quality housing for tenants. However, according to a recent survey, 24% of landlords feel overwhelmed keeping up with changing regulations.  

The main reasons landlords felt this way included finding the rules confusing and a lack of access to legal advice. For example, 16% didn’t know about licencing scheme changes, 12% were unaware of the new requirements for smoke and carbon monoxide alarms, and 10% had missed the news regarding proposals for minimum EPC standards. * 

Keeping up-to-date with every announcement and making the necessary changes to your properties can feel like a full-time job. This has a knock-on effect on landlords’ mental health, with over half of those surveyed admitting they’d taken time off work.  

So, what’s the easiest way to enjoy the benefits of being a landlord without the stress?  

Other than carrying out time-consuming research, reading trade publications, and enlisting the advice of a lawyer, the survey showed that almost a third have a letting agent to help. 20% also believe employing a managing agent would make life easier. * 

It’s certainly true that working in partnership with a trusted local agent can help you simplify the process of letting your property, especially if you manage a portfolio. 

Whatever your situation and long-term plans, we’re here to help. Contact us to learn more about our services and arrange a lettings valuation.   

 

 

*DirectLine 



Our Rent Guarantee Service

 
Did you know 58% of landlords are saying they’re worried about tenants going into arrears and it's easy to understand why...

We’ve experienced the ‘perfect storm’ – a Pandemic that no one saw coming.

The economic impact on the Private Rental Sector has been huge. We’ve seen the court system for housing possessions shut down, a significant increase in tenants who were unable or unwilling to pay rent, and we are not out of the woods yet.

Whilst the courts may have reopened, they have a large backlog of court cases to work through. Although notice periods have reverted to pre-pandemic levels, Government data is showing it’s currently taking 16 months to evict a non-paying tenant.

Although the Furlough scheme has been incredibly successful, this has potentially deferred the risk of tenants not able, or willing, to pay rent. Also, in light of the recent spikes in inflation, cost of household bills increasing, and the recent hikes in national insurance, this is certainly something we need to be mindful of and look to protect your investment as best as possible.

Part of our responsibility of managing your property is to make sure that you are aware that your rental income can be guaranteed regardless of whether the tenant pays the rent. For new and existing tenancies, our Rent Guarantee service;
  • Indefinite cover - rent is paid in full until you get your property back
  • Protection backed by Rightmove - a household brand we know landlords trust
  • Legal costs paid for any breach of the tenancy agreement
  • An extra 50% of the rent paid for 3 months if the property can't be re-let due to damages or neglect caused by the tenant 
  • Up to £50,000 paid for any one claim made on the service
  • Market leading mediation service, including incentives for tenants to vacate the property before court proceedings are required
It is important to us that you have this information and can easily and quickly protect your rent.
 
Please do not hesitate to contact us on 01159786825 or via email office@tristrams.uk.com if you have any questions.