A total of £28.8 billion was spent on chain-free purchases in the last 12 months. This is £8.7 billion, or 43% higher than the previous year and is reflected across every region, with increases in both the quantity and value of transactions. * 

It is easy to see the appeal of a chain-free purchase. The key benefit is that there is a much smaller chance of a sale being delayed or falling through. Statistics indicate that a chain-free transaction takes, on average, 60% less time to complete than when a property is in a chain. * 

The great news for sellers is that it seems homebuyers may be willing to pay a premium for a house that is not part of a chain.  

If you are thinking of selling your home, now is a great time to get a valuation. Book a valuation today. 

*Property Reporter 

Buying off-plan means buying a house or flat before it has been built. With early-bird discounts, it can be an easy way to save a bit of money and, as house prices continue to climb, by the time you move in, it may be worth more than you paid. 

After thousands of home buyers have endured high levels of financial uncertainty over the past two years, it is easy to see the appeal of paying a fixed price when buying off-plan. Many buyers will also be eligible for the First Homes Scheme and/or a Help to Buy equity loan.  

With a shortage of properties coming to the market, committing to a new-build off-plan can be a good way to secure the home you want. It can also enable you to snap up a new development’s best plot and, potentially, enjoy the luxury of choosing your preferred colour schemes, fixtures, and fittings.  

Buying off-plan comes with a formal agreement, meaning the risk of a purchase falling through is very low. It is also much less likely to be affected by a chain and may offer the opportunity to part-exchange your existing home, eliminating the need to put your own house on the market.  

Are you thinking of buying in 2022? Get in touch to discuss the benefits of buying off-plan. 

Since 2014, anyone letting a property in the UK has been obliged to complete a Right to Rent check every time they take on a new tenant. As part of the changes to Right to Rent checks, landlords in England are no longer allowed to accept physical biometric residence cards and permits, nor Frontier Worker permits. All holders of these cards and permits in England will have to verify their identity using an online service operated by the Home Office. 

There are legal implications for anyone who does not follow the new laws. It is illegal for landlords to only check people that they think are not British citizens; the government states that potential tenants should not be discriminated against based on speculation about where they are from. 

For now, this change is limited to tenancies in England. For the rest of the UK and Northern Ireland, the Home Office will require tenants to register with a certified identity service provider (IDSP), which will use identity document validation technology (IDVT) to share checks with agents and landlords. 

If you are a tenant or landlord looking for answers, get in touch and we will help wherever we can.

A recent report examined how the private rental sector might develop in the years to come. *

The findings, based on a survey of 1,376 adults in rented accommodation, offer some interesting food for thought, for landlords who might be thinking about future-proofing their investments. 

One of the key insights from the report is that the private rented sector needs to adapt to an increasingly mature tenant population, with the age of tenants set to increase over the coming years. The report predicts: “The typical renter of the future will look different from today’s. We need to revisit our preconceptions about renting being the preserve of young, mobile households. Mature tenants have different needs and preferences.” *

Over a third of households in the private rented sector currently accommodate somebody aged 45 or over. The report shows that three in five tenants aged between 35 and 54, expect to be renting privately in 15 years’ time. By 2035, it is predicted that this demographic will make up at least half of rented households.  

For landlords, this means considering the priorities of more mature tenants. Longer tenancy agreements and unfurnished homes are typically preferred by mature renters, who will often opt for a ground-floor property near to local transport links and basic amenities, such as shops and health services. Established tenants are also more likely to look for pet-friendly accommodation and the freedom to make basic cosmetic changes, such as redecorating. 

If you are thinking of letting your property, contact us for a no-obligation valuation.  

*Social Market Foundation