First Time Buyers Market Share Rose In June

Whether you are a buyer or seller, you will have an interest in how first-time buyers are faring. If you are a first-time buyer, you hope to see favourable market conditions. If you are another type of buyer, improvements for first-time buyers could lead you to facing increased competition in the marketplace. If you are selling your home, you want to see more buyers in the market and the increased presence of first-time buyers may be of benefit to you.

No matter what you are looking to achieve in the property market, Williams of Petersfield is here to assist you.

Many are happy to see an increase in first-time buyers in the market

Information contained with the e.surv Mortgage Monitor suggests that for June of 2018, first-time buyers accounted for 23.4% of the market, which is an increase on the 22.4% of the market in May of this year. While this isn’t a significant increase and it is best to be wary about jumping to conclusions on monthly changes, anything which suggests that the number of first-time buyers is increasing will be positive for many people.

It is natural that first-time buyers will be pleased by this increase but if you are looking to sell your home, an increase in first-time buyers is likely to be positive news. Anything which suggests that there are willing buyers in the market and more people are stepping on to the property ladder should be a positive move forward for the market.

Changes in the mortgage market impact on many people

There was also an increase in the volume of larger deposit borrowers, which represents those with mortgages which account for up to 60% of the loan-to-value, and this moved from 32.8% to 32.9% over the month. The mid-market, which represents those putting down up to 25%, fell from 44.8% to 43.7% over the course of May to June.

UK first time buyers

In total, there were 66,345 mortgages approved for June and there have been many lenders across the country offering low rates for lenders. Not everyone is pleased with this and on social media you will find many people criticising lenders for offering mortgage deals which were last seen before the financial crash. However, if you are looking for a mortgage and have struggled to find the solution that is right for your needs, it is likely that you will be pleased to see that there are more options. Also, if you are selling your home, you will be pleased to learn that there are more options for buyers in obtaining a mortgage and this will hopefully improve circumstances for people selling their property in the UK.

At Williams of Petersfield, we know how challenging the property market is, no matter what you are looking to achieve. If you need support or guidance with your next move, contact Williams of Petersfield and we will be happy to help. Whether you are selling your home, or you want to step on or move on to the property ladder, we are here to help.

Petersfield Landlords: Be Prepared For New Electrical Safety Checks

It is important that landlords remain up to date and fully information of all regulations that impact on their business. While many of these regulations make sense and create better living conditions for tenants, the fact that there are so many new regulations and updates to consider, places landlords under considerable pressure. Even landlords who are keen to fully comply with regulations sometimes struggle to remain up to date, but Williams of Petersfield aims to assist Petersfield landlords remain fully informed.

While there is no date announced for rented properties to have electrical installations tested every five years, it looks likely to be implemented soon. There have been various calls for this measure to be introduced over the year with the most recent occurring at the end of 2017. It is likely that this move, backed by a variety of working groups from leading industry bodies, has shaped the recent Government decision.

New measures will be introduced soon for Petersfield landlords to be aware of

The plans were introduced by James Brokenshire, the Housing Secretary, alongside a package of measures which are aimed at improving the standard of building safety. It was also announced that there will be a consultation in building regulations, with this arising from the review undertaken by Dame Judith Hackitt. Very few people would argue against improving standards with respect to rental accommodation but there is a need to ensure that landlords can make these changes and alterations without harming their own business.

Petersfield landlords

The news has been welcomed by the Electrical Safety First group, with their Director General Phil Buckle stating; “We are delighted the Government has finally recognised the importance of regular electrical checks in the private rental sector which protects both tenants and landlords. Electrical Safety First has led the charge for this to be made a legal requirement for UK homes and successfully lobbied for these to be introduced in the PRS in Scotland – with Wales and Northern Ireland set to follow suit.” This is a group that has lobbied for these changes, so are understandably pleased with this outcome.

MPs from all parties have backed these plans

The organisation was quick to point out that their calls for these tests have been supported by 71% of MPs, which includes support from all political parties in the country. With this sort of backing, it was always likely that these changes would be passed, and it is another issue that Petersfield landlords will have to consider.

By itself, these additional checks on electrical appliances shouldn’t cause too much bother but it is the fact that there are so many tests and checks for landlords to deal with which creates a problem. If you are a landlord in Petersfield who is struggling to remain fully informed about what you need to do to run your business, contact Williams of Petersfield. We are local lettings specialists and we are here to provide you with the support and guidance you need to run your business in an effective manner.

20% of English Households Live In Private Rented Property

If you are considering the rental market, or you just want an overview of the complete property market in England, you’ll be interested to note that one in five households currently rent privately in the country. With 20% of the market, this is a notable part of the market and with predictions suggesting that this will increase further in the next few years, it is easy to see why many people are considering the rental market.

It should be stated that homeownership is still the most common tenure in England with 63% of households. There are 14.4 million homes in England with owner-occupation status and 34% of English properties are owned outright and 28% of properties in the country are currently under mortgage.

There is also the social rented sector to consider and this accounts for 17% of households in England, which is equivalent to 3.9 million households.

Owner-occupation levels have fallen in the past decade

Statistics provided by the English Housing Survey offers an insight into the current market and recent behaviour. Something which will be of interest to investors is the fact that owner-occupation has dropped considerably from its peak in 2003, when it reached 71%. There has however been a consistent level since 2013/14 so it may be that the market is plateaued with first-time buyers replacing people selling up to move on or who pass away. 2013/14 was also the year when the number of outright owners was greater than the number of mortgage holders, a return which has remained true since then.

An aging population shapes the property market

While there may be many reasons for this status, it is likely that the aging population of the country has influenced this. After all, with people living longer, they have hopefully paid off their mortgage before now, which is reflected in the status of property owners.

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While shared ownership has been stated as a way of getting on to the property ladder, it only accounts for less than 1% of all owner-occupiers which equates to around 136,000 households. Another interesting issue from the findings is the fact that homeowners are getting under. In 2016/17, homeowners under the age of 35 accounted for 9% of the market. Just two decades ago, the same group accounted for 18%.

In the same time-period, there has also been a significant increase in the size of the private rented market. In fact, this has accelerated greatly in the past 10 years, with 2 million households being added to the sector in this time, resulting in 4.7 million households being classed as private rental property in 2016/17.

A variety of factors shape the property market, and therefore, so many investors have confidence in the rental market. There are so many signs that indicate this will be a market that continues to grow for years to come, offering confidence for people looking to enter the market. If you are a Petersfield landlord looking for support or you would like guidance on becoming a landlord in Petersfield, contact Williams of Petersfield and we will be more than happy to assist you.

Gap Between Asking Price And Sales Price Hits 45%

There has been some discussion in the property market of late about the need to manage expectations when selling property. A lot of this is down to the fact that the asking price have been rising sharply while sales prices are coming in at a much lower level. Continue reading “Gap Between Asking Price And Sales Price Hits 45%”

Can You Capitalise On Demand For Downsizing Options?

Sometimes in life, the difference between success and failure is taking advantage of opportunities that come your way. Being aware of opportunities and being ready to act quickly or make a decision helps you achieve success. This may be the sort of approach you would expect to read in a business manual but it is an approach that can help you achieve success in the property market, and it is why you must be aware of downsizing. Continue reading “Can You Capitalise On Demand For Downsizing Options?”

Petersfield Landlords: Ready For New HMO Minimum Standards

Being a landlord is difficult. Many people look at rising rents and increasing demand for rental accommodation and assume that being a landlord is a simple and straightforward process. This is far from the case though. Just keeping up with changing regulations is a full-time role in itself and at Williams of Petersfield; we aim to provide Petersfield landlords with as much assistance as we can. There are new HMO minimum standards being introduced from October 1st 2018. Continue reading “Petersfield Landlords: Ready For New HMO Minimum Standards”

Are Landlords Selling Up? How Will This Impact On Property Market?

Even though there are many factors shaping the behaviour of the property market in England, there is consensus that a lack of affordable homes is a key factor. Brexit may be the issue that receives most media coverage but if there were more homes on the market, there would likely be more affordable homes and the level of pressure that buyers feel in the market would be lower.

At Williams of Petersfield, we know that many people have concerns about the property market, and they are keen to stay in touch with the latest news. You will also find that people are keen to hear predictions for the property market and information provided by the National Landlords Association is of interest to prospective buyers, property owners and even tenants.

The NLA suggests landlords selling up is likely

The NLA conducted a poll of its members and they found that in the next 12 months, around 20% of landlords are looking to sell property. Of this group looking to sell their property, which equates to around 380,000 landlords, 45% of landlords are looking to sell flats or apartments.

This news is likely to be welcomed by first-time buyers. Flats and apartments are the properties most commonly bought by people stepping on to the property ladder for the first time, so if the market is flooded with these properties, first-time buyers should have a greater chance of buying.

are landlords selling
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Given that a crucial component of property prices being high is the fact that demand is greater than supply, a significant increase in the supply of properties could lead to prices falling. That is the hope of many people, but of course, when it comes to property prices, the market doesn’t always behave in the manner that you expect it too.

Tenants wouldn’t view this news as positive

While this report will be viewed as positive news by people looking to buy property, it will be concerning news for tenants and people priced out of the property market. Many people find the rental market challenging as it is but if the supply of flats and apartments to the market dropped significantly, there could be ramifications for the market.

It would be reasonable enough to assume that rental fees would rise, and many people would find themselves priced out of the rental market, never mind the property market. Also, with flats and apartments being popular in the rental market, there could be a significant fall in the supply of suitable homes.

There is no guarantee that these predictions will come true. It may be that landlords find it easier to say they intend to sell property in a survey than it is to sell in real life, but there is no denying that the property and rental market will be significantly impacted on if these changes come to pass.

No matter what your aims or ambitions are in the Petersfield property market, it makes sense to be fully informed. At Williams of Petersfield, we look forward to assisting you and if you require any guidance, get in touch and we will be keen to assist you.

 

Petersfield Landlords: Self-Management May Cost You Money

If you are a landlord, it is understandable that you want to generate as much income as you can. It isn’t always possible to continually increase prices and rental fees, so a savvy landlord will look to minimise their expenditure whenever they can. The less money you spend in providing a service, the more profit you can make but you must be wary of reducing the standard of service you offer, because this can negatively impact on your reputation and ability to make money. At Williams of Petersfield, we support local landlords and we want Petersfield landlords to know that self-management may cost you money.

It is easy to see why some landlords like the sound of self-management. When you care for the property and tenant by yourself, you don’t pay fees and you can claim all the income that you generate. This is an outcome that appeals to most landlords, but the reality of the situation is often not as straightforward as you would like.

Landlords face many issues and problems day to day

There are some major problems associated with self-managing rental property, including:

  • You will have to devote a considerable amount of time to the role
  • There are many regulations and administrative aspects of the role you need to contend with
  • There are many tax issues that landlords need to contend with
  • Are you comfortable with vetting tenants, carrying out credit or reference checks and asking for money?
  • Are you comfortable managing conflict?
  • Are you prepared for emergency calls at all hours of the day or night?
  • Can you carry out repair work, both emergency and necessary?

These are all serious matters for Petersfield landlords to deal with and if you cannot deal with these issues, it is unlikely that you will provide tenants with the service they expect. If you don’t please your tenants, you will develop a poor reputation and it is likely that they will move out of the property as soon as they can.

If this unfolds, it is more likely that you will have void periods when you generate no income at all and when you do have tenants in the home, they won’t be paying as much rent as you would like, and they may not meet the expectations of a tenant that you initially hoped for.

Inexperienced Petersfield landlords often struggle to provide tenants with the service tenants require

If you are inexperienced or incapable of acting as a reliable and dependable landlord, you will struggle in the role and this can create a chain of events which sees you making less money than you would have liked or even losing money.

It is natural that many Petersfield landlords would prefer to not hire the services of a professional management company because this is an outlay. However, in the long-term, using the services of a professional helps you to save money and even make more money.

landlord

A professional caring for your property and tenant will provide you with more free time while ensuring that your tenant receives a better standard of service. This protects your reputation, it increases the likelihood that a tenant will want to stay with you and it may even allow you to justifiably charge a higher rental fee. These outcomes justify using a professional property management service provider to care for your property and tenant, allowing you to generate more income in the long-term.

If you are a Petersfield landlord, or you know of Petersfield landlords, and you need assistance in caring for tenants or you need guidance on running your business, contact Williams of Petersfield. We are more than happy to provide you with help and advice on being a landlord, and we look forward to helping you soon.

On Holiday This Summer: Secure Your Home Before You Go

Hopefully the weather in Petersfield will be warm and pleasant this summer but even if the temperature and conditions are appealing, there is a lot to be said for enjoying a summer holiday. Having the chance to enjoy a change of scenery and a different pace of life is hugely important for many people and you’ll find that going on holiday can recharge your batteries for the rest of the year.

Of course, you want to relax on holiday and this means you need to feel confident that you have left your home in a safe and secure condition. It is only natural that you will have concerns about your home and its contents when you are on holiday, but there are ways in which you can minimise the risk or likelihood of being broken into when you are on holiday.

Don’t advertise the fact that you will be away from home

Firstly, you want to minimise the number of people who know that you are away from home. Petersfield is a relatively small community and word can travel fast. You may find that even though you haven’t told many people that you are travelling people find out. You should also review the security settings on your social media accounts

A lot of people love posting images from their summer holiday, making friends jealous and sharing fantastic memories. However, these images may be seen by more than just your friends, and this could alert some people to the fact that you are away from home. You want to make sure that only people you know, and trust, can see your holiday snaps, so update your social media accounts before you go.

It will also be helpful to minimise any aspects that indicate you are away from home. If you order milk or have newspapers delivered, remember to pause your subscription before you go. A build-up of milk bottles and newspapers outside your front door will tip people off that you are not home, which may be all the invitation that a burglar needs. Be proactive before you go and cancel deliveries that could place your home at risk.

Improve the condition of windows and doors before going on holiday

The most common points of entry during a break-in are doors and windows. You should therefore review the security and condition of doors and windows at your home, making sure that they are robust as possible. It is possible to add new locks quickly and at an affordable price so if you are not convinced by the condition of your doors and windows, make some improvements before you head off.

legislative changes 2018

If you have a bit more time before you go, consider adding a home security system to your property. The addition of a box outside your home acts a deterrent to burglars, and this will significantly improve the security of your home. If the alarm is tripped, the noise may lead to the robber running off and if your system is connected to the police or a security firm, your property may be visited by professionals, adding an extra level of security.

Asking a family member, friend or neighbour to pop in to your home when you are away can reduce the risk of a break-in. If it is possible to make it look as though someone is in your home, you may ward off some prospective buyers. Investing in timed switches or lights that react to the amount of light outside your home can create the impression that someone is at home, and this may persuade some burglars that robbing your home is a poor idea.

At Williams of Petersfield, we hope you have a fantastic summer, no matter where you enjoy it. However, there is a lot to be said for making your home secure this summer, and we hope these tips offer you peace of mind and comfort.