The Rising Lettings Market
Rightmove released their quarterly Rental Trends Tracker on Friday and gives a national picture of rental prices over the last few months. They also look at rental trends over the last 10 years.
Here are some of the highlights:
- London asking rents hit a new record average of £2,119 per calendar month as ongoing lack of supply means rents are 4.2% higher year-on-year. The rest of Great Britain is up 2.4%.
- Over the past 10 years London asking rents have risen almost twice as fast as the rest of Great Britain:
- Average asking rents outside London have risen by 24%, compared to 45% in the capital.
- In cash terms London asking rents are up by £658 per month compared to £159 per month outside London over the last decade.
- North East rents have grown the slowest, up 8.4% from £554 to £601 per month in ten years.
When it comes to lettings, we know a thing or two so if you’re considering renting your property for the first time or you’re a seasoned landlord get in touch to find out how Hair & Son can help.
Olivia Dedman
Lettings Manager
oliviadedman@hairandson.co.uk
First Time Sellers
There is a wealth of information out there for first-time buyers, but the same can’t be said for first-time sellers…
Selling a home for the first time can be a complicated, daunting and stressful process, so we don’t think it’s right that the amount of advice for this demographic is so lacking.
Below, using our decades of experience successfully selling property, we give some top tips to making that sale:
Target your home effectively
If you are selling a home for the first time, you are likely to be upsizing from a smaller home to a larger one. Consequently, your target market is almost certain to be first-time buyers. This demographic, likely to be young and IT savvy, will be searching for properties online through their smartphones, laptops and tablets.
With this in mind, your online sales strategy needs to be of the highest quality. – Property portals will be the first port of call for many – and competition on these platforms is fierce – so you need to do all you can to make your property stand out from the crowd. Talk to your estate agent about the ways in which you can do this. High-quality photos and snappy, engagingly written descriptions will definitely help. Uniquely, we are now offering bespoke, professionally made video tours at no extra cost to the seller – Things like this now make a huge difference to capturing the attention of the online buyers you need.
Get the asking price right
A tricky thing to get right – after all, if you set it too low you risk selling yourself short, while if you set it too high you risk deterring would-be buyers.
You need to be realistic with your asking price, but you’ll also want to achieve as much as possible for your home. This is where a good estate agent is worth their weight in gold, taking into account the local market, national trends and other variables to set an asking price that will help to get your home sold.
Always select the agent who can back up their valuation by showing you similar homes to your own they have sold and be wary of those agents valuing higher without any evidence of sales that prove what they say to be true
This leads onto what is arguably the most important step…
Choosing the right estate agent
A good estate agent will guide you through the sales process with the minimum of fuss, making sure they are on hand at all times to deal with any issues or stumbling blocks.
Inevitably, there will be delays and complications when it comes to house sales – that’s just the nature of the industry– but if you have an agent on your side who can deal with everything in a calm, professional and good-humoured manner the chances of things going smoothly are that much higher.
A good agent will help you to produce a winning marketing strategy – both online and traditional – show your home off to buyers when it comes to viewings and do all they can to get your home sold for the best possible price
If you do have a property you are considering selling then why not get on touch with us for a FREE, no obligation market appraisal on 01702 470066
ARE YOU UP TO DATE WITH THE 2020 LETTINGS LEGISLATION?
There is a lot of work involved in renting out a property and it is not all just finding the tenant. Having an agent employed to manage your property once the tenants move in can significantly reduce the workload and stress involved.
Hair & Son as your managing agent will arrange; rent collection, deposit protection, management of maintenance issues and periodic property inspections. Most importantly we stay up to date with all relevant Legislation and Legal Requirements and ensure our landlords are meeting the expected standards.
There are seven important changes that you will need to be aware of in 2020.
- 10th January 2020- Anti-Money Laundering Regulations come into effect (EU Fifth Money Laundering Directive). With the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 laid in parliament, this directive will now be transposed into the UK.
- 20th March 2020 -Homes (Fitness for Human Habitation) Act 2018 extends to more tenancies. This Act will now apply to all tenancies of less than 7 years.
- 1st April 2020-Domestic Minimum Energy Efficiency Standard (MEES) Regulations grace period ends. This means that all rented properties must meet the MEES. A rating of E or above on a valid EPC is required.
- 1st April 2020-Client Money Protection for Letting Agents. All letting agents must join an official Client Money Protection scheme.
- 6th April 2020-Capital Gains Tax Relief. Capital gains tax is payable when you sell a property that is not your main residence. In the 2020/2021 tax year, capital gains tax is likely to increase significantly for landlords.
- 1st June 2020-The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020. Whilst it is not confirmed, the Government’s intention for Electrical Safety Standards to come into force is clear.
- 1st June 2020-Tenant Fees Act 2018 Transition Period Ends. The Tenant Fee Ban will become binding on all tenancies. While periodic tenancies do not need to have their deposit amount adjusted, deposits for new fixed term tenancies should be capped as set out by the Act.
Please call 01702 341177 to find out more information on the above legislation or if you would like to enquire about Hair & Son managing your property so you can ensure you comply with all Legal Requirements.
Customers - They Love Us!
This is a brag. A blatant boast about our business – and why not?
When Hair & Son was launched almost 100 years ago, the main focus was all about customer service. Fast forward almost a century and this is one of the few things that has not changed one bit. As companies get busier and grow, quite often it is this element of focus that gets lost, but NOT, I am proud to say with us.
We now live in an age where things like customer satisfaction can be measured. There are in fact many websites dedicated to allowing customers to rate their experience with any given company they have dealt with and estate agency is no exception.
It is then with enormous pride that I can tell you that we are currently the only estate agent in Leigh-on-Sea who enjoy a 5 star rating on google. And I don’t mean just one person has rated us. Actually two dozen have taken the trouble to rate us five stars out of five in the last six months alone. Something we at the Leigh-on- branch are incredibly proud of.
Therefore if you are considering selling a property in the Leigh-on-Sea, Hadleigh or Benfleet area there is nobody better placed to make your move happen.
Please call us on 01702 470066
Post Election Surge For The Housing Market!
Rightmove have issued a press release this morning. The article gives a national picture of house prices and activity over the past few weeks. It looks like the market is taking a positive turn with the biggest ever monthly leap in asking prices at this time of year.
According to property website-operator Rightmove, the increased optimism has also released pent-up demand with over 1.3 million buyer enquiries recorded since the election, up 15% compared to same period a year ago.
- 2.3% (+£6,785) surge in the price of property coming to market, the largest monthly rise we have ever recorded at this time of year
- Increased optimism also releasing pent-up demand as would-be buyers judge the election result gives a window of stability
- Over 1.3 million buyer enquiries since election, up 15% compared to same period a year ago, suggesting an active spring market ahead
- 7.4% growth in number of sales agreed, as early birds act quickly
To read the full House Price Index, click the link below.
https://www.rightmove.co.uk/news/house-price-index/
If your considering a move, now would appear to be a good time to gain an understanding of what your home or investment could be worth. Contact your local Hair & Son office to arrange a free no-obligation market appraisal.
Recognising the Importance of Qualified Professionals
The leasehold management team have been celebrating following Marie Corbyn, Assistant Team Manager, passing her Member examination with the IRPM (Institute of Residential Property Managers). This is the final exam in a 3-stage qualification process which, for Marie, marks the culmination of considerable preparation and recognises Marie’s commitment to continual improvement and professionalism. This also means that Marie will progress from an Associate to a full Member of the institute (MIRPM).
The IRPM Members exam has been developed in partnership with the Chartered Institute of Housing (CIH) to design and run the member exam which is widely regarded within the industry as a mark of competence in the field. The CIH is a nationally recognised Awarding Body for housing qualifications. IRPM Membership also underpins long term competency in our area of work and members are required log a minimum of 15 hours of CPD (Continual Professional Development) each year.
In October 2017, the government announced that it intended to introduce new regulation for our sector and subsequently to establish an independent regulator for the sector. This was further considered in their response to the initial call for evidence which was published in April 2018. This response also references plans for future regulation to include mandatory training and qualification for leasehold professionals.
Hair & Son are committed to ensuring that staff across the business are given access to training and personal development and this is central to plans for the future development of the Leasehold Management team. All members of our leasehold team are supported through the IRPM learning framework and we are open to developing new staff through their approved apprenticeship programme in the future.
Our leasehold management team look after over 3,000 leasehold properties across a mixture of converted houses through to large purpose-built blocks across South East Essex and East London. If you have any queries or would like to discuss anything in this area of work, please contact us by emailing: management@hairandson.co.uk or calling 01702 394959.
Leigh Lights Christmas Switch On
Hair & Son of Leigh-on-Sea were excited and very proud to have entered the Leigh Lights Christmas switch on parade which saw crowds of local people attending the event and some spectacular floats joining in the parade.
This annual event seems to grow in popularity each year, with literally thousands of local residents attending to watch both the parade and all the other entertainment laid on which this year included singers, stilt walkers, The Grinch, snow machines and much more. There were also a huge array of market stalls selling everything from roasted chestnuts to hand made toys.
Amongst the entertainment, local residents who were there may have received one of our prize giveaway leaflets and the lucky winner, drawn prior to Christmas won an Amazon Echo.
The event has been running for many years now and has raised tens of thousands of pounds for local charities and this year a grand total of £2,275.06 was raised and will benefit 14 local charities.
We very much enjoyed the parade and look forward to being involved with next years event.
Paul Dobbs
Area Manager