Mighty House September Newsletter

What a summer! The UK post-lockdown surge in property sales continued growing over this summer and broke all the previous records. August had the highest number of sales agreed in a month in over 10 years, with a record total value of over £37 billion. 

We've been busy too - this summer we closed a record amount of deals, numerous with offers above asking price!

With Stamp Duty holiday now on, it's a great time to move and do it fast. Read on for stamp duty tips for landlords, second-steppers and see the latest tips on how to sell your home fast this autumn. 

<span style="font-size: 18px;">What does the stamp duty cut mean for landlords?</span><br /><span style="font-size: 18px;"><br /></span>

The buy to let sector has seen a tremendous amount of change over the past few years in order to help rebalance the property market, with key pieces of legislation such as the Tenant Fees Act and the recent Electrical Safety Standards regulations. The changes to stamp duty will go some way to reigniting the buy-to-let market and offers landlords a tremendous opportunity to make the most of the tax changes.

With the temporary increase on the stamp duty threshold to £500,000 until 31st March next year, first-time buyers and existing homeowners are set to save up to £15,000. For additional and investment properties, stamp duty is also removed up to this value, however the 3% surcharge remains.

Charlotte Nixon, mortgage expert at Quilter, believes that the changes to stamp duty could have the consequence of more investors returning to the market;

“Buy-to-let investors have left the market in their droves over the last few years after tax changes have made it an untenable investment for many. The stamp duty holiday may serve to entice some of these investors back to the market."

“Not only will this cut help to reignite the property market but also improve the supply of rental properties, which has been dwindling over the last 12 months."

Nixon is supported in her opinion by David Whittaker, Chief Executive of Keystone Property Finance who believes;

“The Chancellor’s decision to cut stamp duty will have positive implications for homebuyers across the country and will certainly help to stimulate the housing market. Importantly, this latest cut will also go some way towards providing a much-needed boost for the buy-to-let sector.”

“As a result of this measure, many portfolio landlords across the UK will now be considering new buy-to-let purchases."

 

The numbers can be useful to bare out the extent of the potential savings for landlords looking to increase their portfolios – before the stamp duty holiday was introduced you would have paid £26,000 in stamp duty but now that is reduced almost by half to £13,500.

If you are thinking of investing in an additional property or looking to increase your property portfolio, then making the most of the stamp duty holiday is advised – contact us today to see how we can help you.

How can second-steppers benefit from the stamp duty holiday?

 

<span style="font-family: Arial, Helvetica; font-size: 18px;"><br /></span><span style="font-family: Arial, Helvetica; font-size: 18px;">How to market your house correctly for a speedy, seasonal sale</span><span style="font-family: Arial, Helvetica; font-size: 18px;"><br /></span><span style="font-family: Arial, Helvetica; font-size: 18px;"><br /></span>

The property market has continued to experience remarkable levels of activity.

In the first week of August, properties at SSTC (Sold Subject to Contract) were almost at double their number compared to figures from the same period in 2019. This indicates a significant release of pent-up demand due to lockdown.

If you, like a lot of homeowners right now, are considering putting your property on the market, here are some of the ways to market your house well to potential buyers.  

 

Increase your kerb appeal

It takes just seven seconds for somebody to make their first impression of your property, so make sure your property’s exterior is the best it can be. You want them to walk down the drive feeling impressed and excited to go inside.

Some easy ways to do this is to give your front door or fencing a fresh lick of paint, put up some hanging baskets to add colour, pull out any weeds, move the bins out of sight and make sure the lawn is mowed.

 

 

De-clutter

The hallway is famous for housing plenty of clutter: shoes, coats, handbags. Make sure everything that can be put away is tucked out of sight to make it appear more spacious.

As some hallways can be dark and narrow, adding a mirror to a wall can give the illusion of space and can also brighten it up.

A kitchen is a big selling point, so make sure all desktops are wiped down and free of clutter.

 

 

Give your viewers space

Let your viewers freely wander around your home with the agent.

This will make them feel much more comfortable asking questions and it also means they might take their time in each room.

Be ready to answer any questions after the viewing. Also be sure to leave hand sanitiser dotted around your property, so not only you but also your viewers will feel comfortable.

 

 

Make the most of outdoor space

Since lockdown, we have noticed a real shift in property priorities.

Everybody is putting outdoor space at the top of their agendas, so make sure your garden is well showcased.

If this is an impromptu house viewing, you might not have time to lay a new flower bed, but make sure the lawn is freshly mown, trees and shrubs are cut back to create more space, weeds are removed, and outside furniture is laid out nicely.

 

 

<span style="font-size: 18px; font-family: Arial, Helvetica;"><br /></span><span style="font-size: 18px; font-family: Arial, Helvetica;">Are you asking these key questions when you buy or sell?</span><span style="font-size: 18px; font-family: Arial, Helvetica;"><br /></span>

 

A report by Hillarys has shed light on just how many Brits lack proper preparation during the home buying process.

Up to two-thirds will not plan their questions ahead of a house viewing, meaning they are not getting the full value out of the experience, as well as potentially wasting an opportunity to find out all of the property’s pros and cons earlier on.

 

To help you make the most of your viewings the next time you decide to buy or sell, we thought we'd share practical suggestions for you to consider.

 

 

What are some of the more serious questions you should be asking?

Whether you're instructing an agent or viewing a property, how prepared you are will determine how quickly you're able to move.

Are you asking these key questions:

1. Exactly what is included in the sale? Whilst it's safe to assume most sellers will want to keep their pets, it's important to outline what content might be included, such as fixtures, fittings and garden furniture.

2. How long has it been on the market and how many offers have they received so far?

3. When are the sellers looking to move out? Knowing whether they've already found another home or they're still in the midst of looking will help you to determine how long the process may take and how much room for uncertainty there is.

4. Have there been recent renovations or any difficulties with boilers, drains and guttering?

5. How did the agent decide on an asking price? Good agents will be able to provide justifications for the value of a property, so you'll know whether it's listed at the right amount or if it's overpriced.

 

 

What to ask when selling:

1. How will you market my property? Are they regularly contacting a database of suitable applicants to give you greater market exposure, or does their strategy start and end with a basic Rightmove listing?

2. What are your success metrics and how do they compare to other agents? In other words, what's their experience selling a home like yours at a price like yours?

3. How much will you charge? Choosing the agent who offers the lowest fees won't guarantee you reach asking price and you may lose time and money on the market, be savvy when you instruct representation for your property investments.

4. What are the contract terms? Before beginning any contractual relationship, know exactly what it is you should expect from them.

If you're thinking of selling and want to find out the value of your home, contact us.

 

 

 

 

NEW! Residential building surveys available now!<br />

Are you moving and need a survey of your new house purchase? We now offer residential surveys!

• RICS Home Condition Report

• RICS Homebuyer Report

• RICS Building Survey

Click here to read NEW! Residential building surveys available now!<br />.

<br /><span style="font-size: 18px;">Rentals in Lancaster are in extremely high demand!</span><span style="font-size: 18px;"><br /></span><span style="font-size: 18px;"><br /></span>

We are hitting records both in applications we receive per property, as well as, the speed we let our rentals at. Recently one of the properties received 17 applications! 

 

We now have a list of eager families and couples looking for rentals, especially 3-beds in Lancaster. So, if you have a rental property, get in touch with us and we will help you let it fast!

Click here to read <br /><span style="font-size: 18px;">Rentals in Lancaster are in extremely high demand!</span><span style="font-size: 18px;"><br /></span><span style="font-size: 18px;"><br /></span>.

<span style="font-size: 18px;"> </span><span style="font-size: 18px;">How can second-steppers benefit from the stamp duty holiday</span><span style="font-size: 18px;">?</span><span style="font-size: 18px;"><br /></span><span style="font-size: 18px;"><br /></span>

The stamp duty holiday offers substantial savings for existing homeowners if you are considering moving to a more expensive property right now. Pre-holiday, stamp duty applied at £125,000 in England and Northern Ireland. Now, until the 31 March 2021, it will only apply at £500,000. Here are the savings you could make...

Click here to read <span style="font-size: 18px;"> </span><span style="font-size: 18px;">How can second-steppers benefit from the stamp duty holiday</span><span style="font-size: 18px;">?</span><span style="font-size: 18px;"><br /></span><span style="font-size: 18px;"><br /></span>.