The media would have us believe that the property market is nursing a New Year’s party hangover. Certainly the issues that influenced the market during 2018 remain, such as Brexit-related confusion, lack of supply and affordability problems for first time buyers. And whilst the media does love to scaremonger, they tend to ignore, the perhaps rather boring reality, that the UK property market is actually surprisingly resilient.
Students are an excellent prospect for landlords wishing to maximise their return on investment. They are in ample supply, meaning an almost certain let, a greater choice of tenant and fewer void periods. Reliable student loans and parental guarantees mean that students are also less likely to default than they were in the past.
For many homeowners, letting provides and obvious investment opportunity as an alternative to selling. With the right expert help from your letting agent, the matter should be quite straightforward, although there are certain consents that should be obtained if you are to avoid some potentially costly problems.
Every town has a variety of styles of estate agent, from the soulless “corporate” agency driven by figures, to the one-man band; from arty-contemporary to pushy-salesy. Each type tends to appeal to a specific sector of the property-owning community, and rightly so – buyers and sellers alike need to feel comfortable working with an agent that reflects their own values.
Whilst both gas and electricity can be lethal, from a landlord’s perspective, the law relating to gas safety is more stringent than it is for electricity with substantial fines or even imprisonment for of the breaches of the Gas Safety (Installation and Use) Regulations 1998. These regulations impose a duty on landlords to use a Gas Safe Registered engineer to undertake and maintenance to pipe work, appliances and flues.
The latest research* suggests that over 1.4 million over-65s will consider downsizing in the next five years with 1 in 10 of these doing so in order to raise funds in retirement – at an average of £62,000. But for many either the finances don’t add up or there are not enough suitable homes available. We are frequently asked to help retirees with their downsizing plans and understand the issues involved.
It’s official – what we’ve suspected all along – a “traditional” estate agent gets sellers more in their pocket than the internet-only alternative. They also secure more viewings and offers!
According to research by The Advisory – an independent consumer advice group – internet-only agents rely too heavily on property portals to find buyers. In fact, portals appear to be their only tool!
From a property perspective, it would appear that the latest budget was not enough to light November’s fireworks. Nevertheless, overall, it did hint at a surprisingly stable economy, with improved growth prospects and an apparent end to the tighter austerity regime.