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October 2024 Property Market Update

October Property Market Update City Realtor

October brought cooler, rather wet weather and a range of new developments across the UK property market. As mortgage rates adjust, demand for rental properties remains high, and upcoming regulations loom, there’s plenty for buyers, sellers, landlords, and renters to consider. And, with Halloween on the horizon, we’ve included some fun, seasonal tips to make this month’s property update a little more festive

Market Opportunities for Savvy Buyers

For buyers, there are reasons for optimism. While affordability remains a concern, mortgage rates have slightly improved, giving prospective buyers a chance to secure better deals. Nationwide reports that the average UK house price is currently around £262,000, so this could be a good time to step into the market if you’re prepared.

Tips for Buyers:

  • Consider Homes with Potential: With more properties in Tower Hamlets coming to the market, exploring those in need of minor updates can be a smart move. You may find a home at a lower price that you can add your personal touch to.
  • Take Advantage of First-Time Buyer Schemes: Schemes like the Lifetime ISA or Shared Ownership are still widely available and can make a big difference in affordability.
  • Look for Eager Sellers: As the year draws to a close, some sellers may be motivated to secure a deal, so a little bit of negotiation could go a long way.

And for some Halloween fun, take a drive through local neighbourhoods to see which ones embrace the season! It’s a great way to get a feel for the community vibe!

Take a look at our current properties for sale in Tower Hamlets to find your ideal home.

Sellers: Make Your Property Stand Out

With more properties entering the market, sellers need to ensure their homes capture buyers’ attention. According to data from the Land Registry, homes priced up to £350,000 are selling the fastest as buyers prioritise affordability. So, sellers should think creatively about how to make their property appealing.

Tips for Sellers:

  • Emphasise Energy Efficiency: With rising energy costs, energy-efficient features are a strong selling point. Simple upgrades, such as adding draft-proofing or energy-saving bulbs, can boost appeal.
  • Focus on Online Presence: Make sure your estate agent is promoting your property online, including on social media. At City Realtor, we are highly proactive on our socials, ensuring your home gets the best online coverage.
  • Be Transparent About the Property’s History: Buyers appreciate upfront information, so sharing recent upgrades or repair work can help build confidence.

As it’s spooky season, why not add a touch of seasonal charm to your home for viewings. Think autumnal wreaths or a few pumpkins by the door. For guidance on selling your home in Tower Hamlets, contact us on 0207 790 7702.

Landlords: “Spooky Season” Maintenance Check

Autumn is when landlords should be preparing their properties for winter. So, put a Halloween spin on things by doing a “spooky season” maintenance check! Now’s the time to fix any drafty windows, creaky doors, or leaky pipes that might cause trouble in the colder months. Consider sending a Halloween-themed email to tenants, letting them know you’ll be checking the property. This proactive approach shows you care about their comfort and keeps your property in good shape.

Tips for Landlords:

  • Consider Allowing Pets: Demand for pet-friendly rentals is growing, so allowing pets can broaden your tenant pool.
  • Update Your Agreements: Check your tenancy agreements to ensure they reflect the latest legislation, particularly around notice periods and tenant rights.
  • Invest in Energy Efficiency: Simple updates, like installing energy-efficient lighting or insulation, can improve your property’s appeal while meeting future standards.

Landlords in Tower Hamlets can reach out to City Realtor for help with property management. Call us on 0207 790 7702 for more details.

Renters: High Demand Meets New Rights

For renters, there is higher demand for rental properties, with rents up around 5% over the past year, according to ONS figures. As the Renters’ Reform Bill moves forward, it’s a good time to understand your evolving rights as a tenant, especially with protections against eviction becoming stronger.

Tips for Renters:

  • Be Ready to Move Quickly: The rental market is competitive, so have your references and proof of income ready to act fast when a property becomes available.
  • Know Your Rights: Familiarise yourself with the latest tenant protections, particularly regarding eviction and rent increase regulations.
  • Consider Flexibility: Widening your search area or being open to different move-in dates can open up more options in a competitive market.

As Halloween approaches, some neighbourhoods may feature festive décor that gives a sense of the local community spirit. Take a look at our rental properties in Tower Hamlets, or email admin@cityrealtor.co.uk for personalised recommendations.

Property Market Outlook

This month, the UK property market brings a mix of opportunity and challenge. Buyers can find deals, sellers need to go the extra mile to stand out, and landlords are encouraged to stay proactive with property maintenance. Renters should remain aware of their rights while acting quickly in a competitive rental landscape.

Whether you’re buying, selling, renting, or managing property, we’re here to help. Contact City Realtor on 0207 790 7702 or email admin@cityrealtor.co.uk for personalised advice and services in Tower Hamlets.

Enjoy the spooky season, and happy house-hunting!

What Next?

Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

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Selling Your Home? Here’s How to Get Your Energy Performance Certificate (EPC)

How to get an energy performance certificate EPC

Since 2007, anyone who sells their home in England and Wales needs to get an Energy Performance Certificate, or EPC. An EPC is a rating of energy efficiency, which runs from A at the most efficient, to G, the least efficient. 

This helps homebuyers work out the rough cost of energy if they move into your property, and with many people now concerned about environmental matters, an efficient home can be a selling point.

Here’s how you can get your energy performance certificate and ensure the best possible rating.

What does the EPC tell you?

Not only do energy performance certificates include the current energy efficiency rating from A to G as well as 1-100, but they also show the potential rating the property could achieve if certain improvements were carried out. This is useful for those selling homes as fixer-uppers, as it allows you to show the home’s potential.

Included in the EPC is the environmental CO2 impact rating, which gives you an idea of the amount of CO2 that will be produced when heating and using hot water in the home.

Do I need to get an EPC?

Most residential properties up for sale since 2007 have needed an EPC, and if you’re renting out a property, you’ll need to get one produced every 10 years.

There are a few exceptions that might apply, although most exemptions are for commercial or religious buildings. If it’s a mixed-use building, such as a house that is part of a shop, if it’s less than 50m2 or if it’s used less than four months a year, for example, a holiday home, then you may be exempt.

How is an EPC generated?

EPCs are produced by expert assessors who’ll arrange to visit your property in Tower Hamlets once you’ve decided to sell. The assessor carries out a number of inspections, such as:

  • Loft insulation
  • Boiler
  • Double glazing
  • Hot water tank
  • Radiators

Once they’ve noted down some information, this is entered into specialist software which helps them calculate how energy efficient your home is, as well as its environmental impact.

These measurements are easy to carry out, there’s no drilling or noise, and it’s non-invasive, so there is no risk that things will get damaged.

The homeowner is the one who pays for the EPC, but the good news is that it’s not expensive. It’s easy to compare prices online, and you can use any assessor to do the report, as long as they’re certified.

Improving your EPC

Your report will include a number of ways that you can improve your EPC rating. These will be specific to your property, so it’s worth having a read through them and deciding whether to take action before you sell your home in Tower Hamlets.

If your EPC is particularly low, you may find this puts off potential buyers, so you may want to follow some of the suggestions, for example:

  • Adding more loft insulation: Topping up existing insulation can give you a few extra points.
  • Adding wall insulation: Drafty walls can make a home feel much colder and can lead to energy wastage as you keep turning up the heat.
  • Upgrading your boiler: A newer condensing model could add up to 20 points to your EPC rating, especially if your current boiler is very old.
  • Switching to renewable energy: Solar panels and small wind turbines in rural areas can boost your rating. The solar panels will usually give you the most points.
  • Sealing chimneys: Whilst open fireplaces are a nice feature, if there’s a draft, then this can lower your EPC rating. Consider adding a log burner instead.
  • Keep documentation: EPC assessors only carry out a visual assessment of your insulation, so if you have insulation in inaccessible areas, keep documents when it’s installed to show the assessor.

If you’re moving out soon, you may not want to get too many improvements made, as you won’t personally reap the benefits of them.

However, a low rating can put off potential buyers, as they may worry that the house is poorly maintained in general or will be very expensive to heat. It’s better to make changes that will improve your rating the most, such as installing a new boiler.

Looking to Sell Your Home?

When it’s time to sell your home in Tower Hamlets, an EPC is a legal requirement, but luckily, it’s a quick, easy process to get your grade, and is something the team at City Realtor can advise on.

Although it may seem like a pain when you have a million things to do, it’s easy to find an assessor to provide energy reports, and you may find it useful to have some tailored suggestions on how to improve your home’s energy efficiency and improve your existing EPC.

For further help with your EPC, please contact us and we will be happy to advise and recommend. Call us on 0207 790 7702 or email us at admin@cityrealtor.co.uk.

You may also be interested to read 7 Essential Tips That Can help You Sell Your Property

Frequently Asked Questions About Energy Efficiency Requirements

What is an EPC rating?

An EPC rating, or Energy Performance Certificate rating, assesses the energy efficiency of a property on a scale from A (most efficient) to G (least efficient). It indicates the potential energy costs and environmental impact associated with heating and hot water usage in the home.

Do I need an EPC to sell my home?

Yes, it’s a legal requirement to have an EPC when selling a home in England and Wales. The certificate provides valuable information to potential buyers about the property’s energy efficiency and potential energy bills.

What are the energy efficiency requirements for selling a property?

When selling a property, it must meet a minimum energy efficiency standard (MEES). This standard ensures that homes meet certain energy efficiency levels, contributing to reduced energy costs and environmental impact.

How can I improve my EPC rating?

Improving your energy rating with accredited domestic energy assessors can involve simple measures like installing low-energy light bulbs, adding insulation, upgrading your boiler, or even considering renewable energy sources like solar panels. These improvements not only enhance the property’s energy efficiency but also reduce potential energy bills for future occupants, improving property performance and reducing energy usage.

What Next?

Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

Don’t forget to follow us on our socials for updates and new listings!

Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

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Illuminate Your Home: 5 Key Lighting Tips to Boost A Sale

Illuminate Your Home Lighting Tips

When it comes to selling your house, there’s a long list of tasks to juggle – from handling paperwork and packing up your belongings to choosing the right estate agent in Tower Hamlets to assist you. Just when you think you have everything in order, another detail often crops up, adding to your to-do list.

Selling a property demands attention, and after putting in all that effort to prepare your home for potential buyers, the last thing you want is for your hard work to be undermined by an overlooked detail: the lighting in your home.

First impressions are critical when selling a home. As the days get shorter and the vibrant summer light fades, homes that lack adequate lighting can appear less attractive to buyers. Dimly lit spaces can feel smaller, colder, and less welcoming, even if they’re not.

While good lighting is vital for showcasing your home, a full lighting overhaul may not be in your budget or timeframe. Luckily, there are simple ways to enhance your home’s lighting and increase your chances of a quicker sale.

You may also be interested to read how to update your home on a budget.

5 Tips for Better Home Lighting

Here are five effective lighting tips to help your home stand out to potential buyers:

1. Evaluate Room Lighting

Begin by assessing the lighting in each room. Open blinds, draw back curtains, and switch on all lights. Take a walkthrough at different times of the day – morning, afternoon, and evening – so you can see how natural light changes. Don’t forget to check how each room appears on cloudy or rainy days. As you evaluate, put yourself in the shoes of a prospective buyer. Identify well-lit areas and those that might need more light. Taking photos can be useful for highlighting dim spaces or shadows that may not be apparent during a walkthrough.

Tip: Photograph each room at various times of day to pinpoint areas needing improvement.

2. Consider Exterior Lighting

The exterior of your home is just as important as the interior. Good kerb appeal can make a significant impression, especially during evening viewings. Ensure the front porch and pathway are well-lit to create an inviting atmosphere. If you have a garden or patio, illuminate those areas too to showcase their potential.

Tip: Solar-powered lights are an inexpensive and eco-friendly option for lighting pathways and garden areas without the need for wiring.

3. Upgrade Light Fixtures

While buyers may expect some renovations post-purchase, they also appreciate a home that’s move-in ready. Consider upgrading outdated light fixtures that may appear dull or are no longer functional. Switching to LED bulbs can also be a smart choice as they’re more energy-efficient and longer-lasting.

Tip: Even minor upgrades, like changing old lampshades or light switches, can significantly improve a room’s overall look.

4. Brighten Dark Spaces

Sometimes, it’s not just about lighting fixtures but also the colour of your walls and decor that can make a space feel dark. If repainting isn’t feasible, there are other ways to brighten up a room.Using mirrors to reflect light can open up a small room, while adding lighter-coloured decor like cushions or rugs can instantly brighten a space.

Tip: Replace heavy curtains with sheer ones to allow more natural light or use uplighting to bounce light off ceilings, creating a brighter feel.

5. Add Extra Lighting

If dim areas persist, adding additional lighting can solve the problem. Stylish table lamps or desk lamps can enhance the ambience while highlighting key features. Consider under-cabinet lighting, stair tread lights, and track lighting for those shadowy spots.

Tip: Battery-operated LED lights are an effective and efficient way to brighten up areas that lack electrical outlets.

    Lighting Suggestions for Each Room

    • Hallway: Use wall sconces or recessed lighting to illuminate hallways without overwhelming them. Fixtures at eye level create a welcoming glow.
    • Kitchen: Task lighting is essential. Under-cabinet lights enhance countertops and work areas, adding a modern touch.
    • Sitting Room: Layer your lighting for a cosy feel. Combine overhead lights with lamps for a warm atmosphere, and use dimmable options for mood setting.
    • Study: Provide sufficient task lighting to minimize eye strain. An adjustable desk lamp and bright overhead lighting will ensure a well-lit workspace.
    • Bedroom: Aim for a calming atmosphere using a mix of ambient and accent lighting. Soft bedside lamps can create a gentle glow for nighttime reading.
    • Bathroom: Install vanity lights on either side of the mirror for even illumination and consider combining overhead and task lighting for a bright, functional space.

    Ready to Sell? Connect with City Realtor

    If you’re looking to sell your property in Tower Hamlets, our tips can help you create a bright, inviting space for potential buyers.

    For further property-related insights, contact our team at City Realtor at 0207 790 7702 or admin@cityrealtor.co.uk for professional guidance.

    Frequently Asked Questions About Lighting Upgrades

    Why is natural light important?

    Natural light is vital for creating a welcoming atmosphere. Always open blinds and curtains during viewings and consider the sun’s position throughout the day to ensure all rooms feel bright.

    Should I consider updating my light fixtures?

    Yes, outdated fixtures can detract from your home’s appeal. Investing in modern lighting and energy-efficient LED bulbs can make a difference.

    How do I deal with dark corners?

    Utilize floor lamps or mirrors to brighten dark areas, and add light-coloured accents for a touch of vibrancy.

    What other lighting options are available?

    Look into under-cabinet lights for kitchens, task lighting for workspaces, and outdoor lighting to enhance kerb appeal during the evenings.

    What Next?

    Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

    Don’t forget to follow us on our socials for updates and new listings!

    Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

    Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

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    7 Steps to Becoming a Residential Landlord in Tower Hamlets

    7 Steps to Becoming a Residential Landlord

    There are a number of reasons people consider becoming a residential landlord.

    Often, it’s because someone wants to do more with their savings and sees property as a sound investment with a regular income. It might also be that a person becomes an accidental landlord after inheriting a property or moving into a house with a partner.

    However, while the allure of consistent rental income is certainly appealing, there are several things you need to consider before you begin your property portfolio.

    Here are seven things to think about when becoming a landlord in Tower Hamlets.

    How to Become a Landlord of a Rental Property in Tower Hamlets

    1. Consider set-up costs

    Finances matter, the numbers have to stack up. If you’re going to obtain a buy-to-let mortgage, the mortgage lender needs to know about your income and what rent you hope to achieve.

    They have to ensure that you can cover the costs. You’ll probably have to pay for surveys, too, so they can be sure the property you have in mind is worth what you think it is.

    Then there are the legal fees and the search costs. Many law firms who specialise in conveyancing will be able to give you an early indication of what your final bill will be.

    2. DIY or use a letting agent?

    You could manage the property yourself – and many landlords consider this as it can help reduce costs. However, you must make sure you have the time to dedicate to the management of the property.

    Do you want to choose a letting agency to find you a tenant and arrange the initial agreements? You can then keep on top of things for yourself. Or would you rather hand over all the property management to the agency? This will certainly reduce the pressure on you but there will be costs involved due to letting agent fees. You can view our fees here.

    Read our step by step lettings guide here

    3. Landlord insurance

    When you are renting out a property in Tower Hamlets, you must obtain landlord insurance. This is because a home insurance policy will not cover you for what you need, and also because the right insurance will protect you, your property and your tenant.

    Read ‘what insurance should I have as a landlord’ here.

    If you’re taking out a mortgage to buy the property, your lender will insist that you have insurance. The costs of insurance will vary depending on the level of cover, such as personal liability, contents cover and buildings cover, and loss of rent cover, in the unfortunate event of unpaid rent. Speak with an insurer or a broker and be absolutely clear about what you need.

    4. Furnished or unfurnished?

    Whether you rent out a fully furnished property or one that is unfurnished is a decision you need to make early on.

    If you’ve inherited a furnished property, then it might well be an easy decision. If this is the case, you might find this suits a potential tenant, and you will be able to get a higher monthly rent.

    Obviously, if you rent out an unfurnished property, it means you don’t need to buy furnishings for it. Many potential tenants prefer this as they can add their own furniture and make it their home. Don’t forget; it’s best practice to get an inventory carried out as this will affect your insurance policy and could minimise any disputes at the end of an agreement with prospective tenants.

    5. Paperwork

    One of our top tips for being a landlord is to be well organised and up to date with paperwork from the start. It may seem daunting having a lot of documents, but organisation is key.

    Not only will this ensure you don’t fall foul of any legal responsibilities, but it will also mean that if any disputes arise, you know immediately where important documents are. (It’s also particularly useful when you’re doing your accounts or checking information).

    6. Legals & responsibility

    There are certain legal obligations and responsibilities that need to be understood. These are in addition to the tenancy agreement that you and your tenant should be signing. For example, before a property is let, you’ll need an up-to-date Energy Performance Certificate (EPC) for it.

    A gas safety certificate is required for each gas appliance in the property, each home has to have smoke alarms and a carbon monoxide detector, and any appliances or furniture must meet the required safety standards. There are also rules about a tenant’s deposit and how it is kept in a Government-approved scheme. If you need help with any of these, we can advise you. Simply call us on 0207 790 7702 or read our compliance guide.

    7. Right to rent checks

    A relatively new aspect of renting out a property in Tower Hamlets is the need to carry out a Right to Rent check. A landlord must, by law, check whether a potential tenant has the legal right to rent a property in the UK.

    Failure to carry out the required checks could result in hefty fines so if you need advice on this, then contact us and we will be delighted to help.

    For expert property advice and becoming a landlord in Tower Hamlets, contact our team of professionals on 0207 790 7702 or email admin@cityrealtor.co.uk.

    Need Help With Your Rental Properties?

    As property management experts in Tower Hamlets, we’re on hand to make your life as a landlord easier and more profitable!

    If you’re a landlord thinking about working with a letting agent to help manage your property, our friendly team at City Realtor would love to hear from you.

    Require a valuation, or searching for property management services in Tower Hamlets? Contact us on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

    Don’t forget to follow us on our socials for updates and new listings!

    Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

    In the meantime, here are the answers to the most frequently asked questions on this topic.

    Frequently Asked Questions About Becoming a Landlord and Setting Up Rental Properties

    Do I need a license to become a landlord in the UK?

    In England, landlords may need to obtain a license for certain types of properties, such as houses in multiple occupations (HMOs), while Scotland and Wales have their own licensing systems; it’s crucial to check local regulations.

    What responsibilities do landlords have regarding tenant safety?

    Landlords are legally obligated to ensure the safety of their tenants by conducting regular gas safety checks, providing smoke and carbon monoxide alarms, and adhering to electrical safety standards.

    How can I set a fair rental price for my property?

    Speak with a local letting agent, research the local rental market, consider property features and amenities and evaluate comparable rentals to determine a competitive and fair rental price for your specific location and property type.

    What steps should I take if my tenant fails to pay rent?

    Follow the legal eviction process outlined in the relevant UK legislation, which typically involves issuing a notice to the tenant and seeking possession through the court if rent arrears persist.

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    September 2024 Property Market Update

    Property Market Update September 2024

    September has brought a mix of developments in the UK property market, impacting buyers, sellers, landlords, and renters. With mortgage rates beginning to stabilise and significant legislative changes underway, it’s essential for everyone to stay informed.

    In September, UK house prices surged by nearly £3,000, as reported by Rightmove. The average asking price for a home increased by 0.8%, reaching £370,759. This rise is notably higher than the long-term average increase for this time of year, which is typically around 0.4%.

    Factors contributing to this boost include the recent drop in mortgage rates, an increase in available properties, and faster growth in household earnings relative to inflation and house prices.

    Here’s an overview of the key trends shaping the market, along with some practical tips for navigating these changes.

    Buying: A Time for Cautious Optimism

    For prospective buyers, there is some relief as mortgage rates are falling and the market is slowly adjusting. First-time buyers, in particular, might now find more affordable entry points. However, despite this positive trend, there are still some uncertainties ahead. These include potential changes in the Bank of England’s base rate and upcoming announcements in the October Budget.

    Tips for Buyers:

    Shop Around for Mortgages:With more competitive mortgage products becoming available, it’s wise to compare offers and speak with a mortgage broker. Fixed-rate deals can provide peace of mind, especially with economic uncertainties still lingering. 

    Negotiate Carefully: Sellers may be more open to negotiations, given that the market has cooled slightly. This could be the time to negotiate a better price or ask for certain conditions, like repairs, to be included in the sale.

    Check Your Long-Term Affordability: Ensure your monthly mortgage payments will be manageable, even if your circumstances change. While interest rates are decreasing, affordability checks by lenders remain strict, so plan conservatively.

    View our current properties for sale in Tower Hamlets on our website.

    Selling: Setting Realistic Expectations

    The time to sell a property has increased, according to Rightmove, with average homes now taking around 60 days to sell. Buyers are being more deliberate in their choices. This means sellers need to be patient and make sure their properties stand out in a competitive market.

    Tips for Sellers:

    • Focus on Presentation: Staging your home well can significantly improve its appeal. Invest in minor repairs, fresh paint, and professional staging if possible. First impressions count, and well-presented homes tend to sell faster.
    • Price to Market Conditions: Avoid overpricing. Properties that are priced too high can languish, leaving you frustrated.
    • Be Flexible with Viewings: Make your property accessible for viewings by accommodating various schedules. The easier it is to view your home, the faster you’re likely to attract serious buyers.

    For sellers interested in tracking house prices, several sources provide valuable insights:

    • Halifax publishes a monthly house price index based on its mortgage data.
    • The Office for National Statistics (ONS) uses data from the Land Registry to offer the most accurate measure of house prices, though it has a three-month delay.
    • Nationwide and Zoopla also track house prices. Nationwide reported a 0.2% decrease in August but a 2.4% annual increase, with average prices at £265,375. Zoopla’s data showed a 0.5% rise in July, with average prices now at £266,400.

    Each of these sources uses different methods to track prices, so it’s beneficial to consider them all for a comprehensive overview of the market.

    For property in Tower Hamlets, City Realtor is best placed to offer information on house prices, tips and advice. Please do call us on 0207 790 7702 or email admin@cityrealtor.co.uk.

    Landlords: Preparing for New Regulations

    September 2024 is a key period for landlords, with the Renters’ Reform Bill expected to significantly alter the landscape. The abolition of Section 21 no-fault evictions, along with stricter rent regulations, will reshape how landlords manage their properties.

    In addition, landlords need to start preparing for the 2030 requirement for all rental properties to meet a minimum Energy Performance Certificate (EPC) rating of “C.”

    Tips for Landlords:

    • Stay Informed: Make sure you understand the implications of the Renters’ Reform Bill. Joining a landlord association or investing in property management could help you stay on top of legal updates.
    • Plan for Energy Efficiency: Begin upgrading your rental property to meet the future EPC requirements. Energy-efficient properties will not only comply with regulations but could also be more attractive to eco-conscious tenants.
    • Retain Good Tenants: With increasing tenant rights, focusing on tenant retention is more important now than ever. Offering longer tenancies or incentives like minor upgrades can help maintain a stable rental income.
    • Consider Professional Management: With the legislative environment becoming more complex, it may be worth hiring a professional property management company to handle compliance and day-to-day operations.

    For landlords considering property management in Tower Hamlets, call us on 0207 790 7702 or email admin@cityrealtor.co.uk for information on our services.

    Renters: Higher Costs, More Rights

    While renters face rising rents and high demand for properties, the Renters’ Reform Bill brings new protections. The abolition of Section 21 evictions is a major win for renters, offering more stability. However, this could also lead to landlords being more selective.

    Tips for Renters:

    • Know Your Rights: With the introduction of the Renters’ Reform Bill, tenants will have more power. Educate yourself about your rights, including how landlords can and cannot evict you and what standards they must meet.
    • Be Prepared to Act Fast: Competition for rental properties remains fierce. Have your documents and references ready to move quickly when a property becomes available.
    • Consider Flexibility: If you’re struggling to find a rental in a competitive area, consider expanding your search radius or being flexible with your preferred moving date. Being adaptable can open up more options.

    View our latest properties for rent in Tower Hamlets on our website.

    The Renters’ Reform Bill: Major Changes Ahead

    The Renters’ Reform Bill is one of the most significant pieces of legislation affecting the private rental sector in decades. Aimed at giving tenants more protection, the bill is expected to abolish Section 21 no-fault evictions, introduce stricter rent increase controls, and enforce higher standards of accommodation.

    Key Provisions:

    • Ban on No-Fault Evictions: Landlords will no longer be able to evict tenants without providing a reason, making it harder for them to reclaim properties. This brings more stability for renters but could lead to landlords being more cautious in selecting tenants.
    • Limits on Rent Increases: Landlords will be allowed to increase rents only once a year, and any increase must reflect market rates.
    • Stricter Housing Standards: Landlords face penalties of up to £7,000 for properties that fail to meet a minimum standard.

    For more information on the Renters’ Reform Bill, please speak with a member of our lettings team at City Realtor . We ensure we are always up to date with the latest legislation and developments and can assist landlords and tenants efficiently.

    September 2024 sees a mix of cautious optimism and continued challenges in the UK property market. Falling mortgage rates provide some relief for buyers, while sellers need to adjust to longer sale times.

    Landlords, in particular, must navigate an evolving regulatory landscape, with the Renters’ Reform Bill set to bring about major changes. Renters, meanwhile, can look forward to stronger protections, but with higher rents and increased competition.

    What Next?

    City Realtor are your local estate agents in Tower Hamlets. We are delighted to bring you our property market updates each month. If you are thinking of buying, selling or letting a property in Tower Hamlets, please get in touch.

    For no-obligation advice on buying, selling, renting or letting a property in Tower Hamlets please contact our expert property team at City Realtor on 0207 790 7702. Alternatively, get an instant valuation here. We look forward to helping you move home.

    Don’t forget to follow us on our socials for updates and new listings!

    Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

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    Your 6 Step Guide to the Conveyancing Process

    Your 6 Step Guide to the Conveyancing Process

    Finding the home of your dreams in Tower Hamlets is exciting, and your next step is to secure the property as soon as possible.

    But buying a new home can be a complex process, particularly when it comes to understanding the conveyancing procedure.

    Here at City Realtor we always endeavour to ensure your sale and purchase runs smoothly, with no surprises along the way.

    So, with this in mind, we have created a no-jargon guide to the conveyancing process to help you. But, first things first.

    What is conveyancing?

    Conveyancing is the legal term for the transfer of home ownership between a buyer and seller. The process begins once your offer is accepted on your chosen property in Tower Hamlets and completes when you have the keys in your hand on moving day! This conveyancing process is absolutely essential to ensure that all the legalities of your sale or purchase are covered and to make certain the transfer of ownership happens with as little stress as possible.

    Who does the conveyancing?

    Although you can do it yourself, we always recommend that the conveyancing process is undertaken by a professional solicitor or a conveyancer as it can be a multifaceted process.

    You’ll need to instruct a legal professional as soon as your offer on a property is accepted, so it’s wise to make enquiries and carry out due diligence so that you have several options ready and can start the process without delay.

    Once you have chosen and appointed a conveyancer or solicitor, they will draw up a draft contract and advise you of their charges. At the point of having your offer agreed upon, you will need to provide the full details of your solicitor. We have contacts for several excellent local solicitors, so please do ask us for our recommendations.

    The 6-step Conveyancing Process

    Step 1: Initial contact is made between legal representatives

    The first task undertaken by your solicitor or conveyancer will be to contact your seller’s legal representative to request a copy of the draft contract, the property’s title and other standard forms.

    Your solicitor or conveyancer will thoroughly examine these documents and raise any initial queries. They will also action a number of ‘searches’ to make sure there are no issues you need to be aware of that are not in plain sight.

    The most common searches are local authority searches, environmental searches and drainage and water searches.

    Step 2: Mortgage and survey requirements are confirmed

    At this point, if you need one, you should make sure your mortgage is in place as your solicitor or conveyancer will require a copy of your mortgage offer for the next stage of the conveyancing process.

    Use our mortgage calculator here

    You will also be required to get a mortgage valuation. This is carried out on behalf of your mortgage lender and is to satisfy the lender that the property is secure against the amount of money they are loaning you.

    A necessary survey may also be required at this stage. Whilst not a legal requirement, whether you decide to instruct a survey on the property or not will depend on both the property and your specific circumstances.

    Step 3: Contracts are signed

    Once all the searches have completed, queries have been answered, you have provided your mortgage offer and are satisfied with the survey that has been carried out on the property, your solicitor will agree details regarding the transfer of your deposit funds along with a completion date.

    You will then be ready to sign the contract in preparation for exchange and completion.

    Step 4: Contracts are exchanged

    Next comes the exciting part! Exchange of contracts between buyer and seller. Your deposit will be paid on exchange and at this time you will be in a legally binding contract. The good news is that the seller can no longer accept another offer on the property and must sell the property to you.

    However, if you back out of the purchase at this stage, you will lose your entire deposit. There is usually a deliberate delay between exchange and completion to allow the deeds to the property to be transferred into your name.

    Step 5: Finally, it’s completion day!

    Completion is usually set for 12 noon or 2pm on the agreed date, however, in reality it can happen as soon as the sellers’ solicitor confirms that all monies have been received.

    You can then collect your keys to your new home from us – a moment that always makes us smile!

    Step 6: The final legal work is completed

    Whilst you move into your new property, your solicitor or conveyancer will tie up all the loose ends from a legal perspective.

    They will ensure stamp duty is paid on your behalf, send your title deeds to your mortgage lender and make sure you receive copies of your legal documents. They will also send you your final bill for legal work undertaken.

    Now all that is left for you to do is to unpack, settle into your dream home in Tower Hamlets and enjoy your perfect surroundings.

    You may also be interested to read 10 Frequently Asked Questions When Selling Your Home

    Get the Help of Your Trusted Local Estate Agent in Tower Hamlets

    If you require further independent advice, help and assistance regarding the conveyancing process, the City Realtor team are happy to help.

    Contact us on 0207 790 7702 or email admin@cityrealtor.co.uk.

    Frequently Asked Questions About Conveyancing in the UK

    Do I need a solicitor to buy a house in the UK?

    While it’s not mandatory, it’s highly recommended to use a solicitor or conveyancer to handle the legal aspects of buying a house in the UK. The conveyancing process involves complex paperwork and legalities, and a solicitor can ensure everything is done correctly to protect your interests.

    What are the different stages of the conveyancing process?

    The conveyancing process typically involves six main stages:

    1. Initial contact and exchanging documents with the seller’s solicitor.
    2. Completing searches and obtaining a mortgage offer (if applicable).
    3. Reviewing contracts, addressing any questions, and arranging a survey (optional but recommended).
    4. Signing contracts and exchanging them (becomes legally binding at this point).
    5. Completion day (paying the remaining balance and receiving keys).
    6. Final legal tasks like registering ownership and paying stamp duty.

    How long does conveyancing take?

    The conveyancing process can take anywhere between 6-12 weeks, depending on the complexity of the sale and the efficiency of the solicitors involved.

    What are some of the costs associated with conveyancing?

    The costs associated with conveyancing will vary depending on the solicitor you choose and the complexity of the sale. However, you can expect to pay solicitor fees, search fees, and stamp duty land tax.

    What Next?

    Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

    Don’t forget to follow us on our socials for updates and new listings!

    Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

    Good luck if you are buying a home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

    Posted on

    The 10 Most In-Demand Things Home Buyers Want

    The 10 Most In Demand Things Homebuyers Want

    Are you selling a property in Tower Hamlets? You’ll know that it can be a daunting task to attract viewers and get offers on your property because how do you know what buyers want when searching for a new home?

    To help you, our expert team of estate agents in Tower Hamlets have come up with a definitive list of the things home buyers want. So, if you’re looking to sell your home in the near future, read on to discover the ten most in-demand features buyers look for in a new home!

    The 10 Most In-Demand Things Home Buyers Want

    1. Open-Plan Living Spaces
    Gone are the days of compartmentalised living. Today’s home buyers are on the hunt for spacious, open-plan designs that allow for flexibility and flow between rooms. The modern homebuyer’s preferences have evolved from enclosed rooms and defined spaces to open layouts.

    Whether it’s to accommodate a growing family, entertaining guests, or to encourage a more communal style of living, these versatile spaces are adaptable. Large spaces with natural light allow easy supervision of children, improved sociability, and the feeling of spaciousness. If you’re looking for open-plan homes in Tower Hamlets, we can help.

    2. A Home Office
    With remote working now commonplace, a dedicated home office is a necessity. Buyers prefer a dedicated space that’s well-lit and quiet, offering a productive environment away from the hustle and bustle of family life.

    Buyers now consider home office design details including storage options and a door or divider to separate the workspace from the living area, as this promotes better focus and allows for a healthier work-life balance.

    For properties with ideal work-from-home spaces, check out our available listings in Tower Hamlets.

    3. Outdoor Spaces
    You might have noticed a surge in garden renovations and patio makeovers in the past few years. That’s because outdoor space is a premium feature.

    Buyers want space for children to play and explore safely, and they also want to be able to eat and entertain outside, using their gardens as an extension of their interiors. Buyers are also seeking low-maintenance gardens with landscaping and smart use of space. Discover homes with outdoor spaces by viewing our latest listings.

    4. Energy Efficiency
    The increasing costs of utilities have led to a surge in the popularity of energy-efficient homes among buyers. They are now seeking features that not only help save money but also contribute to a greener and more sustainable living.

    Some popular energy-efficient features include double-glazed windows, solar panels, and smart home systems that offer innovative control over energy consumption from a smartphone or other device.

    Additionally, buyers are looking for efficient insulation, energy-saving appliances, and advanced heating systems, which all contribute to a reduced carbon footprint and lower utility expenses.

    5. A Modern Kitchen
    They say the kitchen is the heart of the home. And what buyers want is a kitchen that’s not just functional but also modern and stylish. But beyond that, they’re also seeking top-notch appliances which contribute to the kitchen’s overall look and feel. Innovative storage solutions, like pull-out pantry systems, are also high on buyers’ wish lists.

    For properties with modern kitchens, take a look at the listings we have available.

    6. En-Suite Master Bedroom
    Who wouldn’t want a hotel-like experience right in their bedroom? An en-suite master bedroom offers that extra bit of privacy and luxury that can make all the difference in your daily routine.

    Buyers value a spacious master bedroom with an en-suite bathroom equipped with modern fittings, such as a large shower and a high-spec finish. Additionally, ample cupboard space or a walk-in wardrobe is desirable.

    If you’re interested in homes featuring en-suite master bedrooms, browse through our Tower hamlets properties.

    7. Location, Location, Location
    Whether it’s being in a top-rated school catchment or a stone’s throw away from amenities, location is and will always be important to buyers.

    Proximity to local amenities such as supermarkets, restaurants, parks, and healthcare facilities increases a property’s appeal. Additionally, properties in quiet neighbourhoods, those with stunning views, or situated near public transport links are highly sought after.

    If you’re looking for well-located homes in Tower Hamlets, we’ve got plenty of options.

    8. Ample Storage
    Let’s face it: we all have too much stuff! Ample storage solutions, such as built-in wardrobes and loft spaces, are high on the list for potential buyers.

    In addition, potential homeowners also appreciate other clever storage solutions. These include built-in shelves and pantries that make the best use of available space. A shed or a garage is also appealing.

    9. Pet-Friendly Features
    With pet ownership at an all-time high, features like a mudroom for your four-legged friend and a securely fenced garden are fetching a premium.

    A securely fenced garden provides not only safety but also a free space for pets to run around, play, and get their daily exercise. This gives pet owners peace of mind knowing their furry friends can enjoy the outdoors without wandering off.

    10. Smart Home Tech
    From video doorbells to smart thermostats, technology that simplifies life is a major selling point for today’s home buyers.

    These advancements provide added comfort, convenience, security, and even energy savings – all wrapped into the modern smart home experience.

    Video doorbells, for instance, not only provide convenience with features like contactless deliveries but also enhance home security by allowing homeowners to monitor their front doors remotely via smartphone apps.

    Similarly, smart thermostats let residents control temperature settings based on their daily routines and preferences, optimising comfort while increasing energy efficiency.

    Wrapping It All Up

    When it comes to what are the things home buyers want, these are the top 10 features home buyers in Tower Hamlets are craving! If you’re in the market for a new home, consider this your ultimate checklist. And if you’re considering selling, think about how many of these you can offer!

    What Next?

    Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

    Don’t forget to follow us on our socials for updates and new listings!

    Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, watch our YouTube Videos!

    Good luck if you are buying your first home, or considering putting your property in Tower Hamlets on the market. We’ve answered your FAQ’s here.

    Posted on

    Landlords: Should You Let Tenants Decorate? 5 Things to Consider

    Should You Let Tenants Decorate? 5 Things to Consider

    Should you let tenants decorate?

    That is the question for many landlords, as long-term tenants often start to question whether or not they are allowed to turn their rental property in Tower Hamlets into a style that suits them.

    Since the number of people renting long-term is growing, more tenants are finding themselves wanting to ditch the plain décor and make a rental feel more like home. However, letting your tenants decorate a rental property is a relatively new concept for many landlords.

    As a landlord, knowing how to respond to the decorating trend is tricky. There are downsides to letting your tenants decorate, but there are many benefits, too.

    If you are considering whether you should let your tenants decorate, here is our advice on what the benefits are and how you can safely allow decorating.

    Benefits of Letting Your Tenants Decorate Their Rented Property

    Letting your tenants decorate shouldn’t always be met with a feeling of fear and dread. At City Realtor, we find that allowing your tenants to decorate can have its benefits.

    1. Marketability

    The number of people renting long-term is growing, so more and more tenants are looking for somewhere they can make a home. Depending on who your target market is, allowing your tenants to decorate a rental can easily make it more attractive to long-term renters. And long-term renters are the goal of many landlords.

    2. Return on Investment

    Decorating costs money. Even if your tenants are only buying a tin of paint or a few rolls of wallpaper, that can still be a few hundred pounds they’re spending on your property. Not only can this mean your property stays looking fresh, but you could even see a better return on investment for it.

    Plus, if your tenants want to spend money on your property, it’s a good sign. It means they take pride in living in your rental and want to look after it as best they can.

    Read our maintenance tips for landlords here

    How to Safely Let Tenants Decorate Rental Properties

    3. Set Boundaries

    Stipulate very clearly in the tenancy agreement what you will and won’t allow. For example, you’re happy for them to paint, but they can’t remove any walls! Or they can put up shelves, TV brackets, and units as long as they fill in the holes afterwards.

    Setting boundaries around letting your tenants decorate means you can retain a level of control over what happens with the property. This puts you in a better position if you need to re-market it in the future.

    4. Discuss Plans Before New Tenants Move In

    If you have a new tenant moving into your property, it doesn’t do any harm to ask them if they have plans to decorate.

    Getting a feel for their style and what your tenant wants to do to the property can help reassure you that you’re not going to end up with a bad paint job or something you’d consider distasteful. It can also help you make up your mind about whether you want to let them decorate or not.

    5. Take Pictures

    Taking pictures of the property and undertaking an inventory before a new tenant moves in is an essential part of the onboarding process – whether you plan on letting tenants decorate or not.

    If you’re allowing tenants to decorate, taking pictures is especially important. Not only will you have a record of how the property used to look (in case you want to change it back to how it was afterwards), but you can also check during inspections that the tenants haven’t renovated outside of the boundaries you set.

    Need More Landlord Advice?

    City Realtor are your local property experts in the Tower Hamlets area.

    As property management experts in Tower Hamlets, we’re on hand to make your life as a landlord easier and more profitable!

    If you’re a landlord thinking about working with a letting agent to help manage your property, our friendly team at City Realtor would love to hear from you.

    Require a valuation, or searching for property management services in Tower Hamlets? Contact us on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

    Don’t forget to follow us on our socials for updates and new listings!

    Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

    In the meantime, here are the answers to the most frequently asked questions on this topic.

    Frequently Asked Questions About Laying Ground Rules for Tenants Painting Rented Property

    Can tenants freely paint their rented property without any restrictions?

    No, tenants must adhere to the guidelines specified in the tenancy agreement. If tenants paint, restrictions may apply, ensuring the property is maintained appropriately.

    Are tenants allowed to hang pictures or shelves in a property they rent?

    Landlords typically set guidelines in the tenancy agreement. While some may permit hanging pictures or shelves, it’s essential to check and seek approval to avoid potential issues.

    Do many rental properties in the private rental sector allow tenants to decorate?

    The flexibility varies among landlords, but an increasing number in the private rental sector recognize the benefits of allowing tenants to decorate within predefined boundaries.

    How does setting boundaries on tenants’ decorating activities benefit future tenants?

    Clearly defined boundaries in the tenancy agreement help maintain property standards, ensuring a well-preserved space for future tenants. It also facilitates smoother transitions between tenancies and protects the tenants’ deposit.

    Posted on

    August 2024 Property Market Update

    August 2024 Property Market Update

    The UK property market continues to evolve, with significant developments affecting buyers, sellers, landlords, and tenants. August 2024 has brought a fresh wave of changes, driven in part by the recent reduction in the Bank of England’s base rate. This latest property market update looks at the latest trends, and expert insights, offering an overview of what to expect in the coming months.

    A Cooling Market Amid Economic Shifts

    The UK property market is experiencing a period of moderation after several years of rapid growth. According to recent data from HM Land Registry, the average house price in the UK is currently just under £286,000, reflecting a 1.2% annual increase. While prices remain high, the pace of growth has decelerated slightly, signalling a more balanced market.

    The Impact of the Bank of England’s Base Rate Reduction

    A key development this month is the Bank of England’s decision to reduce the base rate to 5.00% (Bank of England – Monetary Policy Report). This move, is likely to have a significant impact on the property market. Lower interest rates generally make borrowing cheaper, which could encourage more buyers to enter the market and may provide some relief to those with variable-rate mortgages.

    However, the impact of this rate cut may be tempered by the ongoing cost-of-living crisis. Inflation has eased and sits at the Bank’s 2% target, but household budgets are still feeling some pressure. As such, the market may see a cautious response to the rate cut, with buyers weighing the benefits of lower mortgage rates against broader economic uncertainties.

    Buying: A Mixed Outlook

    For prospective buyers, the market presents a mixed outlook. On one hand, the reduction in the base rate will lower mortgage costs, making property more accessible, especially for first-time buyers. Additionally, the slowing rate of house price growth may create more opportunities to purchase at lower prices.

    Follow our step by step guide to buying a house

    Buying Tips:

    1. Shop Around for Mortgage Deals: With the base rate reduction, lenders may offer more competitive mortgage deals. It’s advisable to consult a mortgage broker who can help you find the best rates tailored to your financial situation.
    2. Consider Fixed-Rate Mortgages: Given the current economic uncertainties, locking in a fixed-rate mortgage could provide stability in monthly payments, protecting you from potential future interest rate hikes.
    3. Focus on Affordability: Ensure that your mortgage repayments are affordable even if your circumstances change. Lenders are increasingly stringent with affordability checks, so it’s wise to budget conservatively.

    View our properties for sale in Tower Hamlets here

    However, high living costs and tighter lending criteria continue to pose some challenges. Lenders have become more cautious, particularly in assessing affordability. The Bank of England’s latest data shows that the average mortgage approval rate has dropped by 10% year-on-year, reflecting a more stringent lending environment.

    Selling: Adjusting to New Realities

    For sellers, August 2024 brings a need for realistic expectations. Zoopla reports that the average time to sell a property has increased to 60 days, up from 45 days a year ago.

    Selling Tips:

    1. Price Competitively: In a cooling market, pricing your property correctly is crucial. Overpricing can lead to your property sitting on the market for longer, which may deter potential buyers. Contact us for a realistic valuation.
    2. Enhance Kerb Appeal: First impressions matter. Simple improvements like a fresh coat of paint, tidy landscaping, and minor repairs can significantly increase your home’s attractiveness to buyers.
    3. Stage Your Home: Consider professional home staging to make your property more appealing. Well-staged homes often sell faster and at a better price.
    4. Be Flexible with Viewings: The more accessible your home is for viewings, the more potential buyers you can attract. Being flexible with scheduling can help attract offers faster.

    Sellers are advised to price their properties competitively. With more properties available on the market, buyers have greater choice. It’s also important for sellers to be mindful of the condition of their homes; properties in good repair and presented well are more likely to attract serious offers.

    Landlords: Navigating New Regulations

    Landlords are facing a challenging landscape in August 2024, with new regulations and rising costs. The Renters’ Reform Bill, expected to come into effect later this year under the new Labour government, is one of the most significant changes. This bill aims to abolish Section 21 ‘no-fault’ evictions, strengthen tenants’ rights, and improve the quality of rented accommodation.

    Additionally, the Energy Performance Certificate (EPC) requirements are tightening, with all rental properties needing to achieve at least a C rating by 2030. This means that landlords may need to invest in energy-efficient upgrades, which could be costly. On the flip side, the reduction in the base rate may provide some financial relief for those with mortgages on their rental properties.

    Read 8 Things Every Landlord Should Know

    Landlord Tips:

    1. Stay Ahead of Regulatory Changes: With significant legislative changes on the horizon, landlords should stay informed and ensure compliance. Consider joining a landlord association for updates and support.
    2. Invest in Energy Efficiency: Upgrading your property to meet the new EPC requirements not only ensures compliance but can also make your property more attractive to tenants. Government grants and incentives may be available to help offset some of the costs.
    3. Review Your Financing: With the recent reduction in the base rate, it may be a good time to review your mortgage arrangements. Refinancing could improve your cash flow and profitability.
    4. Focus on Tenant Retention: In a competitive rental market, maintaining good relationships with existing tenants is key. Consider offering incentives such as flexible lease terms or minor property improvements to encourage long-term tenancies.
    5. Consider Professional Management: If managing the increasing complexities of being a landlord becomes overwhelming, consider hiring a professional property management company. They can handle everything from tenant screening to maintenance, ensuring your property remains compliant and profitable.

    Lettings: A Strong Demand but Pressured Supply

    The lettings market remains robust, driven by strong demand and a limited supply of rental properties. According to data from Rightmove, average rents across the UK have increased by 6.8% over the past year. The shortage of rental properties, coupled with landlords exiting the market due to increasing regulation and costs, has led to intense competition among tenants.

    For tenants, this unfortunately means higher rents and more competition, making it sometimes challenging to secure affordable accommodation. For landlords, the high demand presents an opportunity, but it also comes with the responsibility to comply with the new regulations and maintain properties to a high standard.

    View our properties to rent in Tower Hamlets

    Stay Informed and be Prepared to Adapt

    This is a period of transition for the UK property market. The reduction in the Bank of England’s base rate offers potential benefits, particularly for buyers and landlords, but it is set against a backdrop of economic uncertainty and regulatory changes. Whether you’re buying, selling, or renting, staying informed and being prepared to adapt to these changes will be key to navigating this evolving market successfully.

    City Realtor are your local estate agents in Tower Hamlets. We are delighted to bring you our property market updates each month. If you are thinking of buying, selling or letting a property in Tower Hamlets, please get in touch.

    For no-obligation advice on buying, selling, renting or letting a property in Tower Hamlets please contact our expert property team at City Realtor on 0207 790 7702. Alternatively, get an instant valuation here. We look forward to helping you move home.

    Don’t forget to follow us on our socials for updates and new listings!

    Follow us on Facebook, connect with us on X, join us on Instagram, find us on TikTok, see us on LinkedIn, Watch our YouTube Videos!

    Posted on

    7 Tips to Create the Perfect Kitchen

    7 tips to create the perfect kitchen

    Your kitchen is the heart of your home, and often it’s the room where you spend the most time.

    Whether you like to cook regularly for your family or entertain friends, having a kitchen you want to spend your time in is so important.

    If you’re looking to renovate your current kitchen and transform it into the kitchen of your dreams, then there are plenty of elements to consider.

    It can be overwhelming looking at all the different options and considering all the choices you have to make while staying within your budget, but with these tips from the City Realtor team, it’s totally possible to get the kitchen you feel is absolutely perfect.

    You may also be interested to read: How to Update Your Home on a Budget

    7 Tips for an Improved Kitchen Layout

    1. Start with The Existing Kitchen

    It’s vital to evaluate how your kitchen is currently laid out in terms of doorways and windows because this will affect the layout of your new kitchen.

    It also matters how the kitchen relates to the rooms adjacent to it, so keep that in mind too.

    Look at the current layout and make notes of what works and what doesn’t; then, you can start to draft design plans to address any shortcomings while still keeping the functions that work.

    2. Assess Your Needs

    You want your new kitchen to bridge any gaps that your current kitchen isn’t accommodating, but to do that, you need to understand what those gaps are and what you need.

    • Do you need more storage space for crockery or grocery items?
    • Do you need a bigger sink or new appliances like a dishwasher?
    • Are you improving the path between the fridge, oven and sink for ease of movement throughout your kitchen?
    • Do you need more worktop space for prepping or for small appliances?

    These are all good questions to ask at this stage. Also, consider how you will use your kitchen because this will also affect the new design. If you’re upgrading it to make it your own space to cook and prep meals for one or two people, your needs will be quite different than if you plan on regularly entertaining and cooking for guests.

    You may want to convert the space from kitchen to kitchen-dining, which might include adding a breakfast bar for added seating or opening up the space to include a dining table.

    3. Consider the Kitchen Triangle

    When it comes to your design, the kitchen triangle should definitely be considered. The oven, sink, and refrigerator are the three points of the triangle and should be grouped together or within a close distance for ease of movement and efficiency.

    If you want a kitchen island as part of your redesign, consider how it may get in the way of your prep and cooking. Furthermore, clustering related activities together like the sink, oven and hob should be factored in.

    The goal is to make all of your cooking functions simple and efficient, especially if cooking in your current kitchen feels like a chore. Having easy access to the preparation areas and bin, pairing your fridge and food cupboards close together, and having the sink and oven in close proximity makes the whole process of meal prep and cooking much less painful.

    It may be a subtle difference, but it can totally transform how you feel about cooking in your kitchen. The challenge is trying to create a layout that accommodates all of these pairings.

    Thinking about moving? Get an instant valuation on your property here.

    4. Think About Lighting

    The way your kitchen is lit can dramatically change how you feel about it, so don’t let this be an oversight.

    Consider where natural light will come into play during daylight hours and what parts of the kitchen need to be lit brightly for cooking purposes or which parts require dimmer mood lighting to set the tone while eating or entertaining.

    5. Think About Storage Options

    Another element to plan around is how much storage space you will need or want. Compare it to your current kitchen – are you happy with what you have now?

    If not, think of ways to incorporate more storage into your design so you aren’t left scrambling to find enough space for your grocery items or pots and pans.

    A well-designed kitchen properly integrates form and function, so this is your goal if you want your own perfect kitchen at home.

    6. Set Your Budget

    Before you get ahead of yourself and start planning costly renovations, set your budget, and be as honest as you can with yourself.

    There are compromises you can make without losing your original plan’s functionality. It’s also wise to include a little bit extra in your budget for unexpected costs which often happen during renovations.

    Do your best to stick to any budget you set, so that your new dream kitchen comes to fruition.

    7. Get Inspired

    It can be tough to design your own kitchen without any professional knowledge or expertise, so do some research and get inspiration from other kitchens you love.

    Remember, some of those kitchens may have been created using unlimited budgets, so try to find some that are more within your range or find cost-effective alternatives if you are working with a smaller budget.

    Look at design aspects too, like splashback tile designs, paint colours for the walls and cupboards, surface materials, and other accessories that work in the space. Above all, remember that your kitchen should function as you like, but it should also match your own style.

    View property for sale in Tower Hamlets

    Get in Touch for Expert Advice

    Wondering whether to improve, or move? For expert buying and selling property advice, contact our team of experts at City Realtor on 0207 790 7702 or email admin@cityrealtor.co.uk.

    Frequently Asked Questions About Designing Your Perfect Kitchen in the UK

    My kitchen is small and the layout is awkward. How can I improve it for better flow?

    Start by evaluating your current layout, including doorways, windows, and how it connects to other rooms. Sketch a plan to address any shortcomings while keeping functional elements.

    I’m renovating my kitchen. What storage solutions should I consider?

    Think about your current storage situation and how much you’d like to improve it. Design your new kitchen with more storage in mind, incorporating features like additional cupboards, drawers, or pantry space.

    I love the idea of a kitchen island, but will it disrupt my workflow?

    Consider how a kitchen island might affect the flow in your kitchen, especially in relation to the “kitchen triangle” (fridge, sink, hob). If space allows, position the island to avoid creating bottlenecks.

    How can I create a well-lit kitchen that caters to both daytime cooking and evening meals?

    Maximise natural light during the day and incorporate different lighting zones. Opt for bright task lighting near prep areas, and consider dimmer mood lighting for setting the ambience during meals or entertaining.

    What Next?

    Do you require a valuation or no-obligation advice on buying or selling a home in Tower Hamlets? Please contact our expert property team at City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk, and we will be delighted to help you.

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    Good luck if you are buying your first home, or considering putting your property in Tower Hamlets on the market. We’ve answered even more of your FAQ’s here.