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June 2024 Property Market Update

June-2024-Property-Market-Update

During June we’ve seen the UK property market continuing on its path of cautious optimism. While the fast growth seen in previous years has eased, a sense of stability is emerging, underpinned by rising buyer demand and a potential shift in interest rates.

Let’s delve into the key trends shaping the market this month.

Market Recovery Gathers Momentum

The good news for buyers and sellers is that the property market is experiencing a steady recovery. After a period of uncertainty, house prices are showing signs of growth again. According to Nationwide Building Society, May 2024 saw a 0.4% increase in average house prices, bringing the annual growth rate to 1.3%. This indicates a market that’s found its footing and is on an upward trajectory.

Regional Variations Remain

While the national picture is one of growth, it’s important to remember that the UK property market is a patchwork of regional variations. Scotland continues to lead the pack with a significant 6.7% annual increase in house prices, while England and Wales are seeing more modest rises of 1% and 1.3% respectively. Northern Ireland has also shown steady growth of around 4%. Understanding these regional differences is crucial for both buyers and sellers when making informed decisions. If you would like to know more about the Tower Hamlets region, please call us on 0207 790 7702 to discuss.

The Interest Rate Question

A significant factor influencing the market is the ongoing speculation around interest rates. With inflation falling closer to the Bank of England’s 2% target, a potential base rate cut is on the horizon. However, in June, The Bank of England made the decision to keep interest rates the same – at 5.25%, meaning the rate has now remained static for the past 10 months. An interest rate drop could be a game-changer for the market, making mortgages more affordable and potentially boosting buyer demand. Some economists predict the first cut could come as early as August 2024, while others think we may have to wait until December! The impact of this on house prices remains to be seen, but it’s likely to contribute to a more vibrant market.

Election Jitters or Business as Usual?

The upcoming general election in July has caused some to wonder if it will stall market activity. However, experts suggest this is unlikely to happen. In contrast to past elections with significant policy shifts, the current political landscape doesn’t propose drastic changes impacting the housing market. The first interest rate cut, however, is expected to have a more significant impact on market activity this year.

Supply and Demand: Finding Balance

The good news for buyers is that there are signs of a healthy increase in the number of properties coming onto the market. This increased supply is expected to keep house price inflation in check throughout the year. While significant price hikes might be off the table for now, the steady flow of properties ensures buyers have more options in a balanced market.

What Does This Mean for You?

Landlords: The rental market continues to see high demand, with rents rising at a slower pace than the previous year. Zoopla reports an average increase of 6.6% for new lets in April 2024. While this presents an opportunity for stable returns, it’s important to remember tenant retention is key. Focusing on good communication, responsive maintenance, and ensuring your property remains competitive in terms of rent and amenities will be crucial for attracting and keeping quality tenants.

Buyers: With a potential interest rate cut on the horizon, affordability might improve in the coming months. However, with increased competition due to rising demand, it’s still a seller’s market in many areas. Being prepared with a well-researched offer and a strong financial position will be key to securing your dream property in Tower Hamlets.

Sellers: While significant price rises are less likely, the market conditions remain favourable for sellers. At City Realtor we suggest focusing on presenting your property in its best light through minor improvements, home-staging and competitive pricing to attract buyers quickly in a market with more options.

The Bottom Line

The UK property market is moving towards cautious optimism. House prices are showing signs of growth, with regional variations offering opportunities for both buyers and sellers. The potential for a base rate cut later this year could be a major driver of market activity. With an increased number of properties coming to the market, a sense of balance is emerging. Whether you’re a buyer, seller, or landlord, staying informed and seeking expert advice will be crucial for navigating the market effectively.

City Realtor are your local estate agents in Tower Hamlets. We are delighted to bring you our property market updates each month.

For no-obligation advice on buying or selling 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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How To Choose A Letting Agent In Tower Hamlets

How to Choose A Letting Agent in Tower Hamlets

Working out how to choose a letting agent is an important decision. Your property is a valuable asset, and entrusting someone else to manage it for you isn’t something to be taken lightly.

Working with an expert letting agent can help save you time and money. Plus, you can rest assured that you’re managing your property in the right way and leaving yourself less open to risk.

If you’re thinking about working with a letting agent, here are our tips on how to choose a letting agent in Tower Hamlets and the best questions to ask before you commit.

Seven Questions to Ask Letting Agents About Rental Properties

So let’s jump straight in with the seven key questions you must ask any letting agents, especially once you have a rental property in mind.

1. Are You Regulated?

One of the first things you need to check when speaking to a potential letting agent is whether they are registered as part of a government-approved letting agency redress scheme and the national approved letting scheme. Working with an unregistered letting agent can result in fines for landlords, so it’s always best to check. Working with an accredited agent like City Realtor can provide you with the expertise and professionalism you need to achieve your goals. City Realtor has Propertymark accreditation. They collaborate with members to establish professional standards through regulation, recognised qualifications, industry-leading training, and mandatory Continuing Professional Development. Propertymark ensure that all landlords, tenants, buyers and sellers receive professional services.

2. Are You Part of a Client Money Protection Scheme?

Just like the previous question, you also want to ensure the agency is part of a client money protection scheme – particularly if they will be handling tenancy deposits and dealing with rent collection and other property management tasks for you. City Realtor is fully compliant as members of The Property Ombudsman and The Tenancy Deposit Scheme.

3. What Are Your Fees?

Of course, asking about fees is a given and it’s a question we expect you to ask. When enquiring about fees, make sure you ask about all charges you could be liable to pay – not just the standard stuff. A professional letting agent will be completely transparent with these numbers, and that will allow you to compare agents which is crucial. We are totally transparent about our fees and display them all on our website. However, at City Realtor, we recognise that every landlord’s needs are unique. That’s why we offer customisable packages to fit your specific requirements.

4. What Marketing Strategies Do You Use?

A good letting agent is always on the hunt for new ways to market their rental properties. Depending on who your target market is, modern forms of marketing (like blogging and social media) can be highly effective.

Make sure you ask how your letting agent will market your property to see if it’s the right fit for you. At City Realtor, we believe in a rounded approach to marketing, and are happy to discuss our process with you. Call us on 0207 790 7702 for a chat!

5. Do You Know the Local Area?

Naturally, having a local letting agent in Tower Hamlets has its benefits. Someone who knows the area well can market your property to potential tenants much more effectively. Our dedicated and knowledgeable team have years of experience in the area – and the industry!

6. How Long Does it Take to Fill Vacancies?

Every landlord wants to fill voids as quickly as possible, but finding a good tenant usually takes time.

Regardless, a good letting agent will have the facts on the average time it takes them to fill vacancies, so make sure you ask for the figures. Here at City Realtor, we are completely transparent with these figures, and you can speak with us about them at anytime.

7. What Are Your Opening Hours?

When your letting agent is available to talk is much more important than you might think. You need someone who can work around your lifestyle and be ready to answer your questions when you have time to speak.

While most letting agents in a local area have standard opening hours, some may be open or available out of hours, too. The City Realtor team work specific hours, but we are always willing to be available when called upon by our clients and answer all queries promptly.

You may also be interested to read 8 Things Every landlord Should Know

Need expert landlord advice?

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 Letting Agents in Tower Hamlets

What factors should I consider when selecting a letting agent as a landlord?

When choosing a letting agent, consider their reputation, experience, and fees. Look for agents with positive reviews, a proven track record in your local area, and transparent fee structures.

Are there any regulatory requirements I should be aware of when hiring a letting agent in the UK?

Yes, ensure the letting agent is a member of a recognised redress scheme and complies with the law, such as deposit protection regulations. This helps safeguard your interests and those of your tenants.

How can I assess a letting agent’s ability to find suitable tenants for my property?

Evaluate their marketing strategies, tenant screening processes, and vacancy fill rates. A reliable letting agent should have effective advertising methods and thorough tenant vetting procedures to secure quality tenants for your property.

What services do letting agents typically offer, and how do I choose the right level of service for my needs?

Letting agents offer various services, including tenant find, rent collection, and full management. Assess your preferences, time availability, and budget to determine which service level aligns best with your requirements as a landlord.

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How to Make Your Garden Summer Ready

How to Make Your Garden Summer Ready

Whether you are a green-fingered fanatic and can’t wait to pull on your gardening gloves and get stuck in, or if you consider the maintenance of your outside space as just another household task that you need to tick off a list, you can’t deny that the arrival of summer is the perfect time to update and refresh your garden.

From the planting of spring flowering bulbs to sprucing up your winter-weathered garden furniture, keep reading to get all the tips from our team on how to make your garden summer-ready in six simple steps.

Six Steps to Making Your Garden Ready For Summer

1. Get underway with weeding

Possibly the most boring and time-consuming of all the garden maintenance tasks is weeding, but unfortunately, it is a crucial step in getting your garden summer-ready.

Start by removing any weeds that have accumulated in your flower beds, and then look to remove any dead plants from around your garden.

You can also tidy up your borders using a strimmer or an edging tool.

2. Tend to your lawn

After a long winter without a trim, your lawn is no doubt in need of a good mowing. It is always best to mow your lawn when it is dry, and you should also leave the grass clippings where they fall, as this will provide the soil with moisture and nutrients, resulting in a healthier lawn.

Now is also the ideal time to aerate your lawn. This can be done either by hand with a fork or with an aerating machine.

3. Fix up your fence

Fences can take quite a battering over the winter months, and nothing can make your garden look as neglected and uncared for as a faded wooden fence. Therefore, it is vitally important that you repaint and treat your fence to ensure it looks its best once the sun finally starts shining again.

If you have painted your fence previously, you should first strip off this colour before you start the re-painting and treating process.

The colour of your fence is completely dependent on your personal preference, although it should be noted that darker stains can make your garden appear smaller. If in doubt, try to choose a shade that will complement the plants and flowers in your garden, as well as any garden furniture that you may have.

4. Set up a scrubbing station

Depending on the items you have in your garden, you may have a fair amount of cleaning on your hands. From a rusty BBQ to grubby outdoor seating to debris-littered decking; essential cleaning will definitely be on your list of tasks for ensuring your garden is summer-ready.

To remove rust from your BBQ, simply mix one cup of baking soda with a little bit of vinegar, apply it to the affected area, leave it for half an hour, and then scrub it away with soapy water and a sponge.

Outdoor tables and chairs can also be revived with just a bucket of warm, soapy water and a bit of elbow grease!

5. Sow your seeds

Whether you favour flowers or prefer growing a selection of edible plants, now is the perfect time to start deciding what you want to grow and where. Once you have established your preferred plants, you should start ordering your flowering bulbs and seeds.

Now is also a good time to hunt down and eliminate any hibernating garden pests that may attack and destroy your precious plants and produce once they awake from their slumber.

You can either use a shop-bought pesticide or make your own soap spray that will effectively eliminate any pests. Simply mix one tablespoon of dishwashing soap with one gallon of water and spray directly onto the insects.

6. Install a water butt

Keeping your garden looking fresh and vibrant requires a lot of watering, especially over the warm summer months. Using water from your tap can send your utility bills spiralling if you have a water meter fitted, so instead, install your own water butt.

There are a wide variety of sizes and styles to choose from, including slimline options if you do not have much space and second-hand butts available on eBay if you are keen to save money and do your bit for the environment.

Other water-saving tips for your garden include:

  • Using a watering can instead of a hose pipe
  • Watering your plants when the temperature is at its coolest, either first thing in the morning or later in the evening
  • Not overwatering your plants
  • Don’t worry if your lawn becomes scorched. It will recover quickly once the rain returns

Are You Getting Your Outdoor Space Ready to Put Your House on the Market in Tower Hamlets?

What Next?

Do you require a valuation or no-obligation advice on buying or selling a property 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 more of your FAQ’s here and below.

Frequently Asked Questions About Getting Your Garden Ready for Summer

How do I ensure my garden soil is ready for summer planting?

Prepare your flower beds by incorporating good compost into the garden soil. This essential step provides nutrients for healthy plant growth during the summer months.

What’s the best way to start composting for an effective garden spring clean?

Kickstart your garden spring clean by setting up a compost bin. Dispose of garden waste, including weeds and dead plants, from an old flower bed to create nutrient-rich compost, enhancing the overall quality of your flower beds.

Which climbing plants, such as sweet peas, are ideal for a vibrant summer garden?

Elevate your outdoor space with climbing plants like a sweet pea, known for their fragrant blooms. These colourful additions not only enhance the visual appeal but also contribute a delightful scent to your summer garden.

How should I maintain woody plants during the warmer months for optimal growth?

Ensure the health of your woody plants with a thorough spring clean. Prune any dead or diseased branches and apply a layer of good compost around the base, promoting robust growth and maintaining the vibrancy of your garden throughout the summer in an eco-friendly way.

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Staging A House On A Budget: Impress Buyers Looking for Property In Tower Hamlets Without Breaking the Bank

Staging A House On A Budget

Selling your property in Tower Hamlets is an exciting but often challenging time.

To attract potential buyers and secure an offer, you may be thinking of staging a house on a budget! Indeed, to present your home in the best possible light, home staging is a worthwhile consideration.

While professional staging services can be costly, you don’t need to drain your savings to make your property stand out.

In this guide, put together by the team at City Realtor we’ll explore budget-friendly tips and strategies for staging your house on a budget when it’s on the market, ensuring it appeals to and catches the eye of prospective buyers.

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

Staging on a Budget

Maximising Kerb Appeal When Home Staging

First impressions are crucial. When potential buyers drive up to your property, what they see from the outside can greatly influence their perception of your home.

Here are some cost-effective ways to enhance your property’s kerb appeal:

  • Tidy Up the Exterior – Start by giving your home’s exterior a thorough cleaning. This includes cleaning windows and removing any cobwebs or debris. Also consider a fresh coat of paint on the front door as a bright focal point.
  • Landscaping – You don’t need a professional landscaper to spruce up your outdoor space. Trim overgrown bushes, cut the lawn and add some colourful potted plants or flowers near the entrance. These small touches can make a big difference to how your property is perceived.
  • Lighting – Consider adding outdoor lighting to create a warm and inviting atmosphere, especially for evening viewings. Solar-powered lights along the pathway or string lights on the porch are budget-friendly and visually appealing.

Interior Improvements on a Budget

Once you’ve captivated potential buyers with your home’s exterior, it’s time to focus on the interior. Here’s how to make your property look its best without spending a fortune:

  • Declutter and Depersonalise – Begin by decluttering your home. For example, remove excess furniture, personal items, and anything that makes spaces feel crowded. A clutter-free environment helps potential buyers imagine their own belongings in the space.
  • Fresh Paint and Repairs – A fresh coat of paint can transform a room. Stick to neutral colours like cream or light grey to appeal to a broad range of buyers. Additionally, tackle any minor repairs such as leaky taps, loose doorknobs, or squeaky hinges.
  • Rearrange Furniture – You don’t need to buy new furniture to stage your home effectively. Try rearranging your existing furniture to create an open and inviting layout to make a significant difference. Aim for a balanced and spacious feel in each room.

Staged Homely Touches that Make a Difference

To truly impress potential buyers, consider adding some homely touches in order to create an emotional connection with the space.

These small investments below can yield significant returns:

  • Fresh Flowers and Greenery – A vase of fresh flowers or a potted plant in the living room or kitchen can add a touch of nature and freshness to your home. After all, who doesn’t like a simple and effective way to make the space feel welcoming?
  • Soft Furnishings – Invest in some inexpensive throws, pillows, cushions, and decorative blankets to add pops of colour and texture to your furniture. You can also add patterns with curtains or blinds. These accessories can instantly update the look of a room.
  • Mood Lighting – Good lighting can make your home feel warm and inviting. For example, swap outdated light fixtures for modern, budget-friendly options, and ensure all bulbs are working and emit a soft, pleasant glow.

Marketing Your Staged Property

Staging your home is just one part of the equation. You also need to effectively market your property to attract potential buyers and estate agents:

  • High-Quality Photos – If your budget allows, always invest in a professional photography package to showcase your staged home. High-quality images are essential for online listings and marketing materials. Your estate agent will be able to advise you on this.
  • Detailed Listings – Before you sign off the marketing of your property with your estate agent, ensure the property listing includes engaging, accurate and detailed descriptions, highlighting the key features that make your home stand out.
  • Open Houses and Viewings – Allow potential buyers to experience your home in full by creating a welcoming atmosphere. Turn lights on, open windows, light the fire if it’s season-appropriate and be prepared to answer any questions.

Create a Welcoming and Appealing Environment

Staging a house on a budget is entirely achievable with some creativity and resourcefulness. Remember, it’s all about creating a welcoming and visually appealing environment that allows potential buyers to imagine themselves living in the property.

Want More Ideas for How Staging Your House Can Lead to a Home Sale?

If you would like more ideas for staging your home or are thinking of selling your property in Tower Hamlets then get in touch with the team at City Realtor.

We would love to hear from you. Email us at admin@cityrealtor.co.uk or call us on 0207 790 7702.

In the meantime, here are some of your frequently asked questions, answered!

Frequently Asked Questions About Staging a House on a Budget

How can I stage my dining room table on a budget to attract buyers?

Consider a simple centrepiece, like a bowl of fresh fruit or a small vase of flowers, to add a touch of elegance to a dining or coffee table. Declutter the dining table and set it as if ready for a cosy meal to help potential buyers envision themselves enjoying the space.

Any tips for making my kitchen counter a focal point without spending much?

Clear off unnecessary items, leaving only a few essential and attractive elements, such as a stylish fruit bowl or a set of matching utensil holders. Keep it clean, organised, and inviting to showcase the functionality of the space and make it seem like a welcoming place.

How can I use throw pillows to make a buyer feel more at home during a viewing?

Add strategically placed throw pillows in complementary colours or patterns to the sofa or bed. This not only enhances the visual appeal but also creates a comfortable and inviting atmosphere, making potential buyers feel at home.

What should I consider for window treatments to enhance the overall appeal of my home on a budget?

Opt for budget-friendly curtains or blinds that match the colour scheme of the room. Keep them open during viewings to maximize natural light and create an airy, welcoming feel.

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 even more of your FAQ’s here.

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May 2024 Property Market Update

Property Market News May 2024

With headlines in the news about stagnating house prices and rising mortgage rates, May has been a challenging month, with the cost-of-living crisis still biting homeowners. However, it’s not all doom and gloom! Owning a home is still beneficial, offering long-term living and financial stability.

General Election News

Prime Minister Rishi Sunak has announced that we’re heading to the polls on Thursday, July 4th, 2024. This forthcoming general election could bring some stability to the property market, which is great news for buyers and sellers who’ve been dealing with a shaky few months. With inflation nearing the Bank of England’s target and a potential interest rate drop on the horizon, things are looking up. Expect a busy second half of the year for property deals!

How Can First Time Buyers Get on the Property Ladder?

The end of April saw the release of the BSA (Building Societies Association) report which confirmed that first-time buyers currently face the most challenging conditions in seven decades to get onto the property ladder, with an increasing reliance on the Bank of Mum and Dad, or having two high incomes.

The report highlights that home ownership among young adults has been declining for twenty years but, while saving enough money to put down a deposit has long been difficult, the squeeze has been tightened in recent months because of mortgage interest rate increases.

It’s not hard to see why more young people are opting to move back in with their parents, with this now being the most commonly reported living arrangement for those aged 18-34. This is in stark contrast to the figures for 1997 which showed that those in the same age bracket were most likely to be living as a couple with children!

Many first-time buyers are undeterred though, with recent Bank of England figures showing that over the past three years, over a million mortgages extending beyond the state pension age of the borrower have been taken out. Many of those loans have been approved for applicants under the age of 30 as high mortgage rates lead people to opt for extended repayment periods to keep their costs affordable.

Twice the number of homeowners under 30s with ultra-long mortgages can be seen today when compared with two years ago, while the number of under 40s has also seen a 30% increase. It’s also clear that first-time buyers are adapting to higher borrowing costs by targeting smaller, more affordable properties. This adjustment is helping to maintain activity levels in the market with a steady flow of new buyers entering the market.?

Base Rate Held at 5.25% – Good News or Bad News?

The Bank of England most recently held the base rate at 5.25%, despite predictions that there would be a cut.

Meanwhile, three of the UK’s top lenders announced they would be raising their rates on fixed deal mortgages. NatWest, Santander, and Nationwide are the latest three to follow their rivals who increased mortgage rates after expectations about the speed and extent of Bank of England interest rate cuts were scaled back. That’s the bad news!

However, a rate cut is expected, followed by further cuts later in the year. That’s the good news!

A Month of Ups and Downs!

May 2024 was a month of ups and downs in the UK lettings market! The rental market remains robust, with high demand pushing average rents to record levels which is positive for landlords and investors. However, some tenants are still struggling with the impact of the cost-of-living crisis and its knock-on effect on the number of homes available to rent.

Some good news for landlords has been released in Propertymark’s latest insights report , which shows signs of the rental market beginning to stabilise after a rocky period towards the end of 2023 which saw the percentage of arrears peak at 4%.

This month’s report reveals that since the start of the year, the number of tenants in arrears has been falling, and has now reached a low point of 2.5%, indicating that landlords can start to breathe a sigh of relief and look forward to less frustration over rent collection.

Has There Been An Increase In Landlord Confidence?

In a recent report from PayProp, their latest Rental Confidence Index r evealed that an astonishing 54.5% of the landlords involved in their survey were going through the process of selling their properties!

It’s not surprising, then, that half of all tenants who have moved during the last year have done so because their landlord took the decision to sell up. By contrast, the percentage of tenants who left their homes due to eviction stood at under 12%.

However, the announcement of amendments to the Renter’s Reform Bill has led to positivity amongst UK landlords. In a further poll commissioned by PayProp, the number of respondents who reported a negative view of the private rental sector fell compared with those asked the same question in 2022. Over half of landlords are now feeling more positive about the sector’s future.

In a smart move by first time buyers, 66.7% of properties being sold by landlords are being snapped up by first timers. But this does mean that the number of private rentals is dwindling – an issue that is now seeing prospective tenants fiercely competing to offer on properties.

Did You Know?

This year we are already seeing increased demand for sustainable homes. Energy-efficient features and eco-friendly designs are becoming more sought-after, alongside smart security, energy management tools and automated heating systems.

What Next?

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 with us at City Realtor on 0207 790 7702 or email admin@cityrealtor.co.uk

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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3 First Time Buyer Mistakes – And How To Avoid Them!

3 First Time Buyer Mistakes - And How To Avoid Them!

As a first-time buyer looking at properties for sale in Tower Hamlets you’ve reached an exciting milestone, however, it can also be a daunting and complex process.

One of the critical stages in this journey is viewing places to potentially call home. Yet many first-time buyers make some common mistakes during viewings that impact their buying experience and future investment.

So, how can you avoid first-time buyer mistakes?

The team at City Realtor will help you explore three common pitfalls and provide insights so that you can avoid them, ensuring a smoother and more informed property-buying journey.

You may also be interested to read our guide to buying.

Mistake #1: Failing to Consider Your Needs and Budget

One of the first and most significant mistakes we see first-time buyers make is not considering their needs and budget. Here’s why it’s essential:

  • You’ll waste time on unsuitable properties. Without a clear understanding of your needs and financial limits, you may end up viewing properties that are either too expensive or don’t meet your requirements. This can lead to wasted time and frustration.
  • You could overextend your finances. Falling in love with a property that’s beyond your budget is a common mistake. Stretching your finances to purchase a property can lead to financial strain and potentially put your future stability at risk.

How to Avoid This Mistake: Before you start viewing properties and making offers, create a list of your ‘must-haves’ and ‘nice-to-haves’. Determine your budget, including costs like deposits, legal fees, and moving expenses. Stick to your budget and prioritise properties that meet your criteria.

Use our mortgage calculator here

Use our stamp duty calculator here

Mistake #2: Not Asking the Right Questions During Viewings

First-time buyers often underestimate the importance of asking the right questions during property viewings simply due to inexperience. Here’s why this mistake can be detrimental:

  • You might overlook potential issues. Not asking critical questions about the property can lead to missed red flags. Issues like hidden structural problems, maintenance history, or neighbourhood concerns may go unnoticed, leaving you with unexpected challenges post-purchase.
  • The lack of informed decision-making. A lack of questions means a lack of information. Without essential details about the property and information about the area, you may make decisions based on limited knowledge, which can lead to buyer’s remorse.

How to Avoid This Mistake: Prepare a list of questions to ask during viewings. These can include enquiries about the age of the property, any recent renovations, what the neighbourhood is like, utility costs, and any known issues. A good estate agent will be able to provide you with this information or direct you to relevant resources.

Mistake #3: Ignoring the Bigger Picture as a First-Time Buyer

It’s easy to get caught up in the aesthetics of a property during the excitement of viewings, but failing to consider the bigger picture is a common mistake with long-term consequences:

  • You might overvalue cosmetic features. First-time buyers often place too much importance on superficial elements like decor and furnishings. While these can be appealing, they shouldn’t overshadow more substantial factors like location, potential for growth, and future resale value.
  • You could neglect long-term goals. Viewing properties with only your current needs in mind can be shortsighted. Consider your long-term goals, such as starting a family. Ignoring these factors may result in outgrowing your home sooner than expected.

How to Avoid This Mistake: Balance your appreciation for aesthetics with a practical assessment of the property’s potential. Evaluate the location, proximity to amenities, transport options, and the area’s growth potential. Think about how the property aligns with your long-term goals.

Making the Right Choices on Your First Property Buying Journey

Navigating the property market in Tower Hamlets can be challenging, but you can avoid first-time buyer mistakes during viewings and make a significant step towards a successful purchase.

Remember that working closely with a reliable estate agent in Tower Hamlets, like the experienced team at City Realtor, will be invaluable in helping you avoid first time buyer mistakes and make the right choices during your property buying journey.

If you’re a first-time buyer looking to get on the property ladder and would like advice, we would love to hear from you. Email us at admin@cityrealtor.co.uk or call us on 0207 790 7702.

Frequently Asked Questions About Other Common First-Time Buyer Mistakes

How can a bad credit score affect my mortgage options?

A low credit score can limit your choices and potentially lead to higher interest rates from mortgage lenders.

Can I afford a higher monthly mortgage payment than what’s pre-approved?

Don’t exceed your pre-approved budget. Mortgage lenders consider your income and credit score to determine a sustainable monthly payment amount.

What should I do to improve my chances of getting a mortgage?

Work on improving your credit score by paying bills on time and reducing your debt. A larger down payment can also strengthen your application with mortgage lenders.

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 more of your FAQ’s here.

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Maintenance Tips for Landlords: Don’t Suffer The Consequences of Neglected Property Repairs

Maintenance Tips for Landlords

Owning a rental property in Tower Hamlets comes with its own set of responsibilities, and one of the most critical is ensuring regular maintenance.

That’s why we find that maintenance tips for landlords are always welcomed!

Unfortunately, many Tower Hamlets landlords neglect this crucial aspect of property management, which can lead to issues affecting both landlords and tenants.

In this article from the team at City Realtor, we’ll explore the common mistakes landlords make by failing to maintain their rental properties.

We’ll also look at why prioritising property maintenance is essential for a successful rental experience.

You may also be interested to read 8 Things Every landlord Should Know

The Consequences of Neglected Property Maintenance

Neglecting property maintenance can have far-reaching consequences that affect landlords and tenants. These are some common issues, along with our maintenance tips for landlords:

Deteriorating Property Value Due to Neglected Repairs

When landlords fail to invest in regular maintenance, the property’s condition naturally deteriorates over time.

This decline can lead to a significant reduction in the property’s overall value. A poorly maintained rental property becomes less appealing to prospective tenants and can also result in lower rental income when compared to well-maintained properties in the same area.

Additionally, the resale value of the property may decrease, making it difficult to realise a profit if you decide to sell.

Tenant Dissatisfaction Due to Neglected Property

Tenant satisfaction plays a pivotal role in the success of your rental property business. A neglected property can lead to tenant dissatisfaction, and unhappy tenants are more likely to terminate their agreement early or report maintenance issues, creating additional stress and expenses for landlords.

Unresolved maintenance problems can also lead to legal disputes and potential fines if the property violates government regulations.

Increased Maintenance and Repair Costs Over Time

One of the most significant mistakes landlords make is postponing necessary repairs and maintenance tasks. When minor issues are ignored, they escalate into more extensive and costly problems. For example, a small leak can lead to water damage, mould growth, and structural issues if left unresolved. Regular inspections and timely repairs prevent costly scenarios, ultimately saving landlords time and money.

The Importance of Regular Property Maintenance

Now we’ve discussed the consequences of neglecting rental property maintenance, let’s delve into why regular maintenance is crucial for landlords. Our property management service includes the handling of maintenance and repair issues!

Longer Tenant Retention

Happy tenants are more likely to stay long-term, reducing void periods and turnover costs for landlords. Regular maintenance ensures that the property remains in good condition but also fosters positive tenant-landlord relationships.

When tenants see that their landlord is proactive in addressing maintenance concerns promptly, they are more likely to renew their tenancy agreement.

Legal Compliance Met

Landlords with rental properties in Tower Hamlets are legally obligated to provide safe and habitable living conditions for their tenants. Neglecting property maintenance can result in legal repercussions, including fines and penalties. To stay compliant with local housing regulations, it is essential to conduct regular inspections, address maintenance issues promptly, and keep thorough records of maintenance activities.

Enhanced Property Value

Maintaining a rental property’s condition and appearance attracts quality tenants and enhances its market value. Well-maintained properties are more appealing to prospective renters and potential buyers.

By consistently investing in property maintenance, landlords can secure higher rental income and achieve better resale value when the time comes to sell the property.

Tips for Effective Property Maintenance

To avoid the common mistakes associated with neglecting property maintenance, here are some tips for landlords in Tower Hamlets:

Create a Maintenance Schedule

Establish a regular maintenance schedule that includes routine inspections and preventive maintenance tasks.

This schedule should cover essential areas such as plumbing, electrical systems, roofing, and heating systems. Regularly inspect appliances and address any issues promptly.

Prioritise Tenant Communication

Encourage open communication with your tenants regarding maintenance concerns. Provide tenants with clear instructions on how to report issues and respond to their requests efficiently.

Make sure tenants are aware of their responsibilities in maintaining the property, such as reporting minor problems and promptly addressing any damages they may cause.

Budget for Maintenance Expenses

Set aside a portion of your rental income for maintenance expenses. Having a dedicated budget for maintenance ensures you can cover the costs of repairs and improvements without dipping into your personal finances.

Remember that proactive maintenance is an investment that will save you money in the long run.

Property Maintenance is a Responsibility Landlords Must Embrace

Regular property maintenance is not just a choice. It’s a responsibility that Tower Hamlets landlords must take seriously.

Neglecting rental property maintenance can lead to financial losses, legal issues, and tenant dissatisfaction.

Need expert landlord advice?

If you’re a landlord who would like more information on how to enhance your rental property value, attract and retain quality tenants, and maintain legal compliance, our team at City Realtor would love to hear from you.

Require a valuation, or searching for property management services in Tower Hamlets? Contact our team 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 Preventative Maintenance Tips for Landlords

What are essential property maintenance tips for landlords to prevent costly repairs?

Essential property maintenance tips include creating a maintenance schedule covering plumbing, electrical, roofing, and heating systems, promptly addressing tenant-reported issues, and budgeting for maintenance expenses to avoid dipping into personal finances.

How can landlords ensure a well-maintained property to attract quality tenants?

Landlords can maintain a well-kept property by conducting regular inspections, addressing minor maintenance issues promptly, and hiring professional contractors for specialised tasks, enhancing its appeal to prospective renters and buyers.

Why is it important for landlords to develop mutually beneficial relationships with tenants through property maintenance?

By prioritising tenant communication and promptly addressing maintenance concerns, landlords can foster positive tenant-landlord relationships, leading to longer tenant retention and reduced turnover costs, benefiting both parties.

What are the responsibilities of landlords regarding property maintenance in the UK?

Landlords in the UK are responsible for ensuring the property meets safety and habitability standards, conducting regular property inspections, and promptly addressing maintenance issues to comply with local housing regulations and provide a comfortable living environment for tenants.

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10 Frequently Asked Questions When Selling Your Home In Tower Hamlets!

10 Frequently Asked Questions When Selling Your Home In Tower Hamlets!

If you are looking to sell your house in Tower Hamlets, you may very well be feeling a little overwhelmed, and who can blame you? It is a huge undertaking, not to mention an incredibly emotional time for you as a homeowner.

Many home movers find it extremely difficult to keep their personal feelings separate from their business brains when it comes to selling their homes, but that being said, you can successfully sell your home without letting your emotional attachment to the property hinder your efforts.

However, it’s good to be as informed and prepared as possible before you start marketing your property in Tower Hamlets, so let’s start with our ten most frequently asked questions when selling your home.

10 Frequently Asked Questions When Selling Your Home

1. What time of year should I sell my house?

This is a very important question as there are key times in the year when people are more likely to be looking to buy a new house. Traditionally, springtime is the best season to sell your home, with the first two weeks of May traditionally having the highest sales figures. The least effective months to sell your home are October and December, as fewer people want to go on viewings after work when it is cold and dark, plus many are preoccupied with Christmas.

2. How long will it take to sell my house?

Unfortunately, this is similar to asking, “How long is a piece of string?” with many factors influencing how quickly or slowly your home will sell. These include:

  • Your listing price
  • The condition of your home
  • The condition of the local housing market
  • How you market your home
  • General factors such as political matters

Rest assured, though, that here at City Realtor, we are proactive year-round and will market your property effectively, whatever the season or climate!

3. How much is my house worth?

Of course, you will need to know roughly how much your house is worth before you put it on the market. The simplest way to gauge how much your house will sell for is to ask us for a free, no-obligation market appraisal. You may also like to do some research of your own by looking at comparable sales in your local area.

4. How much will it cost me to sell my house?

There are, of course, costs that you will incur when selling your home, including your estate agent’s commission, solicitors fees, stamp duty and any removal costs. We are completely transparent with our seller fees and you can view them here.

5. Should I make repairs or sell my house as it stands?

This is a tricky one as some home buyers are looking for a project property (albeit one at a knock-down price), and others may want a property that they can move into immediately with minimal fuss.

As a general rule, any small cosmetic repairs that will not cost a lot of money should be carried out before you show any potential buyers around. For larger, more costly projects, you can either carry out the work yourself or ensure your asking price reflects any work that the new owners will need to carry out.

6. Should I hire an estate agent in Tower Hamlets?

An estate agent will have sound property knowledge, access to marketing resources, potential buyers and local market data that are invaluable in helping you sell your property, so it is advisable to hire a professional just like us! Give us a call on 0207 790 7702 for an informal chat to see how we can help you and find out why you should choose us!

7. What should I do if my house is failing to sell?

There could be several reasons why your house is not selling as quickly as you would have hoped. These include:

  • Your asking price is too high
  • Repair issues are putting potential buyers off
  • Your property listing is not up to scratch

This is why it’s always best to speak with an estate agent in Tower Hamlets who can advise you on the best course of action. You may also be interested in 7 essential tips that can help you sell your property.

8. How can I prepare my home for sale?

When it comes to making your home as appealing as possible to potential buyers, it really is a case of sticking with what works, namely the idea of baking bread and arranging fresh flowers around your home! It may sound silly, but making your home smell nice and inviting really can make a difference to how a potential buyer feels about your home.

Other top tips for presenting your property include:

  • Clearing away any clutter
  • Applying a fresh coat of paint to the walls
  • Tidying your front garden to improve your kerb appeal

9. Should I be present during viewings?

This is an easy one. No, preferably not! It can be very uncomfortable to listen to a potential buyer point out what they don’t like or what they would change about your home, not to mention the fact that they may not feel comfortable talking to your estate agent about your property if you are standing right next to them!

Therefore, for all parties involved, it is better if you make yourself scarce during all viewings.

10. If I accept an offer on my home, is it legally binding?

Your estate agent is legally required to pass on all offers on your property to you, although you can reject any offer outright if you are not happy with the price offered.

If you do accept an offer, you are not legally bound to it. If you receive a higher offer or simply change your mind, you are within your rights to decide not to sell your home to your buyer, although this is always a distressing situation for the other parties involved.

Need expert advice?

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 selling your home or considering putting your property in Tower Hamlets on the market. We’ve answered more of your FAQ’s here.

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Property Valuations in Tower Hamlets: Is The Highest Valuation Of My House The Best?

Property Valuations in Tower Hamlets

What a great question this is! Data from the ONS shows that on average properties in Tower Hamlets sell for £454,000 with 50% of properties selling for less than the original valuation! However, a good estate agent in Tower Hamlets will value your property accurately so there should be no need to reduce the asking price.

These figures represent good news for sellers who want to achieve the best price for their home. But many sellers still choose to use the estate agent that simply provides the highest valuation for their property!

Does that seem like a sensible decision?

It may seem like a no-brainer to choose between the estate agents who give you higher property valuations in Tower Hamlets above the others. But there are factors to consider before you make your final decision. The team at City Realtor want you to know how crucial it is to understand the importance of a correct valuation. We want to help you make a properly informed choice when considering valuations for your home in Tower Hamlets.

Overpriced property valuations in Tower Hamlets may make your property become ‘stale’

Some estate agents in Tower Hamlets are prepared to do whatever it takes to get new business. This includes overpricing your property to persuade you to list with them. We understand it’s tempting to choose the estate agent that suggests you list at a high asking price. But remember that if they have overvalued your home, it could sit for months on the market without any buyer interest. Essentially, it becomes a stale property. Eventually, you’ll need to reduce the asking price to ensure you sell your home in Tower Hamlets. And that never looks good to prospective buyers and won’t help you sell!

The importance of realistic property valuations and price banding

All prospective buyers have a budget they’ve set for themselves and usually view properties for sale in Tower Hamlets fitting only that criteria. When a property is overpriced, you may miss out on prospective buyers searching for a house like yours. They won’t see it in their searches because it’s been valued above their maximum budget.

Realistic property valuations in Tower Hamlets will bring your home within the budget of more potential buyers. If there’s enough interest, you could also find that your home is the subject of a bidding war. This is where purchasers will push their financial boundaries to secure a property. This approach could see you achieve a higher sale price for your home than if you’d opted for the higher valuation in the first place!

Getting an expert appraisal

Choosing a reliable estate agent in Tower Hamlets is essential when listing your property for sale. A trustworthy agency will always be honest, transparent, and straightforward with their valuation. At City Realtor, we use our local knowledge alongside information about the current property market conditions to give you the most accurate and realistic valuation for your home.

Property Valuations in Tower Hamlets

For no-obligation advice on buying or selling 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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April 2024 Property Market Update

April 2024 Property Market Update

With the first quarter of the year now behind us, April 2024 has brought a positive forecast as some of the uncertainty of the past 12 months is starting to ebb away. Thanks to the latest developments in the economy, the property market is looking brighter for the next few months as we move forward towards summer.

Inflation Set to Impact Mortgage Rates

According to the Office for National Statistics, March saw the Consumer Price Index fall to 3.2%, taking the UK’s economy ever-closer to the target of 2% set by the government. This looks like good news for the property market, thanks to the influence it will have on mortgage rates.

The most up-to-date data from the Bank of England shows that the flurry of initial activity seen at the beginning of the year has now begun to calm. February saw a significant increase in the number of mortgage approvals as mortgage rate cuts prompted market activity. However in March, the number of agreed sales dropped to 2% above 2017-2019’s average, down from February’s 13% above.

Since mortgage rates now are almost back to the same level as seen in late December, it looks unlikely that the pace of activity seen so far this year will be maintained into the summer months.

Potential Action on Leasehold Maintenance Contracts

Homeowners locked in private new-build communal area maintenance contracts have a glimmer of hope on the horizon as over 40 Conservative MPs call for a ban. As the Leasehold Bill slowly works through Parliament, the Housing Secretary is now under pressure to include a “Fleecehold” ban to help the millions of people living under this model and facing steep estate fees.

The CMA (Competition and Markets Authority) has also recently recommended bringing an end to this model too, putting forward a proposal that local councils be required to adopt new housing estate public amenities once complete. According to the housing minister, the government is now paying careful consideration to this report, which also suggests introducing a property agent regulatory body to address leasehold issues and raise standards across the industry.

With news of homeowners facing shocking increases as high as 274% in their annual service charge bills for 2024, the prospect of the some positive change in the status quo can only be cause for cautious celebration.

Watering Down of Renter Reform

The news isn’t so good for renters, though, as the government set out changes to the planned protections in England for renters following concerns from a number of Conservative MPs that the original proposal would be too much of a burden for landlords.

The latest alterations include requiring tenants to commit to at least a 6-month contract rather than being able to end their tenancy with 2-months’ notice from day one and, most controversially, delaying the no-fault eviction ban on existing tenancies pending the outcome of the justice secretary’s assessment of the court system’s ability to handle repossession claims.

One positive proposed change, however, is the introduction of a right to local council homelessness support for tenants who find themselves evicted under the new grounds for possession.

While this watering down of the Renters (Reform) Bill is sure to be received negatively by those tenants who are aware of its existence, recent research published by the TDS Charitable Foundation shows that a surprising 83% of people who are currently living in a rental property lack any awareness of the Bill’s proposals. Of those who know about the proposed reforms, most are pessimistic about their ability to result in tangible changes. 42% believe the Bill will change little about the rental sector, while 37% believe it is unlikely to be implemented at all.

Good News for Landlords as Tenants Stay Longer

While tenants may be less than thrilled with the latest developments in the property market, things are looking up for landlords as The DPS (The Deposit Protection Service) released its research that revealed tenants are staying in their properties for a third longer than in 2020.

Today’s typical tenancy is now lasting for 924 days, a significant increase over the 706 days seen four years ago. It appears that a combination of the cost-of-living crisis, high rents, and a competitive market for new rental properties are leading to renters remaining for longer periods in their homes.

In further positive news for landlords, Octane Capital reports that the typical buy-to-let property yield has now increased to 5.8%, up from 4.9% over the last two years, and while running costs have gone up over the same period, landlords are still enjoying attractive net profits overall. This report, paired with the proposed delay in the no-fault eviction ban, is likely to encourage existing landlords to remain in the market for the foreseeable future.

As we move further into the second quarter of the year, time will tell how the property market will develop. Traditionally, spring sees more homes being listed for sale, so we will wait with anticipation to see what May has in store!

What Next?

We are delighted to bring you our property market updates each month. If you are thinking of buying or selling a property in Tower Hamlets, please get in touch with us at City Realtor on 0207 790 7702 or email admin@cityrealtor.co.uk

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!