Tag: buying

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April 2025: Property Market Update

April 2025 Property Market Update

April kicked off with some big talking points in the UK property market. While the dust is still settling after a turbulent few years, there are signs of balance returning – though not without some fresh challenges along the way.

Whether you’re buying, selling, letting, or renting, here’s what’s been happening this month and what it could mean for you in Tower Hamlets. At City Realtor, we’re here to keep you informed with practical updates and local insight that matters.

House Prices: Where Do Things Stand?

House prices across the UK have continued a slow but steady upward trend. According to the latest UK House Price Index from the Office for National Statistics, the average UK house price in February 2025 (the most recent confirmed data) is £281,000, showing a 1.8% increase year-on-year.

ONS House Price Index
Rightmove House Price Report – April 2025

Rightmove reports that the average asking price for homes entering the market in early April reached a record high of £377,182, driven by seasonal demand and improved confidence among sellers.

If you’re thinking of selling your home or exploring property for sale in Tower Hamlets, this season offers one of the strongest windows of opportunity in recent years.

Mortgage Rates: Stabilising with Caution

Mortgage rates have settled somewhat following volatility in late 2024. As of early April:

  • The average two-year fixed rate is 4.84%
  • The average five-year fixed rate is 4.72%

These figures are down from the highs of over 6% seen last year and are giving more borrowers room to manoeuvre. Some high street lenders are even offering sub-4% deals for those with larger deposits.

Lenders are still cautious, so if you’re buying property in Tower Hamlets, it’s wise to secure a mortgage agreement in principle early to strengthen your position.

Sellers: A Seasonal Window of Opportunity

Spring traditionally brings a rise in new listings, and 2025 is no exception. Rightmove reports buyer demand is up 5% compared to April 2024, with more homeowners taking advantage of the seasonal surge in interest.

If you’re considering selling your home in Tower Hamlets, pricing it correctly and ensuring it’s market-ready will be vital. Call us to book a valuation on 0207 790 7702.

Top tips for sellers:

Speak to us – your local estate agent in Tower Hamlets – to discuss the best way to market your property this spring.

Buyers: Be Prepared to Move Quickly

Buyers are feeling cautiously optimistic. With wages on the rise and inflation softening, affordability is gradually improving. According to Nationwide, earnings are now outpacing house prices in many areas.

If you’re looking to buy property in Tower Hamlets, here’s how to get ahead:

  • Sort your finances early – A mortgage in principle puts you in a stronger negotiating position.
  • Be ready to move – In-demand homes are still selling fast, especially when priced correctly.
  • Think about long-term value – Energy efficiency, location, and futureproofing are all worth factoring in.

We’ve got a range of properties for sale in Tower Hamlets. View our current listings or speak with one of our team today on 0207 790 7702.

Rental Market: High Demand, Gradual Cooling

The rental sector is still feeling the pressure of high demand, though growth in rents is now stabilising. According to the Office for National Statistics, the average UK rent in March 2025 is now £1,332 per month, a 7.7% rise over the past 12 months.

For landlords in Tower Hamlets, it’s a market full of opportunity – but also one that demands careful management and awareness of legislative updates.

With the Renters’ Rights Bill due to become law later this year, the way tenancies are managed will soon look quite different. Proposed changes include:

  • Abolishing fixed term assured tenancies
  • All tenancies becoming periodic
  • Four-month notice periods for landlords regaining possession to sell
  • Limit of one rent increase per year

If you’re a landlord in Tower Hamlets, City Realtor can help you keep your property compliant and your tenancies running smoothly.

What’s Next for the Property Market?

The rest of spring is expected to bring strong levels of market activity. With the average asking price hitting a new high and demand growing week by week, we could see continued house price growth over the next few months. Nationwide is forecasting a 2–4% increase in 2025 if inflation remains controlled.

Lettings will stay competitive, and legislation will continue to reshape landlord responsibilities. Staying informed, prepared, and adaptable will be the key to success.

Looking for Help?

Whether you’re buying, selling, letting or renting in Tower Hamlets, City Realtor is your local expert. Our team is here to support you through every stage of your property journey.

Call us on 0207 790 7702 or email admin@cityrealtor.co.uk to get started.

We know property better than anyone and are proud to be a trusted estate agent in Tower Hamlets.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor.

Do you require a valuation or no-obligation advice on buying, selling or renting 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.

Note: The information in this article is based on data as of March/April 2025 and may change. Always seek professional advice for specific circumstances.

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7 Ways To Save Money When You Move House

7 Ways to Save Money When You Move House

Buying a property in Tower Hamlets will almost certainly be the most significant purchase you’ll ever make; however, your house move needn’t cost the earth.

The average cost of moving home in the UK is around £17,600*, once you factor in stamp duty, legal fees, estate agent fees, removals, and other moving expenses.

That’s a big chunk of money, so finding ways to cut unnecessary costs can really pay off.

At City Realtor, we often speak with clients who need advice to minimise their removal costs, so today, we are bringing you our very best ideas to help you save money when you move house.

* Average cost for illustration only. Costs vary depending on buying/selling price, location and other factors. 

7 Ways To Save Money When You Move House

1. Clear Out The Clutter

There’s no point in paying extra to move items into your new home that you don’t want or need, so it makes sense to clear out any clutter before booking your chosen removal company. With less clutter, you’ll save money on packing boxes, and with less to load up, the number of hours the removal team will be needed for may also be reduced.

If you’re putting items into storage, having fewer boxes will also reduce your expenses as you will need a smaller unit. As a bonus, if you sell your unwanted items before your move, you will have some extra cash to put towards your costs!

2. Choose The Right Removals Team

Comparing prices between different local removal companies is essential. Getting the best deal is important, so you should get multiple quotes from local companies. You should check out their reviews, too, as this will reassure you that you’re choosing trusted professionals to pack and handle your belongings.

3. Book Removal Services Early

The earlier you can book your removals team, the better, especially if you’re planning to move over a bank holiday or during peak seasons. An early booking allows you to budget more efficiently and gives you the best chance of being able to use your preferred company.

4. Check For Discounts

Some removal companies offer discounts for armed forces, key workers, students, or pensioners, so check every company’s website and don’t be afraid to call and ask about possible discounts.

5. Reduce Packing Material Costs

Whenever possible, use second-hand removal boxes or consider renting them from the removal company. You can avoid spending money on bubble wrap and stay eco-friendly by using your soft furnishings, clothing, towels, and blankets to wrap and protect fragile items.

6 . Disassemble Large Items Yourself

You can save money by dismantling large items like beds and other bulky pieces of furniture rather than booking your removal company’s disassembly service to do it for you. If the removal team need to take apart any items that won’t fit through the doors, you’ll need to pay more.

7. Manage Your Time

If you delay your removals team on the day itself, you could be charged more to cover the cost of their time. Good time management is essential. Ensure everything is packed well before your removal team arrives, ensure that it’s easy to access your property and that items like the dishwasher and washing machine have been disconnected. This will ensure you don’t face additional charges due to unexpected hold-ups.

Talk To The Experts

Although moving can be stressful, it needn’t be expensive!

Not on the market yet? If you’re thinking about selling, our team at City Realtor is here to help. Contact us today on 0207 790 7702 or email admin@cityrealtor.co.uk to arrange a free valuation.

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, and we’ve answered some of your common questions about saving money on your house move below.

In the meantime, we’ve answered your common questions about saving money when moving house.

Frequently Asked Questions About Saving Money on Your House Move

How can I reduce the cost of packing materials?

You can save money on packing materials by using second-hand boxes, renting boxes from removal companies, or repurposing household items like blankets and towels.

Can I disassemble furniture myself to save money?

Yes, disassembling furniture yourself can help you save money on removal costs. However, ensure you know how to reassemble it correctly to avoid frustration – and damage.

How can I avoid additional charges from my removal company?

Manage your time effectively to avoid delays and ensure your property is accessible for the removal team. Be prepared with all necessary information and documentation.

What other tips can I follow to save money on my house move?

Declutter your belongings before the move to reduce the amount of items you need to transport. Compare quotes from different removal companies and negotiate for a better price. Consider moving during off-peak seasons or weekdays to potentially get lower rates.

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March 2025: Property Market Update

March 2025 Property Market Update

The UK property market is currently undergoing some noticeable changes, affecting everyone from homeowners and landlords to buyers and tenants.

With interest rates fluctuating, house prices adjusting, and rental demand continuing to grow, staying informed about the latest trends is more important than ever.

Whether you’re looking to move, invest, or understand what’s happening in the property market, knowing where things stand can help you make better decisions.

Over the past year, economic conditions have played a major role in determining house prices and mortgage rates. Many potential buyers are watching interest rates closely, while sellers are deciding whether now is the right time to list their property. At the same time, landlords are facing ongoing legislative changes, and tenants continue to deal with increasing rental costs.

March is often a busy period in the property market, with the arrival of spring encouraging more people to buy and sell. However, as expected by many in the industry, there was no mention of a Stamp Duty deadline extension in the recent spring statement. That means April 1st could come as a costly blow for thousands of home movers and first-time buyers who now face an extra £2,500 in stamp duty charges.

Industry voices, including Rightmove, had been calling on the Chancellor to offer a short extension to help those already mid-purchase complete their transactions without being stung by the extra cost, but this has not materialised.

Understanding these developments and their potential impact can help buyers, sellers, landlords, and tenants plan their next steps with greater confidence .

Market Overview: Trends and Influences

During February, UK house prices experienced a slight decline of 0.1%, bringing the average property value to £298,602. This unexpected dip follows a period of consistent growth.

The Royal Institute of Chartered Surveyors (RICS) reported that February marked the weakest month for the housing market since late 2023. A net balance of 14% of agents and surveyors noted a drop in new buyer enquiries, the lowest since November 2023. Additionally, 13% reported a decrease in agreed sales, with London experiencing a more pronounced downturn.

Mortgage rates have also seen some fluctuations. As of March 1st, the average two-year fixed mortgage rate stands at 4.87%, down from 5.01% at the start of February. The average five-year rate decreased to 4.69% from 4.81% over the same period. However, concerns about rising inflation may influence future rate decisions.

It’s not all bad news though! Some regions continue to show resilience and the recent reduction in the Bank of England’s base rate to 4.5% may lead to more competitive mortgage deals, potentially easing the path for prospective buyers.

Recap:

How have UK house prices changed recently?

UK house prices saw a slight decline of 0.1%, bringing the average property value to £298,602.

What are current mortgage rates?

As of March 1st, the average two-year fixed mortgage rate is 4.87%, and the average five-year rate is 4.69%.

Is now a good time to sell my property?

With the traditional spring surge, it can be a great time to sell. However, setting a realistic price and ensuring your property is well-presented are crucial.

How is the rental market performing?

Rents continue to rise, with private rental prices increasing by 8.7% in the 12 months to January 2025. Tenant demand remains high, making it a strong market for landlords.

March Insights for Homeowners and Sellers

For home owners considering selling their properties, current market conditions present both challenges and opportunities.

Considerations for Buyers

Prospective buyers should navigate the current market with careful planning.

  • Mortgage Preparedness : Securing a mortgage agreement in principle can strengthen your position when making offers, especially as lenders adjust rates in response to economic indicators.
  • Market Research : Stay informed about regional price trends. For instance, while some areas have seen price declines, others have experienced annual growth.
  • Energy Efficiency Matters : With energy prices still a concern, many buyers are prioritising homes with good insulation, modern heating systems, and higher EPC ratings. Choosing a property with energy-efficient features can mean lower bills and improved resale value in the long term.

Rental Market Dynamics

Both tenants and landlords are experiencing changes in the rental sector.

For Tenants

  • Rising Rents : latest figures show that average UK private rents increased by 8.7% in the 12 months to January 2025, slightly down from the 9.0% rise in December 2024.
  • Increased Competition : With a limited supply of rental properties, tenants may face heightened competition and should be prepared to act swiftly when suitable properties become available.

View our latest property for rent in Tower Hamlets here.

For Landlords

  • Regulatory Compliance : Staying updated on legislative changes is crucial.
  • Investment Opportunities : Despite challenges, the rental market continues to offer solid returns, especially in regions with high demand. Evaluating local market conditions can help identify lucrative investment opportunities.

Find out more about our property management services here.

The Future Outlook

The property market’s trajectory will depend on various factors, including economic policies, interest rate decisions, and regional supply and demand dynamics.

  • Interest Rates : The Bank of England’s recent base rate reduction to 4.5% reflects efforts to balance economic growth with inflation control. Future rate decisions will influence borrowing costs and, consequently, property affordability.
  • Government Policies : The recent spring statement addressed housing affordability and the Chancellor, Rachel Reeves’ plans to shake up planning rules and ramp up housebuilding could offer some longer-term relief. However, any real impact is still likely to be years away.
  • Regional Variations : The north-south divide in house price growth is expected to persist, with northern regions potentially outperforming southern counterparts.

Need Expert Guidance?

Navigating the current property market requires informed decision-making. At City Realtor, we offer tailored advice to meet your unique needs. Whether you’re buying, selling, renting, or letting in Tower Hamlets, our team is here to help. Contact us on 0207 790 7702 or email admin@cityrealtor.co.uk to discuss your property needs.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor.

Do you require a valuation or no-obligation advice on buying, selling or renting 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.

Note: The information in this article is based on data as of February/March 2025 and may change. Always seek professional advice for specific circumstances.

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Is it Worth Buying a House That Needs Renovating in Tower Hamlets?

Is it Worth Buying a House That Needs Renovating in Tower Hamlets?

If you’re considering purchasing a property in Tower Hamlets, the idea of buying a house that needs renovating might have crossed your mind.

Fixer-uppers often come with a lower price tag, making them appealing to buyers looking to maximise their investment. The prospect of customising a property exactly to your liking and potentially increasing its market value adds to the allure!

However, it’s essential to approach such an investment with a clear understanding of the challenges involved. Renovation projects can be complex, requiring careful planning, a realistic budget, and a significant time commitment.

Without careful planning, a renovation project can quickly spiral out of control, leading to unexpected costs and delays. However, for those who are well-prepared, buying a fixer-upper offers several potential advantages.

The Advantages of Buying a Fixer-Upper

Buying a house that needs renovating can offer several benefits, especially for those willing to invest time and resources into the project. One of the primary advantages is the opportunity to acquire property in a desirable location at a more affordable price. This strategy allows buyers to enter markets that might otherwise be out of reach.

Undertaking renovations enables homeowners to tailor the property to their specific tastes and needs, creating a personalised living space. Financially, well-executed improvements can significantly boost the property’s value, leading to a substantial return on investment when it comes to selling.

Let’s look at the advantages.

1. More Affordable Purchase Price

  • Fixer-uppers are typically priced lower than fully renovated homes.
  • Buyers face less competition, as many prefer move-in-ready properties.
  • A lower purchase price can allow for a larger home or better location.

2. Potential for Higher Returns

  • The property’s value can increase significantly after renovations.
  • Smart improvements can generate a strong return on investment.
  • Customising the property to personal preferences is easier.

Did you know? According to research, a bathroom renovation can add up to 4% to the value of your home, offering a return on investment of approximately 67%.

The Disadvantages of Buying a Fixer-Upper

While the benefits are appealing, buying a house that needs renovating comes with its own set of challenges. Renovation projects often involve unforeseen expenses, extended timelines, and the discovery of hidden issues that weren’t apparent during the initial inspection.

These factors can lead to increased stress and financial strain. Potential buyers must conduct thorough due diligence, including detailed property assessments and consultations with professionals, to ensure they are fully aware of what the renovation will entail.

Let’s look at the disadvantages.

1. Unpredictable Renovation Costs

Underestimating expenses can quickly turn a budget-friendly purchase into a financial strain. It’s recommended to set aside at least 10-20% extra for unforeseen issues.

  • Structural repairs (roofing, foundations, walls) can be costly.
  • Re-plastering, plumbing, and electrical work add unexpected expenses.
  • Flooring, windows, and kitchen remodels increase overall costs.

2. Temporary Living Arrangements

  • The home may not be habitable during major renovations.
  • Alternative housing options like renting or staying with family may be necessary.
  • Paying both a mortgage and rent can be financially challenging.

3. Unexpected Surprises

Renovation costs can escalate due to hidden defects, so a professional survey is essential before purchase.

  • Issues such as asbestos, lead paint, or water damage may not be visible.
  • Outdated plumbing and electrical systems may need full replacement.
  • Structural problems can require expensive repairs.

How to Decide If a Fixer-Upper is Right for You

Deciding whether to invest in a fixer-upper requires a thorough assessment of your personal circumstances, including financial stability, time availability, and risk tolerance.

Consider whether you have access to reliable contractors and whether you’re prepared to handle potential setbacks during the renovation process.

It’s also important to evaluate the local property market in Tower Hamlets to ensure that your investment will yield the desired returns. Engaging with an estate agent in Tower Hamlets can provide valuable insights tailored to your situation.

Think about:

  • Do I have a realistic budget that includes emergency funds?
  • Am I prepared to live in a construction zone or pay for temporary housing?
  • Do I have the time, patience, and knowledge to manage a renovation?
  • Am I comfortable taking on potential hidden costs?
  • Will the final value of the property justify the investment?

If you answer “yes” to most of these, a fixer-upper could be a great choice. If not, a move-in-ready home may be a better option.

Expert Advice from City Realtor

Buying a renovation property in Tower Hamlets can be a rewarding investment, but it’s not without risks. Careful budgeting, thorough research, and professional guidance are essential to making the right decision.

At City Realtor, we specialise in helping buyers find the best properties for sale in Tower Hamlets, whether you’re looking for a fixer-upper or a move-in-ready home.

Call us today on 0207 790 7702 or visit our website to explore available properties.

In the meantime, we’ve answered some of your common questions about buying a fixer-upper.

FAQs About Buying a Fixer-Upper in Tower Hamlets

What are the most important things to check before buying a fixer-upper?

Before purchasing, inspect the property for structural damage, plumbing and electrical issues, roof condition, dampness, and foundation stability. Hiring a professional surveyor can help uncover hidden problems.

How much should I budget for unexpected renovation costs?

It’s recommended to set aside at least 10-20% extra on top of your estimated budget for unexpected expenses such as hidden structural damage and outdated wiring.

Can I get a mortgage for a fixer-upper?

Yes, but financing options may vary. Some lenders offer renovation loans or specialised mortgage products that cover both the purchase price and renovation costs. Check with your lender for options.

Is it cheaper to buy a fixer-upper or a move-in-ready home?

It depends. While fixer-uppers have a lower upfront cost, renovation expenses can add up quickly. A move-in-ready home might be more cost-effective if extensive repairs are needed.

What renovations add the most value to a fixer-upper?

Kitchen and bathroom upgrades, energy-efficient improvements, and kerb appeal enhancements (new windows, doors, and landscaping) typically offer the best return on investment.

How long does it take to renovate a fixer-upper?

The timeline varies depending on the extent of the work. Small cosmetic updates may take a few weeks, while major renovations could take 6-12 months or longer.

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

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February 2025 Property Market Update

February 2025 Property Market Update

Welcome to this month’s property market update. As 2025 gathers pace, here’s a quick look at what’s been happening for buyers, sellers, landlords, and renters. We’ve included some helpful insights and tips to keep you ahead of the game.

Market Overview

The UK property market is holding steady in February 2025. Recent stats show average house prices have risen by around 3% over the past year. Regional differences are creating interesting opportunities – while prime locations continue to thrive, emerging towns and rural areas are catching the attention of buyers seeking a better work-life balance.

Read more about these trends here

Buying: What You Need to Know

If you’re on the hunt for a new home – especially if you’re looking for a property for sale in Tower Hamlets – it could be a good time to lock in a deal. Mortgage rates are relatively stable with the Bank of England Base Rate at 4.5%, and there’s a range of options available, whether you’re a first-time buyer or moving up the ladder.

Tip for Buyers:

Found a property you like? Check out local amenities and transport links before making an offer. Areas with upcoming infrastructure projects could offer hidden future value. Also, consider the potential for renovations that can add long-term value to your home.

Selling: Making the Most of Your Property

If you’re thinking about selling, there’s plenty of good news. The market is still competitive, and homes in sought-after areas are attracting lots of interest. If you’re selling your home in Tower Hamlets, getting the price right is crucial. Properties priced just below the market median tend to sell quicker, as buyers are often drawn to perceived bargains.

Tip for Sellers:

Home staging and a few quick fixes can work wonders. A fresh coat of paint and some modern fixtures can make your property stand out. Well-presented homes are more likely to sell at a higher price.

Lettings and Landlords: Meeting Demand

The rental market is going strong, with steady demand for quality property to rent in Tower Hamlets. Keeping your property in great condition helps reduce vacancies and attract reliable tenants.

Recent surveys show that tenant satisfaction directly impacts rental yields. According to The Royal Institution of Chartered Surveyors (RICS), properties with high tenant satisfaction scores achieved around 5% higher yields than those with lower scores. Well-maintained homes with modern facilities continue to perform best.

Tip for Landlords:

Review your rental agreements regularly and consider incentives for longer leases. Simple upgrades like energy-efficient appliances not only attract eco-conscious tenants but can also help reduce your running costs.

Renting: Finding Your Ideal Home

For renters, there’s a wide selection of properties to let in Tower Hamlets. The market is competitive, but regeneration areas often offer great value, with modern homes and improved transport links.

Tip for Renters:

Stay ahead by registering with us to get early access to new listings. When you find the right property, act quickly to avoid missing out.

Keeping One Eye on the Future

It’s always wise to stay informed about possible policy changes that could affect the property market. With the government focusing on increasing housing supply and improving infrastructure, buyers and sellers should be ready for shifts in the market. Flexibility and staying in the loop are your best tools for success.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor.

Do you require a valuation or no-obligation advice on buying, selling or renting 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.

Note: The information in this article is based on data as of January 2025 and may change. Always seek professional advice for specific circumstances.

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5 Clever Ways to Save Money When Buying a Home

5 Clever Ways to Save Money When Buying a Home

Buying a home is exciting, but the costs can quickly add up. From legal fees to moving expenses, it’s important to find ways to cut unnecessary spending. With careful planning and smart choices, you can reduce costs without compromising on quality. Here are five ways to save money when buying a home in Tower Hamlets.

1. Research fixtures and fittings

When sellers are preparing to move, they’ll let you know what fixtures and fittings they’ll be leaving behind. Sometimes, they’ll leave more items if you pay a little bit extra (for example made to measure blinds). This could be a good deal – but it also might not be! Before paying extra, research online to see how much the same items cost second-hand. If you find a better deal, you can negotiate with the seller or politely decline to save yourself some cash.

2. Make a thoughtful offer

Buying a home in Tower Hamlets is an exciting step, and making a carefully considered offer is part of the process. By researching the local market and understanding the property’s value, you can feel confident about putting forward an offer that feels fair to you. If you’re unsure how to proceed, ask us for helpful guidance to ensure your offer aligns with the market while giving you the best chance of success.

Get tips for making an offer here.

3. Compare conveyancers

Choosing the right solicitor is an important part of buying a new home. Instead of going with the first option that responds to your request, take the time to gather a few quotes. This will help you gauge whether the fees are reasonable for the service provided. Keep in mind that the cheapest option isn’t always the best. For peace of mind, ask us for a trusted recommendation to ensure you receive quality service throughout the process.

Read a 6 Step Guide to the Conveyancing Process here

4. Switch energy tariff immediately

When you first move in, your home will still be with the previous owner’s energy provider. But they won’t charge you the same rate the previous owners had! They’ll likely put you on their standard tariff, which can be significantly higher than their other rates. When you first move into your Tower Hamlets home, take a meter reading and shop around for a new deal as soon as possible to save some cash.

5. Check removal quotes in both areas

If you’re moving somewhere completely new and need to hire removal services, get a quote from a company in your current area and if you are moving some distance away, your new area too. You could find that a company closer to your new home has a better deal than the one just up the road.

Read our packing tips here.

Get help from the experts

Looking for more ways to save money when buying your new home? At City Realtor, we can help you find the best home for the best price. Get in touch for a chat about property for sale in Tower Hamlets.

You can reach us on 0207 790 7702 or via email at admin@cityrealtor.co.uk.

You may also be interested to read:

3 First Time Buyer Mistakes and How to Avoid Them

10 Essential Tips for First Time Buyers

Frequently Asked Questions About Saving Money When Buying a Home

How can I negotiate a better price on a property?

Do your research on the property’s value and recent sales in the area. Present a well-thought out offer and be prepared to negotiate further.

What are some other costs to consider when buying a home?

Other costs can include stamp duty, legal fees, survey fees, and moving expenses. Be sure to factor these costs into your budget.

How can I reduce my moving costs?

Consider hiring a self-drive van or renting a moving container. You can also save money by packing your belongings yourself and using recycled boxes.

What are some tips for saving money on home insurance?

Shop around for the best deals, increase your excess, and consider bundling home insurance with other policies like car insurance.

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

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January 2025: What’s Happening in the UK Property Market?

What's Happening in the UK Property Market

What’s happening in the UK property market? Well, having welcomed a new year, the UK property market is already showing signs of activity that will mould the months ahead. January traditionally sets the tone for the year, and 2025 is no exception. Buyers, sellers, landlords, and renters are navigating frequent ups and downs influenced by economic factors, legislative changes, and evolving market trends.

Here’s our in-depth look at what’s happening in the UK property market and key developments in January 2025, along with advice to help you make informed decisions, whether you’re buying, selling, renting, or letting.

Buying Property in January 2025: Renewed Opportunities

January has started with cautious optimism for buyers. According to Halifax, the average UK house price in December 2024 was £297,166, reflecting a 3.3% annual increase

Mortgage rates are stabilising at an average of 4.5% for fixed-rate deals, making this an excellent time for buyers to plan their investments.

Tips for Buyers:

  • Compare Mortgage Options: With a variety of competitive products now available, consult a mortgage adviser to find a mortgage that suits your long-term goals. Use our mortgage calculator here.
  • Negotiate Strategically: Sellers in today’s market may be more flexible on price, especially for properties that have been listed for an extended period.
  • Consider Energy-Efficient Homes: Homes with higher Energy Performance Certificate (EPC) ratings are increasingly attractive and could offer savings on utilities.

Explore property for sale in Tower Hamlets on our website to find your ideal home.

Selling Property: Adapting to Buyer Expectations

The time it takes to sell a property remains consistent at around 58 days on average, as reported by recent data from Zoopla

January is an excellent time to list your property, as buyer interest typically rises after the Christmas holidays.

Tips for Sellers:

  • Focus on Kerb Appeal: Simple improvements, such as repainting the front door or tidying the garden, can make a significant difference.
  • Price Realistically: Use insights into local market data from our team at City Realtor to set a competitive price that reflects current trends.
  • Stage Your Home: Professional home staging can highlight your property’s best features and appeal to more buyers.

Request a valuation of your property in Tower Hamlets today and get expert guidance on achieving the best price.

Landlords: Preparing for 2025’s Challenges…and Opportunities

The private rental sector is undergoing transformation with the rollout of the Renters’ Reform Bill and the upcoming 2028 deadline for rental properties to achieve an EPC rating of “C” or higher. Rental demand remains strong, with the average monthly rent in the UK reaching £1,270, a 3.9% year-on-year increase.

Tips for Landlords:

  • Stay Ahead of Regulations: Review the EPC ratings of your properties and plan necessary upgrades now to avoid last-minute expenses.
  • Enhance Tenant Retention: Offer longer tenancy agreements or make minor improvements to maintain a stable income.
  • Consider Property Management Services: Navigating compliance can be complex; hiring a professional service can save time and reduce stress.

Discover how we support landlords in Tower Hamlets with our expert advice and services. Call 0207 790 7702.

Renters: Navigating Rising Rents and New Protections

The rental market remains competitive, but tenants now benefit from stronger rights under the Renters’ Reform Bill. January has seen continued demand for rental properties in Tower Hamlets.

Tips for Renters:

  • Be Prepared: Keep references, ID, and proof of income ready to act quickly when you find a suitable property.
  • Understand Your Rights: Familiarise yourself with the new legislation to ensure you’re protected from unfair practices.
  • Expand Your Search Area: Flexibility on location or property type can open more options in a competitive market.

Visit our website to browse our latest rental properties in Tower Hamlets to secure your next home.

Market Projections for 2025

The Bank of England has signalled no immediate changes to interest rates, which are expected to remain stable through the first quarter of 2025. This stability will likely encourage more transactions across the property market.

Key Statistics:

Average UK house price: £297,166 (December 2024)

Average rent: £1,270 per month

Time to sell: 58 days

January 2025 marks a promising start to the year for the UK property market. With careful planning and expert guidance, buyers, sellers, landlords, and renters can navigate these times effectively.

Whether you’re looking to buy, sell, rent, or let a property, City Realtor is here to help.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor on 0207 790 7702 or admin@cityrealtor.co.uk.

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.

Note: The information in this article is based on data as of December 2024/January 2025 and may change. Always seek professional advice for specific circumstances.

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How to Move Home Stress-Free in Tower Hamlets

How to Move Home Stress Free in Tower Hamlets

According to a recent survey, 60% of Brits have put off looking for a new home purely because of the pressures involved with the moving process.

What’s more, 34% said that they had suffered severe anxiety as a result of their last move and 65% experienced sleeping problems.

However, it doesn’t have to be such a terrible ordeal.

Moving home in Tower Hamlets should, and can, be an exciting time. A chance to start afresh, seek out new opportunities and make your new property your own.

Make Moving House Hassle-Free

Research a removals company

You are going to be moving all your worldly possessions from your old home to your new one, so you need to make sure that they are in safe hands. Therefore, it is vital that you spend time researching removal companies in advance to ensure you find a reputable and trustworthy company.

If possible, ask family and friends for recommendations, as well as reading a variety of online reviews from previous customers. We are also happy to give you our local recommendations – just contact us!

It is a good idea to choose two or three removal firms to provide you with quotations before the big day so that you achieve a competitive price and know your moving needs will be adequately catered for.

Have a thorough clear out

Now is the ideal time to get rid of any unwanted belongings, such as furniture that won’t fit or won’t be required in your new home, any clutter that has been piling up in the back of your cupboards, and any items that are surplus to your needs. Don’t forget about the garden, the loft (if you have one) and any outdoor storage areas.

Make a packing plan

You may think that you can get your packing completed in a matter of days, but sadly, this exciting, yet arduous task always takes longer than you think it will! Especially if you want to pack effectively so that the unpacking process in your new home can be carried out quickly.

Read our 9 Packing Tips for a Smooth Move

It is a good idea to use colour labelling on your moving boxes, for example, blue for the bathroom, yellow for the kitchen and so on. Work your way systematically through each room, including the garden, and complete the packing for that room or area before moving onto the next.

Take care of all moving admin

You will have enough to deal with on the big day without having to worry about locating paperwork, or carrying out vital administrative tasks that could have been taken care of weeks earlier.

Before moving to a new house you should:

  • Redirect your post – you can sign up to Royal Mail’s redirection service if you need more time to contact all your providers.
  • Transfer school records. If you have children who will be attending a new school in Tower Hamlets, you should ensure their school records are sent over before you move.
  • Ensure you are insured for moving. Check to see if your belongings insurance covers a house move and if not, ask your removal company if they can provide further cover.
  • Inform your utility companies about your move, including your home insurance providers. You should also take the gas, electricity and water meter readings before you leave your property.
  • Confirm your moving day. This may seem an obvious task, but you will be surprised by how many people forget to do this.
  • You also need to ensure that you have details regarding the collection of keys to your new property from your estate agent in Tower Hamlets.

Source a survival kit

If you want to have a smooth and stress-free journey from your old home to your new one, then you will need a moving day survival kit. This should include supplies that you will need throughout the day, so you do not need to go rummaging through your packed boxes.

Items you may want to include are:

  • Important documents such as information relating to your new home, contact details of your removal company, and any relevant insurance documents
  • Mobile phone chargers
  • Bottles of water and snacks
  • Games or devices to keep the kids occupied
  • Pet feeding bowls, food, toys and lead
  • Tea, coffee and a kettle
  • Loo roll!

It is also recommended that you pack a basic overnight bag so that you will have access to bed linen, clean clothes, toiletries, medications, and snacks for the next morning.

Your survival kit will ensure you are organised on moving day and ready to start unpacking boxes in your new home stress free!

Make Moving Home Stress-Free With Our Help

For further advice and for help with a stress-free move to a new property in Tower Hamlets, contact the friendly team at City Realtor on 0207 790 7702. We look forward to assisting you.

Frequently Asked Questions About Moving House Stress-Free

I’m worried about packing all my belongings. Should I start weeks in advance?

Packing takes longer than expected. Start packing early and create a room-by-room plan to stay organised.

Is hiring a professional removals company worth the cost?

For peace of mind and a smooth move, the option to hire professional movers is a good one. They’ll handle the heavy lifting and ensure your belongings are safe.

How can I save money on moving costs?

Declutter ruthlessly! Fewer things mean fewer boxes and potentially a lower quote from a moving company.

When should I notify the council about my council tax?

Inform your local council about your move in advance. If the property you’ve moved into doesn’t already have a Council Tax band, you should contact your local council.

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

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November 2024 Property Market Update

November 2024 Property Market Update

As November comes to an end, the UK property market reveals key trends that shape buying, selling, renting, and letting activities. Shifts in the economy, regional differences in house prices, and changes in rental demand are shaping the property market in Tower Hamlets. This months update looks at the key trends and insights to help you stay ahead in the market.

Market Overview

The Office for National Statistics (ONS) reported that average UK house prices increased to £293,000 in August 2024, reflecting a 2.8% annual increase from the previous year. This growth is driven by consistent demand, with regional variations: England’s average price was £310,000 (up 2.3%), Wales £223,000 (up 3.5%), and Scotland £200,000 (a notable rise of 5.4%).

Meanwhile, private rent inflation remains high, with average UK private rents rising by 8.4% in the 12 months to September 2024. Average monthly rents in England reached £1,336, with London seeing the highest growth (9.8%). 

*Data from ONS October 2024 Bulletin

Navigating the Market as a Buyer

The Bank of England recently adjusted its base interest rate to 4.75%, improving mortgage affordability for many buyers. This adjustment has made mortgage rates more competitive, offering prospective homebuyers in Tower Hamlets an opportunity to access lower monthly payments and enhanced affordability compared to the peak rate levels seen in previous months. Lower interest rates can also boost buyer confidence, encouraging more first-time buyers and existing homeowners to consider entering the market or remortgaging for improved terms.

Tip for Buyers:

Securing a mortgage pre-approval before beginning to search for property in Tower Hamlets not only demonstrates your commitment to proceed but also gives you a clear understanding of your budget. This proactive approach makes you stronger in a competitive market, particularly when competing against cash buyers or those without mortgage pre-approval. 

You can use our mortgage calculator to work out what your up-to-date monthly mortgage payments will be.

Maximising Your Sale Success

Sellers are seeing increased market activity. Recent Rightmove data indicates a 27% rise in sales agreed year-on-year, reflecting strong demand, though buyers remain price-conscious due to economic factors including cost-of-living pressures and mortgage rate fluctuations. For sellers, this means striking the right balance in pricing is critical to capturing buyer interest while remaining competitive. 

Not on the market yet? City Realtor is your local estate agent in Tower Hamlets. To request a valuation please call 0207 790 7702.

Tip for Sellers:

Setting the right price for your property in Tower Hamlets is crucial for attracting serious buyers quickly. We will expertly value your home so that you achieve the price you deserve for your property. Additionally, you may wish to consider staging your home for viewings. Decluttering, making necessary repairs, and enhancing kerb appeal can all elevate buyer interest, potentially leading to faster offers at or above the asking price.

Landlord Strategies for a Changing Market

The rental market remains buoyant, with average UK rents climbing significantly over the past year, driven by strong demand and limited supply in many regions. Rising rental costs have made it increasingly competitive for tenants, especially in high-demand areas such as Tower Hamlets. However, landlords need to be mindful of policy changes, such as the 2% increase in Stamp Duty Land Tax on additional properties. This adjustment may affect long-term investment strategies, potentially prompting a reassessment of portfolio growth, returns, and the viability of new property acquisitions.

Landlords: We can take control of all moving parts and liaise with the appropriate parties to make the letting process as smooth as possible. Our team of experienced managers will complete every step in preparing your property for let. Contact us here.

Tip for Landlords:

Understanding compliance and legislative changes is critical for maximising rental yield in Tower Hamlets. Regularly review your rental portfolio with a property tax advisor to assess the implications on tax relief, deductions, or changes in tenant rights. Consider investing in energy efficiency improvements, as government incentives and tenant demand for greener homes may lead to longer tenancies and reduced void periods. Communication with tenants about their expectations and maintenance needs can also build stronger relationships, minimising costly turnover.

Securing Your Next Home as a Renter

Renters face a highly competitive market, characterised by strong demand for available properties and rapidly shifting rental prices. The government is working to make housing more affordable by expanding social housing options and giving tenants more rights, aiming to ease the pressure on renters struggling with rising costs. However, while these measures offer hope, the market remains difficult for many renters, particularly in high-demand areas where supply remains constrained.

Tip for Renters:

Begin your search for rental properties in Tower Hamlets well in advance to increase your chances of finding a suitable home. Ensure you have necessary documents, such as identification, proof of income, and references, ready prepared for quick submission. A solid credit score and positive rental history can give you an advantage over other applicants. If negotiating with landlords, emphasise your stability and reliability to potentially secure more favourable lease terms. 

Oldest, Largest, Smallest!

Did you know that the UK’s oldest surviving house is over 11,000 years old and located at Star Carr in North Yorkshire? The dwelling offers insight into Britain’s early settlement patterns, illustrating how the evolution of housing has shaped today’s market landscape.

From the oldest to the largest! The UK’s biggest private residence, Wentworth Woodhouse in South Yorkshire has over 300 rooms and spans 250,000 square feet. Its grand Baroque and Palladian architecture is an incredible example of Britain’s rich historical legacy and reflects how luxury and scale remain a unique part of the property market.

In stark contrast, one of the UK’s smallest detached houses, at just 290 square feet, was recently marketed for £1.2million in Chelsea, West London, which highlights the creativity and premium pricing often found in high-demand urban areas.

Looking Ahead

The UK property market is expected to remain stable as 2024 closes, with potential growth of 2.5% to 4% predicted over the next two years. Economic shifts, interest rate adjustments, and evolving housing policies will continue to shape market trends.

What Next?

City Realtor brings you all the latest property market news each month. For more localised property news in Tower Hamlets, please contact the team at City Realtor on 0207 790 7702 or admin@cityrealtor.co.uk.

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.

Note: The information in this article is based on data as of November 2024 and may change. Always seek professional advice for specific circumstances.

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Tips for Making an Offer: First Time Buyers

Tips for Making an Offer: First Time Buyers

Buying your first home is both an exciting and daunting prospect, and making an offer can be particularly nerve-wracking if you’ve never done it before.

5 Tips For When You Put an Offer on a House

Getting your offer spot-on can be the difference between getting a great deal versus paying far more than you would like. If you’re a first-time buyer, then read on for our top tips on making an offer.

You may also benefit from reading our Guide to Buying

1. Get a Mortgage In Principle

Before you even think about making an offer on a property, it’s vital that you know what your budget actually is.

Many would-be buyers make an offer on a property assuming they’ll be able to borrow the amount they need, but in reality, they might come up short. On the other hand, you may be able to borrow more than you actually think, so you’re viewing properties that are much lower than your real budget. Use our mortgage calculator here.

Therefore, it’s a good idea to consult a mortgage broker before making an offer so they can tell you exactly how much you can borrow.

Having a mortgage in principle will also help you when it comes to making your offer, as it shows that you’re a serious buyer and that you’re well prepared.

Read 10 Essential Tips for First-Time Buyers

2. Do Your Research

It’s worth bearing in mind that often the listed property price may be open to negotiation.

Find out what other properties in the area have sold for recently, and determine how long the property you’re interested in has been up for sale.

Has the price been reduced, or has it remained the same? Getting these valuable pieces of information will help you to put in an offer that’s more likely to be accepted.

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

3. Play To Your Strengths

As a first time buyer, you’re in a relatively strong position when it comes to negotiating, particularly if the seller is motivated and looking to move quickly.

First-time buyers are generally very attractive to sellers because there’s no lengthy chain to consider, which means a faster buying process and potentially more flexibility on exchange and completion dates.

Therefore, your first time buyer status can be advantageous.

If time is an issue for them, sellers may be willing to accept a slightly lower offer from a first-time buyer than a higher offer from someone who’s part of a chain.

Read 8 Essential Questions You Should Ask When Buying A Property

4. Don’t Worry If Your First Offer Is Rejected

Making an offer can be a bit of a balancing act. On the one hand, you want to secure the property for the best price, but on the other, you don’t want to make an offer so low that it frustrates the seller and leaves them not wanting to enter into negotiations.

As long as your initial offer isn’t ridiculously low then don’t be worried if the seller rejects it. Remember, it’s all just a natural part of the negotiating process, as the seller will want to achieve the worth of the property, and rejecting an offer isn’t anything personal against you or a sign that they’re offended.

There’s no set rule on how much to offer or how much you can expect to negotiate off the asking price, but if you’re in two minds about making a cheeky offer, then don’t rush in!

5. Keep An Open Mind After The Survey

A property viewing is usually completed in under 30 minutes. Sometimes it can be less than 15, so of course, you’re not going to spot every detail that you might need to know before making an offer.

Once your offer is accepted, your solicitor will start detailed searches on the property, sometimes uncovering things that might have been missed during a quick viewing. This step can be really beneficial, as it gives you a fuller picture of your potential new home.

If the survey reveals something like an overdue boiler service or a conservatory that’s been reinforced, don’t worry – this is normal and just part of the process. Use this opportunity to discuss any concerns with the team at City Realtor. We can help you navigate next steps and, if needed, adjust your offer to ensure you feel confident about your investment.

Chat With City Realtor – Your Local Estate Agents

If you are a first-time buyer and you have questions about the buying process, give us a call for help and advice. City Realtor are your local estate agents in Tower Hamlets. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk.

Frequently Asked Questions About Making an Offer on a House

How much should I offer for a house?

Research recent property sales in the area to get a sense of market prices. Consider the property’s condition, location, and any unique features. Start with a reasonable offer, but be prepared to negotiate.

When should I make an offer on a house?

The ideal time to make an offer depends on various factors, such as the property’s condition, the market conditions, and your personal circumstances. If you’re a first-time buyer, you may have an advantage in terms of speed and flexibility.

How can I increase my chances of having an offer accepted?

To increase your chances of having an offer accepted, demonstrate that you’re a serious buyer by having your mortgage in place and being ready to move quickly. Highlight any unique selling points that make you an attractive buyer, such as being a first-time buyer or having a strong financial position.

What should I do if my offer is rejected?

If your offer is rejected, don’t be discouraged. Consider negotiating with the seller or submitting a revised offer. You may also want to explore other properties that meet your criteria.

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.