Tag: buying

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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.

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Haunted Homes: A Spooky Guide for Homebuyers This Halloween

Haunted Homes A Spooky Halloween Guide for Home Buyers

Halloween is here, and the excitement of ghostly tales and spine-chilling stories fills the air. But did you know, that while spooky for some, for others, the allure of haunted homes can be both thrilling and intriguing!

Whether you’re a believer in the paranormal or simply enjoy the stories that surround haunted properties, there’s no denying that they capture the imagination.

In this article, we’ll explore some essential tips if you’re considering purchasing a property with a spooky history.

Famous Haunted Places

London is home to some of the most famous haunted houses in the world and Tower Hamlets leads the pack when it comes to supernatural encounters, with an impressive 20 sightings reported. The Tower of London is at the centre of this spooky activity, accounting for 11 of those sightings. Some of its well-known ghostly residents include Henry VI (who was murdered there in 1471), Guy Fawkes, Lady Jane Grey, and The White Lady who announces her presence with a waft of cheap perfume! This historic fortress is steeped in tales of ghostly apparitions and eerie encounters, making it a must-visit for thrill-seekers.

Bethnal Green holds the title for the most paranormal sightings in Tower Hamlets outside of the Tower, with two reported appearances. These include Edmund Bonner, a former Bishop of London, and the spirits of women and children from the WW2 bombings.

Other spots in Tower Hamlets, such as Whitechapel, the Blackwall Tunnel, The Ten Bells Pub, Turners Old Star Pub, and Ragged School Museum each have supernatural sightings attached to them.

Of course, every region has its own haunted landmarks, from old manor houses to castles, all brimming with tales of ghosts and ghouls. But if you’re moving home, as you explore the world of haunted homes, remember that these stories often add a unique charm to spooky properties, making them stand out in the housing market.

Tips for Buying a ‘Haunted’ Property

If you’re considering purchasing a home that comes with a spooky reputation, here are some helpful tips to bear in mind:

1. Research the History: Before making an offer, investigate the property’s history. Look for information about previous owners, any notable events, or reports of paranormal activity. Understanding the background can provide valuable context and help you make an informed decision.

2. Ask the Right Questions: When viewing the property, ask your estate agent if they know about the history or of any known ghostly occurrences! Enquire whether the property has a history of unexplained events or if any neighbours have shared their own spooky stories.

3. Trust Your Instincts: Sometimes, the atmosphere of a home can be just as important as its physical features. Pay attention to how you feel when you walk through the property. If it gives you the creeps, it might not be the right fit for you!

4. Be Open-Minded: Keep in mind that stories of haunted properties can often be exaggerated. While some may claim to experience supernatural events, it’s essential to approach the situation with an open mind. What might be perceived as eerie could simply also be part of the home’s unique character.

5. Consider the Market: Haunted homes can sometimes come with a lower price tag due to their reputation. However, this can also mean a quicker purchase if you’re willing to embrace the history. But do evaluate whether the potential drawbacks of a haunting might affect resale value in the future.

6. Local Insights: Engage with the community to gather insights about the area and its haunted folklore. Local residents may have fascinating stories or knowledge about the property and can help you gauge whether its spooky reputation holds any truth.

Would You Buy a Haunted Property?

This question often sparks debate among potential homebuyers. For some, the charm of a haunted property is irresistible. The history and character it brings can create a unique living experience. If you’re someone who enjoys stories and finds joy in the quirky aspects of life, a haunted home could be an exciting venture.

On the flip side, others may feel uneasy about the prospect of living in a place with a spooky reputation. So, it’s essential to weigh your comfort level against the property’s unique offerings.

Ultimately, the decision to buy a haunted property comes down to personal preference. Embrace the adventure or stick to the traditional!

Finally

As you prepare for a Halloween filled with ghost stories and chilling tales, remember that haunted homes are more than just spooky tales – they can offer unique opportunities for the adventurous homebuyer.

Whether you’re drawn to the charm of a historic property or intrigued by the idea of sharing your home with a friendly spirit, embracing your spooky side can be an exciting journey.

Happy Halloween, and may your homebuying experience be as thrilling as a ghost story! 

City Realtor is your local estate agent in Tower Hamlets. Call us on 0207 790 7702 or email admin@cityrealtor.co.uk to chat with a member of our friendly and experienced team about our property listings.

What Next?

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

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

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

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

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

How to get an energy performance certificate EPC

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

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

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

What does the EPC tell you?

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

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

Do I need to get an EPC?

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

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

How is an EPC generated?

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

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

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

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

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

Improving your EPC

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

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

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

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

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

Looking to Sell Your Home?

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

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

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

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

Frequently Asked Questions About Energy Efficiency Requirements

What is an EPC rating?

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

Do I need an EPC to sell my home?

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

What are the energy efficiency requirements for selling a property?

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

How can I improve my EPC rating?

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

What Next?

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

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

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

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

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Your 6 Step Guide to the Conveyancing Process

Your 6 Step Guide to the Conveyancing Process

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

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

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

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

What is conveyancing?

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

Who does the conveyancing?

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

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

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

The 6-step Conveyancing Process

Step 1: Initial contact is made between legal representatives

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

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

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

Step 2: Mortgage and survey requirements are confirmed

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

Use our mortgage calculator here

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

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

Step 3: Contracts are signed

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

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

Step 4: Contracts are exchanged

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

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

Step 5: Finally, it’s completion day!

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

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

Step 6: The final legal work is completed

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

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

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

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

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

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

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

Frequently Asked Questions About Conveyancing in the UK

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

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

What are the different stages of the conveyancing process?

The conveyancing process typically involves six main stages:

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

How long does conveyancing take?

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

What are some of the costs associated with conveyancing?

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

What Next?

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

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

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

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