Tag: selling

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

How to get an energy performance certificate EPC

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

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

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

What does the EPC tell you?

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

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

Do I need to get an EPC?

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

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

How is an EPC generated?

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

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

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

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

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

Improving your EPC

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

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

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

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

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

Looking to Sell Your Home?

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

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

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

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

Frequently Asked Questions About Energy Efficiency Requirements

What is an EPC rating?

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

Do I need an EPC to sell my home?

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

What are the energy efficiency requirements for selling a property?

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

How can I improve my EPC rating?

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

What Next?

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

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

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

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

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

Illuminate Your Home Lighting Tips

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

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

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

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

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

5 Tips for Better Home Lighting

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

1. Evaluate Room Lighting

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

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

2. Consider Exterior Lighting

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

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

3. Upgrade Light Fixtures

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

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

4. Brighten Dark Spaces

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

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

5. Add Extra Lighting

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

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

    Lighting Suggestions for Each Room

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

    Ready to Sell? Connect with City Realtor

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

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

    Frequently Asked Questions About Lighting Upgrades

    Why is natural light important?

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

    Should I consider updating my light fixtures?

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

    How do I deal with dark corners?

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

    What other lighting options are available?

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

    What Next?

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

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

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

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

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    September 2024 Property Market Update

    Property Market Update September 2024

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

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

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

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

    Buying: A Time for Cautious Optimism

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

    Tips for Buyers:

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

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

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

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

    Selling: Setting Realistic Expectations

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

    Tips for Sellers:

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

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

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

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

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

    Landlords: Preparing for New Regulations

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

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

    Tips for Landlords:

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

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

    Renters: Higher Costs, More Rights

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

    Tips for Renters:

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

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

    The Renters’ Reform Bill: Major Changes Ahead

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

    Key Provisions:

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

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

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

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

    What Next?

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

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

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

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

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    The 10 Most In-Demand Things Home Buyers Want

    The 10 Most In Demand Things Homebuyers Want

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

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

    The 10 Most In-Demand Things Home Buyers Want

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Wrapping It All Up

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

    What Next?

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

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

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

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

    Posted on

    August 2024 Property Market Update

    August 2024 Property Market Update

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

    A Cooling Market Amid Economic Shifts

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

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

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

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

    Buying: A Mixed Outlook

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

    Follow our step by step guide to buying a house

    Buying Tips:

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

    View our properties for sale in Tower Hamlets here

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

    Selling: Adjusting to New Realities

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

    Selling Tips:

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

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

    Landlords: Navigating New Regulations

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

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

    Read 8 Things Every Landlord Should Know

    Landlord Tips:

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

    Lettings: A Strong Demand but Pressured Supply

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

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

    View our properties to rent in Tower Hamlets

    Stay Informed and be Prepared to Adapt

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

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

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

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

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

    Posted on

    Maximising Kerb Appeal: 5 Easy Home Exterior Tips

    Maximising Kerb Appeal: 5 Easy Home Exterior Tips

    You never get a second first chance!

    When selling a property in Tower Hamlets everyone knows that first impressions matter.

    Potential buyers often make quick judgments based on a home’s exterior appearance, so a well-maintained and visually appealing frontage will significantly impact a buyer’s perception of a property and even influence their willingness to pay a higher price.

    As a homeowner looking to sell your property in Tower Hamlets, understanding the importance of kerb appeal and how to enhance it will give you a competitive edge!

    In our latest blog from the team at City Realtor, we explore some simple yet impactful enhancements that can help boost your Tower Hamlets property market value by maximising its kerb appeal.

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

    5 Ways to Improve Your Property’s Kerb Appeal

    1. Spruce Up the Front Entrance of Your Home

    The front entrance is a home’s exterior focal point, but how do you stage a house entrance?

    Start by ensuring the front door is in good condition! A simple wipe down or a fresh coat of paint or stain can instantly revive its appearance. Add decorative elements such as a stylish doorknob or a wreath to create an inviting atmosphere.

    Pay attention to the pathway leading to the entrance, repair cracks, and remove weeds.

    2. Improve Your Landscaping

    Taking care of your property’s landscaping will considerably impact its overall charm and attractiveness so you may ask, ‘how do I design landscaping around my house?’

    First, focus on tidying up overgrown bushes or trees and removing dead or unattractive plants in your garden. Define your flower beds with edging and fresh mulch for a more polished appearance.

    And, of course, don’t forget the importance of a well-groomed lawn. Regular mowing and proper maintenance are crucial for a neat and inviting look.

    How to Make Your Garden Summer Ready

    3. Upgrade Exterior Lighting

    The proper lighting can transform your property, so update outdated light fixtures adding safety and beauty to your surroundings.

    Consider strategically installing outdoor lights to accentuate architectural details and illuminate pathways.

    With well-thought-out lighting, your property will exude a warm and inviting ambience, especially during evening viewings.

    4. Revive the Exterior Paintwork

    Does exterior paint increase home value? Yes! A fresh coat of paint can work wonders in transforming the look of a property.

    Evaluate the condition of the exterior walls, window frames, and doors and choose a colour scheme that complements the style of the property and its surroundings. Always opt for neutral tones to attract a broader range of potential buyers.

    Finally, ensure that the paintwork is done correctly, as quality craftsmanship will enhance the overall appeal of your property.

    5. Clean and Repair Your Property

    Regular cleaning and maintenance are essential to keep a property looking its best. Consider pressure washing the exterior walls, pathways, and driveways to remove dirt, grime, and stains.

    Clean windows inside and out and repair any visible cracks, loose handles, or damaged gutters. A well-maintained property exterior demonstrates care by the current owners, giving buyers confidence in its overall condition.

    Improving Kerb Appeal Is Crucial To Making A Positive First Impression

    As your local estate agent in Tower Hamlets, we always recommend upgrading the external appearance of your property to make it more visually appealing.

    Doing so will significantly increase its marketability and attractiveness to potential buyers.

    When a property has an attractive and well-maintained exterior, it creates a sense of desirability and makes a positive statement about the overall condition of the property.

    Ultimately, improving the external appearance will significantly impact the success of selling or renting your property in Tower Hamlets area.

    Thinking Of Selling Your Property?

    If you’re ready to sell your property in Tower Hamlets, our team at City Realtor is on hand to offer you advice and support about presenting your property.

    Get in touch with us today at admin@cityrealtor.co.uk or on 0207 790 7702 and let us help you find the right buyer.

    Frequently Asked Questions About Boosting Kerb Appeal

    What is kerb appeal and why is it important?

    Kerb appeal refers to the first impression a property makes from the street. It’s crucial because potential buyers often make snap judgements about a home’s condition based on its exterior.

    A well-maintained and attractive exterior can significantly increase buyer interest and even influence the final selling price.

    What are some easy ways to improve my home’s kerb appeal?

    Here are a few simple yet impactful ways to boost your kerb appeal:

    • Spruce up your front door with a fresh coat of paint or a new doorknob.
    • Tidy up your landscaping by trimming overgrown plants, adding mulch, and maintaining a healthy lawn.
    • Upgrade your exterior lighting with stylish fixtures to enhance safety and create a welcoming ambiance.
    • Consider repainting your property’s exterior with a neutral colour scheme to create a broader appeal.

    How much does improving kerb appeal cost?

    The cost of improving kerb appeal can vary depending on the projects you choose. Some tasks, like cleaning and basic maintenance, are relatively inexpensive. For more complex projects like repainting or landscaping upgrades, you can expect to spend more.

    Should I hire a professional to help with kerb appeal?

    While you can certainly tackle many kerb appeal projects yourself, hiring professionals for specific tasks can be beneficial.

    For example, a gardener can ensure your landscaping looks polished, and a painter can guarantee a high-quality finish on your property’s exterior.

    What Next?

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

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

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

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

    Posted on

    July 2024 Property Market Update

    Property Market Update July 2024

    The UK property market continues to be a topic of conversation, with July 2024 seeing a mixed picture. In our latest property market update, we’ll look at the latest trends for buyers, sellers, landlords, and renters, and of course we are keeping an eye on the potential impact of the recent general election and the incoming government.

    Property Market Overview: Steady Growth with Regional Variations

    Nationwide house prices saw a modest 0.2% rise during June 2024, bringing annual growth to 1.5%. This is quite a significant shift from the heady days of double-digit growth in 2023. However, it’s important to remember that the market can vary significantly depending on location.

    Buying: A More Balanced Market

    For potential buyers, July has seen a more balanced market. Rightmove reports a rise in available properties, easing intense competition and making for an altogether calmer buying experience and considered decision-making.

    The best mortgage rates are hovering around 4.7% and recent cuts to the base rate offer hope for even more improved mortgage deals in the coming months, with Oxford Economics still predicting a Bank of England base rate cut in August.

    Tips for Buyers:

    Do your research: Understand your budget and target areas thoroughly. The experienced team at City Realtor can help you with buying a property in Tower Hamlets. Simply call us on 0207 790 7702 for advice.

    Be prepared to act quickly: Great properties can still attract multiple offers so it’s important to have a mortgage agreement in principle to help you secure your new home.

    Consider working with a mortgage broker: With a complex mortgage landscape, a broker can secure the best possible deal for your circumstances, ensuring you get the most out of your budget. City Realtor is happy to recommend a mortgage adviser. Please just ask.

    Selling: Strategic Timing Can Be Key

    Sellers may need to adopt a more strategic approach in July’s market. There are still plenty of buyers around, however, the number of properties for sale dropped off slightly following the election announcement in May. With a new government now in place, it will be interesting to see whether this picks up again. July and August can be quiet months for sales, but a well-presented property with a competitive asking price, will likely attract interest.

    Tips for Sellers:

    Price realistically: Get an accurate valuation of your property to attract serious buyers. Remember that the highest valuation is not always the way to go! Always consider an estate agent who you feel you can trust to market your property in the best way and achieve the price your property is worth. For a free valuation, call City Realtor on 0207 790 7702 or email us at admin@cityrealtor.co.uk.

    Presentation is key: Invest in decluttering, staging, and kerb appeal to make your property stand out. First impressions matter, and potential buyers often make snap judgments during viewings.

    Landlords and Lettings: Adapting to Changing Regulations

    Landlords are still navigating a period of significant change. In The Kings Speech on Wednesday 17th July, The King announced that the Government would introduce legislation to “give greater rights and protections” to those renting – including “ending no-fault evictions”, with draft legislation published on leasehold and commonhold reform.

    In a further statement from Downing Street, the Government said: “The Renters’ Rights Bill delivers our manifesto commitment to transform the experience of private renting, including by ending Section 21 ‘no fault’ evictions…The Bill will give renters much greater security and stability so they can stay in their homes for longer, build lives in their communities, and avoid the risk of homelessness.”

    Tips for Landlords:

    Stay informed: It’s crucial landlords keep up-to-date with changes in regulations and legislation by following resources like the National Landlords Association (NLA). If in any doubt speak with a member of our lettings and property management team at City Realtor on 0207 790 7702.

    Consider tenant retention rather than rent increases: A reliable tenant who takes good care of your property can be more valuable than a small increase in rent. Building a positive relationship with your tenants can lead to long-term stability and fewer void periods.

    Maintain your property: Regular upkeep ensures your investment remains attractive to tenants and minimizes the risk of costly repairs later.

    The General Election and the Property Market

    The recent general election has added another layer to the property market. The incoming government’s policies on housing, taxation, and infrastructure spending will undoubtedly impact the sector in the long run. However, the immediate effect is likely to be muted and the established nature of the UK property market suggests it will continue to function even during a period of political change.

    Looking Forward: A Market in Transition

    The UK property market is in transition. Modest growth, regional variations, and the influence of the new government are key factors to consider. However, while there may be adjustments ahead, the fundamental strength of the UK property market is likely to endure.

    For buyers, sellers, landlords, and tenants this period offers an opportunity to be informed, strategic, and adaptable. By understanding the current trends, staying informed about future developments, and seeking professional advice when needed, you can navigate the UK property market with confidence.

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

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

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

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

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

    Posted on

    9 Moving Home Packing Tips For A Smooth Move

    9 Moving Home Packing Tips For A Smooth Move

    Moving to a new home in Tower Hamlets is an exciting milestone, but packing up your entire life can be a source of stress and anxiety. However, fear not because we have some moving home packing tips for you! With proper planning and organisation, the moving home packing process will be much more manageable.

    In this blog, the team at City Realtor will share our moving home packing tips to help you achieve a pain-free move with minimum stress.

    So, let’s get into it!

    9 Tips to Make the Moving Process Better

    1. Create a Packing Timeline

    Start your moving home preparations by creating a well-structured packing timeline.

    • Begin early, ideally at least six weeks before your moving day.
    • Break down your packing tasks into manageable chunks, focusing on one room at a time.
    • Make a checklist of items to pack in each room, along with deadlines for completing each task.

    By spacing out the packing process, you’ll avoid feeling overwhelmed and reduce the last-minute rush as moving day approaches.

    2. Get Rid of Unwanted Items

    Before you start packing, take the opportunity to declutter items you no longer need. Go through each room methodically and sort your belongings into three categories:

    • Keep
    • Donate
    • Discard

    This will make your move more efficient and will help you save on moving costs by reducing the number of items to be transported. Plus, donating usable items will give you the satisfaction of helping those in need.

    3. Gather Packing Supplies in Advance

    There’s nothing more frustrating than realising you’re running out of supplies in the middle of the packing process. Avoid this by gathering all the necessary packing materials well in advance. Go online and stock up on sturdy moving boxes of various sizes, bubble wrap, packing paper, packing tape, labels and markers. Having these supplies to hand will prevent last-minute scrambling, and ensure that your belongings are adequately protected during the move to your new home.

    4. Pack Room by Room

    To stay organised during your move, pack one room at a time. This method ensures that items belonging together stay together, making unpacking at your new home a breeze. As you pack, label each box with its contents and the room it belongs in. To take it a step further, consider colour-coding the boxes for each room. This visual cue will help you and your movers identify where each box should go ready for unpacking.

    5. Use the Right Packing Techniques

    Proper packing techniques can make a huge difference in protecting your belongings during the move. For fragile items like glassware and dishes, use generous layers of bubble wrap or packing paper to ensure they are well-padded. Utilise dividers or crumpled paper to prevent items from knocking against each other during transport. For clothes, keep them on hangers and cover them with bin bags, creating makeshift garment bags that will protect them and make unpacking much quicker.

    6. Pack a First-Day Essentials Box

    In the hustle and bustle of moving, it’s easy to lose track of the items you’ll need upon arrival at your new home. Prepare a “first-day essentials” box containing the items you’ll require before you’ve had a chance to unpack. This box should include:

    • Toiletries, loo roll and medications
    • Change of clothes and fresh linen for bedding
    • Important documents (such as identification and medical records)
    • Phone chargers
    • Essential kitchen items (tea and coffee, milk, mugs, kettle)
    • Any other necessities that will help you get through the first day comfortably

    7. Seek Professional Packing Help

    If the idea of packing overwhelms you or you don’t have the time to do it yourself, consider hiring professional packers. They have the expertise and experience to pack your belongings efficiently and securely, saving you time and ensuring that your possessions are well taken care of during the move. While this may be an additional expense, the peace of mind and time saved can be well worth it, especially if you have valuable or delicate items that require special attention.

    8. Label Electronics and Cables

    Disassembling electronics can be a daunting task! It becomes much easier if you label each cable and component as you go. Take pictures of the setup before disassembling to help you reassemble them correctly in your new home. Place all the cables and accessories in labelled bags and keep them together with the corresponding electronic device. Additionally, consider using cable organisers or ties to prevent tangles and confusion during unpacking.

    9. Secure Hazardous Materials Separately

    Certain items, such as cleaning materials, aerosol cans, and flammable liquids, are considered hazardous and require special handling. Keep these items separate from your regular packing and transport them safely or dispose of them responsibly before the move. Check with your local waste management facility or follow your area’s guidelines for the disposal of hazardous materials.

    Moving Home Doesn’t Have to be Stressful

    Read our Guide to Buying here

    Selling? Get an Instant Valuation

    Planning ahead, decluttering, using proper packing techniques, and seeking professional assistance are key factors in ensuring a successful and stress-free move.

    If you are planning on moving to the Tower Hamlets area soon, embrace the excitement of starting a new chapter in your life and take our moving home packing tips on board.

    As your local estate agent in Tower Hamlets, come and speak to a member of our team at City Realtor. Contact us on 0207 790 7702 or email us at admin@cityrealtor.co.uk and let us be your guide to a seamless and enjoyable moving experience.

    Frequently Asked Questions About Packing Tips to Make Moving House Easier

    Frequently Asked Questions About Packing for a Smooth Move

    How many cardboard boxes should I get for packing?

    It depends on the size of your home and belongings. It’s better to overestimate – you can always return unused pack boxes.

    Should I pack my clothes on hangers?

    Yes! Use wardrobe boxes or bin bags to keep clothes on hangers, saving time unpacking and ironing.

    What can I use to fill empty spaces in boxes?

    Scrunched-up paper towels, packing peanuts or even clothes can fill gaps in boxes and prevent items from moving around.

    Can I pack everything myself, or should I hire professional movers?

    Professional movers can be a great option if you’re short on time or have fragile boxes. However, they do add to the cost of moving.

    What Next?

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

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

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

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

    Posted on

    12 Home Improvements To Boost Value And Take With You When You Move!

    12 Home Improvements to Boost Value and Take With you When you Move!

    When preparing to sell a property in Tower Hamlets, you may consider making home improvements to boost value.

    Home improvements can play a significant role in elevating the overall charm, aesthetics, and functionality of your property, leading to enhanced appeal to viewers. However, it’s important to recognize that not every upgrade you make has to be left behind as a permanent fixture for the new homeowner to inherit.

    When planning your home improvements, consider a blend of both permanent and easily removable upgrades, allowing you to personalize the property while still providing the option to revert to its original appeal or offer the buyer the possibility of reimagining their new home.

    Easily removable upgrades can be influential in making your property in Tower Hamlets stand out. These changes can create a stylish and sophisticated atmosphere that captures the interest of potential buyers, while still offering customisation options for the new owner to truly make the space their own.

    12 Home Improvements You Can Make to Extract the Most Value

    Here are 12 home improvements to boost value – and that can move with you to your next home.

    Get an instant valuation here

    1. Removable Wall Art

    Personalising your living space becomes hassle-free with removable wall art. Opting for durable wall decals or high-quality tapestries allows you to add character to your home without making permanent alterations. This way, you can easily transport these decorative pieces from one house to another, ensuring a consistent and comfortable atmosphere in each residence.

    2. Smart Home Devices

    Incorporating smart home devices, such as speakers, security cameras, lighting systems, and thermostats, elevates your living experience with increased convenience and functionality. The beauty of these devices is their portability; simply uninstall them when it’s time to relocate, and enjoy the same enhanced lifestyle in your next home.

    3. Portable Fire Pits and Heaters

    Adding portable fire pits and patio heaters to your outdoor space can boost kerb appeal and make your property more enticing during estate agent viewings. Additionally, you can look forward to enjoying these outdoor enhancements in your next home’s garden or patio.

    4. Modular Furniture

    Modular furniture pieces, such as wardrobes, sectional sofas, and convertible tables, provide the flexibility needed for seamless transitions between properties. By investing in these versatile items, you can ensure your furniture will be adaptable to various spaces, layouts, and styles.

    5. Potted Plants

    Instead of spending on expensive landscaping projects, opt for potted plants as a more cost-effective way to enhance your Tower Hamlets property’s greenery. These plants add appeal and can easily be transported to any new home, making them a practical choice.

    6. Bespoke Mirrors

    Mirrors can serve both aesthetic and functional purposes in any living space. By selecting large, ornate, or custom-designed mirrors, you can visually expand and elevate your interiors during property viewings and incorporate these statement pieces in your next home.

    7. High-Quality Window Treatments

    Invest in versatile, high-quality window treatments such as curtains or blinds, and ensure they are adaptable to fit various window sizes and styles. This will enable you to maintain your preferred look from one property to the next, all while providing functional light control and privacy.

    8. Lighting Fixtures

    Selecting high-quality lighting fixtures like pendant lights, table lamps, or chandeliers can significantly enhance your home’s ambience and is one of the easiest home improvements to boost value. Moreover, these fixtures can accompany you when you move and can seamlessly blend into new spaces.

    9. Freestanding Bookshelves

    Freestanding bookshelves offer portability and versatility that built-in options lack. These pieces provide not only extra storage space but also serve as decorative elements that can easily integrate into various home interiors and layouts.

    10. Outdoor Furniture

    Investing in high-quality outdoor furniture can elevate your outdoor living space, making it more attractive and functional. These transportable items will add value and aesthetic appeal to your property, both now and in the future.

    11. Decorative Rugs

    Rugs can effortlessly add warmth, texture, and style to any room. As an affordable home improvement option, decorative rugs easily transition to new homes, regardless of room size or colour scheme, maintaining your design preference from one house to another.

    12. Door and Cabinet Hardware

    By choosing high-quality door and cabinet hardware, you can add a polished, luxurious finish to your kitchen and bathroom spaces. These removable embellishments can be reused in your new property, ensuring a refined touch in your next home.

    Ultimately, the key to successfully selling your property in Tower Hamlets is to strike a balance between making home improvements to boost value and removable upgrades that contribute to a captivating visual appeal – all without limiting the new owner’s potential for personalization and creativity.

    Making home improvements doesn’t always mean a permanent change to your property. For the best advice, discuss ideas with your estate agent in Tower Hamlets to understand what additions can benefit a sale and which ones can transition with you to your new home. In doing so, you can enjoy the benefits of your home improvements no matter where you live.

    Improving, Then Selling?

    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 improving your home with a view to putting your property in Tower Hamlets on the market. We’ve answered more of your FAQ’s here and below.

    Frequently Asked Questions About How Much Value You Can Add to Your Home

    Should I invest in new kitchen and bathroom fittings before selling?

    Modern kitchen and bathroom fittings can significantly increase your property’s value. However, it’s wise to consult with an estate agent in Tower Hamlets to ensure you’re making updates that appeal to buyers in your area.

    What about energy-efficient features like underfloor heating?

    While not essential, energy-efficient features like underfloor heating can add value to your home. Potential buyers are increasingly eco-conscious, so such upgrades can make your property stand out.

    Can I convert my loft or garage into extra living space?

    Loft conversions and garage conversions (with planning permission from your local planning authority) can be a great way to add significant value to your property. However, always weigh the cost of the project against the potential return on investment. Consulting us is recommended.

    Do minor repairs like fixing broken roof tiles make a difference?

    Absolutely! Potential buyers are looking for a well-maintained property. Addressing minor repairs and ensuring your home is in good condition will create a positive impression and can add value during negotiations.

    Posted on

    June 2024 Property Market Update

    June-2024-Property-Market-Update

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

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

    Market Recovery Gathers Momentum

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

    Regional Variations Remain

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

    The Interest Rate Question

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

    Election Jitters or Business as Usual?

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

    Supply and Demand: Finding Balance

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

    What Does This Mean for You?

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

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

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

    The Bottom Line

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

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

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

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

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