Tag: selling

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

Property Valuations in Tower Hamlets

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

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

Does that seem like a sensible decision?

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

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

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

The importance of realistic property valuations and price banding

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

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

Getting an expert appraisal

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

Property Valuations in Tower Hamlets

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

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

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

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April 2024 Property Market Update

April 2024 Property Market Update

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

Inflation Set to Impact Mortgage Rates

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

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

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

Potential Action on Leasehold Maintenance Contracts

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

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

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

Watering Down of Renter Reform

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

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

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

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

Good News for Landlords as Tenants Stay Longer

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

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

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

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

What Next?

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

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

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

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How to Update Your Home On A Budget!

How to Update Your Home On A Budget!

When you want to update your home, you might assume it’s going to cost you a lot of money. However, there are a number of ways you can give your home a makeover that won’t cost you the earth. As estate agents in Tower Hamlets, we see some fabulous homes every day, so if you’re on a tight budget, simply follow our tips.

5 Ways to Update Your Home on a Budget

1. Make your kitchen look like new

When it comes to decorating your house, the kitchen is usually the most expensive room to upgrade because there are so many fittings and appliances. However, you can give your kitchen a makeover while on a tight budget by:

  • Covering the kitchen doors in vinyl or repainting them in chalk paint
  • Covering old flooring with vinyl tiles
  • Adding a new splashback or painting tiles
  • Adding a small kitchen island
  • Replacing door and drawer handles
  • Replacing small appliances such as kettles and toasters

While you may not be able to afford a full kitchen renovation, just carrying out these jobs won’t take much time or money and can make a huge difference particularly if your property in Tower Hamlets is for sale.

2. Bring your bathroom up to date

A dated bathroom can ruin the look of a house, and whilst an entirely new one might be out of your price range, there are ways to refresh your bathroom on a budget.

If you have an old suite that really needs replacing, you can often buy one cheaply in a trade store, then get a plumber to fit it. Most people can learn to tile, and there are plenty of tutorials online, while floors can be easily covered with vinyl or similar to make them look fresh and new.

If you’re painting your bathroom, always use specialist bathroom paint that can stand up to steam and humidity, otherwise it will soon start to peel.

3. Open up and light the space

A home that’s full of dusty items and clutter will soon feel dated and depressing. Spend some time decluttering, and you’ll soon see a big improvement to your home.

Many people complain that their homes are too small, but a bit of re-organisation and tidying up can give the feeling of space.

Once the space is opened up, make sure you have adequate lighting. Rooms look smaller if they have dim corners, and ceilings can appear lower if they aren’t lit.

Add some corner lamps and your home will look lighter and more contemporary.

4. Find second-hand supplies and furniture

Look on Facebook marketplace and you’ll find lots of local people selling DIY bits and pieces they no longer need, or have changed their minds over. You can easily buy paint, wallpaper and second-hand tools for just a few pounds, so there’s no need to put off certain projects.

Second-hand furniture is also easy to find online, and if you rent a van for a weekend, you can fill your home with new furniture for much less than the retail price.

Many people sell sofas, dining sets and beds that have barely been used, as they get bored with them or decide to go for a different look.

Some of the bigger charity shops also sell furniture, and while some of it might be a little dated, it can easily be revived with some chalk paint or varnish to make it appear more modern.

Some people don’t like the idea of second-hand furniture as they’re worried it might be dirty. It’s easy to rent an upholstery cleaner and clean up a sofa to get it looking like new, or you can use antibacterial kitchen sprays on most surfaces.

5. Change your colour scheme without redecorating

If your room is a little dated, but you don’t have the time or money to redecorate, then simply switching some of your décor can work well. For example, try covering old flooring with a rug, or adding splashes of colour with vases, plant pots, ottomans or other accessories.

While it’s not quite the same as a full makeover, it can help refresh the space while your property is on the market.

Painting or wallpapering a feature wall can also change the look of a room without needing to completely redecorate. It also means that if you go off a colour, or it goes out of fashion in a few months, it’s easy to change it again.

Need Help Sprucing Up Your Living Space?

Your home is your castle, but there’s no point in maxing out your credit card just to give it a makeover!

There are plenty of ways you can get the look you want without spending a fortune, whether it’s hunting for vintage finds or using some of your DIY skills and before you know it your home will be ready to place on the market and welcome viewers.

What Next?

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!

Frequently Asked Questions About Budget-Friendly Home Renovation

What are some budget-friendly ways to update old light fixtures in my home?

You can easily update old light fixtures by giving them a fresh coat of paint or replacing them with affordable, modern alternatives available at local hardware stores or online retailers.

How can I enhance my home’s kerb appeal without breaking the bank?

Improving your home’s kerb appeal on a budget can be achieved by painting or varnishing your front door, adding decorative door hardware, and installing cost-effective outdoor lighting fixtures to highlight your home’s exterior.

What inexpensive options are available to create a focal point in a room?

You can create a focal point in any room by repurposing existing furniture or artwork, incorporating affordable decorative pieces like stylish cushions or rugs, or arranging furniture to highlight architectural features such as fireplaces or alcoves.

What strategies can I use to maximise natural light in my home without extensive renovations?

To maximise natural light, consider using light-coloured window treatments, trimming foliage near windows to allow more light in, strategically placing mirrors to reflect light, and opting for sheer curtains or blinds to maintain privacy while letting sunlight filter through.

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7 Essential Tips That Can Help You Sell Your Property In Tower Hamlets

7-Essential-Tips-That-Can-help-You-Sell-Your-Property-In-Tower-Hamlets

Keen to sell your home in Tower Hamlets as quickly as possible? Worried that your Tower Hamlets property is still on the market? 

Although finding the right estate agent is a crucial part of getting your property sold, there are a few things you can do to help move the process along. Try these tips, and it won’t be long before you have offers coming in, and you can enjoy the search for your next new home!  

7 Essential Tips to Attract Prospective Buyers in Your Local Market

Read on for our seven essential tips to help you get your property off the market quicker: 

1. Declutter 

Let’s start with the simplest (albeit slightly tedious) thing you can do to help stage your home for viewings. It’s time for a deep decluttering session! 

We’re not clutter-shaming. Getting rid of all the clutter allows interested buyers to see the full potential of the space during viewings. And not only will it make your property look more spacious, but it’ll also mean that your eventual packing becomes much easier. We’ve got more tips for presenting your property here.

2. Put some of your personal items away 

Although you don’t want your home not to look like a home, you also don’t want it to look too much like your home. You want potential buyers to walk in and be able to easily picture themselves living there.

Removing family photos and more personal items can help make that possible. Viewers will be able to walk around and envision themselves and their own families living there.

3. Invest in a professional property photography package

Now’s the time to turn to an expert. Trust us: a professional photoshoot organised by an expert estate agent will go a long way in helping your online property listings get a lot more interest.

Most estate agents are affiliated with a skilled property photographer and can offer this service. They’ll light up your home to make sure it’s showcased in the most visually appealing way. No filters necessary.

4. ‘Neutralise’ your furnishings

Another way to make it easier for viewers to picture themselves in your home is to create a more neutral setting. Turn to more muted colours for things such as your bedding and curtains. Remember, loud colours and bold prints may not necessarily be to everyone’s taste. 

An easy way to give your home more mass appeal is to strip any wallpaper and give it a fresh lick of neutrally coloured paint. Opt for lighter colours to reflect light and make your home look more spacious. 

5. Add some homely touches 

We know. We just asked you to remove personal items and make your home more neutral. But hear us out. 

Although many of the little decor changes mentioned above will help turn your property into a more neutral living space, you don’t want to strip it of all personality.

Add little touches such as soft throws, scented candles and fresh flowers. These are safe options which can help your home look homely without alienating any potential buyers.

6. Use social media to share your property listing 

Although it’s our job to advertise your property, there’s no harm in you sharing the online listing. We recommend sharing the listing in your network.

You never know; someone on your Facebook Friends list may always have had a crush on your home! 

7. Hire a great estate agent 

We’ve saved the most important tip for last. The estate agent in Tower Hamlets you choose will make all the difference in how quickly your property gets sold.

Although you may be tempted to simply go with the one with the lowest fee, this isn’t always wise. Interview and research any estate agent thoroughly before you opt for them.

Find out more about their experience and marketing strategy, and ask how they will market your home. 

Asking all the right questions when vetting estate agents will save you a lot of time (and money) and ensure your property is off the market before you know it!

Need a Good Estate Agent to Help With the Selling Process?

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.

What Next?

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!

Frequently Asked Questions About How to Sell Your House Quickly in the Current Property Market

Why is hiring the right real estate agent crucial for a quick house sale?

Choosing a real estate agent with a proven track record and expertise in the Tower Hamlets market ensures your property is priced right, attracting serious buyers and increasing the chances of a swift and successful sale.

How can natural light affect the selling price of my property?

Maximising natural light in your home not only enhances its appeal but can also positively impact the selling price. Bright, well-lit spaces attract more buyers, making your property stand out in the market.

Why is decluttering essential to attract buyers and sell your property quickly?

Decluttering creates a spacious and inviting atmosphere, helping your property attract buyers quickly. A clutter-free space allows potential buyers to envision themselves in the home, making the decision-making process smoother.

What role does the front door play in attracting buyers?

The front door is the first impression of your property. Ensuring it looks inviting and well-maintained can attract potential buyers, making them more likely to explore further. A welcoming entrance sets the tone for a positive viewing experience.