October Newsletter

October Newsletter

<span style="font-family: Arial, Helvetica; font-weight: bold; font-size: 18px; color: #211858;">UK rental market update in 2022</span><span style="font-family: Arial, Helvetica; font-weight: bold; font-size: 18px; color: #211858;"><br /></span>

According to Zoopla, the average rent has risen by £115 per month since September last year, to £1,051 a month in September 2022.
The rise is substantially outpacing earnings growth across the country and boils down to a catastrophic imbalance between supply and demand.
The lack of supply has led to dwindling options on the market for renters, as rental stock levels sit at around half the number seen on the market in the past five years.
Many renters will find themselves in good financial stead, by choosing to stay put in their current rental homes to avoid future rent increases and growing competition elsewhere on the market.
Renters return to the city
Growing employment rates in the wake of the pandemic, and a growth in high-quality, purpose-built build-to-rent homes appearing around the UK, is drawing more renters into urban areas.
The appeal towards energy efficient new-build homes is proving to be a big pull towards renting in the city, as most new developments tend to be around city centres, and renters will seek out a low EPC rating to stay on top of energy bills.
Rents for tenants remaining in current homes rising at a much slower pace
The average renter will move every four years, according to Zoopla, so their data reflects rent prices on new lets for around 25% of the market.
However, the Office for National Statistics’ (ONS) rental index outlines rental increases across the board, for both movers and non-movers.
The data shows current rents across all rented homes have seen a 3.7% increase, compared to the average recorded in July 2021.
Those moving to a new rental property will find the cost of renting 12.3% higher, as rents for new lets are correlating to the decline of supply amid high demand across the country.
How much higher can rents go?
While rental affordability varies according to location and income, in the latest English Housing Survey from 2020 to 2021, three quarters of private renters agreed they found rental payments very or fairly easy to meet. The remaining 25% found them fairly or very difficult to pay.
The question of how much higher can rents go, will depend on how much headroom renters have, to pay more rent.
While competition and demand continue to skyrocket, landlords have no reason to believe there isn’t opportunities for above-average growth in the less expensive areas of the UK.
What to expect in the rest of 2022, going into 2023
There are no signs of significantly improved rental supply in the near term, as private landlords continue to sell off homes, and renters remain for longer terms.
The imbalance between supply and demand will also remain unwavering, and rents will continue to grow at above-average levels well into 2023.
There are clear signs of headroom for some renters to pay more. Especially in areas of the country where rent is already high.
There may be a cool-down period emerging further into 2023, but this will come at a slow pace.
As well as avoiding rising rental prices, tenants will look to find smaller rental properties to keep their energy bills low. However, the horizons for options on the market should broaden, as the economy begins to recover.
The climate of the rental market can only benefit from more homes appearing on the market, which will help to close the gap between supply and demand.
Do you have a property to let? Find out how we can help you manage your portfolio, by visiting our website today.

<span style="font-family: Arial, Helvetica; font-weight: bold; font-size: 18px; color: #211858;">Home staging tips for the autumn</span>

A thorough decluttering usually precedes home staging since it gives the house a more welcoming appearance and greatly facilitates the moving process. You could also choose to renovate if necessary.
Additionally, depersonalising your property and repainting it in a neutral colour scheme will help potential buyers see themselves living there.
Here are our top suggestions for staging your house in the autumn, since there are many seasonal aspects that will also influence how you present your property.
Clear the entrance way
The porch or hallway should get the same care you gave the front of your house. These areas are frequently cluttered with muddy boots, raincoats, and crimson leaves.
Carefully sprinkling autumnal decor
When setting your house in the fall, it might be simple to go overboard. Instead, of designing a space around the season, each area should make a tribute to it. Consider placing a single item of art, flower arrangement, or pumpkin display in each area to prevent the season from taking over your house.
Incorporate autumnal scents
Use reed diffusers and candles to spread delicate smells around the house. Seasonal colours like burnt orange and pumpkin go well together, but you should be cautious not to combine too many opposing aromas since they frequently work against one another.
Accentuate the fireplaces
As mentioned, viewers want to see a house they can imagine spending the winters tucked up inside, and a fireplace is the epitome of cosy nights.
Any purchaser will be won over by an original fireplace's cosy flames and delicate light.
Have you been looking for an agent? Get in touch to discuss selling your property today.

<span style="font-size: 18px; font-weight: bold; font-family: Arial, Helvetica; color: #211858;">Housing stock levels hit a 12-month high</span>

The ongoing imbalance between supply and demand could finally be seeing some leverage on the other side, with stock levels beginning to rise in the wake of a 3-year long slum. Despite obvious economic headwinds, consumer confidence in buying and selling property evidently remains robust, and the market has yet to see its predicted slowdown.
Buyers will be pleased to hear that the horizons on the market are expanding, with supply seeing a steady increase of 5% since January, which is the positive news many home hunters have been waiting for.
The latest OnTheMarket Property Sentiment Index, which reflects property market activity in July, has been released. It reveals that housing stock has reached its highest level in a year due to the return of a seasonally driven housing market.
The findings also suggest that there is no clear sign of political and economic uncertainty unsettling buyers or sellers.
Since February, there has been a consistent week-on-week increase in stock levels, with the highest level of available stock in July compared with any time during the 12 months prior.
It is also noteworthy, that stock levels were predicted to continue improving due to more potential buyers being on holiday, further diluting the pool of competitors.
Consumer confidence remains robust
Some 75% of active buyers in the UK were confident they would purchase a property within the next three months, while 80% of sellers expressed confidence in selling their property within the same period.
In July, only 4% of movers were concerned about securing a mortgage to fund the purchase of their next property, unchanged when compared to June 2022 (4%).
Speedy sales
The report revealed that 57% of properties were Sold Subject to Contract (SSTC) within 30 days of first being advertised for sale, compared with 56% in July 2021.
Unwavering buyer interest appeared to prevail through the pandemic, and despite the rising cost of living, sentiment remained unchanged in July 2022. The market is seeing more serious buyers committed to seeing the transactions through, giving sellers reliable applicants to choose from.
What does this mean for buyers?
A rise in stock after a lengthy drought can only prove positive for buyers waiting to make their move. Those who had been holding off in fear of rampant competition, surging prices, and tricky chain implications can now act with more confidence.
The law of supply says that a higher price will induce producers to supply a higher quantity to the market. Likewise, when supply is low, prices will rise as people scramble to buy up scarce resources. This is certainly true when it comes to the property market, and therefore, it’s best to time your purchase during spikes in supply.
What does this mean for sellers?
Increased buyer confidence and a more level market mean speedy and reliable sales for those selling their property. With stock gradually increasing, this offers a larger scope for buyers to take their time and choose a home that is right for them. Thus, opening the market to serious buyers who are committed and genuinely interested in properties they arrange viewings for, rather than making hasty and half-hearted decisions that could consequentially collapse at the last minute.
Thinking about selling? Book your valuation today.
*Information retrieved from YourMortgage

<span style="font-family: Arial, Helvetica; font-size: 18px; font-weight: bold; color: #211858;">What are the key selling points of a home in 2022?</span>

If you’re wondering how valuable your home is, knowing its most desirable assets is a good place to start. Estate agents know exactly which features are hot on the market right now, which is why they are highlighted in listings to make sure the property is easily spotted by suitable buyers.
Data from Rightmove suggests which features buyers are looking for in today’s market, by ranking the most popular ‘key words’ highlighted by estate agents to sell houses. Due to a change in working patterns, there has been a clear move towards garden offices, orangeries, summer houses, underfloor heating, bi-fold doors and open-plan rooms. If your house has any of these features to offer, your home could be extremely appealing to buyers in today’s market.
Take a look at the features that are highlighted to attract the most potential buyers in 2022.
Garden office
Working from home has become a new way of life, and this has caused many people to move entirely in search of better office space.
Advertising a spare room which is suitable for a home office with good ventilation, accessible outlets to plug in a computer setup and ample space for a desk will make your home extremely attractive to many buyers. The proportion of listings that mention garden offices, were found to be 11 times higher than a decade ago. That’s an increase of 1,046%!
Bi-fold doors
Rightmove reported a huge rise in demand for bi-fold doors, with a 589% increase in popularity compared to 10 years ago. The post-pandemic need for space is thought to be the driving force behind this feature becoming so sought-after, as this enables people to extend and diversify their living space.
Orangeries and summer houses
What sets orangeries apart from conservatories, is the bricks in place of glass. The name originates from where fruit trees were stored during the winter months, so that should tell you how cosy and warm these home extensions are. The number of property listings mentioning summer houses has also seen an increase, whereas greenhouses seem to have declined in popularity. Smaller windows allow for a more functional and dynamic space, allowing scope for multiple uses such as home offices, living rooms, and dining space.
Underfloor heating
Listings that feature underfloor heating jumped by 114%, as buyers search for more energy-efficient solutions to warm up the house.
Underfloor heating is a cleaner, smarter way to heat a home. Using radiant heat technology, under-floor heating gently warms people and objects in the room directly, from the ground up.
Open plan living
Open floor plans remain popular among families and busy households due to their better traffic flow and multifunctional spaces. The wide-open space is most desirable for those with larger families as the layout offers a grand communal area. Consider removing a wall that separates your kitchen from your dining room, and your listing will become more attractive to buyers looking for a family home.
Looking for advice on how you can improve your property before selling? Contact us today.

<span style="color: #211858; text-decoration: none; font-size: 18px;">Wonderland Halloween</span>

Wonderland is back for a Halloween Special at the Courtyard this October!


Expect Halloween themed decor & beats supplied by your favourite Wonderland DJs.


Fancy Dress is more than welcome!


Date: 29th Oct @ 3:00pm - 10:00pm

Venue: The Courtyard, 12 Baddow Road, Chelmsford, CM2 0DG


Click here to read <span style="color: #211858; text-decoration: none; font-size: 18px;">Wonderland Halloween</span>.