Welcome to your March Newsletter!

Chelmsford Theatre | 5th April 2023 Dinosaur Adventure Live

The Greatest Prehistoric Show on Earth… 65 million years in the making...Are you ready for the adventure? Join our intrepid rangers on a quest to recover the data crystal, restore power to the island and save the dinosaurs!

Click here to read Chelmsford Theatre | 5th April 2023 Dinosaur Adventure Live.

Can’t wait to on get on the property ladder?

Getting on the property ladder is all about getting started, and there are so many ways to do just that. With so much to spend your money on, whether it’s traveling, socializing, or all of the above. Finding the means of saving a deposit is no mean feat. A growing proportion of first-time buyers are now choosing to buy with friends. The process is a little more complicated, so it’s important to go about things the right way.

You can buy with up to four people

Up to four people can put their names on the deed, so even if you're a far cry from getting together a large enough deposit to buy a home completely independently, you could be closer to owning your first home than you think.

Tenants in common

This is the most popular form of agreement and allows each person you buy a property with to own different shares in the property, and you can pass on your share of the property in your will. This differs from "joint tenants," which means you have equal rights to the entire property and can’t pass on your share in a will.

The less, the merrier!

Perhaps you believe that the more, the merrier! It certainly will reduce the cost of your mortgage payments. However, it’s worth noting that if one of your house co-owners can’t pay their share of the mortgage, then the rest of you are liable. Needless to say, the fewer people involved, the simpler the arrangements.

Borrowing

Most high-street lenders will gladly lend to two buyers; however, the options for mortgages with four buyers are more limited.

Have an exit plan

It’s important to set out in a contract a good get-out clause covering the circumstances in which the property can be sold. Include how the profits from such a sale would be divided if certain individuals invested in its development, as well as anything else you feel is relevant. Then, when the time comes to sell up and buy your own house independently, the process is as seamless as possible.

Finding the right home

It’s important to find the right home that everybody is going to be happy with. Location is key to keeping the peace. The minor details of bedroom allocation are critical when purchasing a home in which you and your co-owners will be happy and thrive.

The doorway to owning your own home

Buying a home with your friends is a great way of rapidly speeding up your next steps on the property ladder. Taking house prices out of the equation, as you pay your mortgage and build up equity, you are effectively saving a deposit for your own home.

Find a great home for you and your friends and get on the property ladder now! Browse our properties.

8 tenant and landlord trends for 2023

There is a lot going on in the 2023 letting market for both landlords and tenants. It’s important to be tuned in to what’s going on, no matter which side of the fence you are standing on. While demand for rented homes is high and ever-increasing, tenants are now more protected than ever. The mutually beneficial landlord-tenant relationship is becoming more structured. This has some significant advantages for both parties in what is becoming a more and more long-term relationship.

Increase in demand

Demand is increasing all the time for rented property, which is good news for landlords but perhaps a little frustrating when you are seeking a new place to call home. Enlisting the help of a good agent will help a great deal and save much time.

Tenants are renting for longer

Fewer first-time buyers due to the challenges of scraping together a deposit amid the cost-of-living crisis mean tenants are renting for longer. This is good for planning and investing in your future property plans, whether you are a landlord or tenant.

Some landlords are exiting the rental sector, creating new opportunities

It’s not easy for some landlords, new legislation and increasing costs, some are choosing to retire and enjoy life. This creates more opportunities for new landlords who invest in energy-efficient, modern homes, providing great places for tenants to live.

There are more older tenants

One of the reasons there is more demand for rented accommodation is because now more mature tenants rent than ever before, whereas the perception stemming from the past is that mainly younger people rent.

Tenants are paying more for energy-efficient homes

Greener homes are in demand. Landlords have a deadline of 2025 to meet the Energy Performance Certificate of C for newly let properties and until 2028 for existing let properties. More energy-efficient homes may cost a little more to rent but will save tenants on household bills.

Capital Gains Tax changes (CGT) for landlords

For the tax year 2023-2024, the tax-free allowance for Capital Gains Tax will be reduced from £12,300 to £6,000, and for the tax year 2024-2025, it will be fixed at £3,000. Relatively speaking, this is not a massive increase as it is based on a tax-free allowance.

More landlords are creating limited companies

With most landlords already choosing to form limited companies due to limited personal liability advantages, the number of landlords choosing this route will increase further as the rental market becomes more business oriented.

Standards are getting higher

As landlords are forced to upgrade energy efficiency and modernise their properties, the good news for them is that tenants are more content and likely to rent for longer, assuring landlords’ investments. Tenants get to enjoy modern, on-trend, energy-efficient, tech-friendly homes without making big capital investments. Renting is becoming an increasingly enticing prospect, and the future for tenants and landlords looks exciting.

Need a place to rent or looking for a buy-to-let investment? Get in touch.

7 good reasons to be positive about the 2023 property market

Positivity is like a fresh spring breeze; it just makes you feel good and clears your head! With so much negativity bandied about in the media, with sensationalist headlines, it’s easy to become worn down by all the doom and gloom. Your head becomes clogged with confusion, which is almost as uncomfortable as a winter cold. On the other hand, you are an optimist and want to move forward based on informed choices and good reasoning.

The housing market is built on good foundations

A significantly large part of property sales are cash buyers and buyers borrowing less than 50% of the value of their property.* This is hard to hear for those of us who have to borrow much more to progress on the property ladder. However, the good side to this is that it helps stabilise the property market and the wider economy. Unlike so many other sectors of public and private borrowing, the house of cards scenario is not as precarious!

A stable and secure borrowing and property market

It’s now widely accepted that while interest rates are higher than they have been over the years, they are set at more realistic levels. It’s comparable to responsible lending; prior to this, borrowers could almost borrow as much as they wanted, leading to big repayment problems during the banking crisis.

Since the introduction of responsible lending, the future is less susceptible to the perils of overborrowing. Interest rates may be higher, but the result is a more stable borrowing market and a more stable housing market. Interest rates are stabilizing, and even if there are more adjustments to the base rate, a small increase will not affect your mortgage interest rates.

House prices remain resilient without soaring, with good long-term growth

House prices are no longer soaring towards the sky or dropping through the floorboards. Instead, due to low supply and high demand and good levels of employment, prices are realistically stable. When it comes to making an offer, there is also some room for price manoeuvring, while long-term growth prospects remain favourable.

First-time buyers

With 5% mortgages available to first-time buyers thanks to the government’s Mortgage Guarantee Scheme, extended until December 2023, there is a lot for first-time buyers to feel good about.

Demand for green homes is increasing

Homes are becoming greener and leaner, and as such, they are becoming more desirable. Houses that are more self-sufficient in terms of energy fetch higher prices than homes that are more expensive to run.

Homes are becoming more energy efficient

The government’s ECO+ scheme, due to start in April 2023, will run for three years and, with a pot of £1 billion, will give big energy suppliers the means to offer customers grants to make their homes more energy efficient by improving insulation.

The standard of homes has increased massively

It’s no secret that during the pandemic many homeowners spent a lot of time and money making home improvements. Today, as you get on the move, you can enjoy the fruits of all those labours and find a property that is in great condition; modernised, energy efficient, stylish, and ready to be lived in. All you have to do is enjoy it.

Make some positive steps towards buying the home you truly desire. Contact us for more information.

Zoopla*

Spring 2023 promises more choice for the housing market

There is nothing quite like spring, with thawing winter frosts heralding the imminent arrival of summer and longer evenings. 2023 will allow you to drink all this in and enjoy these inspirational moments all the more. The same can be said of your property search. With houses no longer selling like there’s no tomorrow, unlike the rather uncomfortable rush of the past couple of years. You can finally breathe, take a little time, and find the home you love.

A little more housing stock means house prices are not spiralling

Be in no doubt: there is still a housing drought in the UK property market, helping keep prices buoyant. Demand still far outweighs supply. However, with stocks replenishing a little as the market calms so do house prices. You no longer have to race to the first possible viewing to compete with other buyers and make offers over the asking price. The result is that house prices are not spiralling too quickly. Instead, house-buying conditions are more settled and compatible with a secure future.

Quality time spent with your agent and your potential new home

Sometimes too much choice makes it harder to make up your mind! Have you ever found yourself wishing you could have the kitchen from your first viewing in the location or with the garden from another viewing? The guidance, inspiration, and seasoned yet informed input of a good agent will help your vision become an adventure that surpasses your expectations. Reality is often more beautiful and awe-inspiring than your dreams, and you could end up with a far better home than you ever imagined.

More choice gives you more inspiration

Inspiration and choice go hand in hand. View and explore the feelings inspired by other homes. Physical viewings will yield to your imagination myriad ideas to help you truly understand what you are looking for. In many ways your new home picks you, and the more homes you view the greater the chances of finding your true home destiny.

Live the house dream

Perhaps one of the greatest incarnations of a dream is buying and moving into the home you have wanted for so long. You get live inside your vision. When this happens, the feeling of elation is unique and unforgettable. The house you choose will be the place to witness so many happy memories while protecting you from the elements and challenges of the world outside. You don’t want to rush this big decision, and now you are in a good place to make the right choices.

Browse our choice of properties and help us to help you find your home.

Can’t wait to get on the property ladder?