Your Move Property Bulletin

Your Move Property Bulletin - June

Off-plan purchases are to become more popular in 2022

The National Association of Property Buyers has predicted that in 2022, over 47% of new-build properties are likely to be sold off-plan.

Buying off-plan means buying a house or flat before it has been built. With early-bird discounts, it can be an easy way to save a bit of money and, as house prices continue to climb, by the time you move in, it may be worth more than you paid.

After thousands of home buyers have endured high levels of financial uncertainty over the past two years, it is easy to see the appeal of paying a fixed price when buying off-plan. Many buyers will also be eligible for the First Homes Scheme and/or a Help to Buy equity loan.

With a shortage of properties coming to the market, committing to a new-build off-plan can be a good way to secure the home you want. It can also enable you to snap up a new development’s best plot and, potentially, enjoy the luxury of choosing your preferred colour schemes, fixtures, and fittings.

Buying off-plan comes with a formal agreement, meaning the risk of a purchase falling through is very low. It is also much less likely to be affected by a chain and may offer the opportunity to part-exchange your existing home, eliminating the need to put your own house on the market.

Are you thinking of buying in 2022? Get in touch to discuss the benefits of buying off-plan.

18% more green mortgages are now available

Green mortgage popularity is evidently on the rise as we all do our bit to make the world an eco-friendlier place. In the current market, there are a total of 648 green mortgages available, compared to October 2021, when just 550 were available. *

What is a “green mortgage”?

This type of mortgage allows homeowners to benefit from preferential terms when purchasing a property that meets certain requirements. Often, these mortgages are available on new-build homes with high EPC ratings.

However, if you have made energy-saving improvements to your home or renovated your property, you may be eligible on the basis that your new EPC rating is an A or B. It is important to note that some lenders will offer green mortgages on properties with an EPC rating of C.

Could you be eligible for a green mortgage?

The easiest way to find out whether a green mortgage is suitable for you is to discuss your mortgage with an expert. They will be able to advise you on which products are available and help you outline the next steps.

Are you looking for further advice? Get in touch with our expert property team today.

*Property Reporter

What will the UK’s private rental sector look like ten years from now?

A recent report examined how the private rental sector might develop in the years to come. *

The findings, based on a survey of 1,376 adults in rented accommodation, offer some interesting food for thought, for landlords who might be thinking about future-proofing their investments.

One of the key insights from the report is that the private rented sector needs to adapt to an increasingly mature tenant population, with the average age of tenants set to increase over the coming years. The report predicts that “the typical renter of the future will look different from today's. We need to revisit our preconceptions about renting being the preserve of young, mobile households. Mature tenants have different needs and preferences.” *

Over a third of households in the private rented sector currently accommodate somebody aged 45 or over. The report shows that three in five tenants, aged between 35 and 54, expect to be renting privately in 15 years’ time. By 2035, it is predicted that this demographic will make up at least half of rented households.

For landlords, this means considering the priorities of more mature tenants. Longer tenancy agreements and unfurnished homes are typically preferred by mature renters, who will often opt for a ground-floor property near to local transport links and basic amenities, such as shops and health services. Established tenants are also more likely to look for pet-friendly accommodation and the freedom to make basic cosmetic changes, such as redecorating.

If you are thinking of letting your property, contact us for a no-obligation valuation.

*Social Market Foundation

Homes are selling faster than ever before

With demand for homes still outstripping supply, sellers can be confident they will find a buyer quicker than ever before. *

On average, properties are spending just 33 days on the open market, compared to 2019 when the average time on the market stood at 67 days. As well as this, the huge decline in sale time means that 53% of property sales are now being agreed at a figure above the asking price, as buyers bid higher to secure their ideal home. *

The large number of buyers continues to create a competitive market, ideal for sellers. Over 125,000 prospective homeowners took to the market in April to take advantage of the great seller’s market. *

If you are looking for a quick sale of your property, start by booking a free property valuation here.

*Rightmove