Top 10 improvements to add value to your home

National Home Improvement Month starts in April, so how can property owners can add value to their homes by making improvements?

National Home Improvement Month encourages home owners to improve their homes this April. NAEA Propertymark advises that whether you are selling now or maintaining your home to sell in the future, there are many small home improvements you can address to keep your property in best shape for when the time comes to sell-up.

Mark Hayward, Chief Executive, NAEA Propertymark, had this to say: “Faced with a difficult housing market, updating and maintaining a property is more important now than ever for homeowners. Whether you need more space but can’t afford to move, or want to put your house on the market, you should be making the most of what you’ve got. You can be on a budget or willing to spend, there are always innovative improvements that can be undertaken which will successfully increase your home’s value”.

10 top home improvement tips to increase the value of your home:

1. Mirrors

If you cannot add a skylight or build a conservatory to brighten up your home, there are simple yet effective ways of creating light through the use of a few mirrors. Hanging mirrors opposite windows tricks the eye into thinking there is another window there and maximises the impact of natural lighting. Another illusion when capturing light is to reflect it into any darker corners, to make your property look bigger and brighter.

2. A pristine and private garden

Giving your garden a makeover can go a long way. Start by tidying away any litter, mowing your lawn, removing all perennial weeds and cutting back overgrown trees and shrubs.

Once you have made the space look attractive, try and create a feeling of solitude. An open, clutter-free space is appealing but privacy is essential. Consider growing trees or adding boundary fences and walls, which can go up to two metres without needing planning permission. Another option would be to assemble a structure in the space such as a pergola. As well as creating privacy, this is a great way to separate areas of your garden for socialising and to extend the use of your garden into the colder months.

3. Opening up space

Opening up living space is becoming more and more popular, particularly for the kitchen and dining room. Combining the two into one large room creates a sociable space, great for the whole family to enjoy. Knocking through walls to create this open-plan living space is an effective way to add value to a property because a larger space is not only trendy but more useful. However, it is important to remember the practicalities with this, as many consumers still like the front room philosophy that can be used for special occasions or to be used for privacy by the adults.

4. Makeover the kitchen

An attractive, hygienic and fresh looking kitchen is essential. Start by painting the cabinets to give a fresh look and replace doors and handles if needed. Improve kitchen storage where you can; a larder for example is hugely attractive among house-hunters. Make sure there is adequate lighting as well, it’s very easy and cost effective to install under unit lighting. Finally, ensure that any floor tiles are well fitted and a colour that is easy to maintain and keep clean.

5. Get rid of busy wallpaper

With each potential house buyer having varied tastes in patterns and texture, certain wallpaper designs can be seen as overwhelming. Wallpaper can also be difficult to remove which could lead to people being put off by if they are looking for a home to move straight into. We recommend using paint and keeping colours neutral, making it a simpler job for the next homeowner and the property overall becomes more appealing.

6. Replace doors

First impressions count. The front door of your home can say a lot about the rest of the house to viewers seeing it for the first time. If you cannot afford to replace the door, make sure it looks attractive by giving it a power wash or a fresh lick of paint.

7. Converting the loft

A loft conversion is a more expensive improvement yet probably gives back the best value for money. Most lofts can be easily converted and expanding the house upwards offers homeowners an extra bedroom for growing families or a space for extra storage. Adding an extra bedroom can give huge value to your home, particularly if it includes an en-suite bathroom.  Remember to seek planning permission before undertaking this work though.

8. Be energy efficient

Fitting your home with energy efficient appliances can add value to your home by promising to knock the costs of bills. With a huge variety of new products on the market for this, it’s increasingly becoming a key feature for new homes.

9. Double glaze the windows

Noisy roads can impact the value of a property. It will keep the home warm and keep the noise out, even if it’s near a main road.

10. Install a fireplace

A fireplace can bring a lot of character to a room and creates a focal point. It’s also practical; the warmth from the fire allows you to reduce the use of your central heating which will lead to savings on your energy bills.

source http://blog.evolutionproperties.co.uk/2017/03/30/top-10-improvements-to-add-value-to-your-home/

Loyal tenants will suffer under 'crowd pleasing' letting fee ban

According to a new report from ARLA Propertymark, the proposed ban on letting agent fees will hit loyal tenants who remain in properties the hardest - costing them hundreds of pounds.

ARLA Propertymark has worked with leading research consultancy Capital Economics to explore the impact a ban on letting agent fees would have on rent costs, letting agents, the private rented sector and the wider economy.

Impact on rents

Letting agent fees account for around a fifth of letting agents’ revenues, and cover the cost of vital checks required to set up a tenancy agreement. If they are banned outright when the Government publishes its consultation, agents will need to pass the costs on to landlords through higher agents’ fees. Two in five landlords (41 per cent) expect they will need to pass on a portion of the inflated cost to tenants, and the research finds they will most likely push rents up by £103 on average per year. If landlords were to pass on the entire uplift in agents’ fees, tenants would be hit harder, typically seeing rent increases of £275 a year.

This will hit long-term tenants the hardest. Based on an average rent increase of £103, those in tenancies 10 years or more will lose out by £755. However, those who move every six months will pocket £4,463 over a ten year period.

Net impact on savings for tenants over a ten-year time period, by how often they move
	Frequency of moves, every ….
	6 months	1 year	2 years	5 years	10 years
Saving (as not paying fees)	£5,493	£2,747	£1,373	£549	£275
Rise in rent (if increase £103 per year)	£1,030	£1,030	£1,030	£1,030	£1,030
Net impact on savings	£4,463	£1,717	£343	-£481	-£755

Impact on letting agents

The lettings sector employees around 58,000 people across the country. If letting agents take the full hit of the letting agent fee ban, 16,000 jobs will be at risk. It’s more likely however agents will pass on 75 per cent of the costs to landlords, which would result in job losses of around 4,000.

Impact on the sector

As landlords try to recoup the costs passed on through increased agent’ fees, they will implement several coping mechanisms, including:

• Not buying any more rental properties (27 per cent)
• Selling some rental properties (20 per cent)
• Reducing use of letting agents (eight per cent)
• Spending less on property maintenance (seven per cent).

Private landlords are an important source of investment in the housing market, and a worsening of their financial position will result in less investment. The rental market is already under huge pressure to increase housing stock to offset rising demand; any further hits to limited stock will put more upward pressure on rents as competition between prospective tenants heightens.

In Scotland, letting agent fees were banned in 1984 and officially clarified in the Private Rented Housing Act of 2011. This meant that tenants were only accountable for the rent and deposit, and everything else would be charged to the landlord. However, this has resulted in many agents carrying out less of the tasks they were doing previously. Worryingly, one in four said they no longer do credit checks as standard.

Impact on the wider economy

The Exchequer is in receipt of £400m in employee taxes from letting agents which is at risk if there is a hit to employment in the sector.

Further, letting agent activity supports a huge range of jobs through spending with suppliers, such as maintenance firms and legal firms, which will all be put under pressure if activity falls. Using Government data, we estimate that letting agents spend around £1.4 billion annually on goods and services such as accountancy and legal fees, building supplies and Government services. Overall the spending on suppliers supports around 17,000 jobs indirectly across the UK and £1.1 billion of value added.

International comparison

The fees charged by UK letting agents are lower, compared to other major economies. In France, higher-end agency fees are at 12 Euros per square meter, or £416 for a 40 square metre Parisian apartment, and across the pond in the USA, fees equate to a month’s rent – $1,404 or £1,132 on average.

David Cox, Chief Executive, ARLA Propertymark commented on the findings: “The lettings sector is worth about £4 billion and employs around 58,000 people all over the country. The Government’s Autumn Statement announcement that it plans to ban letting agent fees was the third big blow in as many years for agents, and exacerbate the threat to the private rented sector; an increasingly important tenure on which millions of people rely.

For many tenants, buying a property simply isn’t an option, and they must depend on the private rented sector to provide security, good standards and fundamentally, a home. Our findings show that landlords are likely to raise rents as a result of the ban on fees. Those tenants who move least frequently, which tend to be lower income families, will be worst hit by rent rises. This is ironic and shows that there will be unintended consequences to what, in effect, is a crowd-pleasing, populist policy.”

source http://blog.evolutionproperties.co.uk/2017/03/30/loyal-tenants-will-suffer-under-crowd-pleasing-letting-fee-ban/

BTL still beats savings rates claims report

According to the latest report from Allsop, buy-to-let investment in the long-term still has strong potential to beat savings rates by a significant margin over the coming years, despite tax increases.

The survey reveals that 37% of landlords anticipate growing rents over the next six months, a year-on-year increase of 36%, and 44% of landlords had ‘good’ or ‘very good’ expectations for their own letting portfolio over the next three months.

However, the percentage of landlords intending to purchase one or more property in the next 12 months fell to 16%, the lowest level in just over four years, since the Rent Check begun in the autumn of 2012. Around four fifths (83%) of landlords reported that obtaining buy-to-let finance had become more difficult in the last six months.

For each region, the Rent Check has calculated the estimated annual return for three, five and ten year periods after tax for basic rate 20% tax payers and 40% tax payers, and has analysed rental yields, house price growth and running, finance and legal costs. For this analysis, variables applied included borrowing based on a 145% rent cover at an assumption of 5.25% interest rate, a five-year fixed term mortgage at an interest rate of 3.25% and 4.5% for the remainder of the term and running costs of 25% of income.

Using Office for Budget Responsibility national forecasts for wage growth and house prices, the top performing regions for indicative returns are the East Midlands and Yorkshire, with returns of 11.25% per annum over a five-year period for a 20% tax payer, and a still significant, 9% per annum for a 40% tax payer. Using the same national analysis, London was the worst performing region at a still respectable 5.75% per annum for 20% tax payer and 4.75% per annum for a 40% tax payer over the same period.  Of the landlords polled, 45% were higher rate income tax payers.

Paul Winstanley, partner at Allsop, said: “For those with equity to invest, buy-to-let returns still have the potential to outstrip savings accounts over the long term. Whilst tax changes and toughening lending criteria is challenging landlords, most are in it for the long term and we still only expect a small minority to exit as the tax changes feed through.

With no quick solutions to the housing crisis, long-term private landlords providing decent accommodation will continue to play an important role in housing our population. As long as there are no new tax rises targeting landlords, buy-to-let will remain a stable and attractive sector for long-term investors.”

source http://blog.evolutionproperties.co.uk/2017/03/30/btl-still-beats-savings-rates-claims-report/

Is online estate agent Purplebricks over-valued, asks Financial Times

The Financial Times has queried whether Purplebricks is over-valued.

In an article by Judith Evans, comparisons are made with Foxtons and Countrywide.

Evans said that the company’s business model “wasn’t enough to thrill investors until recently”.

She said: “After it floated on London’s junior market in late 2015 at 95p, Purplebricks hummed along between 100p and 175p until last December, when the share price really took off.”

The catalyst, according to Anthony Codling at Jefferies, was provided by Purplebricks’ expansion plans – first into Australia, and later this year into the US.

Purplebricks recently raised £50m through a share placing to enable it to launch in America.

According to Codling: “The timing of Purplebricks’ fundraising and launch into the US was close to perfect, coming hot on the heels of a Which? report in which Purplebricks was named the best online agent in the UK with respect to accurately valuing houses.”

Codling also said that with a large chunk of Purplebricks’ shares held by its directors and by equity investor Neil Woodford – who owns 26% of the company – there are relatively sparse trading volumes, which tend to exaggerate price moves.

The FT article says it remains “an open question” as to whether Purplebricks really will revolutionise the market.

It notes that at £763m, Purplebricks’ current market capitalisation is almost double that of Countrywide at £388m.

Evans quotes Russ Mould, investment director at AJ Bell, who says that to justify its recent share price highs, Purplebricks would need 30,000 new instructions a year.

Evans’ article appeared under the headline “Is online estate agent Purplebricks overvalued?”.

It drew the comment from reader Peter Bill – a well known property commentator – “Answer to question in headline: by miles”.

Yesterday, Purplebricks’ share price slipped 1%, or 3p, to finish at 286p.

Earlier this month, on March 7, it hit a record high of 365p.

source http://blog.evolutionproperties.co.uk/2017/03/26/is-online-estate-agent-purplebricks-over-valued-asks-financial-times/

New data predicts that by 2020 only 25% of 30-year-olds will own a home

Home ownership among 25 – 34-years-olds has fallen from 59% just over a decade ago – to 37% today. The Council of Mortgage Lenders predicts that by 2020 only 25% of 30-year-olds will own their own home.

Sellhousefast.uk analysed data by Savills, identifying only 16 out of 348 council districts across England and Wales offer a single buyer on an average income the ability to purchase independently – and none are in the South of England.

Evidently, it is fast becoming impossible for many to purchase where they live – but none more so than those situated in the South.

Unsurprisingly, the data found single buyers are priced out of Greater London, the East and the South East completely, where property prices are continuing to spiral out of control. In fact, recent figures from gov.co.uk reflect the average house price in Greater London (£483,803), the East (£281,513) and the South East (£316,026) as far greater than the North West (£152,259), Yorkshire and The Humber (£154,985), the West Midlands (£181,328) and Wales (£148,177.) Proving great disparity between regions.

Robby du Toit, Sell House Fast director, comments: “Evidently the housing market is in dire straits and there isn’t really any way around it. Collectively, we need to push through it. Take advantage of every available opportunity; whether that means raising housing issues locally, or politically to promote change; seek advice from property professionals and attempt to save where possible. Positively, there is movement and progression – such as the recent Government Housing White Paper for England, which outlines ways in which first-time buyers will be supported. Now more than ever, it’s important to stay informed and to continue to hope that change is on its way.”

source http://blog.evolutionproperties.co.uk/2017/03/26/new-data-predicts-that-by-2020-only-25-of-30-year-olds-will-own-a-home/

Cracking Feedback!

The sun is shining today and I have smile from ear to ear!

Well done to all of the team, people do appreciate what we do for them, and I know Evolution wouldn't be as successful without you all, thank you for making me so proud!

We have received the following feedback and thank you Harriet for your honest and kind words!

"Five stars.... We have had an outstanding service, with excellent communication throughout our sale, I cannot recommend highly enough. Other estate agents should take a leaf out of your book!!! Thank you for making the sale such a positive experience."

If you have a home to sell and you want the same experience without being overcharged, CONTACT EVOLUTION TODAY!

source http://blog.evolutionproperties.co.uk/2017/03/26/cracking-feedback/

Cracking Mortgage Deals

Huge thank you again to Shane and the team at Fingerprint Financial for the latest deals available. Call us today if you want more information!

source http://blog.evolutionproperties.co.uk/2017/03/23/cracking-mortgage-deals/

New research reveals the life of Generation Rent

The latest research from financial services innovator, Momentum UK, has found that private renters go on fewer holidays, save less money and are more likely to make forced cutbacks than those with a mortgage.

The report found the average renter was in far worse financial health than someone with a mortgage, a worrying sign given that the number of private renters in the UK is rising fast and homeownership is in decline.

According to Momentum UK’s Index, almost one in three (31%) private renters have less than £100 in savings, compared to one in seven (15%) people with a mortgage on their home. Mortgage borrowers are also twice as likely (37%) as private renters (16%) to view their income as sufficient.

Private renters currently 'send roughly half their salary' to their landlord each month and recent research suggests rents will increase by an average of 25% over the next five years, faster than the forecasted rate of house price growth. The burden of rising rents is clearly hitting disposable incomes, with one in five (19%) private renters having cut back on food in the last year to get by, compared to one in ten (11%) mortgagors, and 19% of renters having gone without a holiday in the same period, compared to 15% of those with a mortgage.

The living standard divide between private renters and people with a mortgage on their home

Action taken in the last year	Private renters	People with a mortgage on their home
Cut back on food to get by	19%	11%
Cut back on heating to get by	11%	4%
Cut back on essentials to get by	14%	4%
Cut back on non-essentials to get by	30%	21%
Sold possessions to earn extra cash	8%	6%
Borrowed money from friends or family	14%	7%
Increased credit card limit or overdraft	6%	3%

 

While those stuck in the rental trap are experiencing a lower standard of living currently, they may also face a tougher time in later years. Three in five (60%) private renters currently do not have a pension, compared to just over a quarter of mortgagors (27%).

According to recent figures, homeownership is in decline. More than four million households in the UK now rent their home from a private landlord, nearly twice as many as 10 years ago. Within England, homeownership fell to 62.9% last year, the lowest percentage since 1985 and eight points lower than the peak in 2003.

Dominiwskc Baliszei, Director of Consumer Strategy for Momentum UK, said: “The average private renter loses around half of their pay cheque on rent at the beginning of each month, and for those living in London, it can be even higher. This not only limits their ability to save, but also means they have to cut back on expenses such as gym memberships, holidays and socialising just to get by.

With home ownership in decline, the number of people facing these financial challenges and seeing their living standards fall is only going to grow. That’s why it’s so important that the government delivers on the pledges made in its housing white paper. For those who have only recently moved into private rented accommodation and are not used to living on a budget, there are now apps and online tools available which can help to make your money go as far as possible.”

source http://blog.evolutionproperties.co.uk/2017/03/23/new-research-reveals-the-life-of-generation-rent/

1 in 10 young Brits prepared to leave UK to get on the property ladder

New research from Halifax has found that 48% of young Brits think it’s harder than ever to get on the property ladder, with one in 10 prepared to leave the UK in order to buy their own home.

The lender's analysis uncovered the attitudes of young people who don’t own a property, revealing that a quarter of 18-34-year-olds think the only way they’ll manage is by inheriting the cash.

Eight out of 10 feel that a lack of affordable property is keeping home ownership out of reach, and as a result one in 10 (14%) think they’ll need to rent forever. However, first-time buyers end up on average £651 a year better off buying than renting.

Despite the number of first-time buyers reaching a 10-year high of 339,0001 in 2016, half of 18-34-year-olds don’t think home ownership is a realistic option for their generation – with two thirds (65%) saying they don’t earn enough to afford it.

Unsurprisingly, deposits remain too unrealistic and expensive for more than half (52%) of young people as the average age of those buying their first home has crept slowly up to 30.

More than half of young people feel that the average house price for a first home in their area is currently unrealistic for them, causing generation rent to think about relocating to boost their chances of buying.

One in five (22%) 25-34 year-olds would move to a cheaper area and even more of their younger counterparts aged 18 to 24 would be prepared to pack their bags for a bargain home elsewhere in the UK. The average deposit put down for an average first-time buyer home is £32,3212, rocketing to £100,445 in London. Northern Ireland has the lowest at £16,695 – less than half of the average deposit needed in the South East (£47,472).

Martin Ellis, Halifax housing economist, said: “Even with the highest number of first-time buyers in the last decade in 2016, many young people still feel they are running financial gauntlet – saving for a deposit, finding an affordable property in the right area and managing to fund living in the meantime.

It’s never too early to do some research to help build a better understanding of how much is affordable, the borrowing options available and calculating what’s achievable to help make owning a property more of a reality.”

Although aspiring homeowners could begin gravitating towards the UK’s more affordable areas to get on to the property ladder, more than one in five (22%) feel that home ownership is a thing of the past.

Even if they have managed to raise a deposit, a third (33%) feel mortgage criteria is too difficult for them to meet.

There are still ways for people determined to get on to the first rung of the ladder, as many lenders offer mortgages for first-time buyers with deposits of 5%. This could reduce the amount needed to nail the necessary deposit, and longer mortgage terms help make monthly payments more manageable.

In 2016, 28% of all first-time buyers with a mortgage chose a 30 to 35-year term, up from 11% in the past decade.

source http://blog.evolutionproperties.co.uk/2017/03/23/1-in-10-young-brits-prepared-to-leave-uk-to-get-on-the-property-ladder/

Landlords to stand by agents in wake of tenant fees ban

According to a recent survey, 71% of landlords who use a letting agent will continue to do so even if they see their premiums rise following a ban on tenant fees.
The research, from UKALA, shows that eight in ten landlords (79 per cent) think their letting agent will increase their fees as a result of the proposal to ban charges to tenants, as announced in the Chancellor’s Autumn Statement last year. However, just nine per cent of landlords say they will part ways with their agent if their premiums rise.

The ban is criticised by UKALA who argue that affordability in the private-rented sector cannot be addressed by preventing agents from charging for legitimate business services, and that the costs will eventually be passed on to tenants in the long-term.

In response to a potential increase in agent fees following a ban, the research shows:

40% of landlords said they would increase rents to cover the cost
22% said they would look to shop around for a better deal
13% would attempt to negotiate or refuse to pay
9% would pay the additional fees
9% would leave their agent
7% were unsure

The findings contrast with recent research from UKALA which showed that almost half of landlords (47 per cent) would forego the services of their letting agent if their profits fall following the changes to landlord taxation from April (2017).

Both sets of research were undertaken by UKALA in conjunction with the National Landlords Association (NLA), in order to better understand the impact that recent government policy decisions will have on the professional lettings sector.

Richard Price, Executive Director of UKALA, said: “UKALA agents strive to provide a premium service which represents excellent value for money, but the ban on tenant fees could leave hundreds of professional businesses with no other option than to increase fees for their landlord clients.

This research is reassuring for agents in some ways as it shows the majority of landlords will retain their services even if they have to pay more – which is testament to the essential role that agents play. However, one in ten landlords say they will turn their back on their agents if fees are passed on, and our previous research shows that a significant number will do the same if the impending tax changes take hold and erode their profits.

It leaves a tricky path ahead to navigate for agents as they’ll need to balance out the need to cover their costs in the wake of a ban on tenant fees without alienating their primary customers and source of income”.

source http://blog.evolutionproperties.co.uk/2017/03/21/landlords-to-stand-by-agents-in-wake-of-tenant-fees-ban/

Men or women: Who is more likely to take charge of building projects?

New research by the Federation of Master Builders has found that when it comes to making vital decisions regarding building work, women are twice as likely to have the final say on the style and scope of the project.

The FMB also asked female home owners if they have ever carried out a range of basic DIY tasks around the home and the results were as follows:

• Almost 80 percent have painted a room;
• 65 percent have put together flat-pack furniture;
• 58 percent have unblocked a sink;
• Over 50 percent have changed a fuse;
• 44 percent have unblocked a toilet;
• Over a quarter have cleared the guttering.

Jenny Carter, mum of one from North West London, said: “I’m happy to hire a builder for the big jobs but it would cost me a fortune if I had to pay a tradesperson every time I needed to change a fuse. If I’m a bit unsure, I tend to search online for “how-to” videos to help guide me through the process – these videos give people like me a bit more confidence to tackle the smaller jobs. Every family is different but in our house, when it comes to these sorts of tasks, I’m easily as handy as my other half.”

Brian Berry, Chief Executive of the Federation of Master Builders, said: “This research shows that any lingering gender stereotypes regarding domestic life are totally outdated. Not only do women lead on decisions regarding the style and scope of building projects, they also get stuck in themselves when hiring a builder isn’t necessary. In 21st century Britain, you’re just as likely to find a woman up a ladder clearing out the guttering or battling with flat-pack furniture, as you might be likely to find her performing some of the more traditional domestic chores.”

Berry concluded: “On a more serious note, the construction industry is facing a massive skills shortage and we’re crying out for more female builders. At present, only 2% of construction workers onsite are female and until we start to appeal to 50% of the population, we won’t be able to plug the skills gap. It is my hope that these hands-on women, many of whom will be mums, are inspiring their daughters to think differently about what is an acceptable career path for girls. There is no reason why young women can’t become the next generation of brickies and sparks and it’s our job to remind them of that.”

source http://blog.evolutionproperties.co.uk/2017/03/21/men-or-women-who-is-more-likely-to-take-charge-of-building-projects/

Mortgage sales leap up 24%

The latest analysis from Equifax Touchstone has found that, during February, UK mortgage sales hit £14.1bn - soaring up 23.6% from the previous month.

According to the data, residential sales stood at £11.8bn and buy-to-let sales at £2.3bn

North and Yorkshire led the way for the highest regional mortgage sales growth in February with a 27.9% increase compared to January, while Scotland and the Midlands followed behind with notable growth of 26.8% and 25.4% respectively. The North East saw the lowest growth with 16.2%.

John Driscoll, Director at Equifax Touchstone, said: “Following a volatile end to 2016 the mortgage market saw a vast increase in sales last month in every region across the UK. As the UK moves towards triggering Article 50 we will watch with great anticipation to see how the market responds, and whether there will be a noticeable impact on mortgage sales.”

source http://blog.evolutionproperties.co.uk/2017/03/21/mortgage-sales-leap-up-24/

New reseach finds majority of self employed struggle to get on the property ladder

The latest Aldermore research has found that almost two thirds of of self-employed people do not know how they will manage to buy their first home.

Aldermore also found that a third of recent first time buyers say they had to give up being self-employed to get a mortgage.

The research highlighted that almost one in three (32%) raising the deposit is the biggest obstacle, whilst 14% said the biggest hurdle is just being able to secure a mortgage. A quarter of first time buyers will rely on their parents for help and over one in 10 (12%) currently trying to save for a deposit say they have taken on a second job to earn extra money.

Concern around mortgage affordability has increased from 6% in Q4 last year to 10%. Of those who have recently bought, the main problem experienced by almost one in five (18%) was saving enough for a deposit, whilst one in ten (10%) found the whole process very difficult. The number of those who will be joining forces with their partner in order to fund their deposit has risen to 45% from 38% in the last quarter, meaning the number of people buying with their partner has also increased considerably from Q4 2016, from 45% to 64%.

When asked what could be done to improve the lot for first time buyers, the key request is to address rising house prices (46%). For two in five (39%), an extension of the Government’s Help to Buy schemes would be gratefully received whilst 30% just want to see the whole house buying process simplified. For 37% of those who are self-employed, introducing better mortgage products is key, as well as adapting the criteria for self-employed borrowers (33%).

Charles McDowell, Aldermore’s Commercial Director, Mortgages, said: “First time buyers are the driving force of the property market but our Index reveals just how hard it is for them to get on the ladder, even more so for those who are self-employed. Low levels of confidence amongst these groups will have ramifications further up the housing chain so it’s imperative that more is done to support both segments of our society, paticularly with levels of self-employment continuing to rise in the UK.

Raising a deposit is something that continues to be cited as the biggest hurdle by first time buyers, with a large proportion unable to do so without family help. With recent data showing house prices increasing by 2% in the month of February, there seems to be no let up for first time buyers who are having to stump up more savings up front. House prices are inevitably impacted by demand and supply and more needs to be done to address the latter.

In the Housing White paper the Government stated it will focus on delivering the right type of housing in the right places through a new assessment of housing needs, and this is something we fully support to better provide for first time buyers."

source http://blog.evolutionproperties.co.uk/2017/03/17/new-reseach-finds-majority-of-self-employed-struggle-to-get-on-the-property-ladder/

Should rental payments be proof of mortgage affordability?

A petition that has so far gathered 144,343 signatures and argues that making rental payments is proof of ability to meet mortgage repayments is to be considered for debate in Parliament.

The petition creator, Jamie Jack Pogson, says he wants "paying rent on time to be recognized as evidence that mortgage re-payments can be met".

Jamie had this to say: "Since living on my own I have paid £70,000+ in rent on time yet still struggle to get a mortgage. Unless you're getting handouts, wealthy or in receipt of inheritance it's almost impossible."

Recent research from Lloyds Bank found that home affordability – as measured by the ratio between average house prices and gross local earnings – across UK cities is at its worst level since 2008.

Yet buying still remains more affordable than renting in all 12 UK regions. Halifax data shows that on average, first-time buyers are making annual savings of £651 compared to those who rent.

Buying is most affordable compared to renting in London, with the typical first-time buyer paying £161 (10%) a month less than the average renter (£1,420 against £1,581) an annual saving of £1,927.

source http://blog.evolutionproperties.co.uk/2017/03/17/should-rental-payments-be-proof-of-mortgage-affordability/

Have you seen it yet?

Have you seen it yet? Already, we are seeing some amazing valuation enquiries coming in, 3 this week already!

Are you looking to move? Do you know someone who is? Dont forget, we reward any instruction referral with a £100 shopping voucher of your choice!

Call 01233 501601 or email ashford@evolutionproperties today!

We look forward to hearing from you!

source http://blog.evolutionproperties.co.uk/2017/03/14/have-you-seen-it-yet/

1st Repton Scout Group

So, we were contacted by the Assistant Beaver Leader, Nicole. This is a relatively new Scout Group and an amazing way for children to interact and learn so many superb skills that we just couldn't say no. The group are having an 80's and 90's disco on the 17th May to raise funds and our donation of Easter Eggs will make up some of the prizes in the raffle.

If you are interested in tickets and supporting this superb event, just contact us and we will put you in touch with the leaders.

I was welcomed by all of the kids and we had to let them know, no eating the Easter Eggs!!! HAHA!!

source http://blog.evolutionproperties.co.uk/2017/03/14/1st-repton-scout-group/

Wifi is king for FTBs

A new survey by Principality Building Society has revealed first time buyers would prioritise hooking up their WiFi and TV when moving into their new home…before even having a sofa to sit on.

We’ve fast become a screen-obsessed nation always on the lookout for WiFi access whenever we’re on the move, and Principality's research has shown that the majority of Brits follow the same habits when moving into their first home.

In a survey polling 2,000 first time buyers across England and Wales, results showed that nearly three quarters of us (70%) would prioritise setting up a WiFi connection or plugging in their TV when they first move into their new home, when compared against other priorities, over having a sofa to sit on while watching it (40%).

Once they’ve moved all their belongings into their new home, the survey also showed that, rather than calling on the help of mum and dad, just over a quarter (26%) of first time buyers would turn to online how-to guides or books for DIY tips, compared to other sources of information. Nearly 30% of new homeowners would go straight to an expert if something malfunctioned in their house, seeking professional help from the likes of plumbers or electricians, but over half (56%) would be happy to don their overalls and strip wallpaper themselves in their new home.

However, once they’ve moved in and put their feet up, 23% of first time buyers - named ‘first time triers’ by the UK’s 6th biggest building society - admit it could take them a year or more to tackle any DIY in their new place.

Speaking about the survey findings, Principality Building Society’s Customer Director Julie-Ann Haines said: “As a nation, we’re are so interested in getting online and that can often be the first thing on our minds when we’re working, travelling or even when we’ve just moved into a new home, picking technology over getting the house actually feeling like our own.

And once we’re hooked up to the web, online tutorials are changing the way we do our houses up, with first time buyers turning to digital guides over their DIY dads. But ultimately, purchasing your first home is a really exciting milestone and first time buyers across the country can now start to make their house feel like a home.”

source http://blog.evolutionproperties.co.uk/2017/03/12/wifi-is-king-for-ftbs/

1 in 10 FTBs rely on grandparents for deposit

The latest research from Santander has found that almost one in 10 first time buyers now rely on grandparents for their deposit - a four-fold increase compared to those who bought their home five years ago.

Over the past five years there has been a large shift towards turning to family for help in order to get a foot on the property ladder. Of those currently looking to buy, 32 per cent will use a family loan to help with the deposit, a sharp increase from the 13 per cent of current homeowners who asked for financial help from their families.

The bank’s study, which took a snapshot of FTB attitudes towards the property market, revealed that FTBs estimate their deposit will be, on average, 32 per cent of their salary. However, a significant one in five (19 per cent) expects to pay more than half of their annual income on their deposit.

In comparison, current homeowners estimated that when they bought their first home, their deposit was an average of 20 per cent of their yearly income, with only five per cent of them spending more than half of their salary on a deposit.

The research also reveals a sizeable imbalance when it comes to home deposits and gender. Almost a quarter (23 per cent) of women expect to spend more than half of their annual salary on their deposit. This compares to just 14 per cent of men who expect to spend the same proportion of their salary.

Despite the extra help from family members, FTBs saving for a deposit expect to do so for an average of five years. A whole year longer than those who bought their first property five years ago, who saved for an average of four years. This difference is likely due to the much higher proportion of those who say the cost of everyday living expenses eats into the amount of money that could otherwise be saved (40 per cent of current first time buyers’ versus 18 per cent of those who bought five years ago).

Despite these steep increases, FTBs appear optimistic about the property market with 10 million UK adults planning to buy their first home in the next five years. Indeed, 45 per cent of those looking to buy are more positive now than they were a year ago, compared to just 20 per cent whose confidence had declined.

The research also shows the health of the UK economy has had little effect on those planning to buy, with 44 per cent saying that while they are concerned, they will go ahead with their purchase regardless, and 39 per cent claiming that economic factors will not affect their decision to buy at all.

Miguel Sard, Managing Director of Mortgages, Santander UK said: “Despite having to use alternative income streams over and above their salary – such as relying on the Bank of Gran and Grandad - today’s first time buyers are demonstrating resilience and determination to achieve their home ownership goals. The purchase of a first property still remains high on the priority list for many people across the UK and it’s encouraging to see so many first time buyers feeling positive about the year ahead.

We know many people like to shop around for the best deals online and it should be no different when looking for a mortgage. With our online mortgage application we are making things as easy as possible for our customers, helping them find the deal best to meet their needs, at a time and place that suits them.”

source http://blog.evolutionproperties.co.uk/2017/03/12/1-in-10-ftbs-rely-on-grandparents-for-deposit/

Competition Time!!!

### COMPETITION TIME! ###

It's been a while since we have done this but as you will know, we are always looking to support local business owners. We have been handed an amazing gift by our neighbour, Primrose Beauty. Simple rules for entry to win!

 

To be in with a chance of winning all you need to do is post a selfie with a note showing #IWANTTOWIN and #EVOLUTIONPROPERTIES

 

Just make sure you like and share to add to your entry and we will be drawing a winner on the 31st March with an announcement over that weekend of the lucky winner!

 

The prize? An amazing £30 voucher towards any treatment from Primrose Beauty! This is an amazing gift from an equally amazing local business!

 

Go on, take the selfie, post, share and like!!

 

https://www.facebook.com/primrosebeautyroom/

source http://blog.evolutionproperties.co.uk/2017/03/12/competition-time/

Property industry reacts to Budget 2017

The Chancellor of the Exchequer, Philip Hammond, has delivered the last ever Spring Budget we will see. And for reasons only known to him, decided to skip the 'housing part'.

How did today's Budget impact the property industy?

Well quite angrilly as you would expect given that there was no mention of anything housing related whatsoever.

As ever, the property industry was quick to react to the news (or in this case, lack of it). Here's what they have been saying:

Russell Quirk, founder and CEO of eMoov.co.uk, had this to say: “Zip. Nada. Zilch… Nothing….

A bitterly disappointing, lacklustre Budget by Mr Hammond in terms of addressing the current UK housing crisis. It is clear he is continuing the head in the sand approach of those before him in bypassing the issue, with a few headline-grabbing business initiatives and the usual proclamations about how great the economy is currently performing.

Ironic that a former property developer should give the subject such inadequate focus within his plans and woeful for those aspirational buyers on the ground still dreaming of getting on the ladder.

The issue of housing has become the final coat of gloss on recent budget announcements, mentioned in passing to tick the boxes of a “well rounded” economic plan, but equating to little more than aesthetic fluff.

A lot of focus on the NHS and how they are the party of the NHS. Does NHS stand for No Housing Speech?"
Business Rates

A real shame Mr Hammond hasn’t put his mind to solving backlash around the revaluation of business rates. There is an underlying feeling of angst throughout the population surrounding this uncertainty and he would have done well to use his first Budget as a platform to quell these feelings, but has in effect, chosen to sidestep the issue.”

Graham Davidson, director of Sequre Property Investment, comments: “Private landlords, who are vital to providing rental accommodation for our population, continue to remain in the Government’s firing line thanks to the lack of review or reconsideration of the additional 3% stamp duty on second properties and incoming reduction on mortgage interest rate relief, which we would have liked to see some reform on. However, the reality is that bricks & mortar remains a stable and rewarding investment, with savvy investors able to easily overcome the changes if purchasing the right type of property in the right location.”

James Davis, CEO and founder of online lettings agency, Upad, comments:

The Government is playing with people’s lives and livelihoods

“It must be a first that there was no mention of housing in today’s Budget.

In particular, it was disappointing to not see a U-turn on the catastrophic decision the Chancellor made in the Autumn to ban lettings agent fees. As predicted, rising rents are already on the cards for long suffering tenants with renting now a necessity, as home ownership is out of reach for most Millennials.

Tenants are in some cases already paying up to two thirds of their salary on rent, whilst salaries have stayed stagnant. This will have wider consequences if people can’t afford to go on holiday, or spend money on entertainment – the mental health of the country will suffer and other industries will bear the brunt of this lack of spending. The Government need to realise that they are playing with people’s lives and livelihoods. They need to listen to the people.

Stop landlords from being used as a political football

“Landlords have been used as a political football in the last 12 months, with buy-to-let taxes set to increase from April and no announcement of this being blocked today. Landlords need attracting back into the space rather than being pushed away. Ultimately, it will be the politicians with red faces, as more people fall into arrears and the social housing space, as they can’t afford private rents anymore. Buy-to-let landlords should be enticed through tax incentives, rather than hiking stamp duty, to bring the rental market back into equilibrium.”

Robin Paterson, Joint Chairman & CEO of United Kingdom Sotheby’s International Realty, comments: “After countless calls from the industry for stamp duty reform, I am disappointed to see the Chancellor has continued to ignore the issue. The stamp duty levy continues to have a detrimental effect on the housing market, especially on homes priced over £2 million.

At the very least, the Chancellor should have reduced second home stamp duty on buy to let properties and kept the rates as they are for those with multiple homes they use as residences. These landlords are providing much needed rental accommodation, especially in densely populated cities such as London. The more the government picks on the landlord the more rental prices will increase and home ownership will continue to decline.”

Henry Smith, CEO, Aitch Group: “Another golden opportunity to address the ‘elephant in the room’ has gone amiss. The government has yet again chosen to ignore the effects of a stamp duty levy which is damaging the UK property market, as well as reducing the government’s own tax takings. Lower receipts, reduced transaction volumes and a slower rate of housebuilding have come to define a policy that prevents the housing industry from performing its role effectively.

We are already seeing the 3% surcharge on additional homes impacting the Build to Rent sector and investor confidence, and the effects are being disproportionately felt in the capital where prices are much higher than the UK average. Whether it’s developers, agents, architects, contractors or investors, the negative impact of stamp duty is having an impact across the industry and it is no surprise that leading figures and bodies are demanding a change.”

Glynis Frew, Chief Executive of Hunters Property Plc, had this to say:

No White Paper Follow Up

“The real underlying issue in the housing market is affordably priced homes. The recent Housing White Paper proposed more starter homes for first time buyers, we were keen to hear more on how and when these homes will come to fruition.

The White Paper also discussed releasing land to build, which again is fundamental to helping the housing market. When demand is high and supply is low due to lack of building this drives prices up. It would also have been beneficial for the Chancellor to expand on this.”

Housing Minister Should Join Cabinet:

“The government has openly stated that our housing market is broken, I don’t agree with that but do believe that housing is a fundamental necessity, and therefore should be high on the political agenda. As such, the Housing Minister should join the Cabinet. This would give the issues associated with housing a lot more profile across government. Personally I would welcome regulation of the industry so all agents operated on a level playing field.”

No mention of stamp duty:

“It was unsurprising but still a shame the Chancellor did not address the issues with stamp duty. Stamp duty should be slashed for first time buyers, it is absurd to think first time buyers in London and the South East are finding themselves in the third tax band and are therefore paying a whopping 5% when first stepping onto the ladder. It is no secret there are less first time buyers entering our market than ever before and this unfortunately has a knock on affect for second steppers and further up the ladder.”

Robert Fraser, Managing Director, Fraser & Co comments: "The industry will be disappointed that another opportunity to reform Stamp Duty has been overlooked by the Government. The impact of this counter-productive tax arrangement is being felt at every level of the market, from international investors, to downsizers and first time buyers, where prices at the higher end are faltering and competition at the lower end of the market is intensified.

Transaction volumes have remained strong and steady, but it is no secret that they are not reaching the level they could be. We are living in an unpredictable period in which the London property market needs to be attractive from both a domestic and international perspective, ensuring that conditions are created for the industry to thrive."

source http://blog.evolutionproperties.co.uk/2017/03/08/property-industry-reacts-to-budget-2017/

House price growth at lowest levels since 2013

 

The latest housing stats from Halifax have revealed that house prices in the last three months were up 1.7% against the previous three months. This compared to the 2.3% quarterly rate of change in January, and was the lowest since November 2016.

Between January and February, house prices saw a 0.1% increase following January’s 1.1% decline.

According to Halifax, mortgage affordability is significantly better than a decade ago, up by 18 percentage points since 2007. Typical mortgage payments for new borrowers (both first-time buyers and homemovers) at the historic average loan to value ratio stood at 30% of earnings in 2016 Quarter 4  compared to the peak of 48% in 2007 Quarter 3.

Housing Activity

Total UK home sales on a recent upward trend. Sales in January were 4.9% higher than in December 2016; the fourth successive monthly increase. At 104,820, sales were the highest since March 2016 when transactions were dramatically boosted ahead of the introduction of higher stamp duty rates on second homes and buy to let purchases. In annual terms, sales in January 2017 were almost identical to those in January 2016.

Supply remains very low. The number of properties coming on to the market for sale fell in January after holding broadly steady over the previous three months. This indicator has now failed to increase for 11 successive months. As a result, average stock levels on estate agents’ books remain close to historic lows.

Housebuilding fell by 1% in 2016. New housing completions in England were estimated at 35,980 (seasonally adjusted) in the final three months of 2016. This was 4% lower than in the previous quarter, and 2% below their level in the same quarter in 2015. Overall, completions in 2016 were 1% lower than in 2015. Completions were 43% above their recent trough in the first quarter of 2013, but remain 26% below their recent peak in the first three months of 2007.

Martin Ellis, Halifax housing economist, said: “House prices in the three months to February were 1.7% higher than in the previous quarter; down from 2.3% in January. The annual rate of growth fell to 5.1% from January’s 5.7%, the lowest since July 2013.

Housing demand is being supported by an economy that continues to perform well with employment still expanding. Meanwhile, the supply of both new homes and existing properties available for sale remains low.  This combination is pushing up prices.

The annual rate of house price growth has, however, nearly halved over the past 11 months. A sustained period of house price growth in excess of pay rises has made it increasingly difficult for many to purchase a home. This development, together with signs of reduced momentum in the jobs market and squeezed consumer spending power, is expected to curb house price growth during 2017.”

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: "These figures are interesting as they slightly conflict with the Nationwide survey from a few days ago, although both show a housing market which is broadly stable with prices continuing to be supported by a lack of supply and low interest rates. This reflects what we are finding on the ground.

Looking forward, activity does seem to have picked up a little since the slow start to the year and we hope the Chancellor doesn’t do anything to stop the market in its tracks tomorrow and in particular supports first-time buyer activity."

Mark Harris, chief executive of mortgage broker SPF Private Clients, says: "Mortgages may be more affordable than a decade ago, according to the Halifax, but there are still borrowers struggling to get funding, such as older borrowers or the self-employed, because they don’t meet lenders’ tougher criteria. There may be a solution out there but advice is more important than ever. The good news is that lenders are keen to lend and continue to offer competitive deals to attract borrowers."

Russell Quirk, ounder and CEO of eMoov.co.uk, had this to say: “It would seem the cobwebs have been dusted off after the New Year hangover with these latest numbers showing the UK housing market remains resilient and is bouncing back after a seasonally slow start to 2017, reversing the downward trend seen last month.

With prices having increased both annually and monthly, albeit only marginally, it is probable that we will continue to see the property market blossom as we enter into spring, in what is traditionally the busiest time of the year.

However, the continued growth of these numbers could hinge on tomorrow’s budget announcement and whether or not the government decides to actually tackle the shortage of housing in the UK. If they do finally take a step in the right direction price growth could cool to a certain extent, as buyer thirst is quenched with an adequate level of housing stock, although this would be a slow process.

But this is unlikely and relief will probably come in the form of a relax on stamp duty for high-end homeowners which should trickle down to the lower echelons of the market. This ease in market congestion will be as welcome for the average homeowner, as it will be for the beleaguered oligarchs from Marylebone to Kensington Palace Gardens

If this should be the case, the drastic drop in transaction levels seen throughout  £1.5m plus market could well be reversed and this additional market activity could further inflate the current market with house prices continuing to increase as a result.”

source http://blog.evolutionproperties.co.uk/2017/03/08/house-price-growth-at-lowest-levels-since-2013/

Property spring clean checklist

With Spring arriving, homeowners across the UK will be preparing for the annual spring clean, especially those looking to put their home on the market in what is often the busiest time of year.

With this in mind, the latest research by eMoov has highlighted which jobs to tackle first based on the importance placed by prospective buyers when making a good first impression. eMoov surveyed UK homeowners and asked them to rank six property features based on their importance on making a good first impression when viewing a house as a buyer.

1. Interior Rooms, Walls and Ceilings

Despite the exterior being the first thing a buyer will see, for those dusting off their work clothes and getting their house shipshape for a sale, the interior was ranked the most important area of the house and should be the first place they start.

Jobs such as making sure the house is de-cluttered, filling any holes in the walls, stripping or repainting the walls and having a general good deep clean took president over any other aspect of a property, when it comes to prioritising ahead of the influx of potential buyers.

2. Exterior Walls and Roof

Once the inside is looking up to scratch, the exterior of the house was ranked the second most important when building a good first impression amongst those viewing.

Making sure the roof doesn’t have any leaks, the walls are showing no cracks and a touch of grouting should be a sellers next top priority one the spring clean checklist.

3. The Front Door and Porch

The front door and porch are the gateway to your home and often the first thing a potential buyer will see up close, touch or walk through. Making sure that there are no old shoes or bikes cluttering up the porch, stripping any peeling paint and giving the door a fresh lick of paint as well as making sure it doesn’t stick, are the next jobs on the list when it comes to selling your properties potential to those coming to view.

4. Windows and Window sills

Although only a small feature, the windows and window sills were ranked the fourth most important feature when selling a house. The quality and appearance of windows can play a big role in showcasing your home so making sure there are no cracks, they have all been well cleaned and that the window sills have had any peeling paint removed and a fresh coat applied can be a large influence in how buyers view your property.

5. The Garden

The garden can often lay untouched throughout the winter months and so making sure it is back to its full potential is the fifth most important factor for buyers. As with the interior of your house, remove all clutter and rubbish and mow the lawn and trim the hedges to showcase the full size of your outdoor area. Repair any loose or broken fence panels or pathing stones and give them a good clean to remove any stubborn winter muck.

6. The Driveway and Garage

The driveway and garage were voted the least most important factor for potential buyers. These can be big, time-consuming jobs and so leaving these till last can help better manage your time when getting your house in order.

These external features are more of a bonus rather than a necessity and many buyers will view them with varying degrees of importance. Knowing they have the space for a car or additional storage is more important than the state of those areas, as they will no doubt be making changes themselves anyway.

Russell Quirk, commented: “This research goes to show that first impressions do count, but where housing is concerned the initial judgement of the exterior comes second to the internal appearance of a property.

Where buyers are concerned, it would seem they prefer to be underwhelmed by the outside of a property and pleasantly surprised by the inside rooms rather than visa versa.

It makes sense as when we look to move house the internal rooms are the places we will actually be spending our time. You are immediately sat within them and so if they aren’t up to scratch, it can be a put-off. But if there are aspects of the exterior you aren’t necessarily keen on then not only can these always be changed, but you have a bit more breathing room in terms of settling in and unpacking before tackling them.

A buyer will always view through their own personal lens and there will be plenty of things they will change, but providing them with a solid, clean, neutral foundation can go a long way in securing a sale.

It is interesting to see that the small details, such as the front door, the windows and window sills, rank much higher than larger areas such as the garden and driveway. Again it is these little touches that can stand out to a buyer and make all the difference to your sale.

My wife has been on at me for a few weeks now to get our kitchen ready along with a few other jobs, so it is getting to that time of year when these things come to the forefront and buyer activity in the market also starts to heighten. Hopefully, this checklist will help the UK’s sellers prioritise appropriately when deciding which area to tackle first and aid them in making a sale.”

source http://blog.evolutionproperties.co.uk/2017/03/05/property-spring-clean-checklist/

What can I do to stop the condensation and black mould around my windows?

I have lots of condensation around my windows and black mould has started to appear. 

What steps do I need to take? (MS)

Condensation occurs when warm moist air meets a cold surface, which means it often occurs around windows

MailOnline's property expert Myra Butterworth replies: Some properties suffer from condensation, with walls, ceilings and even floors damp and discoloured, often with mould growing on the surfaces.

We outline some of the steps that you can take to help ensure your home environment is as healthy - and as damp-free - as possible.

James Harrington, of chartered building surveyors Congreve Horner, explains: In simple terms, condensation occurs when warm moist air meets a cold surface. The risk of this happening depends on how moist the air is and how cold the surfaces of your rooms are.

Mould growth caused by condensation is a warning that your heating, insulation or ventilation may need improving

It is mostly an issue in winter when buildings become cold and windows are opened less, with moist air unable to escape.

Condensation occurs for short periods in bathrooms and kitchens because of the steamy atmosphere and quite frequently for long periods in unheated bedrooms, also sometimes in cupboards or corners of rooms where ventilation and movement of air are restricted.

It is important:

• To prevent moist air spreading to other rooms from kitchens and bathrooms or from where clothes may be put to dry

• To provide some ventilation to all rooms so that moist air can escape

• To keep your property reasonably warm

How to reduce moisture to avoid condensation in the home 

Good ventilation of kitchens when washing or drying clothes or cooking is essential. If there is an extractor fan, use it when cooking or washing clothes, and particularly whenever the windows show any sign of misting. Leave the fan on until the misting has cleared.

If there is not an extractor fan, open the windows but keep the door closed as much as possible to prevent the moisture spreading to other rooms.

After bathing, keep the bathroom window open and shut the door for long enough to dry off the room.

A lot of ventilation occurs in old houses through fireplace flues and draughty windows. But it doesn't occur in modern flats and houses unless a window or ventilator is open for a reasonable time each day and for all the time a room is in use.

Too much ventilation in cold weather is uncomfortable and wastes heat, and so all that is needed is a slight opened window or ventilator. About a 10mm opening will usually be sufficient.

Avoid the use of portable paraffin or flue less gas heaters if possible as each litre of oil used produces the equivalent of about a litre of liquid water in the form of water vapour. If these heaters are used, make sure the rooms they are in are well ventilated.

If you already have black mould, it needs to be cleaned with bleach and anti-fungicide solution

If condensation occurs in a room with a gas, oil or solid fuel heating appliance with a flue the heating appliances need to be checked as the condensation may have appeared due to the appliance flue becoming blocked.

Do not use unventilated airing cupboards for drying clothes. And if washing is put out to dry inside, open a window or turn on the extractor fan enough to ventilate the room. Do not leave the door open as this will allow moist air to spread to other rooms.

Try to make sure all rooms are at least partially heated to ensure that surfaces are reasonably warm.

Houses and flats left unoccupied and unheated during the day get cold, and so whenever possible, it is best to keep the heating on - even if at a low level. Even in a well-insulated house and with reasonable ventilation it is likely to be necessary during cold weather to maintain all rooms at not less than 15 degrees centigrade to reduce the risk of condensation.

Any sign of mould growth is an indication of the presence of moisture and if caused by condensation provides a warning that heating, insulation or ventilation – or all three – may require improvement.

If you do have black mould already, this needs to be cleaned with bleach or an anti-fungicide solution. And if the window reveals are redecorated you may consider mixing in some anti-fungicide solution in with the paint before it is applied to the walls to prevent future mould growth.

 

source http://blog.evolutionproperties.co.uk/2017/03/05/what-can-i-do-to-stop-the-condensation-and-black-mould-around-my-windows/

Buyer surge sees 11 house hunters per property

According to the latest data from the National Association of Estate Agents, the number of properties available to buy in January was the lowest since July last year.

However, despite the low level of supply, the number of prospective buyers increased, with 425 registered per member branch in January - a 10% rise from December 2016 when estate agents registered 386 on average.

The number of properties available to buy on estate agents’ books in January was 38. This is a decrease from December when 41 properties were available and the lowest recorded since July 2016

The increase in house hunters and decrease in properties means there is an average of 11 buyers chasing each property.

Sales to FTBs and sales agreed

In January, three in ten (30 per cent) sales were made to FTBs, a slight decrease from December when 32 per cent of sales were made to the group. The number of sales agreed per branch increased from six in December to eight last month – returning to the same level seen in November.

What properties sold for

More than one in every 20 properties (seven per cent) sold for more than the original asking price in January – the highest amount since April 2016 when nine per cent sold for more than asking price.

Mark Hayward, Chief Executive, NAEA Propertymark said: “January saw a surge in buyers looking to kick off the New Year with a new home – but competition is rife with an average of 11 buyers chasing each property. The increase in the number of properties selling for more than asking price in January could be a result of heightened interest and the fact there is simply not enough housing to meet demand. When the Government issued their Housing White Paper at the start of February we stated how important it was for the industry to put forward robust solutions to really make a difference and it’s vital that building more affordable housing is at the very top of their agenda.”

source http://blog.evolutionproperties.co.uk/2017/03/05/buyer-surge-sees-11-house-hunters-per-property/

FTBs fill the gap as BTL demand cools

The latest data from Mortgage Advice Bureau has found that as demand slows in the buy-to-let sector there has been a rise in first time buyers buying their first homes.

According to MAB it is too early to tell if this will be an ongoing trend, the price of the average property purchased by first-time buyers fell in January by 2.7%, suggesting there is less competition for the same sort of property with buy-to-let investors.

At the same time, average purchase price of buy-to-let properties purchased has fallen by 12.7% year on year, potentially indicating that there is less demand by this particular sector and suggesting that investors are turning their attention to cheaper priced property areas.

Figures released in February from the CML report an increase in first-time buyer activity in 2016 of 8% year on year, and a decrease in the volume of buy-to-let lending by 20% year on year.

Brian Murphy, Head of Lending for Mortgage Advice Bureau commented: “This is the first full month of data for 2017 and as such, provides us with an opportunity to review market activity where all lenders regulated by the Prudential Regulation Authority have had to operate under the new buy-to-let underwriting regime.

During 2016 there was a mixed picture in terms of adoption of the more stringent lending criteria for investors, with some lenders adopting the new practices only weeks before the new requirements were implemented, whereas others had introduced the changes some months earlier. As a consequence this allowed buy-to-let investors an amount of ‘wiggle room’ for several months to shop around and find slightly more flexible terms when arranging their lending. With lenders now operating on a more stringent basis when underwriting buy-to-let borrowers, this is levelling the playing field between buyers who are borrowing to fund the purchase of their first home and investors who are borrowing to fund investment.

The recent data available from the CML shows us that first-time buyer numbers are now the highest since 2007, which given the cooling in buy-to-let activity over the last few months as a result of the SDLT changes in 2016, impending tax changes and the new rules around lending, perhaps isn’t a coincidence.

What’s also interesting to note is that the average first-time buyer LTV has increased slightly, which could perhaps be a reflection on the fact that lenders are being slightly more flexible and accommodating in terms of assessing affordability, given current levels of continuing ultra low interest rates. With some lenders introducing 95% LTV rates in January to ‘pick up the baton’ from the Help To Buy mortgage guarantee scheme which ended in December, this may be another contributing factor to the increase in activity from this sector.

It’s too early to tell if these initial observations will translate into an ongoing trend in 2017, but any increase in first-time buyer activity is a welcome sign as this, historically, has had a positive ripple effect across the rest of the market."

source http://blog.evolutionproperties.co.uk/2017/03/05/ftbs-fill-the-gap-as-btl-demand-cools/

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source http://blog.evolutionproperties.co.uk/2017/03/03/test/

What are you doing on Friday 3rd March??

I know that we all get bombarded by requests for charity events and each and everyone deserves our time and gifts but having known Kate for many years, we are always happy to support here with each fundraising event she hosts. The challenges she faces in organising these are mind blowing. If your free after dropping the kids off at school, or even at a loose end, don't sit at home drinking coffee watching morning TV, come along, have a coffee, have a laugh and make new friends!

Go on, you know you want to!!!

https://www.facebook.com/events/939815152821990/

source http://blog.evolutionproperties.co.uk/2017/03/01/what-are-you-doing-on-friday-3rd-march/

Would you live here?

We thought this would amuse a few of you so decided to share it. Just click the link and see what everyone is chuckling about!

Cock Lane

source http://blog.evolutionproperties.co.uk/2017/03/01/would-you-live-here/