Evolution Properties: July 2018

Tuesday 31 July 2018

Some great bubbly handed out!

So a great July and as always, a bottle of bubbly with each completion but we still get shy ones who dont want to be featured! Huge congratulations to the team!!!

Think we need to let someone else hand out the Champagne next time!!haha!!

We offer all customers a free house valuation Kent service. We offer free, no-obligation quotes and guarantee that all valuations are accurate, the current market price, and which will get you the most profit for your property

To learn more about our free house valuation in Kent service, then please do give us a call or drop us an email today! Alternatively, you can fill out our online property valuation form and one of our property managers will soon be in touch.

source https://blog.evolutionproperties.co.uk/2018/07/31/some-great-bubbly-handed-out/

Ah, lovely flowers!

Superb result from start to finish by the whole team and some wonderful flowers for all the hard work by everyone and in particular, Claire. Great result team!

Note; we beat the online agent!!!

source https://blog.evolutionproperties.co.uk/2018/07/31/ah-lovely-flowers/

Sunday 22 July 2018

FTBs outstrip movers for first time in 23 years

The latest data and analysis from Lloyds Bank has shown that the number of people moving home has dipped in the first half of the year and now account for only 49% of the housing market – the first time homemover numbers have fallen behind first-time buyers since 1995.

According to Lloyds, there were 170,000 homemovers in the first half of 2018, down by 1,700 (1%) compared with the same period last year and down by 33,000 (16%) from the second half of 2017. This inactivity may be being fuelled by a shortage of suitable properties for sale but reflects the broader housing market which is showing little sign of movement.

The fall in homemover numbers follows a rise in 2017, which reported the highest level of movers in 10 years. This also coincides with a 3% rise in first-time buyers to 175,500, so that for the first time since 1995, just under a half (49%) of all house purchases financed by a mortgage were made by homemovers – down from 62% in the first half of 2011.

Andrew Mason, Lloyds Bank mortgage products director, said: “Despite continuing low mortgage rates, the homemover market has stabilised with little movement in the first half of this year to leave first-time buyers now driving housing activity. This may be in part due to the Help to Buy scheme enabling first-time buyers to purchase a new property, combined with the low availability of the ‘right type’ of homes for those looking to move up the housing ladder. The costs of moving house and potential further interest rate rises may also be weighing on potential homebuyers’ minds.

However, it is good to see the number of first-time buyers increasing, helping to keep some movement along the property ladder.”

Record highs

Over the past five years, the average price paid by homemovers has grown by 35% (£77,457) from £219,479 in 2013, to £296,936 in 2018 – a record high.

In East Anglia, the average price a homemover pays has grown by 46% since 2013 to £305,612, the highest rate of growth in the UK. Greater London and the South East follow with 45% growth in average property prices since 2013 – Greater London has the most expensive homemover homes with an average price of £566,200, followed by the South East (£412,759).

The least expensive homemover homes can be found in Northern Ireland with an average price of £170,031.

The average deposit put down by a homemover has also increased by 31% in the past five years, from £76,303 in 2013 to £99,592 in 2018. Not surprisingly Londoners put down the largest deposit of £189,167 towards the purchase of their next home, which is nearly four times the average homemover deposit of £48,003 in Northern Ireland.

However, whilst Londoners put down the highest deposit in monetary terms, homemovers in the South West and East Anglia contribute the largest deposit as a proportion of average house price – 38% (£117,892 and £116,278 respectively in cash), followed by South East (35%). (Table 3)

More outright home owners than those with mortgages

Of the estimated 23.1 million households in England, 14.4 million (63%) were owner occupiers. This remained unchanged in 2016/17. However, the composition of owner occupation rates has moved towards an increased proportion of outright owners (34%) versus mortgagors (28%), partly explained by large numbers of baby boomers reaching early retirement age. So, whilst homemovers with mortgages are stabilising, the bigger picture may be that this is in part because homemovers who don’t need a mortgage are on the increase.

In 2006-07, about three quarters (72%) of those aged 35-44 were owner occupiers. By 2016-17, this had fallen to half (52%). While owner occupation remains the most prevalent tenure for this age group, there has been a considerable increase in the proportion of 35-44 year olds in the private rented sector (11% to 29%).

By Warren Lewis Article link

source https://blog.evolutionproperties.co.uk/2018/07/22/ftbs-outstrip-movers-for-first-time-in-23-years/

What are the property improvements that give the best and worst returns?

A new tool, created by GoCompare Home Insurance, with the assistance of property expert Henry Pryor, shows the home improvements which add value to a property and those which could end up leaving you short changed.

The ‘Property Investment Calculator’ enables homeowners to calculate the potential profit from a range of home improvements by simply entering their property’s current value and renovation budget. The calculator estimates the added value of undertaking different home improvements and by deducting the average costs of works, gives an indicative profit or loss.

Some of the most profitable projects for homeowners seeking to increase the value of their property include installing a new boiler or central heating system, making energy saving or home security improvements or creating off-street parking. Redecorating, laying new flooring or updating a bathroom may slightly increase the value of a property however, the costs of doing so generally outweigh any potential profit.

Research commissioned by GoCompare Home Insurance found that 26% of home improvements are undertaken specifically to add value to a property with popular renovations including: interior redecoration (53%), fitting a new kitchen (42%), replacing flooring (38%), installing a new bathroom (36%), a garden makeover (36%), installing new double glazing (29%), installing new central heating or boiler (28%). Other works undertaken were: improving insulation (16%), knocking through rooms to create an open-plan space (16%), fitting solar panels (9%) and adding a conservatory (8%).

Renovation for a property worth £225,621*	Average cost	Estimated property value increase	Estimated profit or loss
New boiler	£1,995.00	£9,024.84 (4%)	£7,029.84
Installed central heating	£4,250.00	£9,024.84 (4%)	£4,774.84
A garden make-over	£1,500.00	£2,256.21 (1%)	£756.21
Knocked through rooms	£1,750.00	£4,512.42 (2%)	£2,762.42
Installing double glazing	£8,450.00	£9,024.84 (4%)	£574.84
Paint and decorate	£2,500.00	£2,256.21 (1%)	£-243.79
New flooring	£2,200.00	£0.00 (0%)	£-2,200.00
New bathroom	£4,250.00	£2,256.21 (1%)	£-1,993.79
Installing a new kitchen	£7,000.00	£4,512.42 (2%)	£-2,487.58
Installing solar panels	£5,000.00	£-4,512.42 (-2%)	£-9,512.42

Henry Pryor said: “Most people who are thinking of selling their home or looking to improve it to add value will consider the merits of a trip to the DIY store, some will even consider doing some building work in the hope of adding value but not all buyers will be prepared to pay for your idea of improvements or good taste. Some buyers would even prefer to be able to put their own mark on a property and install the bathroom or kitchen of their choosing and may even pay for the chance to be able to do so.

It’s therefore essential that you think carefully why you are spending extra money and who will benefit. My advice is usually spend money on the things that you want and leave other improvements to the next person who may not share your taste.

Most buyers prefer to pay for the opportunity to be able to add an attic conversion, kitchen extension or convert a basement. Getting planning permission to do the work is frequently the best investment you can make leaving the actual choice of layout, decoration and equipment to the next owner. Improving the green credentials of a house usually pays - a new boiler, insulation or energy saving measures along with security improvements will usually pay off but some additions like solar panels will be hard to get a payback on immediately."

Ben Wilson, GoCompare’s home insurance spokesman said, “Our new calculator gives homeowners an understanding of the typical costs and benefits of undertaking a range of projects, before they start the work, allowing them to see the potential financial benefits.

Our calculator provides indicative valuations and estimates based on national data. Therefore, depending on local housing market and labour conditions, the extent of the work undertaken, and materials used, figures for individual projects will differ and we always recommend people shop around to get quotes for work as well.”

Article by Warren Lewis Article link

source https://blog.evolutionproperties.co.uk/2018/07/22/what-are-the-property-improvements-that-give-the-best-and-worst-returns/