This month's property update!

Firs Park Ave,London N21

A good size (c1700sqft) 4 bedroom semi detached house with a garage and 65ft private...

£715,000

Click here to read Firs Park Ave,London N21 .

Blakesware Gardens, London, N9

A delightful 3 bedroom, 2 reception room, semi detached family home with well proportioned...

£595,000

Click here to read Blakesware Gardens, London, N9.

Buyer affordability is improving

There is always a wonderful reason to move. Property is beautiful, from the details of a feature fireplace to a view of the sunset over your garden. The right home is an investment and a place to make memories and profound emotional connections. You may have your heart set on the perfect kitchen or an idyllic outdoor space, but the numbers need to be right.

Lower asking price
Asking prices have decreased in recent months, however this should not be viewed as a bad thing. The rapid acceleration in the value of property has been hasty, and world events have somewhat exaggerated things. The fact that the property market is readjusting to a more normal market is healthy, especially considering the steady gradual release of value. It is important to remember that borrowing less overall to buy your home is a good thing, as it reduces other associated costs.

Earnings
Many people are buying together, whether with a partner or a group of friends. This is a quick route to buying your home and gathering a deposit. Nobody can deny that the cost of living has increased, but the good news is that wages are rising. According to the Office for National Statistics, growth in regular pay (excluding bonuses) was 7.2% from February to April 2023.*

Equity
How long have you lived in your home? It’s more likely the longer that time is, the more equity you’ll have. That equity has accelerated rapidly in recent years. There is probably quite a big cushion to fall back on if prices fall a bit more. First-time buyers' homes are in good demand, meaning even if you bought within the last few years, you will have gained a lot of equity, giving you the chance to move into something bigger.

Communicate with your agent
There are no hard-and-fast rules when it comes to property. All homes are unique, as are the different areas in your region. Your needs as a home mover are different from your neighbour's. And today, agents have the means to connect you with buyers and sellers like never before. State-of-the-art tech, in the form of databases and marketing tools, alongside good old-fashioned experience and local market knowledge make it all the more important to get in touch with a reputable estate agent. Ultimately, this means that your estate agent is pivotal in finding a way for you to get the keys to the home you want.

Find your dream property, get in touch to make it a reality

Office for National Statistics*
Moneyfacts*

Which sectors should landlords invest in?

As of July 2023, an average of 187 prospective tenants registered with agents, compared to just 127 in July 2022.* This surge in demand is not limited to any particular sector. Whether you're considering apartments, terraces, or converting existing properties into flats, now is as good a time as ever to invest. It’s no secret that the industry is going through an overhaul, and things are not as simple as they use to be. But if you stop to take a look around, there are so many opportunities right now that promise a profitable future for landlords.

Compact living spaces
Investing in compact living spaces is a smart move in today's market. Apartments and smaller homes are experiencing a surge in popularity, driven by young professionals and couples seeking convenient urban living. The same can be said of places in more rural locations. The appeal of these spaces is better energy efficiency, lower bills, affordability, easy maintenance, and a great choice of locations.

Energy-efficient family homes
Creating energy-efficient family homes is a win-win scenario for landlords. Not only will you contribute to a sustainable future, but you'll also attract a larger pool of tenants. In an era where environmental consciousness is on the rise, energy-efficient properties are in higher demand than ever before. Tenants are willing to pay a premium for homes that offer lower utility bills and reduce their carbon footprint. This demand translates into higher rental income, ensuring that your investment covers its costs and generates substantial returns.

Student accommodation
The student accommodation sector is experiencing a remarkable surge in demand and growth rates. As a result, student rents have surged by an astounding 30% compared to 2022.** This sector's resilience is driven by the constant influx of students seeking quality housing near educational institutions. By investing in student accommodation, you tap into a market that promises both steady rental income and long-term growth potential.

Holiday lets
Holiday lets are another lucrative avenue for landlords in the UK. Whether you choose a cosy city apartment or a spacious rural retreat, there's immense potential to earn substantial returns. The flexibility of holiday lets allows you to occasionally enjoy your property while reaping the financial benefits the rest of the year. The allure of staycations has further boosted the demand for holiday rentals, making it a prime investment opportunity.

The right guidance is the key to success
The landscape for landlords is changing. It’s never been more imperative to conduct your buy-to-let business by the book. The right guidance in sourcing and managing your property, combined with taking care of tenants, is a full-time job. Managed letting services are becoming essential. Keeping you from falling down any legal pitfalls, managing your property’s maintenance, referencing tenants, and so much more. Conditions and rights for landlords are set to improve with new legislation, such as the Renters Reform Bill. Making such legislation advantageous for landlords with the guidance of a good agent involves compliance for a better future for tenants and landlords. The right letting agent will keep you one step ahead, so your buy-to-let investment thrives.

Property mark*
Natwest**

Is there such a thing as a good time to move?

The best time to move is not always down to the seasons or market conditions, it’s down to you. The truth is, there are good reasons to move at any time of the year. Autumn brings about that lovely feeling of vibrancy and freshness with a multitude of colours, which can make you crave the change a new home brings. Winter is also on the horizon, and let's be honest, the countdown to Christmas has started. As the days grow shorter and darker, festivities like Bonfire Night, and Christmas focus our thoughts on cosy nights by the fire. But your moving story is as much about you as it is about your home.

Your home’s story is intrinsic to you
You may have improved your home over the years. Perhaps you have concentrated on making it more energy efficient. Have you developed a really good outdoor space or bought in an up-and-coming area? Even if you have purchased a modest property in the past five years, it will have increased in value considerably. Maybe you have outgrown your home or found that it’s too big for what you need today.

Invest in time
Today, many people are obsessed with the value of their homes, however time is also important. When you buy, you will no doubt keep your home for many years, and if you have owned your current home for a while, then you potentially have good equity. This may decrease in the short term but will increase in the long term. Using the services of a skilled agent who can judge the market will ensure you pay the right price for your property.

Delaying your purchase could cost you
It’s tempting to put off the decision to buy if you are concerned about property prices, but the reality is that rising mortgage costs could cancel out your savings while waiting for property prices to fall. Add to this, the long-term increase in the value of your new home as property prices begin to increase again, and you end up costing yourself even more money.

The property market
The UK property market is very resilient. Prices and interest rates change, but the long-term outlook is still one that spells out housing shortages which helps keep the market stabilised. Your home is in demand because of this shortage. However, there is still a varied and ever-fascinating selection of properties on the market. From grand ecological, energy-efficient designs, to humble terraced properties.

The right home
The perfect location, the sunrise in the morning, the fire at Christmas, the blooming garden in the spring or perhaps a house with greater energy efficiency. Whatever the reasons are for falling for a property, there are so many advantages to living in the right home. From finding more space to work from home, to simply reaping the rewards of a better sense of well-being; the right home can be financially advantageous.

Planning your future
Finding the right location that works for you and your family is important. Whether it is a better life in the country or an easier commute to school or work, agents are always worth talking to. Immersed in the latest property trends and in constant communication with buyers and sellers, there is no better source for information and providing a means to your dream property.

Book a valuation to explore your property options

Some questions you might not ask your agent when moving

You know the feeling. It happens during so many important events in life. You go on a viewing, it’s such an interesting and exciting process that you become a little flustered. You walk from room to room, loving what you see. You are enamoured and excited, so you forget to ask an important question. While you can always contact your agent at any time to gain more information, it's important to remember that your agent is an invaluable partner in your moving journey. So here are a few questions that you might not think to ask to add to your list.

If you are selling

How long will it take to sell my home?
Your agent is an expert in the market and area you want to buy or sell. So, while your agent can’t look into a crystal ball, they will be able to give you a good indication of how long it will take to sell your home. Agents are also dialled into local property trends. Your home is unique and may sell quickly.
What are the terms of your contract?
It’s important to communicate with your agent about all aspects of your move and never be afraid to ask too many questions. Different agents offer varying contracts, so it’s important to know the terms of yours. Talk to your agent about your individual requirements, and a good agent will meet your needs, and create a contract which will reflect them.
How quickly will my home appear on the market?
A good agent will value your home at the right price and take care of all marketing swiftly, from photographs to getting your property advertised. Estate agents today have a vast database of buyers ready to buy. Add to this the vast number of home movers that agents are in daily contact with, and chances are they may already have a buyer for your home in mind. And when it’s time to accept or reject an offer, your agent will keep you on the right path.

If you are buying

What is this area like to live in?
Whether you need to know the proximity to local transport links, schools, or places to carry out your hobbies, your agent will know. They will have sold properties and dealt with many clients in the area you want to move to or from. You will want to enjoy your new life as much as possible, and your agent will answer other key questions, such as where you can find the nearest good pub!
Can you help me negotiate an offer?
When it’s time to make an offer, a good agent is invaluable. Their vast market knowledge and experience when it comes to judging the market and the condition of the property in question are crucial. Ultimately, it’s your choice, but with the right guidance, you can pay the right price for the home you want.
If I improve the property, how much value will it add?
Whether you have already made some alterations or are thinking of buying a home with a view to updating it, your agent can tell you all you need to know. It could be that you are interested in making small improvements, like painting or decorating. Or you may decide on a grand design with the very latest in energy efficiency. The same goes if you add an outdoor space, a new kitchen, or convert the attic. Sometimes it’s better to get this information before you buy to see which property will give you the biggest returns.
From your mortgage to your big move
Modern estate agents can help with every aspect of your move, from getting the right mortgage to discovering a great buy-to-let investment. You will have many questions and maybe a few concerns. Moving can be stressful and full of legal pitfalls. You want every aspect of your new home to work for you, and a good agent can make that happen while supporting you, making for a happier home-moving experience.

Winchmore Hill

A spacious 3 bedroom, 2 reception room, semi detached family home occupying a sizable plot in a very sought after location offering bright...

£850,000

Click here to read Winchmore Hill.

Winchmore Hill

This 3 bedroom, 3 reception room, semi detached unmodernised house allows the buyer to create a property to their own choice and specification...

£725,000

Click here to read Winchmore Hill.

Newbury Park, IG2

Situated in a popular residential turning of Newbury Park is this well-proportioned two bedroom Victorian ground...

£250,000

Click here to read Newbury Park, IG2.

Winchmore Hill, N21

An unmodernised 2 bedroom, first floor maisonette with its own street access set in a quiet backwater close to...

£385,000

Click here to read Winchmore Hill, N21.

Winchmore Hill, N21

A beautifully presented 2nd floor 2 bedroom purpose built apartment in a private block offered...

£385,000

Click here to read Winchmore Hill, N21.

Winchmore Hill, N21

An unmodernised 2 bedroom, first floor maisonette with its own street access set in a quiet backwater...

£385,000

Click here to read Winchmore Hill, N21.

Exciting News “The Post Office Returns to George Lane, South Woodford E18!

After a long absence from George Lane, South Woodford the Post Office has finally returned. Fleur Conway, Director at DABORACONWAY, has worked tirelessly with the landlords, Ian Duncan Smith's office, Local Councillors and the Post Office Counters Limited to bring this much needed service back to the local community. The official opening took place on Thursday 7^th December when local MP Iain Duncan Smith attended, cut the ribbon and declared the Post Office open! Despite the rain, it was a very happy occasion and warmly welcomed by local residence and the Local Councillors.

Congratulations to all involved!

Landlords! When was the last time you booked a rental valuation?

Rental demand still outstrips supply in the UK, and your property is unique, which is why it’s important to understand its true rental value. Average rents for new lets increased by 12.2% in the year to September 2023, and are expected to increase by 5–6% in 2024.*

Why should you get a rental valuation?
As a new or existing landlord, you want to keep clued up with the market and benefit from a good rental valuation. Determining accurately how much rent to charge optimises your investment and creates a balance between maximising property income without overcharging tenants. This attracts long-term tenants who are prepared to pay fair prices, which guarantees a good return on investment. It can also support landlords in adhering to regulatory requirements. A good agent can advise you on how much rent to charge, enabling you to budget for the upkeep and improvements of your property. This keeps your buy-to-let property competitive in the rental market and makes for a better tenant-landlord relationship.

Things to consider when determining your property’s rental valuation:

Tenants
A good agent will figure out which sector of the market best suits your property. Perhaps you have already decided that you are aiming at the young professional, student, or retirement markets, or have you created an ideal family home? If you have not decorated yet or your property needs improvement, your agent will be best placed to advise you.

Demand
Understanding the true rental value of your property is intrinsically linked to levels of demand. Agents utilise databases and years of knowledge of the property market to understand the scale of demand for your property. This will be pivotal in understanding your investment.

Your property’s location
The location of your property is influential; however, it's not all about the postcode. Sought-after and up-and-coming areas will add value. Proximity to transport links and good schools is ideal for families. Located in a beautiful rural area, or an inner-city location, shops and other amenities also play a part in adding to your property’s rental valuation.

Is your property furnished or unfurnished?
Is your property unfurnished, partially furnished, or fully furnished? A fully furnished property could command a higher rent. Having said that, providing a property without furniture does not put you at a disadvantage, and you will not be responsible for the upkeep of any furniture or appliances that you do not own.

The condition of your property
Needless to say, if your property is in good condition or has been recently refurbished, then it will be more desirable to tenants and will affect how much rent you can charge. A good agent will also be able to advise you on where to spend on alterations, if that is something on your to-do list.

What do you need to prepare for a rental valuation?
Making your property presentable and in good order and having all the right paperwork to hand, such as gas safety certificates or deeds, is always a good idea. If your property needs painting, re-decorating, and decluttering, it helps to carry this out before you have it valued. After that, your agent will do the rest. In fact, with a fully managed service, your agent’s maintenance team may be able to prepare your property to let, depending on the work that needs to be carried out.

Find the hidden rental value of your property by booking a rental valuation

Zoopla*

Properties are selling faster than you might think

Are you thinking of selling your home but worried about how long it could take? The sale time may not be as long as you think. There are many different factors that can affect the speed of a sale, including pricing strategies, local market conditions, and property type. Let’s take a look at the average sale times of a range of property types and how you can make sure you secure a sale in good time.

Two-bedroom terraced houses shifting quickly

According to Rightmove’s November 2023 study, two-bedroom terraced houses sell faster than any other property type, with an average sale time of just 28 days.* This is primarily due to the fact that they are one of the most affordable property types, as well as the fact that they are relatively rare, accounting for just over 8% of properties on the market recently.* Three-bedroom terraced houses and three-bedroom semi-detached houses also sell quickly, in just 31 and 32 days on average respectively.* Flats also sell quickly, taking between 35 and 37 days on average, depending on the number of bedrooms.*

Larger properties are not far behind

You might expect sale times for larger properties to be much higher. However, the average sale time for a four-bedroom semi-detached house is just 39 days, with a terraced property containing the same number of bedrooms taking just two days longer.* Three-bedroom detached houses take just 43 days to sell on average, and even the property type included in the study that takes the longest time to sell, four-bedroom detached houses, takes just 47 days on average.*

The market has stabilised

The more eagle-eyed individuals may have noticed that these figures show an increase in average sale times compared to Rightmove’s 2022 study. However, this is not a reason to panic. It is simply the result of the housing market stabilising after the pandemic. Sale times are still relatively fast and should definitely not deter anybody considering selling their home.

What you can do to secure a sale quickly

There are several things you can do to ensure that your property sells quickly and smoothly. Firstly, it is important to price your home correctly, as overpricing your property may discourage potential buyers from making a bid. Making sure your property is well-presented for viewings also helps to secure a quick sale, as it increases the chances of someone liking the property and making a bid. You should also take advantage of an estate agent's marketing skills, as they can advertise your property using a variety of different strategies to find you a buyer.

Looking to sell your property? Contact us today

Rightmove*

Why buying now could be a really great move?

Timing is often on the minds of many homemovers. You want more. You want to move, but you ask yourself: Is it the right time? This can be for an entire host of reasons, and in many ways, it does not exist. Often, the amount of time you have invested in a property supersedes anything else, including financial elements. If you have a lot of equity in your home or are a cash buyer, you probably don’t worry too much about interest rates. If you are moving to a region where you have more space for your money than your previous location, then you still stand to gain. Perhaps you are moving for emotional reasons, and while the numbers are important, they are not a priority. But if you are someone who likes to be a bit savvy, it’s all about anticipating the market ahead. In fact, average asking prices in October 2023 increased by 0.5%.*

2024 has been built on good years

Many properties have had a small fortune spent on them in recent years. If you are thinking of moving now, you will find a high standard of interesting, inspiring, and, in some cases, breathtaking properties. There are still plenty of projects to be found that are both characterful and modern, with a little room for improvement in the mix as well. Over the past few years, prices have rapidly increased, allowing your home to gain equity quickly. Yes. There was a little bit of a lull in 2022, but it was nothing like the bleak picture that the mainstream media painted. This allowed the property market and you to catch your breath. Letting off a little steam is a healthy thing; it prevents overheating and keeps the market stable.

Many home movers are making an early start

A lot of homemovers will put their homes on the market over Christmas, and many more will be viewing them; it’s become a tradition. As you feast on Christmas fayre your eyes can gorge on stunning homes and investments. Suddenly, it will be 2024, and offers, viewings, and more valuations will keep agents busy. But not in a frantic way. Though all this activity will keep prices healthy, unlike in recent years, they will not get carried away. This early momentum makes it a good time to find a property and plant a for sale sign at your address.

Get ahead of the market

There are positive signs that the market has stabilised thanks to settling interest rates. There is much talk of the property market ascending as 2024 progresses, so by moving now, you can get ahead of the curve. Prices may fluctuate marginally, but the strong demand for your home means your property will retain its value. So, buying now before prices start increasing more rapidly could be the way forward. Valuing your home correctly with a skilled and knowledgeable agent is critical.

Defeat higher mortgage rates

With the right mortgage advice, you may find that you are already further ahead than you realise. In October 2023, the number of mortgage products stood at 5,495, which is the highest in 15 years.** Moving home with your existing mortgage (known as porting) or taking out a longer-term could counter the effect of today’s higher interest rates.

Final thoughts

It’s understandable to feel a little anxious with so much change occurring in 2023. A lot of what is churned out in the media is negative, and this does not help. But by focusing on your unique situation with the right agent to advise you, there are many doors open to you that will lead you to the right home. In fact, buying now could be the best move you ever make.

Get in touch to get a true understanding of what is possible for your 2024 property plans

Rightmove*
Moneyfacts**