If you are thinking about putting your home on the market some time soon, you will be pleased to learn that asking prices of newly marketed properties have jumped to a record high.
Research from the leading online property portal Rightmove, shows that in June this year, the average asking price for a property put on the market increased by 0.4%, equating to £1,364. This was the third consecutive month house prices have risen in Britain.
The 0.4% rise puts the annual increase in asking prices in the UK to around 1.7%, a 1.1% gain from 2017.
Miles Shipside, Rightmove director and housing market analyst, explains the reasons behind the continuing upward shift of average house prices, commenting:
“This is a pleasingly strong flourish at the end of the spring selling season given the political uncertainty and stretched buyer affordability. At an initial glance all of this fits with a theme of ‘steady as she goes’ as the spring market concludes. However, if you dig a bit deeper, you’ll find that the main driver is good buyer demand in the comparatively stock-starved northern half of Britain’s housing market.”
Positive Start for the Mortgage Market in 2018
Stamp duty cuts in the budget led the way for an increase in first time buyers looking to get on the property ladder. What about existing home owners? The Bank of England’s base rate increase had very little impact on the low rate deals already available for those looking to re-mortgage their current home. As for Landlords, the phasing out of mortgage interest relief and tougher mortgage lending conditions could have made buy to let a less attractive proposition, however, there is still plenty of appetite from new and experienced landlords looking for an attractive income investment. So, positive signs for the mortgage market as we enter 2018.
Letting agents act as an important cog in the private rented sector wheel, being the glue that holds the Tenant and Landlord together. They make sure that both parties are happy, but also holding up their end of the bargain; whether that is paying rent or ensuring that property is in a good state of health.
For this reason; it is important that the letting agent’s communication with a new Landlord is as strong as it is with a new Tenant. With the rented sector as popular as it is; there are more new Landlords investing into this sector. Many have little or no experience. It is imperative that a letting agent takes the time to ascertain what is expected and what they want from the process. Here, we take five things that agents need to check with every new Landlord:
Autumn and winter mark a real change in how people live. Throughout the year, we get used to having the heating off and enjoying the slightly warmer weather conditions. But it all changes around October time, when the temperature drops, wind rises and the rain starts to batter down. And that's only the start of it, with winter bringing snow, ice and other challenging weather with it and meaning tenants need to wrap up, switch on the central heating and stay cosy inside.
Dinsdales Estates, 519-521 Thornton Road, Bradford, West Yorkshire, BD8 9RB
Tel: 01274 498855 Sales: 07803 204511 or Lettings: 07740 529086