Lettings Market Updates & Property Advice!

Welcome to the October edition of the Greenstone newsletter.

This month we start by exploring what buyers and sellers need to do in order to move in time for the festive holiday.

Curious to know what makes a buyer walk away from a sale? We give an insight into the top 10 reasons a buyer may make a u-turn on their purchase.

Further into our newsletter, discover the most recent changes to tenancy evictions and how much notice is required before final eviction takes place.

Finally, the lettings market is booming and rents have risen at the fastest rate for 13 years. Explore the reasons why demand is so high!

We hope you enjoy this months edition. We also provide property tips, insights, and updates on our social media channels which you can click to follow at the end of our newsletter. As always, please get in touch if you have any property queries.

Best regards

Lewis Green, Director

Your stamp duty and mortgage holiday questions answered

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Buyers and sellers need to act now to move in time for Christmas

Homeowners up and down the country are preparing for the pre-Christmas rush, and with the demand-supply imbalance still providing sellers with optimal market conditions, it's likely we'll see a lot more sales to come before the end of 2021.

Every year, buyers and sellers are swept up in a flurry of market activity across autumn, with October standing out as a busy period for selling activity.

Will you be in your new home by Christmas? Here's where you should start:

Ensure the property is sale ready

Your estate agent will be able to tell you if there are any features of your home that might put off potential buyers.

If anything is flagged up, try to get it fixed before your property goes on the market, as doing this will mean you’re more likely to get a speedy sale.

Paperwork at the ready

Ultimately, the quicker that your paperwork is processed by the solicitors, the quicker you can get going.

Hassling with paperwork can slow down the moving process significantly, so pre-empt any requests for certificates or documentation by having it all in one place and ready when called upon.

Likewise, calling ahead to organise van hire or a removals company will ensure there are no issues on the big day itself.

Declutter thoroughly

With December not far off, it would be a good idea to start sifting through your belongings now to work out what will be going with you and what is no longer wanted or needed.

A clearer space will also make your property pictures more visually appealing and make it that much easier to unpack and set up your new place to feel like home.

If you are looking to sell your home, book your free market appraisal today.

Top 10 reasons a buyer will walk away

When it comes to purchasing a property, eight in ten Brits admit to being 'picky buyers', with research showing that a poor Wi-Fi connection is enough to put a third off a new home.*

Other contributing factors can include having noisy neighbours, creaky floorboards and thin walls.

Of those surveyed, 22% would be deterred by an unruly garden with overhanging branches, with a third agreeing that dogs barking in the area would be a deal breaker.

If you're looking to sell your property in the near future, it's a good idea to determine what elements inside and outside could be picked up on by prospective viewers.

Where able, you should also complete any outstanding DIY jobs or renovations, as this will help you to secure a better offer in a shorter time frame.

Top 10 reasons for a buyer walking away from a deal:

Noisy neighbours – 47% 

Loud area – 45% 

By a main road – 44% 

Thin internal walls – 43% 

Near an airport – 41% 

Hard to park nearby – 40% 

Lack of storage options – 38% 

Ceilings being too low – 35% 

Steep stairs – 34% 

Poor Wi-Fi – 33% 

At this time of the year, activity from buyers only increases in the run up to Christmas, with many wanting to unpack the last box before getting into the holiday spirit.

Whether you're looking to sell or let, we're ideally positioned to maximise marketing exposure for your property and help buyers see its best qualities.

Contact our team today for your up-to-date valuation.

*First Mortgage

What's changed with tenancy evictions?

Over the last 18 months, a number of measures were put in place to protect tenants who were unable to keep up with their rent payments.

This put a strain on landlords and the lettings market as a whole, with the government easing these rules back gradually to help all parties involved recover from the effects of the pandemic.

A notice period can be anywhere up to six months before an eviction can take place. In addition to this, a tenant can only be asked to leave during the contract's fixed term, if:

- The tenant is behind on rent payments

- The property has been used for illegal activity

- The property has suffered damage during the tenancy

Notice periods have been extended since the pandemic, which gives tenants some breathing space if their employment status has changed.

Once the tenant has been issued with a written notice of wanting the property back, the tenant is given:

- Two months to vacate if they gave notice prior to the 26th of March 2020

- Three months, if it was between 26th March and 28 August 2020

- Six months, if it was after 29th August 2020

- Four months, if it was after June 21 2021

Despite these dates, according to the government, if a tenant is evicted with a section 8 notice, the tenant may have to leave much sooner.

A tenant should pay rent until the end of their agreed term in accordance with the contract they would have signed. Despite this, it is normal to still liaise with the landlord to see whether there is a break clause in the contract.

Landlords may also allow a tenant to leave a fixed-term contract early if the tenant has a direct agreement with them, such as finding a replacement.

Do you need help as a landlord or tenant? Talk to our team today.

Rents rise at fastest rate for 13 years

The lettings market is booming, with properties letting almost a week faster than in 2020.

Now the pandemic is easing, people are returning to the city centres, which is causing an increase in demand and a shortage of available rentals on the market.

Rents outside of London have increased at their fastest rate since 2008, reaching £790 PCM on average.

Whilst rents outside of London have shot up by 5%, London landlords are also seeing a rise in value.

The average rent in London now stands at £943, up 2.1% compared to last year.

Affordability has remained consistent across this period, with average earnings increasing faster than rents, ultimately showing signs of healthy growth in the buy-to-let sector.

With tenant interest 80% higher than the average between the periods of 2017 and 2019, demand is still outstripping supply of rental properties.

What is causing this spike in demand?

- Students returning for the academic year

- Returning demand for city properties post-lockdown

- Level of rental homes decreasing by 13%

This mismatch in supply and demand has forced rents up and led to the rental market’s fastest paced year since 2016.

If you want advice on any aspect of the rental market, or are interested in a rental valuation, contact us today.

*Zoopla Rental Market Report