December's Lettings Market Updates & Property Advice!

Welcome to the December edition of the Greenstone newsletter.

This month we take a look at why January 2022 will be a favourable time to sell your London home and then reflect on the last years worth of home trends, whilst looking to 2022 to see what's in store for home decor!

Further into our newsletter, we continue to look into the future, but from a different perspective. This time, we look at how the property market is predicted to behave in 2022...

Finally, 2025 marks the year that EPC rules are set to change. So, have you started making the necessary changes to your rental property to boost your EPC rating?

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

undefined

Why January is a great time to sell

It’s a common misconception that market activity lulls in January, ready to resume in the spring. But with demand levels still on the rise, this couldn’t be more wrong for 2022 predictions.

Many see the new year as a chance for a fresh start, and that can mean homeowners are on the hunt to physically change or improve their surroundings.

The number of people window-shopping on Rightmove on Boxing Day last year was 50% higher than the year before.*

To help you decide whether to take action, here are some of the top reasons why you couldn’t pick a better month than January to sell.

People are on the move

Statistics indicate that January is the busiest time of the year for employee redistribution or staff members moving around.

With many of us spending Christmas at home, it can also be the final push needed for first-time buyers looking to move out or a household to decide they need somewhere with more space for the year ahead.

There is less competition

After the holiday season has come to an end, conditions are optimal for serious sellers, as many homeowners tend to take their time listing their property.

This means that if you work with an agent over the next month, you could get ahead of the competition and really stand out on the market.

Show off your home

Intelligent buyers house hunt in winter, as properties tend to look their worst in these months.

So, if your home looks spectacular and is well presented by your agent, then it will impress viewers as they will assume your property looks even better in the summer! This mentality will draw in potential buyers.

Placing your home on the market in January shows confidence in your home – a fantastic starting point in convincing people to buy the property.

If you are looking to take advantage of the lucrative new year market, please book your valuation today.

*Rightmove

The key home trends across 2021 and 2022

With 2022 on the horizon, you might already be thinking ahead to next year, whether that’s re-decorating a room, renovating a property or simply wanting to add some finishing touches to a space in your home.

In order to plan ahead, we’ve put together some of the key interior home trends that have emerged out of 2021 and what we think you’ll begin to see in the following few months.

Top trends of 2021

Looking back over this year, we saw many choose to add eye-catching furniture and bold murals, as well as snippets of more traditional materials like gingham and linen.

Going bold

With countless lockdowns, many of us were bored of being boring and wanted to bring the brightness inside.

Bold colours, feature walls, textured walls and neon lightings were all popular choices, adding a pop of colour to bring our homes to life.

Panelling

One of the biggest trends to make its way through 2021 was adding panelling walls, giving a more traditional charm to rooms.

Using architectural panels helps featureless walls stand out from the rest in a subtle yet stylish way.

Bringing the outside in

We filled our homes with plants and gave our furniture a natural makeover.

In came more natural materials, including bamboo, wicker, rattan and cane, with many favouring bringing outside elements into their homes.

Emerging trends for 2022

With sustainability a high focus at the end of 2021, it’s no doubt that this will run into 2022 and is reflected in our behaviour and elements when looking to decorate our homes.

Italian icons

Marble and granite were the standout surfaces of choice for 2021, but moving into 2022, terrazzo has seen a surge in demand, predicted to be hot next year.

Black accents

A great way of adding edge and depth to minimal spaces is black accents and hardware.

Choosing light and neutral colours for the main elements of your space and then adding black to certain features such as lamps, handles, radiators and tables is a great way of adding contrast to space.

More vintage than ever

With many shifting their focus to the environment, vintage finds are a greener choice.

Not only is shopping vintage a more efficient and sustainable option, but they can add personality to your home too.

Looking to make a change next year?

There’s no doubt that all the trends we’ve seen over the past year and those to come are great ways of bringing spaces to life, but it’s clear that the environment and sustainability will play a huge part in people’s decisions and choices in 2022.

Have you been thinking about moving house? Contact us to get started.

Market predictions for the new year

The trio of low mortgage rates, the stamp duty holiday and changes in buyers’ priorities have all contributed to the incredible demand within the housing market in 2021. That is why we’ve managed to see an incredible leap of 30% in buyer interest across the five-year average.*

As the new year draws closer, we explore a few factors that are in store for the property market for 2022.

1. The return of first-time buyers

Whilst the demand is there, the range of buyers has changed.

At the start of the pandemic, most buyers were in the wealthier bracket of society and owned higher valued properties. Now that we’re seeing an improvement in mortgage affordability, the door has opened back up to first-time buyers!

If you’re a first-time buyer, we don’t expect the market to slow down anytime soon, so you’ll need to ensure you’re prepared to move quicker than normal when you find a property you like.

A good way to stay ahead of the game is by getting a mortgage in principle before you start house hunting.

Mortgage in principle (MIP) = this is a statement from a lender that they would lend you a certain amount and can assure a seller of your financial standing.

2. Race for space continues

Another domino effect from the pandemic is how homeowners began to prioritise space as one of their main needs in a property.

The combination of being cooped up inside, as well as businesses moving to remote working meant that people naturally discovered how much they valued space.

If you’re thinking of moving to find a property with more room, the time is now to get a move on with the process – especially with demand being high and surpassing supply.

Stay one step ahead of the game and book your up-to-date property valuation with us this month.

One in five landlords are making EPC improvements

With new rules coming into force from 2025 for rental properties, landlords must make sure their property’s EPC rating is C or above, or risk not being able to take on new tenants.

As a result, around 17% of landlords have made a conscious effort to improve the energy efficiency of their property. With a further 23% of portfolio landlords also taking action to ensure their properties meet the criteria.*

Changes by landlords include: 22% that had replaced their boiler and heating system, 23% looked to replace windows and 18% had installed new white goods.

Common green home improvements also include improving insulation, fitting solar panels and replacing gas boilers with a more sustainable alternative.

With such changes being implemented to properties, many tenants have stated they would pay more if this was the case for their rental property.

One in 10 private renters have also said they would stay in their current property longer if their landlord made changes that would benefit the environment – a popular consideration now emerging in the lettings market.

However, the main concern is that for many older properties, updates like changing the boiler simply won’t be enough. As a result, more serious changes may need to be made, making the entire undertaking a costly job.

In some cases, landlords can look to gain support from both lenders and the government to make the changes financially feasible. The hope is that with landlords making the effort to better improve the EPC of their properties, more favourable terms on mortgages will become available to them.

This has caused several lenders to introduce ‘green’ mortgages, rewarding those landlords that have an EPC rating of ‘A’ or ‘B’.

Landlords already making changes have been welcomed by many in the industry, as a positive step towards making sure properties are compliant from 2025.

Are you a landlord and needing to make changes to your property ahead of 2025? Get in touch with us today to discuss your portfolio needs further.

*Shawbrook Bank