Greenstone's September Newsletter

Welcome to the September edition of the Greenstone newsletter.

This month we discover:

- The latest update on London's rental market, from Lewis Green, Director

- How you could increase the value of your home by 16%

- Which energy-saving features do homes with high EPC ratings have?

- This month's outdoor living trends

We hope you enjoy this month's 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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Abbey Road, St John`s Wood

Currently arranged as a separate fully fitted kitchen, large reception with bay window, 2 double bedrooms, a brand new fitted shower room, and rear private patio area.

Price: £900,000

Click here to read Abbey Road, St John`s Wood.

Belsize road, South Hampstead

The apartment offers a well-proportioned reception overlooking the rear garden, a separate fully fitted kitchen, 2 double bedrooms with ample storage, a bathroom and a large hallway cupboard.

Price: £600,000

Click here to read Belsize road, South Hampstead.

You could increase your home’s value by 16%

Simply improving your property’s EPC rating could be the way forward. This is because many buyers are starting to focus their search on greener, energy-efficient homes.

This new buying trend may partly be the result of the government’s push to meet the UK’s target of becoming Net Zero by 2050. To achieve this worthy goal, most residential properties would need to reach an energy rating of C or above by 2035.

In the future, buying a low-rated home could mean having to accept tougher mortgage rates, which, combined with rising fuel costs, makes this prospect less desirable.

Therefore, it’s not surprising that savvy buyers are keeping an eye out for features such as air source heat pumps, PV solar panels, mechanical ventilation with heat recovery, and EV chargers, to name a few.

Properties for sale that are costly to run, or less environmentally friendly could see more buyers attempting to chip away at the asking price to factor in improvements they’ll eventually want to make. Likewise, eco-homes are starting to benefit from the ‘green price premium’.

Increasing the EPC value also increases your chances for renting a property as tenants are also now more focused on monthly outgoings than ever. A lot of the blocks of flats in St John’s Wood and our surrounding areas have gas included in the service charge which in turn gives tenants free hot water and heating. We have seen an increase in demand for these properties as it gives tenants the security of knowing there will be no utility bill increases. If you currently have a property to let in a purpose-built block, please contact our lettings team who can advise on the current value.

If you’d like to learn more about how investing in energy efficiency measures could affect the value of your home, contact us. As your local property specialists, we're happy to help.

We’re also on hand to match buyers with greener properties – let us know your requirements today!

*According to a recent Rightmove analysis of over 200,000 homes.

London rental market news

Since the inception of Greenstone in 1995, I have never seen a rental market quite like the market we have experienced this summer.

Rental demand has increased by 30% since last year, while the total number of available properties reduced by 38% over the same period.

St John’s Wood has also seen an increase in overseas students studying at UCL and Regents College, desperate to find accommodation before the term starts, with pockets deeper than working professional tenants, who are carefully working out their budgets to account for the higher costs of living.

The shortage has caused tenants to dig into saving and offer a whole year in advance to beat the competition, as well as signing for 24 months at over asking price.

When we launch a new property, the phones ring constantly for the first few hours, with tenants offering to take the property without even viewing and asking where to send the deposit.

We strongly urge tenants not to reserve a property without seeing and insist on physical viewings. We have had to restructure the internal offer process to ensure it is as fair as possible and we are not taking deposits until all offers have been received and the final terms agreed. The Tenant Fees Act 2019 restricts agents from taking multiple holding deposits.

Landlords who traditionally have not been ‘greedy‘ and happy to accept fair market rent are experiencing higher mortgage payments due to increase interest rates and therefore looking to capitalise on the current market, both on new lets and also Tenancy Renewals, where traditionally a good tenant who has built up a good relationship and regular payment history are now being squeezed out by the temptation of high rents to cover the Landlords increased costs.

Will the market change? We don’t have a crystal ball, however, although we do have buyers looking for buy to let properties, we know that the buy to let demand is down, while mortgages are exceptionally difficult to procure, stamp duty for buy to lets requires an addition 3% payment and tax benefits have been reduced.

So while demand is high, stock is low, we see the market continuing as it is through to the end of the year.

As always, we are here to advise and give current market appraisals, using up to the minute comparable evidence of properties that have rented in the area.

Feel free to call or email me at lewis@greenstone.com

Which green features do homes with high EPC ratings have?

Whether you’re planning to rent or sell your home, want to cut your bills or carbon footprint, your property’s Energy Performance Certificate (EPC) rating matters.

To clarify, an EPC measures the energy efficiency of a property on a scale of A-G, with A being the most efficient and G being the least. A-rated homes should have the lowest fuel bills and carbon emissions – a win for your bank balance and the environment.

Knowing the typical features greener properties command is helpful if you’re looking for a new home or wondering what improvements might boost your current score. A recent overview of high-rated homes listed for sale on a popular property portal, found many shared these attributes:

• Triple-glazed or laminated glass windows

• Aluminium windows (for thermal insulation)

• Air source heat pumps

• Carbon negative construction techniques

• PV solar panels for generating free electricity

• Mechanical Ventilation with Heat Recovery (MVHR) systems

• HeatStream water tanks

• Underfloor heating

• Ample insulation throughout

Whatever your starting point, we can advise you on improving your property’s EPC rating before renting or selling. We can also help buyers find an energy-efficient new home.

This month's outdoor living trends

With the summer of 2022 proving to be sultry and sun-kissed, three trends have emerged as people seek to make the most of the uncharacteristically consistent British weather.

According to LuxDeco – a luxury online interior design marketplace – we’re paying a lot of attention to our gardens and terraces as we aim to bring the holiday vibe home.

Imitating high-end hotels & restaurants

Many of us have decided to emulate the chic and luxe environs of swish hotels and al fresco restaurants by revamping run-of-the-mill garden spaces. Think quality outdoor seating, sculptures, outdoor mirrors, and soft furnishings.

Creating ambience for evening parties

Of course, nothing improves the atmosphere of any gathering like well-planned lighting. Whether it’s soft glowing lanterns, fairy lights glinting on the pergola, or inviting pathways illuminated by stylish stake lights, the possibilities are endless. Plenty of outdoor lights also mean you can keep the party going well after sunset.

Inspired by the Mediterranean

Continuing the opulent holiday theme, the Mediterranean aesthetic is proving popular. While beautiful tiles and white-washed walls reflect the sun and hint at warmer climes, natural hues and materials add a soft and cosy feel. Bright colours, including serene sea blues, and terracotta pots with herbs also form the perfect backdrop to meals inspired by the culinary hotspots of Italy, Spain, and Greece.

If you intend to sell soon, it’s worth thinking about how you can stage your outdoor spaces to appeal to buyers. We can help with this – simply contact our agents today for a friendly chat.