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Renting in London is a necessity for many people and even though this may be the more prudent financial option for many people and households in the capital, this is not to say that renting is cheap or affordable.
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You don’t need us to tell you that buying and selling property in London can be highly challenging these days. Even with a greater level of demand than supply, selling a home isn’t as straightforward as many people would like. One of the reasons why so many people struggle to sell their home efficiently is because homeowners are moving less often these days. At Oaks Estate Agents, we appreciate this causes difficulties for homeowners looking to move on, but we believe we can improve your chances of selling your home, even in an era when people move less.
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Buying a home is challenging and there are many obstacles for property buyers to overcome.
For most buyers though, the mortgage process is the most difficult. The most effective way to obtain a mortgage is to have a sizable deposit, but it is understandable why so many people struggle to save sufficient funds.
However, the larger the deposit, the more likely it is that a prospective buyer will obtain a good mortgage or receive a better mortgage offer. At Oaks Estate Agents, we know the importance of obtaining a mortgage, and we are here to help if you need assistance in this matter.
With so many people looking for positive news and optimism in the property market, it is understandable that an increase in mortgage approvals will be seen as a positive sign in the market. In figures provided by UK Finance, the number of mortgage approvals for the UK in January of 2018 stood at 40,117. This is an increase from the 36,085 approvals that were listed for December of 2017.
January isn’t the best month of the year in the property market
You may think that January is a slow time of year for major purchases, so this figure is likely to provide people with optimism and positivity surrounding the market. It would be wrong to get carried away though, as there are still factors that suggest the property market is enduring a challenging time in the UK.
While an increase in mortgage approvals doesn’t necessarily lead to a rise in property purchases, it is easy to see why there could be a correlation. After all, the mortgage is often the most challenging aspect in buying a home, so with a mortgage approval in place, most buyers will feel confident about their next move. However, there are assorted reasons why someone with a mortgage in place fails to conclude a property deal, and not all of them are their fault. This means it is best to take this news with caution but if first-time buyers see that mortgage approvals are on the rise, many will decide to take more action in the market.
Help is available for first-time buyers
Although the removal of stamp duty for first-time buyers purchasing property priced at less than £300,000 isn’t much benefit in London, there is likely to be more positivity surrounding first-time buyers in the market. There is an acknowledgement that it is difficult to buy property and more help is being offered, even from mortgage lenders. Therefore, first-time buyers should take the time to register an interest in property and mortgages, because there may be more assistance on offer than they first imagined.
If you are considering applying for a mortgage and you would like some guidance or assistance, get in touch with Oaks Estate Agents. We are delighted to say that we have helped many people make a move in the property market and we are keen to assist you if we can.
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Landlords have had to deal with many regulatory issues in recent years and it appears as though there are many more to come.
The amount of administrative duties that landlords have to deal with can be off-putting, especially if you are new to this sector.
There are many benefits associated with being a landlord, and a lot of people see it as a lucrative role and sector, but it is important to be aware that there are many challenges to overcome. At Oaks Estate Agents, we work hard to ensure landlords receive the support they need to develop their business and care for tenants.
One issue that landlords should be aware of is the consultation on electrical safety. While there are clearly defined regulations relating to gas, there hasn’t been the same level of focus on electrical matters in rental matter. This is likely to change in the future. If changes are made, it is likely that there will be a notable impact on landlords and the whole buy to let sector in England and Wales.
Landlords will have more work to do to ensure their property complies with regulations
It is believed that the consultation process will request landlords to carry out mandatory electrical installation safety checks every five years. This will apply to all the private rented properties that are held within a landlord’s portfolio.
Similar measures already exist in Scotland and it is likely that the consultation period will approve similar fines, which run between £5,000 and £30,000. These fines are significant enough to act as a deterrent, motivating landlords to ensure that their properties comply with regulations. There is likely to be differences between new regulations and what exists in Scotland, with no requirements for checks on electrical appliances. This is an area that may be altered in the future, particularly with events from 2017 in mind, but as it stands, there will be no need for landlords to undertake tests on applicants like fridges or freezers that they supply to the property.
Landlords should also be aware that they will likely have to provide tenants with a copy of electrical installation safety documents to be able to evict tenants under a Section 21 notice. The consultation still needs to be approved but if it is, it is likely that new regulations will be in place before the end of 2018.
Landlords should be prepared
It is always best to be as prepared as possible, and landlords should realise that they may have to make many changes at their properties. Anything which impacts on a landlord’s time and finances is going to be an issue and landlords should always consider safety for their tenants.
Any landlord looking for assistance in managing their property or in dealing with the latest regulations should contact a local expert for help. At Oaks Estate Agents, we are more than happy to provide you with guidance and support on a wide range of landlord matters. When you need support and assistance, get in touch with specialists who will help you find peace of mind.
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With a strong level of demand for property in the UK these days, and the emergence of online property portals, there is an argument that the property market is a year-round business these days
Traditionally, the market would be dormant until spring, but there is enough to suggest that winter can be an active time for buyers and sellers.
However, spring reigns supreme when it comes to property deals and one recent study suggests the perfect day to place your property on the market is looming.
The study was undertaken by a company called Emoov, and while it is a rather simplistic approach to offering guidance to property owners looking to sell, it does create a talking point in the property market. The premise for the best date to list a property for sale comes from:
- Sales figures for each month of 2017, with June being the busiest month
- The average number of days it takes to sell property, with 96 days being the UK average
This then led the company to suggest that the 17th of March is the best date to list a property to sell it. Of course, there are many factors to consider and the average time it takes to sell property varies around the country and for types of property. In south London, the market is not the same as in Newcastle, Manchester or Cardiff, to name three examples, so this is an overly simplistic way of looking at the property market.
It takes time to sell property
However, it is a smart reminder of the time it can take to sell a property. If you are looking to conclude a deal in time for summer or even autumn, you need to be working in advance. You may be fortunate enough to sell your home quickly but for most homeowners, a period of three months from a property being on the market to the deal being concluded is not unusual.
Good fortune can help you sell your home
Then again, with the 17th of March being St Patrick’s Day, it could be that listing your home on this date will allow you to benefit from the luck of the Irish. A piece of good fortune could help you to sell your home at a faster rate, but, if you are keen to sell your home in an efficient manner, there are a number of steps you should take.
One of the most important steps you can take is to enlist the services of a skilled estate agent. At Oaks Estate Agents, we are pleased to say that we have experience and expertise in the Streatham property market, and in the surrounding areas. We have developed a reputation in this area, and you can be confident that we will work hard to maintain and develop this reputation, so if you are looking to sell your home by a certain date, please get in touch.
No matter what date you decide to list your property on the market, you will find that we are more than happy to assist you.