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There is no denying that there are many positive aspects about life in London, and no matter what is important to you, there will be something that ensures this is the city you want to live in. However, given that there are some or even many things that appeal to you about life in London, there will be reasons that appeal to other people, and therefore, there is so much demand for property in the capital.
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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.