The latest news from Winkworth

The latest news from Winkworth

10 virtual tours of the world’s most famous landmarks

They’re closed for now but you can still take an interactive online tour of 10 of the world’s most famous landmarks as pulled together here by The Guardian; the perfect opportunity to gaze over the edge of Machu Picchu or marvel at the Pyramids from every angle, all whilst being sat at home.

Click here to read 10 virtual tours of the world’s most famous landmarks.

<span style="font-family: Arial, Helvetica;">13-year high for sales and mortgage approvals</span>

The post-lockdown property market has been thriving since its release from lockdown, with sales and mortgage approvals at a 13-year high.*
If you’ve been putting off your sale in 2020, there could not be a better time to bring your home onto the market and benefit from optimal selling conditions.

More sales have been agreed since 2007

Housing demand has increased by a third year-on-year, whilst sales per estate agency branch has seen a 44% boost.
In terms of sale per office, this works out to approximately 13 properties sold in one month, compared to nine for the same period in 2019.
The average number of potential buyers scoping out the market has also risen.
In June, approximately 379 house hunters were recorded per branch, increasing to 428 following the announcement of the stamp duty holiday in July 2020.
This 13% increase in house hunters is great news for the housing market, especially as it is expected to remain steady throughout autumn.

Mortgage approvals

From July to August, mortgage approvals rose from 66,300 to 84,700, propelling the sector to a 13-year high according to the Bank of England.
Analysts have commented that lower borrowing rates, fewer holidays abroad and the enticement of up to £15,000 in stamp duty savings have upended what would usually be a relatively calm month for the property market.
Understandably given the circumstances, the year-to-date approval total is at a lower rate due to the market closure this spring.
That said, great strides are being made by lenders and agents to ensure a smooth transaction process for sellers and buyers, with progress in the last few months demonstrating that shared commitment to get people moving responsibly again.
In light of favourable rates and government schemes currently on offer for homeowners, we’d advise that anyone considering their next move start the process now to ensure that you’re able to reach completion before the stamp duty deadline in March 2021.
*Source: NAEA Propertymark

<span style="font-family: Arial, Helvetica;">Bored buyers are behind the upsurge in market activity</span>

From recent property exchange data, it has been suggested that buyers are seemingly ‘bored’ after the UK’s lockdown; leaving them eager to move on from the first half of 2020 and get on with their next property sale or purchase.
Since the end of August, reports suggest that there has been a 69% increase in property exchanges, which is a 20-month high for the sector.*
In areas where the property market was slightly slower to gain traction, such as London, this increase is an impressive 94% since restrictions were reduced. For which the majority of these exchanges achieved within 10% of the asking price.
Due to current conditions, prospective buyers are fearful of missing out on good deals, leading to an increased rate of accepted offers.

Key reasons you should be thinking about buying in October:
- Spurred on by strong market conditions, we’re listing stunning properties at an incredible rate as sellers and buyers rush to make their next move

- Starting the process now will give you just enough time to complete and be in your new home by Christmas, whilst taking full advantage of stamp duty savings

- Due to lockdown, sellers are more motivated to reach completion and avoid delays, making them more realistic about the offers they’re willing to accept

Are you ready to see what’s currently on the market in your area?
We have implemented measures to help you safely and responsibly move in 2020. For more information on what practices we have in place, contact us today.
*Source: Knight Frank, Estate Agent Today

<span style="font-family: Arial, Helvetica;">Properties priced correctly sell in half the time</span>

Rightmove have done extensive research into the effect that asking prices have on a property’s likeliness to sell.
Approximately 300,000 properties were brought onto the market this summer.
By September, 63% of properties that remained at the same price and hadn’t been reduced had reached Sold Subject to Contract (SSTC).
Whereas out of the 300,000 properties, only 32% of those that had come down in value had reached SSTC within that same timeframe.
This study confirms what we’ve long since known, that the asking price set for your home is a key determining factor in how it performs on the market.
When priced right the first time, Rightmove’s findings were that a house sold 26 days faster, on average.

As your leading local agents, we can ensure that your home is competitively priced.
Resident data expert at Rightmove – Tim Bannister – had the following to add: “This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price that the property should be listed at.
“If sellers are serious about selling, then starting with too high an asking price can cause unnecessary delays, and also make it a lot less likely they will actually find a buyer in the end.
“The temporary stamp duty holiday means more sellers are in a hurry to get a sale through conveyancing, and with this also taking longer at the minute a realistic asking price could soon end up being the difference between completing in time or losing out on the savings.”

Book your valuation today
We appreciate how demotivating it can be to experience delays when you’re excited to progress your property move.
That’s why our valuations take into consideration a number of different variables, such as the condition of your home and properties in your area, making us the experts who can confidently evaluate your home’s worth the first time.

<span style="font-family: Arial, Helvetica;">Government’s action plan to tackle EPCs – how will it affect landlords?</span>

New long-term targets have been announced for improving energy efficiency standards within the rental sector; drawing criticism from industry specialists that the measures are simply not realistic.
In their proposal, the government state that by 2025, minimum Energy Performance Certificates (EPC) for all privately rented homes should be raised to Band C for new tenancies – applying to all tenancies by 2028.
This document goes on to outline penalties as high as £30,000 for landlords who fail to comply within this time frame and may even include banning the inclusion of properties with EPC ratings below C to be advertised on portals.

What outcomes are the Department of Business, Energy and Industrial Strategy looking to achieve with these new energy targets?
- Reduced bills for lower income households and vulnerable members of the community.
- Reduced energy bills and to guarantee higher standards of living for UK tenants.
- Contribute to government initiatives to de-carbonise buildings, thereby mitigating the effects of climate change.
- To improve the quality and value of landlords’ assets.

You can see the 48-page consultation brief here, with details on how to respond: here

If you need help managing your compliance and responsibilities as a landlord, we offer a range of property management services that you may find beneficial.
Contact us for more information on what those services include.