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Category: Advice

Want to be in your NEW HOME by Christmas? Here is your deadline.

Posted on by prateek

5TH JUNE 2024. If you haven’t listed your property by then, you may not be in the new home of your dreams before Christmas.

As May comes around, the anticipation of a warm summer is here. Thoughts of hot beaches, ice creams and refreshing smoothies are here. Your summer holiday is nearly booked and the idea of making plans for Christmas seems a million miles away.

Yet, many people want to be in their new homes for Christmas, so they can celebrate and have more space for when the in-laws come for that roast turkey dinner.

So, if this is you, then you need to get moving. The time to move before Christmas is running out.

Recent statistics show some thought-provoking trends. From April 2023 to April 2024, UK properties took an average of 69 days from listing with an agent to an agreed sale and a further 112 days to completion (keys and monies changing hands). So, in total, that’s 181 days. In comparison, between April 2022 to April 2023, it only took 47 days to find a buyer, and a further 124 days from agreement to completion.

In simpler terms, if you listed in the first week of May, you would be moving in around the second week of November.

On a local level, Bath has seen some similar statistics. Typically, it took 49 days to find a buyer and 130 days for legal completion. This meant it took just over six months from listing to completion.

A picture has been painted. Moving home is not as simple and swift a process as people believe. These figures show that late May to early June is your window of opportunity if you want to be in your new home before Christmas.

For those wanting to make the move, the message is clear, act sooner rather than later. This isn’t just about moving house. This is about ensuring that by the time the festive season rolls around, and the December frost covers the streets of Bath, you are warm and settled holding a mulled wine with your feet up.

Bath Property Owners Reap £12,417 Yearly gains since 2001.

Posted on by prateek

Yes, that’s correct. On average, since the start of the turn of the millennium, homeowners in the Bath area have seen gains at an average of 8% growth year-on-year.

A ‘steady as she goes’ restriction in house price increase has been seen over the last few years since the pandemic hit, and this is likely to continue beyond 2024. However, we must look at the LONGER term. As much as we love to look into the short-term gains, the housing market is a medium to long-term investment for many people, so it is important to look at the house prices over this time. So, let’s look into the numbers:

ALL HOMES – (2001) £156,197 –> (2024) £442,791 = +£285,594 (8%/Yr)  

APPARTMENTS – (2001) £116,254 –> (2024) £314,394 = +£198,140 (7.4%/Yr)

TERRACE/TOWNHOUSES – (2001) £139,962 –> (2024) £494,790 = +£354,828 (11%/Yr)

SEMI-DETACHED –  (2001) £193,857 –> (2024) £402,413 = +£208,556 (4.7%/Yr)

DETACHED – (2001) £320,152 –> (2024) £643,462 = +£323,310 (4.4%/Yr)

Now, when looking at these numbers it is easy to forget that there has been 79% inflation over those 23 years, which eats into ‘real’ value. So, taking that into account, the real gains are as follows:

ALL HOMES -> +£158,928 (£6,910/year)

APPARTMENTS -> +£110,262 (£4,794/year)

TERRACE/TOWNHOUSES -> +£197,456 (£8,585/year)

SEMI-DETACHED -> +£116,058 (£5,046/year)

DETACHED -> +£179,917 (£7,822/year)

So, after inflation has been accounted for, the annual profit for an average Bath home stands at £6,910. This also shows that despite events such as the 08/09 credit crunch, which saw house prices plummet by over 15%, homeowners in Bath have still faired well over the longer term.

SO WHAT ABOUT BATH LANDLORDS?

Even though the number of landlords liquidating their property portfolios has increased in the last couple of years and the number of landlords buying is lower than in the 2000’s and the 2010s, there is still net growth in the size of the private rented sector each year. The simple fact is many Bath landlords remain keen on expanding their property portfolios for the longer term, despite current higher tax rates.

Alongside this, the younger generation sees renting as a choice that offers flexibility and alternatives that homeownership does not provide. This means that demand for rentals will keep growing, allowing landlords to enjoy rising rents and capital appreciation.

However, Bath Buy-To-Let Landlords must adopt a more thoughtful strategy to maintain a good return on investment. With changing laws around taxes and the balances in power, achieving returns similar to that of the last couple of decades requires more effort. If you are seeking advice on a long-term goal you have in mind for your property portfolio, then get in touch with our team here.

The Great British Garden

Posted on by prateek

This week we wanted to reflect on what can make or break a property for prospective tenants when viewing or searching for a new rental. Time after time we are given requests that the property must have a good garden for the kids, or for couples to have their friends round for a meal in the summer and enjoy a good British BBQ, yes I am talking about the ones where we all go and sit outside in our garden, beers and drinks in hand, to then have to run inside to hide from the inevitable downpour.

So with that being said, the great British Garden, a green sanctuary that reflects the homeowners’ personality and style. Our love affair with our gardens is more than an aesthetic preference; it’s a testament to the value we place on our outdoor space. Whether it is for the kids to run around, families to enjoy a relaxing bathe in the sun, or for the dog to lie on the patio and get a well earnt rest, we all enjoy our time in the garden (at least when it isn’t raining).

As a letting’s agent in Bath, we see firsthand how a well-presented garden can have a significant impact on the appeal of a home to prospective tenants. A beautifully landscaped garden not only captivates potential tenants, but also can be what provides a tranquil retreat away from the hustle and bustle of the 9-5 or the often-stressful times that family life gives us.

These green havens can be the deciding factor when tenants are looking to rent. So, as a landlord, investing time and care into your homes garden can not only be a labour of love, but a savvy decision that will pay dividends when letting out your home.