At long last, the Renters Reform Bill was introduced to Parliament in May, but it has a long way to go before becoming law and is most likely to change and improve its proposals as it passes through the various stages of parliament.

What is the Renters Reform Bill?
The Renters Reform Bill was introduced to Parliament for its first reading on May 17, 2023. Its aim is to improve life for 11 million renters and 2.3 million landlords in the UK and is based on five years of research conducted with landlord and tenant groups.*

What does it mean for tenants?
Tenants can feel more secure with the proposed abolishment of Section 21. Protecting tenants from unfair evictions creates a more homely feeling and gives tenants real peace of mind. Renters will also be able to challenge landlords when it comes to providing good-quality homes. It's good news for your pets too, who will also have more rights than ever before.

What does it mean for landlords?
Section 8 will be strengthened, which allows landlords to end tenancy agreements early if they have good reason to do so. Despite the fears some have expressed about abolishing Section 21 - ‘no fault’ evictions, the reality is that it will make it easier for landlords to evict tenants for anti-social behaviour and repeated missed rent payments. While blanket bans on pets have also been proposed, with the new legislation in place, landlords can insist on their tenants' pets having pet insurance, certificates, and, in the case of dogs, being microchipped. Landlords will be able to increase rents, but the notice period to do so will be doubled.

Private rental property portal
This aims to help landlords have a better understanding of their legal obligations. This will define issues in compliance and improve the landlord-tenant relationship. Each party will know where they stand and be better informed of their rights, reducing confusion and potential conflict.

When will it come into effect?
With some predicting October 2024, there are many stages for the Bill to pass before it becomes law. The House of Commons has yet to complete the report stage and committee stage before having a third reading. Then the Bill will have to pass the House of Lords with the same five stages as the House of Parliament, and finally, after all of this, face amendments before gaining royal assent. This means that the finer details of the Bill could change before it becomes law, and the current proposals have a long way to go before they are set in stone.

The importance of a good letting agent
Ultimately, tenants want a great place to live and are entitled to feel secure and live in a property that is up to standard. Landlords need to protect their investments and their property. Using the right agent will mean that you, as a tenant, will only ever find property of a good standard and equally reputable landlords. As a landlord, using a letting agent means you will have the opportunity to let your property to reliable tenants thoroughly checked with references and with as many other letting management facilities as you require. So it’s in both parties interests to use a letting agent, making letting and renting a seamless and enjoyable process. Not to mention reducing the worries and risks for renters and landlords in light of the new reforms.

Whether you are renting or letting, contact our friendly team today so you can make the most of all your property plans.

GOV.UK*

 

You are relaxing with a drink in the garden, and the summer scent of flowers and sweet grass mingles with whatever you are cooking on the barbeque. You take a long sigh and feel so happy that you have made the effort to move. Perhaps you have not experienced this feeling for a while. It could be that you are a first-time buyer and are eagerly awaiting this special and unique feeling. As the market stands, there is more than just nice weather and pretty houses to tempt you into moving.

Strong sales
With the UK housing market currently sitting at 500,000 sales, many analysts expect to see these figures rise to more than one million by the end of the year.* This is good news; it means that your home will sell quickly if you put it on the market. And is more proof that the property market is vibrant and far more resilient than the gloomy picture painted by the mainstream media.

The summer rush
Many people are hastily getting on the move in time for summer, not wanting to move during the colder months of winter. Summer is a beautiful time of year to move to your ideal home and is traditionally a busy time of year. For sale signs start appearing as quickly as summer flowers, giving you more choice. But it’s best not to wait for a sign to go up; keep in touch with your friendly agent, as homes can disappear from the market as quickly as they appear. Your agent will alert you the moment the right property for you becomes available.

Surging choice of homes
With 65% more choice in homes than this time last year.* The buying process today is far more enjoyable. You no longer have to worry about making offers over the asking price. From large and small energy-efficient homes that ooze character to new builds, and interesting period properties in a multitude of rural and urban locations, the choice on today’s market is more varied than ever. Homes across the market have undergone a massive amount of improvement during the home improvement boom of recent years. That said, there are plenty of projects waiting for you to put your mark on.

Summer is a great time of year to move
The kids are off school, the days are longer, the weather is not as harsh, and moving your belongings in more clement weather is a nicer experience. It’s also a great time to meet the new neighbours for a drink in the garden or a barbeque after you move in.

Good timing
Timing counts for a lot when it comes to selling your home, and right now the market is a hive of activity. A good agent will have their finger on the pulse and have a buyer waiting for your home to make its appearance on the market.

A vision of summer living
Bright and breezy rooms with seasonal flowers, drinks on the decking as the sun goes down, or the smell of something delicious cooking on the barbeque, or a simple, more compact space with a few candles and soft music soothing you after a hard day’s work are worth making the effort for.

Don’t waste any more time and make your move this summer?

Get in touch to see how we can help.

Zoopla*

 

Summer is the perfect time to prepare your home for a speedy sale. Homes seem to blossom at this time of year, and when all your hard work is done, the sun illuminates and makes your home look like a picture. Sometimes it’s a question of having the time to get all those little jobs done. For others, it’s knowing when to stop. So, wherever you are on the spectrum, here are a few ideas to consider that will help add to the value of your home.

Increase the kerb appeal of your home
The front of your home is what will welcome your buyers, and many people make a big part of their buying decision on first glance. Does it look welcoming and in good order? Get rid of any weeds on the paths. Clean the windows and the front door. Consider replacing it if it’s a cost-effective move to make. Add some flowers, mow the lawn, and give it a lick of paint if it’s needed.

The garden and outdoor living spaces
Take a good look at your garden; it’s considered by many buyers to be as important as any room in the house. Keep it trim and in order, and make the most of those finishing touches, such as solar lighting or cushions for the garden furniture. Does the patio need weeding, or the decking need re-staining? Arrange your furniture, flowerboxes, or outdoor space so that it looks welcoming and ready to be lived in while decluttering any unnecessaries like the kids’ toys or football!

A splash of paint
Inside your home, a splash of paint adds a new lease on life to your walls and can be mood-altering, putting your buyers in the mood to move. It could be that you only need the odd splash here and there to get rid of any blemishes. If you are painting entire rooms, think neutral colours that will add light and a feeling of space. Remember the golden rule: If it’s not needed, don’t waste your money.

Clean and declutter
Your home needs to look like the best version of itself. A cost-free way of doing this is to simply give your home a good cleaning. Have a good sort-out; it will stand to you when it comes to moving. Pay particular attention to the kitchen work surfaces, the bathroom, and the sitting room. This will create a nice feeling of space.

Let the light in
Draw back the curtains, let in as much light as possible, and hang a few mirrors to create an allusion of space. Add some flowers and dial your home into the summer season. A few brightly coloured cushions or plants can add some vibrancy to your cleaner and brighter home, making it more appealing.

Small repairs
Now is the time to get all those niggling issues sorted, from the cracked skirting board to the scorched tap. A few new seals in the bathroom, or better yet, regrouting or resealing around the tiles, can add a new lease of life to your bathroom or kitchen and make a big impact for not a lot of money.

Bigger ideas
Perhaps your garden could be transformed by adding decking; suddenly you will have added an outdoor living space. Consider installing new windows or a revamped porch. Perhaps, after careful consideration of costs, you could make the kitchen and dining room open-plan? Talk to your agent if you think you will get more than the cost of completing the work when it comes to selling; maybe it’s worth doing. The choice is yours, and the possibilities are endless. A good chat with your local agent is always a good place to start.

Get in touch today to see how we can help you achieve a great asking price for your home this summer.

 

On Thursday 11 May 2023, the Bank of England raised interest rates (the base rate) by 0.25% to 4.50%.* Don’t panic; this latest interest rate rise is relatively small and will not impact your mortgage rate significantly, or, in some cases, not at all. With this latest increase in the base rate being the twelfth consecutive rise, you could be forgiven for thinking; not again! However, with inflation finally falling, interest rates appear to be peaking.

Why another increase in the base rate?
The Bank of England raises the base interest rate to curb inflation. Inflation is the increase in the cost of goods and services, or the cost of living. The idea is an increase in interest rates means more people will save instead of spend, which reduces inflation as there is less demand for goods and services. Currently, at 8.7%, the rate of inflation is still way short of the Bank of England’s 2% target.* The inflation rate remained high at 10.1% up to March.** So the good news is it’s coming down, just not as quickly as first thought.

Why is inflation coming down?
More positive news is, the Bank of England expects inflation to fall to 5% by the end of this year and reach its 2% target by the end of next year.* There are a number of reasons for this. Wholesale energy prices have fallen, the price of imported goods is expected to fall as production issues are resolved, and less demand for goods and services in the UK.

What does all this mean for your mortgage?

• Mortgage rates: If you are taking out a mortgage, the increase in the cost of your mortgage, if the mortgage interest rate increased from 4.44% to 4.52% for an average priced house, in the UK, on a five-year fixed rate, would mean an increase of £14 per month.** Mortgage rates hovered around this level from late May to early June, but there may be another small increase in anticipation of a further base rate increase toward the end of June.
• Fixed-rate deal: If you are on a fixed-rate deal your interest rate will not go up until the end of your deal. If you are thinking about buying, a good move is to port your mortgage allowing you to move home with your existing mortgage.
• First-time buyer mortgages: This sector of the market is doing well. Demand for first-time buyer homes is very strong and because of this lender mortgage interest rates are some of the most competitive in this sector. And with the return of 100% mortgages and the government’s Mortgage Guarantee Scheme still in place, it’s little wonder demand is good.
• Tracker mortgages: The cost of these types of mortgages are often greater than fixed-rate mortgages. Right now, variable interest rate mortgages are considerably higher in the short term and any increases in the base rate will increase your variable interest rate.

A huge choice of mortgages
According to Moneyfacts, there were 5,385 residential mortgage deals on the market at the end of May.*** That’s more than double the amount available toward the end of last year. This figure may reduce a little if there is another increase in the base rate in June to a figure of 5,000.*** This is a small reduction and represents a tweak in a stable market and not a significant change.

Conclusion
The property market is very resilient with prices and demand far exceeding expectations. Interest rates are peaking and while there is a chance of another increase in interest rates in the short-term, they are expected to come down as inflation lowers. Any increases are tiny adjustments and there is a huge variety of innovative mortgage products on the market. This helps you to offset the increase in interest rates as property prices will likely increase as interest rates fall. So, waiting to make your move may not necessarily save you any money.

Have you got your heart set on moving now?

Browse our website or get in touch with our helpful team today.

Bank of England*
Rightmove**
Moneyfacts***