Bank of Bro and Sis helping fund South London Property Purchases

Research by Hamptons shows that siblings are increasingly chipping in to help brothers and sisters onto the property ladder. In 2023, siblings made up a record 11% of family members contributing to first-time buyer deposits, more than double the share recorded five years ago (5%).

There are a number of ways that South London homeowners can help their siblings get onto the property ladder. Here are a few ideas:

• Offer to gift money towards their deposit. This is the most straightforward way to help your sibling buy a home. However, it is important to make sure that you can afford to gift money without impacting your own financial situation.
• Co-sign a mortgage. This can help your sibling to qualify for a mortgage or to get a better interest rate. However, it is important to be aware of the risks involved in co-signing a mortgage, such as being liable for the debt if your sibling defaults on the loan.
• Help your sibling to save for a deposit. You could offer to help your sibling with their monthly budget or to set up a savings account for them. You could also offer to match their savings contributions up to a certain amount.
• Provide practical support. This could include helping your sibling to find a property, negotiate on price, or move house.

If you are considering helping your sibling to buy a home, it is important to talk to them about their needs and expectations. You should also discuss the financial implications of your support with them.

Here are some additional tips for South London homeowners who are helping their siblings to buy a home:

• Make sure that you are clear about the terms of your support. This includes things like whether the money you are giving your sibling is a gift or a loan, and whether there are any conditions attached to your support.
• Get legal advice. It is a good idea to get legal advice before you offer to gift money or co-sign a mortgage for your sibling. This will help you to understand the risks involved and to protect your own interests.
• Be realistic about your expectations. It is important to be realistic about your ability to help your sibling financially and to set realistic expectations for them.

By following these tips, South London homeowners can help their siblings to get onto the property ladder and achieve their dream of homeownership.

Contact me today to find out how you can benefit from the current market trends. Or if you would like to know the value of your home check out my online valuation tool.

Soaring UK Rent Prices: Why Now is the Time for South London Homeowners to Consider Selling

The UK rental market is experiencing unprecedented growth, with the Office for National Statistics (ONS) revealing a 5.5% year-on-year increase in rent prices as of August 2023. This uptick follows a previous increase of 5.3% in July 2023, highlighting the relentless demand for rental properties amid a nationwide housing crisis.

What's Happening Across the UK?

England: A 5.4% annual increase in rent prices.

Wales: A surge of 6.5%.

Scotland: An increase of 6%.

Surprisingly, London leads the pack in England with a staggering 5.9% growth in rent prices—marking the highest annual percentage increase since ONS records began in 2006.

The View From The Ground

Jeremy Leaf, a seasoned estate agent in North London, affirms that the current data echoes the market conditions, notably the scarcity of rental properties. The increased cost of mortgage rates and heightened tax and regulatory burdens are encouraging landlords to exit the rental market, consequently driving up rents.

The Expert Take

Anna Clare Harper, CEO of GreenResi, highlights that public policy has focused more on homeowners, leading to a set of challenges that have accelerated a landlord exodus. This is backed by auction data showing a five-fold increase in traditional landlord properties available compared to last year.

The State of Affairs in Richmond

Harriet Scanlan, a lettings manager at a Richmond estate agency, concurs with this sentiment, citing multiple offers and above-asking price deals as evidence of high demand and low supply.

What This Means for South London Homeowners

Given the rate at which rental prices are rising, especially in London, now could be an excellent time for South London homeowners to consider selling their properties. With a shortage in rental supply, potential buyers, including investors, are likely to be more willing to pay a premium for available homes.

If you're contemplating a move or interested in exploring the lucrative South London property market, look no further. With 20 years of experience specialising in South London properties, I can provide unparalleled expertise and insight to guide you through a successful sale.

Contact me today to find out how you can benefit from the current market trends. Or if you would like to know the value of your home check out my online valuation tool.

Cash buyers swoop in on South London Property

The latest data from specialist property lending platform Octane Capital shows that cash buyers are paying on average £27,600 less than mortgage buyers for properties in Great Britain, with the exception of London.

This gap in price has widened over the past 20 months, as rising interest rates have made it more difficult for people to qualify for a mortgage and the cost of living crisis has made it harder to save for a deposit.

In the South West, cash buyers accounted for 38% of transactions between December 2021 and April 2023, suggesting that competition from cash buyers is particularly strong in this region.

What does this mean for South London homeowners?

If you are a homeowner in South London, there are a few things you should keep in mind in light of the latest data on cash buyers.

• Be prepared to negotiate on price. Cash buyers are often in a stronger position to negotiate on price, as they can move quickly and don't have to worry about getting a mortgage approved.
• Present your property in the best possible light. Make sure that your property is clean and well-maintained, and that the photos you use in your advertising are high quality.
• Consider using a reputable letting agent. A good letting agent can help you to market your property effectively and find the right buyer, whether they are a cash buyer or a mortgage buyer.
• If you are selling your property in South London, it is important to be aware of the latest trends in the market and to be prepared to negotiate on price, especially if you are facing competition from cash buyers.

Additional tips for South London homeowners selling their property:

• Target the right buyers. Consider the type of buyers who are most likely to be interested in your property. For example, if you have a family home, you may want to target families with young children.
• Be responsive to enquiries. Buyers expect a quick response from sellers when they enquire about a property. If you are not responsive, you may miss out on the best buyers.
• Be flexible on closing dates. Cash buyers are often able to close more quickly than mortgage buyers, so be prepared to be flexible on your closing date if you are facing competition from a cash buyer.

Rental Supply in South London is up in July

The latest rental market data from Chestertons shows that there were 39% more rental properties on the market in London in July 2023 compared to July 2022, while the number of new tenants entering the market decreased by 5%. This suggests that market conditions continue to improve for tenants in the capital.

With more properties to choose from and slightly less competition, tenants often now have the upper hand during price negotiations. As a result of this shift in power, 88% more landlords than this time last year were willing to reduce their asking rent in order to secure the right tenant for their property.

Areas of London that have been in particularly high demand with tenants in July include St. John’s Wood, South Kensington, Islington, Canary Wharf, Hampstead, Clapham and Fulham.

What does this mean for South London homeowners?

If you are a homeowner in South London, there are a few things you should keep in mind in light of the latest rental market data.

You may need to be more flexible on price. With more rental properties on the market and tenants having more choice, you may need to be willing to reduce your asking rent in order to attract tenants.

You should present your property in the best possible light. Make sure that your property is clean and well-maintained, and that the photos you use in your advertising are high quality.

You should be responsive to enquiries. Tenants expect a quick response from landlords when they enquire about a property. If you are not responsive, you may miss out on the best tenants.

Overall, the latest rental market data suggests that South London homeowners may need to be more flexible on price and presentation in order to attract tenants. However, the market is still relatively balanced, so there are still opportunities for homeowners to achieve good rental yields.

Here are some additional tips for South London homeowners who are looking to rent out their property:

• Target the right tenants. Consider the type of tenants who are most likely to be interested in your property. For example, if you have a family home, you may want to target families with young children.
• Use a reputable letting agent. A good letting agent can help you to market your property effectively and find the right tenants.
• Be prepared to offer incentives. In a competitive market, you may want to offer incentives to tenants, such as a rent-free period or a contribution towards moving costs.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

Only 14% of South London Landlords Optimistic about Renters Reform Bill

The Renters (Reform) Bill, which was introduced in May 2022, is still dividing opinion in the lettings industry, according to a new survey by RentTech platforms Goodlord and Vouch.

The survey, which polled more than 2,000 letting agents, landlords and tenants, found that the majority of landlords (62%) felt pessimistic about the bill, while only 14% were optimistic. Letting agents were more divided, with 43% feeling pessimistic and 29% optimistic.

The bill, which is still going through Parliament, would ban "no-fault" evictions and introduce a number of other measures to protect tenants. However, landlords have argued that it would make it more difficult for them to rent out their properties and could lead to a decline in the rental market.

The survey also found that landlords were more negative about the introduction of a property ombudsman than letting agents or industry suppliers. Only 22% of landlords felt that the ombudsman would have a positive impact, while 42% of letting agents and 41% of industry suppliers were optimistic.

The ombudsman would be responsible for resolving disputes between landlords and tenants. It is seen as a way of providing more protection for tenants and ensuring that they are treated fairly.

The survey findings suggest that the Renters (Reform) Bill is still a controversial issue in the lettings industry. It remains to be seen how the bill will be implemented and what impact it will have on the market.

Here are some additional thoughts on the findings of the survey:

The fact that the majority of landlords are pessimistic about the Renters (Reform) Bill is not surprising. The bill would make it more difficult for them to evict tenants and could lead to a decline in the rental market.

The fact that letting agents are more divided in their views is interesting. This suggests that some agents believe that the bill could be beneficial to tenants and could help to improve the rental market.

The fact that landlords are more negative about the introduction of a property ombudsman is also not surprising. Landlords are concerned that the ombudsman would be biased towards tenants and would make it more difficult for them to evict tenants.

Overall, the survey findings suggest that the Renters (Reform) Bill is a complex issue with no easy answers. It will be interesting to see how the bill is implemented and what impact it has on the lettings industry.

If you are interested in knowing more or you are curious as to what your rental property is worth today drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!