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!

Bank of Mum and Dad still Funding Purchases in South London

The Bank of Family is a term used to describe the financial support that families provide to help their loved ones buy a home. In South London, the Bank of Family is playing an increasingly important role in helping people get onto the property ladder.

According to research by Legal & General, 47% of all homes purchased in South London this year will be partially funded by the Bank of Family. This is up from 42% in 2022 and 35% in 2021.

The average amount of money being gifted by families in South London is £30,200. This is higher than the national average of £25,600.

The Bank of Family is playing such a big role in South London because house prices in the area are so high. The average house price in South London is now £500,000. This is out of reach for many people, even those who have a good job and a steady income.

The Bank of Family is helping to bridge the gap between what people can afford and the cost of buying a home in South London. It is also helping to level the playing field for people who do not have wealthy parents or grandparents.

Of course, not everyone has access to the Bank of Family. This can create inequality in the housing market, with those who have family support being able to buy a home sooner and easier than those who don't.

The government is aware of the problem and is looking at ways to make it easier for people to get onto the property ladder without relying on the Bank of Family. One of the proposals is to introduce a "shared equity scheme" where the government would provide part of the deposit for a home.

This is a positive development, but it is important to remember that the Bank of Family is not going away anytime soon. It is likely to continue to play an important role in helping people get onto the property ladder in South London and other parts of the country.

Here are some tips for homeowners who are considering using the Bank of Family to help them buy a home:

• Be clear about what you need from your family. Do you need a loan or a gift? How much money do you need?
• Be honest with your family about your financial situation. They need to know what they are getting into.
• Make a plan for repaying the loan or gift. This will help avoid any problems down the road.
• Be grateful for the help your family is providing. This is a big gesture and it is important to show your appreciation.

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!

Zoopla Predicts Lowest transaction levels in a decade for South London Homesellers

The housing market in South London is slowing down, as rising mortgage rates and affordability challenges are making it more difficult for buyers to move.

According to Zoopla, the number of home sales in South London is down by 28% in the first half of 2023 compared to the same period last year. This is the biggest slowdown in sales in the region since 2008.

The slowdown is being driven by a number of factors, including:

• Rising mortgage rates: Mortgage rates have been rising steadily in recent months, making it more expensive for buyers to borrow money.
• Affordability challenges: The cost of living is also rising, making it more difficult for buyers to save for a deposit and afford monthly mortgage payments.
• Weaker demand: Some buyers are also holding off on making a move, waiting to see if house prices fall further.

The slowdown is having a mixed impact on different types of properties. Sales of smaller, more affordable homes have fallen less than sales of larger, more expensive homes. This is because smaller homes are more affordable for buyers who are on a tight budget.

The slowdown is also having a different impact on different areas of South London. Sales have fallen more in areas where house prices are highest, such as Richmond and Wimbledon. This is because buyers in these areas are more sensitive to changes in mortgage rates.

The housing market in South London is expected to remain subdued for the rest of 2023. However, there are some signs that the market may be starting to bottom out. Mortgage rates have started to fall in recent weeks, and there is some evidence that demand is starting to pick up.

If you are thinking of buying a home in South London, it is important to be aware of the current market conditions. You should also get pre-approved for a mortgage before you start looking at properties. This will give you an idea of how much you can afford to borrow and will make the buying process smoother.

Here are some tips for buying a home in a slow market:

• Be prepared to act quickly. When homes do come on the market, they tend to sell quickly.
• Be flexible with your criteria. If you are willing to compromise on things like location or size, you may be more likely to find a home that you can afford.
• Be prepared to negotiate. Sellers may be more willing to negotiate on price in a slow market.
• Don't give up. The housing market is cyclical, and conditions will eventually improve.

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!

Most Important Feature in your South London Rental Property

The rental market in South London is a competitive one, with landlords vying for the attention of potential tenants. In order to stand out from the crowd, it is important to offer properties that meet the needs of renters in the area.

A recent study by Redmayne Smith has revealed the top five property features that are most desired by renters in South London in 2023. These are:

1. Parking: With many people in South London relying on cars for their commute, parking is a major concern for renters. Properties with allocated parking spaces are in high demand.
2. Furnished: Many renters are looking for properties that are move-in ready, so furnished properties are also popular. This is especially true for professionals who are relocating to the area and don't have time to furnish a property themselves.
3. Balcony or patio: A balcony or patio is a great way to enjoy the outdoors, and it is especially popular with renters who want to entertain guests or relax in the fresh air.
4. Proximity to schools: Families with children are looking for properties that are close to good schools. This is especially important in South London, where there are a number of highly regarded schools.
5. Bills included: Many renters are looking for properties where the bills are included in the rent. This can save them money and hassle.

In addition to these top five features, there are a number of other things that renters in South London are looking for in a property. These include:

• Good transport links
• A safe and secure neighborhood
• A modern and well-maintained property
• A spacious and bright layout
• A pet-friendly property

If you are a landlord in South London, it is important to consider these factors when marketing your property to renters. By offering a property that meets the needs of renters, you can increase your chances of renting it out quickly and for a good price.

Here are some additional tips for landlords in South London:

• Keep your property well-maintained and clean.
• Be responsive to tenant inquiries and requests.
• Offer competitive rent prices.
• Provide good tenant screening.
• Be a fair and reasonable landlord.

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!

AirBnB Clampdown in South London

A body largely consisting of councils in Devon wants more controls over Airbnbs and other short lets. The Devon Housing Commission has written to Housing Secretary Michael Gove demanding two key legislative changes:

1. The requirement for registration of short-term lettings, in order to establish the facts.
2. The requirement for a change of use planning consent for any new short-term letting: this would enable each local authority to determine how many more holiday lettings of this kind should be acreated in their area.

The commission is a partnership between 11 local authorities and supported by the University of Exeter. It claims there’s been an increase of over 10 per cent in second homes across Devon since 2021.

It says it wants to limit growth of short-term lets by private landlords and companies, while still enabling people to supplement their income by letting rooms in their own homes.

It says there is widespread concern in Devon at the number of properties being switched from longer-term to short-term lettings, which is severely impacting local people in need of a rented home. The Commission believes this switching is a key reason for the fall of 50 per cent in private lettings across the county and by as much as 67 per cent in North Devon.

The commission's proposals have been welcomed by some local residents and businesses, but have been criticized by others who say they will stifle tourism and economic growth.

The government is currently considering the commission's proposals.

What do you think? Should there be more controls over short lets?

Here are some of the pros and cons of more controls over short lets:

Pros:

• Could help to reduce the number of properties being switched from longer-term to short-term lettings, which would make more homes available for local people.
• Could help to bring down rents, as there would be less competition for rental properties.
• Could help to improve the quality of accommodation available for short-term lets, as landlords would need to comply with stricter regulations.

Cons:

• Could stifle tourism and economic growth, as people would be less likely to visit places where there are strict controls on short lets.
• Could be difficult to enforce, as it can be hard to track down illegal short lets.
• Could lead to a loss of jobs in the tourism industry.

Ultimately, the decision of whether or not to introduce more controls over short lets is a complex one with no easy answers. It is important to weigh up the pros and cons carefully before making a decision.

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!

South London Tenants Protected even AFTER tenancy!

With the cost of living rising and the number of landlords selling up on their properties increasing, tenants in South London are facing increasing financial uncertainty. However, there are a number of laws that protect tenants from landlord disputes.

Here are some of the most important tenants' rights in South London:

• The Tenant Fees Act 2019 prohibits landlords from charging tenants for a range of fees, including for referencing, inventory, and cleaning.
• The Landlord and Tenant Act 1985 states that landlords are responsible for repairs to the property, including fixing faulty appliances and making sure that the property is safe and in a habitable condition.
• Section 21 of the Housing Act 1988 allows landlords to evict tenants with just 8 weeks' notice, but this law is being abolished later this year.
• Section 48 of the Landlord and Tenant Act gives tenants the right to know the name and address of their landlord.
• The Tenancy Deposit Protection Act requires landlords to protect tenants' deposits in a government-approved scheme.
• If you are a tenant in South London, it is important to know your rights. If you have any questions or concerns, you should contact a housing advice agency.

Here are some additional tips for tenants:

• Keep a record of all communications with your landlord, including emails, letters, and text messages.
• Take photos of the property when you move in and when you move out to document the condition of the property.
• Be prepared to stand up for your rights. If your landlord is not complying with the law, you should contact a housing advice agency for help.

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!

Bailiff Crisis Puts South London Landlords at Risk

A severe bailiff crisis is brewing in the UK, and South London landlords are particularly at risk.

The number of County Court bailiff evictions being put on hold or cancelled is increasing, due to a lack of Personal Protection Equipment (PPE) for bailiffs. This is compounded by the historic lack of investment in the courts, and rising interest rates, which are sparking landlord panic to exit the rental market.

In Q1 2023, landlord repossessions in the county courts rose by 69% in comparison to the same quarter in 2022. This is before Section 21 is abolished and more eviction cases end up in the courts.

Landlord Action, an eviction and housing law specialist, is calling on Judges at County Courts to start granting leave to transfer more eviction cases with serious arrears to the High Court to share the burden of rising workload.

Some landlords have already waited more than six months to reach the point of eviction and are being financially crippled by the delays. In one case, a landlord waited 16 weeks from the date the possession order was granted to the date the bailiff appointment was confirmed. However, the bailiff then called to say that the eviction could be delayed due to the PPE issue.

Paul Sowerbutts, Head of Legal at Landlord Action, says: "We've offered our client the opportunity to re-apply to have his case transferred up to the High Court, but naturally there is a reluctance as this is yet another cost for the landlord. Whilst the High Court could help alleviate the delays, it won't solve the crisis we are facing."

Daren Simcox, CEO of High Court Writ Recovery, a private bailiff firm, says that the number of County Court bailiffs employed by courts to attend evictions has been waning as government policy has affected team sizes. This means that some bailiffs now cover multiple courts, resulting in unmanageable workloads.

He adds: "The bailiffs simply don't have the time to wait, so if there is a problem on the eviction day, they are moving on after 10-15 minutes leaving cases unresolved.

"The current wait time for possession in some cases is 37 weeks from claim to possession – that's nine months and simply isn't acceptable. Judges should be granting permission to transfer up to the High Court as a matter of course, given the current circumstances."

If you are a landlord in South London, you need to be aware of the bailiff crisis and take steps to protect yourself. Here are a few things you can do:

• Start the eviction process early. The sooner you start, the sooner you will be able to get the eviction completed.
• Be prepared to pay for a High Court eviction. This is usually more expensive than a County Court eviction, but it is often quicker.
• Work with a qualified eviction lawyer. They can help you navigate the legal process and protect your rights.

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!

Cash Buyers Are Paying Less Than Mortgage Holders in South London

 A new study has found that cash buyers are paying an average of £27,600 less than mortgage holders for properties in South London.

The study, by specialist property lending platform Octane Capital, compared transactions and prices in the mortgage and cash buyer markets between December 2021 and April 2023.

It found that the gap between cash and mortgage prices has widened in recent months, as the cost of living crisis has made it more difficult for people to get a mortgage.

In the South West, cash buyers accounted for 38% of transactions during the study period, compared to 22% in London.

This suggests that there is more competition from cash buyers in the South West, which is driving down prices.

Octane chief executive Jonathan Samuels said: "It's always been easier to buy with cash than spend time arranging a mortgage, but in the current environment it seems that advantage is bigger than ever, with cash buyers saving £27,600 compared to their mortgage counterparts.

"Mortgaged buyers are subject to more processes and delays, making it hard to compete with those who can swoop in with an immediate lump sum of cash.

"It's also far tougher to qualify for a loan than in late 2021, as surging interest rates make it harder from an affordability perspective, so buying with a mortgage is not an easy task.

"If you are able to qualify for a mortgage, our data suggests you should get your finance arranged as quickly as possible to ensure you can seal the deal, even if you have competition from a cash buyer.

"In some regions, like the South West, that competition is particularly fierce, so you have to be ready to hand over the money."

The study also found that the gap between cash and mortgage prices is widening in every region of Great Britain, with the exception of London.

This suggests that the trend of cash buyers paying less than mortgage holders is likely to continue in the coming months.

If you are a homebuyer in South London, it is important to be aware of the competitive landscape and to make sure you are prepared to act quickly if you find a property you want to buy.

Here are some tips for homebuyers in South London:

• Get your finances in order as early as possible. This will make it easier to get a mortgage and to compete with cash buyers.
• Be prepared to act quickly. If you find a property you want to buy, be prepared to put in an offer as soon as possible.
• Be realistic about your budget. The competition from cash buyers is likely to drive up prices, so you need to be realistic about what you can afford.
• Don't be afraid to negotiate. If you find a property you love but it is out of your price range, don't be afraid to negotiate with the seller.

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!

South London Buy-to-Let Investors: Secure a New Mortgage Rate Now

 The Bank of England is expected to raise the base rate again in September, which could mean higher mortgage payments for buy to let investors in South London.

Gavin Richardson, the managing director of Mortgages for Business, is urging investors to secure a new mortgage rate as early as possible, even six months in advance.

"I think inflation will fall as low as five per cent in the final quarter of this year," he says. "But the Bank of England is still going to increase the Base Rate in September — probably by a further 0.25 per cent.

"So if you're approaching remortgage, while I expect inflation to ease, I recommend securing a new rate as early as possible.

"For some lenders, this can be up to six months before the end of your Early Repayment Charge period. If mortgage interest rates decrease, many lenders allow you to switch to a more competitive product should one become available before you complete.

"If you are on a tracker or variable mortgage that follows the Base Rate, you have time to secure a fixed-rate deal before the next [Bank of England] meeting.

"If you wait, you will see your mortgage repayments increase once again following the Base Rate rise. It's worth exploring your fixed-rate options with a broker to see how much you could save on your monthly payments."

The government announced the Consumer Price Index inflation rate was 6.8 per cent in July, down from 7.9 per cent in June. Inflation peaked last October, around the time of the failed Truss-Kwarteng mini-budget, at 11.1 per cent.

The Bank of England next meets on September 21 to discuss base rate. Richardson concludes: "As long as inflation continues the same downward trajectory though, we forecast the next rise will be the final increase this year."

If you are a buy to let investor in South London, it is important to act now to secure a new mortgage rate. The sooner you act, the more likely you are to get a good deal. A mortgage broker can help you compare rates and find the best deal for your needs.

Here are some tips for securing a new mortgage rate:

• Start the process early. The sooner you start, the more time you will have to shop around and compare rates.
• Get quotes from multiple lenders. Don't just rely on one lender's offer. Get quotes from at least three different lenders to see who can offer you the best deal.
• Be prepared to switch lenders. If you are not happy with your current lender's offer, be prepared to switch to a new lender.
• Consider a fixed-rate mortgage. A fixed-rate mortgage will protect you from interest rate increases for a set period of time.

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!

South London Property Market Update: Asking Prices Drop as Sellers Seize the Initiative

The average asking price of newly marketed properties in South London has fallen by 1.9% this month to £364,895, according to the latest Rightmove figures.

This is the biggest drop in asking prices at this time of year since 2018, outpacing the average drop of 0.9% in August’s traditional summer slowdown.

Rightmove says the much larger than usual price drop this month indicates that some sellers are "seizing the initiative" and heeding their agents’ advice to price competitively for their current local market conditions, in order to attract a buyer against the backdrop of holidays, cost of living pressures, and the highest Bank of England Base Rate since 2008.

What does this mean for buyers and sellers?

For buyers, this is good news. It means that there are more properties on the market at more affordable prices. If you are looking to buy a home in South London, now is a good time to start your search.

For sellers, it is important to price your property competitively. If you price your property too high, it is likely to sit on the market for longer and you may have to make a price reduction.

What are the key factors affecting the South London property market?

The main factors affecting the South London property market are:

• The rising cost of living, which is making it more difficult for people to afford to buy a home.
• The increase in interest rates, which is making mortgage payments more expensive.
• The ongoing uncertainty caused by the war in Ukraine.
• What is the outlook for the South London property market?

It is difficult to say with certainty what the future holds for the South London property market. However, it is likely to remain challenging for buyers and sellers.

If you are considering buying or selling a home in South London, it is important to speak to an experienced property advisor who can help you understand the market conditions and make the best decision for your circumstances.

Here are some tips for buyers and sellers in the South London property market:

Buyers:

• Be prepared to act quickly when you find a property that you like.
• Be prepared to negotiate on price.
• Consider getting a mortgage pre-approval before you start your search.

Sellers:

• Price your property competitively.
• Get your property professionally staged.
• Market your property widely.

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!

Landlords in South London Twice as Likely to Sell. Opportunity?

The housing market for landlords is becoming increasingly challenging, as more landlords are selling properties than buying them. A new report from research consultancy BVA-BDRC reveals that, in Q2 2023, over one in ten (12%) of landlords in England and Wales sold properties. In contrast, only 5% purchased properties during this same period.

This trend is being driven by a number of factors, including the rising cost of living, the increase in interest rates, and the uncertainty caused by the war in Ukraine. The rising cost of living is making it more difficult for landlords to cover their costs, while the increase in interest rates is making it more expensive to borrow money. The war in Ukraine is also causing uncertainty in the global economy, which is making landlords less confident about the future. Things that are certain are increased taxation, regulation and rents. Room for more profit then?

The increasing regulation of the private rental sector is a factor that is making it more difficult for landlords. The government has introduced a number of new regulations in recent years, which have increased the costs and responsibilities of landlords. These regulations include the introduction of a minimum energy efficiency standard for rented properties, the ban on letting fees, and the requirement for landlords to carry out safety checks on their properties.

The challenges facing landlords are likely to continue in the coming months. The rising cost of living and the increase in interest rates are expected to continue, and the war in Ukraine is likely to remain a source of uncertainty. As a result, it is likely that more landlords will sell properties or cut back on the number of properties they let.

This trend is having a number of implications for the housing market. First, it is leading to a decrease in the supply of rental properties. This is making it more difficult for people to find a rental property, and is pushing up rents. Second, it is leading to a decrease in the number of landlords. This is reducing the competition in the rental market, and is making it easier for landlords to raise rents.

The challenges facing landlords are likely to have a significant impact on the housing market in the coming months. It is important for both landlords and tenants to be aware of these challenges and to plan accordingly.

It is difficult to predict how the housing market for landlords will develop in the coming months. However, it is clear that the challenges facing landlords are likely to continue. Landlords should be prepared for further challenges, including rising costs and increased regulation. Hopefully rents will keep rising to make a fair risk vs reward ratio! If you need help balancing up the numbers on a particular property you are looking at then do get in touch - I can help you crunch the numbers on your next investment for sure!

Fewer Buyers in the South London Market, but Sellers Undeterred

The housing market in the UK is showing signs of cooling, as the number of buyers in the market decreases. However, sellers are still reluctant to reduce their asking prices, leading to a mismatch between supply and demand. Yes indeed, Londoners are among the most STUBBORN of home sellers when it comes to the value of their home. The property is only worth what someone is willing to pay for it AT THAT POINT IN TIME. I've been doing this for 20 years and trust me when I say that willing it to be worth more does not make it so...

Chestertons event reported that the number of buyers registering with the agency fell by 3% in July compared to June. The number of properties for sale also fell by 1%. The average time it took to sell a property in London was 52 days, which is up from 47 days in June. Quicker than the national average, mind.

Matthew Pointing, Chestertons' head of research, said that the housing market is "showing signs of cooling" but that sellers are "still holding out for strong prices. The combination of rising inflation, interest rates and the ongoing uncertainty in the global economy is starting to weigh on buyer sentiment," he said.

Pointing said that he expects the housing market to remain competitive in the coming months, but that there could be some "modest price falls" in some areas. The factors that are driving the slowdown in the housing market include the rising cost of living, the increase in interest rates, and the uncertainty caused by the war in Ukraine. The rising cost of living is making it more difficult for people to afford to buy a home, while the increase in interest rates is making mortgages more expensive. The war in Ukraine is also causing uncertainty in the global economy, which is making people less likely to make major financial decisions, such as buying a home.

Despite the slowdown, the housing market in London remains strong. The average asking price for a property in London is now £650,000, which is up 10% from last year. This is due to the limited supply of housing in London and the strong demand from both domestic and international buyers.

It remains to be seen how the housing market will develop in the coming months. However, it is likely that the market will remain competitive, as sellers are unlikely to drop their asking prices. They will simply have to cope with a slower sale, or no sale at all as research shows that only HALF of properties listed ever get sold. Let that sink in...

If you are looking to sell then don't be dazzled by high asking prices and low fees - be realistic and understand that you may have to take a bit of a haircut to get moving. Remember that moving up the ladder this is entirely to your benefit. Losing 10% of £500k and winning 10% of £1m is a net positive!

If you are after a realistic, actual valuation of your home then do drop me a line.

South London Mortgage War Sparked by Economic News

There is a possibility of a mortgage war in the UK, triggered by improving economic news. A mortgage war is when lenders compete for borrowers by offering lower interest rates and other incentives. Sounds like a war I'd love to be in!

Here are the factors currently at play that is causing increased competition between lenders (and let's jubilate as they drop their rates):

• The Bank of England's recent decision to raise interest rates, which is expected to put upward pressure on mortgage rates.
• The government's plan to extend the mortgage guarantee scheme, which could make it easier for borrowers to get a mortgage.
• The improving economic outlook, which could lead to more people feeling confident about taking on debt.

If, sadly, not when, a mortgage war does occur, it could have a number of implications for South London homeowners.

• Homeowners could benefit from lower interest rates, which could make their monthly payments more affordable.
• Homeowners could also have more options when it comes to choosing a mortgage, as lenders compete for their business. Hopefully it will reduce red tape that a borrower needs to go through to secure a home loan.
• However, a mortgage war could also lead to increased competition for properties, which could push up house prices. Cheaper borrowing means increased affordability...

Overall, the impact of a mortgage war on South London homeowners is uncertain. However, it is something that homeowners should be aware of, as it could have a significant impact on their finances.

Here are some additional things to consider:

If you are a South London homeowner, it is important to stay up-to-date on the latest mortgage news. You can do this by reading industry publications, following mortgage experts on social media, and talking to your mortgage lender. However I'm sure you have better things to do, so keep an eye out when your mortgage deal is coming to an end. Any time before that the information will be largely irrelevant and things are set to change anyway.

If you are considering remortgaging, it is important to shop around and compare interest rates from different lenders. You can use a mortgage comparison website to do this or consult a broker to do the leg work for you.

It is also important to make sure that you can afford the monthly payments on your new mortgage. You should use a mortgage affordability calculator to do this.

If you need my thoughts on your buy to let property or even the value of your own home be sure to drop me an email to see if I can help.

 

Asking Rents Peak - here's what that means for South London Landlords

According to a new report from Rightmove, asking rents in England and Wales have hit a new record high of £1,162 per calendar month. This is up 10.8% from last year, and is the highest level since Rightmove began tracking asking rents in 2008.

According to Rightmove, the average asking rent in South London is £1,323 per calendar month. This is up 9.8% from last year, and is the highest level since Rightmove began tracking asking rents in 2008. The average asking rent varies depending on the specific area of South London. For example, the average asking rent in Lambeth is £1,435 per calendar month, while the average asking rent in Croydon is £1,223 per calendar month.

The high level of asking rents in South London is due to a number of factors, including the strong demand for housing in the area, the limited supply of housing, and the rising cost of living. The report also found that the number of properties available to rent has fallen to a record low of 29,000, which is 40% lower than the same time last year. This is due to a number of factors, including the ongoing shortage of housing supply, the rising cost of living, and the increase in remote working.

What it means if you are letting...

• Make sure that you are on a sensible mortgage rate. If you are on your standard variable and you have no plans to sell up see if there is a simple product switch you can do to benefit from a lower rate and increase your monthly profit margin.
• That said, make sure that you are not running a charity! Increase your rents to market rent. "the tenant is good and pays on time" is great, but it's better if they pay a market rent so that you can get a good return from your investment. If you had stocks and shares invested you would want your dividends, not sending them back to the CEO to enjoy in Barbados.
• Ensure you are offering value. If you are having a tenant switchover make sure that your furniture is tip top, any repairs are done (reported or not) and the place is pristine for the new tenants to take over. Having a property in A* condition is a lot easier to manage and maintain for you and tenants alike because you can all agree it was tip top to start with.

Looking for more letting advice? Drop me a line and see if I can help you. Curious to see what your property is worth? I have an AI-driven tool on my website that can give you a rough estimation. Beware, it's not replacing me just yet so for an accurate appraisal be sure to reach out!

Is Now The Time To Be Investing in South London HMOs?

An HMO, or House in Multiple Occupation, is a property rented out to three or more unrelated people who share facilities such as a kitchen and bathroom. Investing in HMO properties can be a good way to generate a high rental income, but it also comes with some risks. Lots of onerous regulations make up lots of trip hazards, so read further to see if it's for you!

Pros of investing in HMO properties:

• Potential for higher rental income: HMOs can generate more rental income than traditional buy-to-let properties because you can rent out multiple rooms.
• Diversification: Investing in HMOs can help you diversify your property portfolio and reduce your risk.
• Demand: There is a growing demand for HMOs, particularly in urban areas where there is a shortage of affordable housing.
• Flexibility: HMOs can be a flexible investment, as you can rent out the rooms individually or as a whole property.

Cons of investing in HMO properties:

• Increased management: HMOs require more management than traditional buy-to-let properties, as you need to find and screen tenants, collect rent, and deal with any disputes.
• Regulatory compliance: HMOs are subject to more regulation than traditional buy-to-let properties, so you need to make sure you comply with all the relevant laws and regulations.
• Risk of damage: HMOs are more likely to be damaged than traditional buy-to-let properties, as there are more people living in the property.
• Tenant turnover: HMOs typically have a higher tenant turnover than traditional buy-to-let properties, so you need to be prepared for the hassle of finding new tenants.

Overall, investing in HMO properties can be a good way to generate a high rental income, but it's important to weigh the pros and cons carefully before making an investment. In days gone by letting a property to a group of sharers was the most common thing in the world, and there wasn't all the extra regulation to deal with. There is certainly more to it nowadays. Whether you are renting out the property on one tenancy agreement or many agreements (by the room generally) the same rules will apply for fire safety, licensing and so on.

If you are looking at an investment property and would like a professional to glance it over to see what rent it would fetch then drop me a line, I'd be happy to help!

Landlord Duo Ordered to Pay Tenants £12,500 for Failing to Licence Property - Are you complying?

A landlord duo in London have been ordered to pay their tenants £12,500 after it was discovered that they had failed to licence their property under a selective licensing scheme.

The tenants, Amanda and Miroslav Jesensky, rented the property in East London for nearly ten years. During that time, two successive selective licensing schemes were in operation in the area. The schemes were promoted by the council via advertising, mail-shots, and information on the council's website.

The landlords, Mohammed and Ghazala Butt, claimed that they were not aware of the licensing schemes and that the council had failed to inform them of their duty to licence the property. However, the judges at the Property Tribunal hearing rejected this argument, stating that "ignorance of the law is no defence" in cases of rent repayment orders.

The judges also pointed out that "becoming a landlord is a serious undertaking" and that landlords have a responsibility to familiarize themselves with the legal requirements to which they are subject. They added that landlords "are not entitled to keep quiet and wait until the local authority catches up with them."

The Jesenskys' original claim was for nearly £16,000, but this was reduced to £12,500 by the judges. The landlords were also given until August 10th to appeal the decision. This case serves as a reminder to all landlords that they have a responsibility to comply with the law. If you are unsure about whether your property is required to be licensed, you should contact your local council for more information.

What does this mean for landlords?

• This case sends a clear message to landlords that they must be aware of the legal requirements that apply to them. If you fail to comply with the law, you could be ordered to pay your tenants compensation, as well as legal fees.
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• It is therefore important to make sure that you are familiar with the relevant legislation and that you take steps to comply with it. You should also keep records of your compliance, so that you can prove to the council that you have met your obligations.
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• If you are unsure about whether your property is required to be licensed, you should contact your local council for more information. They will be able to advise you on the specific requirements that apply in your area.

How can I protect myself as a landlord?

There are a number of things that you can do to protect yourself as a landlord:

• Make sure that you are familiar with the relevant legislation and that you take steps to comply with it.
• Keep records of your compliance.
• Contact your local council for advice on the specific requirements that apply in your area.
• Use a letting agent who is familiar with the law and who can help you to comply with the requirements.
• Get professional advice from a property professional if you are unsure about anything.

By taking these steps, you can help to protect yourself from being ordered to pay compensation to your tenants. If you have any questions feel free to drop me a line and I can tell you all about licensing in your local area!

Clapham Landlords Face Outrageously High Right-to-Rent Fines

The government has announced that it will be increasing the fines for breaches of the right-to-rent rules. This is likely to have a significant impact on South London landlords, as the area is home to a large number of rented properties.

The right-to-rent rules require landlords to check the immigration status of their tenants before renting to them. If a landlord rents to someone who does not have the right to rent in the UK, they could be fined. The current fines for breaches of the right-to-rent rules are relatively low, but they are about to increase significantly.

For a first offence, the fine for a lodger landlord will increase from £80 to £5,000. For a repeat offence, the fine will increase from £500 to £10,000. For ordinary residential landlords, the fine for a first offence will increase from £1,000 to £10,000. For a repeat offence, the fine will increase from £3,000 to £20,000.

These increased fines are likely to have a number of negative impacts on South London landlords. Firstly, they could make it more difficult for landlords to rent out their properties. Landlords may be reluctant to rent to tenants if they are not confident that they can check their immigration status correctly. This could lead to a decrease in the availability of rented properties in South London, which could drive up rents.

Secondly, the increased fines could put some landlords out of business. Landlords who are already struggling financially may not be able to afford to pay the fines. This could lead to them being forced to sell their properties, which could further reduce the availability of rented housing in South London.

Thirdly, the increased fines could lead to landlords discriminating against certain groups of tenants. Landlords may be more likely to rent to tenants who they believe are less likely to be illegal immigrants. This could lead to discrimination against people from certain ethnic groups or countries.

The increase in right-to-rent fines is a significant development that is likely to have a major impact on South London landlords. It is important for landlords to be aware of the new rules and to take steps to ensure that they are compliant. They should also be aware of the potential negative impacts of the new rules and to take steps to mitigate them.

In addition to the above, here are some specific things that South London landlords can do to prepare for the increase in right-to-rent fines:

• Make sure they understand the new rules and how they apply to their properties.
• Get professional advice on how to check the immigration status of their tenants correctly.
• Put in place systems and processes to ensure that they are compliant with the rules.
• Be prepared to pay the fines if they do breach the rules.

 

The increase in right-to-rent fines is a challenge for South London landlords, but it is one that they can overcome with careful planning and preparation. Do you need help with your compliance when it comes to letting your property? Drop me a line and let's talk legal to make sure you're compliant!

South London Rental Market Shrinking!

The South London rental market has been significantly affected by the decline in the number of rental homes. According to CBRE, the number of rental homes in South London has fallen by 100,000 in the past seven years. This is due to a number of factors, including:

• The introduction of an additional rate of stamp duty for second properties in 2016, which increased the upfront cost of buying a rental property.
• The increase in property prices in South London, which has made it more difficult for landlords to afford to buy rental properties.
• The rise in the cost of living, which has put pressure on landlords' profits.
• As a result of the decline in the number of rental homes, competition for rental properties in South London has increased, driving up rents. This has made it more difficult for people to find affordable housing in the area. As you may know prices have SKYROCKETED with some landlords able to achieve 50% more rent than 24 months ago!

Source: Property Industry Eye

In addition to the decline in the number of rental homes, the South London rental market is also facing other challenges, such as:

• The lack of government support for landlords. The onerous legislation keeps piling on!
• The rise in the number of buy-to-let investors, who are often more interested in making a profit than providing affordable housing.
• These challenges are likely to continue to make it difficult for people to find affordable housing in South London in the coming years.

So affordable housing is out the window for tenants, but this is merely a passing on of costs by landlords. How do you foresee this playing out? There isn't a significant profit margin, certainly no greater than there was before. Your thoughts are welcomed, what are you doing going forward?

South London Homeowners Bracing for ULEZ Attack

As you know homeowners with older vehicles are facing higher costs. The ULEZ charges £12.50 per day for vehicles that do not meet the emissions standards. This is a significant cost for homeowners who rely on their cars to get around. South London homeowners who live in the ULEZ are facing a loss in property value. According to a recent study, homes in the ULEZ are worth an average of £10,000 less than homes outside the zone. This is because buyers are less likely to want to live in an area where they have to pay extra to drive their cars! Not surprising of course.

Wait for it, combining ULEZ and recent tenant legislation - you can see where it's going, before you know it landlords who rent out properties in the ULEZ will be responsible for paying the ULEZ charge for their tenants' vehicles!

Overall the ULEZ is having a negative impact on South London homeowners. The higher costs, loss in property value, and additional rental costs are making it difficult for homeowners to afford to live in the area.

• Homeowners are being forced to replace their older vehicles with newer, more expensive models. This is a significant financial burden for many homeowners, especially those on a fixed income.
• Homeowners are having to find alternative ways to get around, such as public transportation or cycling. This can be time-consuming and inconvenient, especially for those who live in rural areas.
• Homeowners are feeling less confident about the future of their property values. The ULEZ is one of a number of factors that are making it difficult to predict how property prices in South London will perform in the coming years.

With all these points in mind, where is your next property going to be, inside or outside the ULEZ? Check your property's current value using my online valuation tool or invite me around for a more detailed appraisal!

Interest Rates Hit Highest Level Since 2008: What Does This Mean for Homeowners in South London?

The Bank of England has raised interest rates to their highest level since April 2008, in an effort to cool the UK's rising inflation. This is likely to have a significant impact on homeowners in South London, who are already facing rising property prices and rents.

The impact of higher interest rates will vary depending on individual circumstances. However, in general, homeowners with variable rate mortgages will see their monthly payments increase. This could put a strain on household budgets, particularly for those who are already struggling to make ends meet.

Homeowners with fixed rate mortgages will not see their monthly payments increase immediately. However, they will be locked into their current interest rate for the duration of their mortgage term. If interest rates continue to rise, this could mean that they will be beating the rate that variable rate customers are paying - but for how long? When they come off their fixed rate, and many are going to do just this in the next 12 months - they will be in for a trebling of their mortgage payments!

The rise in interest rates is having a negative impact on the housing market. It is already leading to a slowdown in house price growth, as buyers become more cautious about making large purchases. It is making it more difficult for first-time buyers to get onto the property ladder.

For homeowners in South London, the rise in interest rates is a double whammy. Not only are they facing higher mortgage payments, but they are also likely to see their property value decrease. This could make it difficult for them to sell their home if they need to move. Or at least, at a price they had in mind (last year's price)!

There are a number of things that homeowners can do to protect themselves from the impact of higher interest rates. These include:

• Reducing their monthly outgoings: This could involve cutting back on unnecessary spending or increasing their income.
• Refinancing their mortgage: This could involve switching to a fixed rate mortgage, which would protect them from future interest rate rises.
• Building up an emergency fund: This would give them a buffer to fall back on if they experience financial difficulties.
• The rise in interest rates is a challenging time for homeowners. However, by taking steps to protect themselves, they can minimize the impact on their finances.

In addition to the points mentioned above, here are some other things that homeowners in South London can do to prepare for higher interest rates:

• Get a professional valuation: This will give you an idea of how much your property is worth, which will be important if you need to sell in the future.
• Keep an eye on the market: Monitor property prices and interest rates so that you can make informed decisions about your finances.
• Talk to your mortgage lender: If you are struggling to make your mortgage payments, talk to your lender as soon as possible. They may be able to offer you some help or advice.

Are you interested in the value of your property? If you are curious as to what your rental property is worth today why not drop me a line and pick my brains or use my free online valuation tool to get a ballpark figure!

The Government's 1 Million New Homes Target: What Does it Mean for Homeowners in South London?

The UK government has set a target of building 1 million new homes by 2025. This is a ambitious target, and it's not clear yet how the government will achieve it. However, there are a number of things that the government could do to help boost housing supply in South London.

One option is to focus on brownfield development. Brownfield sites are previously developed land that has been left vacant. They often have planning permission already in place, which can speed up the development process. There are a number of brownfield sites in South London that could be suitable for new housing development.

Another option is to increase the density of housing in South London. This could be done by building taller buildings or by building more homes on smaller plots of land. Increasing density would allow the government to build more homes on the same amount of land.

The government could also make it easier for developers to build new homes. This could include streamlining the planning process, reducing the cost of development, and providing financial incentives to developers. It's called "building control" currently but really it should be called the "building enablement department!"

Of course, there are also a number of challenges that the government will need to overcome if it wants to hit its 1 million new homes target. These challenges include the high cost of land, the shortage of skilled labor, and the opposition of some local residents to new housing development.

Despite these challenges, the government's 1 million new homes target is an important one. South London is already one of the most densely populated areas in the UK, and there is a growing demand for housing in the area. If the government is able to hit its target, it will help to address the housing shortage in South London and make it easier for people to find affordable housing.

Some have even said the government should intervene and make living in south London more affordable... Such things as:

• Provide financial assistance to homeowners who are struggling to pay their mortgages.
• Introduce a rent cap to help keep rents affordable.
• Build more social housing to provide affordable housing options for low-income families.
• Make it easier for people to access shared ownership schemes.

What do you feel about this topic? I'd be interested to know your thoughts? More social housing, or let the private sector pick up the slack? Do you feel that the government increasing the supply will have a positive effect on your property's value?

The True Cost of a Bad First Impression When Selling Your Clapham Home

First impressions matter, and this is especially true when it comes to selling your home. A bad first impression can cost you thousands of pounds, as potential buyers are more likely to make an offer below the asking price or even walk away altogether. If they even walk through the door! An overpriced property in any market will not attract any viewings from the portals to start with!

There are a number of things that can contribute to a bad first impression, such as a cluttered or dirty home, a bad smell, or a lack of curb appeal. Even something as simple as a messy driveway or unkempt garden can turn off potential buyers.

A study by eXp UK found that 69% of potential buyers would not consider a second viewing if they had a bad first impression of a property. The study also found that 31% of buyers would offer up to 10% less than the asking price on a property that made a bad first impression. eXp UK, the platform for personal estate agents, surveyed over 1,000 UK homebuyers to have purchased over the last year. They found that:

• A shabby exterior or interior is the most likely thing to make a bad first impression, with 43% of buyers saying this would be a deal-breaker.
• The size of the property is also important, with 35% of buyers saying they would be less likely to buy a property that was too small.
• A bad smell is another major turn-off, with 25% of buyers saying they would not consider a property that had a bad odor.
• An unkept front garden is also a major negative, with 20% of buyers saying this would make them less likely to buy a property.

eXp UK also found that a bad first impression could cost you up to £60,000 in the current market. This is because potential buyers are more likely to make an offer below the asking price if they have a bad first impression.

So, what can you do to avoid making a bad first impression when selling your home? Here are a few tips:

Start by decluttering and cleaning your home. This means getting rid of any unnecessary furniture, belongings, or decorations. You should also clean all surfaces, including the floors, walls, and windows.

• Make sure your home is well-lit. This will make the space feel more inviting and spacious. You can use natural light by opening up the curtains and blinds, or you can use artificial light by adding lamps or overhead fixtures.
• Get rid of any bad smells. This could mean cleaning up pet accidents, cooking food that doesn't have a strong odor, or using an air freshener.
• Pay attention to curb appeal. This means making sure your home looks its best from the outside. You should trim the hedges, mow the lawn, and wash the windows.

By following these tips, you can avoid making a bad first impression and increase your chances of selling your home for a good price.

Here are some additional tips to help you make a good first impression when selling your home:

• Stage your home. This means arranging the furniture and décor in a way that makes the space look its best. You can hire a professional stager to help you, or you can do it yourself.
• Take good photos of your home. These photos will be used in your online listings, so it's important to make sure they are high-quality and well-lit.
• Be prepared to answer questions. Potential buyers will likely have a lot of questions about your home, so be prepared to answer them honestly and in a timely manner.
• Be friendly and welcoming. The first impression you make on potential buyers will be lasting, so make sure you are friendly and welcoming when they arrive.
• By following these tips, you can make a good first impression and increase your chances of selling your home quickly and for a good price.

Are you curious about the value of your home in South London? Why not drop me a line or check out my free online valuation tool!

I am an experienced estate agent in South London, and I would be happy to help you get the best possible price for your property. I can provide you with a free online valuation, and I can also help you market your property to the right buyers.

Generation Stuck Remain Priced Out of the South London Property Market

Rising numbers of prospective homebuyers in South London remain priced out of the market without any hope of getting onto the housing ladder, according to research from Allbricks. The research found that the average house price in South London is now £500,000, which is nearly double the average national average. This means that it is now impossible for many people to save for a deposit, let alone afford the monthly mortgage payments.

The report also found that the number of first-time buyers in South London has fallen by 40% in the past five years. This is a trend that is being seen across the UK, as the housing market becomes increasingly unaffordable. The rising cost of housing is having a significant impact on the lives of young people. Many are now forced to live with their parents or in shared accommodation, while others are being priced out of the area altogether.

In 2023, the average full-time worker will pay 7.8 times their annual earnings for a home, but it was 3.5 times in the 90s. This leads to the realisation that most of us are renting our lifestyles. When you do the calculations, most of them can’t afford to buy the homes they’re renting. 

But is this a bad thing? Not really. Apart from the idyllic fantasy of owning your own home I don't see why someone in their 20s would want to tie themselves down with a mortgage as they are likely going to want to enjoy a bigger property fairly soon, or a different location. Having a workforce that is able to move quickly is a benefit for the economy. Perhaps this realisation will sink in and benefit the bounceback of the UK economy as a whole (providing the young workforce doesn't go overseas)!

Agents Accused of Over-inflating Rent Valuations in South London

 An online lettings platform has warned that some landlords in South London are being given "too good to be true" promises of rent increases by letting agents keen to win their instructions. You'd be forgiven in this market though as rents are ASTRONOMICAL at the moment as we approach the summer peak!

However Hello Neighbour says that according to its data, there is on average a 15% drop from the initial listed rent compared to what is actually agreed as the rental price by the tenant. The platform says that this is a common practice in South London, with the highest drops in price being seen in central London, South West London, and North West London.

I hear this time and again from landlords that have switched to Hello Neighbour from high street agencies, they tell us that they were promised unrealistic rent increases by their agents, only to find that the market simply wasn't there.

Dearlove advised landlords to make sure that their advertised rent is supported by a wide range of data and that their agent can access and process today's huge tenant demand quickly. If you're not sure whether your rent is realistic," he said, "get a second opinion from a reputable letting agent or use a free online valuation tool.

I am an experienced estate agent in South London, and I would be happy to help you get the best possible (realistic) rent for your property. I can provide you with a free online valuation, and I can also help you market your property to the right tenants. Are you curious about the value of your property in South London? Why not drop me a line or check out my free online valuation tool?