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? 

South London Property Owners Spooked by Market Turbulence

New research from Bloomberg Intelligence highlights a 'spooked' market, where homebuyers are having to make sacrifices. The UK property market has been spooked by a number of factors in recent months, including rising interest rates, the cost of living crisis, and the ongoing war in Ukraine. This has led to a decline in demand for property, particularly in South London, where prices have been among the highest in the country.

As a result, many South London property owners are feeling spooked about the future of their investments. 50% (56% in October) of that group intend to purchase a house in 1-2 years (BI’s survey only includes those looking to complete within the next two years), a further 28% (27%) want to go execute on a deal in 7-12 months, with 17% (12%) preferring 4-6 months. Only 32% of buyers with unchanged schedules aim to complete in the next six months (only 25% in London). The market is likely to remain volatile for the foreseeable future, so it is important for South London property owners to be aware of the risks and to adapt their plans accordingly. 

Home buyers who are pausing or delaying their homebuying plans cited elevated mortgage rates (30%) or the high cost of living (22%) as the most pertinent issues. Some buyers delayed their buying plans (16%) while waiting for house prices to decline, with a smaller group (14%) also worried about the economic outlook.

So what to do? Having worked in London property for 20 years I can assure you that Londoners are the last people to relent to having to drop their asking price. A wrong mentality in my opinion because it slows the market down and actually causes further price drops in the long run. A 10% reduction on a £500,000 sale in order to acquire a £1m property at £900k is still a net gain of £50,000 by my maths. So if you are looking to move up the ladder be firm with your onward offer and explain that you have to reduce in order to make the move otherwise it's not going to happen. A win-win for all I'm sure (providing the end of chain is motivated to sell - moving upwards or not).

If you are considering selling, or maybe you're on the market at the moment and you'd like to know more then drop me a line and let's have a chat. Have you used my free online valuation tool?