Your August newsletter from Country Properties Bedford

What's happening in the UK property market?

After two years of extreme market activity, you’d be forgiven for thinking the tide is ready to turn. But despite burgeoning constraints on household finances, the buying frenzy continues, with properties still selling at almost record speeds nationwide.*

But what’s driving this situation? The leading cause appears to be a general lack of supply. From delays brought about by the pandemic to a chronic shortage of new homes across the UK, the supply-demand ratio is proving difficult to balance.

Low-interest rates and rising inflation also mean that buyers hope to reduce their potential mortgage debt. This combination of factors has contributed to UK house prices increasing by 9.8% between March 2021 and 2022 – adding £24,000 to the average value.**

However, with society in the grip of the cost-of-living crisis and the government announcing measures to tackle inflation, the long-term picture is uncertain. Currently, the market is strong – and will probably remain so for some months.

Do you know how much your home is worth right now? If you’re thinking of selling, contact us to book a valuation with us today.

*Data based on a recent market analysis by Home.co.uk.

**UK House Price Index: March 2022.

1 in 10 homes currently selling within a fortnight

Are you thinking of selling soon? You’re probably wondering how long the process will take. Right now, your chances of achieving a fast sale are strong, despite the recent rise in interest rates.

This is partly linked to the high demand experienced by the property market since the pandemic, which has created a dip in the number of homes available nationwide.

Specifically, it takes a typical UK seller 97 days between listing their home and selling it subject to contract.* By breaking down the data, we see that 11% of properties only take two weeks to see the same result.

However, the picture does alter slightly depending on the region. For example, Scotland is proving to be a hot market, with fortnight sellers rising to 18%. This figure increases to a whopping 23% for Edinburgh homeowners.

The Southwest is another fast-moving region, which is unsurprising given the attention it received from buyers during the height of the pandemic. Post-COVID, demand in this area is still rocketing, boosting prices by 17% since 2019.* 13 of properties here sell within the two-week period, and 16% for Bristol.

Meanwhile, the East of England, the West Midlands, and Wales sit just above the average at 12%. Other hotspots include Portsmouth and Birmingham. Interestingly, the London market is a little slower, with buyers snapping up 7% of properties within a fortnight.

While some forecasters predict a slowing down of the market as interest rates rise to tackle inflation, the short-term market remains robust. Listing now could be a great way to maximise your chances of a fast and profitable sale.

Not sure how much your home is currently worth? Book a valuation today to find out.

*Data sourced from an analysis by estate agent comparison site, GetAgent

*Rightmove (July 2022).

How to improve your home's EPC rating

Upgrading your property to become more energy-efficient can make long-term financial sense in terms of reducing bills. But it’s also important if you’re planning to rent out your home in the future. That’s because new legislation means that landlords will only be allowed to let properties with an EPC rating of C or above from 31st December 2025.

Of course, an energy-efficient home will reduce you or your tenants’ carbon footprint – a win for the environment too. If you don’t already have an EPC rating, you can arrange for an accredited energy assessor to calculate your energy usage per square meter.

They’ll consider a range of factors, including your boiler’s efficiency, the type of heating system you use, and the quality of your insulation. The amount of money you’ll need to invest may depend on the condition of your home. For example, while the average UK dwelling is rated D, new builds are 60% more efficient on average than older houses.

If your property has limited insulation, this is a great place to begin. Filling your wall cavities – which only takes a few hours – can reduce heat wastage by 35%, while insulating your loft can prevent a quarter of your heating from leaking through the roof.

Spending extra money now on a modern boiler and installing double or triple glazing can also make a difference to your bills. Cheaper options include sealing off gaps around your doors, windows, and floorboards, and replacing your bulbs with low-energy alternatives.

Worried about financing the improvements? Under the Boiler Upgrade Scheme, you could get £5,000 towards buying and installing an air source heat pump or biomass boiler. The Energy Company Obligation scheme will also pay for new boilers, glazing and insulation if you’re on qualifying benefits, such as Universal Credits.

In case you’re wondering, a high EPC rating can improve the value of your property – whether you’re intending to sell or let.

Whatever your situation, we’re always on hand to offer advice. Contact us today to discuss your EPC or book a valuation.