The spring 2024 market is running serenely and more smoothly than this time last year, thanks to a more stable market. So, if you decide to move, the question has to be asked; Could it be your easiest move ever?

Homemovers are moving the market forwards
This time of year is always busy and 2024 is not disappointing. In fact, the UK property market is moving forward at a better pace than many anticipated. It’s a case of the more, the merrier. When buyers find a new home for sale that they like, it’s another transaction to add to the tally and when their old home is bought by another buyer, this multiplier effect carries on right down the chain. This drives the entire market forward, bringing more buyers to your door and more choices of homes to your inbox.

The market has a lot going for it
You could be forgiven for missing the many opportunities that 2024 has to offer homemovers, thanks to the naysayers in the press and social media. But the facts speak for themselves: stamp duty is favourable at 0% for your first £250,000.* Mortgage rates are improving and, in a historical context, are very favourable, and equity levels are strong, yet house prices are at reasonable and affordable levels. Then there is the standard of properties themselves, which have received a lot of love and attention due to the home improvement frenzy that still continues.

Sales agreed are increasing
In March, sales agreed were 13% higher than the previous year.** Homes are appearing on the market well-prepared by their eager-to-move owners. Gleaning lots of tips and hints on preparing their homes for sale and benefiting from years of hard work and renovations, as well as paying off the mortgage as the value of their properties increases, means equity levels are good. It’s perfect moving weather for packing up and making a fresh start and this is also true when you are viewing properties.

Buyer demand is growing ever stronger
In March, buyer demand was 8% above the same time last year,** due to slowing inflation, and increasing wage levels. The UK property market is a rich and textured place. Demand is increasing on all fronts, from first-time buyers taking advantage of up to 0% stamp duty up to £425,000,* and the 5% deposit Mortgage Guarantee Scheme to cash buyers, and home movers at the higher end of the market. Each property has its own personality yet can be adapted to suit yours. From stunning eco-homes to listed properties, homes often choose their owners.

Agents are making moving easier
The old saying that moving home is one of the most stressful things you can do is losing some of its street credit. Moving does not have to be stressful, but it can be, if the agent you choose is not up to scratch. Good agents attract good vendors, nice properties, offer great listings and can recommend other property professionals that will make the entire process run smoothly. Sometimes it’s being prepared for the unexpected. If a sale falls through, a good agent’s database of buyers will quickly get your sale moving again.

gov.UK*

Rightmove **

 

When it’s time to move on, it pays to be an early bird. So, where do you start? Let’s take a look at a few tips to help you on your way.

Start your search
Finding a letting agent is a good first step. They will be able to advise you on the entire process and keep you on the right path. Finding the right property can be a swift process or may take longer than anticipated. But, when you do find the right place, you will have the option of putting down a holding deposit. This is usually one week's rent and is refundable, and will help you make your move seamless and ensure you get the property you want.

Book some viewings
Getting out and seeing potential properties is important. It’s tempting to rush this process but when you're emailed a potential property, it’s a good idea to be ready to view it. On the other hand, you may decide to clear your calendar to book multiple viewings. Some homes will surpass expectations, while others may not. Calculating potential bills can create some pleasant surprises in more energy-efficient homes, so it is worthwhile checking the energy rating of your potential property.

Moving out and moving in
Communication and planning are key to a smooth move. Setting a moving-out date for your old place and a moving-in date for your new home on the same day is important. You don’t want to leave things to chance. Pin each party down to exact dates and times, then prepare your belongings and organise removal firms or ask your friends to help. Don’t forget to update your new address for the electoral register, your bank, and the DVLA. Then, inform your energy suppliers and take meter readings of what will become your previous address, and any other parties that need to know you are moving.

Checking the inventory
You should do this whether you are moving out or moving in. Paying attention to this process will help you get your deposit returned at the end of your tenancy. Don’t be afraid to be thorough. The inventory will give details on the condition of everything, from walls and ceilings to appliances. You will want to get your entire deposit back so cleaning your old home and leaving it as you found it is important. But, it is also important to check your new property as soon as you move in.

Using an agent makes the paperwork so much easier
The beauty of using an agent is that they can take care of your deposit, reference checks, and give you a clear understanding of your tenancy agreement. You don’t need an agent to place your deposit in a deposit protection scheme; however, having someone to guide you helps make the process more straightforward. Fully managed properties benefit from 24-hour maintenance support should any issues arise. A good lettings team is always easy to get in touch with to guide you before, after, and during your tenancy to help you in any way they can.

Make your new place your own
With a good letting agent on your side, you can concentrate on enjoying your new home. Adding the little details that make a home your own makes a big difference and you may decide to decorate. If you are organised and well ahead of time you can plan your new layout and discuss any plans you have for decorating with your agent before you move in. After you have handed back the keys to your old home and got your new keys, you know because you have used an agent that the property is compliant. When all the necessary paperwork is in order, your home is decorated nicely, and you know you are supported by your agent, you can relax and make the most of your new life.

 

Are you looking for a fresh start? Contact us today

 

With many homeowners making the most of the equity they have in their homes to move to a better property, having good levels of equity in your home gives you more options. Even if you don’t have quite as much as you would like, it does not take a long time to build up. The first step to take if you want to find out what these options are is to calculate how much equity you have in your home.

What is equity?
Equity is the amount of your home that you own. It's not difficult to calculate, simply subtract the amount of debt you owe in mortgages or loans from the market value of your property.


Get an up-to-date valuation of your home
The more accurate your valuation, the better. So, use a good local agent, their instant online valuation tool will value your home in just a minute.

Find out how much you owe on your mortgage
Get in touch with your mortgage provider to find out exactly how much you owe. If you have borrowed for home improvements, get an up-to-date balance on these loans also.

Subtract your debts from your home’s value
For example, if your home is worth £375,000 and your outstanding mortgage balance is £180,000, you have equity of £195,000 in your home.

 

How to calculate this equity as a percentage?
To calculate equity as a percentage of your home’s value, simply divide equity by your home’s value and multiply by 100.

Using the figures above as an example:


In this case, the percentage equity is 52%.

 

As the year unfolds, the property market is continuing to surpass expectations. Instead of a great crash, we find ourselves in a bit of a sweet spot, as many home-movers stand to make a healthy profit on their current properties. But the even better news is that alongside this, you can enjoy reasonable pricing, opening the doors to a nicer home. According to Zoopla, 90% of homeowners who sold up in 2023 made a 25% profit, with the average seller of a £275,000 property making £74,000.* In March 2024, average asking prices increased by 0.8% compared with the same time last year, and by 1.5% in the space of a month.** That means your deposit for your next home is sitting within your current address. Depending on your current and new home’s location, you could make substantially more than the average. We have all heard it before – ‘if house prices go up, it’s not necessarily a good thing because you have to buy another one’. The slowdown in house price increases in 2023 means that this year, homes are more affordable. So, you have great equity to use to buy your next home, an additional home, or to make home improvements. But, if you do decide to move, you can buy at reasonable prices. This puts homes that may have been previously out of reach within your grasp.

Interest rates are set at realistic levels
Yes, interest rates are a bit higher than in previous years, but this has helped balance the market, reducing competition for property to more normal levels. Super-low interest rates can lead to an overheating of the market, causing house prices to rise too rapidly. Many home-movers are becoming increasingly aware that mortgage rates are going to hover at the current, more realistic levels, which represent good value. If they fall a bit, house prices are likely to rise more rapidly.

It's not about making a profit, it’s about realising your dreams
Making gains on your property is a fantastic feeling but for most people, it’s not about the numbers and more about enjoying a better home. Making a healthy profit on your current home helps you move to a better property. Whether you are buying a two-bedroom country cottage or an eight-bedroom Victorian townhouse with a gym, study, and sauna, it's getting what you want that feels amazing.

Zoopla*
Rightmove**