Looking To Sell Your Home Soon?

At Crown Estate Agents, we are pleased to say we have helped many homeowners sell their home recently. There has been a considerable amount of property activity in recent months, and the sales pipeline is busy.

However, this doesn’t mean you cannot look forward to selling your home. If you would like guidance on this matter, or any property issue, please get in touch and we will be more than happy to help.

What help do you need in the housing market?

The survey was carried out by Rightmove between 1st April and 12th April  and 7,803 respondents provided responses in the study. Rightmove stated the following highlights of their study:

• More than 700,000 homes are marked Sold Subject to Contract and going through the sales process, the highest number Rightmove has recorded over the past ten years and 78% higher than in May
• New research among buyers expecting to benefit from the stamp duty holiday has found only 4% would abandon their plans to buy a property if they missed either the June or September deadline in England:
  • One in four (25%) said they would try to renegotiate the price with the seller
  • 13% said they would plan to buy a cheaper home
• 131,000 homes worth over £250,000 were marked Sold Subject to Contract in England between July last year and the end of February and are still trying to complete before the June stamp duty holiday deadline

Homeowners can still move quickly with the right help

Rightmove spoke with people looking to move by September, with the following findings:

• 29% of respondents said they expect to move in time to capitalise on the stamp duty holiday
• The most commonly cited reasons for looking to move include; buying a home with a garden, moving to the coast or the countryside, to move to a bigger home or coming across the ideal property
• 4% of the group who plan on utilising the stamp duty holiday said they would abandon their plans if they missed the relevant deadline
• 53% of respondents said they would carry on as planned
• 25% of respondents said they would look to renegotiate with the seller
• 13% said they would look to buy a cheaper property 

Rightmove’s Director of Property Data Tim Bannister says: “The easing of restrictions, extended stamp duty holiday, better mortgage availability for first-time buyers, race for space and relocation plans have all combined to create the biggest conveyancing logjam we’ve ever recorded over the past ten years. We really hope those who had at least four months to make it through to completion will make it in time to beat the first stamp duty deadline, but with the tapering until September many will still make some savings so all will not be lost. The pace of properties coming on and off the market is also the quickest we’ve recorded, and agents are telling me they have multiple viewings followed by a number of offers within days of a property first appearing on Rightmove. At the start of this year we had anticipated a quieter second quarter of the year, but buyer demand and the pipeline has continued at pace, making it an incredibly busy time for agents and conveyancers in many areas right now.”

If you plan on selling your home, get in touch and we will discuss our range of property management services with you. With offices in Ropergate and Pontefract, you will find Crown Estate Agents is ideally placed to assist you, so get in touch today.

Landlords Looking For Green Mortgage Products

At Crown Estate Agents, we know landlords are looking for effective ways to please tenants, while also helping them generate more income.

In recent years, the importance of environmentally friendly issues has increased, and many landlords are looking to make their rental property greener. Incentives that encourage landlords to make positive changes are helpful, and a wider range of mortgage products which assist landlords in offering greener property might be of interest.

Would you switch to a greener BTL mortgage?

According to research carried out by Mortgages for Business, 60% of landlords state they are interested in mortgages which reward energy-efficiency improvements at their rental property.

Jeni Browne is the director of Mortgages for Business, and said: “Much of the UK’s housing stock is very energy inefficient, making our homes a major source of greenhouse gas emissions. Improving the energy efficiency of the UK’s stock of housing is a priority in the fight against climate change.”

Jeni continued by saying; “A green mortgage means that, once they can confirm they have a revised energy rating for their property, the right lender will recalculate their mortgage rate at a discount. There are various mortgage products out there but the best are applied on completion of an energy efficiency project and applied for the lifetime of a mortgage. Given housing accounts for such a significant chunk of the UK’s carbon emissions, it’s great that landlords are so interested in making greener choices – spurred on, no doubt, by the fact landlords are rushing to upgrade their properties to meet new EPC rating rules by 2028. Whatever the reasons, landlords now appear interested in joining the battle to combat climate change. That hasn’t always been the case.”

The survey spoke to more than 300 landlords in the UK, and it represents a significant change in landlord attitudes.

Jeni Browne, explains: “We started trading in 1990 and the findings of our poll match our experience of the market over the last 30 years. Landlords’ attitudes have changed dramatically, particularly in the last decade. Landlords should be interested in these products though – quite apart from the ethical considerations, green mortgages reward landlords with a lower rate when they shrink their carbon footprint.”

Are mature landlords more comfortable with green measures?

The findings suggest it is more mature landlords who are looking to benefit in this way, with the survey suggesting:

• 66% of landlords aged 45 or older are in favour of green mortgages
• 50% of landlords under 45 were interested in green mortgages

There have been some green mortgage products announced this spring, so landlords who are keen to manage their rental accommodation in this way, have options.

Jeni Browne, comments: “Hopefully, our research will help drum up more lender supply. The UK’s largest lenders have launched a wave of climate-change products amid criticism over their slow response to global warming. For instance, one of the big lenders did launch a Green Mortgage last year and we’ve seen others follow suit but have only offered borrowers preferential rates when they purchase an energy-efficient property – rather than rewarding those improving the ecological footprint of the UK’s housing stock.”

Jeni also said; “It’s not enough and that’s why they have failed to impress campaigners. Given Britain has just enjoyed the greenest Easter on record, with almost 80% of the energy used at lunchtime on Easter Sunday coming from zero-carbon sources such as solar and wind, the industry is in danger of falling behind the times unless we do our bit.”

If you plan on letting property, get in touch and we will arrange a property valuation for you. With offices in Pontefract and Leeds, you will find Crown Estate Agents is ideally placed to assist you, so get in touch today.

EPC Changes Landlords Should Make

We all know that energy efficiency is important, and this is the case for landlords too. When you offer a more energy efficient property, you make the rental property more appealing to tenants. In the short-term, you are likely to receive higher rental fees, and in the long-term, you are safeguarding the condition and value of your home.

At Crown Estate Agents, we work closely with many landlords, and there are many ways you can change and improve your energy efficiency ratings. Your Energy Performance Certificate, EPC, is vital when letting property, and you can improve your rating, without spending a lot of money.

What is your rental property EPC?

The Rightmove study looked at 15 million homes across England and Wales, and found:

• 59% of properties hold a D, E, F or G rating
• The potential to reduce this percentage to 11% if recommended improvements are followed
• Up to 11 million homes in England and Wales don’t have an EPC rating

Rightmove have also provided a number of ways for landlords to boost their EPC rating, and some of these options are affordable.

• Install solar panels – While this is the most commonly recommended step, it is expensive, and will run into thousands of pounds
• Switching to low energy lighting – This is also a highly recommended option, but is far more affordable, the average cost is less than £40
• Insulating the hot water cylinder is a sensible option, and can be arranged at around £20
• Draught-proofing single glaze windows costs around £100
• Adding or improving loft insulation is sensible, and the average cost is £223
• Upgrading your heating control is sensible, but more expensive, with an average cost of £400

Do you need help when letting property?

Rightmove’s director of property data Tim Bannister says: “It’s encouraging to see that there are some energy efficiency improvements that can cost less than £100, so it’s definitely worth checking your EPC if your home has one to see if there are small changes you could make to try and improve your rating. The bigger challenge is for those homes with much lower ratings that will cost a substantial amount of money to improve. There are a number of homeowners who don’t feel an urgent need to make changes now unless it makes a big difference to the cost of their household bills or if it’s going to make their home more attractive to a potential buyer if they’re planning to sell.”

Tim concluded by saying; “It’s early days with some lenders now starting to introduce green mortgages as incentives, but homeowners need to be better informed that how green your home is will become increasingly important as we aim to move towards a net zero society, and they need more help to understand why making improvements are so important for the long term.”

If you plan on letting property, get in touch and we will arrange a property valuation for you. With offices in Pontefract and Leeds, you will find Crown Estate Agents is ideally placed to assist you, so get in touch today.

Do Local Landlords Welcome Tenants With Pets?

With the Government changing the standard tenancy agreement, there is a situation where tenants with pets might find it easier to find suitable rental accommodation.

It is fair to say there are negative and positive elements for landlords to consider.

The cost of cleaning a rental property after a pet has lived there is often costly, and time-consuming. This issue can significantly hamper a landlord’s ability to fill their property and generate income.

However, in letting to tenants with pets, landlords can increase the potential market for their rental property.

There are many opinions about this issue

As you would expect, there is a wide range of opinions about this change. We speak with local landlords and tenants, and we appreciate there are strong opinions about letting to tenants with pets.

We also stay in touch with the latest studies, so if you are keen to know what many people are thinking, we are here to assist you.

Research carried out by Direct Line business Insurance found:

• The new tenancy agreement has been welcomed by 45% of landlords
• 62% of tenants have welcomed the new tenancy agreement
• 30% of landlords admit they would submit an objection

With only 7% of landlords currently advertising pet-friendly rental property, this will be a positive outcome for many tenants.

Why are tenants happy?

While it is pleasing to know tenants are happy, it is also helpful to know why tenants are happy. The survey provided the following responses:

• 61% of respondents believe fewer pet owners will have to relinquish their pets
• 49% of respondents expect fewer animals to be stuck in rescue centres or animal trusts
• 35% of respondents say they already have pets, so it will be easier to find property in the future
• One in six respondents have hidden a pert when renting property
• 25% of young respondents have admitted to hiding a pet in rental property

The reasons for hiding a pet in their rental property include:

• 44% of respondents feared their landlord would refuse them permission to keep a pet
• 22% of respondents said the property they wanted to move into doesn’t allow pets
• 16% of respondents forget to check if they could keep a pet, and then found they weren’t allowed to keep a pet

Jamie Chaplin, Landlord Business Manager at Direct Line, commented: “The new Model Tenancy Agreement brings good news for animal-loving tenants, with responsible owners able to keep well-behaved pets in rented properties wherever the government’s recommended legal template is in use. And with a majority of landlords stating that they do not intend to submit an objection under the terms of the new Model Tenancy Agreement, it looks like more pet owners can rent properties with furry friends without worrying about breaching their tenancy agreement – as long as they are well-behaved!”

If you plan on letting property, get in touch and we will arrange a property valuation for you. With offices in Pontefract and Leeds, you will find Crown Estate Agents is ideally placed to assist you, so get in touch today.

How you present your home to the market is important. The look of your home can impact its value, and even if buyers are willing to make an offer on your home.

At Crown Estate Agents, we are pleased to say we have helped many homeowners connect with buyers. If you are looking to sell your home effectively, design matters, and one particular style has been discussed a lot recently.

What is Feng Shui?

1. Feng Shui is the ancient Chinese practice of arranging your home to promote good luck and abundance
2. It was originally used in homes, but can be applied to other places like offices or even cars
3. The goal of Feng Shui is to create a space that promotes happiness, health, and prosperity for its inhabitants
4. There are 3 main principles behind Feng Shui – Chi (energy), Yin Yang (opposites) and Ba gua (8 trigrams)
5. The way you arrange furniture in your living room should take into account these three principles so it’s balanced with the outside world
6. For example, a couch on one side of the room against a wall will block chi from flowing freely through the front door

Design and layout matters in the property market

Research carried out by Manor Interiors suggest that 86% of property buyers said the initial layout and design of a property is important to them. Other findings include:

• 70% of respondents said this influenced their most recent property purchase.
• 38% of respondents said they made further changes to their new home as soon as they moved in.
• 72% of respondents said they paid more for their home because they liked the design and layout.
• On current market values, Manor Interiors believes a Feng Shui premium could add as much as £19,743 to a property value, based on the current average value being £256,405.
• They also believe a negative Feng Shui state could reduce the property value by as much as £25,641
• Manor Interiors state the difference between good Feng Shui and bad Feng Shui in a home as being as much as £45,384

Looking to add value to your home?

Separate analysis from the International Journal of Housing Market and Analysis states positive Feng Shui could add as much as 7.7% value to a home, while poor Feng Shui could lower property value by 10%.

Farhan Malik, CEO of Manor Interiors, commented: “While you may or may not be completely convinced by Feng Shui, there’s no doubt that many of us will relate to the core principle of perfecting the design and layout of our home if only to suit our own personal tastes. Doing so can transform how we think and feel about our home and so it can certainly make for a happier home life and a greater appreciation for our property. It’s also understandable that this plays a role when looking to buy, both in terms of the homes we opt for and the price we’re willing to pay and research shows that positive Feng Shui really can have a substantial impact on property market values.”

Farhan Malik also said; “Whether you buy into it or not, it’s a particular focus of many housebuilders who market new build developments to foreign buyers where Feng Shui is deep-rooted within the culture of their native country. When furnishing these developments, we often have to consider how the furniture and layout of an apartment or house will not only impact the Feng Shui but also how we can maximise positive energy to increase appeal once it does go up for sale or let.”

If you plan on selling your home, get in touch and we will discuss our range of property management services with you. With offices in Ropergate and Pontefract, you will find Crown Estate Agents is ideally placed to assist you, so get in touch today.

 

At Castle Dwellings, we are pleased to say we work closely with local landlords. There is significant demand for local rental property, and if you are considering increasing your rental property portfolio, you are not alone.

A study undertaken by The Deposit Protection Service and Zephyr Homeloans spoke to more than 300 landlords, with the headline finding being 34% of respondents say they have recently bought a buy-to-let property, or intend to buy one within the next nine months.

There is no denying the opportunity to buy property at a discounted rate has inspired many landlords to act.

Why are you looking to invest in rental property?

The study provides insight into the most common reasons landlords have for buying property, including:

• 35% of respondents seeing it as a long-term investment opportunity
• 34% of respondents mentioned the stamp duty saving
• 26% of respondents stated a desire to diversify by location
• 23% of respondents wanted to diversify by property type

Paul Fryers, Managing Director at Zephyr Homeloans, said: “Understanding the purchasing motivations behind professional landlords is an essential factor for Zephyr and our mortgage broker clients. It’s equally important to recognise and appreciate some of the challenges landlords have been facing during the past year and how they will affect their current and future applications.”

Paul also said; “During the pandemic, we saw a significant rise in the use of limited companies to buy and manage property portfolios, and it seems a significant proportion of landlords have made the most of the opportunities provided by the buoyant market conditions we have experienced over the past six months.”

How have you managed in the past year?

Other findings include:

• 43% of landlords said they have temporarily lowered rents during the pandemic to assist tenants
• 22% of landlords said they have refinanced their mortgage since the pandemic
• Only 7% of landlords say they have taken a mortgage holiday
• 13% of respondents said they sold a property during the pandemic

Matt Trevett, Managing Director at The DPS said: “Although the buy-to-let market has remained more buoyant than some predicted, the last year has not been without its challenges for many tenants and landlords. The survey suggests a large proportion of landlords have been acting to support their tenants, with a significant proportion saying they had temporarily lowered rents during the pandemic.”

Matt concluded by saying; “A recent survey from The DPS also showed that the pandemic has triggered movement from cities to towns and the countryside, so landlords seeking to rebalance their portfolios may look to make purchases that reflect that trend.”

A separate study, by Knight Know, suggests 27% of buy-to-let landlords are looking to expand their rental portfolio. This study spoke to 500 landlords in the UK. Of the landlords looking to add more property to their portfolio, 35% cited the stamp duty holiday extension.

Knight Knox’s commercial director, Andy Phillips, said: “The last 12 months have been a total rollercoaster for the housing market. Lockdown 1.0 temporarily halted activity before Rishi Sunak’s announcement of the stamp duty holiday led to the industry facing one of the busiest periods for a decade. For landlords, the incentive has provided a welcome opportunity to purchase more properties while making significant savings. Appetite for rental property is high – particularly given that the financial impact of the pandemic could be affecting people’s plans to purchase – so buy-to-let is a fantastic investment in the current climate.”

Other findings include:

• The average landlord earns more than £20,000 net income annually from renting property
• 88% feel confident or very confident about the rental market over the next 12 months
• Only 4% of landlords are looking to reduce their portfolio by next year

Andy Phillips concluded by saying; “The property market plays a crucial role in the country’s economy, so it’s encouraging to see that during times of crisis, the government has been forthcoming with lifelines to help keep the wheels of industry turning. As long as developers can continue to bring high quality property to market and landlords have the confidence to invest, the sector will remain buoyant and consumer demand for rental housing can be fulfilled.”

If you plan on letting property, get in touch and we will arrange a property valuation for you. With offices in Castleford, Pontefract and Leeds, you will find Castle Dwellings is ideally placed to assist you, so get in touch today.

 

At Castle Dwellings, we have seen many changes in the rental market, and many positive elements have been introduced by landlords. The industry is improving, and this is something that is shown by industry figures, as well as what we have experienced.

Over the past 15 years, the percentage of private rental property classed as “decent” by Government standards, has moved from 52.2% to 76.7%.

A new study carried out by Paragon Bank suggests it is landlords who are driving the positive changes. It is estimated around £839m is spent each year on improving rental property before letting to tenants.

Landlords want to have better rental property

Paragon spoke to around 900 landlords, and uncovered a number of interesting findings:

• 77% of landlords invest in rental property after buying
• The average spend on rental home improvements from landlords is £8,720 each
• The most common work undertaken is general painting and maintenance, cited by 67% of respondents
• The next most common work is electric or plumbing work, listed by 44% of respondents
• 37% of respondents say they have laid new flooring at their rental property
• 32% of landlords have installed a new kitchen or bathroom
• 24% of respondents have installed a new boiler
• 23% of landlords have upgraded the standard of windows at their rental property

The number of “decent” homes in 2006 was 1.4m, but it is now 3.6m. In the past 15 years, 1.4m buy-to-let mortgages have been approved.

Improvements in energy performance rating

The same study found there has been a 272% increase in PRS homes with an energy rating of C or above. There are 1.8m homes of this standard today.

Richard Rowntree, Paragon Bank Mortgages Managing Director of Mortgages, said: “Landlords typically will make significant improvements to a property before letting to tenants, helping to improve standards across the private rented sector. Landlords will of course benefit from this investment through capital appreciation, but it always results in better quality homes for tenants.

“There is a clear correlation between buy-to-let investment and improving standards in the quality of private rental homes. Standards of property in the PRS have increased significantly over that period. Overall homes in the sector are newer, larger, warmer and more energy-efficient than they were 10 years ago and tenants have more choice.”

Richard continued by saying; “Whilst we recognise more needs to be done to improve standards since 2009 there are nearly three times the number of properties with an energy rating of C or above, a 100% increase in the number of homes built after 1990 and a substantial expansion in the types of property available to rent in the PRS.”

We know the rental market has changed a lot, and will continue to change. If you want to make informed decisions in the marketplace, please get in touch with local experts.

If you plan on letting property, get in touch and we will arrange a property valuation for you. With offices in Castleford, Pontefract and Leeds, you will find Castle Dwellings is ideally placed to assist you, so get in touch today.

 

We all know that energy efficiency is important, and this is the case for landlords too. When you offer a more energy efficient property, you make the rental property more appealing to tenants. In the short-term, you are likely to receive higher rental fees, and in the long-term, you are safeguarding the condition and value of your home.

At Castle Dwellings, we work closely with many landlords, and there are many ways you can change and improve your energy efficiency ratings. Your Energy Performance Certificate, EPC, is vital when letting property, and you can improve your rating, without spending a lot of money.

What is your rental property EPC?

The Rightmove study looked at 15 million homes across England and Wales, and found:

• 59% of properties hold a D, E, F or G rating
• The potential to reduce this percentage to 11% if recommended improvements are followed
• Up to 11 million homes in England and Wales don’t have an EPC rating

Rightmove have also provided a number of ways for landlords to boost their EPC rating, and some of these options are affordable.

• Install solar panels – While this is the most commonly recommended step, it is expensive, and will run into thousands of pounds
• Switching to low energy lighting – This is also a highly recommended option, but is far more affordable, the average cost is less than £40
• Insulating the hot water cylinder is a sensible option, and can be arranged at around £20
• Draught-proofing single glaze windows costs around £100
• Adding or improving loft insulation is sensible, and the average cost is £223
• Upgrading your heating control is sensible, but more expensive, with an average cost of £400

Do you need help when letting property?

Rightmove’s director of property data Tim Bannister says: “It’s encouraging to see that there are some energy efficiency improvements that can cost less than £100, so it’s definitely worth checking your EPC if your home has one to see if there are small changes you could make to try and improve your rating. The bigger challenge is for those homes with much lower ratings that will cost a substantial amount of money to improve. There are a number of homeowners who don’t feel an urgent need to make changes now unless it makes a big difference to the cost of their household bills or if it’s going to make their home more attractive to a potential buyer if they’re planning to sell.”

Tim concluded by saying; “It’s early days with some lenders now starting to introduce green mortgages as incentives, but homeowners need to be better informed that how green your home is will become increasingly important as we aim to move towards a net zero society, and they need more help to understand why making improvements are so important for the long term.”

If you plan on letting property, get in touch and we will arrange a property valuation for you. With offices in Castleford, Pontefract and Leeds, you will find Castle Dwellings is ideally placed to assist you, so get in touch today.

 

At Castle Dwellings, we work closely in supporting local landlords. We know the importance in connecting with tenants, and in providing them with the best standard of service. No matter how much experience you have, we are here to ensure you support tenants in the most effective and appropriate manner.

We know there are many ways a good landlord makes a tenant feel at home, and of course, these are changing over time. As we move forward, it is likely that high-tech devices and gadgets will become commonplace in every property, if this isn’t already the case.

There are benefits to these devices, and as a landlord, you should stay in touch with these features, and how they can assist you and your tenants.

Benefits of high-tech rental property

You should never make change for change sake, it is important to only carry out improvements if they can justified.  Here are some benefits of high-tech rental property:

• Your renters can easily make payments online, which saves time and money on processing fees and postage costs.
• You can offer an array of amenities through technology without having to install them in all properties, saving you space and money!
• Landlords who invest in high tech rental properties will be more marketable to potential tenants because they are seen as forward-thinking owners with a modern approach to renting their homes.

Not every tenant wants to pay for a tech home!

Of course, while there are many positive reasons to invest in this technology, this might not be the case for every landlord or rental property. Also, you will find that the additional cost associated with some devices isn’t always justifiable, or something which adds value.

You also need to consider if a tenant is willing to pay extra for the inclusion of some gadgets. Some will, but many won’t, and you need to weigh up whether these changes are right for you and your rental property.

The poll, carried out by Ascend Properties found:

• 29% of respondents were “somewhat more likely” or “much more likely” to rent property with high-tech features
• However, 74% of respondents said they are unwilling to pay more for these high-tech features
• 23% of respondents were interested in technology’s ability to save money on utility management
• Even fewer respondents were interested in technology’s ability to improve security, remotely operate heating or lighting or utilise voice activated technology

Ascend managing director Ged McPartlin says: “While smart tech is a great addition to the home, residents aren’t quite ready to pay above the odds for the privilege of a fully automated home of the future. In fact, it’s important to get the basics right and provide the fundamentals such as good wi-fi, or a well-maintained outdoor space, before you start to add the additional bells and whistles.”

If you plan on letting property, get in touch and we will discuss our range of property management services with you. With offices in Castleford and Pontefract, you will find Castle Dwellings is ideally placed to assist you, so get in touch today.