It’s been an exciting month in property land! Here’s what we’ve got in store for you:
- It’s not all about Property, enter our competition to £100’s worth of wine.
- Sellers: start putting a price on fresh air!
- Landlords: how will a Tory government affect you?
- Property news galore.
- Learn a lot about the people living in any UK postcode!
Let’s get started…
How would you like to WIN £100 to spend at Dulwich Vintners in Dulwich Village?
We are delighted to team up with another local business to offer this great prize.
To be in with a chance of winning please SHARE this competition post and make sure you LIKE our Facebook page. T&C’s can be found online at http://www.fishneedwater.com/competition-rules Good luck!!
Sellers: that teensy little terrace is more valuable than you think
We’re actually not kidding. According to research from Marsh & Parsons, a bit of outdoor space typically adds 12% to the price of a house in London – and it goes up to as much as 25% in Chelsea.
By “outdoor space”, we don’t even mean a back garden: a roof terrace or balcony will do perfectly. And if you have access to a communal garden, you’ll still be able to increase your property’s value by about 11%.
We’ve found that when properties have even a smidgeon of outdoor space, they sell much faster too.
All this means that if you want to sell quickly, and for the best possible price, you need to highlight this key attribute when listing your property! A tiny little balcony that overlooks a car park in a rainy, grey city may not mean much to you, but believe us: it has one heck of a lot of value.
On the listing, make sure there are a couple of really great photos of the outdoor space, and try to sell the benefits as best you can. For example: “Enjoy weekend breakfasts listening to the birds.” Or: “Read your book in the shaded nook by the trees.”
Landlords: feeling Blue?
The General Election has been and gone, and we’re all… well, shocked, quite frankly. Who’d have thought it? After months of talk about coalitions, backroom deals and uncomfortable compromises, we’ve been handed a majority government with the mandate to implement their entire manifesto.
Whatever you think of the Tories, the good news is that you can at least be certain of their plans (because they’re able to govern alone) – which in turn means that you can plan too. The even better news is that we don’t think the policies will really have a negative impact on London investors – even if it might seem like it at first…
The government aims to build 200,000 starter homes for first-time buyers under the age of 40, to be sold at 20% below market value. There will also be a Help to Buy ISA, which combines tax-free savings with deposit top-ups for first-time buyers.
And although it’s hard to argue that more supply isn’t necessary, those policies don’t look great for investors. Tack on the extension of Right to Buy to Housing Association tenants, and we can understand why you might be worried: more home-buyers means less demand to rent and, consequently, downward pressure on rental prices. That may happen outside the capital, but London is a different beast with different rules and levels of demand. Although it’s only been a few weeks since the election, our data indicates that rental demand is just as furious as it’s always been.
Everything you need to know, and perhaps a few things you don’t.
- “Madness in the London housing market”: Tiny ex-council flat on the market for £1.15 million. Like we said, London is a different beast.
- From a buyers’ to sellers’ market in 24 hours as a wave of luxury London homes complete. As soon as it became clear that the Conservatives had a majority, wealthy buyers leapt to action – and estate agents worked through the night to deal with all the renewed interest.
- House prices in London to hit £1m by 2030. We’re talking average house prices. And this Telegraph article provides a fascinating insight into all the contributing factors – as well as the effects it will have on the population.
- How do the returns on a Picasso (up 462pc) compare with London property, gold or the FTSE? A painting recently sold for £116 million. Should you be putting your money in artwork rather than apartments?
- A former car showroom has been converted into Mayfair’s “largest” flats. Spoiler alert: they aren’t cheap, but the pictures are drool-worthy.
Our useful tool of the month
Want at-a-glance information about the neighbourhood you’re planning to invest or live in? Good news: there are a couple of great websites that provide some fantastic data. While they can never replicate the in-depth knowledge and experience of a great estate agent, they’re a great place to start your research.
Find A Hood: enter a postcode to see data relating to average property prices, local schools, crime, occupations, marriage levels, and so on.
Check My Area: very similar to Find A Hood, but it contains more descriptive info on everything from newspapers read to levels of car ownership.
The end! (Until next month)
We’ll be back with more next month. If you have any questions or thoughts in the meantime, hit “reply” and we’ll get right back to you.
Speak to you soon!