Truuli expects the market to “Spring” into action

As March arrives, longer days and brighter skies draw more home buyers out to hunt for their dream property. Spring sees a surge in home sales, with 27.1% of transactions occurring during this season – the busiest of the year.

Selling benefits in spring:

  • Enhanced aesthetics: Natural light showcases properties beautifully.
  • Garden appeal: Highlighting blooming green spaces is crucial.
  • Increased demand: More buyers mean quicker sales and potential offers above the asking price.

Preparing your home for a spring sale:

  • Boost curb appeal by attending to exterior details like clean windows and gutters.
  • Conduct a thorough spring cleaning to present a well-maintained home.
  • Address any minor repairs that could catch a buyer’s eye.

Ready to sell or buy? Contact us at 0330 043 0002

Leigh Thomas – Truuli Property Expert

Truuli expects the market to “Spring” into action Read More »

rise in over 50s buying first homes

Rising Trend: Over 50s Stepping into Homeownership as First Time Buyers

The number of first-time buyers (FTBs) above the age of 50 has surged by over 30% in the last five years, while the proportion of those aged 30 and under is on the decline. With affordability becoming a challenge, more people are waiting until they are over 50 to purchase their first home.

Interestingly, although London currently has the lowest percentage of first-time buyers above the age of 50, it is experiencing the fastest growth rate. The total purchases from over-50s have increased by an impressive 64% between 2018 and 2022.

Looking ahead, it’s projected that over-40s will make up a quarter of all first-time buyer transactions by 2030, while those in their fifties will account for 5%. These findings come from #Dataloft, Tembo, FCA data spanning from 2018 to 2022.

Rising Trend: Over 50s Stepping into Homeownership as First Time Buyers Read More »

Seller asking prices rise by 1.3% in Jan 2024

The average asking price for new sellers had a significant increase of 1.3% in January, marking the highest price rise since 2020. This growth is more than double the average increase seen over the past 20 years (+0.6%).

With mortgage rates decreasing and a positive economic outlook, buyer demand is on the rise. In fact, 42% of agents have reported higher buyer demand compared to the previous year.

Furthermore, the number of properties entering the market in the first week of this year has increased by 15% compared to last year. This indicates that sellers are growing more confident about the upcoming year.

To ensure a successful move this year, it is crucial to have accurate and realistic pricing that aligns with the local market.

Source: #Dataloft Poll of Subscribers, Rightmove (January 2024)

Seller asking prices rise by 1.3% in Jan 2024 Read More »

Truuli offer the quickest property sale to completion timescales

Truuli offer the quickest property sale to completion timescales

At Truuli, we pride ourselves on offering the quickest sale to completion timescales in the industry. According to the latest data compiled by Twenty EA*, we consistently outperform all other top 10 agents in this regard.

Source: Twenty EA June 2023

We understand that receiving an offer on your property can be an exciting experience for sellers. However, we also know that the period between offer and completion can feel like an eternity as there are several tasks that need to be performed, including searches, mortgage approvals, and enquiries.

Unlike many other estate agents who believe their job is done when they receive an offer, we at Truuli believe that our job is just beginning. We’ve found that after receiving an offer, there’s still a 40% chance that the transaction won’t go through. For this reason, our senior staff manages each sale from the time of offer all the way through to successful completion.

This period between offer and completion is what we call the ‘sales progression process’. It involves collaborating with solicitors, surveyors, mortgage companies, buyers and sellers. While much of this work happens behind the scenes, it requires a considerable degree of coordination to ensure that everything runs smoothly. At Truuli, we take great pride in providing excellent service throughout this process so that our clients can rest easy knowing that we’re working tirelessly to get them moved within their desired timescale.

Whether you’re considering selling your property or simply seeking the latest local market updates, your Truuli property expert is here to provide complimentary and transparent advice, empowering you to make informed decisions. Let us help you evaluate your options today. Click here to book a market appraisal for your property.

Truuli offer the quickest property sale to completion timescales Read More »

Are 100% mortgages the new bank of mum and dad?

  • £17 billion is gifted, or informally loaned each year, of which over half is used for property purchase or improvement (The Institute of Fiscal Studies).
  • Virtually all money transfers come from parents aged over 50 to children in their late 20s and early 30s. The average gift for property purchase or improvement is over £20,000.
  • The age children leave home is generally between 25 and 27 years, and the average age to purchase a first property is 33. Over 22.4% of families in the UK include one or more adult children.
  • Research by Legal and General indicates that without the financial help of family and friends, over 70% of prospective home buyers would have to delay their property purchase plans, by an average of 4 years. Source: Dataloft, The Institute of Fiscal Studies, Legal and General, Census 2021

Starting my Estate Agency career at just 21, I was constantly amazed by parents who gifted large sums of money to help their children purchase a home. Who wouldn’t want to help their kids? Working in prestigious areas of South West London, I was surprised to find that the average gifted amount was only £20,000. I thought it would be a little higher.

For those without the luxury of parental financial assistance, there’s a glimmer of hope. The return of 100% mortgage is a game-changer and offers renters a chance to step onto the property ladder. I urge all renters to speak with a mortgage advisor and explore their options.

For the duration that 100% mortgages remain available I’m curious to see whether gifted deposits, 100% mortgages, or self-funded deposits will come out on top in terms of transaction splits. I think the bank of Mum and Dad may still dominate. Only time will tell!

Ryan Morgan – Truuli Property Expert

Are 100% mortgages the new bank of mum and dad? Read More »

How to Achieve the Best Possible Price for Your Home in a Price Sensitive Market.

Selling your home is a major undertaking and there are many factors to consider when pricing it. With price sensitivity increasingly evident in the property market, understanding local market conditions and pricing realistically are essential if you want to achieve a sale. Zoopla reports indicate that while 59% of listings had no price reduction in February, four in ten did have reductions. Let’s take a closer look at what this means for you as a homeowner.

HomeOwners Alliance research of over 6,500 agents indicates that 8-14 days is the optimum listing duration for agents to achieve the best possible price for your home. This gives enough time for potential buyers to discover your property and make an offer without feeling like it’s been on the market too long. If your listing is too short, buyers may feel like they don’t have enough time to make an informed decision; if it lingers on the market, buyers may start to wonder if it’s been overpriced.

What Should You Expect From Buyers? The latest survey by RICS suggests that the average sale is currently being agreed within a 5% margin of asking price, so it’s important to be realistic when pricing your home. Buyers understand that they need to offer a fair price and will expect you, as the seller, to do the same! Make sure you are up-to-date with market prices and trends before deciding how much you should list your home for. Doing this can help ensure you get the most out of selling your home without leaving money on the table or scaring away potential buyers with an unrealistic list price.

Source: Dataloft, Zoopla, HomeOwners Alliance

For those sellers who have their homes priced correctly, this is great news! Their efforts will be rewarded as buyers are drawn in by competitive prices. But for others whose agents may have encouraged them to ask too high of a price—beware: An influx of new stock means there’ll be plenty more competition from better-priced properties nearby. Note that reducing your asking price doesn’t necessarily mean taking a loss; it’s simply adjusting expectations about where the property market is today. If you’re a home mover, your next property will also be valued according to current price sensitive conditions.

Leigh Thomas – Truuli Property Expert

How to Achieve the Best Possible Price for Your Home in a Price Sensitive Market. Read More »

Truuli tackle the Essex countryside for charity

Ride Essex was a great ride and one I had been looking forward to since we decided to take part, especially as we were doing it for a good cause which was “Action Medical Research for Children”. They are an amazing charity doing wonderful research to help better our kids medical future, and who better to support than the future leaders of the country.

My ride was very eventful, to say the least! The day started off really well with me having a hearty breakfast in the morning consisting of four slices of toast, three eggs, and a large cup of coffee with a snickers bar to finish.

I arrived on site with my fellow team riders, Michael and Leigh. The car park was already quite full of riders preparing to start their ride. There was a great buzz about the event amongst the riders we spoke to. Bikes were polished, jerseys were bright and colourful and generally, everyone was pumped up for the journey ahead.

We set off at roughly 7 am on the ‘Classic route’ of a 64-mile round trip, with the intention of completing the ride within 4 hours. Unintentionally, within the first few miles, our team had split up I set off at a really good pace, averaging 21 miles per hour over the first 1 hour, using the rider in front of me riding a blue Specialized Tarmac as a guide. Along the way, I really started to pull away from the pack and remember thinking to myself I’m on the way to a personal best time.

During the 2nd hour or so of the ride, I realised I hadn’t seen any of the course markers for a while. I quickly came to realise it wasn’t just the pack of other riders I had pulled away from, I had actually pulled away from the course itself! One slight dip in concentration pulled me 10 miles off course – I was so focused on my exceptional speed I failed to check my surroundings until it was too late. Fortunately, the race directors had provided contact numbers in case of these situations. A quick call to them and I was back on course, however, I was now back at the 11-mile checkpoint despite riding 32 miles. As frustrating as it was, I was determined to finish the race no matter how long it took me or how far I was behind at this point.

The route itself was very scenic and oddly enough, quite therapeutic. The air was so much cleaner than inner London and there were no cars around for miles, making it a very smooth ride. The roads were flat the majority of the time and the hill climbs often gifted a descent afterwards.

All in all, it was great being amongst so many different riders and speaking to them for encouragement. There were people who had travelled across the country just to take part in the event.

After finally finishing the ride I had clocked up a whopping 84 miles, giving me an even bigger sense of achievement. I was shattered but very proud. Raising just under £1500 in total also helped, as did a large McDonald’s meal on the way home.

Mission complete and medal received. I definitely plan on taking part in more riding events in the future.

Matthew Keddo – Truuli Property Expert

Truuli tackle the Essex countryside for charity Read More »

Homebuyer demand is on the up

  • Following two months of falls, average new seller asking prices rose by 0.9% in January 2023. This is the largest rise in prices at this time of year since 2020 and is indicative of sellers testing the market.
  • Rightmove are also reporting other signs of positivity in the market, although they acknowledge that it is early days. The week to 16th January 2023 has been the busiest for valuations since August 2022.
  • Notably, buyer demand is up by 4% compared to the same period in 2019 and 55% compared to the two weeks before Christmas. This is the biggest new year bounce since 2016.
  • Mortgage rates also continue to fall as interest rates soften, with some deals for first-time buyers now below 5%. It is a trend which is expected to continue and should encourage this segment of the market to become more active.Source: Dataloft, Rightmove, MoneySuperMarket

Following on from two months of house asking price falls, we are starting to see a rise in seller asking prices – the largest we have seen since 2020.

Interest rates had hit as high as 6.5% for some borrowers, however, some of the major high street lenders have started to lower their interest rates with many others now following suit. With rates generally sitting below 5% and looking set to remain in the 4-5% range in 2023, this is a much better prospect than levels at the end of 2022.

With the rates starting to fall, we are seeing sellers taking advantage and increasing their asking prices and trying their luck. The lack of supply in the market also appears to be reversing with many agents now reporting higher instruction numbers. This will not only provide more choices for prospective purchasers, but it will also reduce the pressure on prices.

The growing pressure on incomes, alongside the costs of running homes, is also likely to drive movement in the market in 2023. Large amounts of embedded equity in millions of homes may also encourage more downsizing to release equity and cut running costs – further supporting home moves in 2023. 

Leigh Thomas -Truuli Property Expert

Homebuyer demand is on the up Read More »

Average house prices in the UK have risen by 59% since the last year of the Rabbit

This Chinese New Year ushers in the wonderful and auspicious year of the Rabbit, which symbolizes patience, peace and prosperity.  Since 2011 when we last experienced a Rabbit-year cycle – an incredible 59% increase has been witnessed in UK house prices with annual growth peaking at 10.1% in 2021. With favourable exchange rates this lunar new year brings good news for Chinese investors considering buying property within prime central markets like London; offering discounts as high as 10%.

  • Since the last year of the Rabbit in 2011, average house prices in the UK have risen by a total of 59%, with an average annual rate of 4.5% per annum. The largest annual growth in this period was 10.1% recorded in 2021.
  • Buyers from China play an important role in the prime central market in London, particularly the new build market and are currently able to get a 10% discount on property prices in the UK due to the exchange rates alone.
  • A total of 204,646 residents (0.4% of total) aged 3 and over living in England and Wales have Chinese (Mandarin, Cantonese or Other Chinese) as their main language, according to the Census 2021. Source: Dataloft, Nationwide

Average house prices in the UK have risen by 59% since the last year of the Rabbit Read More »

Truuli property experts take on the world’s toughest property game

Monopoly The game which has brought together and torn apart families and friends for years. A game that taught many of us how to invest, how an investment works, and for some of us the first properties we ever owned! If you are anything like me, then Monopoly will still be a nostalgic part of family life. Many late nights have become early mornings whilst trying to rule Mayfair and Park Lane!  This Life-sized just took the competitive edge to a new level!

On the 21st of December 2022, the members of team Truuli came together to see who is really the best at one of the best games to ever be invented. Who really knows how to buy a brilliant location like “Saville Row” and who will owe rent on “St Pancras Station”? It is fair to say, this ‘life-sized’ version took the competitive edge to a new level.

Upon entrance, we were greeted by friendly staff, who rather smartly, pointed us to the bar whilst we awaited our time to be briefed before the game started. Whilst the majority of us enjoyed our cocktails and Tequila shots, which warmed us up from the cold weather, one member of the team decided he wanted to stay teetotal in an attempt to gain an edge.

The briefing got us ready and explained the rules which were slightly different to some of the “made up” rules that have developed over the years and focused more on your intelligence and physical side of things. The giant dice, life-size title deed cards, giant pieces (including the battleship and duck!) and bold-coloured signage of the roads brought back so many memories and we all couldn’t help but smile in awe at the setup.

We were split into two teams; “Truuli Towers” and my team, “Truuli the best” – such creative minds we are! The game requires you to work in your teams within your dedicated roles (Team Captain, Banker, Dice roller, Builder and Estate Agent). Each of our dedicated roles had a part to play. Being the lead builder required me to build a 3D puzzle of either a House or a Hotel…it sounds easier than it is, trust me! Each property landed on had a task within a room, similar to Crystal maze, requiring teams to complete together successfully in order to gain ownership over that property.

Both of our teams were pitted against Team Bosna, who was visiting as a family, which meant the crown would surely be heading to either of the Truuli teams. Unfortunately, we quickly learnt that sometimes it really is just about taking part. Well done, Team Bonsa

The actors who managed the evening were true to their characters and delivered an exceptional performance. Enthusiastic, funny, and very engaging. Be sure once the game has finished and seize the opportunity to take pictures and explore the gift shops, which offer a range of novelty gifts and memorabilia. I can say we had a blast and I would recommend anyone who loves the board game to take a trip down ‘Life-Sized Monopoly. It certainly got our seal of approval.

Matthew Keddo – Truuli Property Expert

Truuli property experts take on the world’s toughest property game Read More »

Scroll to Top