New Home Building is on the Rise

As households across the nation dust off the age-old recipe for gingerbread houses, we’ve taken a look at what house builders have cooked up recently.
Close to 200,000 new homes were registered in the year to the end of September 2022, the highest total since before the Global Financial Crisis.
44,729 new homes were registered in Q3 of 2022, up 33% on Q3 2021, with private new home registrations up 26% year on year.
More than half of home movers would consider purchasing a new build home; energy efficiency, lower running costs and a lack of maintenance or refurbishment are considered the major benefits. Source: Dataloft, NHBC, year to end of September 2022, Property Academy Home Moving Trends Survey, 202

According to recent reports, 193,658 new build homes have been registered this year alone. This is the highest total of new builds since before the Global Financial Crisis. In light of this news, let’s take a look at why new build homes have become so popular and what benefits they offer to home movers.

The Benefits of a New Build Home
When it comes to buying a home, energy efficiency is often top of the list for many potential buyers. When it comes to new build homes, this efficiency is guaranteed due to improved insulation techniques and modern materials used in construction. This means that not only will your energy bills be lower than ever before but you’ll also be reducing your carbon footprint as well!

Another benefit of buying a new build home is that there are no hidden costs when it comes to maintenance or refurbishment – something that can be hard to predict with older properties. And with an ever-changing climate, homeowners needn’t worry about their property being able to withstand extreme weather conditions due to modern building standards that are now in place.

Finally, one of the biggest benefits of buying a new build home is that they come with warranties and guarantees from developers which provides peace of mind for buyers if anything goes wrong with their property down the line.

It’s clear from recent reports that more and more people are opting for new build homes over existing properties – and it’s easy to see why! With improved energy efficiency, lower running costs and fewer maintenance issues, there are plenty of advantages for those looking for a stress-free move into their dream home. So if you’re looking for your perfect property, why not give us a call to get an update on what developers have built recently? You might just find your perfect match!

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75% of home movers rate local community as important…

News / Leigh Thomas

Humans are social animals, forming societies and seeking contact with others for well-being purposes. It is not therefore surprising that buyers and renters look for a sense of community in their new home search.
Three quarters of home movers rated the local community as ‘Important’ when searching for a new home to buy. Pleasant neighbours were viewed as important by 87%.
A sense of community in a local area would also encourage 72% of renters to rent for longer and, 69% would rent for longer if there was a sense of community within their building.
Neighbourhoods or streets where homes rarely come up for sale are a good indicator of a strong community, as is the number of neighbours a resident knows by their first name. Source: Dataloft, Property Academy Surveys 2022 (including over 10,400 home movers, over 6,800 renters)

One of the things I have enjoyed the most about working in Thornton Heath is that the area has always had a very strong community feel about it. It’s one of the main reasons I still live and work in the area. The local community always gets involved with local and major societal causes such as when the Olympic torch passed through the area coming down the popular Brigstock Road. If you know the area you will know Brigstock Road is one of the main roads in the area, stretching from Thornton Heath High street to London Road. To see the whole community gather and cover both sides of the street waving their British flags, and cheering the torch on has remained a lasting memory.

Historically, many local roads have had annual street parties to celebrate things such as the Queen’s jubilee and other similar events. I personally love the street parties and how the neighbours come together and share good times with food, drink and laughter.

The local leisure centre is also a popular social hub as they run many weekly clubs such as swimming, judo and keep fit which many of the locals frequently enjoy.

If you are thinking of becoming a local resident in Thornton Heath or the surrounding areas, please call one of our local property experts on 0330 0430002 who will be able to help you with all your property needs.
Leigh Thomas Truuli Property Expert 0330 0430002

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Stamp duty cuts offers fresh savings.

Buying, News / Leigh Thomas

Stamp Duty has been abolished on the first £250,000 of any property purchase, (up from £125,000), making an immediate saving of up to £2,500 for home buyers. Close to half (47%) of all sales in England over the past year were under £250,000.
First-time buyers could save up to £6,250, because they will now be exempt from stamp duty on the first £425,000. The purchase price at which they can take advantage of this relief has been raised too, from £500,000 to £625,000.
Second home owners and overseas purchasers will still be required to pay the 3% Higher Rate Additional Dwelling Tax and 2% non-resident surcharge respectively.
The Chancellor’s announcement only applies to England. In Wales, from October 10th no Land Transaction Tax will be payable on homes priced up to £225,000 (current threshold £180,000), a saving of £1,575 on a property priced £225,000. Those paying over £345,000 are set to pay more.
For now rates in Scotland remain unchanged, the threshold in Scotland is £145,000. Source: Dataloft, HMRC, Land Registry, Welsh Revenue Authority, Revenue Scotland

We are now a few days into the new stamp duty changes and I am already noticing the difference in the market, such as prospective purchasers who had stopped seeking a suitable property to purchase commencing viewings again.
Even though interest rates have increased in recent times, the stamp duty reductions announced last week by Kwasi Kwarteng have given prospective purchasers fresh impetuous. With us servicing numerous boroughs such as Croydon, Merton and Lambeth, where there are still affordable properties, we have noticed a large portion of properties we are marketing have been getting a lot more interest over the past week.
The stamp duty reductions will help assist in selling various styles of properties from flats to houses. Properties which previously did not have great interest shown in them are now receiving more viewings. In Thornton Heath, I personally think the 3-bed housing market will benefit the most from the reductions, this is because the average three-bedroom home falls within the £425,000 price bracket.
If you are interested in knowing how much you can save on stamp duty, please get in contact so we can point you in the right direction. Alternatively, if you are looking to buy your first home please get in touch and speak with one of our Local Property Experts on 0330 0430002.
Leigh Thomas – Local Property Expert

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Are homes near Woodlands more popular?

News / Leigh Thomas

94% of households within England and Wales are within one mile of an accessible woodland, despite the loss of almost half our ancient woodlands in the last 80 years.
Access to woodlands isn’t just limited to the countryside. Across built-up areas there are, on average, 5.4 woodlands accessible from each household.
Households in major towns and cities such as Milton Keynes and Harlow enjoy excellent access, with an average of 13.1 and 11.5 woodlands within one mile of home.
Forests and woods are known to boost physical and mental wellbeing. The vibrant colour changes of autumn make this the perfect time for a visit. Source: Dataloft, Natural England, Open Street Map, ONS

Croydon is a large borough in Surrey with a population of circa 386,710, making it the second largest London borough and fifteenth largest English district.
It is one of the hearts of culture in London and the South East of England and has large portions of the area bordering woodlands. South Croydon, in particular, has many famous wooded areas such as Croham Hurst Wood, Addington Park and Addington Hills.
Houses close to woodlands tend to have a higher asking price compared to those that are a bit further away as people are drawn to having green spaces nearby, providing ample space for dog walking, jogging and picnics and an array of further activities. These areas also occasionally host family events and fun days, bringing the community together.
If you live near any of the Woodland areas that Croydon has to offer or you are thinking of moving to the area, please get in contact with one of our friendly local experts who will be more than happy to discuss your requirements and provide necessary guidance.
Leigh Thomas – Truuli Property Expert

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What is the most popular search criteria…

News / Leigh Thomas

‘Bills included’ is the most popular search term for renters seeking to find a new place to call home. Renters are keen to have certainty on their monthly outgoings as the cost-of-living squeeze continues.
While in 6th position in 2021, ‘bills included’ has now overtaken those prioritising pet-friendly properties or those looking for outside space, either a balcony or garden.
A survey of over 12,000 renters by HomeLet and Dataloft found nearly half of renters currently use or are interested in buying a utilities package from their letting agent, a far higher proportion than those using or interested in contents insurance or a tech package.
The new Prime Minister has confirmed energy prices will be capped for households until 2024, which could curb inflation growth by up to 5%, and bring inflation back down below the government’s target sooner. Source: Dataloft, Rightmove, 2022, based on Keyword Sort, August 2022

In 17 Years of estate agency, I have always noticed that the criteria renters most look for seems to be close to a station to get to work. Then I would say a property being able to take pets would be next as it seems everyone has a pet these days.
I am surprised to see bills included is the most popular search, i can though now see why it would be high up in the search criteria as lot of people may be working to tighter budgets and would want a place that comes with the bills included.
Our lettings department has been very busy over the last year or so, if you are thinking of renting out your proeprty or looking for some where to rent please call 0330 043 0002 and speak with one of our local property experts.
Leigh Thomas – Truuli Property Expert

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Is Autumn a popular time to move?

News / Ryan Morgan

Traditionally, the perception is that the housing market is more active spring and summer. Sales and mortgage approvals data reveals a more even spread of activity throughout the year.
In the 5 years pre-pandemic, summer (27%) and autumn (26%) recorded the highest proportion of sale completions. The lag between exchange and completion suggests peak in market activity would have been spring / summer.
Autumn (26%) and winter (22%) are certainly not sleepy times for the sales market. Mortgage approvals also suggest a very constant spread of demand.
Policy changes and incentives, such as Stamp Duty changes, can artificially influence the seasonality of the sales of homes. Source: Dataloft, HMRC, Bank of England

I have always preached about September and October being key months for an Estate Agent. I personally never take annual leave in September for two reasons: 1) To be on hand to get a lot of exchanges over the line as a lot of them can be delayed due to solicitors or other parties being away for summer and 2) to agree and progress sales through with buyers; motivated to be in their new home by Christmas.
It is assuring to see the figures both pre and post covid, displaying that there is a constant spread of demand throughout the year as this will assure both buyers and sellers that there is not a right time to buy or sell, it is simply down to when someone is ready to start their property journey.
September has started very well for us here at Truuli and we feel the market is moving at a faster pace than usual, which is great considering we are in a period where there aren’t any incentives or policy changes in play.
For an up to date market valuation of your home, please call our office 0330 0430002 and speak to one of our experts.
Ryan Morgan – Truuli Property Expert

Does a good Ofsted report affect property prices?

News / Leigh Thomas

House prices are significantly higher in the catchments of Ofsted ‘outstanding’ primary schools, even compared to those ranked ‘Good’ in their Ofsted report.
Average sale prices are 10% higher around a primary school with outstanding status, (based on £ per sq ft and compared with good status), while average rents are 5% higher.
There’s a similar price difference of 8% between ‘Good’ and ‘Requires improvement’ – the next Ofsted category down. Below that, the impact on house prices seems to fall away.
There are regional differences. The relationship between Outstanding school designations and house prices is strongest in the North West. Source: Dataloft, Land Registry, Ofsted (last 12 months

The borough of Croydon has many schools that are rated as outstanding by Ofsted. These span across the borough, incorporating Thornton Heath.
Generally, schools in the South Croydon area help properties to command a higher asking price than properties in Thornton Heath, as well as, East and West Croydon. This is despite the latter locations offering superior transport links and a shopping centre.
If you are thinking of moving in or out of the Croydon Borough and would like to get an idea of property prices, please give us a call on 0330 043 0002 and speak with one of our friendly Property Experts who will be happy to assist you.
Leigh Thomas – Truuli Property Expert

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Are rising rents putting pressure on younger renters?

News / Leigh Thomas

With the rising cost of living dominating the headlines, we have turned our attention to the rental market and the affordability pressures facing renters. Using gross incomes of renters and achieved rents we can see how much renters are really spending on rent.
As featured in a recent BBC report, 4 in 10 young renters (aged under 30) are now spending at least 30% of their income on rent, the widely accepted affordability threshold.
While all living costs are under intense scrutiny at the moment, most renters will be prevented from overstretching on their rent commitment, by the stringent tenant referencing process.
To pass the affordability test for tenant referencing on a new lease, the rent should represent no more than 30% of a renter’s gross income. This affordability analysis is based on data from around 40% of all new rentals. Source: Dataloft Rental Market Analytics

The rising cost of living has not stopped prospective tenants from making offers over the asking price on properties. As well as inflated offers, I am still witnessing multiple offers on properties. I believe this is due to the ongoing lack of rental properties being offered to the market in good condition. This has led to tenants being almost desperate not to lose an opportunity once they have sought out a property of interest.
With all that is going on with monthly household bills on the rise, I would have anticipated tenants making lower offers or for the market to have slowed down. However, at present, this has not deterred tenants from securing their ideal rental property at a higher price. With this said, I do believe the current affordability test for tenant referencing needs to be reviewed as the majority of tenants still find it hard to meet the necessary requirements.
Leigh Thomas – Truuli Property Expert

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Is the hybrid working model the way forward?

News / Leigh Thomas

Our homes are still our offices. UK workers are going into the office an average of 1.5 days a week.
Hybrid working is here to stay. More than 80% of workers said their firms had adopted the hybrid model according to a survey for The Chartered Management Institute (CMI). 53% of renters indicated that they would choose a rental property quicker if it was furnished to enable comfortable home working (Property Academy).
The UK is widely in line with other countries according to the Advanced Workplace Associates survey which suggests people are coming into the office an average of 1.4 days per week, with North America and Latin America having the lowest attendance.
The average number of days spent in an office varies from sector to sector. In the CMI survey, people working in banking were spending most time in the office while those working in tech had the lowest attendance. Source: Dataloft, BBC News, Advanced Workplace Associates, Chartered Institute of Management, Property Academy

In 2020 during the pandemic, I like many of our vendors, had to make space in my home for an office I brought a desk, chair and many other items to set myself up comfortably at the back of my dining room.
Now, two years later, when I am going into houses in the Thornton Heath area I am still seeing the same set-ups in many of our vendors’ homes. I am even seeing vendors who have built offices in their rear gardens.
With a large majority of people still yet to return to their offices, working from home now seems to be the norm. I have spoken with a number of vendors who believe they are more productive working from home than going to an office.
If you have added an office or workspace to your home and would like an up-to-date market appraisal to see if it has added any value to your home, please get in touch to arrange a suitable time for us to visit. Alternatively, if you are considering adding an office to your home and would to know how this could affect the price of your home, please get in touch at your convenience to arrange a free no obligation market appraisal.
Leigh Thomas – Truuli Property Expert

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Moving home Legal Process – Expectation versus reality in 2022

News / Matthew Keddo

Properties continue to go under offer more quickly than pre-pandemic, but the time taken to complete a sale has risen. Conveyancing delays remain a significant issue.
In 2019 a survey of home movers found 55% of sales completed within 3 months. This fell to 45% in 2021. Early indications from the 2022 survey suggest that the proportion has continued to drop.
Managing expectations is crucial. For most buyers the process takes much longer than they expect. 86% of respondents to the 2021 survey expected to complete their move within 3 months.
For buyers in the market now, the ‘move in for Christmas’ date is fast approaching. Source: Dataloft, Property Academy, 2021, based on a survey of 16,000+ home movers

I believe as a result of the pandemic many prospective purchasers have realised what is important to them. Many homeowners really got to experience their homes whilst being resigned to being inside for so long, which has led to many home renovations, a desire to move for many people without gardens and for first-time buyers to get onto the property ladder.
All of this demand for properties came at the same time and with buyers competing to get the best stock, properties were going under offer really quickly. With the fear of loss acting as a factor buyers did not dabble with back and forth negotiations.
With conveyancers taking on more cases leading to increased workloads, this sometimes resulted in slowing down the speed at which they were able to handle and efficiently deal with each case. That being said, there were a large number of conveyancers that I collaborated with whom handled the process really well and I can honestly say their service levels never declined at all.
A good estate agent will always properly inform their clients of timescales. When a property is chain-related, proper communication amongst all parties within the process helps to speed things up and as long as everyone involved is communicating effectively the sale and purchase will go a lot smoother.
As we approach the last quarter of the year, most prospective purchasers and vendors will want to complete their transactions before Christmas so they can start the new year fresh in their new homes.
Should you be looking to purchase or sell in Wallington or surrounding areas, please get in contact with me or a member of the Truuli sales team at your convenience
Matthew Keddo – Truuli Property Expert

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News

New Home Building is on the Rise

75% of home movers rate local community as important…

Stamp duty cuts offers fresh savings.

Are homes near Woodlands more popular?

What is the most popular search criteria…

Is Autumn a popular time to move?

Does a good Ofsted report affect property prices?

Are rising rents putting pressure on younger renters?

Is the hybrid working model the way forward?

Moving home Legal Process – Expectation versus reality in 2022

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