Is the hybrid working model the way forward?

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

Is the hybrid working model the way forward? Read More »

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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The number of residential planning applications drop

News / Leigh Thomas

The number of planning applications submitted for residential property in England and Wales was 16% lower in the first half of 2022 than in 2021, at 218,640.
Across all regions, application numbers in June were lower than a year ago. The steepest fall was in London at 21%, compared to the South West (12%) and the West Midlands (14%).
Many homeowners sought to adapt their homes in the wake of the pandemic and the ‘work from home’ requirement. That spike of activity seems to have subsided this year. Consents and prior approvals for larger home extensions fell by 20% and 25% respectively in 2022 versus 2021.
Smaller adaptations and extensions are allowable without planning permission under ‘permitted development rights’, as long as they adhere to strict conditions. Source: Dataloft, The Planning Portal

The covid-19 pandemic was a tense and stressful time for many of us. Those that were purchasing properties at this time had to stop going into people’s properties to view them Once we were over the worse, when buyers were actually allowed back into people’s homes, we noticed quite a few buyers were looking for a property to buy that they could extend. Whether that be to add an extra bedroom, or for properties with good size gardens that they could build outhouses or offices in. The comments were always “I think working from home could be the new norm for us”
Not all amendments to a property’s size and structure require planning permission to be granted. Some small extensions come under permitted development, meaning there is no need for planning permission as such. In this scenario, a homeowner would only be required to follow certain conditions which the relevant council requires.
Over the last 2 years, we have sold a number of new developments in Croydon and surrounding areas such as Thornton Heath, Mitcham, Wallington and Crystal Place, to name a few. We would welcome the opportunity to speak to any land owners or developers to assist with pricing or selling their developments. Please call and speak to one of our Property Experts at your convenience.
Leigh Thomas – Truuli Property Expert

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Interest rates rise again…

News / Ryan Morgan

In its August meeting, the Bank of England increased its base rate to 1.75%. Its sixth consecutive rise and its highest single rise in 27 years.
Many borrowers are protected from any immediate payment increase by fixed mortgage rates. 94% of new mortgages in Q1 2022 (gross advances) were on fixed rates.
And 84% of all existing outstanding mortgage lending was on a fixed rate by the end of Q1 2022.
This is quite different from 10 years ago when only 57% of new lending and 32% of existing lending were fixed rates.
For new borrowers, lending is getting more expensive. The average 5-year fixed rate in June was 2.9% for those with a 25% deposit and 3.5% for those with a 5% deposit according to the Bank of England. Source: Dataloft, FCA

So the inevitable has happened! It is great to see in the statistics that mortgage consumers were prepared (and probably well advised by their mortgage advisors) and are now in the best position to also get through the increased cost of living and save for their next home. It will be interesting to see how these figures differ for Q4. I anticipate we will see a higher figure than 94% of new mortgage applications being on a fixed rate.
As lending will begin to get more expensive this will affect the housing market in two regards; buyer activity and house prices. Over the last few months, we have seen the interest rates steadily increase, however, we are still registering and arranging viewings for an overwhelming amount of prospective purchasers but the costs of the mortgage combined with the rates available have been affecting the level of offer they have been putting forwards to our vendors.
Since the latest announcement, we have had more prospective purchasers revert back to us to negotiate offers on properties they have previously seen in a bid to secure a mortgage for a property, before the rates offered by the banks increase and potentially price them out of the mortgage based on their affordability.
I am excited to be heading towards September, one of my favourite months as an Estate Agent! Historically this is the busiest time for properties to come to the market along with agreeing on a large number of sales. It will therefore be interesting to see how consumers respond to the increase in rates. I am looking forward to another month of achieving the best possible price for our vendors and helping prospective purchasers start their exciting journey of home buying. I fully expect the Croydon property market will continue to be buoyant with its affordable housing element.
Ryan Morgan Truuli Property Expert

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The end of Help to Buy is approaching…

News / Matthew Keddo

There are less than three months left for First Time Buyers to benefit from the Help-to-Buy Equity Loan scheme. The deadline for new applications is 6pm on 31st October 2022.
The Equity Loan scheme has helped over 300,000 First Time Buyers take a step onto the housing ladder since it was first introduced in April 2014.
Unsurprisingly, the scheme was most popular in areas with higher house prices. 18% of the loans were in the South East, compared to only 6% in the North East.
The scheme is only available on new build homes. Over 60% of new build homes built in the South East, South West and East of England , were priced at a level that would qualify for the scheme, encouraging many First Time Buyers to seize the moment. Source: Dataloft, DLUHC, Land Registry

Deadlines, deadlines, deadlines…the dreaded word that used to send shivers through my spine during my time at university, where I sometimes failed to use my time as efficiently as I could have.
The help-to-buy scheme has been a great supplement to the market, allowing first-time buyers to get onto the property ladder and purchase homes they otherwise wouldn’t be able to afford. Who doesn’t love the idea of owning a newly built home? Freshly painted, with modern appliances, en-suite bathrooms, off-street parking and, on most occasions, outside space. This has often been the typical design for newly built properties in the Wallington area, depending on whether purchasing a flat or a house, which has attracted so many first-time buyers to make their move onto the property ladder.
Owners who bought through the help-to-buy scheme in its infancy have benefitted from capital growth and have then been able to upsize to a larger property. Other purchasers found their ‘forever homes’ with some brilliant new builds providing enough space to grow and raise a family, just like some of the stunning new builds in New Mill Quarter located right by Hackbridge station.
So many prospective first-time buyers find it incredibly difficult to save a big enough deposit pot. With the Help-to-Buy Equity Loan Scheme, achieving homeownership has been so much more attainable, which is why I will be sad to see the scheme end. I would advise any prospective purchaser thinking of buying to look into their eligibility for using the scheme whilst it is still available and potentially secure a new home like some of the brilliant options currently available within the Wallington area.
Matthew Keddo – Truuli Property Expert

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What local amenities are important to you?

News / Leigh Thomas

Proximity to local amenities is an important or very important consideration when choosing a rental home for over 75% of renters (Dataloft, Property Academy, 2021). But how are these considerations reflected in rental values?
Taking five ‘location features’ commonly used to describe properties on the market, we calculated which of them had had the greatest influence on rents achieved since the market reopened following the Covid-19 pandemic.
For renters, being close to an ‘outstanding’ Ofsted rated primary school or a public park had less influence on values than proximity to a town centre. Overall, proximity to a large town centre had the biggest impact.
There were significant differences between regions. The influence of a large city is not surprising in Greater London but was also strong in Yorkshire and the Humber. Being close to a station was a major factor in the East of England and North East but only in the East Midlands did proximity to an outstanding rated primary school stand out as a strong influencer for renters. Source: DRMA, Ordnance Survey, Open Street Map

Thornton Heath is a district of Greater London, England, within the London Borough of Croydon. It is around 1.5 miles north of the town of Croydon, and 7.2 miles south of Charing Cross.
We are lucky to have a number of train stations that are easily accessible from Thornton Heath such as Selhurst, Norbury, East and West Croydon, as well as Thornton Heath itself which is on the London Victoria branch of the Brighton Main Line. The large majority of the aforementioned stations are within a saunter of the High Street, or just a short bus ride away.
Croydon University Hospital, known from 1923 to 2002 as Mayday Hospital and from 2002 to 2010 as Croydon Hospital, is a large NHS hospital in Thornton Heath run by Croydon Health Services NHS Trust. It is a District General Hospital with a 24-hour Accident and Emergency department, with the hospital based on a 19-acre site to the north of central Croydon.
Along the high street, where the Olympic torch was carried in 2012, there is a modern, well-equipped Leisure Centre which recently underwent multi-million-pound refurbishment. Thornton Heath formerly had a Non-league football club, Croydon Athletic, which played at the Keith Tuckey Stadium; but the club ceased to exist at the end of the 2010–11 season. In 2012, fans of the club formed AFC Croydon Athletic, which plays at the Mayfield Stadium. In 2015 the club competed in the Southern Counties East League.
Thornton Heath is also home to the historic rugby club Streatham-Croydon RFC founded in 1871. Their grounds and clubhouse are located in Frant Road off Brigstock Road.
Thornton Heath is also home to a number of large supermarkets such as Sainsbury’s, Iceland and Tesco Superstore which is open from 11 pm Monday to Saturday and 5 pm on Sunday. If you are seeking something delicious to eat there is a variety of eateries to choose from with delicacies from a host of different cultures.
All of these things, along with some affordable Victorian homes, make Thornton Heath a very popular location with renters and home buyers alike.
Leigh Thomas – Truuli Property Expert

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Is cash still king for a property purchase?

News / Ryan Morgan

At £14bn the value of unspent paper £20 and £50 notes equates to the equivalent of over 50,000 average priced homes. After the 30th September 2022 paper £20 and £50 notes will no longer be legal tender in the UK. At the last count, the Bank of England estimated there were over 460 million unspent paper notes, over £6bn unspent in £20s and £8bn in £50s. Each month around 28% of all sales in England and Wales are cash purchases. In 2021, cash sales account for more than 1 in 3 property purchases in the South West and less than 1 in five in London. The average price of a property purchased with cash is, on average, 8%-9% less than the average price of a property purchased with a mortgage. Source: Dataloft, Nationwide, UKHPI, Bank of England.

There are many different types of cash purchasers. A large majority are developers who are looking to purchase and then sell a property straightaway. There are also cash purchasers who are seeking to purchase a home to live in, either through selling a former home, being fortunate enough to have managed to save or those who have received inheritance money. I’m not sure if I’ve sold a property to a lottery winner as yet.
When I started my career as an estate agent I was always told that cash is key. Cash purchasers were given precedence over purchasers who were required to obtain a mortgage. However, in my personal experience, I have found that someone purchasing a property for the sole purpose of making money tends to be less dedicated to the purchase, thus increasing the potential of an aborted sale. Furthermore, local searches within the Croydon Borough are taking about three weeks to come back and with the efficiency of the mortgage advisors we work with buyers would have their mortgage offer either in hand or close to being available. So unless a cash buyer is going to emit searches and proceed to exchange of contracts the mortgage buyer has a more sentimental and financial commitment to the transaction. With that said, I do believe it is best to judge every new potential purchaser on their own individual merit, ensuring the best possible outcome for the seller.
Ryan Morgan – Truuli Property Expert

At Truuli, we are happy to help all types of purchasers, regardless of how they plan to finance the purchase of their home or next property investment. Please feel free to call one of our local Property Experts for a discussion about purchasing or selling your home, on 0330 043 0002.

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Hot weather, Hot property market…

News / Matthew Keddo

The UK has dealt with historic temperatures this week, and although the scorching heat of the housing market is showing some signs of moderating as month-on-month price rises soften, it remains sunny for those looking to buy and sell.
Rightmove report that buyer demand, while down year on year, is 26% stronger than in pre-pandemic June 2019, with the volume of new sellers to the market up 13% compared to this time last year. At 47, average stock levels per agent have improved since the start of the year.
With the volume of new instructions still failing to keep track with demand, properties continue to sell (SSTC) in just 32 days. This is 6 days faster than a year ago, and over three weeks quicker than the pre-pandemic June average.
The cost of living crisis is likely to dampen the market over the second half of 2022, but a net balance of agents still anticipate price growth over the next 12 months (RICS).Source: Dataloft, DLUHC, Land Registry

I am delighted and grateful for the sunny weather. We have been experiencing record temperatures and personally, I’m loving it! Good weather brings out highly motivated prospective buyers, generally, apart from the odd few that cancel to go and enjoy the sun at the local pub or park, but who can blame them?
We have recently seen a good uplift in prospective purchasers and have been experiencing increased property supply which has meant very busy open days and some brilliant offers, in excess of the asking price, achieved for our vendors. Comparing last year’s market to now, we have most certainly seen more vendors willing to explore the market and see what their options are; whether that be up/or downsizing or moving down to the coast This has resulted in more opportunities for first-time buyers to buy their first home.
The demand for housing, especially in developing areas such as Wallington, where buyers seek capital growth will continue in my opinion. With interest rates continually increasing, we may see a slight dip in viewing activity but there will still be a section of the market that just wants to get on and buy, those will be the buyers that secure themselves a brilliant property.

I believe the effects of Covid are still making existing homeowners and first-time buyers seek homes with outside space and I expect this trend to continue into the future and shape the way buyers purchase and grow into their new homes If you are thinking of renting or selling your home, please feel to contact the sales or lettings team on 0330 043 0002
Matthew Keddo –Truuli Property Expert

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How long are homeowners or renters staying in thier homes?

News / Leigh Thomas

While we wait for the 2021 census housing data we look to the newly published 2020/21 English Housing Survey data to help us understand the changing relationship we have with our homes since the last census.
Since 2011/12, owner occupiers have seen a drop in their length of tenure, from an average of 17.1 years in their accommodation to 16 years in the new 2020/21 survey results.
In contrast, private renters have increased their tenure length, increasing from an average of 3.8 years in 2011/12 to 4.2 years in 2020/21.
This slight swing to longer private tenancies comes amidst a new cost-of-living crisis where the English Housing Survey reports 52% of private renters feeling that they are unlikely to be able to afford to buy a home. In 2011/12, this figure was 41%. Source: Dataloft, DLUHC English Housing Survey 2021/22 and 2011/12

There can be several personal and/or economic reasons why people move homes such as change of employment, children’s schooling, family growth or even the cost of living crisis many currently find themselves in.
Within the Thornton heath area, mature homeowners usually stay in their homes for between 12 to 15 years. Homeowners in their thirties appear to move more often; normally within five to ten years, mainly due to a family expansion. On occasion, these homeowners move to be closer to retired parents to gain assistance with childcare.
The majority of first-time buyers are required to save up longer for a deposit to buy and in turn, are engaging in longer tenancies. This has seen a boost to the rental market where we are also noticing a lot more properties becoming available for rent.
With interest rates rising along with the cost of living it remains to be seen whether this creates new trends for the number of years homeowners occupy their homes, and also whether these factors continue to contribute to the rental sector.
If you are considering moving home either buying, selling or letting, please give us a call on 0330 043 0002 and speak with one of our Property Experts who will be happy to assist with all your property-related queries.
Leigh Thomas
Truuli Property Expert

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Why Friday? The agent’s thoughts…

News / Leigh Thomas

Friday remains the most popular day to complete a house purchase or start a new rental tenancy agreement. 40% of all property sales over the past year have been completed on a Friday and a quarter of new rental tenancies were started.
While this may come as no surprise, the proportion of sales completed on a Friday is lower than five years ago when the figure was 48%. This past year has however seen Christmas Eve, New Year’s Eve and the Queen’s Platinum Jubilee Bank Holiday fall on a Friday.
With finance transfers less of an issue in the rental market, 20% of new tenancies have started on a weekend
10% of all new tenancies started over the past year have been on just ten specific dates in the year. These dates all correspond with either the start or the end of a month. Source: Dataloft, DRMA, Land Registry, based on sales and new tenancies started over the past 12 months
A companion infographic is available in the infographic library on tenancy start days (lettings)

In my 17 years of estate agency, I have never really thought about the day property transactions were completed. However, if I think back over the last few years, and then look at the completions we’ve had, I can see that the vast majority have happened on a Friday. This makes complete sense, as in general, updates on sales are harder to obtain on a Friday as solicitors are usually dealing with completions.
Having taken the time to think about completion days. I believe most purchasers are likely to prefer a Friday completion as it leads into the weekend, where they are most likely to be off work, providing ample time to unpack and settle into their new home.

If you are thinking of renting or selling your home, please feel to contact the sales or lettings team on 0330 043 0002. We’d love to help facilitate your move on any day of the week that suits you.
Leigh Thomas – Truuli Property Expert

Why Friday? The agent’s thoughts… Read More »

News

Is the hybrid working model the way forward?

Moving home Legal Process – Expectation versus reality in 2022

The number of residential planning applications drop

Interest rates rise again…

The end of Help to Buy is approaching…

What local amenities are important to you?

Is cash still king for a property purchase?

Hot weather, Hot property market…

How long are homeowners or renters staying in thier homes?

Why Friday? The agent’s thoughts…

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