Moving home

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

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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

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What is the most popular search criteria…

  • ‘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?

  • 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

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Moving home Legal Process – Expectation versus reality in 2022

  • 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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