Some things never change! Here we are in August facing heatwaves, when it seems like only yesterday that Storm Ewenice visited. This year's weather is certainly pushing us out of our comfort zone. OR is this the new norm? What about new norms in the property industry? Let’s take a look…
In February 2022, a three-stage material information disclosure plan got underway, headed by the National Trading Standards Estate and Letting Agency Team, to set a new tone for transparent marketing within property sales and lettings. These welcomed changes covered Tenure, Council Tax Band and Price / Rent. By disclosing this information, consumers (buyers and tenants) are enabled to make informed decisions regarding financial factors. I consider information to be key to any successful sale and tenancy. Not offering this information outright makes no sense, and conducting a viewing without this knowledge is simply unprofessional. Note that ‘Price on Application’ i.e. POA is now considered a misleading omission, and the length of lease and related expenses must be disclosed. Admittedly, nothing here changes for me, but consumers certainly have reason for appreciation.
Next on the list is Completion Dates. Habitually, sellers and buyers alike have aimed for a Friday completion. Personally, I love Mondays, but society conditions us to look forward to the weekend. So, it may surprise you to know that recent surveys show that Fridays have made up less than 35% of completions – a fact that conveyancers, solicitors and other related suppliers will be grateful for! You may also be interested to know that Wednesdays are the cheapest moving day by up to 20%. Before assuming a Friday completion, consider your options. The benefits of agreeing Monday - Thursday include increased availability from removal companies, a lesser backlog of transactions for legal and financial parties, not to mention the back-up of following working days to quickly resolve any problems. It's advisable to avoid the last Friday of a month, bank holiday weekends, and note that August is the busiest month for completions in the East of England.
Highlighted by environmental needs and most recently, cost of living inflation, EPC Ratings are very much in the spotlight. The energy efficiency of a home is having a higher impact on property values than ever before with 1 in 10 movers actively searching for green homes. In the East of England, improving a rating from D to A/B has a median price increase of £7880.00. Regarding the rental market, a survey by the platform Lettingaproperty in November 2021 showed that 52% of renters would be willing to pay 10% more for a greener home. Despite the changes to daily expenses, this figure is unlikely to have lowered due to the overall demand within the rental sector.
I hope you have found this interesting, and helpful. I absolutely loved hearing your feedback on my previous articles and look forward to speaking with more and more of EWE moving forward.
If you’re moving house soon, remember to pack the kettle last!
