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Author: Sophie Winter

Why you need an expert estate agent now more than ever

Posted on by Sophie Winter

Remember the days post-lockdown when selling a home was as simple as listing it on a property portal and waiting for the phone to ring non-stop? Those days are long gone. The current property market has become more challenging, requiring much more than just a ‘For Sale’ sign and an online listing. Selling a home today, especially in Medway, demands skill, expertise, and hard work, along with the ability to adapt to a fluctuating financial climate and an ever-changing market. If you’re planning to sell your home in the coming months, now more than ever, you need the guidance of an expert estate agent. Here’s how an expert estate agent can help you sell your property in 2024:

Tailored marketing for your property

Selling a property is not a one-size-fits-all process. A great estate agent will create a personalised marketing strategy specifically designed to showcase your home at its best. From professional photography to targeted social media campaigns, a skilled agent knows how to capture attention and attract the right buyers for your property.

Skilled negotiation

In today’s market, achieving the best price for your home isn’t just about listing it — it’s about smart negotiation. A knowledgeable estate agent has the experience to handle offers and counteroffers with finesse, ensuring you secure the best possible deal without losing potential buyers in the process.

Local market expertise

Understanding local market trends, pricing strategies, and the community is critical to selling your home. A well-informed estate agent uses this insight to correctly value your home, position it effectively on the market, and match it with the right buyers. Their in-depth knowledge of Medway’s property landscape gives you an edge over the competition.

Support throughout the whole process

Selling a home can feel overwhelming, but a reliable estate agent is there to support you at every stage. From answering your questions to guiding you through the complex steps of the sale, they make the process as smooth and stress-free as possible.

Efficient and effective sales process

An expert estate agent knows how to move your sale along efficiently. From conducting accurate valuations to handling legal aspects, ensuring proper staging, and maintaining communication with all parties involved, they keep the process on track. This means your property is sold quickly, without unnecessary delays.

The expertise and value a skilled estate agent provides can be a game-changer. Particularly when the property market becomes more difficult to navigate. If you’re considering moving, don’t tackle these challenges alone. Contact our experienced and friendly team today, and let us help guide you through every step of your home sale.

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CR Real Estate: Your Trusted Estate Agent in Rainham

Posted on by Sophie Winter

CR Real Estate is an independent estate agent in Rainham with over 129 years of combined experience in sales and lettings. Our team offers unmatched expertise and local knowledge, ensuring a smooth and tailored moving experience for our clients. Whether you’re buying, selling, renting, or letting, our dedicated staff is with you every step of the way, making your property journey stress-free.

Why choose CR Real Estate?

  • Extensive Local Knowledge: With years of experience as an estate agent serving Rainham and the surrounding Medway towns, we understand the local property market.
  • Comprehensive Services: We offer sales, lettings, and mortgage services, giving clients access to everything they need under one roof.
  • Personalised Experience: Our goal is to meet your specific needs, whether you’re a homeowner, buyer, landlord, or tenant.

For expert advice on the value of your property or the local market, CR Real Estate is the name you can trust.

Living in Rainham: a local insight

Once a small town, Rainham has become a sought-after residential area in Medway. The town began expanding in 1858 with the introduction of the railway, with significant growth seen in the 1960s. Today, Rainham offers a variety of properties, from modern executive homes to cozy bungalows and terraced houses. According to Rightmove, the average house price in Rainham reached £392,931 over the last year.

For those interested in renting, Rainham offers a range of 2-3 bedroom homes, catering to families and individuals.

Rainham’s amenities and schools

Rainham’s shopping centre, established in the 1970s, serves as a hub for residents, featuring well-known retailers. Independent shops along the High Street and Station Road add to the town’s charm.

Families moving to Rainham will be pleased with the local schooling options. The area is home to four secondary schools, including Rainham Mark Grammar School, The Howard School, Rainham School for Girls, and Leigh Academy Rainham.

Travel and commuting from Rainham

Rainham is a fantastic location for commuters, situated 39 miles southeast of London. The town’s railway station provides direct services to major London stations, including Victoria, Bridge, and St Pancras, with travel times just under an hour. Additionally, the town has connections to Kent’s coastal towns and cities like Canterbury. London Gatwick Airport and the Channel Tunnel are both within an hour’s drive, making Rainham well-connected for international travel.

Looking for an estate agent in Rainham?

Whether you’re buying, selling, or renting, CR Real Estate is here to help you make the most of your property experience in Rainham. Reach out today for expert advice and personalised service.

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What is a qualified buyer?

Posted on by Sophie Winter

Have you ever heard the term “qualified buyer”? Estate agents often use it, and it’s important to understand about the phrase when selling your home. But what does it really mean, and why should you care?

What does a qualified buyer mean?

A “qualified buyer” refers to someone whose financial and purchasing position has been confirmed by the estate agent. Agents register buyers and match them with properties that fit their criteria, much like a matchmaking process for homes. This helps reduce wasted viewings, as buyers are only shown properties that meet their needs.

However, qualifying a buyer goes beyond preferences like the number of bedrooms. It’s about confirming their financial readiness. This ensures you don’t waste time preparing for viewings or get your hopes up over offers that can’t be followed through.

When an agent says a buyer is “qualified,” it means:

  • They’ve confirmed their ability to make the purchase. This inlcudes whether they need to sell a property first or serve notice to a landlord.
  • They’ve provided proof of how they’ll fund the purchase. Whether it’s through cash, a mortgage, or the sale of another property.
  • They’ve shared the status of their own property sale. Whether it’s already on the market, under offer, or ready for sale.

Why is this important?

Imagine receiving a great offer on your home, only to find out later that the buyer still needs to sell their property, which isn’t even listed yet. This could cause significant delays or even a collapsed sale. Knowing a buyer’s financial position upfront gives you confidence that the offer is genuine and that the sale can move forward smoothly.

Your agent will also use this information to gauge how quickly each buyer can proceed. This ensuring that the process aligns with your needs. For example, a cash buyer ready to move in four weeks may not suit you if you’re not in a rush.

Knowledge is key

Understanding the buyer’s position from the start helps you plan effectively, save time, and avoid potential pitfalls. If this is new to you, reach out to our team for expert advice and ensure you’re fully prepared for a successful sale.

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Mortgage Advice: finding the right deal for you

Posted on by Sophie Winter

When it comes to getting mortgage advice or securing a mortgage, many people head straight to their bank or building society, often where they hold their current accounts. While this is a common approach, it may limit your options and prevent you from finding the best deal.

To ensure you find the most suitable mortgage for your specific needs, it’s essential to explore a broader range of choices. This is where the difference between going direct to a lender and using a mortgage adviser becomes critical. As estate agents, we work closely with the mortgage advisers at The Residential Mortgage Hub (also known as a mortgage broker) who have access to an extensive range of mortgage deals available across the market.

Why speak to a mortgage adviser?

A mortgage adviser plays an important role in helping you navigate the mortgage landscape. With access to thousands of mortgage products from multiple lenders, they can provide expert mortgage advice that’s tailored to your financial situation. By working with a mortgage adviser early in the process, you gain valuable insight into the options available to you, even before you start searching for a property.

A mortgage adviser will:

  • Explain the first steps in getting a mortgage.
  • Guide you on the necessary financial research and budgeting.
  • Help you save for your deposit.
  • Search for the right mortgage deal and handle the application process on your behalf.

With their expert mortgage advice, they can even provide a clear understanding of how much you may be able to borrow using their budget planning tools. This insight is invaluable when you reach the exciting stage of looking for your new home.

Finding the right mortgage for your needs

Once you’ve saved your deposit and found a property, your mortgage adviser will search thousands of deals from a wide variety of lenders.

They understand the mortgage market, and more importantly, which lenders are likely to approve your mortgage based on your individual circumstances and the type of property you’re purchasing. Not all lenders will approve mortgages for every buyer or every property type, so having professional mortgage advice can make all the difference.

With an experienced adviser by your side, you’ll be less likely to face the disappointment of a mortgage rejection, giving you peace of mind throughout the home-buying process.

They handle your mortgage application for you

After finding the right mortgage for you, they’ll manage the entire application for you. From handling the paperwork to liaising with surveyors and your legal team, they’ll save you time and ensure everything is in order. They will also keep you informed at every stage and are always available to answer any questions you may have, no matter how small they seem.

Mortgage protection insurance

Beyond your mortgage, you’ll need to consider essential protection policies such as buildings and contents insurance, as well as life and critical illness cover. These are important steps to safeguard your home in the event of unforeseen circumstances.

Their mortgage advisers, are also qualified to provide advice on these insurance options. They’ll shop around for the most suitable policies for you, taking care of the paperwork so you can focus on your new home with confidence and security.

Book your appointment with The Residential Mortgage Hub

Buying a home can be a stressful process, but with the right mortgage advice, they can make it a lot easier. Book an appointment with one of their mortgage advisers today, either online or by calling 01634 968111!

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount will depend upon your circumstances. The fee is up to 1% but a typical fee is £598. For insurance business we offer products from a choice of insurers. As with all insurance policies, conditions and exclusions will apply.

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Actions landlords should take when their tenant falls into rent arrears

Posted on by Sophie Winter

Are you familiar with the appropriate steps to take when a tenant falls behind on rent payments? This can pose a challenge for landlords, as it is crucial to ensure compliance with relevant legislation throughout the process. Additionally, many landlords lack a systematic approach for addressing such situations, which can leave them feeling unprepared. Today, we will outline some essential guidelines for pursuing rent arrears, including dos and don’ts. We will also delve into the recommended process for handling these complex scenarios, including the selection of appropriate legal notices to serve.

A tale of two tenants

CR Real Estate has identified two distinct types of tenants who experience rent arrears. The first group consists of tenants who, due to unfortunate circumstances, find themselves unable to pay at present despite their willingness to do so. The second group comprises tenants who have the financial capability to pay but deliberately choose not to fulfill their rent obligations. Dealing with tenants in the latter category can be particularly challenging. Therefore, it is crucial to establish a well-defined process that guides your actions, ensuring you are prepared to handle either situation effectively.

Guidelines for pursuing rent arrears: what to do and what to avoid

As you develop your process, we will provide our recommendations on the dos and don’ts in handling such situations. Effective communication is paramount. Once you become aware of missing payments, promptly reach out to the tenant to understand if there is an underlying issue causing the problem.

Through these communications, you can determine which category the tenant falls into and work towards finding a mutually satisfactory solution. The initial step, when a tenant fails to pay rent for seven days, is to send a formal letter requesting payment. Follow-up letters should be sent every seven days throughout the process. Simultaneously, attempt to contact them via phone or email to seek an explanation and negotiate a payment plan.

It is crucial not to harass the tenant. Continuous, excessive contact throughout the day is legally defined as harassment and should be avoided. Instead, establish scheduled times for communication.

If the tenant is genuinely unable to pay, it may be worthwhile to apply for direct payment from Universal Credit. The advantage of this step is that there is no harm in making the application, regardless of whether the tenant eventually receives payments from Universal Credit. It can potentially relieve the tenant from the responsibility of making rent payments themselves.

What to do when they just won’t pay

Responding promptly is crucial when dealing with tenants who are capable of paying rent but refuse to do so. In such cases, we recommend taking swift action to regain possession of your property. It is important to send rent demand letters promptly every 7 days, and on the 28th day, serve a notice of possession as soon as possible. Once legally permissible, initiate court proceedings without delay.

Now, you may be wondering about the appropriate notice to serve tenants in arrears. Our recommendation is to serve a Section 8 notice, specifying the grounds you wish to rely upon (typically grounds 8, 10, and 11). This notice is appropriate when the tenant is two or more months behind on rent. We suggest this notice because it comes with a 14-day notice period in England, allowing for the quickest path to regain possession of your property in such cases.

You may have heard of serving a Section 21 notice to tenants in arrears, which is also a valid option. However, it is worth noting that the notice period for Section 21 is 2 months long, resulting in a delay in effectively addressing the situation.

Final Thoughts

Ultimately, effective communication plays a vital role in responding to tenants who have fallen into rent arrears. For tenants experiencing financial difficulties, engaging in dialogue can help understand their challenges and work towards a mutually agreeable payment plan. However, when tenants willingly refuse to pay, they are often unresponsive, necessitating legal action. Familiarising yourself with relevant legislation is crucial, and a valuable resource we recommend is GOV.UK, which provides up-to-date guidance and information on the legal notices discussed today.

We hope this has provided you with valuable insights on how to handle tenants in arrears. At CR Real Estate, we are committed to assisting landlords in effectively managing their rental properties. We have developed a wealth of content offering practical, step-by-step guidance on the pertinent legislation that landlords need to navigate. Contact our expert lettings team today to discuss your property and how we can help you.

This article is intended as a guide only and does not constitute legal advice. For more information, visit gov.uk.

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September property market update

Posted on by Sophie Winter

According to the latest Rightmove House Price Index, average asking prices for new sellers rose by 0.8% (+£2,974) in September, reaching £370,759, with the property market benefiting from a surge in activity. This price increase is double the long-term average for this time of year, reflecting pent-up buyer demand being released, leading to a 27% year-on-year rise in sales agreements.

Image from Rightmove September House Price Index

More sellers entering the property market

Rightmove’s data highlights growing confidence among homeowners, with 14% more sellers entering the market compared to last year. The number of available properties per estate agent has also reached its highest level since 2014, giving buyers more choice with an average of 33 homes per branch.

How long is it taking to find buyers?

Despite increased market activity, caution remains a buyers are price sensitive. It currently takes an average of 60 days for sellers to find buyers. This is slightly longer than last year, as value-conscious buyers take their time. Well-priced, appealing homes are likely to attract buyer interest quickly, while those that are overpriced or poorly presented may struggle to gain attention.

Mortgages

While the recent decline in mortgage rates is encouraging for buyer confidence, they remain high compared to the 2008-2022 period. Rightmove’s weekly mortgage tracker shows the average 5-year fixed rate at 4.67%, down from a peak of 6.11% in July 2023. But still nearly double the 2.34% seen three years ago before 14 consecutive Bank Rate increases. While some buyers are taking advantage of the current conditions, others may need to wait for further rate reductions and improved affordability. It is always wise to speak to a mortgage broker for guidance and advice.

Uncertainty remains, with attention focused on whether the Bank of England will implement a second consecutive rate cut this week. Looking ahead, the Autumn Statement could impact specific segments of the property market. Rightmove’s data suggests certain areas are already feeling the effects of a potential rise in capital gains tax. As a record number of former rental properties are now listed for sale, indicating more landlords are exiting the market.

Tim Bannister, Rightmove’s Director of Property Science, says:

“Early autumn movers who are acting quickly and taking advantage of the improved market conditions are getting the pick of quality homes for sale. Home-owners who are thinking of coming to market soon shouldn’t let the increased activity make them over-optimistic and must price competitively to sell. With affordability still very stretched for many, choosy buyers are taking their time to browse the increased number of homes for sale and find the perfect home at the right price. There are question marks over how the market will be affected by announcements in the Autumn Statement, but until then we expect that market momentum will continue as the autumn action rolls on.”

Curious about your property’s value?

Find out today with a free online property valuation or call our team on 01634 570057.

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Property management insights: key facts every landlord needs to know

Posted on by Sophie Winter

Managing a rental property can be rewarding, but it’s also time-consuming. On average, landlords spend up to 15 hours per month handling various tasks related to their rental properties. From tenant communication to maintenance coordination, these responsibilities can quickly add up, eating into your valuable time. Now, imagine what you could do with those 15 hours instead—whether it’s focusing on your career, spending quality time with family, or simply enjoying a hobby. The truth is, property management doesn’t have to consume your life.

Legal support and regulations

One of the most challenging aspects of being a landlord is navigating the complex web of legal requirements. Did you know that 1 in 5 landlords accidentally breach regulations? These mistakes can lead to hefty fines and legal complications, turning your investment into a potential liability.

Landlords responsibilities and property laws and regulations are constantly changing, and keeping up with them can be overwhelming. A property manager is always up-to-date with the latest legal developments, ensuring that your investment remains compliant and protected.

Fewer vacancies and higher income

Landlords who partner with professional property management companies typically experience fewer vacancies and higher income. Studies show that professionally managed properties can earn up to 10% more annually compared to those that are self-managed. This increase in income is not just from better tenant retention but also from expert marketing and strategic rent adjustments.

Property maintenance

Maintenance and repairs are another significant concern for landlords. Keeping a property in top shape is crucial, but it can be time-consuming and stressful, especially if you’re not handy yourself. Our property managers handle all maintenance and repairs, so you don’t have to lift a finger. They have a network of trusted contractors who can address issues quickly and efficiently, ensuring your property remains in excellent condition.

Tenant registration

Another major advantage of working with a property management company is our ability to screen tenants effectively. Bad tenants can cause endless headaches, from late payments to property damage. Our professional tenant screening ensures that your property is occupied by reliable, responsible tenants, reducing the risk of these issues.

So, are you ready to enjoy a stress-free landlord life?

Partnering with a professional property management company like CR Real Estate offers peace of mind, reliable income, and expert support. It’s time to take the next step towards maximising your investment while reclaiming your time. Contact us today and experience the benefits of professional property management!

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Searching for an estate agent in Gillingham

Posted on by Sophie Winter

At CR Real Estate, we pride ourselves on being a professional estate agent in Gillingham and provide a comprehensive range of services for homeowners and landlords. We actively market your property to our extensive network of potential buyers and tenants. Ensuring it’s advertised on our website and all major property platforms such as Rightmove, Zoopla, and PrimeLocation. Additionally, your property will be showcased on our social media channels. By maximising exposure, we aim to secure the best possible price for your Gillingham property. With years of experience serving the area, CR Real Estate has built a reputation as a trusted and respected estate agent in Gillingham.

Gillingham area guide

Are you planning to buy or rent a property in Gillingham? We’re here to help you! Explore our website for available listings for sale and to rent or continue reading. According to Rightmove, the average property price in Gillingham over the last year was £316,000, with the majority of sales being terraced properties. Although the area offers a variety of housing options; including bungalows, semi-detached houses, large family homes, and apartments for both sale and rent.

What’s in Gillingham?

In recent years, Gillingham has undergone significant regeneration. Gillingham is also home to the Medway campus of the University of Greenwich. Along with many other popular primary and secondary schools in the local area. Modern apartment complexes with on-site amenities have been developed alongside the historic properties in the dockyard. The High Street remains a central feature of the area. Traditionally, property sizes increased towards Upper Gillingham. A pattern that largely remains today with larger homes found in Upper Gillingham and the Darland areas.

Newer apartment developments along the waterside and dockyard have introduced a refreshing mix to the Victorian-style cottages that were once predominant. Medway Maritime Hospital, located in Upper Gillingham, is Kent’s largest and busiest hospital. Operated by Medway NHS Foundation Trust, it serves a population of over 424,000 across Medway and Swale.

Travel links in Gillingham

Gillingham is well-connected by both road and rail, situated approximately 35 miles southeast of London. Gillingham’s train station offers regular services to London Victoria, London Bridge, Cannon Street, and St Pancras International. As well as connections and routes to the Kent coast and the historic city of Canterbury. Local bus services also connect Gillingham to nearby towns such as Chatham and Rainham, with frequent weekday schedules.

Looking for an estate agent in Gillingham?

If you’re looking to buy, rent, sell, or let properties in Gillingham or any other area in Medway, reach out to CR Real Estate. With over 129 years of industry experience combined, we provide expert guidance on every aspect of moving home, including mortgage advice.

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Why do I need a property inventory as a landlord?

Posted on by Sophie Winter

Why is a property inventory essential?

Before the introduction of deposit protection laws in 2007, many landlords overlooked the importance of having a detailed property inventory. Those who did create one often produced a basic list of items included in the property, lacking in detail. However, in today’s rental market, having a comprehensive property inventory at the start and end of every tenancy is crucial. It serves as the only concrete evidence a landlord can use to prove that any damage to the property was caused by the tenant.

In the event of a deposit dispute, it’s important to understand that deposit scheme adjudicators operate on the principle that the deposit belongs to the tenant. Landlords can only make deductions if they meet the following criteria:

  • The tenancy agreement contains the proper clauses
  • They can show, on the ‘balance of probabilities’ that the tenant is liable, and
  • The sum claimed is reasonable.

Without clear evidence showing the condition of the property at the start and end of the tenancy, your claim is unlikely to be upheld. Therefore, a detailed inventory protects you from bearing the full cost of repairs, while also ensuring that the tenant is not unfairly charged.

If you choose to let or fully manage your property through us, we’ll take care of the entire inventory process, so you won’t have to worry about arranging it yourself. If you’re not using our full management service, we can still conduct a thorough inventory for you.

What should a property inventory include?

A thorough check-in inventory should include the following:

  • A detailed list of every room and area in the property, including all fittings and contents.
  • A description of the condition of each item, from ceilings and carpets to light switches and bathroom fixtures, with a rating system. This could range from ‘brand new’ to ‘poor’ or use a ‘traffic light’ system (green/amber/red).
  • An assessment of the property’s overall cleanliness.
  • The condition of outdoor spaces like the garden, driveway, gates, and fencing.
  • Documentation of any garden furniture or fixtures, and confirmation that garages and sheds are empty and tidy.
  • Dated and time-stamped photographs or videos showing the general condition of each room, with close-ups of any existing wear or damage.
  • Verification that electrical appliances, fixtures, and lights are functioning.
  • Results from smoke and CO2 alarm tests.
  • Meter readings.
  • A list of keys provided to the tenant.

The more detailed the inventory, the easier it will be to identify any changes in the property’s condition over time. When the tenant moves out, the original inventory should be updated to reflect any changes in contents, condition, and cleanliness.

Can I do the property inventory myself?

Although it is possible to carry out the property inventory yourself, we recommend using a professional. They have the expertise to complete the report efficiently and impartially, offering reassurance to both you and the tenant.

At CR Real Estate, we offer inventories as an optional extra within our Fully Managed service. If you have any questions about inventories or are interested in our property management services, please get in touch with our office, and one of our team members will be happy to help.

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August property market update

Posted on by Sophie Winter

The average asking price for properties entering the market has seen a typical seasonal decline this month, dropping by 1.5% (-£5,708) to £367,785. For the past 18 years, August has consistently witnessed a dip in asking prices, and this year’s decrease aligns with the long-term trend. The summer holiday period often distracts buyers, causing them to delay moving plans, which in turn leads some sellers to price more competitively, especially if they need to sell quickly. However, unlike last summer’s peak-mortgage-rate market, this year’s sellers might benefit from renewed buyer interest.

As noted in our July update, the recent Bank of England rate cut—the first in four years—has accelerated mortgage rate reductions, boosting buyer demand and setting the stage for a promising autumn market. As a result, Rightmove have adjusted their 2024 forecast, now expecting a 1% increase in new seller asking prices instead of the previously anticipated 1% decline.

Tim Bannister, Rightmove’s Director of Property Science, says:

“The recent Bank Rate cut, the first since 2020, has sparked a late summer surge in buyer activity. While mortgage rates haven’t dropped significantly yet, the fact that the long-awaited rate cut has finally arrived, with rates trending downwards, is encouraging for those looking to move. As summer ends, the conditions are favorable for a more active autumn market. This positive response from home-movers, coupled with other encouraging trends, has led us to revise our 2024 forecast. We now predict a slight 1% rise in new seller prices over the year, a modest change from our original 1% decrease forecast, which had anticipated only a minor decline in prices.”

What’s happened since the rate cut?

Since the Bank Rate cut on August 1st, the number of potential buyers contacting estate agents has increased by 19% compared to the same period last year. This is a significant improvement over the subdued market of 2023, which nationally struggled with high inflation and peak mortgage rates. The rise in buyer demand, which was up 11% in July, highlights the immediate and significant impact of the Bank Rate cut.

What about house prices?

This positive shift, combined with other favourable market data, has prompted Rightmove to revise its end-of-year forecast upward, now expecting a 1% rise in new seller asking prices for 2024, instead of the previously predicted 1% decline. The market is likely to see small price increases in autumn, followed by the usual seasonal decreases at year’s end. While uncertainties remain—such as the October Budget, the timing of a second rate cut — the outlook for the rest of the year appears positive. Sales agreements between buyers and sellers are up 16% from last year, and the number of new sellers entering the market is 5% higher than this time last year.

Image from Rightmove August House Price Index

Mortgages

Mortgage rates have also been declining, with the average five-year fixed rate now at 4.80%, a noticeable improvement from 5.82% in 2023, though still high compared to three years ago. Rightmove’s weekly mortgage tracker shows that the best available five-year fixed rate is currently 3.83% for buyers with a 40% deposit, the lowest rate since the period before the mini-Budget in September 2022.

While it may take a few more Bank Rate cuts for home-movers to see a significant reduction in mortgage rates, the immediate boost in buyer sentiment is clear. Both buyers and sellers are more optimistic, as shown by the recent increase in activity.

Curious about your property’s value?

Find out with our free online property valuation.

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What’s happening with mortgage and interest rates?

Posted on by Sophie Winter

If you’re considering buying a home, you may be curious about the current mortgage rates in the UK.

What’s the latest on mortgage and interest rates?

There’s been a lot of attention on the Bank of England’s (BoE) Base Rate increases and their potential effect on mortgage rates. The BoE meets roughly every six weeks to decide whether the Base Rate should rise, fall, or remain unchanged.

In early August, the Base Rate was reduced to 5%, the first cut in over four years. This was after being held steady at 5.25% since August 2023. This followed inflation reaching the Bank of England’s 2% target in May for the first time since 2021, and remaining at that level in June.

When could mortgage rates start to decline?

Another Base Rate cut is anticipated by the end of the year, with projections suggesting it could drop to around 3.25% by December 2028, though this will depend on broader economic conditions.

However, predicting significant drops in mortgage rates remains challenging due to various influencing factors. These include inflation trends, declining swap rates, and the absence of unexpected economic shocks.

How much can you borrow with a mortgage?

The amount you can borrow with a mortgage is determined by an affordability assessment, and your interest rate depends on the size of your deposit, referred to as loan-to-value (LTV).

LTV is expressed as a percentage, representing the size of the mortgage relative to the value of the home you intend to buy. The larger your deposit, the lower the LTV, and vice versa.

To get an estimate of how much you could borrow, you can use a Mortgage Calculator. For a more tailored result, applying for a Mortgage in Principle can bring you closer to securing a mortgage offer.

Want to speak to a mortgage adviser?

CR Real Estate work in partnership with The Residential Mortgage Hub to offer trusted advice that’s tailored to your needs.

Book your FREE appointment with their mortgage and protection advisors online. They have access to over 12,000 products from 90+ lenders on the mortgage market. Their team will handle the whole of the application process for you and deal with any challenges that may arise.

Please note: CR Real Estate is not authorised to provide financial advice. The information and opinions in this article is not intended as financial advice and should not be relied upon for financial decisions. Please consult a regulated mortgage adviser for guidance.

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Key ways to enhance your property’s appeal to buyers

Posted on by Sophie Winter

When selling your property, it’s essential to view it from a potential buyer’s perspective. Buyers will try to envision themselves living in your home, and immaculate presentation can help you find a buyer quicker.

Presenting to buyers

Professional photography plays a crucial role; listings with high-quality photos can generate 93% more viewing enquiries than those with less attractive photos. Therefore, preparing your property for photos is well worth the effort. First impressions are critical, and poor photography or staging can quickly turn buyers away.

Reduce clutter

A cluttered and disorganised home can feel cramped and uninviting, which is shown in photos, virtual tours, and in-person viewings.

While personal items can add character to your home, potential buyers may see them as clutter, making your property appear crowded. You should aim to make your home feel spacious and airy.

Consider the functionality of each item in your rooms. If an item doesn’t serve a purpose or hasn’t been used recently, it likely won’t contribute positively to a buyer’s first impression. Store nonessential items out of sight in baskets or cupboards for photos and viewings. Your goal is to present a lived-in space that still feels like a blank canvas for potential buyers to make their own.

Colour and lighting

Maximise natural light by booking photos and viewings during peak daylight hours, typically around midday.

For colour schemes and artificial lighting, consider your target audience. A colder palette with white LED lighting, metallic fixtures, and white walls may suit a younger buyer, while a warmer palette with soft yellow and orange tones and natural materials like wood and bamboo might appeal to families.

Staging

You should aim for openness and simplicity when staging your home. Think about what your potential buyer may want. Make sure entrances and exits are clear and paths between them are open; and position furniture so that it doesn’t obstruct movement.

Keep furniture against walls to maximise central space in each room, and experiment with different arrangements to find the best layout. A key and cheap item to include is plants as they can add life and texture to your space.

Curious about your property’s value?

Find out with our free online property valuation.

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