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Author: Sophie Winter

The challenges of managing rent collection on your own

Posted on by Sophie Winter

Making sure that rent collection payments are on time and paid in full each month is an important task for any landlord managing a rental property. Rental income is the lifeblood of your investment, covering mortgage payments and regular maintenance, and providing a profit margin.

Many landlords face financial strain if rent is missed even briefly, as they may rely on rental income for personal expenses or need to cover mortgage payments themselves. This highlights the importance of:

  1. Conducting thorough referencing and credit checks before accepting a tenant to confirm they can afford the rent.
  2. Monitoring rent collection payments on the due date.
  3. Contacting the tenant immediately if payment is missed to determine the cause and take appropriate steps:
    • Resolve bank issues or forgotten payments promptly.
    • Arrange a payment plan if the tenant has short-term financial difficulties.
    • Consider eviction if the tenant cannot afford the rent or is deliberately not paying.

Challenges for DIY Landlords

DIY landlords often face specific challenges in rent collection:

  • Forgetting to check the rent due date, especially when busy or on holiday.
  • Handling repeated non-payment legally and appropriately to enable potential eviction.
  • Avoiding harassment and knowing legal limits in rent collection.
  • Risking legal claims if tenant rights are violated or the collection process is mishandled.

Benefits of working with professional rent collection services

Working with a property management company like CR Real Estate can alleviate these issues:

  • We ensure timely and full rent payments with established procedures.
  • We will notify and follow up with tenants on late payments.
  • We have expert property managers who effectively communicate and negotiate with tenants, detecting any issues early.
  • We assist in evictions if necessary, ensuring the process is legally sound and efficient.
  • We help end tenancies quickly to bring in new paying tenants.

While most tenants pay rent on time, the odd occasional issue requires immediate attention to avoid financial loss.

How to make sure tenants rental payments are on time

To help tenants make timely payments:

  • Provide your bank details and request tenants set up a standing order for rent.
  • Mark the due date to check payments with your bank.
  • If rent is missed, contact the tenant and confirm the conversation in writing.
  • For short-term affordability issues, consider a written and signed payment plan with the tenant.
  • If persistent non-payment occurs, consider starting the eviction process:
    • Serve a section 8 notice for rent arrears after two months and pursue a possession order if necessary.
    • Alternatively, issue a section 21 notice with two months’ notice, potentially using an accelerated possession order.

After eviction, you may pursue overdue rent, though it might be more practical to focus on finding a new tenant quickly.

Contact us for professional property management

Managing property rentals, especially rent collection, can be challenging. Let our team at CR Real Estate handle it for you. We work hard to ensure timely rent collection payments and hassle-free property management, giving you peace of mind.

Call us today on 01634 570057 and experience stress-free property management.

Looking to rent out a property as a holiday let?

If you want to know more information about holiday lets please contact our local lettings experts on 01634 570057 or book a free online property valuation.

Recent Articles

Top tips for finding your perfect home this summer

Posted on by Sophie Winter

Moving home is becoming more streamlined and less stressful, especially during the summer months. The relaxing vibe, longer days, and better weather make it an ideal time to find your perfect home.

What do you want from your next move?

Consider what you want in your next home. A larger garden might be on your priority list, so as you browse the wide range of properties available in summer, create your own list of must-haves. This might include location, the number of rooms, or the type of property. Stay open to new ideas and possibilities—sometimes the perfect property is one you hadn’t initially envisioned.

Talk to a local property expert to find your perfect home

The UK property market is highly varied, with conditions changing from one street to the next. Local knowledge is important for a successful move. The market you are leaving will be different from the one you are entering, and your needs are as unique as the properties available. Spend time with a local property expert to discuss your requirements; this is a key step in finding your perfect home.

Book a valuation

Planning your moving budget starts with a home valuation. Your property’s value may have increased more than you expect, opening up possibilities for better properties. Ensure you get a thorough, in-person valuation to determine the true value of your home without unrealistic pricing, which can negatively impact your sale.

Look at recently sold prices

Don’t rely solely on your agent for market insights. Looking at the selling prices of recently sold properties or similar homes can help you understand the market better. This summer is marked by stability, offering good equity growth for sellers and reasonable pricing for buyers.

Maximise viewings with longer days

Summer brings an abundance of properties to the market, so book as many viewings as possible. With quieter roads during school holidays and better weather, you can take more time to view properties. A good agent can help you find that special “I’m home” feeling.

Curious about your property’s value?

If you’re ready to find your perfect home this summer, contact our local experts or find out what your home could be worth with our free online property valuation.

Recent Articles

Things to do in Kent – Summer Holidays

Posted on by Sophie Winter

As a local estate agent serving the entire Kent area, we’ve experienced many summer holidays and understand how challenging it can be to keep your little ones entertained during these long weeks, so we’re here to help. From historic excursions to special anniversaries and a wide variety of activities, here’s our guide of things to do in Kent during the summer holidays.

Set sail to the Historic Dockyard Chatham – 27 July to 1 September 2024

This Summer, treat your family to Kent’s biggest day out at The Historic Dockyard Chatham.

Solve the mystery of the Torpedo Turncoat in ‘The Game Is Afoot‘ and explore all the attractions The Dockyard has to offer, including three historic ships, interactive museum galleries, playgrounds and soft play.

One free child ticket for every full paying adult. Offer is available to book online or at our ticket desk. Tickets are valid for multiple visits for a whole year. Offer is not valid in conjunction with any other promotion.

Supercar Weekend at Hever Castle – 3 August & 4 August 2024

Head to Hever Castle for Supercar Weekend, a car event organised by Challenge the Road.

A whole host of stunning super cars with their own individual stories will be on display in the gardens with the Castle as a stunning backdrop.

Head to the Castle Forecourt at 12:30 and a very special supercar will be revealed!

Pricing Information

Included with admission unless otherwise stated.

Willow’s Birds of Prey and Wildlife Trail

The Willow’s Bird of Prey and Wildlife Trail near Sevenoaks in Kent is a great place to take the children for a fun family day out!

Enjoy the 6-acre nature trail in a woodland setting full of wildlife and birds.

Please visit their website to book and for more information.

Dinosaur Week at Kent Life – 12 August to 16 August 2024

Come and join us at Kent Life during the summer holidays for a 5 day celebration of all things dinosaur!

You can experience:

  • George the Jurassic Dinosaur!
  • Critter Corner: A chance to find out about bugs, snakes, spiders and other critters.
  • Big Top Shows!
  • Pop up Activities

PLUS – enjoy other great Kent Life summer holiday activities including fun farm rides, indoor and outdoor play and paint-a-pot*!

*small additional charge.

Biggin Hill Memorial Museum

Visit Biggin Hill Memorial Museum to discover Britain’s most famous fighter station, and the inspiring stories of the brave people and technical innovations that shape our world today. One of Britain’s oldest aerodromes, RAF Biggin Hill is still internationally recognised as Sir Winston Churchill’s ‘strongest link’. The Museum tells the story of RAF Biggin Hill through the personal experiences of those who served there, and the community who supported them.

Please visit their website for more information.

Pirates! at Dover Castle – 3 & 4 August 2024

Ahoy, me hearties! Set sail for Dover Castle this summer and get ready for a spectacular adventure on the high seas. See some of history’s most famous pirates fight it out at close quarters, and listen to them tell their tales of booty, bounty and barnacles.

With shows, demonstrations and hands-on activities, there’ll be plenty of piratical fun for the whole family set against the majestic Dover Castle – whether you’re a scallywag, a salty sea dog or a lily-livered landlubber.

For more information or to book tickets please visit their website.

Summer at Wildwood – 27 July to 1 September 2024

From Saturday 27th July – Sunday 1st September, Wildwood Kent’s visitors will navigate their way through the park on an exciting Super Summer Trail.

In celebration of the speed, strength and grace of Wildwood’s charismatic creatures, competitors will be tasked with finding the answers to a series of sportingly good questions to be in line for a prize and a place on the winners’ podium.

Tickets are available on the day, on entry. For more information please visit their website.

Summer at the Cathedral

Whether you want to enjoy the sun, or escape the heat, there’s something for everyone this summer, at Canterbury Cathedral!

Discover England’s First Cathedral, join us for FREE* activities and family tours, explore the gardens and picnic in the Precincts, enjoy outdoor theatre performances, or cool down in the Crypt.

And don’t forget, your Cathedral admission ticket is valid for 12 months, meaning you can re-visit the Cathedral as often as you want in that time at no extra cost! And KIDS GO FREE!**

* Included free with a valid Cathedral Admission Ticket or Cathedral Pass.

**Children aged 17 and under go free (T&Cs apply).

Kent & East Sussex Railway – 1 July to 31 August 2024

Kids go free this Summer at the Kent and Sussex Railway

This July and August – up to 3 kids go free with a fare paying adult or senior! Tickets are available to book online until midnight for travel the following day.

Please visit their website to book and for more information about their events and trains.

Bewl Water

Bewl Water is the largest stretch of open water in the South East. The 800 acre site is set in an Area of Outstanding Natural Beauty, in the heart of the High Weald.

It offers a fantastic range of leisure and recreational activities, including fishing, cycling and boating, on and around the reservoir with a centre, conference venue, restaurant and café on the shoreline.

Please visit their website for more information.

Summer Explorer Quest at Walmer Castle – 20 July to 1 September 2024

Noble, our trusty guard dog, has lost his shadow at Walmer Castle and needs the help of little adventurers to find it! Join Noble and his friends on a summer quest to search for his shadow throughout the grounds of Walmer Castle during the summer holidays.

Please visit their website for more information or to book.

Get Ready to Roll at Concrete Canvas Mini Fest – 18 August 2024

Add some color to your summer!  Introducing Concrete Canvas, happening at Lockmeadow Entertainment Complex.

What is Concrete Canvas?  Imagine a vibrant fusion of street art and skateboarding, all wrapped up in a family-friendly festival atmosphere!  Get ready to witness live art in action, feel the buzz of creativity, and soak in the infectious energy of the skate scene.

Grab Your Skateboards and Paint Brushes!  Whether you’re shredding the ramps or adding your mark to the canvas, Concrete Canvas promises a day filled with creativity, community, and endless inspiration.

Please visit their website for more information.

Summertime at Leeds Castle

From 20th July to 1st September 2024, immerse yourself in a world of thrilling activities and captivating events perfect for the whole family. Make the most of your admission ticket this summer & experience something new with every visit.

24 July – 6 August – SUMMER WOODLAND TRAIL

10 & 11 August – MOTORS BY THE MOAT

Please visit their website for more information about their events and activities.

Summer At Cyclopark

Get Ready For A Summer Of Family Fun At Cyclopark!

Cyclopark is inviting you to get outdoors with us this summer! Throughout July and August enjoy a huge range of cycling activities, family adventure and community events, all in one unique venue! 

Please visit their website for more information about each exciting event they have got on this Summer!

The Royal Engineers Museum

Galleries at this interesting museum include the Waterloo Map, the world’s first useable guided torpedo, a huge piece of the Berlin Wall, a Harrier Jump Jet and an enormous V2 Rocket! There’s lots to see outside as well, with tanks and other vehicles. Let the kids have a go on the play area, shaped like a First World War Tank!

Please visit their website for more information.

Soar Trampoline Park

Wall to wall trampoline arena, foam diving pits, dodge-ball courts, slam dunk, wiggle ladder, dual pit, Wipe Out zone & the Wall. Exhilarating, fun for everyone.

Please visit their website for more information.

Wingham Wildlife Park

Kids will love Wingham Wildlife Park, which offers a great opportunity to experience some amazing animals and unusual creatures. There are pre-booked experiences available, such as Shadow a Reptile Keeper, or Tiger Experience and it’s a great place to hold a birthday party.

Please visit their website for more information.

Faversham Pools

Children enjoy getting into the water and Faversham Pools has lots of swimming opportunities throughout the year. The outdoor pool, which is heated and only open in the summer, has rapid rides, a toddler pool and space for a picnic. The indoor pool, open all year, has a beach area, jacuzzi and a dual run inflatable.

Please visit their website for more information.

Eagle Heights Wildlife Foundation

Watch flying demonstrations at this large bird of prey centre, one of the UK’s largest. It is also an expanding Wildlife Sanctuary for many different species of animals, including huskies, Meerkats, snakes, Coati Mundi, a camel and more! Enjoy the outdoor picnic area, the children’s play area and the seasonal activities for children.

Please visit their website for more information.

Fort Amherst

Take pride in local history; explore a maze of underground defensive tunnels; enjoy spectacular views; step back in time to imagine the life of a Napoleonic soldier; and discover Fort Amherst’s strategic role in defending Medway in both World War I and World War II. 

Please visit their website for more information and events.

Broadditch Farm

Summer Scavenger Hunt

It’s back to nature, as you navigate your way through our woods. Search for pictures of things you’d expect to find in a woodland habitat, as well as a couple of unusual visitors you wouldn’t normally expect to see in the woods! Complete the challenges and have fun with the activities along the way.

Farmer John’s Maze Experience

Our Maze Experience is themed around Dinosaurs! Come and explore the woodland maze and find all the mega beasts. There are no dead-ends in the maze so you can’t get lost!

If you want to stay a while why not bring a picnic and enjoy it in the picnic area by the duck pond and play area!

Please visit their website for more information and prices.

Planet Ice

Enjoy ice skating all year round at Planet Ice Gillingham. The perfect day out for all the family.

Please visit their website for more information and prices.

Clip ‘n Climb Tonbridge

All the family can enjoy a wonderful day out at the largest Clip ’n Climb! This indoor climbing arena offers lots of healthy action packed fun.

The centre has 33 individual and multi climber wall challenges of varying design and difficulty. They include two special attractions – the infamous Vertical Dropslide and Stairway to Heaven!

Please visit their website for more information.

Port Lympne Hotel and Reserve

Plan a wonderful day out with all the family at Port Lympne Hotel and Reserve, and enjoy an experience that will not be forgotten.

Steel your nerves as you enter carnivore territory, with lions, tigers and cheetah. At Palace of the Apes you can get up close to the gorillas!

Be amazed at the largest collection of life-size dinosaurs and be entertained by the stories about them. Climb on board an authentic African safari vehicle to visit The African Experience.

There are also children’s play areas, where they can do some climbing, swinging and jumping of their own!

Please visit their website for more information.

Buckmore Park

All kids love karting and it can be a great family day out too! At Buckmore Park near Chatham there are motorsport related activities for youngsters aged 4 – 15 years. You can turn up and drive, book ahead, hold a great karting birthday party or even take part in laser warfare with all the family.

Please visit their website for more information.

Curly’s Farm

Curly’s Farm is a working farm set in 10 acres of gorgeous Kent countryside, on the Isle of Sheppey. Curly’s Farm prides itself on being fully inclusive where everyone can learn and develop their farming and livestock handling skills. The youngest farmers being just 3 years old, we have no upper age limit as we want everyone to access the farm!

Please visit their website for more information or to book tickets.

Bonnets and Wings Classic Car Show – 1 September 2024

The sight of more than 100 lovingly polished, immaculately restored classic cars always adds a fantastic extra dimension to a visit to the Memorial – and it’s all completely free

As well as the stunning sight of the parked up motors and all the usual outside attractions, visitors will be able to enjoy The Scramble Experience, pause for refreshments or a cream tea in the Cockpit Café and visit the Memorial’s well-stocked shop.

The cars will be arriving mid-morning and stay for most of the day, while the Memorial is open from 10am to 5pm.

Please visit their website for more information.

Jumpin Fun Inflatable Park

The Jumpin Inflatable Theme park is a brand-new leisure experience, with enough wall to wall inflatable fun for just about anyone, of any age.

Please visit their website for more information or to book tickets.

Chatham Ski and Snowboard Centre

Chatham Snowsports Centre is the South East’s premier outdoor winter sport facility. We have a 200m main slope, teaching area, toboggan run as well as a café.

Please visit their website for more information.

The Big Cat Sanctuary

Located in the heart of Kent, this sanctuary is home to a variety of amazing wild cat species – from the smallest to the largest!

Available to visit on open days or by appointment, the public can see everything in the big cat world, from a jaguar, leopard. puma to a tiger, lynx, lion and many more.

Please visit their website for more information and open days.

Sittingbourne & Kemsley Light Railway

Take a trip on a train with an original steam engine, on an original line and original rolling stock! This unique line was built in 1905 for the transportation of the raw materials required for the manufacture of paper.

Please visit their website for more information and running times.

Rochester Castle

Historic castle with captivating history, panoramic views, and challenging 800-year-old spiral staircase. Features informative displays and audio-guided tours amidst well-preserved architecture.

Please visit their website for more information.

Flip Out Ashford

Flip Out Ashford  is a 34,000 square foot arena filled with a wide range of attractions that the whole family can enjoy.

Have lots of fun on the trampolines, Ninja Tag, two stunt zones, a Soft Play and a special area for the under 5s.

Please visit their website for more information.

Summer fun at the Rare Breeds Centre – 24 July to 3 September 2024

The Rare Breeds Centre is a working 100-acre farm and tourist attraction, surrounded by the beautiful Kentish countryside.

It is home to many rare and native breeds of farm livestock and is approved by the Rare Breeds Survival Trust, with everything from pigs and sheep to horses, chickens and cows.

There’s so much to do, with visitors young and old coming to enjoy the exotic butterfly tunnel, the Discovery Garden, the woodland walks, the Secret Lake, the outdoor playgrounds, and assault courses.

Please visit their website for more information and activity dates.

Penshurst Place – 24 July to 1 September 2024

Tuesdays and Thursdays: Crafts, 11.00am – 3.30pm

Wednesdays: Bushcraft activities on the hour 11.00am – 4.00pm

Alternating every Saturday: Laser Clay Shooting OR Falconry

Sundays: Wind In the Willows Storytelling Performances

Activities included in all admission types to Penshurst Place and Gardens

Please visit their website for more information.

Mote Park

Maidstone’s largest park, Mote Park, is set in 450 acres of historic parkland qand is a great place to spend family time.

There are four play areas including a natural woodland play area for children aged 8 to 15 years and a skate park. There is also a BMX track, sports pitches, sports courts, a water-sports centre and a leisure centre!

Please visit their website for more information.

Howletts

Explore wooded walkways and paths and discover rare and endangered species, including gorillas, primates, big cats, small cats, giant anteaters and more.

Children can also enjoy being active at the great play area, and families can enjoy free daily animal talks as well as watching animal feeds.

Discover a world lost in time, at Animals of the Ice Age!  As you explore a forgotten land, you’ll marvel at the life size pre historic creatures taking over the Woodland Walk.

Please visit their website for more information.

St Andrews Lakes

As a former quarry, our team have transformed the site into a superb beautiful blue lake reserve with an amazing range of water and land based activities for all ages. Nestled in the countryside of Kent with easy access from the motorway network and national rail, St Andrews Lakes offers a retreat from the hustle and bustle of everyday life in a setting that seamlessly combines breathtaking nature with the thrill of adventure. 

Please visit their website for more information.

Dreamland Margate

Dreamland now has a cutting edge line-up of singers and spinners performing on a state of the art live stage, meticulously renovated vintage rides, art installations, pop ups and cultural activities, all providing a great day out for the family.

Their location on Margate’s seafront on the Kent coast and the people who live there underline all that they are – a  very modern UK operation with wonderful retro rides and attractions such as Dodgems, Helter Skelter a ghost train and much more. Height restrictions do apply to some of the rides.

Please visit their website for more information.

Pirate Cove Adventure Golf

Step aboard for a fun-filled 36 holes of Adventure Golf at Pirate Cove. Friends, family and pets welcome!

Feeling brave? Impress the Captain and take on the 36-hole challenge at your peril. Off the course, you can continue the adventure and take to the water on the pirate boating experience.

The shark-themed electric boats take up to four passengers and, with ergonomic seats, you can set sail across the lake for a comfortable 30-minute journey.

Perfect for all ages, the activities are great fun for everyone.

Please visit their website for more information.

Romney, Hythe and Dymchurch Railway

Romney, Hythe and Dymchurch Railway runs for 13 ½ miles from the picturesque Cinque Port town of Hythe, through the family-friendly seaside village to Dymchurch

The model Exhibition at New Romney Station is a must-see attraction. The interactive features are sure to keep children intrigued, whilst displays depicting the railway’s history always engages the grown-ups.

Children will find the train-themed outdoor play area great fun!

Please visit their website for more information.

Rochester Cathedral

Children have lots of activities on offer at Rochester Cathedral. Originally founded in 604 AD, the cathedral was subjected to invasions, fires, war damage and plundering. There is a family audio guide, interactive story trails for pre-schoolers as well as various trails and activity sheets to keep everyone busy. Donations welcomed.

Please visit their website for more information.

Diggerland

Have you ever wanted to drive a real JCB Digger or dumper?

Well, at Diggerland Kent the dream becomes a reality! There you can ride, drive and operate real, full size construction machinery which provides a truly fun day out for all the family.

The park is aimed at children between 4 and 14 years of age, however visitors of all ages can enjoy a great day out! There is a comprehensive Diggerland Ride Height Chart on their website, which indicates the suitability of all the rides they offer. Children under 100cm will enter for free!

Please visit their website for more information.

 Travel Offers

With stations covered in the likes of Dover, Ramsgate to Sevenoaks, nearly all the of the above adventures are on Southeastern’s network, plus throughout the summer on off-peak services you can take up to four children with you for just £1 each! Download the Southeastern App to buy your tickets and plan your journey. 

If you’re stacking up the ideas with all of these things to do, make sure you keep the costs down by travelling with Stagecoach! Not only do they offer 50% off Wildwood entry when you travel with them, but kids travel for £1, which will no doubt make sitting at the front on the top deck even more fun!

Looking to move this summer?

For those considering a move in Medway or the surrounding Kent areas, please contact our local property experts for a free valuation.

Recent Articles

Everything you need to know about renting your home as a holiday let

Posted on by Sophie Winter

Renting out your home as a holiday let can significantly boost your income. However, it’s important to understand the relevant rules and regulations before diving in. This guide will help you navigate the process of renting out your home as a short-term holiday let, and how having the right agent can simplify it.

What is a holiday let?

A holiday let is a property rented out for short-term stays, ranging from a single night to several weeks. These properties are fully furnished and equipped with all the essentials to ensure a comfortable stay. Holiday lets are often located in popular tourist destinations, cities, or other desirable locations.

How much could you earn from a holiday let?

As a holiday let owner, you can set a nightly rate for your property, adjusting it based on seasonal demand. Researching similar properties in your area can help you determine competitive pricing. Consider offering discounted rates for longer stays and increasing prices during high-demand periods like weekends.

Preparing your home for a holiday let

To stand out in the competitive holiday let market, your property must meet certain standards and requirements. A unique theme or décor can attract more guests. Higher-quality properties tend to perform better, as guests are willing to pay more for a premium experience. Whether it’s a cozy log cabin, a modern city apartment, or a charming seaside cottage, properties with distinct personalities are more appealing to guests.

What are the running costs for a holiday let?

Understanding the costs involved in running a holiday let is essential, especially if you’re new to the market.

  • Mortgage Costs: Factor in monthly repayments if the property is mortgaged.
  • Advertising: Continuous advertising across various platforms is necessary to maintain a steady flow of guests.
  • Cleaning: Each turnover requires a thorough cleaning, which means ongoing expenses for cleaning services.
  • Maintenance: Regular maintenance and repairs are needed due to higher wear and tear from frequent guests.
  • Utilities: Gas, electricity, water, and Wi-Fi are ongoing expenses.
  • Insurance: Building and content insurance are required, along with additional coverage for emergencies, accidental damage, and legal issues.
  • Property Management Fees: Working with a letting agent can provide a hands-off approach, managing the property for a fee.

Rules and regulations for holiday lets

Running a holiday let requires adhering to various legal and non-legal requirements. If you have a mortgage, check with your lender or a mortgage broker to ensure short-term rentals are permitted. As a landlord, you are responsible for maintaining the property and ensuring it meets safety standards.

Legal requirements include:

  • Fully furnishing the property
  • Renting it out for at least 105 days per year
  • Performing fire risk assessments and installing necessary fire safety equipment
  • Installing smoke and carbon monoxide alarms
  • Obtaining a gas safety certificate

Non-legal requirements include:

  • PAT testing for electrical appliances
  • Obtaining an electrical safety certificate
  • Conducting hazard assessments for pools and hot tubs

As a local letting agent, we can handle these requirements for you, reducing stress and ensuring compliance.

The importance of managing a holiday let

Managing a holiday let can be time-consuming, depending on its popularity. High-quality customer service is essential for repeat business and positive reviews, which boost the property’s appeal. An external management service can handle guest queries, maintenance, and other tasks, allowing you to focus on providing the property and enjoying the profits.

Looking to rent out a property as a holiday let?

If you want to know more information about holiday lets please contact our local lettings experts on 01634 570057 or book a free online property valuation.

Recent Articles

July property market update

Posted on by Sophie Winter

The property market has seen a notable shift this July as average new seller asking prices drop by 0.4% (-£1,617) to £373,493. This larger-than-usual decrease, compared to the 20-year July average of -0.2%, indicates that sellers are making efforts to capture buyer interest amid the myriad distractions of the season, including the General Election, ongoing sporting events, and the summer holiday period.

Market activity steady despite General Election

Despite the distractions, the property market has remained strong during the General Election campaign. Sales have increased by 15% compared to the same time last year, showing that serious buyers are still moving forward with their plans. Additionally, there are 3% more new sellers compared to last year, highlighting steady market activity.

Buyer demand

Overall buyer demand is stable, but interest from first-time buyers has dropped by 2% due to affordability challenges. First-time buyers are particularly affected by changes in mortgage rates.

The current average five-year fixed mortgage rate is 4.97%, better than the peak of 6.11% in July 2023. However, it remains much higher than the 2.51% average in July 2021, before the Bank of England raised rates 14 times in a row.

Anticipation of interest rate cuts

Many in the market are focused on when the Bank of England will cut its Base Rate, which could happen as soon as August or September. This cut would likely boost home-movers by making mortgages more affordable and improving market confidence as we head into Autumn.

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

“A Base Rate cut is expected to lead to lower mortgage rates, which could be the gamechanger for some would-be home-movers who are being held back by significantly higher monthly mortgage costs. The average five-year fixed rate is still nearly twice as high as it was before the first of 14 consecutive Bank of England rate increases in 2021, with rates staying elevated for much longer than many thought they would. A first Base Rate cut for over four years, together with the new political certainty, could set the scene for a positive Autumn market, with improved affordability and a more confident outlook in the second half of the year.”

Positive outlook for the autumn market

The recent General Election has brought political stability, boosting home-mover confidence. The new government’s focus on housebuilding and planning reform is promising for the housing market. This stability, along with a potential interest rate cut, sets up a strong Autumn market.

In summary, despite challenges, especially for first-time buyers, the outlook is positive. Sellers are lowering prices to attract buyers, and market activity remains strong despite seasonal and political distractions. The expected interest rate cut could further energise the market, benefiting home-movers as we approach the end of the year.

Curious about your property’s value?

Find out with our free online property valuation.

Recent Articles

How to sell your home quickly

Posted on by Sophie Winter

Want to know how to sell your home quickly? Selling your home is a process and it’s essential to safeguard both you as the seller and any potential buyers. Completing all the necessary legal work and documentation typically takes time, making it improbable to finalise a sale overnight.

The time it takes to sell your property can vary based on current market conditions, as house prices and buyer demand fluctuate. However, there are steps you can take to speed up the process.

Selling your home with a trusted estate agent

Choosing a reputable estate agent can streamline the selling process, alleviating much of the effort from your shoulders and placing your property in the hands of professionals. A trusted estate agent, like CR Real Estate, offer expert marketing and photography services to ensure your property makes an excellent first impression on potential buyers. We will also create a listing for your property on the leading property portals, Rightmove and Zoopla. To explore your selling options with local experts, contact our team here.

Preparing your home for sale

Your online listing will need photos that showcase your home to potential buyers. A well-presented property is more likely to attract interest. Cleaning and staging your home now will make it easier to take appealing photos when the time comes. This preparation also benefits viewings.

Sell your home in just 56 days

Using the modern method of auction can significantly speed up the selling process. Your property will be listed for a set period, typically 30 days, allowing buyers to bid on it. At the end of this period, your property is reserved for the highest bidder, who must exchange contracts and complete the purchase within 56 days. While selling via auction can result in a higher or lower price than anticipated, it accelerates the selling process and prevents your property from sitting on the market. Find out more about selling by the modern method of auction by contacting our team on 01634 570057.

Free property valuation

Discover how much your property could be worth with a free, no-obligation property valuation. Book an appointment, and one of our local experts will be in touch.

Recent Articles

Is summer a good time to sell your home?

Posted on by Sophie Winter

Deciding when to sell your home can be challenging. We understand that sellers want to move at a convenient time while also aiming to maximise the sale price for their next property.

Although the property market is active year-round, the summer months are especially advantageous and popular for listing your property for several reasons.

Stable property prices

We recognise that some homeowners have been more hesitant about selling recently. There has been uncertainty regarding future property prices, and sellers naturally aim to secure the best possible price.

While some might believe their property could sell for more if they wait for the market to grow, they also risk getting less if prices decline. A stable market is not only safer for sellers but also attracts typically cautious buyers.

Reassuringly, the average property price in June barely changed since May (a difference of less than 0.0%) and is up 0.6% compared to this time last year, suggesting that prices have stabilised for now.

With property prices currently stable, now is an excellent time to book in a free property valuation from a local selling expert.

Show summer highlights of your property

Summer is the ideal time to showcase your outdoor spaces, so consider sprucing up your garden with some light gardening, lawn care, and staging of garden furniture.

The sunny weather naturally brightens viewings, providing an opportunity to highlight features such as skylights and bay windows.

Photographs taken during this season will benefit from natural light and better weather, making your property more appealing and creating a strong first impression on buyers. Prospective buyers will also enjoy exploring the local area more during summer.

Good time for families to buy

Many potential buyers are likely in the same situation as you, wanting to move before the year ends. This increases the chances that your house could be quickly sold to someone aiming to move before the colder months.

If your property is spacious, it might be perfect for a family wanting to move while their kids are on summer break. This timing would allow them to enroll their children in their new school early in the academic year, or even before the term starts.

Moving in the summer is also more convenient due to clearer weather, making it easier to move your belongings. Some potential buyers may have waited until summer to move for this very reason.

If you want to move this year, it’s essential to take action now.

Selling your property takes time, so it’s best to start as soon as possible. Given that the conveyancing process can take on average around 12 weeks, plus the time needed for the buyer to secure a mortgage, you’ll need to act now if you want to move before winter.

Earlier this year, it took an average of 78 days to find a buyer. By May, this wait time had decreased by 28 days, with Rightmove reporting an average of just 60 days to secure a buyer.

Listing your property for sale now increases your chances of finding a buyer quickly. Get started with a free, no-obligation property valuation from our local experts to get an estimate of your property’s market value.

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5 common mistakes buyers need to be aware of

Posted on by Sophie Winter

Whether you’re a first-time buyer, downsizing, relocating for work, or searching for a new home for any other reason, there are common mistakes to be aware of and to try and avoid. But the excitement of buying a new property shouldn’t be dampened by easily avoidable mistakes. That’s why we’re highlighting five of the most common mistakes buyers make when purchasing a new property, so you can steer clear of them.

Searching without a Mortgage in Principle

A Mortgage in Principle is an estimate from a lender of what buyers could borrow, providing a reference for affordability when searching for a property. Though not an outright offer, it’s typically accurate enough to guide your property search.

Our partner, The Residential Mortgage Hub, can get you a Mortgage in Principle in just 30 minutes. Book your initial appointment today to learn more.

Lack of budget planning

Understanding your financial limits as a buyer is important when searching for a new property. Realistically assess your price range to avoid disappointment. Consider all associated costs, including upfront expenses like the deposit, mortgage costs, insurance, and ongoing costs such as council tax.

Not researching your desired property’s location

Buyers can be easily sidetracked with a property and overlook the importance of its location. Make sure the surrounding area suits your lifestyle to avoid future regrets. Consider factors like commute times and transport links if you need to travel for work. For drivers, assess the property’s accessibility.

Families should check the availability of local amenities such as schools, shops, and job opportunities. Pet owners should ensure there are nearby green spaces for exercise.

Not making the most out of viewings

Always view a property in person before deciding. Missing out on key details during a viewing can lead to unpleasant surprises after finalising your mortgage. Prepare a list of priorities for viewings, focusing on the rooms and amenities that matter most to you. Thoroughly inspect the property, including areas like counters, skirting boards, and plumbing.

Going with the first lender you talk to

While a friendly lender may be persuasive, it’s important to explore multiple options. Otherwise, you might settle for a less favourable rate. The Residential Mortgage Hub searches over 90+ lenders to secure the right deal for you, ensuring you’ve thoroughly explored your options.

Ready to start your search?

Book your first appointment today to start planning your future. Appointments are available via phone, face-to-face, or video call. Alternatively, you can request a callback from the team at The Residential Mortgage Hub at your convenience.

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Switching estate agents: could a fresh approach be the key to selling your home?

Posted on by Sophie Winter

Maybe things started off well, but now viewings are sparse. You might feel your agent’s initial enthusiasm has dwindled, or perhaps you’re questioning if your home was overpriced initially, especially if you’re now being urged to make a significant price reduction.

Being stuck on the market is frustrating, especially when you see your neighbours selling their homes and moving out. It might be time to consider a new strategy. But how can you be sure that switching estate agents will improve your situation?

In this week’s blog, you’ll find all the information you need to switch agents confidently and choose the best one to get your sale back on track.

What is your reason for switching estate agents?

People switch estate agents for various reasons, and some of the most common ones we hear when they come to us include:

  • Their plans have changed, making the move more urgent.
  • Their home has been on the market for a long time with few or low offers.
  • They’re disappointed with the marketing of their home.
  • They’re getting no viewings and no new enquiries.
  • They’re being pressured to reduce their price significantly from the initial valuation.
  • They don’t enjoy communicating with their agent, or the relationship is strained.
  • They’ve lost confidence in their agent’s ability to find a buyer.

If any of these relate with you, switching estate agents could be your next step. Remember, there’s no such thing as an unsellable home, and it’s never too late to start fresh.

What are the benefits of switching estate agents?

Even if your home has been on the market for a long time, switching estate agents might seem like an unnecessary hassle. After all, don’t all buyers just look at the same property portals these days? Isn’t one agent much the same as another?

Actually, there are several benefits to changing estate agents, including:

  • Your property will be reset as a new listing on the property portals (if you stayed with the same agent, you’d have to take it off the market and wait 16 weeks to regain that status).
  • New photos taken from different angles and a new description can make your home look fresh on the market, catching the eye of buyers who may have missed or discounted it before.
  • You’ll have the benefit of hindsight and experience to ask the right questions of your next agent (more on that later).

Switching estate agents can also replace any feelings of resignation with renewed confidence in your move. Whenever you’re feeling stuck, taking action is always the answer.

Review your current agents results and performance

When considering a change of estate agents, take a moment to reflect on your time on the market, examining the interest you’ve received and your experience with your estate agent.

  • How was the communication when booking viewing appointments, providing feedback, and staying in touch?
  • Were you greeted warmly whenever you called, or did you feel like a nuisance?
  • Are your photos and description a good combination that does justice to your home and entices people to view?
  • How many viewings has your agent arranged, and how does this compare to other homes they are marketing?
  • Has your estate agent successfully sold homes similar to yours in the area, or does your listing seem out of place among their others?
  • Is your asking price the one your agent advised, and does it reflect recent comparable sales in the area?
  • Has your estate agent made any suggestions about presentation, either initially or in response to viewer comments?

Choosing a new estate agent

If you’ve decided to switch your estate agent, consider these tips to help you find your new selling agent:

  • Search property portals for homes similar to yours and check the agents’ websites to find the best marketing strategies.
  • Contact your second and third-choice agents from your initial valuation to get their updated thoughts on price, market conditions, and their sales strategy.
  • Look around your local streets for signs from other agents selling homes like yours.
  • When agents visit your home, do they support their suggested asking price with recent comparable sales?
  • Review their terms of business for contract lengths, notice periods, and whether any costs are payable upfront or if it’s completely no sale, no fee.
  • Try asking them to lower their commission rate – not necessarily to pay less, but to identify the strongest negotiator. The best agents typically aren’t the cheapest.
  • Lastly, consider which agent’s company you enjoyed the most. Your relationship will last several months, so choose someone you trust and enjoy speaking to each week.

How to switch estate agents correctly

Once you’ve chosen a new estate agent to take over the sale of your home, follow these steps for a seamless transition:

  • Provide written notice to your current agent according to the terms of your contract and request a confirmation response.
  • Obtain a list of the names of people who’ve viewed your property so you can inform your new agent and avoid potential double fees.
  • Instruct your current agent to transfer any keys they hold to your new agent.
  • Ask your new agent for recommendations on minor repairs or presentation improvements to prepare for their new photographs.
  • Discuss with your new agent the best strategy for selling your home—whether to switch and relaunch on the same day or take a short break from the market.

With these steps, you’ll ensure a smooth transition and a fresh start to get your move underway.

Is it time to switch estate agents?

If you’ve read this far, you’re likely considering your options for switching estate agents and getting your home sold. If so, we’d love the opportunity to show you how we can help you find a buyer and get your move underway.

Give us a call on 01634 570057 or book an appointment online to share your plans with us and see how we can help.

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The advantages of renting out your property as an HMO

Posted on by Sophie Winter

Most landlords rent out their properties as a whole, but leasing your rental property as a House in Multiple Occupation (HMO) provides an alternative approach.

An HMO is a property rented to multiple households who share common facilities. A household can consist of an individual or members of the same family, which includes:

  • Married or cohabiting partners
  • Relatives or half-relatives
  • Step-parents and step-children

An HMO is considered small if it has at least three tenants from more than one household and large if it has at least five tenants from more than one household.

In an HMO, each household rents individual bedrooms and shares communal areas such as the kitchen or bathroom. Despite increasing rental demand, the number of HMOs in the UK has declined in recent years, making it an opportune time to invest.

So, what are the advantages of renting your property as an HMO?

Increased rental yield

Entering into multiple tenancy agreements with different households can result in a higher rental yield compared to renting out a property to a single household. Additionally, you can adjust the rental rates for different rooms to further increase your rental yield. For example, a master bedroom with an en suite can be rented for more than the smallest bedroom in the same property.

Strong demand in popular areas

HMOs offer a new rental option for young professionals and students seeking accommodation without the need for a long-term commitment. They provide tenants with a more affordable and flexible solution in popular areas.

Traditionally, individuals looking to rent would need to find roommates to afford an entire property, which can be challenging when relocating to a new city for work or education. In recent years, there has been a significant shortage of student accommodation in the UK. Consequently, HMOs have become increasingly popular in university cities to address this shortfall.

Converting an existing rental property into a HMO

Converting your existing rental property into an HMO requires time, effort, and careful attention to detail to ensure it meets HMO standards.

There are minimum room size requirements based on the number of occupants sharing each bedroom. Your property must also comply with safety regulations, such as installing fire doors.

You will need an HMO license if your property has at least four tenants forming two or more households. Some local councils require an HMO license for smaller properties as well, so you should contact your local council for more information.

Reduced void periods

A void period is the time between tenancies when your rental property is unoccupied. As a landlord, you will want to avoid extended void periods, as they can diminish your rental income, especially if you rely on rent to pay your mortgage.

Renting your property as an HMO can help minimise the duration and impact of void periods. Since an HMO is rented out by individual bedrooms rather than the entire property, it is less likely that the property will be completely empty at any given time. Additionally, you can include a clause in your tenancy agreement requiring the remaining tenants to cover the rent shortfall if one or more bedrooms become vacant.

How can we help you?

Interested in discovering the potential rental income of your property as an HMO? Book a complimentary rental valuation to explore your options with our knowledgeable team today by calling 01634 570057 or booking online.

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A homebuyer’s guide to changing mortgage rates

Posted on by Sophie Winter

Mortgage interest rates are falling, which is encouraging, but recent fluctuations can be a bit unsettling. That’s why we’ve made this guide to help you understand how you can insulate against changing interest rates.

You might be able to move home without altering your mortgage.

If you want to move and take your existing mortgage rate, which is lower than the current rates, porting your mortgage can be a great option. This allows you to transfer your current mortgage to your new home. Additionally, you might be able to borrow extra funds, but keep in mind that terms vary between mortgage providers.

Fix your interest rate 

Variable interest rates are typically higher than fixed rates, and many people prefer the stability and predictability of fixed-rate mortgages. However, if variable rates drop below current fixed rates, you save money. This usually occurs when interest rates are very low. If you intend to keep your property for a short time, a variable-rate mortgage might be suitable. It’s important to remember that there are many types of mortgages to consider and a mortgage broker such as The Residential Mortgage Hub can help you understand more about your options.

Explore different mortgage types 

With thousands of mortgage products available, it’s important to find the best deal for you. An offset mortgage lets you use your savings to reduce your mortgage balance, resulting in lower interest payments. Guarantor mortgages and 5% deposit mortgages can help you in making your first or next property purchase, while interest-only mortgages are often beneficial for buy-to-let investors.

Talk to a mortgage adviser    

A larger deposit also results in paying less interest. The expertise and guidance of a good mortgage adviser can boost your confidence when applying for a mortgage. A quick discussion with them can save you both time and money!

Higher mortgage rates can lead to a better deal  

As mortgage rates decline, property prices often rise due to increased demand. Consequently, the contrast between higher mortgage rates and lower purchase prices may not necessarily result in reduced mortgage repayments while waiting for interest rates to drop. In a stable market, fluctuations in mortgage rates are typically nothing to fret about and can even present opportunities for better deals. Additionally, selecting the right property significantly influences securing your future as you negotiate the offer price. A market characterised by a balanced pace without intense competition also creates a more favourable environment for buying.

How can we help you?

Moving to your perfect home is always easier with the right help. Contact our team of industry experts today for help and guidance, simply contact our office on 01634 570057.

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.

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Buying a home: common questions asked by first-time buyers

Posted on by Sophie Winter

Starting the journey to becoming a first-time homeowner means navigating through a maze of industry jargon, documents, and processes. For those new to the home-buying process, it can be a big learning curve.

We’ve spoken to our team of experts to find out what reoccurring questions our buyers have asked – and then we’ve listed out all the answers for you in this helpful guide.

How do I make an offer on a property?

Your offer will need to be submitted to the selling agent, and we would always recommended to do so in writing as well.

You should provide as much detail as possible to support your offer; this helps the current owner of the property to make an informed decision. This will need to include information about your deposit (including proof of funds, such as a bank statement or accountant’s letter), whether you have a mortgage offer secured, your desired timeframe, and details of your solicitor.

It’s worth noting that in some cases sellers may have multiple offers all equating to the same value, so it’s worthwhile expressing your love and enthusiasm for the property.

Can I offer on two properties?

In principle, you’re free to make offers on as many properties as you wish. Offers don’t carry legal obligations, and are often only chargeable after an offer is accepted, prompting the hiring of surveyors and similar services.

However, it is worth noting that submitting multiple offers may portray you as indecisive and unreliable as a buyer.

What is a good opening offer?

Different buyers approach their initial offer differently: some may propose an amount below the seller’s asking price, while others might offer the full amount right away.

A recommended strategy is to offer between 5% and 10% less than the market price, ensuring there’s room for negotiation by staying below your maximum limit.

It’s also wise to research house prices in the area, considering factors like square footage and number of rooms. This information will help you make sure you are putting in a fair offer.

Do I need to have a mortgage before making an offer?

Although you cannot finalise your mortgage application until after your offer has been accepted, you can obtain an agreement/mortgage in principle (AIP/MIP) before starting your property search.

An AIP/MIP shows the amount a mortgage lender may potentially loan you for purchasing a property. This is used as evidence to sellers that you’re a serious buyer with good prospects of securing the necessary financing.

Obtaining an AIP/MIP is a quick and straightforward process, our partnered Mortgage Broker, The Residential Mortgage Hub will be able to assist you with this if you’re looking for help.

When do I put an offer on a property?

The timing for making an offer on a property rests on two key factors:

  • The level of competition for the property you’re interested in.
  • How quick you can make a decision on the amount you want to offer.

In a market with high buyer demand, making an offer quickly is necessary. However, it’s crucial to allocate sufficient time to carefully consider the offer amount you’re comfortable with.

What are the main costs of buying a property?

Purchasing a home comes with significant expenses, particularly saving for the deposit, which is often the greatest hurdle for first-time buyers.

Typically, you’ll need to provide a deposit of at least 5% of the property price. According to Halifax’s latest data, the average deposit stands at 21%. However, aside from the deposit, there are numerous other costs to consider.

Before starting property viewings, it’s advisable to familiarise yourself with the various fees you’ll encounter along the way to avoid any unpleasant surprises.

  • Conveyancing Fees: You will normally need a solicitor or conveyancer to facilitate the property purchase. Anticipate spending between £500 and £1,500 for these services.
  • Land Registry Fee: The Land Registry maintains records of all registered properties in England and Wales. While your solicitor may incorporate this fee into their conveyancing package, it’s important to check. Fees typically range from £90 to £140, depending on the purchase price.
  • Stamp Duty: Stamp duty is a mandatory payment on properties above a certain price threshold. The amount varies depending on the property’s value. You can use a stamp duty calculator to estimate your payment.
  • Homebuyer Survey: A thorough homebuyer survey assesses the property’s condition, potentially uncovering issues and serving as a bargaining tool. Costs vary between £400 and £1,500.
  • Mortgage Fee: Lenders often charge a fee for setting up the loan, typically between £1,000 and £2,000. Some lenders may allow you to add this fee to the mortgage amount.
  • Valuation Fees: Mortgage lenders may charge valuation fees to ensure the property’s value aligns with the purchase price. Expect to pay between £160 and £600.
  • Mortgage Broker: If you are considering using a mortgage broker, they may charge a fee ranging from £300 to £2,000.
  • Moving Costs: Costs vary based on the amount of furniture and distance traveled. The average cost for a 3-bedroom house moving 50 miles is £1,181.
  • Building Insurance: Most mortgage lenders require building insurance, averaging £110 annually.

Do I need a mortgage broker?

While it’s not mandatory, using the services of a mortgage broker can be highly beneficial, especially for those unfamiliar with mortgage processes. Mortgage brokers have access to many loan options that may not be readily accessible elsewhere, including exclusive deals and notifications of limited-time mortgage deals tailored for certain individuals needs.

Got any other questions?

Our team of industry experts are here to help and answer any of your questions about the home buying process. Simply contact our office on 01634 570057.

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