The Halifax announced in early January that there was a Boris Bounce in the national property market as they stated national property values soared 1.7% in December 2019 – the biggest rise since the 1.9% month on month rise in February 2007 (a few months before the Global Financial Crisis aka the Credit Crunch).
Get the flags out – all hail Boris as the Conservatives gain their landslide general election triumph – the Boris Bounce is here … or is it?
It’s the start of a brand new year in the market, with buyers and sellers alike preparing to fulfil their New Year’s Resolutions and make their move. Market conditions appear to have stabilised after December’s general election brought with it a majority Conservative Government, but what can you do to give yourself the best chance of a successful transaction? Read our top tips for Buyers and Sellers below.
BUYERS TIPS
Research, Research, Research
As clichéd as it sounds, buyers who prepare sufficiently are more likely to end up with a better deal for the home they’re looking for. Once you’ve made the decision to begin house hunting, look into sale and listing prices for properties in the local areas that you’re interested in; this will give you a rough guide as to how much you can expect to spend.
Prepare your mortgage
If you’re house-hunting in a competitive area where properties are quickly snapped up, then getting a mortgage agreement in principle will give you an advantage when you find the property that you want. Having your finances in order and prepared can save time and prove invaluable if the home you want is likely to generate significant local interest.
Check the Home Report
Make sure you check the home report (Scotland) and the surveyor’s comments before you offer. This survey flags up any major issues or elements of the property that require attention, such as urgent defects or structural concerns. Depending on the age of the building, you could find yourself a wildly fluctuating amount of work to carry out, especially if previous owners have neglected its upkeep. Either way, this is an invaluable belts and braces report of the property and will provide peace of mind in any outcome. If it’s more than 3 months old once you have had an offer accepted, insist on the seller getting a refresh so it’s up to date. If a long time has passed since it was first listed it could be there is other issues you need to be aware of that could affect your initial offer price.
SELLERS TIPS
Research, Research, Research
Preparation is key for sellers, too! Make sure you know your property’s true value before it’s listed; carry out a full appraisal of your home with a trusted agent and not just an instant valuation to get a clear idea of what your property is worth. Inviting valuers into your home can also provide you with a fresh set of eyes which can be useful in flagging up any existing issues or reminding you of a few flaws that could require attention before going to market, too. Some even provide more specialist knowledge than just a valuation.
Find ways to add more value
If you’re looking for ways to add more worth to your property, then carrying out home improvement projects will certainly aid you. These can be relatively simple tasks, such as installing double glazing or adding extra insulation to your loft, or bigger jobs such as renovating your kitchen. Whilst the cost associated with these projects may be off-putting, it may pay off when it comes to increasing your home’s value. But ask the professionals first if it’s worth doing before doing it.
Declutter and organise
Take a look at each room in your house and you’ll likely find a few easy ways of decluttering and making extra space. This is vital for the viewing process as potential buyers need to be able to picture themselves living in this space, and in some rooms, it’s as easy as clearing a few worktops or mantlepieces.
In today’s market, preparation really is key whether you’re buying or selling. Carry out your market research, get your finances and paperwork and make sure you utilise a knowledgeable and local agent to help you through the process. One that has a consistent track record, years of experience and is an expert in their field. One that embraces and uses new technology and media marketing to hit specific target markets for your property rather than one that will put it on a few big websites and hope for the best. Proactive rather than reactive.
St Andrews House Prices Have Risen by 176% as a Proportion of Household Income Since 1980
Have the Baby Boomers (people between the ages of 55yrs to 75yrs) messed things up for the Millennials in terms of getting on the St Andrews property ladder? They bought their own council houses in the 80’s and 90’s, meaning there are no affordable homes for today’s youngsters, thus driving up the demand for rental homes and the price of homes (making them unaffordable). So, I decided to look at the figures, which do not make for good reading.
In 1980, the average St Andrews household income was just under £6,000 per annum and the average St Andrews house price was £25,933; whilst today, the average St Andrews household income is £27,544 per annum, yet the average household value is £328,700, meaning…
the average value of a St Andrews home was 4.32 times more than the average household income in 1980 compared to today, where it is 11.93 times a St Andrews household income
… it’s no wonder then that Millennials are pointing the finger at Baby Boomers!
And the problems don’t just stop there. Not only do the newspapers state there is a housing crisis of affordability, but also a crisis of the availability of homes for people to live in. The political parties using housing as a ‘vote getter’ mentioned stats such as in 1981 there were 5.1 million council houses and today that stands at 1.6 million. This is important because, as a substantial number of people will never be able to afford to buy, social housing plays a significant role in homing them.
It all looks rather damning and the phrase ‘OK Boomer’ looks quite apt.
(The phrase ‘OK Boomer’ become fashionable as it started as a way of showing Baby Boomers that things were “easier in the past”, yet now it has become just a way for younger people to discredit the views of older people).
Well, checking the stats, the political parties seemed to forget the number of housing associations homes (which are also social housing) has risen from 0.4m to 2.6m homes in that time, therefore, whilst there is a drop in social housing, it’s a net figure of 2.3m fewer social-rented houses, instead of the 3.5m in the paragraph above.
Baby Boomers simply did the best they could with the circumstances given – it’s not like that these older generations have been conspiring in the food aisles of Waitrose or M&S on how to mess things up for the next generation. There are fundamental underlying problems in British society that means things are difficult for our younger people – it’s everyone’s responsibility to solve those underlying problems – we can’t just blame the Baby Boomers. Millennials aren’t morally superior to Baby Boomers just because they didn’t grow up in the same era of economic growth and house price inflation.
What some people seem to forget is whilst St Andrews property values were lower, so were salaries. The true cost of affordability is the mortgage payments. Assuming an average property was purchased in 1980 and again in 2019, using a 95% mortgage at the prevailing mortgage rate of 17.8% in 1980 and the current 1.65%, today in St Andrews the mortgage accounts for 55% of the household income (assuming a single income) compared to 74% in 1980. This has to be one of the main reasons why many families became two wage households in the late 70’s/early 80’s as housing affordability was diminished with these eye watering high interest rates.
Things were tougher for homeowners in 1980….
The issue here is something much deeper. Baby Boomers say it is the Millennials’ own fault they can’t afford to buy their own home because they spend all their money on three holidays, avocado on toast, going out down the pub 3 times a week and buying the latest iPhone or suchlike whilst Millennials accuse the Baby Boomer generation for ruining the housing market ‘per se’ by being selfish. Both are right and both are wrong.
In my own involvement with friends and family, many St Andrews Baby Boomers are trying their best to help out their now grown up children with a deposit. They are fully aware of current St Andrews house prices compared to when they bought their own homes.
I am not a fan of attaching labels, be it Millennials, Baby Boomer or Gen-X. It’s really a point of attitude and behaviour and circumstance rather than the date of your birth. Every generation has had its fair share of feast and famine and whilst I appreciate the irony of the title of this article, let’s stop labelling people and making assumptions, everyone needs to understand each generation’s issues and be more ungrudging to each other.
Time to pack up the decorations, take down the tree and munch down the rest of those leftovers; Christmas is over and 2020 is here! If you’re preparing to sell your property in the New Year, then you might be feeling a little overwhelmed at the amount of work your home requires before taking it to market. But don’t fret; we’re here with a list of top tips to help get you ready to show off your property.
How to nail the first impression
Almost all of the people with an interest in your property will get their first glimpse of what your home can offer in the form of pictures, either in an agent’s window or online. Not only that, but some buyers will drive by your abode to scope out its location and get a feel for it from the outside before they even enquire through the agent. If it’s not ready they might not even enquire as they have been put off before then. With that in mind, making sure your home is visually appealing and attractive will be your biggest priority in preparation for listing.
With that in mind, we’d strongly consider that you take the following into consideration:
Clean your windows – it’ll be easy to notice if you haven’t!
Give your front door a lick of paint to freshen it up and make your entrance feel more welcoming, along with a new doormat if yours is looking a little tired
Tidy up your entrance hall of any post and flyers
Clear out weeds from your paths and tidy your garden
Make space on your driveway for visitors to park
Be honest – hiding less-than-desirable features in the photos won’t help you as potential buyers will see defects when they view your home
Upping your Presentation
The above tips will certainly help to give your property a tidier feel, which is key; an organised home can give buyers a vital opportunity to picture how they will fit into the living space. But if you want to present your home in its best possible light, then consider how you present your home.
Declutter – a simple suggestion but one that can have a massive impact. Removing large bulky items from view, if only temporarily will have a massive effect
Let in the light – keep the curtains open, windows clean and any natural sources of light clear to give your home as bright a feel as possible
A warm place – make sure all rooms are heated prior to viewings, even those you don’t use often
Bathroom spaces – keep your bathroom and toilets clean, free of mould and tidy, and make sure your toiletries are kept to a minimum.
Time-consuming as it may seem, keeping your home tidy, organised and welcoming will put you in good stead for when those viewings start. Remember; visitors need to imagine themselves in your home!
Furnished properties can vary in the level of furniture and furnishings offered. It is extremely important for prospective tenants to find out exactly what is being included in furnished properties before signing any contracts. When viewing rental properties on the market, remember that the furniture and decor may all belong to the current tenant, and so shouldn’t be the sole decider for signing the contract. Continue reading Prospective tenants: furnished or unfurnished lets?
First of all, I can’t thank our customers enough for because they have bought, sold or let a property through us and have made this possible.
This year we have managed to raise and contribute around £15,000 towards local charities and events that help our communities and the people within them.
Here are a few of the projects we have helped. At the end I’ll share some more exciting news about our Fife schools swim and triathlon programme for 2020.
#GIN21 – The event was the idea of a former Madras College, St Andrews pupil to raise awareness of the need for mental health honesty and support, after several pupils tragically took their own lives. Hosted by Eden Gin and ‘The Blackfish’ from Game of Thrones (Clive Russell) at the Old Course hotel it was a superb event. Some photos on the day: https://www.facebook.com/pg/chriswallardphotography/photos/?tab=album&album_id=1165810963567002
Sponsorship of the 1st North East Fife Schools Give It a Tri Event – over 550 P6/P7 pupils from 17 North East Fife primary schools had an active morning of running, swimming and cycling in the region’s first triathlon taster day. The event was at Cupar Leisure Centre, thanks to a partnership between Triathlons Scotland, Active Schools and Fife Properties. https://www.fifeleisure.org.uk/news/north-east-fife-pupils-try-out-triathlon/
Contribution to Kingdom Off Road Motor Cycle Club – A registered charity that provides access to equipment and off-road riding for young people from the disadvantaged areas; its main objective being to contribute to safer communities by reducing the current anti-social and illegal use of off-road motorcycles. I’ll let comedian Russell Howard and David Paton tell you more: https://www.facebook.com/OfficialRussellHoward/videos/1877130825764357/UzpfSTIzMjYzMTI3MzU0NTMyOToxODQ5MDgxODk1MjMzNTg0/
Main sponsorship of the Annual Fife Properties Lochore Triathlon Festival. – Now one of the biggest events in Scotland in the Triathlon Calendar with over 500 entrants. 200 Sprint Triathlon, 200 Standard Triathlon and most important over 100 Tristars (young children) which we want to grow and encourage more children to take part. https://www.triathlonscotland.org/event/lochore/
Chariots of Fire Beach Race got an extra special stocking filler this morning (25th December 2019) – When we stepped in to top up the total raised for their charity from this year’s race and ensured the sum comes to the AMAZING total of £10,000!!! https://www.facebook.com/ChariotsofFireBeachRace/
Became a sponsor of Enigma Gymnastics. One of the only clubs in Scotland to have a fully inclusive policy for young people with all abilities to take part in gymnastics: http://www.enigmagymnasticsclub.co.uk/
Sponsors of the 2 youth events (Family beach Event and Painting Competition) at the Largo Arts Festival https://www.largoartsweek.com/
Sponsors of Leven Runfest. The event was Leven’s first major running event with hundreds of people taking part in the inaugural Leven Runfest, either by running the 5k or 10k events or supporting the competitors. https://www.brag.co.uk/leven-runfest-2019/
Finally we managed to raise over £2,500 for Chest Heart and Stroke Scotland. This was a really personal cause for me which evolved to a wider audience when I realised how many of us have lost so many loved ones to these illnesses. https://vlm19.everydayhero.com/uk/in-memory-of-a-dear-friend
So, 2020 brings an exciting year as we have committed to 8 projects so far:
In conjunction for Triathlon Scotland and Fife Leisure Trust we are going to sponsor the next wave of P6/P7 North East Fife Primary Schools in a triathlon taster session plus we are rolling this out to all the Primary Schools in the Levenmouth Area. This will ensure around 1,000 P6/P7 pupils in 2020 get to try Triathlon for the first time. I firmly believe that sport is an excellent way to get young people active in body and more importantly in mind. Giving them a boost in confidence and well being and showing them not to be afraid and if they set their mind to it they could accomplish a lot more than they think.
Main sponsors for the St Andrews Spring and Autumn Duathlon.
Main sponsors for Scotland’s biggest Triathlon event. The Lochore Triathlon Festival and the further sponsorship of the Lochore Off Road Triathlon in August.
Sponsoring Enigma Gymnastics
Sponsoring Leven RunFest so we can get even more people running.
Working with several partners to bring a major cycling event to Fife
And one of the most exciting projects. We are currently running a pilot program with Fife Leisure Trust and Parkhill Primary to see if we can re-establish the project that will make sure every Fife Primary school pupil can swim to a certain standard before they go to Secondary School.
All this is possible because of people like yourself that chose to use our services and the more people that do the more we can do in future.
We are by no means a big company but I personally feel that we should continue to reinvest in our communities when we can so thank you for your continued support and please tell as many people about us as possible.
Word of mouth is the best and most cost effective method of advertising our business and services.
It’s clear to see that we are moving into the winter months. The autumn leaves have fallen leaving an army of frosty branches. We’ve had our fair share of rain and the temperatures have now indeed plummeted. An extra few minutes is needed at the start of the commute to scrape the frost from the windscreen, and gloves are a definite must-have. Christmas is certainly on its way.
A fresh winter morning can make it harder to get up in the mornings, with many of us wanting to sink into our duvets and hibernate. But work must go on, and the best way to do that is to take care of our homes, keep the warmth in, and adopt those cosy habits we’ve been waiting for all year. See below for some tips and traditions for a warm and Merry Christmas: Continue reading Winter Warmer: tips and traditions
There is often speculation as to when is the best time to sell your home. Sellers often wait for certain times in the year that may be construed to be better than others. If you feel like you are ready to sell, you should seek a valuation and consider whether it is the right time for you, as it may well be right now.
The imminent general election has caused mixed feelings about the housing market. Many are waiting for the outcome of the election to see whether policy changes (such as stamp duty reforms), will be put in place. However, if you are considering selling your home, now is a good time to put your property on the market. There will always be other circumstances that can affect the housing market, but none of that should prevent you from getting a full market appraisal.
House prices have continued to increase throughout these uncertain times so you may be surprised at how much your home is worth. No matter what time of the year it is, there are a few checks that you can run through to ensure that your home is in its optimum condition. High spec homes are attracting the attention of serious buyers. If your house is well presented and organised, it will help potential buyers believe in your home.
Photos
Photos, photos, and more photos! If there was only one thing that could attract potential buyers to your home, this is it. It’s the first time people will see your home, and remember what we said about first impressions! Ensure that photos are of a high specification, in natural daylight and show the full room to its full potential. Check that your home is neat and tidy so that buyers can visualise living in the home themselves.
Christmas
Leading on from photos, we have Christmas. You should ensure that you have photos of your home without decorations up, so that those viewing can see how the space in the home could look throughout the year. Christmas time is where we can really show off our homes and display how inviting it is, giving viewers a lasting feeling about your home. The festive spirit is a great tool but be mindful to use tasteful festive décor without too many different colours. Everybody has different tastes so a more neutral Christmas touch will work best if you have viewings over the Christmas season. Potential buyers will also be able to see a sense of community and good spirits in the neighbourhood.
Declutter
Your home needs to be clean and tidy when on the market. This includes the exterior as well as the interior, as you never know when a potential buyer may be driving past the home unexpectedly! First impressions last so you don’t want to tarnish them by being messy, so keep leaves swept off the garden and ensure that doorbells and outside lights are working; this shows that the home has been well maintained. Inside you want to show that there is ample storage space. Ensure that anything that is left out on tables, sides or shelves is there for a purpose, so that potential buyers can see that there is plenty of storage to maintain a tidy home.
Paperwork
Remember all that paperwork that you know is important, so you keep in that ‘safe place’? Well, now is the time to dig it out. Important documents relating to deed titles and guarantee certificates for any work you have had done are essential during the selling process. Collate any paperwork that you have for the home into a folder so that you can show prospective buyers that everything is in order.
First Time Buyers get up to £25,000 loan to Help to Buy their First Home.
Every First Time Buyer in Scotland will now get a boost of up to £25,000 towards their deposit on their new home from the Scottish Government through their new FIRST HOME FUND.
This means that the dream home they thought was just out of reach could now be within reach with their help.
Yes, it is a loan of FREE MONEY with no interest or repayments to pay each month and you only pay it back when you sell the house again.
Jim Parker, Fife Properties Managing Director and Neil Bird, Senior Mortgage Adviser at Cara Mortgages discuss it more in this in-depth interview.
To book an appointment to see our mortgage partners please click on the link for contact details via phone, email or online: https://www.fifeproperties.co.uk/contact/
Yes, it really is that time of year again! Decking the halls is practically obligatory for all of us during the Christmas period, and with so much pressure on presenting a perfectly preened pine tree and creating a winter wonderland so festive that reindeer land on your roof, here are a few tips to help you create a Christmas to remember.
The Tree
For many of us, the focal point of the Christmas decorations is the tree itself and that presents a few initial decisions – the first being the choice between real or artificial. In recent years, the difference between real and artificial trees has narrowed quite substantially, meaning that many of us are now opting for the longer-lasting artificial tree. However, if you like the traditional option of a fresh tree then consider delaying putting it up by a week or so to ensure that it is still looking its best on Christmas morning – one traditional suggestion would be to wait until 12 days before Christmas on December 13th.
Chic or classic
The next decision for that all-important tree is around the decorations themselves; do you go for a chic colour scheme straight from the pages of Vogue or for the traditional charm? If you choose to go for a colour scheme, then keep it clean and simple – whites and silvers are understated and elegant, lending themselves to most homes. Also, to ensure that your tree has maximum impact then extend the theme in to its surroundings and decorate the rest of the room in the same colour palette as your tree. If you shy away from ‘fashionable’ trees and colour-matched accessories, then the traditional Christmas accoutrements of home-made baubles, paper snowflakes and vintage accessories are probably more in-line with your Christmas aesthetic. Dust off those tree decorations given to you by friends and family, made by your children or passed down through the generations and showcase them on your tree of choice; just make sure that they are evenly distributed so they get the admiration that they deserve.
Twinkle, Twinkle
When it comes to Christmas decorations, one thing that never goes out of style is a little bit of sparkle! Having lots of reflective decorations around the home really helps to set a festive atmosphere – think lots of candles of different sizes (it’s nice to play with heights of candles for a little more interest) and tealights in crystal glasses. All of the sparkling candles and crystal reflections will set a truly magical tone throughout your home and turn even the most Scrooge-like guests in to Christmas converts.
Stairway to Christmas Heaven
Don’t neglect surfaces such as mantlepieces and staircases, if you really want to have the maximum impact whilst decorating for Christmas. Using offcuts from real trees, lining the handrail of your staircase with branches decants an intoxicating smell of Christmas around your home. When it comes to surfaces such as mantlepieces, use fruit centrepieces to create a feeling of decadence, with very little expense.
Light it up
For many of us, decorating outside of the home seems like an awful lot of effort for such a short period, however when it comes to adding that touch of festive flavour to the outdoors it doesn’t have to be a lighting extravaganza. Thanks to the homemade delights of Kirstie Allsopp, the Christmas wreath is storming back in to fashion for 2018, with ever-more people opting to create their own wreaths. Simply pick out some choice items for your door wreath – such as pinecones, pine tree branches, fruit and ornaments – and adhere them to a wire frame in the shape of a circle and voilà – your outdoor decorations are complete.
Of course, that’s not to say that seeing a home adorned with many a Christmas light doesn’t still stir up that feeling of childhood Christmas excitement in all of us, so if that’s your plan for the exterior of your home, then we insist that you go ahead and light it up!
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