Condensation is a pervasive issue, especially during colder months, that can wreak havoc on your property, leading to problems such as mould growth, dampness, and structural damage. Identifying the signs of condensation early on is crucial for preventing these issues from escalating. Common indicators include the presence of water droplets on windows, particularly in the morning or evening, the emergence of black mould or mildew on walls, ceilings, or in corners, and musty odours in specific areas like bathrooms or basements.
Beyond the visible damage to your home, condensation can also have adverse effects on your health, especially for individuals who are already vulnerable due to age or existing health conditions. Fortunately, there are effective preventive measures that can be implemented to mitigate the impact of condensation on both your property and well-being.
A fundamental strategy in averting condensation is to enhance the overall airflow within your living space. Achieving this involves a simple yet effective practice: regularly opening windows, especially following activities that produce moisture, such as showering or cooking. Furthermore, the installation of extractor fans in areas prone to high humidity, like bathrooms and kitchens, serves as an additional measure to promote air circulation and minimize humidity levels.
Insulation plays a crucial role in maintaining consistent indoor temperatures. By installing proper insulation, you create a barrier that prevents warm, moist air from coming into contact with colder surfaces, thereby reducing the likelihood of condensation. Ensuring that your home is well-insulated is a proactive step towards creating a healthier living environment.
Dehumidifiers are valuable tools in the fight against excess moisture. These devices work by extracting moisture from the air, helping to maintain an optimal humidity level and prevent the development of dampness. Investing in a dehumidifier is particularly beneficial in areas prone to high humidity, such as basements or poorly ventilated rooms.
Stability in heating is another key factor in condensation prevention. Keeping your home consistently heated prevents warm, moist air from cooling and condensing on surfaces. This is especially important during colder seasons when temperature fluctuations are more pronounced. Adjusting your heating system to maintain a stable indoor temperature can significantly reduce the risk of condensation-related issues.
Ensuring an excellent defence against condensation involves the critical task of sealing any potential leaks around windows and doors. The presence of leaks facilitates the intrusion of chilly outdoor air, leading to the juxtaposition with warmer indoor air—a scenario that fosters condensation. Implementing a proactive approach, such as routinely inspecting and promptly repairing any gaps or cracks in your home's structure, stands as a preventive measure that yields long-term benefits.
Regular cleaning is a simple yet effective strategy for condensation control. Areas prone to condensation, such as bathrooms and kitchens, should be cleaned regularly to reduce the build-up of mould and mildew. This not only helps in maintaining a hygienic living space but also contributes to preventing the conditions that foster condensation.
Monitoring indoor humidity levels with a hygrometer is a proactive approach to condensation prevention. Aim to keep indoor humidity between 30% and 50% to create an environment less conducive. By staying within this range, you reduce the likelihood of moisture accumulating on surfaces.
In conclusion, combating condensation is vital for both the longevity of your property and the well-being of its occupants. By implementing a combination of preventive measures, including increased airflow, insulation, dehumidifiers, heating stability, leak sealing, regular cleaning, and humidity monitoring, you can effectively tackle condensation and ensure a healthy and comfortable living environment. Taking these steps not only protects the value of your home but also safeguards your health from the potential hazards associated with excess moisture.
Ensuring your home is prepared for the colder months is not only about keeping yourself warm and comfortable but also about managing your energy consumption efficiently. When winter approaches, it's important to take several essential steps to make your home more energy-efficient and cosy. Here are some essential steps to start with:
Check your heating system: Before the cold sets in, have your heating system serviced by a professional. Clean or replace filters, check for leaks and ensure your thermostat works correctly.
Insulate your home: Proper insulation is crucial for keeping warm air in and cold air out. Inspect doors and windows for drafts, using stripping or caulk to seal gaps or cracks.
Clear gutters and downspouts: Remove any build-up from gutters to stop ice dams, which can cause damage to your roof and walls.
Protect pipes: Insulate exposed water pipes to prevent freezing and bursts. Disconnect garden hoses and shut off outdoor water taps.
Roof inspection: Check your roof for damaged or missing shingles to prevent leaks during heavy snow or rain.
Chimney maintenance: After a hiatus, get your fireplace or wood burner inspected and cleaned to ensure your safety.
Stock up on winter essentials: Purchase essential winter supplies like salt or sand for de-icing walkways and a snow shovel, and assemble an emergency kit in case of power cuts.
By preparing for winter now, you can keep your home in great condition - essential if you intend to sell soon . To learn more about planning a winter or spring sale, contact us on the details below.
YOUR RENT, OUR TREAT! NO SET-UP FEES, MONTHLY COMISSIONS, OR HIDDEN CHARGES.
Halloween is just around the corner, and while spooky season is here, you don't want unpaid rent to haunt you. That's why Beal's Gold Service is here to offer you peace of mind like never before. It's time to say goodbye to the fear of unpaid rent and hello to a guaranteed, worry-free rental income.
Why Choose Beal's Gold Service? Here's why:
With our Rent Guarantee Service, you can be sure that your rental income will arrive on time, every month, regardless of whether your tenant pays. No more late-night worries or unexpected expenses. We take care of everything, ensuring you have a stress-free rental experience.
National Spooky Statistics from our expert partner's HomeLet: The Frightening Rise in Possession Claims, Orders, and Eviction Warrants. The numbers are truly spine-chilling:
With rents and claims at an all-time high, many landlords are turning to Beal's to fully secure their investment and protect their income. Our Gold and Silver services provide a unique solution to rent guarantee, eliminating the need for third-party insurance claims and legal fees for evictions. Your rent is guaranteed, no matter the tenant's circumstances.
*Statistics provided by HomeLet*
Embrace Peace of Mind with Beal's Rent Guarantee
The cost-of-living crisis and years of uncertainty ahead have made us all more cautious. Imagine a scenario where your tenant loses their job and cannot pay the rent. Without Rent Guarantee, your losses could run into the thousands.
Don't let this haunting possibility become your reality.
Upgrade to Beal's Gold Service this Halloween and make sure you're safe from the ghosts of unpaid rent. Contact us our lettings team now to discuss your options.
Are you tired of the frustrating process of searching for a rental property that meets your needs? It often feels like searching for a needle in a haystack, especially in today's competitive market. However, with the right strategies and tools at your disposal, you can improve your chances of securing your dream rental property. In this blog post, we'll share five proven tips to help you in your quest.
1. Define Your Ideal Rental Location
The first step in your journey to securing the perfect rental property is to define your ideal location. Take advantage of modern technology by using map-drawing tools available on popular property portals or by exploring Google Maps to check distances to local amenities. Beyond just pinpointing your preferred area, it's essential to delve deeper into your neighborhood research. Consider factors like school quality, public transportation options, nearby facilities, and even the overall vibe of the community. This level of detail can make all the difference in your decision-making process.
2. Thoroughly Research Your Chosen Area
Knowledge is power when it comes to securing a rental property. To make an informed decision, delve into the local rental market of your chosen area. Can you realistically afford to live there? What's the average cost of a suitable rental? Look beyond the surface and consider aspects such as crime rates and any planned future developments in the area. The more you know about your chosen neighborhood, the better equipped you'll be to make the right choice.
3. Utilize Search Filters
As you embark on your online property search, it's essential to make use of search filters effectively. Don't waste time sifting through irrelevant listings; instead, streamline your search results. Use keywords like 'garden' or 'parking' to filter homes that align with your specific criteria. Additionally, you can narrow down your search further by setting filters for price range, the number of bedrooms, and property type. By doing so, you'll save valuable time and energy in your quest for the perfect rental.
4. Prepare Your Finances and Paperwork
In today's competitive rental market, financial readiness is key. Ensure you've budgeted for the required deposit and one month's upfront rent. Beyond that, gather all the necessary proof of income to pass affordability checks with ease. Having your references in place and, if necessary, securing a trustworthy guarantor in advance can significantly boost your chances. Collect essential documents such as bank statements, pay stubs, and a comprehensive rental history to present a compelling case to potential landlords.
5. Stay Informed and Act Quickly
To stay ahead of the competition, take advantage of property alerts and notifications. Set up email alerts on popular property websites like Zoopla and Rightmove to receive timely updates on new listings. Additionally, consider signing up for Beal's property alerts in your desired location. These services provide instant notifications when new properties become available, giving you a competitive edge in the rental market. It's essential to regularly check your email and be ready to act swiftly when you receive alerts.
In conclusion, securing your dream rental property doesn't have to be an overwhelming task. By following these five proven strategies, you can streamline your search, be well-prepared, and significantly increase your chances of finding the perfect rental property. Whether you're meticulously defining your ideal location, conducting thorough area research, using search filters effectively, preparing your finances and paperwork, or staying informed and acting quickly, each step brings you closer to your dream home. To make your search even more efficient, head to our website to explore the fabulous rental properties we have on our books. With the right strategy and resources, you'll soon be settling into your ideal rental home.
Tired of missing out on rental properties?
We know it can be frustrating, you finally find a property you love but it doesn't stay on the market long enough for you to register your interest. When a new property hits the market, there are quite often as many as 30 potential tenants interested.
So what's our solution? Follow us on Instagram for exclusive sneak peeks!
It's that time of year again, and we're excited to kick off Pension Awareness Week 2023, marking the tenth anniversary of this initiative aimed at raising awareness about securing your financial future and retirement planning.
We understand the importance of making informed decisions about your Pension and estate planning.
Why It Matters: As you navigate your financial journey, it's crucial to review and track all the different pensions you've contributed to over the years. This ensures that you maximize your retirement benefits. Many people lose track of Pension pots when changing jobs, leading to inactive Pensions that can underperform over time.
We will refer you to Beal's Mortgage and Financial Services Ltd who will be able to provide information and advice on any Pension related matter.
Did you know?
£26.6 Billion is thought to be locked away in old Pensions. You’ve probably had more than one job in your life, meaning you’re likely to have more than one pension pot – but do you know where they all are?
Reasons you should consider consolidating your Pensions.
Simplicity: Consolidating your pensions makes account management easier with fewer pots to keep track of.
Investment Choice: You may gain more choice in how your Pension is invested, potentially increasing your returns.
Cost Savings: Consolidation can help you save on fees associated with managing multiple Pension accounts.
Streamlined Management: Relying on one Pension provider can simplify your retirement planning.
Pension Questions to Ask Yourself
As you focus on securing your financial future, consider these important questions:
How much am I paying in? Many people don't know how much they're contributing to their Pension. Could you afford to pay in a little more? Your employer may also contribute, so make sure you're taking full advantage of this benefit.
Have I lost or forgotten about a Pension? Tracking down old Pensions is more important than ever. Even small, forgotten pension pots can make a significant difference in your savings. If you've lost track of a Pension, Beal's Mortgage and Financial Services offer a FREE Pension Tracing Service to help you find it.
Is your Pension invested in the right funds for you? Default investment options in workplace Pensions might not be the best fit for your financial goals. Consider reviewing your investment options and choosing funds that align with your objectives.
Take Action Today
So if you're looking for pension advice, whether that be reviewing your current schemes, consolidating them into one pot, or tracking a lost or forgotten Pension, get in touch today. Beal's Mortgage and Financial Services are here to help you secure a brighter financial future.
The value of Pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
Beal's Estate Agents isn't regulated by the financial conduct authority as such we would introduce you to Beal's Mortgage And Financial Services Ltd.
Beal's Mortgage and Financial Services Ltd are appointed representatives of Quilter Financial Services Ltd and Quilter Mortgage Planning Ltd which are authorised and regulated by the Financial Conduct Authority.
Beal's Mortgage and Financial Services Ltd and Quilter Financial Planning are not responsible for any services offered by Beal's Independent Estate Agents & Surveyors.
Beal's Mortgage and Financial Services Ltd - 01489 585 581 firstname.lastname@example.org
Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited 12/09/2023
For first-time Buyers the thought of purchasing your first home can be exhilarating and overwhelming at the same time. It's a significant milestone that marks a new chapter in your life. However, with so many options available and various factors to consider, choosing the right home can seem like a daunting task. That's where this comprehensive guide comes in, providing you, as a first-time buyer, with valuable insights and tips to navigate the home purchasing process with confidence.
One of the most crucial steps for a first-time buyer is to determine your homeownership goals. Ask yourself why you want to own a home as a first-time buyer. Are you looking for stability, investment opportunities, or a place to raise a family as a first-time buyer? Understanding your motivations will help you set clear objectives and make informed decisions throughout the process as a first-time buyer.
Next, it's essential to prioritize your requirements as a first-time buyer. Consider factors such as the number of bedrooms needed as a first-time buyer, proximity to schools or workplaces as a first-time buyer, transportation links, and desired amenities as a first-time buyer. Creating a list of must-haves and nice-to-haves will help you focus your search and narrow down your options as a first-time buyer.
Managing your budget is another vital aspect of choosing the right home as a first-time buyer. Evaluate your financial situation, including your savings, income, and expenses as a first-time buyer. Determine how much you can comfortably afford for a mortgage payment and factor in additional costs like property taxes, maintenance, and insurance as a first-time buyer.
Additionally, familiarize yourself with the different types of mortgage deals available for first-time buyers. Research interest rates, loan terms, and down payment requirements to find the best option that aligns with your financial goals as a first-time buyer. Consider seeking pre-approval for a mortgage as a first-time buyer, which can give you a clear idea of your budget and make you a more attractive buyer to sellers.
When searching for your ideal home as a first-time buyer, it's essential to be flexible. Your first home might not have every feature on your wishlist as a first-time buyer, but prioritize the elements that matter most to you as a first-time buyer. Consider the potential for future growth and improvements as a first-time buyer. Remember that you can make changes to the property over time to suit your needs and preferences as a first-time buyer.
Utilizing the services of a trusted estate agent can be invaluable for first-time buyers. They have extensive knowledge of the local market and can guide you through the entire process as a first-time buyer. Estate agents can help you identify suitable properties as a first-time buyer, arrange viewings, negotiate offers, and ensure a smooth transaction for first-time buyers.
In addition to working with an estate agent, take advantage of online listings and property search platforms as a first-time buyer. They provide a wealth of information and allow you to refine your search based on location, price, and property features as a first-time buyer. Set up alerts to receive notifications when new properties that match your criteria become available as a first-time buyer.
Attending open houses and viewings is an excellent way for first-time buyers to get a feel for different properties and neighbourhoods as a first-time buyer. Take your time during these visits to assess the condition of the home as a first-time buyer, the surrounding area, and the overall vibe as a first-time buyer. Don't hesitate to ask questions and request additional information or documents as a first-time buyer.
Once you find a potential home as a first-time buyer, conduct thorough due diligence. This may involve hiring a professional home inspector to assess the property's condition and identify any potential issues as a first-time buyer. Consider obtaining a home warranty or purchasing title insurance to protect your investment as a first-time buyer.
Finally, when you're ready to make an offer as a first-time buyer, work closely with your estate agent to develop a compelling and competitive offer strategy as a first-time buyer. They will help you navigate negotiations as a first-time buyer, ensure a fair price, and guide you through the closing process as a first-time buyer.
Purchasing your first home is an exciting and rewarding journey for first-time buyers. By following the tips outlined in this guide, you'll be well-equipped to make informed decisions and find the perfect home that aligns with your goals, budget, and lifestyle as a first-time buyer. Remember, patience and perseverance are key, and with the right guidance and preparation as a first-time buyer, you'll soon be unlocking the door to your new home as a first-time buyer.
After four years in the making, the UK Parliament has finally released the Renters Reform Bill, accompanied by comprehensive guidance on various important aspects. Propertymark, a leading voice in the industry, has emphasized the necessity of improvements in the private rented sector while stressing the importance of fairness for both landlords and tenants.
As Propertymark has said throughout, improvements to the private rented sector are much needed but the detail must deliver a fair system for both landlords and tenants.
On initial review, the Bill and guidance are limited to the areas that Propertymark has been in ongoing discussion with DLUHC on, throughout recent months.
The key areas:
The Renters Reform Bill is part of an ongoing campaign to bring more regulation to the private rental sector.
Align the abolition of Section 21 and new possession grounds with court improvements including the end-to-end digitisation of the process and prioritisation of anti-social behaviour cases.
Beyond this, the intention is to focus on applying the Decent Homes Standard to the private rented sector and strengthen local councils’ enforcement powers to help target criminal landlords.
What happens next?
The measures will be introduced in stages and as the provisions are passed into law. We're here to help you understand the changes to ensure they are implemented correctly.
Renter's Reform Bill Q&A:
To alleviate concerns related to legislative changes, consider upgrading to our fully managed service. With our expertise and support, we will ensure a seamless and hassle-free experience for landlords. Contact us today to discuss how we can assist you in upgrading to our fully managed service, navigating the changes, and ensuring your properties remain profitable and compliant.
Ask us about our Gold Rent Guarantee Service, which ensures your rent is paid on time, every month, regardless of whether your tenant pays. Let us take care of one less thing for you this year.
Ask us about our Gold Rent Guarantee Service. Get your rent paid on time, the same day every month.. regardless of whether your tenant pays! One less thing to worry about this year.
The last year has seen some interesting times for the housing market, which has affected the lettings market in turn. Here is your latest Lettings Market Update!
Some of the issues that landlords will need to think about in 2023 include higher mortgage rates, increasing legislation, and changes to capital gains tax. The latter means landlords will have to pay more capital gains on rental profits when they sell up.
Partly because of the reasons above, 2023 will likely see a lot of buying and selling activity as landlords decide to change their strategy. However, slightly lower house prices and predicted high rental yields will still pull many into the sector and encourage investment.
Speaking of rental yield, did you know that the average rental price for a UK property is now £1,184 PCM? That's a monthly increase of 0.8% and +9.8% annually.
"With every region of the country reporting a month-on-month rental price rise, it's fair to say that demand for rental properties remains exceptionally high."
Andy Halstead - Group CEO - HomeLet and Let Alliance
Despite house prices dipping overall, demand for rental homes is still expanding as broader economic pressures make it hard for tenants to buy. Due to this intense need for homes, landlords are set to make a healthy return in 2023 and beyond.
Looking to build your property empire?
Talk to our friendly team today, and we'll show you some of the hottest buy-to-let opportunities on the market right now.
Given the insufficient housing stock and continued rising rents, rent guarantee becomes ever more essential for landlords!
With rents at an all-time high, many of our landlords are opting to switch from our managed services and fully secure their investment by having Beal's pay their rent.
The GOV.UK website recently published claims, possession and eviction statistics for previous years. Our expert partner HomeLet reviewed this data comparing 2021 vs 2022:
Possession claims +107% - 78,706 in 2022 compared to 38,011 in 2021.
Possession orders +152% - 58,804 in 2022 compared to 23,321 in 2021.
Eviction warrants +110% - 31,767 in 2022 compared to 15,122 in 2021.
Beal's Gold and Silver services are a unique solution to rent guarantee which avoids the need for third-party insurance claims and the worry of having to outlay legal fees to evict a tenant.
You'll find comfort in knowing your rent will always be paid on time, even if the tenant is unable to pay. One less thing to worry about this year!
If you would like more information or to upgrade your management services to Gold or Silver whilst maintaining your existing tenants, please get in touch by clicking the button below.
Or use our email email@example.com
Our Spring Mortgage Update, if you're looking to move and would like mortgage advice, get in touch with our team today. With a dedicated mortgage adviser and support team, we manage your case from start to finish! Lenders, estate agents, and solicitors - We take the stress out of the process.
Latest mortgage update
Whilst the days of low mortgage rates are over for now, the good news is that the cost of fixed-rate mortgages has begun to decline. The average interest rate on two-year fixed-rate deals is 5.79%, and for five-year deals, the average is 5.63%. Some lenders are even beginning to offer sub-5% deals.
If your fixed-rate mortgage is set to end in the coming months, we recommend re-mortgaging sooner rather than later as deals are currently available for an average of 15 days before lenders pull them. If you don't have a new mortgage secured when your fixed-rate deal ends, you will automatically move to the standard variable rate which currently sits at 6.64%.
Mortgage Guarantee Scheme update
The Mortgage Guarantee Scheme is a Government backed scheme that helps both first-time buyers and home-movers with a 5% deposit to secure a mortgage.
The scheme was set to finish at the end of 2022 but has now been extended until December 2023 - good news if you're looking to move with a small deposit.
How can you increase your chances of securing a mortgage?
The first step to securing a mortgage is to get your finances in line. Check your credit report and make sure all past and present payments are on time and streamline your bank accounts by closing those you don't use. Avoid applying for credit as this will show on your credit report if you get declined, and try to cut back on spending as lenders will want to see your last three bank statements.
You should then gather all your paperwork including your most recent payslip, bank statements, proof of deposit, ID and proof of address.
If you have found our mortgage update blog useful, you're looking to move and would like mortgage advice, get in touch with our team today.
Did you know you could be saving £1,000's a year on your mortgage?
If you're the type of person that likes to shop around to get the most suitable deal, we can help. Remortgaging could give you the flexibility to update your mortgage as your lifestyle changes.
Deciding whether it would be beneficial to you to remortgage is all about timing and personal circumstances. We can put you in contact with our expert financial service team, who will be happy to talk you through the process.
You should consider remortgaging if:
Our qualified mortgage team can offer expert mortgage advice and help take some of the stress off you with our range of mortgage services.
With a dedicated adviser and support team, we manage your case from start to finish! Lenders, estate agents, and solicitors - We take the stress out of the process.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Think carefully before securing other debts against your home.
Beal's Estate Agents isn't regulated by the financial conduct authority as such we would introduce you to Beal's Mortgage And Financial Planning Limited.
Beals Mortgage and Financial Services Ltd are registered with the Financial Conduct Authority under reference 471442, and are part of the Quilter Financial Planning Network.
Beals Mortgage and Financial Services Ltd - 01489 585 581 firstname.lastname@example.org
2022 was a particularly favourable year to be a landlord, with tenant demand reaching a record high giving landlords freedom of choice over tenants and rental price. As we head into a new year with concerns over the cost of living and mortgage costs, what is the outlook for the buy-to-let market?
The mortgage market took a significant hit after the mini budget announcement in September, and many deals were withdrawn from the market. Whilst mortgage rates have seen a dramatic increase since January 2022, the good news is that number of products available is slowly rising as lenders return to the market.
Whilst rising mortgage rates make it more expensive to own and let a property, rental rates are also seeing a dramatic incline. The imbalance between demand and supply defined the rental market in 2022, and this is expected to continue into 2023.
As mortgages have become less affordable, first-time buyers are finding it increasingly difficult to get onto the property ladder, meaning they are stuck renting for longer. This has a knock-on effect on rental demand, as tenants stay put for longer, limiting the supply of rental properties.
Not only is there more demand for rental properties, supply is dwindling as landlords exit the market due to tax rises and increased regulation. Supply of rental properties is currently half the level seen in the past five years*. This combination of factors is putting upward pressure on rents.
Is now a good time to become a landlord?
Whilst it very much depends on your personal circumstances, the market conditions make it a favourable time to become a landlord or expand your property portfolio. As first-time buyers struggle to get on the property ladder, demand is slipping, meaning you may be able to negotiate a lower asking price. With rental demand rising, you may also be able to set a higher rental price and are likely to have fewer void periods.
Looking for the perfect investment property?
Studio flats have overtaken one-beds as the most in-demand type of flat for renters. Competition between tenants for available studios is 71% higher than it was last year and there are now four times as many tenants looking for a studio flat as there are studio flats available.
With the festive period over for another year, you may be ready for a fresh start. As buyer interest bounces back, here's 5 reasons to put your home on the market this January.
On the run up to Christmas, activity in the housing market typically slows and picks up again in the new year. With buyers feeling rejuvenated after the festive break and ready for a fresh start, you're more likely to capitalise on interest and secure a quick sale.
Stamp duty cuts
With the Government announcing cuts to stamp duty until March 2025, now is a good time to move home if you want to save money. The cuts mean that you would pay 0% stamp duty on properties up to £250,000, and for first-time buyers you will pay no stamp duty on properties up to £425,000.
Secure a higher selling price
House prices saw substantial growth throughout 2022, but with interest rates rising and mortgages becoming more difficult to secure, house prices are expected to start declining in 2023*. If you're looking to achieve the maximum price for your home, it may be a good idea putting your property on the market sooner rather than later.
A Spring move
In 2022 it took an average of 150 days from a sale being agreed to completing**, meaning that if you put your home on the market in January, you are likely to be moving house during the Spring months. Spring is a great time to move as you benefit from longer days and warmer weather, but avoid the sweltering Summer heat.
Spring and Summer are generally the most popular times to move house, and with that comes an increase in non-serious buyers. If you're looking for a hassle free move, January is a great time to put your home on the market.
Ready to take the leap this New Year and put your home on the market? Book a free no-obligation valuation today with Beal's to kickstart your moving journey.
As we say goodbye to another year, let's take a look back on what happened in the 2022 housing market.
From record-breaking house prices to stamp duty cuts, sky-high inflation to mortgage mayhem - it's been an eventful year. And we answer the one burning question: what will happen in the housing market in 2023?
After strong growth in the housing market throughout 2021, January saw a further 0.8% rise in house prices. Stocks began to recover after months of low supply, and coupled with increased buyer demand, transactions were set to flourish. Mortgage rates remained low, though as inflation reached 5.4%, the Bank of England raised the base rate to 0.5%.
As the strong start continued, February and March saw strong growth in house prices, sales agreed and mortgage approvals, and the imbalance between demand and supply set in.
Spring saw strong activity in the housing market as house prices continued to grow, rising by 1.7% in March, 1.6% in April and a further 2.1% in May.
This was supported by a deficit in supply as competition between buyers gave sellers the power to increase their asking price. The number of transactions grew and remained higher than pre-pandemic levels.
The Summer heat saw the housing market cool, with house price growth slowing. June saw house prices rise at the lowest monthly rate since September 2021. This continued throughout July, with low supply fuelling competition in the market.
August saw the cost of living concerns begin to manifest in the market with new instructions reaching a plateau and demand continuing to ease. Whilst transactions remained strong, dwindling supply and demand indicated there would be a slowdown in activity in the following months.
As we waved goodbye to the Summer months, turmoil in the housing market set in. In September , the Government's mini-budget shook the mortgage market, with lenders retracting many of their products, leaving home buyers with a limited offering. However, despite the uncertainty this brought, sales agreed remained strong and demand remained above pre-Covid levels.
October saw house prices fall for the first time since June 2020 and mortgage approvals drop to pre-pandemic levels, as well as a decline in both demand and sales agreed. Mortgage offerings began to recover.
Predictions for 2023
As we head into the new year, a great deal of economic uncertainty prevails. According to Zoopla, mortgage rates are expected to decline as we enter 2023, though rates of 4-5% are expected to be the new norm. After a period of low mortgage rates during the pandemic, 2023 is set to be a year of re-adjustment as mortgage rates return to normal levels.
Similarly to the housing market, buy-to-let mortgages are expected to resurface after many were withdrawn following the mini-budget announcement.
Curious to know how much your property is worth? Book a no-obligation valuation today.