North West's Largest Independent Estate Agent

Your Bradshaw Farnham & Lea's April Newsletter


As spring blooms around us, we're excited to bring you the latest updates and insights from the property industry. From how you can accelerate your mortgage to tips when looking for that perfect home, we've got you covered.

Whether you're a seasoned investor or a first-time homebuyer, there's something for everyone in this month's edition. So grab a cup of tea, settle in, and let's dive into the world of property together!


Add value to your home with the perfect outdoor living space

 
Summer is not all about the garden, although for most homeowners in the UK, it’s hugely important. The garden is as important – and for many, more important – than any room in the house. Outdoor living spaces are right up there in the ranks of what makes an amazing home. A good outdoor living area can add £10,000 to the value of your home.* The trick is to seamlessly blend the outdoors with the indoors. In many ways, it’s like adding another room to your home, and you have real freedom to create something special that adds to the quality of life in your home. Increasing feelings of wellbeing and providing an ideal place to relax, outdoor living spaces are what you make of them.

Design your outdoor living area your own way
There are no rules when it comes to creating your perfect outdoor living space. But there is one principle you should follow, no matter what your property plans are. Create it your own way. And today you are spoiled for choice. From outdoor heaters, pizza ovens, beautiful fire pits, decking, aluminium structures, and outdoor tiles to traditional paved-style patios and stones and gravel seating areas. That’s just for starters; you also have the little details that, once you have decided on the fundamentals, will embellish and elevate your newfound space. From candles to lighting – the planted kind, post lights, and lanterns—mirrors, garden sculpture, hammocks, outdoor stoves, and more.

Think outside the box
Are you a film buff? Buy a projector and set it up on a whitewashed wall! Perhaps you are more sporting and love the idea of watching the footy or the F1 on an outdoor screen. Invite your friends over and make a night of it. Everyone has their own unique tastes, and maybe you would rather grow flowers or grapes on a veranda.

Don’t worry about adding value
It’s so easy to become obsessed with the value of your property. Don’t think about this too much; if you create an outdoor space with an air of quality, then this will take care of itself. It’s also important not to overspend. If you are creating a path to the garden from the decking and you are on a budget, use stones; they are cheaper and require less labour.

You can have more than one!
Who’s to say you can’t have more than one outdoor living space? Build decking and a patio near the rear of your home, with a path leading to tables and chairs and a stove for the winter at the bottom of the garden. Then you have a place to soak up the sun and another to hide from the rain. Add heaters, and you can have an outdoor work-from-home space!

Hire the right help and build it to last
Maybe you can do some of the work yourself; perhaps you need to hire help for it all. Whichever approach you take, build your outdoor space to last. It will help when it comes to retaining the added value of your home. And it will look good and be a nicer place to enjoy. So if you lay decking and install trellises, treat them so they look good for years. Fusing your garden with outdoor spaces is easy, but remember that your garden will have to be maintained, so plan its design with maintenance in mind.

Leave a little scope for new ideas!
Perhaps this will become a long-term project, so do it in stages. There is always a new trend and new ideas, and leaving a little space to perfect, improve, or build on what you have leaves a little potential for buyers to add their own mark.

Browse our properties to find a home with your perfect outdoor living space.

Eliteoutdoorliving*



Looking for your perfect home? Here’s some top tips

 
Even perfection can be improved and perhaps it is this that makes you want to move. What was once your ideal home has now become too small, lacking the location you truly love or maybe you just fancy a change for the better.

A word about the market
The good news is that moving conditions are favourable right now, which is why lots of homeowners are getting on the move. According to Rightmove, sales agreed were 13%* higher than the same time last year. Average house prices increased by 1.5% reflecting an 8%* increase in buyer demand compared to last year. With mortgages becoming cheaper, reasonable pricing, and strong equity levels, buying conditions are not imperfect. All of this puts you closer to finding your perfect property.

Is the price right?
For most people, price is one of the biggest determining factors when buying. Combining favourable market conditions with strong levels of equity and homes priced at reasonable levels makes moving now very tempting. House prices are set at more normal levels thanks to the slowdown in the market last year. But this is a good thing because you will get more house for your money while having a great deposit for your perfect home, thanks to all that equity you have gained.

Consider the location carefully
You may already have your heart set on a specific location. The reasons you love it may vary, from the picturesque landscape to being close to family, work or transport links. But it’s important to keep a sense of adventure while searching for your perfect property. For example, being close to cycle paths or rivers and mountains may encourage hobbies you have previously put off pursuing. This is why moving is exciting and can change your life. In this sense, your perfect property can discover you. Looking in new locations can offer many pleasant surprises.

Keep your mind open to potential
Even if you watch all the home improvement programmes or are a well-seasoned property developer, it always pays to consider new ideas. That may involve stepping outside your comfort zone and trying a new buying approach. That could mean moving into a property that does not need a lot of work. Perhaps you want to make your home your own with the little details, or by investing in art, and opulent interiors. Maybe you are planning ahead and want to create a greener, more efficient home.

The importance of viewings
You may get a good feeling from your perfect property from the first kerb view image you see of it. On the other hand, appearances can be deceptive. Some properties can be misleading, like the two-bedroom terraced house with a hugely spacious and stunning garden. You never really know how you truly feel about a property until you step inside. Finding your ‘perfect’ home may involve multiple viewings, and making an inspired choice sometimes involves the input of loved ones and even a good agent.

Get a good agent on your side
Agents are not just there to make a commission, so use them as much as you can. Most pride themselves on providing a service that guides you in every aspect of your move. In many ways, agents are matchmakers, and sometimes a fresh perspective can give you real insights into what you are looking for. Use agents' market knowledge, contacts, experience, and input as much as you can. Ultimately, it’s your decision, but people who are ears deep in the property market year-round can make a massive difference in finding your perfect property.

 
Chat to us today and see how we can help make your dream home a reality.



Rightmove*



Sales agreed and buyer demand spring forward in time for summer

 
The spring 2024 market is running serenely and more smoothly than this time last year, thanks to a more stable market. So, if you decide to move, the question has to be asked; Could it be your easiest move ever?

Homemovers are moving the market forwards
This time of year is always busy and 2024 is not disappointing. In fact, the UK property market is moving forward at a better pace than many anticipated. It’s a case of the more, the merrier. When buyers find a new home for sale that they like, it’s another transaction to add to the tally and when their old home is bought by another buyer, this multiplier effect carries on right down the chain. This drives the entire market forward, bringing more buyers to your door and more choices of homes to your inbox.

The market has a lot going for it
You could be forgiven for missing the many opportunities that 2024 has to offer homemovers, thanks to the naysayers in the press and social media. But the facts speak for themselves: stamp duty is favourable at 0% for your first £250,000.* Mortgage rates are improving and, in a historical context, are very favourable, and equity levels are strong, yet house prices are at reasonable and affordable levels. Then there is the standard of properties themselves, which have received a lot of love and attention due to the home improvement frenzy that still continues.

Sales agreed are increasing
In March, sales agreed were 13% higher than the previous year.** Homes are appearing on the market well-prepared by their eager-to-move owners. Gleaning lots of tips and hints on preparing their homes for sale and benefiting from years of hard work and renovations, as well as paying off the mortgage as the value of their properties increases, means equity levels are good. It’s perfect moving weather for packing up and making a fresh start and this is also true when you are viewing properties.

Buyer demand is growing ever stronger
In March, buyer demand was 8% above the same time last year,** due to slowing inflation, and increasing wage levels. The UK property market is a rich and textured place. Demand is increasing on all fronts, from first-time buyers taking advantage of up to 0% stamp duty up to £425,000,* and the 5% deposit Mortgage Guarantee Scheme to cash buyers, and home movers at the higher end of the market. Each property has its own personality yet can be adapted to suit yours. From stunning eco-homes to listed properties, homes often choose their owners.

Agents are making moving easier
The old saying that moving home is one of the most stressful things you can do is losing some of its street credit. Moving does not have to be stressful, but it can be, if the agent you choose is not up to scratch. Good agents attract good vendors, nice properties, offer great listings and can recommend other property professionals that will make the entire process run smoothly. Sometimes it’s being prepared for the unexpected. If a sale falls through, a good agent’s database of buyers will quickly get your sale moving again.

Contact us to see how we can get you moving.

gov.UK*

Rightmove **



How can I calculate how much home equity I have?

 
With many homeowners making the most of the equity they have in their homes to move to a better property, having good levels of equity in your home gives you more options. Even if you don’t have quite as much as you would like, it does not take a long time to build up. The first step to take if you want to find out what these options are is to calculate how much equity you have in your home.

What is equity?
Equity is the amount of your home that you own. It's not difficult to calculate, simply subtract the amount of debt you owe in mortgages or loans from the market value of your property.

What you need to calculate the equity in your home accurately?

Get an up-to-date valuation of your home
The more accurate your valuation, the better.  An online tool is great to give you a pall park figure, but getting an experienced agent to come and look at the specifics of your home will help get a better picture of a price that’s specific to your home and reflects any renovations you’ve carried out.

Find out how much you owe on your mortgage
Get in touch with your mortgage provider to find out exactly how much you owe. If you have borrowed for home improvements, get an up-to-date balance on these loans also.

Subtract your debts from your home’s value
For example, if your home is worth £375,000 and your outstanding mortgage balance is £180,000, you have equity of £195,000 in your home.
 
How to calculate this equity as a percentage?
To calculate equity as a percentage of your home’s value, simply divide equity by your home’s value and multiply by 100.

Using the figures above as an example:

(£195,000 equity / £375,000 home value) x100

In this case, the percentage equity is 52%.

How to calculate your LTV ?
To calculate your LTV (loan to value) as a percentage, simply divide the amount you owe by your home’s value and multiply by 100.

Using the figures above as an example:

( £180,000 mortgage debt / £ £375,000 home value) x100

In this case, the percentage LTV, is 48%.

Having a good level of equity means cheaper mortgages
Whether you are remortgaging or moving on, the lower your LTV percentage figure, the lower your mortgage rate will be. You only have to look at mortgage providers' lending rates to see that interest rates are lower for mortgages with an LTV of 60% in contrast to those with an LTV of 90%. Simply put the bigger your deposit, the better your mortgage rate could be.

Equity gives you options
It’s comforting to know you have got good equity in your home. But taking out some of that equity can offer a lot of positives. If you are making home improvements or investing in another property, then you are putting it to good use and could gain significantly from it. That said, you might want to move on and having a large deposit will open the doors to some exciting properties.

Increasing your equity and the improving market
There are many ways to increase equity levels, from overpaying your mortgage to large and small home improvements. The current UK property market is improving. Inflation is at its lowest level for two years, at 3.4%.* The number of sales agreed, recorded by Rightmove, in March, was 13% higher than the same time last year.** This leaves you with a choice. You can keep gaining equity more rapidly as property values increase, thanks to increased demand, or move while the market offers good deals on better homes.
 
Book a valuation to see how much equity you have gained over the years

BBC*
Rightmove**
 




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