The significance of the 22nd September probably escaped your notice but you may already be feeling its effects. It’s the date the Autumn Equinox fell this year and from now until the Spring Equinox, nights will be longer than days.
New analysis has revealed an interesting shift in the purchasing habits of first-time buyers. Instead of buying a traditional starter home – a studio, a one-bedroom flat or a small terraced house – Barclays found a third of first-timer purchases are semi-detached homes.
Earlier this year, Aviva published the results of its survey on how we use our garages. Of those UK garage owners questioned, 28% said they hardly ever used their garage to park their car.
And just like that, the seasons have changed. Meteorological summer officially ended on 31st August and wet, windy weather moved in without hesitation. While we’re keeping everything crossed for a return to calmer, drier conditions, there’s no escaping that autumn is here.
There are a few signs that autumn is on the horizon (Halloween decorations in the shops, anyone?) and the change in season heralds a change in property focus. September is a peak period for home movers, so what kind of market awaits buyers, sellers and renters? Here’s how August shaped the property industry.
Over the years there have been a number of ‘light touches’ touted as a way to impress potential property buyers. The aroma of freshly baked bread and brewing coffee? Great for making your property feel homely and masking less attractive whiffs. A neatly-folded pile of clean, fluffy towels in the bathroom? An easy way to give off five-star hotel vibes. Fresh flowers and a fully-stocked fruit bowl? They draw attention away from less desirable areas and add colour to a drab space.
Keeping tenants safe is of paramount importance and there is legislation that ensures the UK’s privately rented homes are fit for habitation. An important milestone in England has brought one area of safety back into the spotlight.
Although Labour has long been associated with better rights for renters, it recently showed that it is equally as committed to promoting homeownership. A raft of financial reforms designed to help mortgage borrowers, which will apply across the UK, were announced in July.
Competitive pricing is the story of the summer. The theme was highlighted in Rightmove’s latest House Price Index, with asking prices dropping 1.2% in July to an average of £373,709. This adjustment reflects the improved supply of properties for sale.
Earlier this year, it became apparent that home buyers aren’t that fussed about finding the ‘perfect’ property. A Rightmove survey of 34,000 home movers found 73% of those leaving rented accommodation viewed fixer uppers as a more affordable route to property ownership. Additionally, 73% of existing homeowners wanted to buy a property that needed work in order to create their dream home.
Younger Millennials (born between 1991 and 1996) and those in Generation Z (1997-2012) still see a future in property investment. That was the surprising finding of a new survey of 2,000 UK adults conducted by Opinium on behalf of Market Financial Solutions.
The unassailable attractiveness of property as a money-making asset persists. While passive appreciation still exists – that’s when homes gradually increase in value with nothing more than time – homeowners are looking at adding values in other ways.
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