For example, this report quoting research by Hamptons says that the average home sold in March had been on the market for 48 days. This was 22 days longer than March last year, when time to sell was at a record low.

Is the market actually slow right now?

It’s important to bear in mind that everything is relative. Between late 2020 and mid 2022 it was not unusual for properties to sell within a few days of being listed. Sometimes before all the interested buyers were able to view them.

But that was far from a normal situation. Over the long term most experts would probably agree that a reasonable time to expose a property to the market and find a buyer would be at least two months.

According to official figures (although it’s not clear how they were arrived at) buying or selling a home normally takes two to three months.

There have been a few periods when the market was much slower. For example, in the early 1990s or after the 2008 financial crisis some properties lingered on the market for a year or more. But, in most years, a two to three month window has been a well accepted norm.

How to sell in a slow market

So, if you have a property that won’t sell within a reasonable timeframe what (if anything) can you do?

In uncertain times for the economy when significant numbers of people don’t want or can’t afford to buy it can seem a problem with no solution. But there are some possible solutions:

* Think well ahead. Sellers should try to list at the busier times of the year for house buying if possible. These are generally spring or autumn. It’s not so easy now to sell at any time that suits you as it has in the recent past.

When conveyancing time is added on it would be sensible to think of moving house as at least a six month endeavour, not a 2-3 month one.

* Sellers should shop around for the best estate agent to sell their property. Although this is always important it is especially important now. Check what an agent’s current selling times are, perhaps using one of the sites that offer this information.

* Consider alternative methods of selling. For example, selling in a property auction or selling to a house buying company. These might offer a sale within a shorter timeframe than offering a property on the open market. (Although bear in mind the price achieved and selling costs may be different.)

* Prepare a property for sale especially well in a slow market. In busy times pretty much any property will sell. But in slower times the smaller number of buyers out there may only view the best presented properties available. And they can afford to be more choosy. Make sure your property is clean and tidy, well presented and has no significant defects.

Agents shouldn’t be reticent to point out that sellers might not get any viewings if their property is poorly presented.

* Market a property for sale extensively. In busy times just listing a property on a portal or website will probably be more than enough to find a buyer. But more effort is needed in slower times. Agents need good quality sales material. They need to proactively market a property to registered buyers, and use methods like social media to promote it to a wider audience.

* Correct pricing is essential to sell a property in a slower market. Estate agents are well placed to advise on this.

Property values have changed in recent months, and will continue to change. Recent sales comparables may only be of limited use. Many properties are likely to be worth less, but not all. The situation isn’t the same for every type of property and for every area.

Generally sellers should have more realistic price expectations at the moment. Agents shouldn’t be reticent to advise sellers of this, and manage seller expectations.

* Set a realistic asking price. This is probably the most important thing in a slower market.

When houses are taking longer to sell it’s best to avoid situations where you set an ambitious asking price on the basis you can reduce it later if you need to. In such a market reducing the asking price after a property has been first exposed to the market might not generate any extra interest at all.

With a realistic asking price you are likely to get much more interest. Even in a slower market you may get several offers, and may even be able to sell above the asking price, when you start from the seller’s minimum price expectation.

Originally written by Mark Hempshell for Apex27.

The post Houses Taking Longer To Sell …. What Can You Do? first appeared on Property Insider.

“The Government has been open about wanting to clamp down on holiday lets for a while, particularly in the South. The abolishment of the furnished holiday lets regime is set to add yet more pressure to holiday let owners who are already feeling the effects of high mortgage rates and energy prices, with little impact on the key issue in the private rental sector: lack of supply.

“The tax breaks made short term holiday letting a viable alternative to renting to long term tenants and scrapping these benefits is unlikely to make any noticeable difference to the supply of long-term rental properties in the UK. Whilst we understand concerns from locals looking to rent properties in coastal holiday let hotspots such as Cornwall, 5.7% of properties in the South West alone are classed as vacant (meaning there are no usual residents living there with no indication of it being used for short term lets) and a crackdown on these properties would have had more of an impact on available supply for locals in these areas.

“Likewise, the government’s failure to address the estimated 1.4 million vacant properties across the UK and build enough housing to meet demand has meant that holiday let owners are left feeling the pinch and this may encourage more landlords to leave the market altogether. Ultimately holiday lets help drive a big portion of local economies through tourism and their value has been somewhat overlooked.”

The post Short Let Owners Feel the Pinch – But Where’s the Plan for 1.4m Vacant Properties? first appeared on Property Insider.

With developers in parts of West London unable to build new homes until 2035 due to the lack of electricity supply, it is imperative for local authorities, developers and the built environment industry to future proof their cities by investing in decarbonisation projects.

AESG, an international consultancy, engineering and advisory firm, in collaboration with the LDN Collective (a network of built environment experts & creatives fighting to improve people’s lives & the planet’s prospects) and West London Business (representing the private sector in the UK’s largest sub-regional economy) have released new research that identifies 10 principles for planning and designing net zero neighbourhoods, with 10 global case studies to learn from, and a summary of the latest innovations accelerating change. The report aims to give confidence to governments, city planners, investors and developers to embrace more radical innovation, explore new funding models and skill up to retrofit at scale, in order to future-proof developments for a more resilient future.

The research highlights 10 key areas of focus exemplified by 10 neighbourhood scale projects that have been built around the world with evidence-based outcomes. The focus areas range from optimisation; renewable technology; renewable energy; heat networks; local authority engagement; socio-economic benefits; demand response and energy storage through to funding mechanisms, digitisation and automation.

Commenting on the piece, Max Farrell, Founder & CEO of the LDN Collective and Chair of Built Environment for West London Business said

“Addressing climate change at the neighbourhood scale is a complex challenge that can only be done collectively, and it needs immediate and radical action to be taken. Within the UK, government at every level has committed to achieve net zero within the next 15-30 years, yet local authorities face significant challenges funding the transition. We hope this report will help provide clarity on the principles that need to be followed, with examples of outcomes from those who have already embarked on the journey to net zero”

Niall Bolger, CEO of the London Borough of Hounslow and Co-Chair of the Cities Commission for Climate Investment (3Ci) said;

“We commend West London Business, the LDN Collective and AESG for providing leadership and guidance that will help support the UK’s vision for achieving net zero, building on the business case published by 3Ci, and raising the bar for sustainable neighbourhoods worldwide.”

The report, developed by AESG’s globally renowned team of sustainability experts, and supported by West London Business and the LDN Collective, focuses on the principles that achieving net zero neighbourhoods requires – planning a community development at the macro-level, understanding interdependencies of systems and implementing solutions to mitigate the risks.

Briefly summarising the insight and guidance informed by the case studies, Sam Luker AESG’s Associate Sustainability Director said.

“Approaching Net Zero from the Neighbourhood perspective enables a more holistic and attainable approach to the decarbonisation of our urban environment. By bringing together a mix of residential, retail and other commercial uses, we are able to create scale and most importantly, a revenue stream that unlocks private capital for decarbonisation projects. Furthermore, the Net Zero Neighbourhoods approach necessitates collaboration between the public and the private sectors, both of which are working towards the same goal. Innovative funding mechanisms and a focus on socio-economic value facilitates community buy in and the roll out of decarbonisation projects. This enables sustainable design measures to be implemented at the neighbourhood level, facilitating the UK’s bottom up transition towards Net Zero”.

The ‘Net Zero Neighbourhoods: Redesigning Neighbourhoods for a Low Carbon Future‘ Report is available as a free download from: www.westlondon.com/netzeroneighbourhoods-report

The post Net Zero Neighbourhoods Report Launched To Further Uptake for Low Carbon Future first appeared on Property Insider.

However, despite the positive intentions behind the consultation, there are several critical considerations and unanswered questions which require both government and industry’s attention.

1. The local versus central question

Recent statements from government ministers Baroness Penn and Lee Rowley seem to support central control over net zero requirements through the revised standards.  However, this top-down approach is at odds with the government’s broader commitment to devolve power to local authorities and the instruction of the National Planning Policy Framework (NPPF).  This also comes in the wake of a High Court ruling this month (February) in favour of campaigners challenging the Planning Inspectorate’s decision on net-zero homes in the Salt Cross Garden Village in Oxfordshire, where the rejected the arguments made by the government’s legal team in support of the local planning inspectorate.

While national regulations set a ‘‘minimum requirement’’ the importance of defending local autonomy in shaping policies that align with both national objectives and the unique needs of individual communities becomes extremely important.  

2. Cost of materials

The impact of how materials are made and used over time is not considered. This is extremely important as the impact of construction of materials needs to be recognised, too.

3. Existing buildings

Both homes and non-domestic buildings need special attention, especially given that most of the country’s building stock is not recent, making reliance solely on cleaner energy insufficient for these existing structures. Although the consultation acknowledges existing buildings, it lacks the necessary detail.

The recent King’s Speech saw the government row back on net zero commitments and further muddied the waters.  More clarity on the direction of travel is urgently required, so investors, owners and occupiers can plan forward. We also need to encourage adaptive re-use and establish robust monitoring and maintenance requirements.

4. Capital cost uplifts and long-term implications

While the focus is on how much it costs to build something new, what is missing is the long-term cost for people who will live in these homes. This should include system replacement cost, maintenance cost, exposure to energy prices and health and wellbeing. Post-occupancy insurances would be welcome along with checks. Addressing fuel poverty and ensuring the positive impacts of these standards reach every corner of society and should be a central focus of our mission.   

5. Fabric upgrades and approach to energy efficiency

The Future Homes Standard proposes to eliminate fossil fuel heating systems, promoting the adoption of highly efficient air source heat pumps, or equivalent electric solutions, encouraging widespread use of solar PV panels.  Most of those solutions don’t have a long life expectancy.  For buildings with a heating requirement, improvements to how much heat is lost due to fabric elements should be the focus.

6. User impact of technological emphasis

While technology advancements are all well and good, adding more complex systems might create user experience challenges. Passive elements are easier to use.  Achieving inclusivity requires considering varying levels of familiarity among different population groups. Providing comprehensive home user guides and handover is crucial for maximising the benefits of interconnected systems like PV, smart hot water tanks, heat pumps, ventilation systems, battery technologies, and EV charging. Accessibility to supply chains impacts maintenance, emphasising the need for simplified operations and user-friendly interfaces to ensure widespread adoption and long-term success. More focus on the user/occupier would be welcome.

7. Grid infrastructure resilience

It’s not just about using cleaner energy; it’s about making sure national and decentralised systems can handle it without any problems and that it is put to best use. Energy efficiency remains a central consideration, as is possibly more decentralised energy management solutions. The recent association of decarbonisation with an all-electric approach, awaiting the UK Electricity grid to decarbonise, poses challenges if implemented incorrectly. This may escalate user running costs, raise concerns about the timing and impact of energy consumption, and prompt questions about addressing these new buildings in the future when they transition to existing structures.

Tassos Kougionis is Director of Sustainability and ESG at McBains

The post Opinion: The Future Homes and Buildings Standards: Seven areas where the guidance needs more clarity first appeared on Property Insider.

This marks the largest online project ever undertaken by the Best Estate Agent Guide, aimed at promoting industry excellence and empowering homeowners to make the right choices on their property journey.

The campaign encouraged consumers to look for the coveted gold and silver medals when selecting an agent and signposted the Best Estate Agent Guide as the number one resource to use for their search.

The social media posts were displayed to 5,485,500 people, raising the profile of both the Guide and the agents listed in it to homeowners across the UK.

Peter Knight, founder of the Best Estate Agent Guide, said: “Our campaign has been a resounding success and we are absolutely thrilled that so many people have been reached by our messaging.

“It’s not just about numbers; it’s about educating consumers and providing them with the knowledge to make informed decisions. The Best Estate Agent Guide strives to bring transparency and excellence to the forefront, and this widespread engagement reinforces our commitment to providing valuable insights for every homeowner in the country.

“Now, more than 5.4 million people will recognise that agents who display these medals truly are the best in the business and that a listing in the Guide is the only way to know you are choosing the right partner for your move.”

To find out more about the Best Estate Agent Guide, visit: https://bestestateagentguide.co.uk

The post Over 5m Homeowners Reached in Best Estate Agent Guide’s Campaign first appeared on Property Insider.

With the strong winds, freezing temperatures and heavy rainfall came – unfortunately – property issues. The UK was chiefly affected by Babet, while the Channel Islands and Northern Ireland bore the effects of Ciaran.

In total, Fixflo saw a 42% increase in the number of issues reported during the period before and after Babet compared to the same period in October last year.

The storm’s impact can be seen most in the surge of water leaks reported, which rose over 50% in the week of the storm compared to the previous week. Water leaks occurred most frequently in Yorkshire and The Humber, The Midlands, and the North, with smaller impacts in the South.

Strong winds caused reports of window issues to rise by 68%, while the sharp drop in temperature contributed to a massive increase in heating issues, which rose by 95%.

Regions affected by Ciaran also saw a rise in the number of water leaks and heating issues reported, with the Channel Islands seeing issues double the week commencing 30 October 2023 compared with the previous week.

Agents should expect a similar increase in issues with the next storm, and it’s of paramount importance to be proactive and get ready now.

Property inspections should look out for signs such as cracked pipes, blisters and damp patches that could worsen in the event of heavy rainfall. Weak spots in window frames and external doors can be worsened by heavy winds, so these should be a focus too.

Nicholas Sarac, Head of Customer Success at Fixflo says: “The surge in repair requests we saw as a result of the storms points to the toll that severe weather conditions can have on properties. It’s particularly important for agents to ensure that they have robust processes set up for dealing with out-of-hours maintenance and emergencies to prevent them from being overwhelmed during busy periods like this. Attending repair requests quickly will minimise damage, helping protect both properties and tenants.”

You can read more about Fixflo’s findings, including location-specific insights, on its website.

The post Fixflo Reveals Impact of Seasonal Storms, Urges Agents to Get Ready Now first appeared on Property Insider.

A third (37 percent) of UK households reported owning at least one smart home device designed to support and manage everyday tasks such as lighting, security, heating, and kitchen appliances.

And one in ten (10 percent) people said they have between four to five smart home technology devices set up in their homes, showed the YouGov research of 2000 adults by digital reading app Readly.

Six in ten (65 percent) smart home device owners interact with their technology on a daily basis, whereas almost one in ten (9 percent) use their devices every hour, indicating a shift towards a more connected home lifestyle.

Smart TVs are the most common device in the home, with 62 percent of Brits watching them at least once a week. Smart hub assistants such as Google Nest and Alexa are the second most popular with fifty percent of people using them on a weekly basis.

Smart devices for listening to music such as speakers are used by 42 percent of people and are most popular amongst those aged 30-39 (49 percent), whereas for the over 60s they are used by just 32 percent.

Home security is also being managed by smart technology with security systems such as video doorbells being used by 33 percent of people.

Health tech continues to be popular with 32 percent of respondents using fitness trackers and smart watches on a weekly basis.

When it comes to which smart home devices people will invest in this year, the top priorities amongst Brits were reported to be:

1. Security
2. Heating
3. Entertainment
4. Lighting
5. Health monitoring

Chris Couchman, Head of Content at Readly said, “Our subscribers want to read about topics that affect, inspire or enhance their everyday lifestyle and smart-home devices are appearing in the top searches this year. From in-depth features on the latest video doorbells to reviews of the latest fitness tracker and airfryer, to cost efficient, lifestyle enhancing expert tips, it is a popular topic to read around as consumers look to make an informed choice”.

Whilst over half (54%) of respondents reported researching online for their home smart tech information, one in four (40 percent) said they put their trust in government sites and a third (35 percent) look for guidance from the not for profit sector. 

28 percent are turning to friends and family for information on the latest smart home products and one in ten (9 percent) are reading up on the latest reviews and recommendations in tech magazines.

With Black Friday stimulating interest in smart home tech, consumers are increasingly turning to platforms like Readly for comprehensive tech reviews and guides. Tech consistently ranks as one of the top 5 most popular categories on the Readly with many of the smart home devices appearing in its top searches.

  “Tech magazines have long been a trusted source of in-depth analyses, user tips, and the latest updates to keep technology enthusiasts ahead of the curve. As Black Friday deals pique interest in smart home technology, people are doing their research to ensure they get the best fit for their tech spending,” adds Chris.

Readly has over 7,000 titles on its platform including many tech magazines and in depth articles to stay informed on the latest tech and smart home developments.

The post Smart Homes: One in Ten Use Smart home Technology first appeared on Property Insider.

The damning indictment by Nigel Green of deVere Group comes as it is reported that the Chancellor will use the Autumn Statement to slash what is often described as the most hated of all taxes.  

He is coming under increasing pressure from Conservative MPs to deliver some tax cuts for voters ahead of the general election and put some clear dividing lines between them and Labour.

The deVere CEO says: “Jeremy Hunt’s reported move to cut inheritance tax by 10 percentage points is a half-baked, half-hearted attempt to woo voters.

“What he should be doing is abolishing the most despised tax completely.”

IHT is often dubbed the most loathed of all taxation, as frozen tax thresholds and an incredibly high rate of 40% place more and more ordinary families at risk of being taxed. 

The number of homes facing the IHT burden has more than doubled since 2010, despite it being designed as a tax for only the super wealthy, and around 40% of homes sold in England and Wales in 2022 were worth more than the basic allowance.

“IHT is clearly no longer limited to the ultra-wealthy, as initially intended. It is increasingly affecting middle-class families whose primary asset is their family home,” remarks Nigel Green.

“The desire to leave a legacy for loved ones is a deeply ingrained human instinct, and individuals find the IHT particularly objectionable as it essentially constitutes double taxation—taxation on assets that have already been paid for and taxed before.”

In a recent survey conducted by deVere Group in May, it was revealed that 72% of individuals aged 50 and above with taxable assets were unaware that the IHT threshold stood at £325,000.

“It’s disconcerting that those with assets susceptible to IHT lack understanding about the potential implications. This lack of awareness puts these individuals’ families at risk of facing an unexpected and potentially significant tax burden upon the death of a loved one. 

“It is even more troubling given the strong sentiments people have against inheritance tax, detesting the notion of their already taxed money being subjected to further taxation.”

Of the recent reports of a reduction in inheritance tax, the deVere CEO concludes: “This is a weak plan. Scrapping inheritance tax once and for all would not only be the right thing to do, but also an historic, popular vote-winning strategy.”

The post Hunt’s Inheritance Tax Plans are ‘Half-baked and Half-hearted’ first appeared on Property Insider.

The finance group, which has ambitions to be the most valued lender for brokers, clients and partners, has reported it funded 1,192 loans across the group, worth over £221million – with over £113million generated through its broker channel and the remainder through its strong relationships across its direct customer base.

In terms of short-term finance, over £106million was originated from regulated and unregulated bridging loans across the group, Together announced today.

Chris Baguley, Group Channel Development Director, described the Group’s lending and continued growth as “highly impressive” particularly given the current tough economic climate.

He said: “Once again, we’ve exceeded our financial targets for the month, showing the sustained demand for our fast and flexible finance to help entrepreneurial clients achieve their property ambitions during what has been a difficult time for many businesses and individuals.

“Our colleagues across Together continue to be the reason we are able to deliver these incredible outcomes for our customers and our customer ratings are at the highest level in our history”. 

He added: “Although we’ve seen a great performance across our diverse product range, bridging finance has again been the stand-out product, making up more than 40% of originations in October.”

Together also announced Buy-to-Let (BTL) lending of more than £41million for the month following the lender’s announcement that it was reducing rates on its first and second charge BTL fixed products in September.

In addition, the group delivered more than £30million in regulated lending – with an increase in applications across all its regulated products – £35million of commercial mortgages and £13million in development finance. Auction funding stood at £18.5million with 236 ‘Decisions in Principle’ across the auction channel in the month – an annual record.

Mr Baguley said: “We are very pleased and proud with our overall performance in delivering a highly impressive month, and the continued support we provide through excellent customer service to streamline processes and enhance our product range.

“These improvements mean we’re well on track to meet our own growth ambitions – and our vision to be the most valued lender in the market.”

The post Together Defies Challenging Economy by Originating £221m in a Month first appeared on Property Insider.

The government may be watering down its efforts to reach net zero, but the construction industry must not let up on its commitment to reduce its impact on climate change.

That’s the call to action from a consortium of leading organisations and professional bodies as it launches the ground-breaking Built Environment Carbon Database (BECD).

The project, which has been developed and funded by the Building Cost Information Service (BCIS) over the last three years, is free-to-access and is designed to become the main source of carbon estimating and benchmarking for the industry.

The BECD steering group, which is responsible for its conceptual development, promotion and adoption, includes representatives from BCIS, RICS, The Carbon Trust, IStructE, BRE, CIOB, the Environment Agency, CIBSE, ICE, RIBA, the UK Green Building Council and ACE.

For James Fiske, BCIS CEO and chair of the steering group, the need to measure and report carbon data has reached a critical point.

He said: “With the government U-turning on green commitments, there has never been a more important time for the UK construction industry to take leadership on reducing its carbon emissions.

“With the recently updated RICS Professional Standard on Whole Life Carbon Assessment, which gives consistency to measuring environmental impact and is the net zero building carbon standard, we have the framework in place for us to do this.

“The other important part of the jigsaw is the data. Unless we have easy access to accurate and consistent carbon emissions data, and a place where we can share learning and experience, we will never truly understand if we are making the right decisions.”

The built environment is responsible for almost 40% of greenhouse gas emissions globally, which means the construction industry’s role to play in addressing the climate emergency cannot be understated.

However, a lack of unity in how the industry approaches the problem is the greatest barrier to finding effective solutions. The collaborative nature of BECD, using a consistent methodology and it being accessible to all parts of the industry, has been fundamental.

Fiske said: “It has been a real joint industry effort, with all of the organisations and people who have generously given up their time through working groups or consultations, to get us to this point. The key now is that we push forward. If we are truly going to reduce our environmental impact, we need the industry to come together to share data and experience through BECD.”

Fabrizio Varriale, Place and Space Analyst at RICS, is chair of the BECD’s working groups, tasked with technical development of the database.

He said: “Poor data quality and the lack of standardisation and transparency in reporting practices are acknowledged as major barriers to a wider uptake of carbon assessments in the built environment.

“BECD aims to help the industry by providing a platform to report and retrieve the results of building carbon assessments.

“This will allow data sharing across the industry and the harmonisation of reporting practices in alignment with the RICS Professional Standard on Whole Life Carbon Assessment.

“Over time, the granularity of the project data collected through BECD will enable the industry to produce accurate benchmarks for specific project types and stages. BECD will also help professionals who are conducting carbon assessments by providing a uniform catalogue of product data, bringing together different sources of product life cycle assessments and environmental product declarations.”

BECD will launch on Thursday 5th October with a live webinar in which a panel of experts, including James Fiske and Fabrizio Varriale, will talk about the development of BECD, how it works and, most importantly, how the industry can access and use it.

You can register here to join and visit www.becd.co.uk for more information about the database and the members of the steering and working groups.

For more information about BCIS, visit the website at www.bcis.co.uk

The post Construction Leaders Advise Data Our Strongest Ally in Decarbonising Built Environment first appeared on Property Insider.