Author: Joshua Schofield

HOW TO CREATE A DOG FRIENDLY GARDEN

Posted on by Joshua Schofield

A garden is a perfect place for dogs to get some exercise, have a play, and of course explore.

However, they can also be full of potential hazards, so before letting your four-legged friend run riot around your lawn, here’s a handy guide to some of the ways in which you can create a dog friendly garden so it’s as safe as possible.

Make Sure it’s Secure

Some breeds of dog are notorious for digging, especially smaller ones like Jack Russells and Yorkshire Terriers. Check that your fence is secure and there’s no way of your dog escaping underneath it.

If you have a bigger dog then you’ll need to ensure that the fence is high enough too. Some dogs can jump much higher than you imagine, so ensure you have a fence that’s at least 6ft.

Make sure you keep gates closed at all times too. Even the most well-trained dogs can make a bolt for it if they see something that catches their eye, so don’t give them the chance to get out.

Keep Sheds & Garages Closed

If you’re leaving your dog unattended for any period of time, even just for a minute, then ensure that you’ve left the shed and garage firmly closed.

There are all sorts of hazards that could harm curious pooches, such as paint, chemicals and sharp tools, so make sure they’re out of bounds to pets to help avoid any accidents.

Avoid Toxic Plants

Some plants can be very harmful to dogs and it’s important to know which ones to avoid before letting your pets run wild in the garden.

Daffodils, Hydrangea and Yew are some of the more common ones to avoid, but it’s best to check all plants individually before doing any planting.

Add Some Dog-Friendly Plants

Not all plants are bad for dogs, although of course you don’t want to encourage them to be eating any at all.

Do a little bit of research before you buy any plants and you’ll find there are lots of affordable, attractive plants that won’t cause any harm to your dog if they do decide to chew them.

Sunflowers, Honeysuckle and Camellias are just some of the more dog-friendly plants you’ll be able to find.

Avoid Slugs & Snails

While you can’t watch your dog at all times, you should try to keep an eye on them to stop them from eating any slugs or snails, as these can cause lungworm.

Try and ensure your dog is kept away from them altogether, or use a pet-friendly slug repellent to keep them out of your garden.

Avoid Using Cocoa Chips

Some gardeners like to use these as an alternative to bark, however cocoa can be very poisonous to dogs, so if you are putting chippings down, then make sure you use bark instead.

The above tips have focused on potential hazards and things to avoid, but below are some of the positive things you can do so your dog can make the most of the garden and have a safe place to roam.

Create a Designated Play Zone

There are lots of advantages to creating a specific play area, with the primary one being that it will help teach your dog to avoid some of the no-go areas of the garden. You can train your dog to only use the play area in the same way you would train them to go to the toilet outside, or to only jump on a specific chair in your house for example.

If your dog has a fun area to play in, then it should hopefully make the rest of the garden less appealing to them, meaning you don’t have to worry about plants getting damaged, or slugs being eaten.

To make the play area attractive, put some toys in there, maybe bury some treats for them to find and even put a bed in there for them to lie on. Anything you can think of to make the space their own will work.

Give Them a Shelter to Lay in

Dogs love to be outside, but if it’s wet and windy, or they need some protection from the sun then a shelter is the perfect solution. It doesn’t need to be large or fancy, just a small wooden hut with enough space for a bed and a water bowl.

It will give your dog a great place to have a nap, while still getting some fresh air and having humans nearby.

Create Clear Boundaries

Creating clear boundaries in the garden will reinforce to your dog that it mustn’t cross into certain areas.

In much the same way as the sofa or your bed may be out of bounds, your bed of plants could be a no-go zone too, marked with a border of stones or bricks for example.

It can also serve as an additional feature for your garden, so it’s a win-win for you and your dog!

Let us find you the perfect home in Gloucestershire for you and your dog! Call us on 01452 300822 or email rachel@tgres.co.uk

SMALL IS BEAUTIFUL: TINY ROOM IDEAS

Posted on by Joshua Schofield

Just because a room is small, it doesn’t mean it can’t be stylish or practical. Many people have homes that are smaller than average, or rooms that are tiny or an awkward shape, yet these spaces can soon be transformed into a comfortable, Instagrammable space.

Here are some tips when decorating or furnishing a tiny room.

Draw Up A Floorplan

Once you’re standing in the room, it can be difficult to find a way to make everything fit. One way you can design a room is to draw up a floor plan, then measure your furniture and see where it might fit. This can also help you decide what’s essential in the room and which pieces you can do without.

Find Furniture with Hidden Storage

When you furnish a tiny room, smaller pieces are always going to work better, for example, cuddle couches rather than three-piece suites. Even better, look for furniture that has hidden storage, as this will make it much easier to organise your room. Stores such as IKEA are good for finding storage solutions, and they sell bed bases with fitted wardrobes or chests of drawers. 

While you may not have used one since you were a child, cabin beds are also very handy in small rooms, as lifting your bed off the floor gives you plenty of extra space. Some beds open up to reveal hidden storage, which can be useful for storing spare sheets, shoes, or even books. You can also find sofa beds that include ottomans, which allow you to store your duvet and pillows during the day.

Save Your Floor Space Where Possible

The problem with tiny rooms is that you often have to go through an obstacle course to get around them. Any floor space that you can save will make the room feel more spacious and more practical to use. Avoid things like bookcases and big wardrobes, opting for shelves and hanging rails instead. In very small spaces, you may even want to look for solutions such as a pull-down bed, which will fold into the wall when you’re not using it.

Keep Things Simple

If a room is tiny, then nothing is going to make it huge and spacious, but you can make the most of the space by keeping things simple. Choose neutral colours with a few pops of pattern or colour to draw the eye in. If you think neutral looks too plain, then add some textures in similar tones, which will give the room a luxe look.

Use Light and Mirrors

Mirrors are convenient in small rooms, as they fool the eye into thinking the room is bigger. Light is also very important. Never block a window, even partially, as this will make a room feel gloomy and claustrophobic. You should also make sure the room is well-lit but don’t use huge light fittings or floor lamps. Wall-mounted lights take up less space, and up-lighters can draw the eye upwards.

Choose the Right Shape of Furniture

Tiny rooms are often awkwardly shaped, so you need to find furniture that fits into the room nicely. For example, if you have an area with a sloped ceiling, find an L-shaped corner sofa that fits into that nook and create a living area. 

If your room is long and thin, place a sofa that fits snugly into the width of the room, which will make it feel wider. While it may sound expensive, bespoke furniture can be a good solution for tiny rooms, as it allows you to design something functional and just the right size. Look online for some furniture designers in your location, and you may be surprised that they’re not as pricy as you think.

Switch Rooms Round

When you move into a house, don’t feel like you have to keep the same layout as the previous tenants or owners. If a bedroom is far too small, for example, you may want to turn the dining room into a spare bedroom and then have a combined kitchen/diner. Tiny rooms often work better for nurseries, home offices, and spare bedrooms rather than somewhere like a living room or adult bedroom, so think about switching around if possible.

A tiny room doesn’t have to compromise on style. Many people now live in smaller homes and have less space, so many new design solutions have been created to help. From adding storage space to removing bulky furniture, there are many ways to make a small space work efficiently for you.

Small Room Solutions

For no-obligation advice on buying or selling a home in Gloucestershire please contact our expert property team at TG Sales & Lettings on 01452 300822 or call in and see us. We look forward to seeing you.

Frequently Asked Questions About Small Room Renovations

Should I ditch the floor plan altogether?

A floorplan helps visualize furniture placement and identify essential pieces. It can help you maximize space and avoid unnecessary clutter.

What are some space-saving furniture solutions?

Look for furniture with hidden storage like ottomans with built-in drawers or beds with built-in wardrobes. Consider bunk beds or cabin beds to utilize vertical space.

Are light and bright colours always best for small rooms?

While light colours open up the space, consider adding texture in similar tones for a luxurious feel. Pops of colour or patterns can also add personality.

Should I completely rearrange the rooms in my house?

Absolutely! Tiny rooms might be better suited as offices, nurseries, or guest rooms. Explore alternative layouts to maximize functionality

LATEST PROPERTY MARKET UPDATE AUGUST 2024

Posted on by Joshua Schofield

The UK property market continues to evolve, with significant developments affecting buyers, sellers, landlords, and tenants. August 2024 has brought a fresh wave of changes, driven in part by the recent reduction in the Bank of England’s base rate. This latest property market update looks at the latest trends, and expert insights, offering an overview of what to expect in the coming months.

A Cooling Market Amid Economic Shifts

The UK property market is experiencing a period of moderation after several years of rapid growth. According to recent data from HM Land Registry, the average house price in the UK is currently just under £286,000, reflecting a 1.2% annual increase. While prices remain high, the pace of growth has decelerated slightly, signalling a more balanced market.

The Impact of the Bank of England’s Base Rate Reduction

A key development this month is the Bank of England’s decision to reduce the base rate to 5.00% (Bank of England – Monetary Policy Report). This move, is likely to have a significant impact on the property market. Lower interest rates generally make borrowing cheaper, which could encourage more buyers to enter the market and may provide some relief to those with variable-rate mortgages.

However, the impact of this rate cut may be tempered by the ongoing cost-of-living crisis. Inflation has eased and sits at the Bank’s 2% target, but household budgets are still feeling some pressure. As such, the market may see a cautious response to the rate cut, with buyers weighing the benefits of lower mortgage rates against broader economic uncertainties.

Buying: A Mixed Outlook

For prospective buyers, the market presents a mixed outlook. On one hand, the reduction in the base rate will lower mortgage costs, making property more accessible, especially for first-time buyers. Additionally, the slowing rate of house price growth may create more opportunities to purchase at lower prices.

Buying Tips for August 2024:

  1. Shop Around for Mortgage Deals: With the base rate reduction, lenders may offer more competitive mortgage deals. It’s advisable to consult a mortgage broker who can help you find the best rates tailored to your financial situation.
  2. Consider Fixed-Rate Mortgages: Given the current economic uncertainties, locking in a fixed-rate mortgage could provide stability in monthly payments, protecting you from potential future interest rate hikes.
  3. Focus on Affordability: Ensure that your mortgage repayments are affordable even if your circumstances change. Lenders are increasingly stringent with affordability checks, so it’s wise to budget conservatively.

However, high living costs and tighter lending criteria continue to pose some challenges. Lenders have become more cautious, particularly in assessing affordability. The Bank of England’s latest data shows that the average mortgage approval rate has dropped by 10% year-on-year, reflecting a more stringent lending environment.

Selling: Adjusting to New Realities

For sellers, August 2024 brings a need for realistic expectations. Zoopla reports that the average time to sell a property has increased to 60 days, up from 45 days a year ago.

Selling Tips for August 2024:

  1. Price Competitively: In a cooling market, pricing your property correctly is crucial. Overpricing can lead to your property sitting on the market for longer, which may deter potential buyers.
  2. Enhance Kerb Appeal: First impressions matter. Simple improvements like a fresh coat of paint, tidy landscaping, and minor repairs can significantly increase your home’s attractiveness to buyers.
  3. Stage Your Home: Consider professional home staging to make your property more appealing. Well-staged homes often sell faster and at a better price.
  4. Be Flexible with Viewings: The more accessible your home is for viewings, the more potential buyers you can attract. Being flexible with scheduling can help attract offers faster.

Sellers are advised to price their properties competitively. With more properties available on the market, buyers have greater choice. It’s also important for sellers to be mindful of the condition of their homes; properties in good repair and presented well are more likely to attract serious offers.

Landlords: Navigating New Regulations

Landlords are facing a challenging landscape in August 2024, with new regulations and rising costs. The Renters’ Reform Bill, expected to come into effect later this year under the new Labour government, is one of the most significant changes. This bill aims to abolish Section 21 ‘no-fault’ evictions, strengthen tenants’ rights, and improve the quality of rented accommodation.

Additionally, the Energy Performance Certificate (EPC) requirements are tightening, with all rental properties needing to achieve at least a C rating by 2030. This means that landlords may need to invest in energy-efficient upgrades, which could be costly. On the flip side, the reduction in the base rate may provide some financial relief for those with mortgages on their rental properties.

Landlord Tips for August 2024:

  1. Stay Ahead of Regulatory Changes: With significant legislative changes on the horizon, landlords should stay informed and ensure compliance. Consider joining a landlord association for updates and support.
  2. Invest in Energy Efficiency: Upgrading your property to meet the new EPC requirements not only ensures compliance but can also make your property more attractive to tenants. Government grants and incentives may be available to help offset some of the costs.
  3. Review Your Financing: With the recent reduction in the base rate, it may be a good time to review your mortgage arrangements. Refinancing could improve your cash flow and profitability.
  4. Focus on Tenant Retention: In a competitive rental market, maintaining good relationships with existing tenants is key. Consider offering incentives such as flexible lease terms or minor property improvements to encourage long-term tenancies.
  5. Consider Professional Management: If managing the increasing complexities of being a landlord becomes overwhelming, consider hiring a professional property management company. They can handle everything from tenant screening to maintenance, ensuring your property remains compliant and profitable.

Lettings: A Strong Demand but Pressured Supply

The lettings market remains robust, driven by strong demand and a limited supply of rental properties. According to data from Rightmove, average rents across the UK have increased by 6.8% over the past year. The shortage of rental properties, coupled with landlords exiting the market due to increasing regulation and costs, has led to intense competition among tenants.

For tenants, this unfortunately means higher rents and more competition, making it sometimes challenging to secure affordable accommodation. For landlords, the high demand presents an opportunity, but it also comes with the responsibility to comply with the new regulations and maintain properties to a high standard.

A Time of Transition

This is a period of transition for the UK property market. The reduction in the Bank of England’s base rate offers potential benefits, particularly for buyers and landlords, but it is set against a backdrop of economic uncertainty and regulatory changes. Whether you’re buying, selling, or renting, staying informed and being prepared to adapt to these changes will be key to navigating this evolving market successfully.

TG Sales & Lettings are your local estate agents in Gloucestershire. We are delighted to bring you our property market updates each month. If you are thinking of buying, selling or letting a property in Gloucestershire, please get in touch.

Call us on 01452 300822 or email rachel@tgres.co.uk to chat with a member of our friendly and experienced team.

LATEST PROPERTY MARKET UPDATE JULY 2024

Posted on by Joshua Schofield

The UK property market continues to be a topic of conversation, with July 2024 seeing a mixed picture. In our latest property market update, we’ll look at the latest trends for buyers, sellers, landlords, and renters, and of course we are keeping an eye on the potential impact of the recent general election and the incoming government.

Property Market Overview: Steady Growth with Regional Variations

Nationwide house prices saw a modest 0.2% rise during June 2024, bringing annual growth to 1.5%. This is quite a significant shift from the heady days of double-digit growth in 2023. However, it’s important to remember that the market can vary significantly depending on location.

Buying: A More Balanced Market

For potential buyers, July has seen a more balanced market. Rightmove reports a rise in available properties, easing intense competition and making for an altogether calmer buying experience and considered decision-making.

The best mortgage rates are hovering around 4.7% and recent cuts to the base rate offer hope for even more improved mortgage deals in the coming months, with Oxford Economics still predicting a Bank of England base rate cut in August.

Tips for Buyers:

Do your research: Understand your budget and target areas thoroughly. The experienced team at TG Sales & Lettings can help you with buying a property in Gloucestershire. Simply call us on 01452 300822 for advice.

Be prepared to act quickly: Great properties can still attract multiple offers so it’s important to have a mortgage agreement in principle to help you secure your new home.

Consider working with a mortgage broker: With a complex mortgage landscape, a broker can secure the best possible deal for your circumstances, ensuring you get the most out of your budget. TG Sales & Lettings is happy to recommend a mortgage adviser. Please just ask.

Selling: Strategic Timing Can Be Key

Sellers may need to adopt a more strategic approach in July’s market. There are still plenty of buyers around, however, the number of properties for sale dropped off slightly following the election announcement in May. With a new government now in place, it will be interesting to see whether this picks up again. July and August can be quiet months for sales, but a well-presented property with a competitive asking price, will likely attract interest.

Tips for Sellers:

Price realistically: Get an accurate valuation of your property to attract serious buyers. Remember that the highest valuation is not always the way to go! Always consider an estate agent who you feel you can trust to market your property in the best way and achieve the price your property is worth. For a free valuation, call TG Sales & Lettings on 01452 300822 or email us at rachel@tgres.co.uk.

Presentation is key: Invest in decluttering, staging, and kerb appeal to make your property stand out. First impressions matter, and potential buyers often make snap judgments during viewings.

Landlords and Lettings: Adapting to Changing Regulations

Landlords are still navigating a period of significant change. In The Kings Speech on Wednesday 17th July, The King announced that the Government would introduce legislation to “give greater rights and protections” to those renting – including “ending no-fault evictions”, with draft legislation published on leasehold and commonhold reform.

In a further statement from Downing Street, the Government said: “The Renters’ Rights Bill delivers our manifesto commitment to transform the experience of private renting, including by ending Section 21 ‘no fault’ evictions…The Bill will give renters much greater security and stability so they can stay in their homes for longer, build lives in their communities, and avoid the risk of homelessness.”

Tips for Landlords:

Stay informed: It’s crucial landlords keep up-to-date with changes in regulations and legislation by following resources like the National Landlords Association (NLA). If in any doubt speak with a member of our lettings and property management team at TG Sales & Lettings on 01452 300822.

Consider tenant retention rather than rent increases: A reliable tenant who takes good care of your property can be more valuable than a small increase in rent. Building a positive relationship with your tenants can lead to long-term stability and fewer void periods.

Maintain your property: Regular upkeep ensures your investment remains attractive to tenants and minimizes the risk of costly repairs later.

The General Election and the Property Market

The recent general election has added another layer to the property market. The incoming government’s policies on housing, taxation, and infrastructure spending will undoubtedly impact the sector in the long run. However, the immediate effect is likely to be muted and the established nature of the UK property market suggests it will continue to function even during a period of political change.

Looking Forward: A Market in Transition

The UK property market is in transition. Modest growth, regional variations, and the influence of the new government are key factors to consider. However, while there may be adjustments ahead, the fundamental strength of the UK property market is likely to endure.

For buyers, sellers, landlords, and tenants this period offers an opportunity to be informed, strategic, and adaptable. By understanding the current trends, staying informed about future developments, and seeking professional advice when needed, you can navigate the UK property market with confidence.

TG Sales & Lettings are your local estate agents in Gloucestershire. We are delighted to bring you our property market updates each month. If you are thinking of buying, selling or letting a property in Gloucestershire, please get in touch.

Call us on 01452 300822 or email rachel@tgres.co.uk to chat with a member of our friendly and experienced team.

LATEST PROPERTY MARKET UPDATE JUNE 2024

Posted on by Joshua Schofield

During June we’ve seen the UK property market continuing its path of cautious optimism. While the fast growth seen in previous years has eased, a sense of stability is emerging, underpinned by rising buyer demand and a potential shift in interest rates.

Let’s delve into the key trends shaping the market this month.

Market Recovery Gathers Momentum

The good news for buyers and sellers is that the property market is experiencing a steady recovery. After a period of uncertainty, house prices are showing signs of growth again. According to Nationwide Building Society, May 2024 saw a 0.4% increase in average house prices, bringing the annual growth rate to 1.3%. This indicates a market that’s found its footing and is on an upward trajectory.

Regional Variations Remain

While the national picture is one of growth, it’s important to remember that the UK property market is a patchwork of regional variations. Scotland continues to lead the pack with a significant 6.7% annual increase in house prices, while England and Wales are seeing more modest rises of 1% and 1.3% respectively. Northern Ireland has also shown steady growth of around 4%. Understanding these regional differences is crucial for both buyers and sellers when making informed decisions. If you would like to know more about the Gloucestershire region, please call us on 01452 300822 to discuss.

The Interest Rate Question

A significant factor influencing the market is the ongoing speculation around interest rates. With inflation falling closer to the Bank of England’s 2% target, a potential base rate cut is on the horizon. This could be a game-changer for the market, making mortgages more affordable and potentially boosting buyer demand. Economists predict the first cut could come as early as August 2024. The impact of this on house prices remains to be seen, but it’s likely to contribute to a more vibrant market.

Election Jitters or Business as Usual?

The upcoming general election in July has caused some to wonder if it will stall market activity. However, experts suggest this is unlikely to happen. In contrast to past elections with significant policy shifts, the current political landscape doesn’t propose drastic changes impacting the housing market. The first interest rate cut, however, is expected to have a more significant impact on market activity this year.

Supply and Demand: Finding Balance

The good news for buyers is that there are signs of a healthy increase in the number of properties coming onto the market. This increased supply is expected to keep house price inflation in check throughout the year. While significant price hikes might be off the table for now, the steady flow of properties ensures buyers have more options in a balanced market.

What Does This Mean for You?

Landlords: The rental market continues to see high demand, with rents rising at a slower pace than the previous year. Zoopla reports an average increase of 6.6% for new lets in April 2024. While this presents an opportunity for stable returns, it’s important to remember tenant retention is key. Focusing on good communication, responsive maintenance, and ensuring your property remains competitive in terms of rent and amenities will be crucial for attracting and keeping quality tenants.

Buyers: With a potential interest rate cut on the horizon, affordability might improve in the coming months. However, with increased competition due to rising demand, it’s still a seller’s market in many areas. Being prepared with a well-researched offer and a strong financial position will be key to securing your dream property in Gloucestershire.

Sellers: While significant price rises are less likely, the market conditions remain favourable for sellers. At TG Sales & Lettings we suggest focusing on presenting your property in its best light through minor improvements, home-staging and competitive pricing to attract buyers quickly in a market with more options.

The Bottom Line

The UK property market is moving towards cautious optimism. House prices are showing signs of growth, with regional variations offering opportunities for both buyers and sellers. The potential for a base rate cut later this year could be a major driver of market activity. With an increased number of properties coming to the market, a sense of balance is emerging. Whether you’re a buyer, seller, or landlord, staying informed and seeking expert advice will be crucial for navigating the market effectively.

TG Sales & Lettings are your local estate agents in Gloucestershire. We are delighted to bring you our property market updates each month. If you are thinking of buying, selling or letting a property in Gloucestershire, please get in touch.

Call us on 01452 300822 or email rachel@tgres.co.uk to chat with a member of our friendly and experienced team.

LATEST PROPERTY MARKET UPDATE MAY 2024

Posted on by Joshua Schofield

With headlines in the news about stagnating house prices and rising mortgage rates, May has been a challenging month, with the cost-of-living crisis still biting homeowners. However, it’s not all doom and gloom! Owning a home is still beneficial, offering long-term living and financial stability.

Big News!

Prime Minister Rishi Sunak has announced that we’re heading to the polls on Thursday, July 4th, 2024.
This forthcoming general election could finally bring some stability to the property market, which is great news for buyers and sellers who’ve been dealing with a shaky few months. With inflation nearing the Bank of England’s target and a potential interest rate drop on the horizon, things are looking up. Expect a busy second half of the year for property deals!

How Can First Time Buyers Get on the Property Ladder?

The end of April saw the release of the BSA (Building Societies Association) report which confirmed that first-time buyers currently face the most challenging conditions in seven decades to get onto the property ladder, with an increasing reliance on the Bank of Mum and Dad, or having two high incomes.

The report highlights that home ownership among young adults has been declining for twenty years but, while saving enough money to put down a deposit has long been difficult, the squeeze has been tightened in recent months because of mortgage interest rate increases.

It’s not hard to see why more young people are opting to move back in with their parents, with this now being the most commonly reported living arrangement for those aged 18-34. This is in stark contrast to the figures for 1997 which showed that those in the same age bracket were most likely to be living as a couple with children!

Many first-time buyers are undeterred though, with recent Bank of England figures showing that over the past three years, over a million mortgages extending beyond the state pension age of the borrower have been taken out. Many of those loans have been approved for applicants under the age of 30 as high mortgage rates lead people to opt for extended repayment periods to keep their costs affordable.

Twice the number of homeowners under 30s with ultra-long mortgages can be seen today when compared with two years ago, while the number of under 40s has also seen a 30% increase. It’s also clear that first-time buyers are adapting to higher borrowing costs by targeting smaller, more affordable properties. This adjustment is helping to maintain activity levels in the market with a steady flow of new buyers entering the market.

Base Rate Held at 5.25% – Good News or Bad News?

The Bank of England most recently held the base rate at 5.25%, despite predictions that there would be a cut.

Meanwhile, three of the UK’s top lenders announced they would be raising their rates on fixed deal mortgages. NatWest, Santander, and Nationwide are the latest three to follow their rivals who increased mortgage rates after expectations about the speed and extent of Bank of England interest rate cuts were scaled back. That’s the bad news!

However, a rate cut is expected, followed by further cuts later in the year. That’s the good news!

In more good news, the Office for National Statistics (ONS) has announced that the rate of inflation dropped to 2.3% in April, its lowest level in almost three years.

A Month of Ups and Downs!

May 2024 was a month of ups and downs in the UK lettings market! The rental market remains robust, with high demand pushing average rents to record levels which is positive for landlords and investors. However, some tenants are still struggling with the impact of the cost-of-living crisis and its knock-on effect on the number of homes available to rent.

Some good news for landlords has been released in Propertymark’s latest insights report , which shows signs of the rental market beginning to stabilise after a rocky period towards the end of 2023 which saw the percentage of arrears peak at 4%.

This month’s report reveals that since the start of the year, the number of tenants in arrears has been falling, and has now reached a low point of 2.5%, indicating that landlords can start to breathe a sigh of relief and look forward to less frustration over rent collection.

Has There Been An Increase In Landlord Confidence?

In a recent report from PayProp, their latest Rental Confidence Index revealed that an astonishing 54.5% of the landlords involved in their survey were going through the process of selling their properties!
It’s not surprising, then, that half of all tenants who have moved during the last year have done so because their landlord took the decision to sell up. By contrast, the percentage of tenants who left their homes due to eviction stood at under 12%.

However, the announcement of amendments to the Renter’s Reform Bill has led to positivity amongst UK landlords. In a further poll commissioned by PayProp, the number of respondents who reported a negative view of the private rental sector fell compared with those asked the same question in 2022. Over half of landlords are now feeling more positive about the sector’s future.
In a smart move by first time buyers, 66.7% of properties being sold by landlords are being snapped up by first timers. But this does mean that the number of private rentals is dwindling – an issue that is now seeing prospective tenants fiercely competing to offer on properties.

This year we are already seeing increased demand for sustainable homes. Energy-efficient features and eco-friendly designs are becoming more sought-after, alongside smart security, energy management tools and automated heating systems.

TG Sales & Lettings is delighted to bring you our property market updates each month. If you are thinking of buying or selling a property in Gloucestershire please get in touch on 01452 300822 or email rachel@tgres.co.uk.

INTERIOR TRENDS May 2024

Posted on by Joshua Schofield

INTERIOR TRENDS: FURNITURE, COLOURS AND STYLES FOR YOUR HOME IN GLOUCESTERSHIRE

Are you planning on giving your Gloucestershire home a makeover? Maybe it’s time to ditch that tired old rug and sofa you’ve been hanging on to for years and drag your home into a brand new year?

For inspiration, here are some of the top interior trends that we absolutely love!

Vintage

Homeowners are increasingly looking for ways in which to make their homes stand out, instead of the usual mass-produced, flat-pack furniture that’s functional but not unique. Think antique sideboards and cabinets in dark shades of brown.

And the more unique the story is behind it, the better! Mooch around antique shops to find that perfect quirky piece.

Sustainable

As a society, we’re more aware than ever of the damage that’s being done to our planet, and that’s reflected in the growing trend of buying individual items of furniture, instead of mass-produced products.

This also ties in with the vintage trend. Furniture that was built 50 years ago not only has its own story, but it will also have been built to last. A few scratches add to its character and it won’t fall apart and get discarded so easily.

Multi-Functional Space

With the huge increase in people working from home, our houses have increasingly become our offices too.

For those who aren’t lucky enough to have a dedicated space for a home office, the demand for multi-functional furniture is increasing.

Consequently, items such as storage ottomans are perfect for using as both a footrest at the end of a long day and also a place to store your laptop and any paperwork out of sight in the evening.

Minimalist

Not only have people been working from home more, they’ve also been spending more time at home in general, with many living rooms serving as an office, gym and bar at times, often on the same day!

As a result of this increased time spent indoors, the desire to declutter and make more use of the space available will be a growing trend.

This also relates to the trend of having multi-functional furniture and space.

Natural Materials

Furniture that’s made from natural materials is also set to be a big hit, with designers constantly coming up with new ways of combining natural materials.

This can be anything from wood and marble to ceramics and metals as designers combine textures and styles.

Earthy Colours

One of the biggest trends set to drop is the use of earthy colours such as mustards, greens, beiges, blues and browns.

Colours that we associate with nature and the outdoors are going to be popular as people continue to reconnect with the outside environment and try to bring it into their homes.

Shades of Pink

Love them or hate them, soft and neutral shades of pink are another top trend when it comes to colours.

It’s light and airy, which gives rooms a more spacious feel, and it goes with most other colours, so finding furniture to complement the colour scheme will be easy.

Ocean Waves and Distant Shores

The increased time we’ve all spent indoors has heightened many people’s longing to get away and take a break, and that’s reflected in the trend for colours that relate to soft sea blues and cloudless skies.

Blue is also a very tranquil and calming colour, so it’s perfect for anyone who’s spending more time indoors and looking to destress.

House Plants

Following on from the trend for earthy colours, indoor plants are also back in fashion.

Not only do plants add colour and life to a room, they also freshen the air and bring the outdoor environment into the home.

And with such a wide variety of plants to choose from, there’s something suitable for any room in the house.

Individuality

It’s not just vintage furniture that’s trending, any items that could be considered unique and individual are currently in fashion.

As we’ve been spending more time in our homes and less time in the office and out socialising, there’s a noticeable shift towards stamping our own imprint on our homes. Rather than go for the tried and trusted functional furniture that we might have previously chosen, there’s an increasing trend towards individual furniture that reflects our own personalities.

Think animal-shaped lamps and tropical theme light shades for example, or bright and bold statement rugs.

 

APRIL 2024 PROPERTY MARKET UPDATE

Posted on by Joshua Schofield

With the first quarter of the year now behind us, last month brought a positive forecast as some of the uncertainty of the past 12 months is starting to ebb away. Thanks to the latest developments in the economy, the property market is looking brighter for the next few months as we move forward towards summer.

Inflation Set to Impact Mortgage Rates

According to the Office for National Statistics, March saw the Consumer Price Index fall to 3.2%, taking the UK’s economy ever-closer to the target of 2% set by the government. This looks like good news for the property market, thanks to the influence it will have on mortgage rates.

The most up-to-date data from the Bank of England shows that the flurry of initial activity seen at the beginning of the year has now begun to calm. February saw a significant increase in the number of mortgage approvals as mortgage rate cuts prompted market activity. However in March, the number of agreed sales dropped to 2% above 2017-2019’s average, down from February’s 13% above.

Since mortgage rates now are almost back to the same level as seen in late December, it looks unlikely that the pace of activity seen so far this year will be maintained into the summer months.

Potential Action on Leasehold Maintenance Contracts

Homeowners locked in private new-build communal area maintenance contracts have a glimmer of hope on the horizon as over 40 Conservative MPs call for a ban. As the Leasehold Bill slowly works through Parliament, the Housing Secretary is now under pressure to include a “Fleecehold” ban to help the millions of people living under this model and facing steep estate fees.

The CMA (Competition and Markets Authority) has also recently recommended bringing an end to this model too, putting forward a proposal that local councils be required to adopt new housing estate public amenities once complete. According to the housing minister, the government is now paying careful consideration to this report, which also suggests introducing a property agent regulatory body to address leasehold issues and raise standards across the industry.

With news of homeowners facing shocking increases as high as 274% in their annual service charge bills for 2024, the prospect of the some positive change in the status quo can only be cause for cautious celebration.

Potential Stamp Duty Cut on The Cards?

The Government is allegedly considering lowering stamp duty in the Autumn Statement as part of its bid!

A recent report in The Times suggests that the Treasury is considering moving the stamp duty threshold from £250,000 to £300,000. This would mean that nearly half of all people buying homes would have no stamp duty to pay, saving up to £2,500!

New stamp duty plans were rumoured to appear in the spring budget statement, however, plans were removed due to worries about fuelling inflation.

However, as inflation is now expected to fall, Government officials could now be reconsidering this as a “pre-election giveaway” to drum up support ahead of the general election.

A year is a long time in politics though, so it’s important to understand that current stamp duty will remain in place until March 2025. Current fees mean that home purchases under £250,000 will not be subject to stamp duty, a 5% fee applies to homes from £250,001 to £925,000 5%, 10% for homes up to £1.5m and 12% for homes thereafter. This gives some certainty for homebuyers in the short term.

Watering Down of Renter Reform

The news isn’t so good for renters, though, as the government set out changes to the planned protections in England for renters following concerns from a number of Conservative MPs that the original proposal would be too much of a burden for landlords.

The latest alterations include requiring tenants to commit to at least a 6-month contract rather than being able to end their tenancy with 2-months’ notice from day one and, most controversially, delaying the no-fault eviction ban on existing tenancies pending the outcome of the justice secretary’s assessment of the court system’s ability to handle repossession claims.

One positive proposed change, however, is the introduction of a right to local council homelessness support for tenants who find themselves evicted under the new grounds for possession.

While this watering down of the Renters (Reform) Bill is sure to be received negatively by those tenants who are aware of its existence, recent research published by the TDS Charitable Foundation shows that a surprising 83% of people who are currently living in a rental property lack any awareness of the Bill’s proposals. Of those who know about the proposed reforms, most are pessimistic about their ability to result in tangible changes. 42% believe the Bill will change little about the rental sector, while 37% believe it is unlikely to be implemented at all.

Good News for Landlords as Tenants Stay Longer

While tenants may be less than thrilled with the latest developments in the property market, things are looking up for landlords as The DPS (The Deposit Protection Service) released its research that revealed tenants are staying in their properties for a third longer than in 2020.

Today’s typical tenancy is now lasting for 924 days, a significant increase over the 706 days seen four years ago. It appears that a combination of the cost-of-living crisis, high rents, and a competitive market for new rental properties are leading to renters remaining for longer periods in their homes.

In further positive news for landlords, Octane Capital reports that the typical buy-to-let property yield has now increased to 5.8%, up from 4.9% over the last two years, and while running costs have gone up over the same period, landlords are still enjoying attractive net profits overall. This report, paired with the proposed delay in the no-fault eviction ban, is likely to encourage existing landlords to remain in the market for the foreseeable future.

As we move further into the second quarter of the year, time will tell how the property market will develop. Traditionally, spring sees more homes being listed for sale, so we will wait with anticipation to see what May has in store!

What Next?

We are delighted to bring you our property market updates each month. If you are thinking of buying or selling a property in Gloucestershire, please get in touch with us at TG Sales & Lettings on 01452 300822 or email rachel@tgres.co.uk.

CAN THE COLOUR OF YOUR FRONT DOOR HELP SELL YOUR HOME FASTER

Posted on by Joshua Schofield

When people come to look around your property, they make very fast judgements. One of the first impressions they’ll see of your home is the front view, and this will either be on our website, property portal, or as they drive past and see the ‘for sale’ sign. That’s why kerb appeal is so important, as it helps get buyers in the right frame of mind before they actually view your home.

You may be surprised to learn that research suggests that the colour of your front door could play a part in the sale of your home too, so pay attention to the little details when your property is on the market.

Choosing the perfect front door

Many property experts believe that the front door is extremely important when it comes to selling a house. When you arrive at a property, you’ll notice that most estate agents will chat to you on the front step before opening the door, so in fact, quite a lot rests on the humble front door that you take for granted, when it comes to making a first impression.

However, whilst your front door is important, there’s not one single colour of front door that will specifically make your home sell faster, instead, it’s down to picking a colour that complements your home and the kind of style buyers in your area will want.

For example, when it comes to rustic country homes, natural wood with a bit of varnish will suffice, as potential buyers are likely to be looking for a stripped down, natural look. If your property is near the coast, then seaside colours work well in your décor, so you could try and incorporate a maritime theme for example, and have a blue front door.

City dwellers tend to like bold colours for their front door. If you walk around big cities like London or Manchester, you’ll see Victorian terraces with bright red or blue doors, or sleek and sophisticated black doors. These are often finished off with shiny letters and numbers and a vintage brass knocker, adding instant sophistication to the property.

If your house isn’t period and doesn’t have a particular style, then stick to the basics such as blue or white. Just make sure the door has been power-washed or painted so it looks nice and clean.

Other ways to boost kerb appeal

If you want to boost the kerb appeal of your property in general, you don’t have to stop at your front door. If you’re renting a power-washer, use it on your windows, window frames, paths, driveway, and anywhere else that’s a little bit tired or grubby. This will instantly make your home look more cared for and cheerful.

Concentrate on your garden too. Don’t just mow the lawn, make sure you trim the edges, cut back shrubs and do some weeding. A scruffy front garden will make people assume that the rest of your home is also unkempt. Just an hour spent in your garden doing these chores can mean you garner much more interest.

Tidy up your home’s exterior

When you’re selling your home in Gloucestershire, you’ll no doubt spend a lot of time on the inside putting things in boxes or throwing them away, and this kind of decluttering makes your home far more attractive. Unfortunately, a common mistake is not spending as much time on the outside of your home. If you have wheelie bins outside your home, hide them away. Either invest in a bin tidy or store them down the side of your house, so visitors don’t have to see or smell them when they walk past.

You should also complete any DIY jobs that need finishing off around the exterior of your property. Fix any guttering, broken fences or gates, so your home looks neat and tidy when it’s time for us to take the photos.

Add some greenery too

A couple of plant pots flanking your front door can make for a welcoming entrance, and if you’re an amateur gardener, then minimal plants can make a big difference to the look of your home. Keep them well-watered and neat, so that you don’t end up with a front garden full of dried out or dead plants, and they can be an excellent investment when you’re trying to sell.

While there’s no magic colour or style of front door that will sell your home, sorting out its kerb appeal in general will make it more likely to catch the eye of a potential buyer. If you’re looking to sell your home in Gloucestershire, have a drive around your area and look at other properties that are already displaying a ‘sold’ sign. You can take a peek at how they look from the outside, giving you an insight into what will interest local buyers.

For expert buying and selling property advice, contact our team of professionals at TG Sales & Lettings on 01452 300822 or call into our office.

WHAT IS THE DIFFERENCE BETWEEN TENANTS IN COMMON AND JOINT TENANTS?

Posted on by Joshua Schofield

It’s Important Not To Overlook The Sometimes Dull But Essential Details That Go With Purchasing A Property

If you’re buying a home in Gloucestershire with your partner or a friend, you may be very excited about the process. But it’s important not to overlook all the dull but essential details that go with it.

Joint ownership brings legal implications along with it that you should address straight away, and one key question is whether you’ll be holding your property as “Joint Tenants” or “Tenants in Common”. At TG Sales & Lettings, we’ve realised that many prospective buyers have no idea what the differences are between these two terms! So, here is an overview of everything you need to know.

What Does “Joint Tenants” Mean?

If you are “joint tenants”, you each have an equal right to the entire property. As many as four owners can hold joint tenancy of a property, but it does raise some potential legal issues. Legally, you’re deemed to be a single individual, so you need just one mortgage, and when you want to sell the property, it must be a joint decision.

If one joint tenant passes away, the other joint owners are automatically left the property under a rule called “Right of Survivorship”. Since you can’t pass on the property in a will as a joint tenant, that’s a major consideration to keep in mind when choosing how you’ll hold the property.

What Does “Tenants in Common” Mean?

If you hold the property as “tenants in common”, each party will own their own separate share, which may differ in terms of size. So, as an example, one party may own 20%, one may own 30%, and one may own 50%.

When you sell the property, all parties must agree, but if you’re “tenants in common”, you can leave your share of the property to somebody other than your co-buyers in your will. Although legally speaking you can technically each have your own mortgage for your share of the property, few lenders offer these mortgages.

An Overview of The Similarities and Differences Between Tenants in Common and Joint Tenants

Agreement to Sell – Both joint tenants and tenants in common must agree with each other when it comes to selling the property.

Ownership Division – Joint tenants have an equal right to the entire property while tenants in common hold their own share.

Bequeathing the Property in a Will – Joint tenants cannot pass on the property in their will; their share passes automatically to the other joint owners, while tenants in common can pass their share to anyone they choose.

Joint Mortgages – joint tenants must have a joint mortgage for the property. Although tenants in common are not legally required to do so, they may find it difficult to find a lender who is prepared to split up the mortgage between tenants.

Is It Best to Be Joint Tenants or Tenants in Common?

You need to decide whether tenancy in common or a joint tenancy is best for your individual circumstances. In general, couples who are buying a home together find that holding the property as joint tenants is the best option for them, while people who are buying with friends or as part of a group of buyers usually find that a tenancy in common is the right choice for them.

If you’re ready to buy a property with your partner or friends in Gloucestershire, send us an email at rachel@tgres.co.uk or give us a call on 01452 300822 now. Our friendly team at TG Sales & Lettings are looking forward to helping you find the right home for you.