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Research reveals average number of hours Brits leave the heating on

Published On: January 21, 2022 at 3:57 pm

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Research reveals average number of hours Brits leave the heating on

Households in Britain have the heating on for an average of 4.7 hours a day during the colder months, according to research from ScS.

Glaswegians keep the heating on for the longest, at 5.4 hours a day. The Midlands comes second and third, with people in Nottingham keeping the heating on for 5.2 hours a day and Birmingham for 5.1 hours.

The UK cities where residents keep the heating on the longest (on average):  

  1. Glasgow – 5.4 hours
  2. Nottingham – 5.2 hours
  3. Birmingham – 5.1 hours
  4. Sheffield – 5.0 hours
  5. Leeds – 4.9 hours
  6. Liverpool – 4.9 hours
  7. London – 4.9 hours

In some areas, residents are keeping the heating on for even longer. 12% of those from Glasgow and 10% of those from Nottingham and Sheffield 10% keep theirs on for 12+ hours every day. 19% of Londoners heat their homes for 6-8 hours a day.

The UK cities where residents are most likely to keep the heating on for 12+ hours a day: 

  1. Glasgow (12%)
  2. Nottingham (10%)
  3. Sheffield (10%)
  4. Cardiff (9%)
  5. Birmingham (8%)

The research shows those in the north of England are a little more sparing with their heating, with 17% of those living in Manchester and Newcastle limiting their heating to just 1-2 hours a day.   

The average temperature Brits leave their thermostat at is 21°C. Despite this, 13% of Brits have their heating high at 25°C or above.

Although they don’t leave the heating on for long each day, 11% of those from Belfast keep it at 25°C. ScS says that if homes are well insulated, turning the heating up high for a short amount of time might be a good way to heat up homes for less.

The research also shows that those who leave their heating on longer do so at a lower temperature. 25% of those in Birmingham, 25% in Sheffield, and 24% in Liverpool set their thermostat to 18°C or lower.

Increase in automated processes used by property agents predicted for 2022

Published On: January 19, 2022 at 9:24 am

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Increase in automated processes used by property agents predicted for 2022

Property software platform Openview predicts that there will be an increase in automation being used to improve property agent work processes and customer service in 2022.

A faster process is a better use of time 

According to research from software company Salesforce, replacing manual tasks with automated tasks will save employees between 10% and 50% of the time taken to do labour-intensive duties.

Openview highlights how creating a more efficient process removes the need for employees to do repetitive tasks, allowing them to focus on other areas that require more skill.

Peter Grant, chairman and chief executive at Openview, explains: “Looking ahead to next year and understanding the ways in which technology and automation can continue to drive positive change in the property industry is more than necessary for agents. From sales to lettings, automation is proven to be a reliable time-saving solution.” 

“As a time-sensitive industry that is constantly changing, agents regularly have to meet deadlines. Potential delays, large volumes of clients, paperwork to complete, and complex transactions to process are just some of the challenges that agents will always face.” 

“However, through the use of automated processes, agents no longer must worry about the chances of error, potential delays, and losing valuable documents. Stopping these nuisances from happening by automating processes saves plenty of time, money and stress in the long-term.” 

Online communication is now the norm 

The number of people using automated processes and online systems to communicate effectively continues to rise over time. Openview predicts that this is not a trend but is here to stay. As a result, agents who implement automated processes properly will reap countless benefits.

Grant continues: “Agents and clients want digital solutions that can be used 24/7 in any location. Real-time communication can happen with automation. For example, a simple automated follow-up text could prevent clients from missing out on crucial information. Losing track of what’s happening to properties is no longer an issue with automation.” 

“While the Omicron variant creates uncertainty about working in the office again, we predict that relying on the right software will support growth all year regardless of where agents choose to work.” 

Rightmove releases first House Price Index report of 2022

Published On: January 17, 2022 at 10:29 am

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Treasury loses £1.5 billion since hike in rented housing tax

According to its latest House Price Index, Rightmove found the average asking price of a property was £341,019 this month (January 2022).

This is 7.6% higher than in January 2021, the highest annual rate of price growth recorded by Rightmove since May 2016.

The report also highlights:

  • First-time buyer asking prices hit a new record of £214,176 after a monthly jump of 1.4%
  • Strong demand and continuing low numbers of available homes for sale set up the housing market frenzy to continue into the start of 2022, with early-bird sellers benefitting from increased buyer competition:
  • The number of buyers enquiring about homes is 15% higher than the same time last year
  • The number of available homes for sale per estate agency branch drops again to a new record low of just 12
  • As a result, competition among buyers is almost double what it was at this time last year
  • However, there are early signs that more property choice is on its way, with the first working week of 2022 being the busiest start of the year ever for people requesting agents to come out and value their homes:
  • The number of home valuation requests in the first working week of 2022 is 44% up on the same period last year, and 48% up on the same period in 2020

The full report can be read on the Rightmove website.

Walid Koudmani, market analyst at financial brokerage XTB, comments: “Falling supply continues to increase pressure on house prices as buyers begin to run out of options while prices continue to steadily increase.

“Today’s HPI report highlights the ongoing trend we have seen with house prices rising once again as less properties become available on the market due to an increase in sales seen at the beginning of the year. Unless the supply situation is alleviated, we could continue to see an increase in prices for average buyers while a slight rebound is expected moving forward as more properties are expected to be listed in the coming months.”

Chris Hodgkinson, Managing Director of HBB Solutions, comments: “There’s certainly been no New Year’s change where the UK property market is concerned, and homebuyers are still swamping the market while house prices continue to defy the ‘what goes up must come down’ mantra.

“In fact, with stock levels remaining low, this fresh wave of demand is pushing asking prices even higher than the stamp duty fuelled thresholds of last year. 

“When you also consider that the cost of borrowing is still very low, we can expect more of the same where property market performance is concerned in 2022.”

Marc von Grundherr, Director of Benham and Reeves, comments: “There have been no signs of a sluggish start to the year for the property market and not only are we seeing a very strong level of buyer activity, but we’ve also been inundated with requests from potential sellers keen to make the most of these buoyant market conditions. 

“We’re now seeing a strong level of activity returning to the London market and the capital’s forecast is far brighter for the year ahead, having been uncharacteristically left in the shadows during the pandemic house price boom. 

“Overseas buyers are returning in their number and the capital is hotting up as the time to sell a home reduces and stock availability comes under pressure. 

“If buyers are quick there is still an element of ‘old stock’ that has been stuck on the market and these opportunities can potentially be snapped up at relatively decent price levels – for now.”

Colby Short, Founder and CEO of GetAgent.co.uk, comments: “Many home sellers will have listed their home prior to the festive break in anticipation of a fast start to the year and this proactive approach is now paying off as many are already accepting offers on their homes. 

“However, for those buyers who are struggling to find their ideal home, there is hope for the year ahead. Now that the dust has settled following the final stamp duty holiday deadline, we’re seeing a significant increase in the number of sellers heading to market.

“So, we can expect to see a good level of fresh stock materialise over the coming months, bringing greater choice to buyers and adding yet further fuel to the house price growth furnace.”

Halifax publishes final house price data for 2021, reporting record high

Published On: January 12, 2022 at 10:33 am

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Average UK house price rises again, Halifax House Price Index reports

Halifax’s final House Price Index for 2021 shows house prices were up 9.8% last year.

The report also states that the average price of a UK property hit a record high of £276,091 in December.

Halifax expects house price growth to slow in 2022.

Russell Galley, Managing Director of Halifax, comments within the report: “UK house prices climbed again in December for the sixth consecutive month in a row, up 1.1%. The average price for a property now stands at £276,091, an increase of more than £24,500 compared to December 2020, marking the strongest year-on-year cash rise since March 2003.”

Iain McKenzie, CEO of The Guild of Property Professionals, comments: “After an incredible year, the average UK property costs a record-breaking £275,000, with the last six months of 2021 showing unbroken growth.

“The average home rose £24,000 in a year – the largest annual cash rise since 2003, flying in the face of the economic uncertainty faced by many prospective buyers and the scaling down of government incentives.

“The housing market starts 2022 in a very strong position. Valuation requests from homeowners are a fifth higher than the year before, mortgage approvals are the highest they’ve been for years, and the pandemic appears to be on the wane. 

“Further interest rate rises are likely this year, but while demand outstrips housing, we expect that prices will continue to rise this year, albeit at a much slower pace than we saw in 2021.”

Walid Koudmani, market analyst at financial brokerage XTB, comments: “Today’s (7th January 2022) Halifax HPI data showed an increase in house price of 9.8% in 2021 and continues to show the ongoing trend the Bank of England has been striving to contain by adjusting its policy.

“While a lack of available homes for sale and historically low mortgage rates have helped drive annual house price inflation to its highest level since July 2007, today’s report indicated a slight slowdown in price growth which could bring some optimism as markets remain concerned about more aggressive measures taken by central banks to contain inflation.”

Top 10 rental trend predictions for 2022

Published On: January 7, 2022 at 9:36 am

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Top 10 rental trend predictions for 2022

The team at property management company Quintain Living have put together their rental trend predictions of what tenants will look for in a new home during 2022.

1. Outdoor space

After nearly two years of restrictions, 2022 will see renters continuing to prioritise outdoor space, according to the Quintain Living team.

2. Indoor space

It’s not just the great outdoors that renters will want spend time in next year. The great indoors is also, understandably, now top of many people’s priority list. Spacious homes with interiors that encourage relaxation will be a top trend for 2022.

3. Space to work from home

Many of those who began working from home due to the pandemic have decided to continue doing so, or to split their time between home and the office. This has led to a notable increase in single occupants renting two-bedroom apartments, so that they can use the second bedroom as a home office.

4. The 15-minute neighbourhood

Convenience is going to be a top trend in 2022, with renters looking to find everything they need within a 15-minute walk.

5. Community

Our sense of community has shifted since the pandemic began and that newfound appreciation for one’s neighbours looks set to continue as we enter 2022.

6. Pet-friendly homes

With the Government’s model tenancy agreement now changed to remove the blanket ban on pets, 2022 is likely to see a steep rise in the number of people demanding pet-friendly homes and facilities.

7. Covid-safe shared spaces

Though we’ve come a long way over the past couple of years, precautions are still very much welcomed when it comes to Covid. As such, we can expect demand for features such as touchless entry, contactless deliveries, and readily available sanitiser to continue into 2022. Those operating rental properties will need to continue to offer residents a safe environment and to stay on top of changing Covid protocols, as we’ve learned this winter.

8. Smart tech

From keyless entry to smart appliances to resident apps, 2022 will see a greater push towards technology, making life easier in the rental sector and championing resident engagement in growing rental communities.

9. Green features

Inspired by COP26 and the ongoing pressure to do better when it comes to the environment, renters are upping their demands when it comes to eco-friendly features and will continue to do so in 2022. From double glazing to electric vehicle charging points to solar panels on roofs, renters want greener homes.

10. Flexible leases

If there’s one thing we’ve learned over that past couple of years, it’s that plans can change. As such, renters are going to be looking for a lot more flexibility when it comes to their tenancy agreements. Some may want the stability of commitment to a home for three or more years, while others will be seeking something for a shorter length of time. Those providing rental homes will need to ensure they build flexible lease terms into their offering.

Rental sector home values have driven property value growth in England

Published On: January 6, 2022 at 10:58 am

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SpareRoom says data indicates rental market in crisis

The values of homes in England have increased by 80% over the last decade, according to research from property platform Boomin.

The platform found that this growth has predominantly been driven by the value of homes in the rental market more so than an increase in value of homes owned.

Boomin analysed the residential property market across England, looking at the total number of owner-occupied and privately rented properties, the total value of each market, and how this has changed over the last 10 years. 

Its research shows that the combined markets currently total a value of £7.4trn, with the entire market having increased by 80% in value over the last decade. The housing market is the largest when it comes to total market value at £4.6trn versus a total rental market value of £1.5trn.

When analysing the growth of each market, the housing market increased by 75% in value over the last 10 years, while homes in the rental sector increased 105% in market value.

Regional breakdown

On a regional level, London is home to the most valuable combined market at £1.8trn. However, the capital doesn’t rank top when it comes to the total value of the housing market alone.

While London has the most valuable rental market (£529bn), South East England is home to the most valuable housing market with a total value of just over £1trn. 

However, Boomin has found London ranks top where the 10-year value change is concerned. The total market increased by 97% in the last 10 years, while the rental market grew by 124% and the housing market by 90%, beating all other regions across the board.

Michael Bruce, CEO and Founder of Boomin, comments: “We are a nation obsessed by property and home-ownership is one of the key milestones that we all strive to achieve in life. So it’s hardly surprising that the total value of the nation’s ownership market is over three times that of the rental market and home-ownership remains the predominant style of living for the vast majority.

“An increase in both property stock and in house prices has also seen this value increase notably over the last decade, but the latter has also spurred a far greater increase across the private rental market. 

“Many are now opting to rent for longer periods and until much later in life as the ever-escalating cost of buying prices them out of the market. So, while the housing market still reigns supreme in terms of total size and value, there has been a far greater level of value growth across the private rental sector to accommodate this new way of living and this trend is apparent across all regions of the nation.

“So those investing in property over the past decade have won hands down, but property investors and landlords especially it seems. London too is the big winner. Despite the stalled market in the capital of late, its overall momentum as a property market powerhouse means that it has seen the biggest value improvements in the last decade regardless.”