Posts with tag: GetAgent.co.uk

UK holiday hotspots where short-term lets are taking over

Published On: August 8, 2022 at 12:45 pm

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Short term rentals account for as much as 7% of total housing stock in popular destinations, according to data from GetAgent.co.uk.

The latest research by estate agent comparison site GetAgent.co.uk has revealed how holiday-lets now account for as much as 7% of total homes across 15 of the nation’s most popular staycation destinations. Only one of these destinations has seen a decline in holiday-let property market prominence.

It analysed the latest data on active holiday rentals across 15 of the nation’s most popular tourist destinations:

  • Scarborough
  • Dorset
  • Torbay
  • Cornwall
  • Blackpool
  • Great Yarmouth
  • Bournemouth, Christchurch and Poole
  • Folkestone and Hythe
  • Hastings
  • East Lindsey
  • South Hams
  • North Tyneside
  • Brighton and Hove
  • Sefton
  • Southend on Sea

They then compared this to the total number of dwellings in each area to see what percentage of the market they currently account for.

The research shows that there are currently 54,657 holiday lets, accounting for 3.5% of total homes in these locations. This is up from 2.8% since 2019.

Cornwall is the nation’s holiday let capital, with holiday rentals accounting for 7.4% of total homes in the area (up 1.2% since 2019).

Scarborough has the second highest current percentage of holiday let housing stock, accounting for 7% of all homes in the town (up 2.3% since 2019).

Dorset ranks third both where current holiday let market share is concerned (6.1%), as well as the increase since 2019 (up 1.6% since 2019).

Co-founder and CEO of GetAgent.co.uk, Colby Short, comments: “Holiday lets are an understandably contentious subject and one that has really come to the forefront during the pandemic due to sky high demand for staycations while travel restrictions were in play.

“At the same time, many traditional buy-to-let landlords have looked to holiday lets as a way of improving their financial returns, due to the far higher rental yield potential and following a sustained campaign by the Government to deter buy-to-let investment.

“For many local residents, this upward trend will be unwelcome news, as the general consensus is that holiday lets put a further strangle hold on local housing availability, pushing the cost of both renting and buying out of reach.

“Of course, the flipside is that these local economies rely heavily on tourism and a higher provision of holiday rentals helps to boost tourism spend which, in turn, has a positive influence on the wider local area.”

House price growth slowed in January, Halifax data shows

Published On: February 8, 2022 at 10:27 am

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Categories: Property News

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The latest Halifax House Prince Index reports that house price growth in the UK slowed to 0.3% in January. However, house prices hit a new record high of £276,759.

Colby Short, Founder and CEO of GetAgent.co.uk, comments: “There’s not a soul in the land that can state they’re firing fully on all cylinders during January and the UK property market is no different. However, despite what is usually the quietest time of year, the market has still inched forward to post yet another record level of house price growth.

“As the cogs start to turn once again, we can expect more of the same and while affordability remains a burning issue, high demand and a lack of stock will ensure house prices remain robust over the coming year.”

James Forrester, Managing Director of Barrows and Forrester, comments: “We’re now starting to see transactions return to pre-Covid levels but while the outlooks for the year ahead may be less manic, we’re unlikely to see any significant decline in house prices.

“This may seem surprising against a backdrop of increased living costs, interest rate increases and the ongoing issue of affordability, but there remains a huge level of motivated buyers fighting it out for what is essentially a limited level of stock.

“With these scales unlikely to tip the other way anytime soon, it certainly remains a sellers’ market and they will continue to secure a very good price for their property when bringing it to market.”

Marc von Grundherr, Director of Benham and Reeves, comments: “It may seem strange to think of London as the tortoise of the UK property market but while the rate of house price growth has been accelerating at alarming rates in the majority of UK regions, the capital’s housing market has remained far more muted.

“However, we’re now seeing something start to stir and London house prices are have climbed at double the rate seen in December alone. The returning combination of both domestic and foreign demand is helping to rejuvenate the London market and we predict that come the end of the year, the capital will be leading the house price pack once again.”

Rightmove releases first House Price Index report of 2022

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

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Categories: Property News

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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.”

Average price for UK houses on roads with Christmas names

Published On: December 20, 2021 at 9:49 am

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The cost of buying a property on roads with Christmas names has been found by GetAgent.co.uk.

It analysed price paid data from the Land Registry over the last 12 months for various roads with Christmas names. On average, it found that a property on one of these roads would cost £320,000, which is 19% more than the current national average.

Properties are most expensive on roads including ‘Rudolph’ in their name. With an average sold price of £527,500, properties on roads called Rudolph are 95% above the national average.

The second most expensive is ‘Lights’. At £363,000, this is 34% above the national average. ‘Mistletoe’ also commands a festive premium at 33%, with the average property costing £360,000.

Buying on roads called ‘Merry’ (£331,250), ‘Turkey’ (£330,000), ‘Tree’ (£328,750), ‘Christmas’ (£325,000), ‘Pudding’ (£325,000), ‘Chimney’ (321,495), ‘Chestnuts’ (£320,000), ‘Joy’ (£315,000), ‘Sleigh’ (£311,000) and ‘Stocking’ (£285,000) will also cost you a property price premium of between 6% and 23% versus the national average.

At £266,498, homes on roads called ‘Star’ come in around the national average, while ‘Snow’ (£250,000), ‘Holly’ (£247,000), ‘Bells’ (£230,000), ‘Reindeer’ (£205,000) and ‘Toy’ (£180,000) are also considerably more affordable.

Colby Short, Founder and CEO of GetAgent.co.uk, comments: “We all know that one Christmas nut, usually an aunty, that starts Christmas shopping in May and has Mariah Carey blaring out from the start of October. So, what better place for them to live than on Rudolph Road or Mistletoe Drive.

“Unfortunately, if you do want to go full Christmas 365 days a year, at least where your road name is concerned, it’s likely to cost you a fair bit more than the average property.

“Of course, the fragmented nature of the property market means there’s always a more affordable option and so you could opt for Reindeer Road over Rudolph Road and save yourself over £320,000 in the process.”

The median sold price across roads with Christmas names and how they compare to the England and Wales average

Christmas Road NameMedian Sold PriceVersus National Average
Rudolph£527,50095%
Lights£363,00034%
Mistletoe£360,00033%
Merry£331,25023%
Turkey£330,0022%
Tree£328,75022%
Christmas£325,00020%
Pudding£325,00020%
Chimney£321,49519%
Chestnuts£320,00019%
Joy£315,00017%
Sleigh£311,00015%
Stocking£285,0006%
Star£266,498-1%
Snow£250,000-7%
Holly£247,000-8%
Bells£230,000-15%
Reindeer£205,000-24%
Toy£180,000-33%
Average£320,00019%
England and Wales£269,945N/A

Winter property maintenance checklist from GetAgent.co.uk

Published On: December 15, 2021 at 9:17 am

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Categories: Landlord News,Property News

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Estate agent comparison site GetAgent.co.uk is reminding homeowners about the importance of property maintenance during the winter months.

It has provided the following winter property maintenance tips:

1. Ensure the boiler is working correctly

This should be done on an annual basis and, if a replacement is not required, can cost as little as £50. If, however, a replacement boiler is required, the expected cost rises to between £1,750-£3,000.* 

2. Check the roof

Cracked or missing tiles, along with damaged or misaligned facias or soffits, can let rainwater into the home causing damp and even rot. Any check-ups must be carried out by a trained professional. An inspection should cost around £250, while a minor fix to a tile, for example, will add another £70-£100. If, however, damage to the roof is severe and all the tiles need replacing, it could cost more than £7,000, so regular checks are vital.*

3. Check for blocked guttering and damaged water pipes

If gutter repairs are required, it usually costs £30/metre, while properly insulating pipes costs around £50 and replacing them if they’re damaged can cost £500+. Water damage can also be caused by inadequate brickwork pointing. A simple pointing repair costs £35-55 per metre but can rise to more than £300 if left unchecked.* 

4. Consider insulation

Are the windows and doors properly sealed? To find out, an inspection will cost around £150, and if double glazing needs replacing or installing it costs an average of £300 per window. Meanwhile, roof insulation, vital to reducing heat loss, can cost £50-£80 to partially replace or repair, while a full replacement brings the cost up to as much as £500. Further insulation issues can arise from poorly installed window trickle vents, repairs for which can cost £60 per window.*

5. Look after the radiators

If radiators are leaking or aren’t properly and regularly bled, they don’t heat the home efficiently. A simple check-up and bleeding cost about £80, but if any radiators need replacing, they can cost £250 each.*

6. Inspect your chimney

If the home has a chimney, it must be regularly inspected before winter use to ensure it isn’t blocked. If homeowners fail to do this, the risk of a house fire is all too great, the resulting damage of which can be incalculable. A check-up and clean cost as little as £50.*

Colby Short, founder and CEO of GetAgent.co.uk, comments: “In the winter, the efficiency and integrity of the home are often taken for granted. But as the weather turns cold, it can highlight some serious flaws in construction and insulation, flaws that can be very pricey to fix. Addressing such issues at the earliest possible opportunity is the best way of minimising expenses and ensuring a warm and safe winter for everyone in the home. 

“But if major repairs are required, it’s essential that qualified professionals are hired for the job. Not only is it unsafe to try and handle repairs yourself, but the quality of the repair will also be inferior and therefore need repeating again much sooner than should be required.”

*Cost of winter-proofing jobs sourced from British Gas, Money Supermarket, HouseholdQuotes, Centralheating-Quotes, MyJobQuote, and Mybuilder

Nationwide records slight increase in house prices during November

The Nationwide House Price Index for November records a slight increase in annual house growth, now sitting at 10.0%. This is up from 9.9% in October.

Prices are also up 0.9% month-on-month.

Lucy Pendleton, property expert at independent estate agents James Pendleton, comments: “This market is still barrelling along, even at a time of year that traditionally sees a little energy taken out of it.

“Fewer people choose to move home at Christmas and that normally means you see buyers drop the pace, with many holding off their search until after the New Year. 

“That’s happening to a lesser degree this year but more so for buyers than sellers. This is worsening the supply crunch temporarily and that’s undoubtedly why we’re back in double digits.

“One obvious reason for this is the threat of inflation. With interest rate rises stealing plenty of headlines, everybody has become an armchair economist. It’s common knowledge that rates are historically low and are going to climb soon. The rush to beat rate rises is fuelling an unusually busy market. Mortgage approvals are still running hot as a result so we’re bracing ourselves for an unusually intense December.”

Iain McKenzie, CEO of The Guild of Property Professionals, says: “Britain’s year on the move continues, with more properties sold already this year than were sold in the whole of 2020.

“Prices are still climbing due to a shortage of stock available to prospective buyers, with many of those working from home still desperately hunting for a larger property and more space.

“There is still some uncertainty in the market, with the new Omicron variant warning people that it’s not business as usual. 

“As long as the labour market remains buoyant and mortgage approvals continue at their current levels, it is likely that the demand for property will remain steady as we move into 2022.”

Craig Tonkin, Bective’s Head of Sales, comments: “While the chances of a white Christmas are slim, property market momentum continues to snowball. As we head into the final stretch of 2021 it’s quite remarkable to not only see a sustained level of high transactional volume but yet another dose of double-digit house price growth.  

“There’s no doubt this is partly being driven by the returning health of the London market. While there are signs that the rest of the market is cooling, the region has gone from strength to strength in recent months. 

“This is not only due to an uplift in domestic activity but also from returning foreign demand across the top tier of the market. We’ve also seen a very strong uplift in rental demand and the combination of all of these factors is helping to push the dial.”

Colby Short, founder and CEO of GetAgent.co.uk, comments: “House prices continue to climb despite fears around an interest rates increase and it seems as though the only person that will be working harder than the nation’s estate agents this December is Father Christmas himself. 

“There’s been absolutely no let-up in buyer demand this year and this coupled with ongoing supply limitations has been the driving factor behind such a jolly level of house price appreciation.”

Nicky Stevenson, Managing Director at national estate agent group Fine & Country, says: “House prices remain stubbornly high despite transaction levels beginning to relax following the record surge in activity earlier in the year.

“A poor supply of housing stock has been insufficient to meet the scramble for bigger homes with more outdoor space, and it’s too early yet to predict whether the new strain of Covid will dampen price growth in the future.

“While there’s certainly no evidence that we may be about to move into lower gears, we could experience an easing off from double digit growth in the months ahead.

“For the time being, the market remains buoyant and prices continue to skyrocket.”