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Jun 20, 2022 What Size Van Do I Need When Moving House?

Ensuring your items reach your new property, on time, and in perfect condition, is imperative. So, guaranteeing a straightforward move starts with making sure you choose the right sized van for the job. As local property experts in South East London and North Kent we are aften asked, “What size van do I need when moving house?” so we’ve created this easy guide to help you! Let’s Look at Van Sizes There are four main sizes of vans used for house moves. However, sitting outside of this main category is the smallest of them, the short wheelbase panel van. Although this van is not suitable for a full house move, it does have its advantages. If you are a student moving out of the family home for the first time, perhaps into halls of residence or a furnished place, a small wheelbase van will likely be plenty big enough to transport your belongings. These smaller vans are popular in London, perfect for navigating the narrow streets and sliding into small spaces. The main choices when choosing a van for moving house are: A Medium Wheelbase Van (MWB) Medium wheelbase vans are the smallest in the main category of removal vans. They are ideal for those moving without the help of a professional removal company, who may lack the confidence or experience of driving a bigger vehicle. The most commonly used medium wheelbase vans are the Ford Transit and the Mercedes Sprinter. The interior load size sits at just over three meters in length, meaning they can fit a good number of personal items inside but are not suitable for large amounts of bulky furniture. However, if you are only moving a short distance and are prepared to make multiple trips, a medium wheelbase van will be perfect. A Long Wheelbase Van (LWB) The specifications of these vans will vary between models, but all have the capacity for a significant amount. These are best for moves from a flat, fitting all of the usual personal items alongside a small amount of furniture. They are long enough to transport the average three-seater sofa. Long wheelbase vans are great for those moving to or from part-furnished properties. For those who want to transport white goods alongside household furniture, a bigger vehicle is generally needed. A 3.5 Tonne Luton Lorry This is the largest vehicle you can drive with a standard driving licence (category B). This Luton Lorry can move the average home’s entire contents, comfortably transporting your belongings and furniture from a two bedroomed house. The Luton Lorry will have enough room for personal possessions, furniture, and white goods. A 7.5 Tonne Luton Lorry A 7.5 tonne Luton lorry requires the driver to hold a HGV licence, so usually, you will need to work with a removal company. For three-bedroom properties, you will require a vehicle of this size. Enabling you to fit the entire inventory of furniture, personal items, and white goods. For anything bigger than a three-bed property, you will need to discuss with the removal company for the prospect of getting multiple vehicles on board. Hiring a Self-Drive Van v Hiring a Removal Company A decision must be made during any move, whether to hire a self-drive van or work with a removals company for the moving process. Compare Prices Hiring a self-drive van will undoubtedly be much cheaper than working with a removal company. However, a removals firm will get the job done efficiently and professionally. They will also offer additional services such as packing your belongings – and supplying materials such as bubble wrap, boxes and packing tape. Look at Experience When hiring a removal company, you are not only paying for their time, but their experience and professionalism. They will have experience of efficiently packing vans to reduce the chances of anything getting broken in transit and the obvious; experience driving larger vehicles. You are unlikely to choose the wrong size van when working with a removal company, as they will be able to assess your property and belongings, providing a vehicle that caters perfectly for your needs. Consider the Stress! Choosing a self-drive van can often bring about its own elements of stress, as you have the responsibility of sorting, packing, transporting, and unpacking your items without professional help. Working with a removal company will undoubtedly be less stressful, however, you will have to stick to their timescales. Hiring a self-drive van allows you the freedom to make multiple trips and even spread the move over a few days. Once the move is complete, a self-drive van will need returning to the designated garage. This can be a logistical issue and yet another stress on top of an already long day. What about Insurance? Many removal companies will have different levels of insurance to cover your belongings. A self-drive van will probably not include insurance to cover anything that is broken in transit. Ensure you discuss the ‘goods in transit’ insurance with your supplier, to decide what level of protection is appropriate for you. James Gorey Estate Agents are your local property experts for the South East London and North Kent area. Call us on 020 3633 9866 or email info@jamesgorey.com to chat with a member of our friendly and experienced team.

Jun 13, 2022 Pensions vs Property: Should You Save For Retirement Or Invest In Property?

Whether you want to invest in property or save for retirement, there are plenty of pros and cons for each. If you’re unsure what’s best for you, this guide should help to give you a few handy tips to fit your circumstances. Property – The Pros If you find the right property then you could have a fixed income for life. Rental yields can be as high as 8% in some cities, and demand for rental properties is very high, especially in cities. With demand often outstripping supply, there’s no reason why your property can’t remain permanently occupied if it’s in the right location. Another advantage of a property vs a pension is that you can cash in at any time. Of course, a property sale can take many months, and if you need the money by a certain point then you’ll need to plan ahead, but a property can essentially free up a large amount of cash relatively quickly. Property is also generally considered to be a solid long-term investment. Although the market can fluctuate, house prices tend to go up over the long-term, so unless you’re in a position where you need to sell quickly and potentially make a loss, you can ride out any storms in the housing market to ensure that you sell for a tidy profit if and when you need to cash in. Property – The Cons Owning a buy-to-let property isn’t as simple as buying a place, renting it out and watching the money roll in. Although rental income can be quite lucrative, there are often lots of additional factors to consider, such as maintenance costs, letting agent fees, and landlord insurance, which can all eat away at your profit. Void periods are another consideration you’ll need to think about, particularly if you’ve got a mortgage on the property, as a few months without tenants can quickly lead to significant extra costs. Changes in government legislation in recent years have also made owning a second property far less profitable than it once was, with increased taxes affecting profit margins for landlords. You should also bear in mind that being a landlord can be quite a hands-on role, even if you employ a letting agent or property management company to look after the property. Ultimately, things like repairs and maintenance costs will fall on your shoulders, and a lot of would-be landlords are surprised by the level of responsibility that comes with owning a buy-to-let. Pensions – The Pros Compared with property, a pension is usually a far more hands-off way to grow an investment. In many cases it’s as simple as putting money into a pension pot each month and watching it grow, and especially if you have a financial adviser that you can trust to manage your affairs. After all, there are no tenants or maintenance repairs to think about when you compare it to a buy-to-let property for example. Another major plus point for pensions is the fact they attract tax relief. So instead of seeing lots of your investment go into the government’s pocket, you’ll actually be benefiting personally, with pensions being the most efficient investments from a tax perspective. Pensions – The Cons The main downside to a pension is that you can’t access any of the money until you’re at least 55. However, as it’s an investment for your retirement, this shouldn’t be an issue, and in some ways, this can be a blessing, as it stops you from pulling the money out on a whim. Another possible downside to a pension is the fact it’s invested in stocks and shares, meaning it could fluctuate. However, as with property, it tends to go up over time, and you have the option to decrease your risk if you wish to. The Verdict Ultimately, it comes down to personal circumstances to determine what’s right for you. When it comes to tax benefits, pensions are the clear winner as they attract tax relief, whereas landlords have been hit with ever-increasing tax bills in recent years. However, when it comes to growth, property fares better than pensions, with house prices reaching record highs in recently, especially in certain parts of the UK. As with any investment, there’s risk involved with both options, and while property can be more lucrative if you find the right place, it’s also widely considered to be the more risky of the two options. If you’re unsure how to invest your capital then it’s always a good idea to consult a financial adviser. Have questions about investing in property or becoming a landlord? James Gorey Estate Agents are your local property experts for the South East London and North Kent area. Call us on 020 3633 9866 or email info@jamesgorey.com to find out more about investing in South East London and North Kent.

Jun 6, 2022 What’s Happening In The UK Property Market – May 2022

House price growth is finally starting to slow down, with some property experts predicting a crash this year. In other news, a shift in renters’ demands has been revealed by one leading property website, and fans of a popular TV series can get their hands on one of the houses used in filming. Read on for all this and more in our May property market update. UK House Price Growth Set to Slow  Average UK property prices reached record highs in April, but the growth is set to slow down, according to one mortgage provider. Major lender Halifax revealed that prices rose 1.1% in April compared with March, which was the 10th consecutive month of growing prices. However, with the cost of living on the rise, along with an increase in interest rates, the lender is predicting a more significant slowdown in prices over the coming months, while some speculators are even predicting a property crash by the end of 2022. Demand for properties continues to outstrip supply, which is keeping the market buoyant for now, but with household budgets being squeezed and variable mortgages affected by the Bank of England’s highest interest rates for 13 years, it’s likely that a slowdown is on the way. Homeowners in parts of London are already noticing the difference, with average prices falling in 15 of the capital’s boroughs between February and March. Renters Seeking More For Their Money  According to property portal, Rightmove, demand for rental properties with bills included has seen a significant jump in the past 12 months. The website has reported a 36% increase in enquiries from tenants for homes where the rent includes utilities, as energy costs continue to soar. It’s also been revealed that the average monthly rental cost across the UK (excluding London) has hit £1,000, which signals an 11% annual increase. Meanwhile, in the capital, the figure is just under £2,200 per month, which is a 14% increase from 12 months ago. The startling figures reflect the competitive rental market at present, with Rightmove revealing that enquiries for rental properties are three times higher than the number of properties available. The Rise of the £500k Property Market For the first time in history, 15% of the UK is now made up of areas where average property prices exceed £500,000. The data revealed by one leading estate agent shows that between 2019 and 2021, the number of electoral wards that fall into this bracket jumped 50%, from 874 to 1,312. The most significant jump has occurred in the South West, where half-a-million-pound property sales have increased 167%, fuelled mainly by the race for space caused by the pandemic. Unsurprisingly, 63% of London’s electoral wards fall into the £500k bracket, with a number of others falling just short. Will the Housing Market Crash This Year? Property professionals are split as to whether there’ll be an impending crash this year, with one expert advising would-be buyers to ‘under no circumstances’, take out a large mortgage. Former government adviser, Paul Cheshire, is predicting a nationwide price drop of at least 10%, with rising inflation and falling incomes leading to a perfect storm for the housing market. And with interest rates forecast to continue increasing, it could lead to mortgages becoming unaffordable for many buyers. The flip side of the argument is that buyer demand currently remains strong. Put simply, there are more buyers than properties available, which continues to be good news for sellers. Couple this with an increase in homeowners switching to fixed-rate mortgages, plus the fact that mortgage rates are still low by historical standards, and there’s every reason to be optimistic. One thing that most experts agree on is the likelihood of a fall in prices in the coming months, but the chances of a full-on meltdown may be slimmer than many of the doom-mongers believe.

May 30, 2022 Which Documents Should My Landlord Give Me?

If you’re renting a property, your landlord has a responsibility to supply you with several important documents. Not sure what those are? The expert team here at James Gorey Estate Agents has prepared this helpful guide so you know exactly what to expect as a tenant. 1. Your Tenancy Agreement The most important document that your landlord must give you is your tenancy agreement. This contract is either a digital or written document setting out your tenancy’s legal terms. Typically, these agreements are drafted up and signed by both landlord and tenant a couple of weeks before your tenancy begins. The agreement must detail: Names of all parties Property address Tenancy beginning and end dates How much the rent will be How the rent should be paid Deposit amount and how the landlord will protect it Landlord and tenant’s obligations There may also be clauses included about subletting, pets, common area or garden rules, rent reviews, and permitted occupiers. You should always read the agreement carefully before you sign so you are familiar with your rights and responsibilities during your tenancy. 2. A “How To Rent” Guide This government document must be supplied to every tenant by their landlord before the date their tenancy starts. 3. Information About Your Deposit Protection If your tenancy is an AST (assured shorthold tenancy), your deposit has to be protected and registered in a tenancy deposit scheme. Within a 30-day period of receiving your deposit, your landlord is legally required to give you deposit prescribed information including details of how much you paid, the property’s address, contact information for the administrator of the scheme, and the tenant and landlord’s address, name, and contact information. 4. The EPC To be let out legally, a rental property must have an EPC (energy performance certificate) with a rating of E or higher. Landlords have a legal obligation to give you a copy of the property’s EPC if you request it. 5. The EICR The EICR or Electrical Installation Condition Report assesses the property’s electrical systems for safety and efficiency. This report must be arranged before your tenancy starts and if you haven’t seen yours, you have the right to request a copy. 6. The Gas Safety Record When your rental property has had its gas appliances and fittings inspected, its gas safety record will be issued and this document must be given to your before your tenancy begins. Make sure you’ve checked the certificate expiry date for validity. 7. The Inventory This tenancy document outlines all of the contents of the property along with their condition. While It isn’t legally required, it’s strongly recommended that landlords supply an inventory to their tenants including details of ceilings and walls, fittings and fixtures, flooring, windows and doors, kitchen appliances and units, bathroom facilities, gardens, and outbuildings (if applicable), and furniture (if fully or partially furnished). Looking For A Rental Property Are you looking for a suitable rental property in South East London and North Kent? Then make James Gorey Estate Agents your first port of call. Take a look at our website at https://jamesgorey.com for details of the latest rental properties in South East London and North Kent, or give our friendly team a call on 020 3633 9866 to find out more about how we can help you find the perfect place to live.

May 23, 2022 What Are House Buying Searches?

One of the first steps to buying a house after your offer has been accepted is to order searches on the property. If you’re not sure what house buying searches are, we’ll explain in this article: What they are Why they’re important Whether you need to purchase them What Are House Buying Searches? House buying searches are checks carried out on a property before you buy it. They usually cost a couple of hundred pounds (approx. £200-300) and can provide highly valuable information about the property. For example, searches can tell you, and your lender, if the house: Sits on a floodplain and regularly floods Has any debts that you’ll take over when you buy it Sits on top of a mineshaft which, if it collapses, could cause severe damage to the property Is in an area where a new road, train line, housing estate, wind farm or other types of development will be built Sits on contaminated land from being previously owned by an industrial site – which can include things like asbestos, solvents, gases or arsenic You’ll normally have to pay for searches shortly after your offer has been formally accepted and you’ve instructed your solicitor to commence work. What Are the Most Common Searches That Need to Be Done? There are three main searches your solicitor will order for you when you buy a house: Local authority searches Environmental searches Water and drainage searches Local authority searches will check the following for issues: Planning Building control Highways Pollution Environmental searches will check for issues related to: Flooding Landslides Subsidence Contaminated land Water and drainage searches will check things like: Who owns and maintains the nearby sewers and drains Whether the property is connected to a water supply and sewer If the water supply is on a meter or not Where the public sewers, drains and pipes are on the property If you’ll need permission from a water company to extend the property Are Searches Necessary When Buying a House? If you’re buying a property with a mortgage, the lender will almost always require you to pay for searches on the property. This is because they need to know how much the property is worth and what issues they may be liable to pay for if they repossess it in the future (if you don’t keep up with your mortgage payments). However, if you’re buying in cash, you don’t legally have to pay for searches, unless you want to. But remember, there are still benefits to ordering searches when you’re a cash buyer. They are much more in-depth than a homebuyer’s survey and can provide a detailed picture of what risks there are in buying the property. Conclusion Generally, you’ll always need to pay for searches when buying a property with a mortgage. If you buy a property with cash, it’s usually your decision whether you pay for searches, but it’s important to remember that not paying for them can cause significant risk and issue later down the line. If you’re considering buying a property in South East London and North Kent and want advice about the process, our friendly team of agents at James Gorey Estate Agents are happy to help. Give us a call today on 020 3633 9866 or email us at info@jamesgorey.com to start the conversation.

May 16, 2022 What Does ‘Under Offer’ Mean?

When browsing property listings online and in estate agent offices, you may come across the term ‘under offer’. If so, you may be wondering what this means and whether you can still view or make an offer on the property. In this article, we’ll answer the question, “What does ‘under offer’ mean?” and provide an overview of what you need to consider if you plan on making an offer on an ‘under offer’ property. What Does ‘Under Offer’ Mean? Put simply, a property that’s ‘under offer’ means that a buyer or multiple buyers have made the seller an offer to purchase the property. Usually, estate agents cancel viewings on properties under offer. This is to ensure the buyer who made the offer has a fair chance of being accepted without being gazumped (which means losing the property to someone else after their offer has been accepted). Once the vendors have accepted the offer, the status of the property will change to ‘STC’ or ‘Subject to Contract’. This means that the sale of the property is progressing with the buyer whose offer was accepted. The sale isn’t legally binding until contracts exchange – which usually doesn’t happen until at least a couple of months later. Can an ‘Under Offer’ Sale Fall Through? Technically, a property that’s ‘under offer’ hasn’t sold, so it can’t fall through. But just because the home is under offer, that doesn’t mean it will be sold. The seller could reject the offer or the buyer could pull out. If you have your eye on a property that’s under offer, keep an eye on the listing to see if the status changes back to ‘for sale’ or to ‘subject to contract’ and ask the local estate agent to be kept in the loop for updates. Can I Make an Offer on a House that’s ‘Under Offer’? Put simply, yes you can make an offer on a property that’s listed as ‘under offer’. In fact, it should be seen as your last opportunity to put in an offer on a property. Just be aware that if you do this, you could enter into a bidding war with the other buyer that’s made an offer – which can mean you’ll need to make a competitive bid that’s higher than the market value. How to Find the Perfect Property in South East London and North Kent If you’ve missed out on a property in South East London and North Kent, we truly believe everything happens for a reason and there’s another home just around the corner for you! Here are our tips on how to find the right property for you: Browse property portals Subscribe to alerts for properties that match your criteria Register your details with us – we’ll get in touch with you when a property that matches your criteria comes up If you’re looking for a property in South East London and North Kent, James Gorey Estate Agents are your local property experts. Give us a call today for a chat about what you’re looking for and we can send you information about relevant homes for sale. Call us now on 020 3633 9866 or send us an email at info@jamesgorey.com to arrange a call back from one of our friendly team of agents.

May 9, 2022 What’s Happening In The UK Property Market: April 2022

The housing boom is showing no signs of slowing down, while an ONS report has revealed the number one factor when it comes to property prices and the staggering rise in prices since the pandemic started. Read on to find out more, plus the latest news on rising rental costs. Demand for property continues to outstrip supply Despite several increases in interest rates in recent months, along with a sharp rise in the cost of living, demand for residential property continues to remain extremely high, with no immediate signs of a slowdown any time soon. While Spring is traditionally the hottest time of year for the property market, there’s been no significant surge in demand so far, as the market has remained at a particularly high level. Such demand has continued to push prices up, with Halifax reporting an average price rise of more than £28,000 in the past year, which is roughly equivalent to the average annual salary of a typical UK worker. Many experts are predicting a slowdown in the coming months as the soaring cost of living begins to bite, but if the first quarter of 2022 is anything to go by, it won’t be a sudden drop in demand or prices. Key factor which drives house prices revealed A report released by the Office for National Statistics (ONS) has revealed the most important factors which drive house prices in towns across England and Wales. Perhaps unsurprisingly, top of the list is a town’s proximity to London, or more importantly, how commutable to the capital the town is. Second and third place by some margins was the availability of local jobs, while the fourth spot was the level of income deprivation in a town. The distance to London as the key factor isn’t a huge surprise, given that towns within easy reach of the capital have always had a premium attached to them, however, given the events of the past two years and the significant increase in remote working, it’s surprising just how important this factor still is. For context, the report showed that the London factor was more than twice as important as the availability of local jobs, and around 10 times more important than the level of income deprivation. The study also showed that for every 30 miles a town is from the capital, there was a £50,000 reduction in property price, although, after 125 miles, this figure becomes irrelevant, perhaps suggesting the maximum distance commuters are willing to travel. Two-year house price rises revealed One major lender has revealed the increase in property prices across the past two years, and the figures make for startling reading. According to Halifax, the average property price in the UK has increased by £43,577 since the start of the first lockdown in March 2020. This represents an 18.2% rise, which has taken the cost of a typical home to more than £282,000, with house prices increasing at nearly twice the rate of flats for the period. The lender’s stats show that the price of a detached house has risen by around 21%, with flats increasing by 11%, as the demand for more space has become apparent since lockdowns were first introduced due to the pandemic. Rents reach record highs Data revealed by the property portal, Rightmove, has revealed record high rental costs for tenants outside London. National rents outside the capital have reached an eye-watering £1,088 per month on average as demand has continued to far outweigh supply. Annual rental growth reached 11% over the past year – the first time on record that rents outside London have exceeded 10%. With rental demand up by 6% and the number of rental properties available being 50% lower than at the same point 12 months ago, the rental market is the most competitive it’s ever been. In other news… Possibly the UK’s smallest detached house has gone on sale on the grounds of Grimston Park, Tadcaster in North Yorkshire. From street level, the tiny Georgian gatehouse appears tiny, with the space above ground measuring just a little over 10sq ft. However, scratch beneath the surface and you’ll find a more spacious, 306sq ft living area lurking in the basement. The one-bedroom, Grade II listed property is for sale for £215,000. For more property news and updates and a more detailed overview of the South East London and North Kent area, get in touch with James Gorey Estate Agents. We are your local property experts. Call us on 020 3633 9866 or email info@jamesgorey.com.

May 2, 2022 How to get on the Property Ladder

Taking your first step onto the property ladder can seem like a daunting prospect, especially considering that a typical deposit is usually between 10% and 20% of a property’s value. We often get asked by first-time buyers: “How do I get on the property ladder” and we always tell them that it is achievable with some patience, hard work and dedication to make it a reality. If you are a first time buyer, our useful tips on how to get on the property ladder could help you make your dreams a reality sooner than you think! Start Saving Early The sooner you start saving, the sooner you’ll be able to get your foot on the ladder. And not only that, but the earlier you start saving, the more it will become a habit, meaning you’re less likely to take lump sums out of your account for impulse purchases. A great way to maintain consistent savings is to set up a direct debit from your bank account to your savings account every month. Try to achieve a regular transfer of a specific amount each month on payday. That way, you won’t miss the money each month as you stash it away! Stay With Your Parents if you can It can be tempting to move out and be independent at the very first opportunity, and of course, that’s not necessarily a bad thing. However, if you’re serious about owning your own property, then forking out at least a few hundred pounds a month on rent is not the best idea. Those monthly payments could instead add up to a substantial deposit over time. So if you’re still living at home then don’t be in too much of a hurry to leave, as staying with Mum and Dad could help you buy your own place much quicker. Make Sacrifices and Prioritise Be sensible about how you spend your money. If buying a property is your focus, then you may need to make a few small sacrifices to reach your goal. It could just be missing the odd night out, or not buying an expensive pair of trainers you’ve got your eye on. Any chance to save money is an opportunity to get a little closer to the first rung of the property ladder, so think twice before making any impulse purchases. Be Realistic and Flexible It’s unlikely that your first property will be your dream home, or your forever home, and the location might not be your first choice either. However, if you’re serious about buying a property, there needs to be some room for compromise. It might be that you choose a smaller property, for example, a one bed flat instead of two, or you find an ideal sized property but with a slightly longer commute than you’d like. When it comes to your first property, the most important thing is just getting on the ladder. Speak to a Mortgage Advisor Before you View any Properties When you’re in a position to put down a deposit, arrange meetings with a couple of mortgage advisors to find out exactly how much you can borrow. Mortgage calculators on banking websites aren’t always an accurate indicator, and you may be able to borrow slightly more or less than you think. Therefore, it’s essential to know exactly what budget you have to work with so that you don’t view the perfect property, only to find that it’s out of your reach. Save Your Money Wisely Keeping your savings in the right place can make a big difference to the time it takes to achieve your deposit. It’s best not to keep your savings in your current account. Not only will you gain little or no interest, but you’ll be far more likely to dip into them when you fancy a treat. Instead, consider opening a Lifetime ISA. These accounts allow you to earn a 25% annual bonus from the government up to a maximum of £1000. So for every £1000 you save, you’ll receive a £250 top up until you reach the maximum savings amount of £4000 per year. Look into all Your Options There are many different initiatives available to help first-time buyers get on the property ladder, and while some of them might not seem ideal solutions, they can help you get there more quickly. Help to Buy is one example of a government-backed scheme that allows you to buy a property with just a 5% deposit, with the government lending you 20% interest free for five years. Alternatively, you could look into shared ownership. This allows you to own a percentage of the property while paying rent on the other part. Again, it’s worth speaking to a mortgage advisor first, who will go through all the options with you. James Gorey Estate Agents are your local property experts for the South East London and North Kent area. We can also recommend mortgage experts to help you with your finances. Call us on 020 3633 9866 or email info@jamesgorey.com to chat with a member of our friendly and experienced team.