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Feb 28, 2022 Do I Need a Homebuyer Survey on my Property?

When you buy anything, whether it’s a new home, a new car or a new item of clothing, of course you want to know you’re getting the best deal, and so can be confident in your purchase. Sometimes, it’s even worth paying a little more to be sure your investment is right! Buying a property in South East London and North Kent is likely to be one of the biggest investments you will ever make, therefore, spending a little more and instructing a Homebuyer Survey on the property you are looking to buy can help protect you from a bad investment and can even give you greater negotiating power. What is a Homebuyer Survey? There are several types of Homebuyer Surveys, but generally speaking, they consist of a detailed report outlining the condition of a property. The homebuyer Survey will detail if there are any problems with the structure of the property and if there are any major issues or necessary repairs. Who Carries Out a Homebuyer Survey? Two institutions carry out Homebuyer Surveys. One is the Royal Institute of Chartered Surveyors, and the other is the Residential Property Surveyors Association. When choosing a surveyor, you should choose one that is local and reputable, and if you are looking at a unique building, for example a historical or listed property, then choose a surveyor that specialises in that building type. Do I Need a Homebuyer Survey? You don’t legally need a Homebuyer survey, but if you want to make sure that there are not any underlying issues then it is best to get one! You can use the survey to ensure you are paying a fair price for the property. What Type of Properties Should I Always Get Surveyed? Old, unusual, and homes that have visible issues should always have a survey conducted on them. You should also get all listed properties surveyed. Of course, all homes can potentially have issues, and to be absolutely certain of your purchase it is always wise to get a Homebuyer Survey conducted to ensure your investment is a good one. If you don’t, you could run the risk of being stuck with expensive repairs. Types of Surveys There are multiple types and levels of surveys, including an option for new builds. Though they are an extra expenditure, especially for a property you may not end up buying, they can also save you thousands of pounds in repairs. Condition Report (£300) Level One This is a basic report that does not include advice or valuation. Instead, it will document the home in a colour scheme. Green is good, yellow means minor improvements are needed, and red means immediate repairs needed. This type of survey does not include recommendations. Homebuyers Report (£350 to £450) Level Two This is the most popular type of Homebuyers Survey, as it offers a more in-depth report at an affordable price. You can either have just the survey done or have a survey and valuation done. A valuation is good to have to share with your mortgage lender and to help put you in a place of negotiating power. Home Condition Survey (£400 to £900) Home Condition Surveys are not offered by the Royal Institute of Chartered Surveyors like most, they are instead offered by the Residential Property Surveyors Association (RPSA). This is a comprehensive survey that includes structural status, damp assessment, boundary issues, broadband speed and more. It’s a great choice, particularly if you want to assess your potential purchase objectively as it goes into detail beyond structural integrity and also includes living conditions. The price will reflect the size of the property, but the cost is easily justified if it helps you be 100% confident in your decision. Building Survey (£500+) Level Three A surveyor will check behind walls, under floors, in attics and beyond to suss out any structural damage. From this, they will then create a comprehensive building report. This is absolutely recommended if the property is old, appears damp, has hairline fractures, or you want to be 100% confident in your purchase. New Build Snagging Report (£300 to £600) This report is available for new builds. When possible, try to have this type of report done before you move in, and if that is not possible, get it done as soon as possible. The report will cover everything from misaligned doors to other improper build inclusions. Though it is not a legal necessity, a Homebuyer Survey or report on the property you wish to buy in South East London and North Kent can help you become completely confident in your decision, so should always be considered. For more advice on all types of property related surveys and reports, contact the team at James Gorey Estate Agents on 020 3633 9866 today.

Feb 21, 2022 How To Make An Offer On a House?

Making an offer on a house is an exciting but potentially daunting prospect, especially if it’s your first home. We often get asked, “how do I make an offer on a house?” So, our handy guide will help take you through the process to give you the best possible chance of landing your perfect property. ●     Work Out How Much You Can Afford To Spend It’s surprising how many buyers begin viewing properties and then make offers based on vague assumptions of what their budget is. Before you even begin any viewing, it’s important to find out exactly how much you can afford to pay for a property, whether it’s money you have in the bank, or with a mortgage. Getting a mortgage in principle (decision in principle or DIP) before making any offers can increase your chances of having an offer accepted and being seen as a serious buyer, so it’s worth speaking to a mortgage advisor before you start any viewings. ●     Research The Area Knowing how much to offer and how much to reveal to the seller can be a real minefield. On the one hand, you don’t want to pay over the odds, but on the other, you don’t want to make an offer so far under the asking price that they don’t even want to begin negotiating with you. Take a look at how much other properties in the area have sold for recently and use these as a guide when making your offer. Preparation is key when it comes to making a fair offer that the seller will be willing to consider. ●     Don’t Show Your Hand Too Early When viewing a property it’s usually a good idea to downplay your excitement even if you’ve found your dream property. If the seller realises how much you’ve fallen in love with the place, it can severely weaken your bargaining position as they’ll think you’ll pay whatever it takes to get it! Show you’re interested by asking lots of valid questions but don’t fall into the trap of saying how much you really love the house. Next Steps: Making An Offer Once you’ve researched the area, worked out your definite budget and found a property, it’s time to make your offer. Call the sellers estate agent and tell them the offer verbally. They are obliged to inform the seller, regardless of what your offer is. Follow up with an offer in writing. An email should be sufficient, and this will help to avoid any confusion or arguments further down the line. Emphasise what makes you an ideal buyer. For example, first-time buyers are often attractive to sellers as they come chain-free, while cash buyers are probably the most sought after as they’re likely to be able to complete in the quickest time. Remember, most sellers are looking to move fairly quickly, so anything that can help speed the process up is likely to put you in a stronger position. If you don’t have any ‘USPs’ then maybe detail why you want to buy the property. It may be for emotional reasons, or because you have grand plans for raising a family there. It won’t necessarily make a difference, but if it comes down to you and one other buyer then it might just swing it in your favour. Prepare to negotiate. Once you’ve made your offer it’s likely that the seller will come back with a counter-offer. All of this is conducted via the estate agent who is working on behalf of the seller. How Much Should I Offer? There’s no set rule on this as every transaction is different. If you know there’s been a lot of interest in the property then you’re likely to have to pay the full asking price, possibly a little more. However, if the property’s been on sale for a number of months and has already been reduced in price then you may be able to knock the seller down on price. This is where your research will come in handy. Try to figure out what your strengths and weaknesses are in the negotiation. This is another reason why it’s a good idea to look at properties that are slightly below your budget, so you’ll have a little more room for manoeuvre. Another point to consider when it comes to your strengths is to work out what makes you a good buyer. If it’s your first property and you already have a mortgage in principle agreed, or if you’re a cash buyer, then these can put you in a very strong position to negotiate a discount as you should be able to move quickly. Whatever you do though, make sure your offer is realistic, and don’t try to lowball the seller! 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 how we can help you.

Feb 14, 2022 When is Probate Required?

If you’ve inherited a property that you want to sell, you’ll usually need to undergo probate before you can progress. The process can be complex, but working with the right estate agent and solicitor can make the sale as smooth and painless as possible. In this article, we’ll explain what probate is, when it’s required and how to sell a property when probate is required. What is Probate? Probate is the legal and financial process that deals with any assets (including money, properties or possessions) of a person who has passed away. The process involves proving that the will is valid and confirming the executors of the will have the authority to administer the estate of the person who has died – which includes whether you can sell the property. What is Grant of Probate? If you are selling a property you have inherited due to someone passing away, you will need to apply for grant of probate before you can proceed with the sale. This is a legal document that confirms the executors of the will can start the sale of the property and deal with any other assets of the deceased person. When is Probate Required? In England and Wales, probate is usually needed when: A person has died and owned property A bank or other financial institution asks for grant of probate How to Sell a House When Probate is Required 1.   Arrange a Valuation Knowing the value of the property is important when selling a home during probate. The property value will help determine the overall value of the deceased person’s estate. It’s also used to calculate how much inheritance tax must be paid. When selling a house during probate, make sure you choose a reputable estate agent with good reviews to evaluate the property. 2.   Speak to a Solicitor A solicitor will need to apply for a grant of probate before you can sell the property. This process involves identifying all the deceased person’s assets, confirming who will inherit the assets in the will, arranging payments of inheritance tax, and granting probate ready for you to sell the property. Many solicitors can also help progress the sale to a buyer after granting probate. If you can’t find a good solicitor, ask an estate agent for a recommendation. 3.   Work With an Estate Agent Once probate has been granted and you have the go-ahead from the solicitor, you can work with an estate agent to sell the property. When choosing an estate agent, consider how much involvement you need and what qualities you’d prefer. Expert communication and good availability may be particularly important qualities to consider when choosing an estate agent to progress a probate sale. This is especially the case if multiple people are inheriting the property and/or you cannot be available often to help with viewings. Are You Selling a House With Probate? Selling a house with probate can be an emotional period. Choosing the right estate agent to help progress the sale is important to make the situation as painless as possible. If you’re selling a house with probate in South East London and North Kent, James Gorey Estate Agents are your local property experts and we’re here to help. Give us a call today on 020 3633 9866 or email us at info@jamesgorey.com for a chat with our friendly and compassionate team about how we can help.

Feb 7, 2022 What’s Been Happening In The UK Property Market – January 2022

The housing market is expected to stabilise this year, after a rollercoaster year. 2021 was also a good year for first-time buyers, with record numbers taking their first steps onto the property ladder, and we will reveal the area which saw the highest price rises. These are just some of the headlines in January’s UK property market update. Read on to find out more. Property Boom Set To End In 2022? Various lenders are forecasting a slow down in property prices this year, following the record rises we saw in 2021. The government’s stamp duty holiday helped to drive record house prices last year, with both Halifax and Nationwide reporting an average price rise of £24,000 on properties in 2021. According to Halifax, it was the ‘biggest annual increase since 2003’, while Nationwide is reporting the ‘biggest annual increase since 2006’. Both have reported different average prices too, with Halifax reporting average prices of £276,000 by the end of the year, and Nationwide reporting average prices of a little under £255,000. Although the figures vary somewhat, one thing for certain is that 2021 was a particularly hot market, and prices in 2022 are forecast to rise at a more steady rate. First-Time Buyers Boost Property Market A surge in first-time buyers was one of the big drivers behind property price increases in 2021, according to one major lender. Halifax reported a 35% increase in first-time buyers last year, compared with 2020, seeing more than 400,000 people taking their first steps onto the property ladder. While the stamp duty holiday had very little direct impact on first-time buyers, it did open the market up to them, as many of the properties on the market were previous first-time homes that sellers were upsizing from due to a requirement for more space. This was also related to the need for many to work from home. UK’s Highest Rising Region Revealed Figures released by the Office for National Statistics (ONS) have revealed that the South West of England saw the fastest rise in house prices in 2021. According to their stats, prices rose by 12.9% over the year, leading one council leader to declare a housing crisis in Devon. The rise in prices was evident across the UK, with average prices increasing 9.8% across all regions in England, 12.1% in Wales, 11.4% in Scotland, and 10.7% in Northern Ireland. London saw the slowest regional growth, although prices still rose 5.1% in the capital. Further data from the Land Registry has also revealed the types of property that saw the biggest rises last year. Detached houses increased by 13.8% on average in England, and 15.3% in Wales. Flats saw a more modest increase of 5.1% in England, and 6.9% in Wales, which is another sign of buyers’ desire to find properties with more space in the wake of the pandemic. Most Searched For Locations in 2021 Revealed Leading property portal Rightmove has revealed the most searched for locations over the past 12 months, with London taking the top spot. After jostling with the capital all year, Cornwall took second place, followed by its near-neighbour Devon. The top 10 was a mix of city and countryside, with the likes of Bristol, Glasgow, Sheffield, York and Edinburgh all making the list, alongside the more rural spots of Essex and Dorset. The Celebrity Postcodes Pushing Up Property Prices When it comes to factors that push property prices skywards, the usual things to look out for are local school ratings and low crime rates. However, a recent study by the property portal, MoveStreets has revealed the incredible effect that having celebrity neighbours can bring. Their findings revealed that postcodes with a high level of celebrity activity see average house prices increase by 49% than the wider area. In London’s Mayfair, there’s a whopping 116% premium, compared with other properties in Westminster. The seaside town of Sandbanks in Poole isn’t too far behind, with average prices there being 101% higher than across the rest of Poole. It’s a familiar pattern nationwide, with the Cheshire towns of Wilmslow (73%), Alderley Edge (73%) and Prestbury (43%) all commanding a premium not seen in the rest of the county. However, for fans of reality TV, there’s not quite the same uplift for Towie hotspot, Brentwood, or Made in Chelsea’s King’s Road. The Essex town has an 8% property premium, while in West London, there’s just a 4% premium, compared with the wider borough.

Jan 31, 2022 7 Home Selling Myths…Busted!

When it comes to selling your home in South East London and North Kent, there’s a lot of overwhelming information and old wives tales out there, and it can sometimes be difficult separating the fact from the fiction. Advice often comes from well-meaning friends or family members who are just trying to be helpful, but in reality, they are not property experts! Our team at James Gorey Estate Agents are all experienced property professionals with many years of experience between us. So, to ensure you are in possession of the correct information, here are seven home selling myths you’re likely to hear and why they’re not to be believed. 1. Overpricing Your Home Will Lead to Better Offers Unfortunately, many sellers believe that by overpricing their house to start with, it leaves more room for negotiation and ultimately a better offer. That’s why we often see sellers marketing their properties with the agent who has simply come in with the highest valuation! However, this is entirely false. When buyers are looking at properties, they’ll search within their price range. If your property price has been inflated, then it’s going to be competing against other properties that appear to be far better value for money, rather than sitting in the price bracket it should be in! This potentially means it will sit on the market for longer. Buyers whose budget doesn’t stretch to the higher price range will miss out on seeing your property altogether as they’re not even looking in that price bracket. You’ll attract more offers and sell your property more quickly if it’s been priced fairly. It gives it a chance to stand out among other properties in its price range, rather than being a poor relation in the higher price category. And you’re more likely to see interested parties competing upwards rather than knocking you down. 2. Getting an Immediate Offer Means it’s Priced Too Low If you’ve resisted the urge to overprice your home and an offer comes in straight away, it’s tempting to think that you’ve missed a trick by not marketing it at a higher price. After all, if you had done, then you’d be a few thousand pounds better off surely. Again, this is false. Most buyers scour the market for a couple of months, waiting for the perfect property to come up, and there’s a good chance that they’ve jumped in immediately to avoid missing out. Remember too that if you’d overpriced it, there’s a chance they wouldn’t have found it in the first place. 3. A Better Offer Will Come Along if You Wait This is another all too familiar trap that sellers fall into. After all, if you’ve had an offer on the very same day your home has gone on sale, then surely there’s likely to be a whole queue of buyers lining up for it? No, not necessarily. You might just have been lucky enough to have the right buyer come along at the right time. If you receive a fair offer, then it’s usually best to accept it whether your property has been on the market for hours, days , weeks or months. 4. The Estate Agent With the Lowest Commission is the Best Option While you’ll naturally want to earn as much money from your property sale as possible, it doesn’t mean you should sign a contract with the estate agent who offers the cheapest fees. Selling a property can be a very stressful process. A good estate agent will help make it run as smoothly as possible while communicating effectively and providing outstanding service, so it’s crucial you weigh up what’s included in their fee. Although it’s tempting to cut costs as much as possible in the short term, you might come to regret it over the longer term, especially if your property isn’t selling. 5. Major Renovations Will Offer the Biggest Return on Investment Many homeowners are under the impression that if they spend a few thousand pounds on a conservatory, a swimming pool or a landscaped garden, they’ll just be able to add the cost of it to the house when they come to sell. Sadly, it’s not quite as simple as this. Not all buyers will want to maintain a pool or require the space that a conservatory ultimately takes away from their garden, for example. Many buyers prefer to start with a blank canvas too, so they can add their own renovations. That’s not to say that a major renovation is a bad idea, but if you’re only doing it to see a return when you come to sell, then it might be worth considering the type of renovation or extension that will bring you the best returns. 6. It’s Not Worth Fixing the House up at all If you’ve decided to sell your property, it’s understandable that you won’t be thinking about spending even more money on it. After all, it won’t be you seeing the benefits long-term. This logic is flawed, though, and it could cost you when it comes to getting the full asking price. A property that’s well maintained and looked after is far more appealing to buyers. Fixing broken fences and gates, tidying the garden, replacing broken windows or doors and giving any tired rooms a fresh lick of paint will go a long way towards selling your property for its true value. 7. Online Valuations are 100% Accurate Online valuations are a fantastic tool and we are most definitely in favour! However, a quick online valuation of your property should be used as a guide. Online tools don’t always take into account the condition of a property or the extra value you may have added. They’re simply using other similar sized and types of properties in your area as a guideline. The best way to get your property valued is always to contact an experienced, local estate agent who will come and value your property in person. 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.

Jan 24, 2022 What to do before a viewing on your house

They say that when you meet people you have not met before, first impressions make a difference. Similarly, they also say kerb appeal for a property on the market is really important. Why? Because you want a potential buyer to get the right feeling from the very start. If your house looks unloved, it’s unlikely that even those with imagination will see past the clutter and the grime. After all, you’re trying to sell your property in South East London and North Kent and move on, so of course you want people to like your house and put an offer in. This will help you move forward more quickly and that’s what you want, particularly if you have seen a new house you want to be in for the next chapter of your life. So, what can you do? Here are our seven tips for preparing your home for a viewing 1. De-clutter For we estate agents, there is nothing worse than going to show people around a house we are marketing, only to open the front door and find the property is full of clutter. Okay, it might be family favourite toys and pictures and mementoes, or it might be piles of rubbish, but you must realise that prospective buyers want to see the house. They’re not interested in your knick-knacks! Seeing piles of bits and bobs will simply put them in the wrong frame of mind. Tip: As you will be moving anyway, take the opportunity to box things up and store them away, or get rid of unwanted items. If you’re downsizing, it’s a perfect time to get rid of the clutter. 2. Pet Hates You love your cat or your dog. In fact, they’re your best friend. That’s lovely, of course it is, but prospective buyers coming to look around your house may not like pets or could be allergic to them. It sounds harsh, but it is best if you can get a friend or a neighbour to look after your pet for an hour or two. Tip: Give your house a good clean and light a scented candle before a visit by a prospective buyer. It’ll help get rid of the smell of a cat or dog. 3. Centre on the Garden If you’ve got a front garden, tidy it up and make sure the grass is cut or the hedge has been given a trim. First impressions matter so take the time and effort to get it right. If you have children, tidy away all their toys and really show your garden off. Tip: Set the scene; if it’s nice and sunny, put a table and chairs outside so that the garden looks inviting. 4. Smells of the Season Because you’re in your home day in day out, you may be blind to the smells of your house. Using diffusers and scented candles sensibly will help make it smell nice for a potential buyer. Tip: Think about the seasons. If it’s winter, choose a fragrance that ties in with the time of year. Try spiced fruits or cinnamon in Winter perhaps and floral fragrances during the Spring . 5. Bathroom Routine Your bathroom is absolutely key to making a good impression. There’s nothing worse than a dirty, smelly bathroom for making people think that a house is unloved. Tip: Present your bathroom well with folded towels and some flowers placed on the windowsill in a little vase. Store all the soaps, gels and toiletries away in cupboards. 6. Space Invaders Space is often at a premium, so help the potential buyer realise just how much they will be getting if they purchase your property. Is your furniture making a room look small? Are there too many toys or books lying around? Tip: Take a moment to look at a room and put yourself in the shoes of the buyer. If you think a room looks too busy, it might be time to rearrange the chairs or bookshelves. 7. Stage it Right Staging isn’t just for theatre. Make a lasting impression by making your house look good. Put fruit in a bowl, flowers in vases, place a home decor magazine on a side table. Understand  that you have to give your home a chance, so make it look great. Tip: If you need inspiration, go and have a look at a homeware, furniture or home decoration shop as they are experts when it comes to staging room scenes. We are too here at James Gorey Estate Agents. We have years of property experience. So, if you need some advice, come and get it from us. Call us on 020 3633 9866 or email info@jamesgorey.com

Jan 17, 2022 10 Tips to Prepare Your Property for Viewings

Getting your property ready for viewings is so important. You need to sell buyers not just on the space, but the idea of living there themselves. It’s important that potential buyers step into your home and feel connected with it as they will be more likely to make an offer. In fact, with a well-staged home you can improve the number of offers immensely, so don’t dally and instead get started with our 10 top tips to prepare your property for viewings: 1.    Declutter Your Space Clutter is your enemy, so go through your home methodically and declutter from top to bottom, then pack up as much as you can. You want your rooms and storage space to feel spacious, your shelves to be balanced, drawers to open easily, and in general for viewers to get a sense of the space – not your belongings! Tip: This is a great time to actually start packing. When you go through your clutter, pack away the items you love and want to keep, and then sell, donate, or get rid of the rest. We don’t often have a reason to declutter so aggressively, and this is the perfect opportunity to start, plus you’ll have half of your home packed up ready to move! 2.    Remove Personal Belongings Some personal belongings can feel cosy. Photos of your family can help convey to buyers that this is a great family home, but don’t overdo it. Remove and pack up some of your personal belongings so that potential buyers can best imagine themselves in your home. 3.    Give Your Home a Deep Clean Either use some elbow grease or hire a professional cleaning service to deep clean your property from floor to ceiling. When cleaning and sprucing up your home, it’s important to remember the exterior. Get professionals to powerwash dirt and grime off your property, bring in window cleaners, and repaint windows and doors if necessary. 4.    Improve the Light Remove plants, furniture, and other bulky items away from your windows. Consider adding mirrors or painting your walls white so that the space feels bright and spacious. Natural light is such an important feature in any home, and you can make your property feel more naturally lit even if it isn’t. 5.    Improve Front and Rear Gardens Be sure to weed, shape, and care for your front and rear gardens to improve the kerb appeal. Beautiful gardens are important to 1 in 5 buyers and add additional charm to a property that can be hard to resist. With a beautiful front garden, you can sell them your home before they even set foot inside 6.    Make Repairs Consider getting a surveyor in to run a check over your property. You can use this report later on when showing off the house, especially if the report turned up nothing of note. If there are repairs to be done however, get them fixed before you put your property on the market. 7.    Refresh the Paint and Fix Wallpaper If your paint looks worn, wallpaper is peeling from the wall, or there are other issues that affect the aesthetic – and certainly the structural integrity – of your home, you might want to consider repainting the whole property. If you prefer dark and dramatic walls this could work against you when selling your home. Consider painting them a light cream, white, or off-white colour instead. It could mean the difference between a sale and no sale! 8.    Consider Renting Furniture or Decorations There are companies out there that will rent furniture or decorations to you for the purpose of house viewings. If your furniture is too big or bulky for the space, you might want to consider doing this, so that you showcase a furnished home that feels big, spacious, and flowing. 9.    Add Fresh Flowers Fresh flowers, or alternatively baked goods, are a great trick to make the space feel fresh, luxurious, and smell great. Use them sparingly and do pay attention to how flowers smell next to each other, as you don’t want a clash of the senses. 10. Invest in a Homebuyer Survey If you feel confident, you could even invest in a homebuyer survey yourself rather than potential buyers needing to do so. If repairs have been done, let your estate agent know so that the information can be passed onto viewers. They will then know your property is a sure thing, and there aren’t any hidden surprises lurking! For expert advice on preparing your home in South East London and North Kent for viewings, contact the team at James Gorey Estate Agents on 020 3633 9866 today.

Jan 10, 2022 What’s Been Happening In The UK Property Market – December 2021

The big news for the UK property market in December is the first rise in interest rates for three years, and various lenders are predicting a less frenetic housing market in 2022 . These are just some of the headlines this month in December’s UK property market update. Read on to find out more. Interest rates rise for the first time in 3 years The Bank of England has increased interest rates for the first time since August 2018 as inflation runs at its highest rate for 10 years. For homeowners with tracker or variable mortgages, this is likely to mean an increase in their monthly repayment of around £10 to £15 on average. Around two million homeowners will be affected, but with fixed-rate deals being a popular mortgage type, the change won’t impact all property owners immediately. The interest rate increase has been rumoured for some months and comes in response to inflation levels reaching 5.1% which is way ahead of the Bank of England’s 2% target. UK house price boom expected to end in 2022 One of the UK’s biggest lenders is forecasting an end to the current housing boom next year. According to Halifax, market growth is likely to remain ‘broadly flat’ in 2022, following two years of remarkable growth. Following increases of 6% in 2020 and 8% in 2021, the lender is predicting growth of 2% at most, with a flat market being the more likely scenario. The main reason for this slowdown is the rise in household goods and bills, meaning a squeeze on budgets for many households. Bank of England plans to relax mortgage affordability rules In positive news for first-time buyers, the Bank of England has revealed its plans to make mortgages more attainable. As part of the current criteria, would-be homeowners have to prove they could meet the repayments on their lender’s standard variable rate if interest rates increase by 3%. However, in the early part of next year, the bank will be meeting with big-name lenders and industry experts to discuss withdrawing the outdated rule. The rule was one of many affordability rules introduced in 2014 following the 2008 financial crisis. Its aim primarily was to ensure that any sharp rise in interest rates wouldn’t result in homeowners being unable to afford their mortgages. However, at that time, interest rates were forecast to increase to 2.25% over the next five years. Currently, interest rates stand at just 0.25%, and the latest forecasts indicate that any rise in interest rates is likely to be much slower than in previous years. If the planned rule change does come in, it’s likely to be a big boost for first-time buyers, many of whom wouldn’t meet the affordability criteria under the current rules. Survey reveals just how much parents are willing to help their children get on to the property ladder! A study by property portal Zoopla has revealed some of the eye-watering figures that parents are willing to gift their children to help them take their first steps on the property ladder. According to the study, the average amount forked out by parents to help their kids with a deposit is £32,440, while 14% of the parents polled have given them upwards of £50,000. The findings also revealed that an incredible 64% of parents with grown-up children who are homeowners, gave them at least some money towards their deposit. And it doesn’t stop once the kids have fled the nest either! The results also showed that 36% of parents have helped with their offspring’s rent or mortgage payments at some point. Council finds unique way to solve housing crisis One council has come up with a novel way of solving the housing crisis in its area. West Devon Borough Council is offering money to tenants who downsize, as part of its efforts to tackle a shortage of affordable family housing. Anyone with a council rented property who moves to a smaller home will be given a £1,000 fixed payment, plus £500 per bedroom they release. So, a couple who downsize from a three-bedroom house to a one-bedroom flat, for example, would receive a payment of £2,000. The council also confirmed that in some cases, the payment could be as high as £5,000 on a discretionary basis, where housing stock is particularly pressurised. Devon County Council’s leader has spoken openly about a housing crisis in the county, due to rising house prices and a lack of rental properties, and it’s hoped the new scheme will go some way towards combating the issue. 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 how we can help you buy a new home or sell your property.