### The Queen’s Speech 

This week, those interested in housing policy gathered to watch the [Queen’s Speech](https://www.gov.uk/government/speeches/queens-speech-2021), in the hope that the property market would remain a priority over the coming year. Happily, the speech - written by Government - laid out a number of policy priorities for the property sector.

On the whole, these were received positively by the industry. However, there was a feeling, that these policies might not go far enough to fully solve some of the issues the industry faces.

The announcement of a new building safety regulator was particularly welcomed, after news of a fire last week at [Providence Wharf](https://www.bbc.co.uk/news/uk-england-london-57022678) - a new-build apartment block in East London - underscored the urgency of new measures to improve building standards and safety. 

Similarly there was general approval of the Government’s pledge to reform leaseholds. Policy changes this year should put an end to ground rents in leasehold contracts. This is certainly a welcome change, and will help make leasehold properties more affordable and appealing to buyers. 

Estate agent body, [Propertymark](https://www.arla.co.uk/news/may-2021/the-queens-speech-2021-four-key-issues-for-property-agents.aspx), commented that the promise of leasehold reform was a ‘step in the right direction’. However, they intend to continue lobbying the Government in the hope that they will extend reforms to *current* leaseholders too.

Confirmation of the Government’s intention to introduce planning reforms also received a mixed response. [Jackie Sadek](https://twitter.com/Propertyshe/status/1392391095691227137), ex-government advisor & housing expert, responded articulately with the argument that the housing crisis is ‘more a crisis of affordability than a crisis of supply: there’s no problem with supply of homes for owner-occupiers who can afford top dollar’. She's not convinced that attempts to 'streamline' planning processes will actually make housing more affordable. 

A notable absence from the speech was the [Renters Reform Bill](https://inews.co.uk/news/politics/queens-speech-2021-renters-reform-bill-plans-government-tenancy-rights-deposits-995905), which was first promised in the 2019 Conservative General Election manifesto, and again the 2020 Queen’s speech, but is still yet to come into fruition. The Government did say, however, that they would be releasing a White Paper on rental reforms in autumn this year.

### Halifax House Price Index - April 2021

This week, Halifax released its monthly [House Price Index](https://www.halifax.co.uk/media-centre/house-price-index.html), which tracks house price growth using mortgage applications. According to their research, house prices reached a record high for the second month in a row in April.

Not only had house prices risen dramatically from the month before, they were also 8.2% higher than April last year. This is the highest rate of annual growth Halifax has seen for 5 years, and in cash terms is the equivalent of almost £20,000 added to the value of the average home. 

Russell Galley, the bank’s managing director, suggests that the consistent & rapid price growth we’re seeing is due to the stamp duty holiday adding ‘impetus to an extremely active market, magnifying the current shortage of available homes as buyers aim to take advantage of the Government scheme.’ He remains generally optimistic about the recovery of the UK economy over the next few months, but does believe that house price growth is ‘likely to slow to the end of the year.’

[Sign up here to get our free round-up of the best property news stories straight to your inbox, every Friday.](https://www.getdrip.com/forms/696053493/submissions/new) 


a folded newspaper lying next to a cup of coffee on a wooden table 

property-news-may-14

Property News: May 14th

Property news of the week: May 14th 2021

When it comes to preparing your house for sale, sometimes the little things add up to make a big difference.

In this article, we’ll offer some top tips about how to get the timing, presentation, and administrative details right so that when you’re ready to put your home for sale you’ll be ideally situated to get maximum value for your property.

### Getting the timing right

Before you begin, it’s helpful to have a general sense of how long it will take to sell your house.

Although no situations are identical, the length of time it takes to prepare and sell your home generally depends on the type of house and area in which it’s located.

[Most timelines](https://www.getagent.co.uk/guide/preparing/how-long-to-sell) suggest it takes on average 15 and 25 weeks to sell a house:

* **Marketing and viewing:** Between four and 14 weeks
* **From accepting an offer to exchange of contracts:** Around nine weeks
* **From exchange to completion:** Around two weeks

### Getting to know the market

Once you’ve established a rough time frame for your sale, it’s time to look more closely at important factors that influence property prices, including demand, season and government policy.

* **Demand**

Do you live in a highly sought-after area or neighbourhood? Or is your particular property -- perhaps a flat conversion or a single-family house -- all the rage right now? To figure this out, start with basic online searches. Local estate agents can also be excellent resources because they often have current and specific information not widely available. 

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* **Season**

The time of year you’re planning to sell your home is a crucial but often overlooked factor. Spring tends to be the best season to put up your house for sale because the weather is good -- all the better for showcasing your large garden or terrace, for instance -- and it lacks major holidays. Autumn is similarly a good time to sell. On the other hand, summer isn’t ideal because many people go on holiday. While winter, with Christmas, New Year and the wetter weather, tends to be less appealing for buyers.

* **Policy**

Government decisions can have a significant effect on property prices, so it’s worth tuning into the latest budget to understand what proposals have been put forward. For instance, the government has launched schemes, such as the mortgage guarantee scheme, to encourage first-time house buyers and others to get on the property ladder. It’s also sought to reduce debt by restricting prospective home-buyers to repayment mortgages and introducing affordability tests. Other policies have been focused on preventing an unsustainable rise in property prices. To that end, the government has used taxes, like [Stamp Duty](https://www.gov.uk/stamp-duty-land-tax), as well as additional legislation centred on licensing, energy efficiency, and safety. Any of these policies could affect your ability to sell your house.

### Getting the paperwork together

You’ll also need to gather all of your paperwork in one place as you embark on the sale.

Key documents include:

* Title deeds
* Gas safety inspection certificate and electrical safety inspection certificates
* Planning permission, plans, and building regulation approvals
* Details of council tax, buildings and content insurance bills
* Mortgage papers

[Read more on GetAgent’s blog: Can I use two estate agents to sell my house?](https://www.getagent.co.uk/blog/first-time-sellers/can-i-use-two-estate-agents-sell)

### Preparing for home sale fees

Unfortunately, you also need to spend money in order to sell your home.

How much will it cost you? [One estimate](https://www.which.co.uk/money/mortgages-and-property/home-movers/selling-a-house/the-cost-of-selling-a-house-a4gmu3n57y9v) suggests that selling a home for the UK average of £234,853 will cost the buyer somewhere between £5,000 and £8,000.

When you're preparing your home for sale, make sure you've budgeted for the following common costs:

* **Energy Performance Certificate (EPC)**
Your EPC is a standardised document that details your home’s energy performance. All properties must have an EPC before they’re sold. While your estate agent can sort this out for you, it may be easier (and cheaper) to handle it yourself. You can use GetAgent’s EPC tool, to find out whether you have a valid EPC, and to get a quote for a new one. 

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* **Estate agent fees**

You can usually expect to pay your estate agent a percentage fee on the final sale of your property. This is typically between 1% and 2%, though the current average in England and Wales is reportedly 1.18%+ VAT. The specifics will depend on your contract and area. 

* **Solicitor or conveyancer fees**

You’ll rely on solicitors and conveyancers to sort all the legal aspects of selling your home. Their prices will vary depending on the value of the property and what you’ve asked them to do. Be sure to ask for a quote upfront, as well as a comprehensive list of services, fees and potential extras.

* **Current mortgage lender’s fees**

Go through your paperwork or get in touch with your lender to check whether you’ll have to pay early repayment charges for switching your mortgage to a different lender or property. Allow plenty of time to get your finances and to discuss with your provider what fees you can expect.

* **Removal costs**

It will cost you to move your possessions to your new property, so do your research early. Important factors to consider include location, timing and budget. Moving is very expensive so many people turn to friends and family to help, perhaps including hiring a van and doing it on their own.

[Read more on Getagent’s blog: How much does it cost to sell a house in 2021?](https://www.getagent.co.uk/blog/first-time-sellers/cost-of-selling-a-house)

### Preparing your home for sale: staging

But before you can sell your house, you’ve got to get it noticed. That’s why you should consider your presentation -- or ‘staging’ -- for prospective buyers.

'Staging' simply means preparing your home in a way that will give the best first impression. This could involve: cleaning, rearranging, and minor DIY. Think of it like set design: you want to create the perfect backdrop for a potential buyer.

With this in mind, when you prepare your home, you’re trying to make it look clean, appealing and neutral -- without appearing boring. 

Here are some staging tips to help you prepare your house for viewings:

* **Declutter your rooms**

Decluttering your home is one of the most essential things sellers can do to boost their house’s selling potential. By keeping your home free from your own clutter, you’ll be better able to present it as a blank canvas upon which potential buyers can let their imaginations run wild. Plus, removing your odds and ends -- that pile of paperwork on your table, the kids' toys in the living room, or even any oversized furniture items -- allows viewers to concentrate on the space, not your belongings. You may want to consider renting a temporary storage unit where you can stash larger items while you prepare your house for sale. 

* **Depersonalise your space**

Similarly, sellers should depersonalise their house to give prospective buyers a clean, impersonal and neutral space in which they can imagine themselves living. That means packing away your family photos, the heirlooms your grandparents left you, and that quirky piece of art you picked up on your last holiday. You can always put these things back up once you’re unpacked in your new home, so don’t despair. But putting them away helps reduce a potential source of distraction for viewers. They shouldn’t be left wondering about your taste in furnishings but rather should spend their time and energy visualising how their own belongings would fit into the house.

* **Make minor repairs**

This may seem obvious but it’s sometimes overlooked amid all the bustle of getting a house ready for sale. Replace any burnt-out light bulbs. Fix that leaky kitchen tap and make sure the toilet doesn’t run on. Paint over any areas that may be peeling. These are relatively quick fixes but it’s impossible to underestimate how impactful a small thing like that could be on a buyer who is otherwise on the fence. Especially in a competitive market, fixing your chipped tile could be the difference between receiving zero offers for your house and securing a good price. This is partly because, subconsciously, a buyer may feel that a person who hasn’t addressed small issues likely won't have addressed bigger things, either.

* **Make your house shine**

Don’t forget to keep your place tidy. That means cleaning the tricky spaces in the bathroom and kitchen; polishing mirrors, windows and chrome surfaces; and keeping clean, well-folded towels on the rack. You should also stay on top of regularly hoovering, sweeping and gardening to minimise any possible distractions when someone new comes to view your house. Try to avoid cooking with especially odiferous foods and generally prevent allowing any unpleasant smells to linger. If you have a pet, clean up the litter trays, dog leads and any hair they may have left on furniture and carpets. Some of these tasks may seem minor because individually they only take a few minutes to handle, but the cumulative effect can influence how much money is offered.

* **Boost its kerb appeal**

It’s a gauzy notion, but kerb appeal refers to the first impressions a prospective buyers gets when they look up at your house from the pavement. It’s pivotal because it can set the tone for their entire viewing experience. For some quick wins: freshen up the paint on your front door -- or even your entire exterior if it needs it. Fix your house numbers. Replace your old, frayed doormat with a new one. Add some flower pots outside your front door. Get a gardener to clean up your front garden and trim any overgrown shrubs (or do it yourself) and repair any cracks in your front walk. As the old saying goes, ‘You never get a second chance to make a first impression,’ so make it count.


Older man in grey top teaches young child wearing rubber gloves to clean a mirror in a modern bathroom

prepare-a-house-for-sale

In this article, we’ll offer some top tips about how to get the timing, presentation, and administrative details right so that when you’re ready to put your home for sale you’ll be ideally situated to get maximum value for your property.

Preparing a house for sale | Getting ready to sell a home in 2021

In this article, we’ll offer some top tips about how to get the timing, presentation, and administrative details right so that when you’re ready to put your home for sale you’ll be ideally situated to get maximum value for your property.


Preparing to sell your home: A comprehensive guide

If you're buying a property for the first time, the whole process can seem pretty overwhelming. 

Should you be offering the asking price, or can you suggest a lower price? Can you just tell the seller you want to buy their house or do you have to talk to their lawyer?

In this article we take a look at the process of making an offer on a property, and share some advice on how to get the best deal for your house purchase.

### What's the process for making an offer on a house?

With a bit of preparation the process of making an offer doesn't have to be difficult. There are a few basic steps to follow:

* **Before you start making offers** 

Before you make your offer, there are a few things you need to ensure you've done first. Most importantly, you'll need to figure out your finances. 

Most estate agents will ask for 'proof of funds' on receipt of your offer. This proves you are a serious buyer, and prevents people making an offer on a house they can't actually afford.

You can provide proof of funds in the form of a 'mortgage in principle' letter from your bank, or a bank statement. A mortgage agreement in principle isn't an official mortgage approval (which depends upon a lender's valuation of a property), but does provide proof that the mortgage provider is willing to lend to you. If you know that you'll need to get a mortgage, make sure you apply for a mortgage in principle soon after you start your property search. This will help avoid delays once you find a property you want to buy.

It can also be pretty handy to know which conveyancer you want to work with before making an offer. This will allow you to move quickly if your offer is accepted, and can be appealing to sellers. 

* **Make your offer** 

Once you have your proof of funds in place, and have found your dream home, it's time to make your offer. 

First, you'll need to phone or meet with the estate agent representing the seller. You can then submit an offer to them verbally.

It's likely that the estate agent will ask for some further information, such as your 'position' (how soon you can move, how you are financing the sale, whether you need to sell a property before you can buy). They'll also ask for some personal information such as copies of your ID, and the contact information for your conveyancer.

* **Follow up with an offer in writing**

After you've made your offer verbally, make sure you follow up by submitting your offer in writing or over email. This creates a written record of your offer, and everything you've discussed with the estate agent. This will ensure that there are no crossed wires when the estate agent relays your offer to the home seller. 

At this stage it's a good idea to make sure the agent is clear that the offer is 'subject to survey'. This means you'll be able to renegotiate or withdraw your offer should any major issues come up in the survey. It can also be useful to ask the estate agent to draw up a list of all the fixtures and fittings that will be included in the purchase price, so that you have a written record of *exactly* what's on the table. 

* **Offer passed on to the seller**

Once you've submitted your offer formally, the estate agent will pass your proposal to the property owner. They'll discuss whether the amount you want to pay meets the seller's expectations, and about your position as a buyer. If there are other interested buyers, they'll also compare your offer to the others they've received.

* **Response**

The seller will probably take some time to think everything through, but should respond within a couple of days. They will either: accept your offer, reject your offer, or propose a counter offer. If your offer is accepted you will progress to the conveyancing stage. If your offer is rejected or countered, you can either walkaway, or attempt to negotiate.

**Tip:** If your first offer isn't accepted, ask the estate agent for feedback. They should be able to tell you why the seller rejected your proposed amount, if they've received a higher offer, or are worried about your chain situation. They might even let you know how much you would need to increase your offer by.

* **Negotiation**

If you decide you want to make a counter offer you will negotiate the details with the seller's estate agent until you find an amount that you both agree upon, or you can walk away. If you're uncomfortable negotiating with an agent, it is possible to hire a buyer's agent to represent you - but they will charge a fee.

* **Offer Accepted**

If negotiations go well your offer will be accepted. At this point your legal representatives will get to work drawing up a contract.

**Tip:** Once your offer has been accepted, request that the property is taken off the market straight away. Your offer is not legally binding until a contract has been signed. Removing the property from the market will reduce the chance of another buyer offering a higher price and [gazumping](https://www.getagent.co.uk/blog/gazumping-meaning-what-can-do) you.

[Read more about what happens once your offer has been accepted](https://www.getagent.co.uk/blog/conveyancing/how-long-to-buy-house)

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### Is it better to offer below the asking price?

When you're thinking about putting in an offer on a property, it can be difficult to weigh up offering too much to avoid being rejected, versus offering too little money and risking losing the property to another buyer.

The best way to approach the problem is to thoroughly research: the local market, the value of the property you're hoping to buy, and the seller's personal situation.

Take these questions as a starting point:

* **How many other buyers are interested?**

If there's a lot of competition for the property, it's likely that the seller won't accept a lower offer on their home. However, if you're the only buyer that has expressed interest, you might find that the buyer will be willing to accept less money.

* **How many other similar properties are available?**

If there are lots of similar properties on the market the competition for this particular house will be less intense than if it's a one of a kind dream home. When there's lots of competition, buyers tend to offer more.

* **How much have other similar properties sold for recently?**

The recent sold prices of other local properties can be a good indicator of the amount you should offer. If these houses have sold for significantly less than the seller is asking for, it's likely you can propose a lower amount too. On the other hand, if they consistently sell for more, the property is probably undervalued. In this case you might consider offering slightly more to beat any other interested buyers.

[Curious about how much a property is worth? Our free, online valuation tool uses local market data can provide you with a quick estimate. Try it now.](https://www.getagent.co.uk/how-much-is-my-house-worth)

* **How much do you want this particular property?**

If you've fallen in love with a particular property, or haven't found any others that satisfy all the things you need from your new home, you might decide to offer slightly more so that you don't risk losing the property.

* **What other costs will there be?**

Buying a house costs more than just the price of the property. You will also need to factor in legal costs, stamp duty land tax, survey costs, removal costs, and any maintenance or furnishing you want to do once you move in. If you're moving to a bigger property you may also find your recurring costs - such as utilities, council tax, and service charges - increase too. Take this into account when figuring out how much you can afford to spend on the purchase, and running of your new home.

* **What can you afford?**

It's incredibly important that you do not spend more than your allocated budget - regardless of how much you love a house. The continuing financial implications of buying a home for more than you can afford can last for several years in the form of: unaffordable monthly mortgage repayments, maintenance costs, or lack of savings for emergencies.

* **What is the seller's position?**

If the seller needs to move quickly they will usually be more likely to accept a lower offer. 

You might also find that a seller will favour chain free, or cash buyers over others, even if their offer is lower. Chain free and cash buyers are able to move more quickly, and pose less risk of falling through than those in long chains. So, if you're a first time buyer, for example, you're in a particularly strong position.

As a general rule of thumb, in England and Wales it is acceptable to offer around 5-10% less than a property's asking price. In [Scotland](https://www.getagent.co.uk/blog/home-selling-in-scotland) the etiquette is slightly different, and many estate agents will request 'OIEO' (or 'offers in excess of') a certain price.

You're more likely to have a low offer accepted if:

* The property has been on the market for a long time

* The seller has already had to reduce the price to attract interest

* The seller is keen to move quickly (for example, they're part of a chain, or they need to move for work.)

* There's no competition from other buyers

* You're a first time, chain free, or cash buyer

### Can you make an offer on a house that's already 'under offer'?

Yes. It is possible to make an offer on a house that's already marked as 'under offer'. Offers can be received right up until the moment the seller has signed a contract, and the buyer has paid their deposit. 

In fact, estate agents are [legally obligated to put forward all offers they receive](https://www.getagent.co.uk/blog/estate-agents/estate-agents-lie-offers), at any point in the sales process, however ridiculous, cheeky, or last minute. This means even if the buyer has informally accepted an offer you still have a chance.

However if you plan to put in an offer at the last minute, it's likely that you'll have to make it very attractive for the seller. You'll have to be willing to pay more than the accepted offer, or be in a substantially better position than the current buyer (eg. a completely chain free, cash buyer).

### Does it cost money to make an offer on a home?

No, it doesn't cost anything to put in an offer on a property.

You may be asked to pay a holding deposit, but it's not compulsory to do so. Usually you'll only be asked to do this in a particularly volatile or competitive market, to prove that you're a serious buyer. 

There are a few different types of holding deposit so make sure to check the terms before you agree. For example: you should never give a holding deposit directly to a seller. All money should be handled by their conveyancer or solicitor. 

Although you won't have to pay a fee to submit an offer on a property, you must be prepared to pay all of the additional costs that come with buying a house if your offer is accepted. 

Put aside some money for: legal fees, mortgage arrangement fees, survey costs, stamp duty land tax, removals costs, along with any maintenance or furnishing you hope to do once you move. If you are selling your home too, you'll also need to budget for the associated costs - such as [estate agent fees](https://www.getagent.co.uk/vendor).

Once you have signed a contract, or 'exchanged', you will be legally obligated to go through with the home purchase. It can be incredibly expensive and stressful trying to withdraw from a sale after this point.

### How to improve the chances of having your offer accepted

It can be pretty nerve-wracking making an offer on a house you love. Luckily, there are a few things you can do to increase the chance the seller will accept it: 

* **Think about seller's position**

It goes without saying that an offer will be more appealing if it ticks as many boxes as possible for the seller. Doing a bit of research into what they're looking for can go a long way. How soon are they looking to sell? Can you be flexible with the completion date to fit their schedule? How long have they been on the market? If the property has been online for a long time, a seller might be more inclined to consider less than the asking price. 

* **Prove you're the best buyer** 

Remember, your offer isn't all about the money. It's worth advocating for yourself in both financial and logistical terms. For example, demonstrating that you're ready to move quickly by having a mortgage in principle in place, and a conveyancing firm ready to go, will show you're a serious buyer that won't cause delays. If you're a first time buyer make sure to flaunt it. 

* **Do your research**

Researching the property and the local area will also improve your chances of having your offer accepted. You can use the information you find about house prices nearby, and potential new developments that could impact the property (such as a new motorway, or skyscraper) to justify why you are offering the amount you are. This demonstrates that you've fully considered the true value of the property - rather than arbitrarily offering a percentage below the asking price. 

* **Remember the estate agent works for the seller**

Although it's tempting to discuss your plans with the agent working on the property, remember that they're ultimately working to get the best price for the seller. For example, telling an agent that your first offer isn't the highest you can pay, will simply lead to the agent advising the buyer to hold out for a higher offer from you. 

* **Politeness goes a long way**

Negotiating on a property is a delicate piece of diplomacy - and an offer is just the start of the process. Being prepared with all the information upfront, remaining calm if your first offer isn't accepted, and discussing in detail how you could reach an agreement will make you stand out. If the seller sees that you're a dependable and organised buyer, they'll be reassured that the conveyancing process will also go smoothly. 

A couple reading to a young child sat on mother's knee 

how-to-make-offer-on-house.jpg

 In this article we take a look at the process of making an offer on a property, and share some advice on how to get the best deal for your house purchase.

How to make an offer on a house | Making an offer in 2021

We take a look at the process of making an offer on a property, and share some advice on how to get the best deal for your house purchase.

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