The Key Points of the Housing White Papers, A Beginners Guide to Renting, Plus More

Welcome to the Wood & Pilcher March Newsletter! This month, we'll be breaking down the key points of the housing white papers, we investigate how the name of your street might affect your property's value, we take a look at which home features most influence prospective buyers, and we offer a beginner's guide to renting.

Until next time,
Wood & Pilcher

Key Points: The Housing White Papers

The Government has released their most recent housing white paper in which they outline their strategies for improving the UK housing market.

It has been widely reported that there is an increasing supply and demand issue for housing in the UK and the continuing rise of house prices has created a property market that is more reliant on rental accommodation with each passing year.

While the government would ideally like to increase the number of homeowners in the UK, the focus on the white paper leans more towards dealing with the demand through a variety of options such as the private rented sector and the build to rent sector.

With the population expected to grow by 10 million by 2042 the government wants to ensure that property developers provide more new and affordable homes for rent by making build to rent a key focus of their strategy and a strong focus on “family friendly” tenancies of three or more years.

Although the development of more rental accommodation is considered vital, there will still be continued support for those looking to buy a home through the Help to Buy scheme and lifetime ISA’s, along with the construction of starter homes which begin this year, and aim to provide first time buyers the opportunity to get on the property ladder at a discounted price.

The white paper also speaks about the changes being put into place to speed up the delivery of new homes by reducing the length of time between planning permission and the start of construction and cutting down on land banking, as councils will be allowed to apply more pressure on developers to begin construction on any land they own.

It was also revealed that sites located in the inner cities with good transportation links will be targeted more for residential development, and through the &3bn home building fund diversity in the housing market will be encouraged by supporting smaller builders who embrace innovative and efficient house building methods.

Overall, it is clear that the objective of the Government strategies is to restore some balance to the market by meeting the increasing demand for rental accommodation, which in turn should create a property market that is also more affordable for prospective buyers. As for investors, with the Government viewing the build-to-rent sector as the solution to the housing supply crisis, it may be time to consider investing in BTR, as the Governments support for this sector looks set to grow over the coming years.

How an Embarrassing Street Name Might Affect Your Property's Value?

Who hasn’t seen a funny or rude street sign in their time? Even before people shared them on social media, we all knew of one in our area that tickled us. But have you ever considered how the name of your street might be affecting your house price?

That’s what a study conducted by Hometrack claims. If your property is based on a road named “Lane” you will be commanding the highest prices of any street in the country, with roads named “Way” coming in at second highest.

Meanwhile, properties based on roads named “Street”, “Drive”, or “Avenue” were the most affordable of the category.

Most Valuable Street Names

1. Lane
2. Way
3. Road
4. Close
5. Avenue
6. Drive
7. Street

There were some regional discrepancies in the findings. Whilst “Lane” was the most expensive in England and Wales; the most expensive street names in Scotland and Northern Ireland were “Close” and “Road” respectively.

In a separate study, it was discovered that royal names come with a royal price tag too, with properties on roads with King in the name being 20% more expensive than those with Queen, while Prince is 35% more valuable than Princess.

The research also discovered that rude or humorous names (like Slag Lane in Leicester) tend to draw a slightly lower than average price.

Properties on Cock Hill Lane in Rubery are worth &60,000 less than properties the street over. Likewise, properties on Minge Lane in Worcestershire are worth half as much as a property on neighbouring roads.

Whilst this may seem like an immature way to shop for homes, an unfortunate name can cause day to day problems for home owners. For example giving the address for things like taxis or setting up bills can mean you don’t get taken seriously by a lot of people.

Whilst this might seem like a bit of fun, it offers a valuable insight into the mind of a homeowner. Words and phrases that they associate with exclusivity and luxury all tend to command higher prices, whilst some humorous or rude sounding names tend to push prospective buyers away.

Which Home Features Most Influence a Prospective Buyer?

According to a recent survey, almost half of prospective buyers are most influenced by a new kitchen when buying a new home, whilst an additional 28% would be prepared to offer a higher price as a result.

Following closely behind is a new bathroom, which would influence 46% of home-hunters with a quarter of those saying they would pay a higher price tag.

Surprisingly, new windows were ranked third most important, however, as a reason for upping the price, a new extension was more important.

The level of desirability appears to depend mostly on how practical a feature is. New windows, loft insulation and boiler are all useful features which can contribute to keeping a home more comfortable and keep your energy bills down.

Whilst the results are mostly for fun, it’s extremely helpful for those thinking about renovating their home or for those looking to gauge what prospective buyers are currently interested in when it comes to property.

A Beginners Guide to Renting

Looking to rent a home but don’t know where to start, what to look for or what to avoid? We’ve put together a quick guide on the process to help you find your perfect property and hopefully help you avoid any pitfalls.

Hunting for the Right Property
Your first dip in the pool of properties will probably make you feel as though you’re drowning in homes, so where do you begin? Luckily the internet has made it so easy to find properties in your area so why not take a look through our website? Also, register your details with us today to benefit from being the first to view some fantastic properties. Either call your local branch or register online.

Book a viewing
If you see a property that suits your needs then it’s wise to book a viewing as soon as possible. There is a very strong chance that you won’t be the only one eyeing up the property so make an appointment and try to ensure that all decision makers will be present so you don’t have to book a 2nd viewing if you like the place. Once you’ve found your property, it’s time to make an offer.

Reserving a property
Once you’ve chosen your property you will need to make a formal offer to the landlord through the agent. This offer will detail such things as the occupancy date and duration of letting. It's best to make sure that your offer is respectable, if your offer is too low then you could risk offending the landlord and the deal could fall through as a result.

Contracts & Vital Information
Once all parties are satisfied, you’ll receive a tenancy agreement. We know you’ve been waiting a long time for this, but don’t be tempted to just sign and ask “when can I move in?” take the time to read it thoroughly. Don’t be afraid to ask about anything that was unexpected or if you need something clarifying. It is vital that both parties have a crystal clear understanding of all terms and conditions along with knowing exactly what to do and who to contact if an area of the property needs repairing in the future.

Time to move in
It’s finally time to move in. Make sure you’ve got the contact details of your letting agent and the landlord in case you have any further questions about the property. Once all of that is taken care of, it’s time to put your feet up and get settled.