UK Property Prices to Rise by 56%, How To Save Energy this Autumn, Plus More

Welcome to the October edition of the Wood & Pilcher newsletter.

This month, UK property prices are set to rise by 56% over the next decade, homeowners are becoming millionaires thanks to rising house prices, we share some top tips for saving energy this autumn and for tenants looking to move out.

UK Property Prices to Rise by 56% Over the Next Decade

 

 The latest figures from the property market are indicating that property prices will continue to surge ahead over the next decade.

Amidst a great deal of concern regarding house prices and Brexit, the news that house prices will continue to grow at a steady rate is sure to be well-received by homeowners.

The statistics suggest that the value of UK property will continue to climb at a rate of 0.37% a month, which will mean by 2027 the average UK house will be worth &347,757 – an increase of 56% over the next decade.

Surprisingly, Nottingham has come out on top as the city that is expected to see the most growth, with the average property price expected to have risen by 160% over the next decade. Glasgow and Oxford came second and third with predictions showing that the average property value will go up by 131% and 115%.

Cardiff and Edinburgh are also expected to be swept up in the post-Brexit boom whilst areas that have enjoyed constant growth over the last few years like London and Southampton don’t even make the list.

Bristol, Leeds and Swansea are predicted to see the smallest amount of growth, although they will still see a considerable 58%, 67% and 80% rise in value over the next decade.

 

Homeowners are Becoming Millionaires Thanks to Rising House Prices

 

 

Barclays Wealth’s recently published a prosperity map that sheds light on the rising number of millionaires in the UK.

They found that as a result of rising prosperity and property prices, one in 79 Brits over the age of 21 are considered millionaires.

This figure has risen considerably since 2016 where the statistic was one in 84 Brits. In fact, according to Barclays Wealth, the UK’s millionaire population is growing each year by approximately 7.6%.

Whilst this group of wealthy individuals is still significantly smaller than the size of the wider UK population, at a number of 625,000 and rising, we have reached our highest number of millionaires on record.

When this prosperity is analysed region-to-region (see below table), there are some very clear and obvious findings.


Most notably, that our millionaire population is highest at the heart of the UK. In our capital, a staggering 165,000 people fall within this millionaire bracket. And with an average house price of &502,787, are we really that surprised?

After all, there appears to be an undeniable correlation between highest property prices and highest levels of prosperity.

In the northeast of England, where the average house price is &118,971, there are only 12,000 millionaires. That is just 7% of the number of wealthy Brits found in London, and a difference of over &380,000 in terms of the average house price.

When it comes to highest growth, the East Midlands and South West experienced the greatest surge in wealthy individuals, up 11.1% and 10.5%, respectively.

From Barclays Wealth’s prosperity map, it is clear that property is a great investment, and has sparked growth in many UK cities. 

Top Energy Saving Tips for Your Home

 

As the days become shorter and the nights become colder, you can probably expect your energy bill to rise too.

You don’t need to resort to a winter of living in a dark, cold house to keep outgoings down, you just need to follow these steps.

1. Insulate your home in every way possible
It’s not the most thrilling of solutions, but in terms of saving money, it is a tried and true method. Loft and wall insulation are relatively cheap to get installed in your home (in the case of loft insulation there are government grants that can help). On the other hand, double glazing has shed its reputation for being an ugly addition to a property’s façade, and can now be purchased in a range of styles. These additions will turn your home into a toasty fortress, whilst also saving you over &375 a year in energy bills.

2. Harness the Sun
With the vast majority of the public believing the myth that solar panels only work when it’s sunny, many wouldn’t think of turning to solar as a method for bringing your winter bills down. If you plan on living in your current property for many years, investing in solar panels is a great way for making long-term savings.

3. Turn-Off Your Electronic Items
It slips most people’s minds to switch off electronic items, especially when most modern technology like games consoles and mobile devices require a constant internet connection to function quickly. Ensuring that you turn off any electronic items that you aren’t using could save you &30 a year.

4. Boiler and Thermostats
If you live in a property with an older boiler, you might want to consider buying a more energy-efficient version. The current models could save you over &300 a year on your bills. If the cost of installation seems a little high, you could always consider having a service, which can help to make them more efficient. It’s also important to control your heating with your thermostat. Turning it down by as much as one degree can save you &80 a year.

5. Get Smart Control
Being able to control your heating via a mobile app, means you can manage the temperature of your home. Perfect for when no one’s home and the heating is still running at full blast.

A Tenant's Guide to Moving Out

 

Your tenancy has come to an end and now there are a lot of different tasks you will need to juggle before you can successfully leave the property. Take a look at our guide to moving out.

Round off all your bills
Unpaid Rent is the most common reason for tenants losing their deposit, so it is a good idea to check with your landlord or property manager before you move to make sure you’ve paid the correct amount.

You should also give your energy suppliers plenty of notice before you move so that they can organise a final bill. Make a note of your meter reading on the final day for reference should you be billed an incorrect amount.

You should also have your mail re-directed to your new address and you should inform any service providers such as TV, Internet etc. that you will be moving house.

Give the place a good thorough clean
Landlords will need the property to be ready for the next tenant, so there will likely be a clause in your contract that stipulates that the property is to be returned to the same level of cleanliness as recorded at the start of the tenancy. If the property isn’t spotless, you could lose some of your deposit to a cleaning bill.

Spruce up the Garden
The garden will also need to be in the same condition as when you moved in. Pull up any weeds, mow the grass and dispose of any garden waste properly. If the gardening tools belong to the landlord, ensure you leave them behind for the next tenant.

Thoroughly check the property for a final time…
Moving out of your rental property is a different proposition to moving out of your parent’s house or a property you may have owned. For the duration of your tenancy, you have essentially played the part of guest and caretaker of someone else’s property, so a good deal of the process will be focused on the condition of the property when you moved in versus when you left it.

To help avoid any issues, it’s a good idea to do a walkthrough of the property and compare it to the condition report and/or any pictures you or the letting agent might have taken before the move. It’s also a good idea to take new images before you leave.

… and review the inventory
The inventory you received at the beginning of your tenancy will detail the condition and any items that the landlord has in the property, for example, gardening tools, small items of furniture, kitchen appliances etc. You will need to check that all these items are still in the property and that they’re all in working order, or you might face losing a portion of your deposit.