October Newsletter - Get your property ready for the colder weather with our tips

In this month's edition, we're kicking things off with our tips on preparing your property for the colder weather.

Elsewhere, reports have suggested that the UK mortgage market is continuing to see growth, we take a look at the expanding role that older borrowers are taking on to help get their family onto the property ladder and finally, we detail the importance of setting a realistic asking price when it comes to selling your property.

Get your property ready for the colder weather with our tips

As the days get shorter and the temperatures start to drop, it’s hard to avoid the fact that winter is on its way. The colder weather can wreak havoc with your property, so we have put together some top tips to keep your property in tip-top shape throughout the cooler months.

Pipe dreams
As the temperatures drop, the water in your pipes can freeze causing them to burst and deal major damage to your home. In order to avoid this, keep an eye out for any gaps in external walls as the cold air could reach the pipes and encourage them to freeze over. Sealing over any gaps in external walls, as well as adding insulation around vulnerable pipes in areas such as the loft and garage could mitigate this problem. Further to staying vigilant to external wall gaps, keeping your heating on a low-level (around 4 degrees) - even when you’re away from your home - will maintain a consistent temperature around pipes, thereby avoiding the problem of pipes freezing over.

Boiler spoiler
When was the last time that you had your boiler checked? A poorly maintained boiler wastes energy and costs more to run, as well as running the risk of leaking carbon monoxide into your home. Having your boiler serviced will reap rewards in the long run, as well as giving you peace of mind in terms of safety and efficiency. Naturally, one of the key components of your boiler system are your radiators - a handy hint to maximise their efficiency is to put kitchen foil behind them for the heat to be reflected back into the room they are in.

Fill the gaps
Around a quarter of the heat lost from your home escapes through the loft, and therefore having good loft insulation is key to staying warm this winter. As well as the loft space, cavity wall insulation can make a real difference to keeping your home warm and energy bills low - with a typical saving of £145 per year saved on energy bills simply through having insulation installed. In terms of cost, there are a number of government grants and subsidy schemes available to help you with the initial outlay of insulating your home and staying warm this winter – so do your research and stay warm for less.

The big switch
If you feel that your winter energy bills are high despite your best efforts to prepare your home for the cold months then give your energy supplier a call and have a chat about being allocated a more cost-effective tariff. Remember that you will never experience a disruption in service if you decide to change suppliers, so feel free to shop around and find the best deal that works for you. You can use online comparison tools as well as literature direct from suppliers to find the most competitive energy rates and offers, so turn up that thermostat and get extra cosy!

Down the drain
As the leaves fall from the trees, drains and gutters can easily become blocked with debris, causing build-ups of water which could make its way into your home in the form of damp. As the temperature drops, these leaves are prone to freezing which can weigh down your guttering and damage external structures. Ensure that your drains and gutters are debris free by checking lower-level guttering on your property and clearing these out by hand as safely as possible - if the lower-levels are blocked then higher levels may also require a closer inspection.

Older borrowers helping younger generations onto property ladder

Independent equity release adviser Key has conducted research which establishes the strong role that retired homeowners are now taking on in order to help their children and grandchildren in purchasing a property.

The research from Key has shown that an increasing number of parents and grandparents are using their own properties in order to help younger family members onto the property market. Almost one fifth of mortgage advisers at Key had received enquiries from older customers with regards to selling holiday homes and buy-to-lets.

Will Hale, CEO at Key, said: “With advisers foreseeing a surge in first-time buyer enquiries, it’s clear that the property wealth of over-55s is increasingly playing an important role in tackling the intergenerational imbalance of property ownership. And it is really no surprise, given the fact that the average first-time buyer who wants to secure a good rate as they get onto the property ladder needs to find just over £25,000. That said, with the older generation often using their savings and pensions to help raise the deposit, there is a real possibility for this generosity to have a sting in its tail. Getting specialist advice which considers all options, including equity release, is vitally important to ensure that they make decisions which will benefit themselves and their families over the long term.”

The importance of setting realistic asking prices

Recent analysis from comparison site Zoopla has shown the benefits that are reaped when a property is priced correctly rather than over-ambitiously, with overvalued properties taking up to two months longer to sell.

In addition to a longer sale period for properties which are overvalued, the research also found that by dropping the price in order to attract buyers, these properties also achieve an average asking price of £12,000 less than their more accurately valued counterparts.

“Our research highlights the importance of accurate pricing and reveals the areas where there is the healthiest alignment between a seller’s expectations and what a buyer is willing to pay for a property,” said Charlie Bryant, managing director of Zoopla.

“When a home is valued too ambitiously at the start, or simply overpriced, the sales process can be derailed. Homes can languish on the market for much longer than they should and the vendor loses control of the sale, often leading to price reductions,” he pointed out.

“Agents in Salford, Driffield and Dronfield stood out in our report in aligning their vendor expectations with the realities of the market, and what a potential buyer is willing to pay for that particular house, in that particular location. The English and Welsh average sold price, which amounts to 96.3% of the asking price, indicates a market realism, and moreover a market that is transacting good values, despite wider macro-economic and political concerns,” he added.

This research shows the important part which an estate agent plays in those initial meetings, with an over-valuation extremely attractive at first, but damaging in the long-run. If you are thinking of selling your property, then complete your own research so that you can have open and honest conversations with your agent in order to list at a realistic value.

UK mortgage market is continuing to see growth

2019 has seen record levels of mortgages approved, with lenders in the market in the midst of fierce competition with one another to win customers, which is providing many of us with the chance to obtain particularly favourable mortgage rates.

The latest figures from UK finance show that the mortgage market in the UK is continuing the current rate of growth, with the number of first-time buyer mortgages up 5.8% year-on-year and home mover mortgages also up by 1.4%. Interestingly, buy-to-let mortgages have also seen something of a renaissance after a period of decline due to government changes with regards to taxation, signalling that there is once more opportunity in the marketplace for those looking to invest.

“It appears that no matter what happens in Westminster, and who can predict what might happen next, that people are still moving or managing to get on the housing ladder," said Richard Pike, Phoebus Software sales and marketing director.

“With an increased number of longer-term fixed rate mortgages that have been taken out since the referendum, it is unsurprising that remortgage figures are down. Until the uncertainty that is being felt across the country is over, one way or another, that trend is likely to continue as borrowers look for some kind of certainty, at least for their finances,” he pointed out.

It would appear that the competitive mortgage rates which are currently present in the market are trumping any concerns that people may have with regards to Brexit, and therefore many are making the most of the bargains which are available.

According to Adrian Moloney, sales director at OneSavings Bank, a number of buyers are abandoning the wait and see approach. “This has been helped by mortgage rates remaining as competitive as they have been for some time, alongside high employment and improved earnings. In this market, there are bargains to be had and it seems some are making the most of these now,” he explained.