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The crudely made toilet roll angel that Lily proudly brought home from primary school might be your prize possession, but she’s 18 now. Similarly, the illuminated blow-up Santa that sits outside to welcome late-night visitors may have become something of a tradition in your household, but to others it might simply look garish.  If you are looking to sell your property during the Christmas period, you will have to rethink your Christmas decoration plans. Sadly, those prized personal possessions may need to stay in the loft – for this year at least. Keep decorations simple and subtle Prospective buyers are likely to want to see some signs of festive spirit, but they will also want to see your property’s features and space. If an eight-foot Christmas tree takes up valuable square footage and every surface is covered in Christmas-themed ornaments, then that won’t happen. It could be enough to lose you a potential offer. Instead, keep decorations simple, subtle and tasteful to appeal to the broadest range of buyers-to-be. This may mean pruning your existing collection, which could be a useful decluttering process before you move. Or it might be about leaving most of them in the loft and investing in a couple of new key pieces instead. Less is more when it comes to lighting Exterior Christmas decorations can be a bit Marmite-like. Prospective buyers will either love or hate your flashing exterior lights and that inflatable Santa we mentioned earlier. When it comes to kerb appeal, they can be one of the biggest turn-offs of all. Once again keep it simple. A string of lights on a tree or bush can help your property look a little more inviting, especially if it’s leading up the path to your front door. But less is definitely more on this occasion. It’s time for the inflatable Santa to retire – for this Christmas at least. Increase light (of the natural kind) Making the most of your natural lighting is key at any point of the year when staging a property, but it’s even more important in the winter. Sprayed-on window decorations may show off your artistic flair, but they’ll minimise the natural light coming into the property when you want it most. They could also be another love or hate feature for your buyers. It’s simply not worth the risk. Keep windows and light sources clear, relocate Christmas trees if they are blocking light, for example, and put that spray can of fake snow away. Provide a warm welcome December viewings can be miserable. It can be cold, wet and slippery outside. To increase kerb appeal, make sure the exterior of your property is tidy and clear of hazards – such as fallen leaves. A welcoming light at your front door – and perhaps a wreath to add a festive touch – can be supplemented with a warm invite inside, perhaps with a Christmas-scented candle or two or some mulled wine brewing to cheer up tired and cold prospective buyers.

In Labour’s first budget at the end of October, the party announced a raft of measures, many of which will have a direct impact on the housing market. This was followed by the Bank of England’s long-anticipated cut to the base rate which was reduced to 4.75% in early November. Market impact So, what does it all mean for the housing market and where might it go next? The implications are mixed. Interest rate cuts and low inflation show that measures to control the economy are working, for now at least. They also provide extra confidence amongst buyers and sellers alike, something that had already been witnessed with a stronger-than-expected start to the autumn housing market. Lower interest rates and stable inflation will be welcomed for the confidence boost they provide and the hope that mortgage rates will begin to fall as a result. Affordability is a big issue for consumers but was also a challenge that Rachel Reeves attempted to tackle in her budget, the first delivered by a female chancellor. Affordability measures Her affordability measures included increases and changes to benefits and eligibility, a freeze on fuel duty for next year and increases in the National Living Wage which will mean more money each month for lower-paid workers. The National Living Wage has increased by 6.7% for those over 21 and by 16.3% for 18-20-year-olds. The proposal to make the mortgage guarantee scheme a permanent fixture should help first-time buyers who might be struggling as a result of the increased stamp duty charges they will face next year. The government will consult with industry and announce further details of how it plans to implement the scheme, which allows lending at a 95% loan to value, at its next spending review. Improved availability Longer-term, the availability of homes should also increase which will ease pressure on a market where a lack of supply means that multiple people are currently chasing the same property. The government has already announced its £5 billion plan to deliver 1.5 million new homes over its time in office but added a further £500 million to the pot in the budget to focus on the delivery of further affordable housing. But stamp duty will be costly But affordability will be tested by stamp duty rises. Those buying second homes or buy-to-let properties have faced the most immediate impact. The rate on such properties rose the day after the budget from 3% to 5%, coming as a surprise to landlords in particular. Other buyers will face higher stamp duty charges from next April. Stamp duty thresholds were previously frozen in Autumn 2022 but expire at the end of March. Since there was no mention of an extension by Rachel Reeves in the budget from April stamp duty will now be due from £125,000 rather than £250,000 previously. The threshold for first-time buyers, meanwhile, will fall from £425,000 to £300,000.

Now we are officially in autumn the news is official. The new season has seen an early surge in the housing market, and everyone is crossing their fingers that the boost will continue and that the demand that has been building for so long can finally be released. In our last blog, we saw how the latest House Price Index from Rightmove showed that average asking prices had risen by 0.8% in September on the previous month and by 1.2% over the year. The September growth was double the long-term average for the period and was prompted by increased activity in the market. Base rate cuts are fueling activity Such growth has been fueled by the base rate cut in August, the first cut in four years and following almost 12 months of the base rate held at 5.25%. September saw the Monetary Policy Committee hold rates steady at 5% for a second month but a further 0.25 percentage point cut at November’s meeting is anticipated by economists. The Rightmove figures have been supported by the latest figures from HMRC, released at the end of September. They showed provisional non-seasonally adjusted estimates of UK residential transactions at 104,330 in August 2024. This figure is 10% higher than the same month last year and 8% higher than the previous month. Seasonally adjusted estimates show a 5% year-on-year rise to 90,210. Buyer and seller interest is rising Buyers are clearly now more confident to buy, especially with a further base rate cut by the Monetary Policy Committee expected before the end of the year. Some economists even believe a further cut will take place in December’s announcement. Rightmove’s figures meanwhile showed that there was an increase of 14% in the number of new sellers coming to the market and a 15% increase in interested buyers contacting estate agents. The number of agreed sales between buyers and sellers increased by 27% on the previous year. Will autumn cool? The figures and prospects for the start of autumn are encouraging and lenders have also been buoyed by the news with mortgage rates continuing to fall as swap rates also decrease. The beginning of October saw First Direct announce deals starting at 3.79% on a five-year fix for owners and first-time buyers who have a deposit of at least 40%.  However, some buyers and sellers may be waiting not only for a second base rate cut but also for the details of Labour’s first budget since coming to power which will take place at the end of this month. It will be a few weeks yet before we know whether the early surge is likely to maintain its pace, but the signs are that the market is going in the right direction and that confidence is returning.

September has seen the news from Rightmove that seller and buyer demand is on the up – prompting national average asking prices to rise by 0.8% on the month and by 1.2% over the year. Nationally, asking prices increased by £2,974 to £370,759 over the month. Although a September price rise is usual after the distraction of the summer for buyers and sellers alike, the growth was double the long-term average for the period.     Mortgage cuts helped drive market activity The price rise has been driven by strong activity since the summer’s base rate cut at the beginning of August, the first in four years, to 5%. Mortgage rates had already begun falling in anticipation, prompting interest from those buyers and sellers who had put their moving ambitions on hold until a wider recovery in the market. The pause had been prolonged while buyers and sellers waited for interest rates and mortgage rates to fall, with demand falling significantly in 2023 as mortgage rates had risen but now cuts are starting to happen, demand is increasing. In September, the Bank of England held the base rate at 5% for a second month after previously cutting it in August. A further cut is expected towards the end of the year which could further stimulate demand. In August, lenders Halifax and Nationwide both reported house prices growing at the fastest annual pace since December 2022. Revised forecasts Long-term annual forecast growth expectations are around 1.5% by the end of the year, according to predictions from Lloyds Banking Group. It revised its figures in August after the base rate cut. Previously the company had expected that the squeeze on available cash coupled with consumer uncertainty would mean a smaller housing market this year and house price falls of between 2 and 4% for the year. Similarly in August, Rightmove also revised its 2024 forecast to 1% for the year overall. It had previously predicted a 1% drop in prices for 2024. And Savills revised its five-year outlook in May to predict a 2.5% increase in value over 2024, up from its previous forecast of a 3% fall. It expects house price inflation to hit at least 4.5% a year until 2028 and peaking at 5% in 2027. This would mean a 21.6% increase in value on this year. Zoopla, meanwhile, anticipates stronger growth. Its figures show that over the first seven months of 2024, house prices rose by 1.5%. In August it predicted that average house prices were set to rise by 2.5% by the end of 2024. The most recent ONS figures, published on 18 September for July 2024 and therefore before the base rate cut, show an average property price of £290,000 for the month, equal to an annual price rise of 2.2%.   The impact of external factors The general consensus is, therefore, that house prices are likely to continue to rise over the rest of this year and for the year as a whole. This is in contrast to many earlier forecasts. However, various factors could impact further house price growth, including consumer confidence, further base rate cuts and the Budget, which will be unveiled at the end of October.

As a buy-to-let landlord, you are in the market to make money. But that’s not been easy with the financial pressures of the last year or two. High interest and mortgage rates have impacted investment strategies and left some landlords wondering whether the challenges are worth it. But, with the right investment strategy there is still money to be made. It just requires that you make decisions wisely to maximise your returns.   Pinpoint the right location to maximise returns The success of your rental property will rely on local demand. While rental demand is high currently, thanks to buyers forced out of the buying market for the time being at least, that’s likely to change as interest and mortgage rates begin to fall. Look for investment properties in high-demand areas that will deliver high rental yields with a steady stream of rental income, as well as capital growth in the longer term. Rental supply remains restricted which means that the pressure on rental prices has increased over recent months. Although a rental price ceiling is close, the record returns that can be generated in the current climate remain attractive for landlords. Manage your finances This must be counter-balanced with an understanding of the financial implications of a buy-to-let investment, however. This includes your tax obligations, such as the income tax due on your rental income. This is now assessed on your whole income rather than just your profits. You may also be required to pay capital gains tax when you sell so consider the implication of this for the future. Your mortgage criteria for a buy-to-let property will also be stricter and will be based on higher mortgage rates than for a traditional mortgage. The cost of stamp duty and the impact of interest rates should also be carefully considered. Calculating your return on investment will help to determine the profitability of your buy-to-let investment. Managing your property Another decision will be how to manage your property and your obligations to tenants. It requires a clear understanding of your responsibilities as a landlord, the rights of your tenants and local property laws where applicable. Managing your investment property yourself may save the fees of a managing agent but will eat into your time. Your responsibilities once a tenant is in place include regular inspections and maintenance, as well as managing unexpected issues and repairs. You’ll need both time and money to manage these important elements of your investment to maximise returns. Be aware of future regulations When investing in rental property you also need to understand future regulations and how they might impact your business. New legislation such as the Renters’ Rights Bill will shift the balance of power to tenants, with increased rights to stay and to tackle unfair rents among the many changes proposed. Energy performance certificate standards will also be raised under the new government although it hasn’t yet clarified the costs to landlords of this change. The additional pressures have meant that some landlords are considering selling as a result. Understanding the potential profitability of your buy-to-let business is essential before you consider whether it’s time to expand your property portfolio, stick with what you have or even scale it back.

With Labour now in power after their landslide victory in July’s general election, the focus turns from campaigning to implementing their policies and plans for the next five years. If you are considering selling or are already in the process, you might be wondering what impact the election result will have on the property market and your plans. Greater economic stability to lead to mortgage rate cuts High inflation and record interest rates have hampered the housing market for some time, impacting affordability and confidence in moving. The buying market has slowed while the rental market has seen record demand as some buyers have put off purchasing until mortgage rates fall. But things are changing. Last month, inflation hit the previous government’s 2% target. As a result, interest rate cuts are expected at the next base rate announcement at the beginning of August. Once interest rates begin to fall then more significant mortgage rate reductions should follow. Mortgage lenders, including First Direct and Halifax, had already started cutting rates in early July in anticipation. As mortgage rates fall then buyer demand and your potential pool of buyers will increase, although that will also mean increased competition with more properties coming to market. However, there could be more pain. The new government will work hard to maintain the momentum of an improving economy. Another key step for change within its manifesto was the pledge to deliver economic stability by introducing tough spending rules to keep mortgage rates low. General market stability As well as economic stability, we should also see improved market stability within the housing market now the general election is done and dusted and uncertainty has ended. It’s now down to Labour to give a clearer idea of their plans to stimulate the housing market and how that could benefit sellers like you. Changes to planning and increased housebuilding will mean greater availability One of Labour’s most significant pledges in its manifesto, and one of the first things it has expanded on since coming to power, is its plans to get Britain building again. It has set a target of 1.5 million new houses over the next five years. Delivering her first speech in power, new chancellor Rachel Reeves said the target would be met through widespread planning changes and a review of greenbelt boundaries. The promised reform of planning laws should speed up the delivery of new housing stock to the market and deliver a rebalancing of supply and demand longer-term. Mortgage help In another attempt to stimulate the housing market, Labour promised additional mortgage support in its manifesto with its permanent mortgage guarantee scheme, Freedom to Buy. It’s aimed at helping first-time buyers who might be facing challenges in saving for their deposit. However, it also since announced a return of the first-time buyer stamp duty exemption to £300,000 in April 2025 – although it will honour the increased temporary cap of £425000 until then. That could hamper first-time buyer demand for more expensive properties.

After the harshness of winter and the damp squib that has been spring, your rental property might require a little TLC if you are to show it off at its best this summer. Ensuring you keep on top of seasonal maintenance is essential to attracting new tenants or keeping existing ones, as well as protecting your investment. But where to start? Check for winter damage If you haven’t previously done so you should give your property a thorough once-over for issues caused by winter weather. Is the roof sound or are there signs of slipped tiles that could escalate into a bigger problem later or potentially cause injury to tenants? Are trees and shrubs secure and healthy or do they need cutting back or digging out? Empty gutters The wind and rain may have dislodged moss from your roof which could block gutters or provide a breeding ground for small plants to grow. These can flourish quickly, putting strain on your guttering and preventing water from draining properly. These need to be cleared so that water can escape freely. Prep your garden space One of the best ways to make your rental property look attractive for the summer months is by sprucing up your outside space. Add colour and interest with plants and tame shrubs that have gone wild and that might be cramping space. Zone your garden to provide clear uses for your tenants to enjoy. If you’re targeting the family market, for example, then ensure your garden space has a safe area for children to play, as well as somewhere for the parents to sit and keep an eye on them. Deep clean inside It might not be the most appealing job when the sun’s out, but you need to pay close attention to the inside of your rental property, too. Warmer weather means that you can throw open windows and doors which is the perfect opportunity to deep clean everything from carpets and hard flooring to curtains since they will dry quicker. The same is true of freshening up your property with a new paint job. The added advantage of this deep clean is that you should spot the little odd jobs that your tenant may not have let you know about or hasn’t yet noticed, such as a leaking tap or a broken drawer. Check the loft Your loft space is an often-neglected area but it’s worth popping your head in here, too. Condensation and mould can quickly occur over the winter months so check that your property hasn’t fallen victim in the loft as well as elsewhere. If your tenants are using the space to store their things, are loft vents still clear to allow adequate ventilation? Check also for any possible leaks over the winter period which could be a sign of damage that needs to be investigated further. Pests can also take up residence in these dark confined spaces so keep an eye out for unwelcome visitors, such as wasp nests, which could cause you and your tenants challenges at a later date.

If you are in the market for new tenants, then spring is an ideal time to attract them. Warmer weather and lighter days might have them yearning for summer BBQs that they simply don’t have anywhere suitable for currently. Alternatively, perhaps after being confined inside for winter, they’ve simply decided they need a little extra space. Or maybe they just fancy somewhere new. Whatever their reasons for finding a new property for rent, spring provides plenty of opportunities to convince them that your property is the one that they want. However, with this increased interest from tenants comes increased competition as other landlords try to get in on the act too. And that means standing out and capturing their attention is going to be key. Spend time on a thorough spring clean You should be thoroughly cleaning your property in between tenants anyway but the spring is an extra excuse to give it a thorough spring clean, freshening up after the closed doors of winter. Give everything a good scrub and deep clean, taking advantage of the fact that you’re now able to open windows and doors to give the property a good airing too. Be aware of any mould or damp problems that may have developed during the winter while ventilation may have been more limited and tackle those immediately. For mould issues look at what you can improve to avoid the problem occurring, as well as reminding new tenants not to dry washing inside without adequate ventilation. As you move around the property also make sure to touch up or repair anything that’s broken, tired or worn and to get rid of anything that might be cluttering up valuable space for potential tenants. Remember that the fresher your property looks the more appealing it will be to viewers. Focus on key areas such as the outdoors With the desire for outdoor space a possible driver of a tenant’s move, you need to make the most of what you have to offer. Even if that isn’t a specific reason then tidying up outdoor space by cutting lawns and weeding will help boost appeal. Repair and repaint broken or tired-looking fences and walls and add a patio set to help them imagine an al fresco drink or meal. A few colourful flowers or pot plants will also help to bring interest to the outside, especially if space is more limited and you can’t fit much more in.  Maximise light Those longer days aren’t just good for extended viewings – they also allow greater potential for natural light into your property. Make sure that benefit is being maximised and that you aren’t blocking out light with heavy curtains or furniture blocking the way, for example. Well-placed mirrors can also help to bounce extra light around your property, creating the illusion of even more space. Offer energy efficiency Summer might be on its way but there can still be a nip in the air some days and tenants might still want to be putting on the heating for a little boost in the evenings. Their energy costs will still be high on their agenda so prove to them that you are helping them to save with a well-insulated property with a good EPC rating. Making the most of tips such as these will help you to capture the attention of prospective tenants and maximise rental opportunities in the vibrant spring market allowing you to stand out from the competition.

The traditional spring clean is a great time for a deep clean and declutter and a chance to review your property for maintenance jobs that should be added to your landlord list over the coming weeks – such as the need for a fresh lick of paint in a bedroom or the replacement of mouldy, unsightly sealant in a bathroom. Doing this will help to ensure your property continues to appeal to prospective tenants and helps to maximise your opportunity for profitability. Start with decluttering and a deep clean One of the biggest first jobs in a spring clean is to declutter. If the property that you rent out is furnished then this is an opportunity to look at what is on the inventory list and check that everything is fit for purpose and doesn’t need replacing, as well as whether it’s actually necessary or is taking up valuable storage or floorspace that your tenants may want to use differently. As you uncover or empty each space then it’s the perfect time to pop on the Marigolds and give each cupboard, counter or shelf a good wipe down (or scrub) to leave it sparkling and grime-free. Wipe walls, skirting and doorframes Your shelves and cupboards may now be dirt-free but areas that often get overlooked during the normal cleaning process are walls, skirting and doorframes. Removing cobwebs from ceilings with soft brushes, and grimy fingerprints from walls, light switches and door handles with a cloth dipped in warm, soapy water will make a big difference to the freshness of your property. Look at your windows With the warmer weather encouraging the opening of windows, a gentle breeze disturbing months of dust on blinds and curtains isn’t going to be a nice experience. This is a good time to dust and clean blinds while also giving any curtains a good wash and line dry. Remember to also clean the windows and sills both inside and out. Clean carpets and floors Spring is also a good time to deep clean carpets and floors. You might want to bring in professionals or you can hire steam cleaning appliances that will bring carpets up to look like new. Hard flooring can also be steam cleaned and resealed if appropriate. Clean appliances and get rid of limescale A spring clean is also a good time to deep clean appliances – removing burnt-on food and debris from ovens and microwaves and gunk and grime from washing machines and dishwashers, for example. A bit of elbow grease will leave such appliances looking like new for your next tenant. Another thing to look for is deposits such as limescale that may have built up in toilets, shower screens or draining boards. Using limescale-busting products, or traditional alternatives such as lemons, will help bring back their gleam. Move outside While the spring clean tends to focus on the inside of the property you should put the same effort into your space outside too to help wow prospective tenants. Replanting and tidying up flower beds, removing weeds and old fallen leaves and getting the lawnmower out will provide an instant outdoor refresh. Maintenance jobs such as painting fences should also be done. Power washing patios and scrubbing outdoor furniture to rid them of winter muck will improve garden appeal while clearing gutters and downspouts will make your property look more appealing and reduce the risk of water damage caused by overflows. Even if your property isn’t empty, incorporating some of these spring cleaning and maintenance principles into your upcoming property inspections is also a good idea, allowing you to identify potential problems early to keep existing tenants happy in your property and to minimise vacancies.  

The spring budget has had a lukewarm reception, with many saying more could have been done to help the housing market although more money in people’s pockets increases affordability. So, what does it all mean for you? More money to spend In the worst-kept secrets of the Spring Budget, one of Chancellor Jeremy Hunt’s key announcements was a further cut in National Insurance rates from 10% to 8% from April following a previous cut from 12% to 10% in November’s Autumn Statement. The additional 2p cut is worth around £450 a year for someone on a £35,000 full-time salary. The cut came alongside a promise from Hunt to cut National Insurance further in the future where possible, as well as alongside other bank-boosting measures for consumers, such as a freezing of fuel and alcohol duty. Child benefit was also overhauled, with the threshold for the repayment of child benefit rising from £50,000 to £60,000 taking 170,000 families out of having to pay the benefit back, and the threshold for full repayment of the benefit rising from £60,000 to £80,000 from April. Hunt said the change would mean an average saving next year of around £1,300 for nearly half a million families with children. For buyers looking for a mortgage and struggling with affordability checks, having more money in their pockets will help while renters will also be grateful for having more to spend. Greater economic confidence Hunt’s announcements sat alongside greater confidence in economic forecasts for the UK. Hunt said the economy is forecast to grow by 0.8% this year and 1.9% next, 0.5% higher than the OBR had forecast in the autumn. Alongside this, he said that government debt and borrowing were falling. However, one of the biggest influencers on consumer confidence for buyers, sellers, renters and landlords alike will be his predictions about inflation. Here, Hunt claimed that inflation, which has pushed up interest rates and therefore mortgage rates to record highs in the last year or two, should fall to below 2% in a “few months” from its 4% figure in January. He said that is nearly a year earlier than forecast in the autumn statement and marked a huge change to 2022’s 11.1% peak. As inflation comes under control so hope is raised that interest rates and mortgage rates will be reduced, opening up the floodgates to pent-up buyer and seller demand within the housing market. Property tax cuts But while the sentiments around affordability were welcomed there were no specific measures to help first-time buyers, despite the previous talk of 99% mortgages.   The reduction in capital gains tax threshold, from 28% to 24%, could encourage more landlords to invest by making buy-to-let investment more attractive, as well as result in more properties coming to market and making more properties available generally. But a clampdown on short lets and multiple dwellings relief spells bad news for some landlords. The tax concessions for landlords of furnished holiday lets ends from April 2025.

Whether you are a first-time buyer, have just put your house on the market or you’ve sold and are nearing your completion date, the hard work of moving house can be overwhelming. Moving house ranks up there with divorce and bereavement as a life stress so doing what you can to minimise your stress levels is crucial. Your ability to cope can be stretched since there is so much potential for things to go wrong so thorough preparation is key. Get ready early You may not be moving for a while but getting ready early can help reduce stress. Check local websites for packing boxes from those have just moved. Begin your decluttering process to start getting rid of things you won’t be moving on, as well as packing the non-essential stuff that you will. Sort your removal transport However much stuff you have to move you will still need transport, whether it’s the help of a friend with a van, a self-hire vehicle or a full-on removal company. Shop around early to get the best price and ensure that if you are using a removal company you have checked out their reviews. Redirect your post Royal Mail’s redirection service can run for between three to 12 months or longer. Although it costs it will ensure that you have plenty of time to check you’ve let everyone know your change of address. This is especially important for bills where non-payment could impact your credit score or perhaps result in debt collectors turning up at your old address. Inform your utility providers You will need to let the utility providers of your existing property know that you are leaving. This can be done up to 28 days in advance. Provide them with your new details and your moving date and take last-minute meter readings on the day to settle your final bills. Find time to clean This might be the last thing on your mind but taking the time and consideration to clean before you leave will be appreciated by your buyers. With any luck the universe will repay you kindly with your own sellers doing the same. Question your sellers There’s nothing worse than moving into a new property and suddenly wanting to ask the old owners a tonne of questions. When is bin collection day? Do they have warranties or manuals for anything they’ve left behind – such as electrical items? Do they have any leftover paint for any of the rooms that you might use to touch up? Perhaps compile a list that they can complete at their leisure. Be prepared Moving day can be particularly daunting. You’re suddenly looking at a pile of boxes and wondering where the teabags and kettle are because you’re desperate for a brew. Or you’re in the new property ready for bed but can’t find the screws to put it back together. Label everything meticulously with both room and contents. At Chimneypots we have years of experience in selling properties and helping people move. These are just a few of our tips. If you’re worried you’re not quite prepared, need extra advice or are considering putting your house on the market then do get in touch to find out more.

If you are currently looking to sell a property you will be aware that it’s a buyer’s market out there. High interest rates have pushed up mortgage rates to three times the level they were in 2021. That has impacted the number of buyers and given those who are willing and able to buy the upper hand. Mortgage rates are beginning to fall, however, and as inflation also falls so there is increased confidence that market conditions are improving with more significant mortgage rate cuts expected later this year once interest rates are cut. In the meantime, however, it’s still possible to achieve the sale you want. Here we look at some strategies for success when selling in a buyer’s market. Emphasise competitive pricing This is going to be one of the most important factors for bagging a sale of your property. Your buyers are in a strong position, and they know it. They are also using that power when negotiating the final selling price with an average of £18,000 knocked off asking prices, by the end of 2023 according to Zoopla. That’s the highest discount since 2018 and equates to 1 in 4 sellers selling at 10% or more below the asking price. As a seller you should be realistic when setting your asking price and when considering the final selling price you will accept, or you could lose your buyer to a seller whose pricing is more aligned with the market. If you are looking to sell urgently then undercutting the competition by setting realistic pricing could be even more vital to ensuring a quick sale. Do your research to discover more about your local market and pricing achieved for properties like yours, as well as understand what else is available that your potential buyers might also be looking at. Highlight property uniqueness through effective staging and marketing Amidst a busy market, you want your property to stand out and provide the unforgettable experience and first impression that will hook a buyer. Staging and marketing are important whenever you are selling but become even more vital when your potential buyer has a wider pool of properties from which to choose. Consider your target market and what they might be looking for in your property and make sure you stage your home to highlight such features. Are they likely to be working from home and wanting a set office space? Or are they looking for a cosy family home where they can get together at the end of each day and catch up over dinner? Emptying a spare room to create an office space or setting up a dining space for that family meal will help buyers imagine themselves in your property. Similarly, if your property has unique features that you want a buyer to remember, such as an original fireplace, then be sure to highlight those too. Effective marketing will also be important. Are you close to a school and other amenities that a buyer with a young family might be looking for? How are the Ofsted results for that school? Ensure you, or your agent, highlight the benefits of both your property and its location. Offering incentives or flexible terms Competitive pricing, staging and marketing effectively will go a long way to capturing buyer attention for your property. But the prospective buyer might still be struggling to sign on the dotted line. Until mortgage rates ease there could still be a natural hesitancy over decision-making. Offering incentives or flexible terms to attract potential buyers amidst increased competition could help. At Chimneypots we have years of experience in selling properties and have advice to help you achieve the best sale whatever the market may be doing. Do get in touch to find out more.