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Mortgage complications in 2020 A survey of almost 1,300 UK homeowners and buyers has revealed some of the challenges people are facing within the property market at present. Of those people polled, more than 200 have bought a house in 2020, while over 300 are currently on the hunt for a property. The study undertaken by the Market Financial Solutions (MFS), uncovered that 46 percent of those who have bought a property in 2020 stated that they encountered significant delays or complications during their efforts to secure their mortgages – whilst prospective home buyers – those who are currently house hunting in 2020 have said that they are currently experiencing these same issues – these same house hunters, who currently make up 36 per cent of the people questioned in this new survey, have stated that it is likely that they may have to choose alternative finance options such as bridging loans when purchasing their home. Paresh Raja, CEO of MFS, said: “The stamp duty holiday has already had a positive effect on the UK property market, sparking much more activity among buyers and sellers. However, today’s research shows that many prospective homebuyers are unable to take advantage of this initiative. “Frustratingly, this is often due to the challenges of securing a mortgage, which is beyond buyers’ control. Many banks are treading carefully and, as a result, applications are taking longer to process and there is a higher chance of an application being rejected. This is putting property chains at risk of collapsing. “At this point in time, it is important that lenders keep lending – they must ensure buyers have access to the finance needed to complete on a purchase. Failing this, the Stamp Duty holiday will only have a limited effect.” In July 2020 we reported on some of the positives that the new stamp duty holiday would bring to the housing market and what those would mean for new homeowners, but it seems like the lingering effects of COVID-19 – and now the since-announced recession – has left a bitter taste in mouths of those who have recently purchased a new home during the pandemic, and current home hunters alike. If you’re looking to sell your home or are searching for your dream property, contact the expert estate agents at Chimneypots today on 01489 584298. Our friendly team of estate agents has years of experience successfully selling properties across Hampshire and Dorset as well as helping people find their perfect home.

Help to Buy scheme extended by 2 months The Help to Buy scheme, an arrangement where the government lends first-time buyers and existing homeowners money to make purchasing a newly-built home more affordable, was due to officially end in March 2021 with new homes needing to be finished by the end of December in order to qualify for the support. However, because many construction sites were effectively shut down for weeks due to the covid-19 lock down, this has now been extended by two months. This means new-build homes now have until 28th February 2021 to be completed in order for purchasers to benefit for the Help to Buy scheme. However, legal completion of purchases is still required by 31st March 2021 in order to be eligible for the scheme, though extensions until the end of May will be granted in certain cases for those who had a reservation in place before 30th June. Thousands to benefit from the extension Before the announcement, thousands of families were facing severe disappointment as the delays to construction meant their new homes would not have been ready in time to fulfil the deadline required by the Help to Buy scheme. However, with this new two month extension in place, those families will still be able to buy their new home. Housing Minister Rt Hon Christopher Pincher MP said the “announcement will help provide certainty and assurance for Help to Buy customers whose new homes have been delayed due to coronavirus and affirms the government’s commitment to helping more people to own their own home.” The positive effects of this announcement will also extend beyond those purchasing their own property. It will help to support the local job market and the wider economy by ensuring the construction and property industry keeps moving and fulfilling its capacity. The current Help to Buy arrangement is due to be replaced by an updated scheme on 1st April 2021 that will introduce property price caps and be restricted to first-time buyers. If you’re looking to sell your home or are searching for your dream property, contact the expert estate agents at Chimneypots today on 01489 584298. Our friendly team of estate agents has years of experience successfully selling properties across Hampshire and Dorset as well as helping people find their perfect home.

Chancellor Rishi Sunak announced in the summer budget a stamp duty holiday for anyone completing a property purchase in England and Northern Ireland from 8th July 2020 until 31st March 2021. The unprecedented move is hoped to boost the housing market which has struggled to maintain momentum during the coronavirus pandemic. What is stamp duty? Stamp duty is a tax you have to pay when you purchase a property or piece of land in England and Northern Ireland. Before the chancellor’s announcement, you didn’t have to pay stamp duty if the transaction cost £125,000 or less, or you were a first-time buyer purchasing a property up to £300,000. However, under the temporary new rules, the stamp duty threshold has been raised significantly to £500,000 and applies to anyone, not just first-time buyers.Those buying second homes will also be able to benefit from the revised tax rules but will have to pay an additional 3% stamp duty. Will high-value home buyers benefit from the stamp duty holiday? For property purchases over £500,000, the amount of stamp duty you’ll have to pay will depend on how much you’re buying the home for. Stamp duty on high value homes is calculated in bands, which increase in relation to how much a property is worth. The stamp duty rate only applies to the part of the property price that falls in each band. Under the new measures, the bands have been revised, as detailed below. Property Value Stamp Duty Rate    Up to £500,000 0% £500,001 – £925,000 5% £925,001 – £1.5million   10% Above £1.5 million 12%  Good news for home buyers The stamp duty holiday will help all buyers save a significant amount of money, whether they’re buying their very first home, stepping up the property ladder or downsizing. It’s thought that on average, the stamp duty holiday will help buyers save £4,500, but the savings can be up to £15,000, and nine out of ten buyers this year won’t have to pay any tax on their property purchase at all. As stamp duty is payable on completion of the purchase, if you have already exchanged contracts but not yet completed, you will benefit from the new scheme and find yourself with some spare cash to spend on your new home. If you’re looking to take advantage of the stamp duty holiday, get in touch with Chimneypots estate agents today on 01489 584298. Our experienced estate agents are here to help you find your dream property, which has never been so in reach!

Buying houses after lock down Since lock down began, households have had to change the way they live in order to cope with the demands of the pandemic, from setting up a home office in the living room to cleaning out the garden shed to create more space. While the lock down measures may be temporary, they have had a profound effect on the way we live every day, an effect that is sure to continue resonating as we move forward and out of this crisis. Professor Yolande Barnes of the Bartlett Real Estate Institute, University College London, believes this is not a one-off crisis or lock down, something she thinks is reflected in the way “homeowners are reassessing their space for what lies ahead.” Ms Barnes explains her theory further: “Buyers and tenants will be more discerning and from now on, every time they view a new property they will be thinking, can I live in these four walls in a lockdown?” Changing priorities for home owners Estate agents are already seeing a change in the feature’s buyers are looking for; things that were once deemed to be a ‘nice to have’ have now become essential. Top of the list are home office space, large gardens, multiple options for living space, and outbuildings. They are moving away from the once coveted open plan living and now looking for homes with designated, and separate, spaces. The cabin fever of lock down may also be a factor for an increased demand for property near green or open space. According to Rightmove, there has been a marked increase in city dwellers searching for rural properties, with searches from Londoners for countryside retreats up 10 per cent. In short, home buyers are now looking for homes that would make living in lock down a whole lot easier than the first time around. At Chimneypots estate agents, we do all we can to help our clients find their perfect home, no matter their priorities. So, if you’d like expert help finding the perfect post lock down home, please contact our team on 01489 584298.

Though people are now free to move home in England, estate agents and homeowners alike will need to adapt to new processes and procedures. If you are planning to buy or sell a house during this period, here are some of the changes you can expect. 1. More virtual viewings In order to minimise the risk of coronavirus spreading, the government has advised that initial viewings should be conducted virtually wherever possible. At Chimneypots, we’d be happy to help you with this. No open house viewing should take place. If a viewing does need to take place in person, the current owners are recommended to vacate the property for the duration. If the current owners or household planning a viewing are exhibiting symptoms of Covid-19, the physical viewing should be postponed. 2. More extensive cleaning measures The government advises that following an in-person viewing, sellers should ensure that all surfaces, especially door handles, are thoroughly cleaned. Equally, potential buyers should bring their own hand sanitiser if possible and refrain from touching surfaces. Good ventilation is also suggested, so opening windows and doors is also beneficial. When it comes to selling your home, a thorough deep clean is recommended before the next residents move in. 3. Moving to a new house Government guidelines recommend that you contact a removals company plenty of time in advance of your move and should undertake as much packing as possible yourself. Where possible, clean and disinfect any object that you know will be handled by a removal team. When removal workers are in your home or new home, keep 2 metres away at all times. At Chimneypot estate agents, we are doing all we can to help our clients during these uncertain times. If you require further guidance on buying or selling your home during this pandemic, please contact our team on 01489 584298.

1) Choose the right estate agent Before you do anything, you need to make sure you have the right estate agent who has the reputation and experience to minimise stress, arrange lots of viewings and ensure you get the maximum offer. 2) Boost your home’s kerb appeal As cliché as it sounds, we’ve all judged a book by its cover so make sure you don’t put potential buyers off before they’ve even stepped through the door by making sure the outside of your home makes a brilliant first impression. So, get outside and weed the driveway, wash the windows, slap on a fresh coat of paint and repair any broken fence posts. 3) De-clutter It’s important that anyone looking around your home can picture themselves living there. So, keep your house as clutter free as possible and tidy away your personal photos and belongings (don’t worry, you should still leave out your favourites). 4) Pay attention to the kitchen The kitchen is the heart of the home for most properties in the UK and can be a huge selling point. To help your buyers fall in love with yours, keep the worksurfaces clear, dishes out of the sink and pets outside. 5) Attend to those little jobs If you’ve been putting off changing that lightbulb or repairing that dink in the paintwork, now’s the time to finally get around to fixing those little jobs that are easily overlooked. By making sure all the little details are perfect, you’re ensuring your home is looking its very best and you’re shoing you really take care of the property. 6) Make the most of your outside space Gardens and courtyards are bonus living spaces and a fantastic selling opportunity but overgrown and neglected outside spaces can send your buyers running. So, think about tidying up your garden by pruning plants, hiding playthings in the shed and, if your budget allows, placing furniture outside to show that it’s a usable area. 7) Hang mirrors in smaller or dark rooms Mirrors are every interior designer’s best friend and for good reason. Hanging mirrors in small rooms or areas that don’t get a lot of light, like hallways, will instantly make the space feel roomier and brighter. 8) Swap bright walls for neutral tones While your bright yellow accent wall certainly brightens up the living room, it unfortunately won’t be to everyone’s taste. As heart-breaking as it may be to cover up your masterpiece, you need to appeal to the widest audience you can so cover up any bright colour schemes with warm, neutral tones. You can add pops of colour in your accessories, such as cushions, lamps and rugs. 9) Don’t stuff your storage space Decluttering is essential to selling your home but don’t stuff your storage space full of your belongings. Chances are that anyone looking around your home will open up your cupboards to see what the storage is like and if they’re confronted with overflowing closets, they’ll think there isn’t enough space. 10) Let there be light No one likes walking into a dull and dark room, especially in the middle of the day, so we always recommend turning on lamps and selected overhead lights in each of your rooms to give your home a brightness boost. To learn more about how you can sell your home quickly, get in touch with the expert estate agents at Chimneypots, one of the South’s leading estate agents covering Hampshire and Dorset, by calling 01489 584298 today.

According to the latest monthly snapshop from the Royal Institute of Chartered Surveyors (RICS), the number of people looking to buy rose in January, as did the number of properties for sale. For the second month in a row, sales that had been agreed rose also. RICs has attributed the rise to a more settled political climate now the general election has come and gone and Brexit appears to be going ahead. A net balance of 17% of surveyors and estate agents, a measure of the difference between those registering increases and those with decreases, reported higher house prices in January, the first time this measure has been positive since July 2018. Prices rose in London and the South East, where they had previously been falling, with the strongest growth reported in Northern Ireland and Scotland.  Property experts optimisitic for the future RICs’ chief economist, Simon Rubinsohn, has welcomed the increase in properties being put on the market as it’s a ‘much needed development’ following record lows in new listings. However, he does warn that, “it remains to be seen how long this newfound market momentum is sustained for, and political uncertainty may resurface towards the end of the year.” He goes on to say that “at this point in time, contributors are optimistic regarding the outlook for activity over the next 12 months.” Other surveys have supported the trend as they too suggest that the UK housing market has improved following the general election in December. Estate agents from across the country agree that more certainy and stability in our government has contributed to the boost as well as the relatively warmer weather which encourages house buyers to go out and view potential properties. The busiest time of the year for estate agents is the spring, as buyers and sellers alike start to act on their plans to move. Are looking to sell your home? Or are you searching for your dream property? Then contact the expert estate agents at Chimneypots today on 01489 584298. Our team has years of experience successfully selling properties across the Hampshire and Dorset areas as well as helping people find their perfect home.

Improving property market despite uncertainty  Jonathan Samuels, chief executive of leading mortgage lender Octane Capital, explains further, saying “the property market is hardly all guns-blazing but neither has it given up the ghost. Ultra-low borrowing rates and a deep-seated boredom around Brexit mean transaction levels continue to tick over. People have said enough is enough and are getting on with their lives, something that really shone through in November.” With a general election just around the corner, some think this period of uncertainty affects the property market as buyers hold off making a move until the government has settled in. However, according to Nationwide, electoral periods don’t affect the market. Indeed, Nationwide’s chief economist, Robert Gardner, believes “Rightly or wrongly, for most home buyers, elections are not foremost in their minds while buying or selling their home.” Halifax also reports higher property prices Halifax, another of the UK’s largest lenders, also saw a rise in house prices last month. Their figure is a more optimistic 1% increase from October to November and they say the average price of a property is now £234,625. Russell Galley, managing director of Halifax, believes the rise is largely due to lower mortgage rates and higher competition for properties. He says, “while a degree of uncertainty remains evident, it’s also clear that buyers and sellers are responding to factors such as improved mortgage affordability and the limited supply of available properties. “It is these issues which we believe will continue to underpin the resilience evident in the market for most of 2019. Over the medium term we expect the emerging trend of modest gains to continue into next year.” If you’re looking to sell your home or are searching for your dream property, contact the expert estate agents at Chimneypots today on 01489 584298. Chimneypots has years of experience both selling properties across the Hampshire and Dorset and helping people find their next home.

First-Time Buyers Now Spend £163,000 on Rent Before Buying – Why This Matters to Homeowners and Landlords New figures have revealed that first-time buyers are now paying an eye-watering £163,047 on rent before they are able to purchase their first home. This represents a 40 per cent increase in a decade, according to research from specialist mortgage lender Perenna1. Back in 2015, renters typically spent £116,427 before buying. Today, they are parting with £46,621 more, as rising rents and living costs make saving for a deposit harder than ever1. This amount is now equivalent to a 60 per cent deposit on the average UK home, highlighting how much money is being spent without building equity or ownership1. Why It Matters to Existing Homeowners and Landlords While this may seem like an issue only affecting first-time buyers, it has significant implications for homeowners and landlords too. For Homeowners Looking to Sell: First-time buyers are the base of the housing chain. When fewer people can afford to take that first step, it slows demand for entry-level homes, which in turn makes it harder for sellers to move up the ladder. This can lead to slower sales and longer periods of uncertainty when trying to complete property transactions. For Landlords: Higher rents mean strong demand for rental properties, which can support yields. However, it can also create political and regulatory pressure for rent controls or stricter tenant protections. With average rents continuing to rise faster than wages, landlords should keep a close eye on potential government interventions. House Prices and Deposits According to the Office for National Statistics, the average UK house price reached £270,000 in July1. A 10 per cent deposit now requires around £27,000, a target many renters find increasingly out of reach due to high rental costs and the elevated cost of living¹. This creates a vicious circle, with tenants struggling to save while paying high rents, further delaying their entry into the housing market. Mortgage Affordability Rules Begin to Ease Even for renters who have managed to save, strict mortgage affordability rules are another obstacle. Most single buyers are limited to borrowing 4.5 times their annual salary, which can be insufficient to buy in many parts of the country1. Some lenders are now loosening these restrictions following regulatory changes announced by Chancellor Rachel Reeves, potentially opening the door for more buyers to secure mortgages¹. For homeowners, this could mean a broader pool of buyers and a stronger, more active market when selling a property. Renting for Longer Than Ever Perenna’s research also found that first-time buyers now spend 12.8 years renting before purchasing, up from 11.4 years a decade ago, based on the assumption they start renting at age 211. Colin Bell, founder of Perenna, said1: “There is a time and a place for renting. While some may make the personal choice to rent in the long term, others are forced into a seemingly never-ending cycle of rising costs. Renting is ultimately money spent without return. Unlike mortgage payments, which build equity, rent offers no stake in the property and often doesn't even strengthen someone's credit profile - despite renters frequently paying more each month than they would with a mortgage1.” Rents Hit Record Highs The rental market is under extreme pressure, with average rents rising by 5.7 per cent in the year to August1: UK average monthly rent: £1,348 London: £2,253, the highest in the country North East: £745, the lowest Wales: saw the sharpest annual increase, up 7.8 per cent to £811 Scotland: up 3.5 per cent to £1,002 Ben Twomey, chief executive of Generation Rent, said1: “Rents continue to rise faster than wages, swallowing more and more of people’s income. We rightly have caps on our energy and water bills, but there are no protections to stop landlords from pricing us out of our homes.” For landlords, this highlights both opportunity and risk. Strong rental demand can be positive for returns, but it also increases the likelihood of political  action to control rising rents. Low-Deposit Mortgages Offer Hope To help renters break free from the rental trap, some lenders are introducing low-deposit mortgage products. Newcastle Building Society, for example, has recently launched a two per cent deposit mortgage1. While these products could help some first-time buyers, they often come with higher interest rates and strict eligibility rules, meaning they are not suitable for everyone. Colin Bell believes more needs to be done1: “With house prices increasing overall, Renters could have spent their hard-earned money on an appreciating asset, but the market is failing to provide the right financial mechanisms to help lift buyers onto the ladder.” What Homeowners and Landlords Should Consider For Homeowners: The introduction of more flexible mortgage rules and low-deposit products could increase the number of active buyers in the market. This may help maintain property values and make it easier to sell your home when the time comes. For Landlords: Higher rental costs may strengthen demand for rental properties, but landlords should plan for possible regulatory changes such as rent caps or increased tenant protections. A balanced approach to rent setting will help maintain strong relationships with tenants while reducing risk. Looking Ahead The next few months will be crucial for both buyers and sellers. With new mortgage products emerging and lenders relaxing affordability criteria, more renters could finally make the move into homeownership. For homeowners and landlords, staying informed about these shifts is essential to protect investments, plan future moves, and adapt to a changing housing landscape.

Today’s Budget brings more financial pressure for landlords, with the OBR warning these measures will squeeze returns and push rents higher across the sector.What’s changing:Income tax on property income will rise by 2% from April 2027High Value Council Tax Surcharge from 2028 for properties over £2mAdded on top of existing increases to Stamp Duty and changes to Mortgage Interest ReliefThe OBR has made it clear: landlord costs are rising, supply will fall, and those without a plan will feel the impact the most.As a Lettings Manager, my priority is to help landlords protect their income and keep their properties performing.Here’s how we can support you through these changes:Accurate rental valuations to ensure your property is earning what it shouldTenant retention strategies to minimise void periods and lost incomePortfolio advice to help you stay compliant and cost-efficientProactive management that keeps maintenance costs under controlMarket insights so you can make informed decisions in a changing landscapeIf today’s Budget has left you unsure about your next steps, we are here to help. Let’s review your property’s performance and make sure you’re prepared for what’s ahead.Message us to book a free landlord consultation.