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Category: Residential

Video Watching Time: 4:48

Join Collinson Hall Managing Director Steve Walker as he catches up with Richard Burton from BHM Mortgages to talk about the current mortgage situation and what it means to the average person looking to buy. 

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Category: Residential

Video Watching Time: 8:19

After a period of Interest Rate rises, Collinson Hall Director Ron Cole catches up with Richard Burton from BHM Mortgages to talk about the situation and what it means to the average person looking to buy. 

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Category: Residential

Video Watching Time: 3:47

With interest rates easing (probably) Richard & Steve discuss mortgages for Q1 23 .  We hope you find it helpful.

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Category: Residential

Video Watching Time: 6:54

Following a period of upheaval to the financial markets and the consequential impact on mortgage rates, Richard Burton and Steve Walker discuss where we are now.  We hope you find it helpful.

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Category: Residential

Video Watching Time: 6:18

 Further thoughts on the mortgage market, updated for Sept 22 with Richard Burton from BHM mortgages. We hope you find it helpful.

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Category: Residential

Video Watching Time: 6:18

 After a number of rate rises a timely financial services/mortgage market update for May 22 with Richard Burton from BHM mortgages. We hope you find it helpful.

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Category: Residential

This year the Government intends to forge ahead with its plans to reform lettings legislation, after delays that resulted from the Covid-19 pandemic. The proposed new laws will affect every type of rental, including HMO property, and will cover everything from the use of carbon monoxide detectors in rented property to landlord EPC requirements.

Preparing for the future

In the next twelve months, the Government plans to issue a white paper detailing the ways in which it intends to reform the rental market. Major changes include the proposed abolition of Section 21, plus greater enforcement against landlords with properties that don’t meet acceptable standards.

While it is safe to assume that changes in legislation won’t happen immediately, they could become law in just a few years. 

Landlords should therefore start making plans to adapt their properties and letting processes, to be ready for the time when these new laws reach the statute books. If you are a buy-to-let investor, it’s also an opportunity to look out for properties that will meet the standards required by the new legislation.

An end to ‘no-fault’ evictions

Currently, at the end of a fixed-term tenancy (or during a periodic tenancy), landlords simply have to issue their tenants with a Section 21 Notice in order to regain possession of their rental property. The notice gives tenants a period of no less than two months to move out.

Under the proposed Renters Reform Bill, Section 21 of the Housing Act 1988 would be abolished. This means that landlords will need to regain possession of their property through the courts, or by taking part in a specialist tribunal.

The Bill will also aim to reform the Section 8 eviction process, altering the grounds for repossession and creating a fairer court system.

New rules on pet ownership

Currently landlords using the Government’s model tenancy agreement must allow pets by default and are only able to object if they provide ‘a valid reason’ within 28 days of a request.

However, further changes to the rules governing pets could be imminent. The Dogs and Domestic Animals Accommodation Protection Bill is expected to have a second reading in parliament shortly, and this could strengthen the rights of tenants who wish to keep a pet.

Changes to EPC requirements

In order to be legally let out, private rental properties in the UK must currently have a minimum rating of ‘E’ on their Energy Performance Certificate (EPC). 

However, proposals are in place for this minimum rating to rise to ‘C’ in England and Wales by 2025. If your rental property’s EPC rating is a ‘D’ or ‘E’, this is the time to find out how you can make improvements before the new law comes into force.

The rules around carbon monoxide detectors are also changing, so landlords should be aware of the proposed new requirements. Currently, a carbon monoxide alarm must be fitted in every room where there is a solid fuel-burning appliance. 

However, the Government is considering extending those rules to include any room used as living accommodation where there is a fire or gas boiler.

Helping landlords maintain higher standards

Proposals in the Bill will also encourage landlords to offer better quality accommodation to tenants. The aim is to improve standards, particularly around HMO management, as homes in multiple occupation can sometimes be of poor quality. A reliable lettings agent can help landlords maintain standards and ensure HMO licence requirements are met. 

As trusted St Albans estate agents and letting agents, we make it a priority to stay up to date with the latest lettings legislation. If you have any questions about the lettings process or the implications of the Renters Reform Bill, we would be happy to advise you.  

Simply get in touch with one of our friendly advisors.

Meanwhile, if you are looking for solid property investment in St Albans, why not browse our properties for sale or talk to our sales department?

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Category: Residential

In 2022, the idea of home has evolved to a place where all aspects of our lives – work, socialising and play – can be comfortably incorporated under one roof.

Over the past two years there has been a shift in the way people live. Some homebuyers and renters are now searching for a better work/life balance and this has affected everything from the features we look for in a new home to the jobs we do.

Why did our views change?

For a significant number of people, working from home – which began as a temporary requirement during the pandemic – has become the new normal. These days popular job search terms include ‘flexible working’ and  ‘companies with the best work life balance’.

Whilst spending more time at home in 2020 and 2021, people discovered problems with current living spaces. Not enough room … no garden … no access to local parks or the countryside. 

Google has revealed that between August and October last year the number of searches for ‘home loan calculator’ increased by over 200 per cent. As discontented homeowners moved on, average prices across the UK rose by 10.2 per cent, and demand for homes remains high. 

Those who didn’t want to move, or couldn’t afford to do so, focused on improving their properties. In response, well-known home improvement brands such as IKEA, Garden Trading and B&Q came up with a range of new products.  

From stand-up desks to outdoor pizza ovens, these products have been designed to help homeowners and landlords make the most of their spaces. Recent research by Houzz & Home has revealed that spending on home renovation surged by 36 per cent last year. 

What are the most popular home purchases and renovations?

During 2021 online searches for items such as ‘study table’ and ‘garden landscaping ideas’ increased by over 90 per cent and 100 per cent respectively. But kitchen and bathroom renovations proved to be the most popular of all home refurbishment projects.

The property owners who responded to Houzz & Home’s survey weren’t afraid to undertake major work in order to improve their homes. Two out of five renovators moved, added or reframed walls in order to increase the size of their kitchen.

Another survey, undertaken in July 2021, revealed that over half of the respondents were planning to upgrade their bathroom in the next 12 months. 

Keen to make the most of available space, thousands of homeowners went online for inspiration, and searches for ‘budget small bathroom ideas’ increased by 400 per cent!

Which renovations add most value to your home?

Homeowners and investors understand that home improvements also add value to a property. A survey by insurers Royal London recently revealed that a modern kitchen can add approximately £11,000 to your home’s value, while a smart, contemporary bathroom adds around £10,900.  

A loft conversion can increase value by £10,815, while an extra bedroom adds another £10,744. Items such as a new heating system, modern windows, a garage conversion, conservatory or landscaped garden can each add around £9,500 to the sale price of your home.

Garden improvements

Peoples’ attitude towards the great outdoors also changed dramatically. During lockdown we got used to socialising in outdoor spaces and escaping the confines of home to enjoy a walk in the park. This has affected the way people use their gardens, and online searches reflect the growing interest in items such as barbecues, patio heaters, outdoor projectors and movie screens.  

Increasingly, homeowners are hiring professional garden designers to create different activity zones, with designated areas for dining, playing and relaxing.

Location: the key to a better lifestyle

More and more homebuyers and renters have opted to move away from big cities in order to establish a better work life balance. In 2021 alone, Londoners bought more than 112,000 homes outside the capital.

In recent years, local estate agents have experienced record levels of interest in properties for sale in St Albans. Homebuyers and renters dissatisfied with big city life are moving to St Albans for its strong community spirit, excellent schools and countryside location, all within a 20-25 minute commute of central London.

If you are looking to buy a home or invest in St Albans property, we would love to help. Browse available properties here or contact us to let us know what you are looking for.