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TODAY'S OTHER NEWS

Selling Up? Be quick - glut of properties on the market soon

Landlords considering selling up because of the tighter regulations and larger tax bills forced on the rental sector may be alarmed to see new figures from Rightmove.

They show a glut of properties coming on, with requests from prospective sellers for valuations now at their highest level since the start of the year.

Home valuation requests to agents were at their highest in the week commencing June 20 since January, and 24 per cent higher than the same week in June 2021.

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The number of new properties for sale is up by 14 per cent over the past two weeks compared to the same two weeks last year.

The time to find a buyer is at a near-record low of 32 days, therefore agents are reporting that those with plans to buy and also a home to sell, may see more success by putting their own home on the market first before searching for their next home.

Tim Bannister, Rightmove’s Director of Property Science comments: “In recent months, we have reported a slight easing of the market and the pace of price growth compared to the exceptional levels of last year, and now we are seeing signs of some of the pressure on stock easing too. 

“New instructions to agents are up 14 per cent in the last two weeks compared to last year, which will be welcome news for buyers wanting more choice, and the high number of valuation requests we’ve recorded is a positive sign of more potential choice to come.

“However, there is still more demand than supply, and the market remains very active, so for those planning a move, it’s important that they give themselves the best chance of success by getting their property on the market if they have a home to sell. 

“Our insights from prospective sellers show some delay putting their home on the market, because they think it’s more important to find a new property that they like first, or they are worried about finding a buyer for their current home before they’ve found their next one. Agents point out this puts them in a less strong position to move quickly in a busy market, where they are competing against other home-movers who may have already found a buyer for their home or don't have a property to sell.”

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    The article is right, there is still more demand than supply, so plenty of FRB’s out there ready to buy. Let us not also forget…. They don’t care what your EPC score is ! They just want a home. I will be cashing out soon enough.

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    Absolutely, another tenant has given me notice. They have found a replacement tenant for me, this shows the shortage of rental properties! However, I've told them to give my apologies but this house will be going on sale. It is a 2007 built detached home in Nottingham, no concerns with EPC's on this one, but I am reducing my portfolio to be mortgage free. It is the only way to stay in this business, in my opinion!
    Good luck to all.

  • Shelley Munn

    We have just sold one in Nottingham and 2 others of ours became available at the same time. One in referencing within weeks (with an uplift of £200pcm) the other is in renovation stages. If we didn't have such a hit on cgt all 3 would have been sold. Next tax year, another will come to market regardless of tenanted or not. Time to say goodbye.

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    It makes sense, i'm trying to sell off older properties for obvious reasons, but would rather sell when someone leaves rather than evict anyone. Currently all my tenants are long term and have been great tenants, i've explained that I will need to keep putting the rent up each year and that I will be selling at least 3 properties. Due to the strong house market I have made good profit on these houses over the years and will drastically reduce my debt when sold. I will then re-evaluate what to do next.
    I would like to remain in the market for pension and to pass on to my children, time will tell!
    I'm also exploring doing exterior insulation myself. I have in the main carried out work on my properties, so this is not such a stretch for myself, otherwise costs are prohibitive.

     
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    Andy, I was only chatting to my electrician last week in an end terrace house and we agreed why not do the external insulation our selves it's not rocket science after all

     
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    DIY insulation may be cheap but remember that you have to prove to an EPC assessor that the building is insulated and photgraphs over three months old are invalid. A receipt for insulation materials is useless as the insulation could have been used anywhere. A receipt from a recognised insulation contractor is valid even if more than three months old.

     
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    A friend of mine done internal insulation himself taking many photos and got a 'c' rating, after a bit of an argument .

     
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    Thanks for the advice David, i'll invite an assessor over whilst doing the work. An extra £60 for their time will be much cheaper than the labour I would pay for an accredited contractor. I've just been quoted £22,000 to get a 4-bed house externally insulated, I believe I will get change from £5,000 if I do it myself!

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    Get Boris to help. He's looking for a job and needs the money, although he's not as good at covering things up as he used to be.

     
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    Yes Andrew we can clad outside with insulation but I do like covering up my yellow stock timeless bricks and of course the cost added to all the other costs that’s been imposed on us as Landlords,

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    (Don’t)

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