Category: property market news

What is ‘gazumping’ and how do I avoid it?

If you’re looking for a new home, or are looking for your first home, then “gazumping” may be a term that you aren’t particularly familiar with. Essentially, gazumping is when you have had an offer accepted by a seller, and are in the midst of the buying process, when another buyer comes along and offers a higher price, effectively stealing (or gazumping) the sale.
Over the period between January 2016 and October 2018, analysis by TwentyCi found that 16% of buyers were gazumped. In the current property market, where demand for properties is high, gazumping continues to be prevalent, and the research found that Sheffield is the area with the highest level – with 35% of buyers out-bid at the last moment.

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What are the top reasons for moving home?

With the weather getting warmer, property market activity tends to see a rise as many look to get the home move done and dusted before their holiday or before the kids have to go back to school.

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Nearly half of over 55s would downsize to fund lifestyle

With more people living longer and ageing with much better health than ever before, those aged 55 and over are playing a key part in the national economy. Recent research from SunLife has surveyed this age group and found that nearly half would sell up in order to fund a more jet-set lifestyle.

Recent data from the Office of National Statistics has shown that the proportion of those aged 65 and over will rise by 5% over the next thirty years, with greater economic contributions coming from this group as the years progress. For those currently 55 and over, SunLife questioned 1,000 homeowners with a big choice; if they had the option between staying in their family home but never holidaying away from the UK again, or downsizing and then using the cash for foreign holidays which would they choose?

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DEEPER POCKETS – THE BANK OF MUM AND DAD

At £6.3 billion, the total value of lending in 2019 by the so-called ‘bank of Mum and Dad’ is set to be half a billion higher than in 2018, making it the UK’s 11th largest mortgage lender. 77% of lending is to home movers, not first-time buyers.

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Top tips for your bathroom

It’s been a long day at work and you’re a little stressed; what better than a relaxing, hot bath to unwind and loosen up? Bathrooms have become sanctuaries in our homes in recent years, with innovative design and outstanding comfort at the heart of all good bathrooms. If you’re thinking of updating your bathroom, then we have some handy hints and tips to help you create a space to relax in.

Small bathroom ideas
A clawfoot tub in the centre of a decadent room is the dream for many of us, but the reality is that any well-designed bathroom should consider space and practicality at its core. If you have a smaller bathroom, or a room that is an awkward shape, then embrace the space and look for solutions, not problems! High storage allows you to make the most of the room, and naturally draws the eye upwards giving the feeling of taller spaces. If storage is paramount, then think about utilising the space under your bath – all you need is an opening bath panel that you can close and open when needed. To give the illusion of more space, include plenty of mirrors in your bathroom, as well as objects with mirrored or shiny surfaces – this will reflect the light around the room keeping it bright and airy. 

Bath or shower?
Everybody has a preference for either a bath or shower, it is all down to personal inclination. If you’re feeling radical, however, then skip the bath altogether and go for a luxury shower in your bathroom – if you use glass screens then the space that this creates will give a real feeling of luxury. Exaggerated shower head sizes, and multiple shower heads will enhance this feeling of spa decadence, and the notion of bathtubs will long be forgotten. 

Floorspace
A floor can make or break a bathroom in terms of the style stakes so the smallest of changes to your floor coverings can have a big impact. If you’re lucky enough to have quality floorboards in your bathroom then make the most of them by sanding them back and painting them – the rustic aesthetic is timeless and easy to maintain. A classic white paint will keep the bathroom crisp, but experimenting with other colours (especially pastels) will also add some interest to the room. Tiling your bathroom floor is a preferable option due to the longevity of the finish, and despite recent trends towards ornate tiling and Moroccan influences, we would recommend a neutral tile for bathroom floors which can be accented with painted walls and accessories. 

The small stuff
The smallest details can have the biggest impact in our bathrooms – matching accessories around the room give a cohesive feel to the room, from soap dispensers to toothbrush holders…they can all make a difference. Keeping the walls and floorings fairly neutral in the bathroom are always a good idea as they are then easy to maintain and, most importantly, look clean and fresh in a space where cleanliness is next to godliness. Don’t worry about creating a bland space, however; you can add colour and interest through your bathroom accessories – these can be much more bold in design in order to add pops of colour around the room.

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FAMILY HOMES – HOW MANY WILL WE NEED IN FUTURE?

Household projections are a useful starting point for calculating housing needs. The latest projections are 2016-based for England, which estimate that 3,970,000 additional households will form between 2016 and 2041. In Wales, it is projected that 140,000 households will form between 2014 and 2039.

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RENTERS ASPIRE TO HOME OWNERSHIP

Much has been written about the rise in the number of people renting rather than buying their home but, according to the latest English Housing Survey (EHS), 58% of renters fully intend to buy.

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Stamp Duty stumble

Income to the Treasury from Stamp Duty Land Tax (SDLT) receipts fell by 7.5%, the equivalent of £1 billion in the financial year to the end of March 2019.

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Affordability ratio

The affordability ratio for England and Wales hit another peak at 7.83 in 2018. This means that the median property price in England and Wales is now 7.83 times more than gross average annual earnings, according to new data from the Office for National Statistics (ONS).

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