Well, it certainly has been a strange 12 months.
In short – the property market enjoyed a mini-boom in 2020. The heightened activity was driven by a combination of pent-up demand, built up during the UK’s first lockdown, and purchasers keen to take advantage of the government’s stamp duty holiday.
The number of properties being put up for sale also rose last year – the longest uninterrupted sequence of growth in new properties coming on the market since 2013. Despite the increase in sellers, the average number of properties that estate agents had on their books remained close to record lows. Unsurprisingly, the high levels of buyer demand, combined with the shortage of homes for sale, continued to push property values higher towards the end of last year in the UK, with Wales, the South West, the West Midlands and Yorkshire and the Humber all saw exceptionally strong house price growth.^
A final thought… As the dust settles and we reflect back – we want to thank you all for your continued support in the past year. As always, we will continue to dedicate our time to servicing our customers, both existing and new. Our piece of advice for 2021 is don’t forget us – please do get in touch if you have any questions about your current mortgage with us or if you simply want to find out how much your property is worth.
Call 01525 244 589 and book a no-obligation mortgage services consultation to discuss your options, whether it be looking to move, remortgage or expand/redecorate your existing home/property. Alternatively, get in contact with us today – we can arrange a no-obligation valuation on your home.
^Source: RICS UK Market Residential Survey, September 2020.
New research from Barclays reveals adult children who 'boomeranged' back to their parents' home during the lockdown period have totted up an average bill of £2,702.28 per year^^ in extra household costs. Here are just some of the examples of the things that have increased, per household, whilst children have been at home^^:
- Subscriptions (e.g. Netflix, Amazon Prime and meal delivery boxes) – £28.18
- Petrol – £26.59
- Internet – £26.55
- Food Shopping – £25.30
- Heating bill – £22.33
- Wine, Beer, Spirits – £22.09
- Takeaways – £19.75
- Cleaning Products – £19.09
- Miscellaneous costs – £18.58
- Water bill – £18.20
- Toiletries – £15.93
- Electricity bill - £14.76
However, despite the increase in outgoings, the majority of parents (90%) haven't charged their children rent, with a quarter (24%) admitting this is down to feeling awkward asking for extra money to support.
Nonetheless, nearly all adult children (91%) are finding other ways to help their parents out whilst staying with them, this includes helping with household chores. Cooking (57%) is the most popular way to earn some brownie points, followed by washing up (50%) and cleaning.
Graham Closier, Head of Mortgage Development says "The pandemic has resulted in people having to adjust their lifestyles and review their priorities with many families spending unexpected quality time together when children have had to move back home. However, for parents who are re-evaluating their home and considering whether to renovate or extend their property or for those who want to help their children get onto the property ladder and reclaim their home back in 2021, I would recommend talking to one of our Mortgage Advisors, who will be able to provide advice on your mortgage needs."
To book a no-obligation Mortgage Services appointment please call the Customer Services Team on 01525 244589 or alternatively email firstname.lastname@example.org with your preferred contact number and/or email address in order for us to contact you.
^^Source: Barclays bank, August 2020.
Working from home is the new going to work. It has its advantages, but if you’re stuck for space then finding a perch for a productive day can be a job in itself.
A home office is a luxury many of us don’t have. So here are ideas where you can create space to work from home (WFH), without having to kiss goodbye to a precious room.
Share the spare room - A spare room that’s used mainly for storing neglected gym equipment/piles of laundry and the odd house guest can easily be revamped to function both as a lovely workspace and a welcoming bedroom for visitors.
Stairway to the home office - We all crave more space but sometimes we don’t see it even when it’s right under our noses - or under our stairs.
Have a ‘hall overhaul’ - Don’t overlook your hallway as a space for your dream home office. A minimalist desk could double up as a hall sideboard when not in use. Alternatively, a desk that folds away could also work! With imagination, odd-shaped hallways, landings and even the most awkward hall alcove can be turned into wonderful office spaces.
Garden office or garage conversion? - If you have a garage it may be worth the effort and money (budget permitting) to convert it into a dedicated home office. Similarly, if you have space in the garden (and your budget allows) a garden office could be the way forward – especially now Spring is on its way! Sometimes the investment is worth it and it will add value to your home.
Regardless of your situation, speak to us if you need to review your finances to help with getting that ‘space’ we all long and deserve this year…
*The rate quoted is valid at 22/03/2021 and is a fixed rate of 1.06% until 30-June-2023 followed by Platform's Standard Variable Rate, currently 4.34%, for the remaining term of the mortgage. APRC 3.9%. (The rate may be withdrawn at any time and this email does not constitute an obligation for lenders to grant a loan). Source details from Twenty7tec.
†£100 Recommend a Friend incentive. Every time you recommend a friend who successfully completes a mortgage with us we will pay you £100 in the month following the legal completion of the new mortgage, provided they have advised the Customer Service Team or Mortgage Consultant at the outset.
Sequence is a trading name of Sequence (UK) Limited which is registered in England and Wales under company number 4268443, Registered Office is Cumbria House, 16-20 Hockliffe Street, Leighton Buzzard, Bedfordshire LU7 1GN. VAT Registration Number is 500 2481 05.
For activities relating to regulated mortgages and non-investment insurance contracts, Sequence (UK) Limited is an appointed representative of Connells Limited which is authorised and regulated by the Financial Conduct Authority. Connells Limited’s Financial Services Register number is 302221.
Spring 2021 Lifetime Members Newsletter