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Landlords! When was the last time you booked a rental valuation?

Rental demand still outstrips supply in the UK, and your property is unique, which is why it’s important to understand its true rental value. Average rents for new lets increased by 12.2% in the year to September 2023, and are expected to increase by 5–6% in 2024.*

Why should you get a rental valuation?
As a new or existing landlord, you want to keep clued up with the market and benefit from a good rental valuation. Determining accurately how much rent to charge optimises your investment and creates a balance between maximising property income without overcharging tenants. This attracts long-term tenants who are prepared to pay fair prices, which guarantees a good return on investment. It can also support landlords in adhering to regulatory requirements. A good agent can advise you on how much rent to charge, enabling you to budget for the upkeep and improvements of your property. This keeps your buy-to-let property competitive in the rental market and makes for a better tenant-landlord relationship.

Things to consider when determining your property’s rental valuation:

Tenants
A good agent will figure out which sector of the market best suits your property. Perhaps you have already decided that you are aiming at the young professional, student, or retirement markets, or have you created an ideal family home? If you have not decorated yet or your property needs improvement, your agent will be best placed to advise you.

Demand
Understanding the true rental value of your property is intrinsically linked to levels of demand. Agents utilise databases and years of knowledge of the property market to understand the scale of demand for your property. This will be pivotal in understanding your investment.

Your property’s location
The location of your property is influential; however, it's not all about the postcode. Sought-after and up-and-coming areas will add value. Proximity to transport links and good schools is ideal for families. Located in a beautiful rural area, or an inner-city location, shops and other amenities also play a part in adding to your property’s rental valuation.

Is your property furnished or unfurnished?
Is your property unfurnished, partially furnished, or fully furnished? A fully furnished property could command a higher rent. Having said that, providing a property without furniture does not put you at a disadvantage, and you will not be responsible for the upkeep of any furniture or appliances that you do not own.

The condition of your property
Needless to say, if your property is in good condition or has been recently refurbished, then it will be more desirable to tenants and will affect how much rent you can charge. A good agent will also be able to advise you on where to spend on alterations, if that is something on your to-do list.

What do you need to prepare for a rental valuation?
Making your property presentable and in good order and having all the right paperwork to hand, such as gas safety certificates or deeds, is always a good idea. If your property needs painting, re-decorating, and decluttering, it helps to carry this out before you have it valued. After that, your agent will do the rest. In fact, with a fully managed service, your agent’s maintenance team may be able to prepare your property to let, depending on the work that needs to be carried out.

Find the hidden rental value of your property by booking a rental valuation

Zoopla*

Why buying now could be a really great move?

Timing is often on the minds of many homemovers. You want more. You want to move, but you ask yourself: Is it the right time? This can be for an entire host of reasons, and in many ways, it does not exist. Often, the amount of time you have invested in a property supersedes anything else, including financial elements. If you have a lot of equity in your home or are a cash buyer, you probably don’t worry too much about interest rates. If you are moving to a region where you have more space for your money than your previous location, then you still stand to gain. Perhaps you are moving for emotional reasons, and while the numbers are important, they are not a priority. But if you are someone who likes to be a bit savvy, it’s all about anticipating the market ahead. In fact, average asking prices in October 2023 increased by 0.5%.*

2024 has been built on good years

Many properties have had a small fortune spent on them in recent years. If you are thinking of moving now, you will find a high standard of interesting, inspiring, and, in some cases, breathtaking properties. There are still plenty of projects to be found that are both characterful and modern, with a little room for improvement in the mix as well. Over the past few years, prices have rapidly increased, allowing your home to gain equity quickly. Yes. There was a little bit of a lull in 2022, but it was nothing like the bleak picture that the mainstream media painted. This allowed the property market and you to catch your breath. Letting off a little steam is a healthy thing; it prevents overheating and keeps the market stable.

Many home movers are making an early start

A lot of homemovers will put their homes on the market over Christmas, and many more will be viewing them; it’s become a tradition. As you feast on Christmas fayre your eyes can gorge on stunning homes and investments. Suddenly, it will be 2024, and offers, viewings, and more valuations will keep agents busy. But not in a frantic way. Though all this activity will keep prices healthy, unlike in recent years, they will not get carried away. This early momentum makes it a good time to find a property and plant a for sale sign at your address.

Get ahead of the market

There are positive signs that the market has stabilised thanks to settling interest rates. There is much talk of the property market ascending as 2024 progresses, so by moving now, you can get ahead of the curve. Prices may fluctuate marginally, but the strong demand for your home means your property will retain its value. So, buying now before prices start increasing more rapidly could be the way forward. Valuing your home correctly with a skilled and knowledgeable agent is critical.

Defeat higher mortgage rates

With the right mortgage advice, you may find that you are already further ahead than you realise. In October 2023, the number of mortgage products stood at 5,495, which is the highest in 15 years.** Moving home with your existing mortgage (known as porting) or taking out a longer-term could counter the effect of today’s higher interest rates.

Final thoughts

It’s understandable to feel a little anxious with so much change occurring in 2023. A lot of what is churned out in the media is negative, and this does not help. But by focusing on your unique situation with the right agent to advise you, there are many doors open to you that will lead you to the right home. In fact, buying now could be the best move you ever make.

Get in touch to get a true understanding of what is possible for your 2024 property plans

Rightmove*
Moneyfacts**

What will the 2024 UK property market look like?

It’s impossible to predict the future completely, so why worry? When homes sell incredibly quickly, this often leads to rapid property price inflation. Right now, the market is stable and not growing rapidly, which makes it a good time to move. You have a little more scope for negotiation while still achieving a great price for your existing home, as it will have gained in value in recent years. With inflation falling in November by 2% to its lowest levels in two years to 4.6%* and wages rising, the market is returning to normal. The expectation is of slowly falling rates and rising property prices steadily emerging towards the end of 2024, but could this occur earlier than expected with the January rush?

Winter

Winter 2024 begins in December 2023, as many homemovers get a head start on finding a great home before January. Sellers are itching to move, having placed their homes on the market in time for scores of viewers, who create a Boxing Day home moving boom. In fact, the week of Christmas is one of the busiest times of the year.

Spring

Those who have waited to move in January will now place their homes on the market as the property market gets into full swing. Added to those who decided to take the plunge by moving into their dream homes in time for sprouting daffodils. As mortgage rates become more competitive, combined with a strong beginning in 2024 with better buyer affordability, there will be real momentum in the market.

Summer

If you have already bought your home at this point, you may have got the timing just right. In many ways, 2024 is a good year to buy and then gain the rewards of good growth in the following years. Overall, the outlook appears steady, with a lot of stability. You could be sitting pretty with a garden in full bloom and concentrating on a holiday, knowing your property plans are sorted and all you’ll need to do is make the most of enjoying the reality that was once a dream.

Autumn

This appears to be the only season of change, and perhaps we are tempting fate to look this far into the future. But if the predictions of analysts are correct, mortgage rates will start to decrease further but not return to the extreme lows of the past. As a result, property prices will start to rise more rapidly.

Your agent can transcend time

Any time is a good time to move; it’s more about you and your home. Good estate agents hold the keys to optimising your situation at any time of the year and are becoming extremely adept at the entire moving process. Today, they are armed with vast databases of homemovers that connect your home with the right buyer quickly. They can help broaden your mortgage options with the right mortgage advisor and fine-tune the value of your home, which is critical in today’s market. Finding the property that will improve your life immeasurably will help you feel awesome all the time.

Bank of England*