Tenants in London now pay more than double those elsewhere in the country, research has revealed.

A report by insurance provider HomeLet found that the average monthly rent payment in the capital was £2,109 in July, compared with £1,037 elsewhere in the UK.

Westminster remained the most expensive district, with a typical home priced at £3,360 per month, more than three times the UK figure.

Across the capital, tenants handed an average of 38 per cent of their gross household income to landlords in July this year, up from 31 per cent six years earlier.

Five cheapest London areas

Source: HomeLet

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You can move quickly

Homes placed on the UK property market took an average of 34 days to sell in 2023,* this is a little longer than the ferocious pace of previous years. But currently, sales completions are taking less time due to conveyancers and removal companies not being backlogged. A nicely paced market without stupendous levels of competition from other buyers means that you can move to the home you want in good time. This year looks set to improve on all fronts, so you could find the right property and move quickly.

Renewed and optimistic interest

January and the build-up to spring bring an influx of homes to the property market. Many people who hesitated in 2023 because of a bleak outlook ringing in their ears, which never materialised, are now getting on with their moves. The outlook for 2024 appears increasingly promising as banks offer better interest rates. This pent-up demand helps in the negotiation of a fair price for the home you want to buy or sell. More and more homes enter the market, giving you greater choice. From cottages to castles, combining modernity with timeless character, greener homes, homes in need of modernisation, and rental-ready buy-to-let investments.

It's a mover’s market

Your home’s value is unique. With so many towns and cities still developing and positive influences on the market occurring, it can get confusing when it’s time to value your home. This makes your agent’s skills invaluable. Prices have both increased and decreased marginally; however, while they have been fluctuating, they have stopped rising at a rapid rate. This leaves you in a good position; you will get a good price for your current home due to rapid rises in recent years and recent renewed demand, but you will also pay a reasonable price as opposed to an overinflated price for your new home.

The advantages of higher interest rates   

You can’t be blamed for hating higher interest rates! The banks seem to win every time. However, if you are waiting for interest rates to fall so you can save money on your property purchase, then don’t. As interest rates fall, property prices will most likely rise, so your mortgage will essentially cost you the same amount. Mortgage providers are competing and offering an increasing number of products at more affordable rates. Products such as offset mortgages and porting (moving home with your existing mortgage) to longer repayment terms mean the banks aren’t all bad! And with higher interest rates, property prices don’t spiral out of control, and you get a better property for a cheaper purchase price in a more stable market.

Your local agent makes moving easy

At a competitive price, your local agent is worth every penny in today's market. The fragmented and resilient UK property market is more complex than ever, so agents are vital for valuing your home correctly. This, combined with guidance in negotiation, means you will most likely save money and time. Agents want to keep the momentum in your home move as much as you do. But it’s their connections and market knowledge that can transform your move. Guidance and advice bring about emotional support and potentially a cheaper mortgage.

Contact us for a stress-free and happier home move

Zoopla*

The property market is a fast-paced and confusing world, so you’ll need a good agent on your side to help you navigate its complexities. Finding the right agent is crucial to the outcome of your sale, so to ensure that you make an informed decision, it’s important to ask all the right questions.

Here are 10 key questions you should ask your estate agent before committing to working with them.

What is their experience in the local market?

You’ll need to know how much experience your agent has in the local market, as they should be able to provide local market insights such as trends, values and any potential challenges. Don’t settle for the cheaper option, as an experienced agent is better equipped to help you navigate the intricacies of your specific area, enabling a better outcome for your sale.

Can they provide any client testimonials?

Reputable agents are proud of their client testimonials and references, so they will be more than happy to share them with you. Customer feedback can give you valuable insight into any business’ reputation, so don’t hesitate to ask for this information or check the customer ratings online.

What’s their marketing strategy?

When the market is competitive, a robust marketing strategy is what will make your home stand out to potential buyers. Make sure to enquire about the agent’s approach to marketing, including both online and offline channels, professional photography, and any unique strategies they might use to showcase your property effectively.

How will they determine the value of your property?

Receiving a professional valuation is one of the most important steps to selling your home, so you’ll need to know that your agent has a solid and reliable strategy. A good agent will consider a multitude of factors, such as recent sales in the area, the condition and appearance of the property, and current market demand. Using this information to paint a full and accurate picture ensures that your property is competitively priced.

Is your property ready to sell?

While selling ‘as-is’ is sometimes a viable option, an agent will be able to assess your home during your valuation and advise you on any necessary repairs or additions. Ask your agent whether your home is ready for the market, or if it could benefit from a spruce-up to bump up its value.

How will they communicate with you?

The key to any successful partnership is effective communication, so make sure to discuss your preferred mode of communication with your agent. Whether it’s emails, phone calls, or face-to-face meetings, setting your expectations early on will help to avoid any misunderstandings.

How long does it take to sell houses in your area?

Knowing the average time it takes to sell a home in your area will help you manage your expectations and form a realistic plan. It also gives you an idea of how efficiently your agent can sell properties in your location.

Do they have experience handling properties similar to yours?

Every home is unique, but some fall into specific categories which require the careful handling of an expert (e.g., period homes and luxury properties), so make sure your agent has had experience selling similar listings. This experience can be invaluable when it comes to finding the right buyer and selling for the right price.

How do they handle negotiations?

The skill of negotiation is a crucial one in all areas of the property market. Ask your agent about their approach to negotiations and how they plan to secure the best deal for you while also maintaining a positive relationship with potential buyers.

What happens if your property doesn’t sell?

Lastly, it’s important to ask your agent about what their strategy will be if your property doesn’t sell within the agreed timeframe. Whether it involves reevaluating the marketing plan or adjusting the pricing strategy, having a clear plan in place shows that your agent is prepared for any curve balls, allowing you peace of mind throughout your sales journey.

For more information, contact our expert team today

Jeremy Hunt, Chancellor of the Exchequer, made several proposals in his Autumn Statement that will have an impact on the property market in 2024. Whether you're a first-time buyer looking to take your first step onto the property ladder, a homeowner looking to upgrade to a new property, or a landlord looking to expand your portfolio, the Chancellor's proposals will benefit you in some way. Let's take a look at some of the upcoming changes and how they could positively impact your 2024 property plans.

National Living Wage up, National Insurance rates down

One of the key announcements the Chancellor made in his autumn statement was that, from January onwards, the National Insurance rate will be cut by 2%, bringing the main rate down from 12% to 10%.* The Chancellor also announced that, from April 2024, the hourly National Living Wage will increase from £10.42 to £11.44, the largest increase seen in over ten years.** These changes will benefit buyer affordability because increased disposable income will allow people to spend more money on buying a home they love or investing in properties to expand their portfolio.

Mortgage Guarantee Scheme extended

The Chancellor also announced the extension of the Mortgage Guarantee Scheme until June 2025. The scheme makes it easier for first-time buyers to enter the market by allowing them to secure a mortgage with as little as a 5% deposit. It was originally scheduled to close to new applications on New Year’s Eve 2023, but an unexpected 18-month extension has ensured that first-time buyers can still realistically achieve their dream of owning a home.

Properties can be split into flats without planning permission

The Chancellor also announced that property owners no longer require permission to divide a property into flats as long as the exterior of the property remains the same. This should increase the number of available homes on the market, potentially increasing buyer affordability. It will also give landlords greater flexibility in adapting their properties and increasing their rental income.

House purchases are to be made simpler and quicker

Jeremy Hunt also announced that £3 million will be spent on implementing a range of measures that will improve the overall home-buying process.** In the hope of speeding things up, experimental projects will be implemented that will digitise property data held by local councils and create property tech solutions. These new projects should hopefully make the buying and selling process much quicker and easier.

Final thoughts

Overall, the Chancellor’s Autumn Statement contained plenty of positives for people looking to buy properties in 2024. Buyer affordability is set to improve as a result of the National Living Wage increasing and National Insurance rates decreasing, especially for first-time buyers, who will benefit from the extension of the Mortgage Guarantee Scheme. Landlords will benefit from the announcement that properties can be converted into flats without planning permission, as new opportunities will present themselves. The property market should also benefit from the new pilot projects announced by the Chancellor, as the buying and selling process should become simpler.

With the help of a trustworthy estate agent, you can benefit from the changes to the property market to make 2024 a prosperous year for you. The expertise of an agent will give you a competitive edge in the buyer’s market, as they will be able to offer you the best assistance and advice based on the latest updates in the property market.

Looking for your next property? Contact us today

GOV.UK*

The Times**