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Christmas is almost upon us – with this in mind, I have been asked on several occasions in the past couple of weeks, how I feel the market will perform at the beginning of 2023.  This is very difficult to predict, as it will hinge on the mortgage rate which is NOW beginning to fall favourably and we are informed this should level at around 3.5% next year which will impact the market in a positive light.  We are being invited out to several valuations and I genuinely believe the market will gain strength as we progress through January – March.  We are all aware house prices will fall in 2023, by how much will depend on the buyers and surveyors, should the surveyors start to down value this will of course have an impact.  The industry media are sending mixed messages, about the falling house prices however, it is all relative if you are buying an onward purchase.  Looking at how house prices rose at an astounding rate post Covid, I believe the housing market will ascertain a sensible level, we will certainly not see a ‘crash.’ as in 2007.
If you are seeking to move in 2023 please do give us a call, we offer a wealth of knowledge and a forward thinking approach to get you moving in 2023! 

For landlords paying income tax with a qualifying income of over £10,000,
Making Tax Digital for Income Tax rules will come into force on 6 April 2024.

For landlords paying income tax with a qualifying income of over £10,000,
Making Tax Digital for Income Tax rules will come into force on 6 April 2024.

Making Tax Digital for Income Tax applies to individual landlords. If you manage your property
portfolio through a limited company, you’ll only be affected by the changes to Corporation Tax,
currently expected no earlier than 2026.

WHAT WILL BE YOUR OBLIGATIONS UNDER MAKING TAX DIGITAL FOR INCOME
TAX SELF ASSESSMENTS?

Creating and storing records of your business transactions
These records should be created as close to the transaction as possible and
before your quarterly deadlines, as outlined below.

Confirming your end of period statements
At the end of each tax year, the information you shared in your quarterly
updates will be combined to show your total yearly income and expenses.
You may need to make accounting or tax adjustments, or claim relief before
submitting by 31 January after the end of the tax year.

Making your final declaration

After you’ve finalised your end of period statements, you’ll then be able to
send HMRC additional information about your personal income sources.
This income doesn’t qualify under Making Tax Digital, so you can submit it
either via the MTD software, or through your HMRC online services account.

MAKING TAX DIGITAL FOR INCOME TAX:
A GUIDE FOR LANDLORDS

WHAT DO YOU NEED TO DO BY 6 APRIL 2024?

Your Self Assessment Tax Returns for 2022 to 2023 need to be submitted by 31
January 2024

HMRC will review them and check if your income is more than £10,000

If it is, you’ll need to meet the MTD for Income Tax requirements by 6 April 2024

You’ll need to choose and authorise software compatible with MTD for Income Tax

You’ll also need to sign up for MTD for Income Tax

WHAT ARE THE PENALITIES FOR NON COMPLIANCE?

If you file your returns late, you’ll receive a point for each missed submission deadline.
After a certain number of points – 4 points when submitting your returns quarterly – you’ll
receive a fine of £200.

WHEN DO THESE POINTS EXPIRE?

These points will expire after 2 years, if:

• You submit all your required returns on time for a set period, such as 12 months if you submit your returns quarterly
• You’ve submitted all your returns from the past 24 months, even if they were initially late

This document is intended as a guide only and does not constitute legal advice. For more
information, visit gov.uk.

October – Halloween is just around the corner and Christmas will soon follow suit.  Several people have been contacting the office to speak with me regarding the current market situation. You could say the market has been ‘spooked’ by the fact. Liz Truss gave First Time Buyers a Stamp Duty exemption to get buyers on the property ladder.  However, within the next 48hrs mortgage rates were increased to between 5.0%-6% making it inevitable that the offer was given on one hand and taken away with the other, with mortgage rate rises – this has proved counterproductive.

In general, we are still achieving sales at good prices in the local market.  We have already sold three properties this week and it is only Wednesday!    The demand is still brewing and the lack of stock coming to the market is still pushing favourable properties to the asking price.  However, it is a slightly different case with the higher priced properties but our clients are listening to our suggestions of reducing their prices and they have all achieved additional viewings this week.

Going forward into the winter, I believe if an agent is tenacious with valuations we can keep the market moving by offering discrete marketing to several clients.  This works well, as it takes the angst out of appearing on the major portals.  We are very proud of the fact we have sold seven properties this year with discrete marketing, the properties never came to the market and both sellers and buyers were very happy!  

If you are seeking advice about your property just give us a call on 01892 838363

Happy Halloween

Carol  

It’s that time of year again; the nights draw in, sunsets split the sky into spectacular colours and rich leaves blanket the grass. With all this magic going on outside, it only makes sense to bring some of it indoors – here are some tips to transform your home this autumn:

Make everything cosy 

When you think of cold weather, thick blankets, glowing fireplaces, hot chocolates and comfy slippers come to mind. One of the best ways to optimise relaxation in your home is to declutter the space so that your sofas and beds become the centrepieces of the rooms. This creates a calm, comfortable atmosphere which is perfect for movie nights and spending weekends at home.

Set the atmosphere with a scent

From spooky dark nights to golden morning sunlight, autumn is all about the atmosphere. Capture the outdoor settings by filling your home with autumnal and enticing smells. Use sweet-smelling candles and reed diffusers, bake seasonal treats and light up the fireplace for a warm and welcoming ambience.

Use warm ambient lighting

Embrace autumn’s mood with soft and low lighting. Ambient lighting involves using colour, temperature and brightness which can create a warm and comfortable amount of light throughout your home to complement its features. If your home has a dimmer switch, opt for lower settings to capture the cosiness of autumn’s dark evenings.

Bring your home alive with flowers

One of the best ways to display autumn’s brilliant hues is through decorative flowers. Create a woodland cottage theme with hanging baskets outside, window boxes and clear vases to draw the eyes to the petals. 

Create an autumnal outdoor space

As Summer fades out of view, you may find yourself spending less time in the garden, but after all the work you put in over the hot weather, it’s a shame to let your garden space go to waste during this beautiful season! You can create an autumn outdoor relaxing area with outdoor rugs, heaters, and weather-resistant furniture or even by transferring your shed into a cosy cove with blankets, pillows and fairy lights.

 

There are many ways sellers can make their property more appealing to potential buyers. Some houses are suitable for small conversions and renovations whilst others can benefit from extensions and eco-friendly initiatives. It is important to find the best enhancements to suit your property.

The Guild of Property Professionals has compiled 4 of the most worthwhile home improvements that can add value to your home and make it more appealing to potential buyers.

Get spring-ready in the garden

As a nation, we value the addition of outdoor space, particularly after the events of the last few years. The pandemic encouraged buyers to escape to the countryside, shifting the need for outdoor space even higher on buyers’ wish lists. Making your garden feel like another reception room adds heaps of value to your home, especially if it is currently somewhat neglected. Simply adding decking or a patio and outdoor furniture can turn a garden into a great entertaining space. Summer houses are another welcome addition, particularly when staged as an extra room to enjoy. 

Make the most of the garden space you have!

Whether you have a big garden or not, first impressions count! So, if you’re selling your property you need to give the garden space that much needed curb appeal in order to gain the right attention! Even simple things like tidying up the lawn or sweeping up the leaves make all the difference.

Convert the garage

Most people would prefer an extra reception room to a garage. If you have permission to do so, then you could convert the garage to add extra square footage to your home. Depending on where your garage is located, they can make fantastic playrooms for children or home offices, which again, is another hugely important asset in today’s modern world of working from home. 

Add an additional bedroom with a loft conversion

Loft conversions are a sure-fire way to add value to your home. Most houses don’t require planning permission to convert the loft and they make stunning rooms. Plus, they’re reported to add up to 20% to a property’s value. Read our 5 ways to extend without breaking the bank.

How much value does a loft conversion add? Research conducted by the Nationwide Building Society found that adding a loft conversion can increase the value of your home by up to 20%.

Add parking space

Having somewhere to park the car is a big plus for most buyers. In 2014, 29.6 million cars were registered for use in the UK, which is a 9% increase from the previous year. We clearly like our vehicles and parking spots are becoming even more scarce, making them especially valuable. Even if your buyers don’t drive, they will value the space when family and friends visit. If you don’t already have parking but do have a front garden, consider paving part of it to create off-road parking. You might have to apply to have the kerb dropped, but it’s still well worth investigating.

Add a conservatory and increase living space

Conservatories are another great way of adding square footage to your property. Consider adding one next to your dining area or kitchen to increase the size of this hugely appreciated space. And make sure you keep it at a comfortable temperature as any rooms that are too hot or cold could put buyers off.

Boost the value with kitchen renovations

Kitchens are the heart of the home and there’s nothing more appealing than a big welcoming room in which to cook up a feast and entertain. If you only want to improve one room, then definitely concentrate on the kitchen and add a few wow-factor touches to make it stand out. Consider upgrading the doors of your cabinets, and replacing the tiles and worktops in your kitchen to give the room an instant facelift, on a budget.

Add an extension onto the kitchen

Expanding the kitchen onto the side and to the full width of the rest of the property means that you will gain valuable space. As previously mentioned, a big open plan kitchen presents a warm welcome and inviting environment – which is guaranteed to add value to your property in the long run. 

Overhaul your bathroom

After the kitchen, your bathroom should be next on the list for an overhaul if it’s looking dated. Opt for a crisp white suite so it appeals to lots of people and add a few ultra-stylish features to make it a room to remember. This can be an expensive investment, however, if it’s something that needs doing then it becomes a necessity. You may be able to get away with just a fresh lick of paint.

Make sure your home is structurally sound

At the very least, make sure you fix any structural problems before you put your house on the market to maximise your chances of getting your asking price. If your property is structurally unsound, buyers are likely to use this as leverage to negotiate as they will know they will have to invest money upfront to fix those problems. 

Turn your home green

Not literally, your house is fine the colour it is… BUT, making your home more environmentally friendly with the likes of solar panels, wind turbines and good insulation can increase its value. If your home is cheaper to run, it will stand out in the property market and you can usually add a premium to the price. 

Go for double glazing

Don’t have double glazed windows in your home? This is definitely one of the best ways to add value to your home. Double glazing is a standard in most new homes these days, if your home is relatively old, you may find that it still has single glazing. This puts you at a disadvantage, as potential buyers may be put off by this – so we recommend you get this sorted as soon as you can. 

Top Tip: Homes do not normally require planning permission to install double glazed windows, however, flats do not fall under the same umbrella. You will require planning permission if you own a block of flats and are needing to upgrade to double glazed windows.

Get that kerb appeal

There are a number of different ways to add value to your home and improve the kerb appeal of yours. This could be a fresh coat of paint, new plants in your garden, new iron fencing or a brand-new front door. Whatever approach you take, make sure your home looks appealing from the outside. First impressions count and will go a long way to adding value to your home!

If you’re looking to add value to your property so that you can sell your property and buy a new home, then make sure to get in contact with us so that we can guide you through the process.

At Firefly, we know how important first impressions are. Finding a new home is a life-changing decision and just one of these serious faults can send your buyers running for the hills.

So, what are buyers on the lookout for? Our friends at the Guild of Property Professionals have compiled a list of the biggest turn-offs out there.

1. Dilapidated exterior

A dilapidated, unattractive façade makes a terrible first impression and for many, this alone is enough to quash buyers’ interest. Peeling paint, broken gutters, and missing roof tiles create an image of neglect. Most buyers aren’t interested in spending that much time and money cleaning up someone else’s mess.

2. Nasty (and noisy) neighbours

Buying a house is a bit like getting married. Just as a person marries into their partner’s family, you buy the company of your neighbours. A house can be charming, but if it’s situated next to a student dig that hosts parties every other night, all the décor in the world won’t make up for the interrupted sleep you’ve signed up for. 

Having a virtual viewing in this case can be a double-edged sword. While neighbours’ houses may look lovely on-screen, an in-person visit may reveal otherwise.

3. No parking

While a house with no parking might be fine for some, many people looking for a home of their own want to feel secure in the knowledge that their vehicles are safe, and preferably under shelter. If buyers are having a virtual viewing, it can be a fatal mistake to overlook parking. 

Those empty spots in the road outside may only be there occasionally, and they just happened to be free when the images or video were shot.

4. No garden

Not all houses have a garden—and many buyers don’t have the budget for one. 

While some people are happy with a clean-cut, urban look, there is something to be said for the soothing effect of nature. Having a pot plant or two—inside or outside—breaks up the monotony and gets rid of the impression you’re in a military compound.

5. A dark interior

A house doesn’t need to be an architectural masterpiece, complete with skylights and chandeliers, but walking into a dwelling that’s just about as light as the inside of a cave doesn’t do much to attract buyers. Viewing a house virtually can compound this problem: inadequate lighting sometimes looks ten times worse on video. 

6. Needing interior repairs

Even if a house looks spectacular from the outside, a less-than-thrilling interior is sure to put off people looking for a nice home. 

Just like a sumptuous-looking apple with a rotten core, a house needing extensive renovations isn’t something most people want. Things like peeling paint, broken door hinges, damaged light fittings and window panes falling out of their frames are more than enough to drive buyers away.

7. Dirt and grime

Some people might say that a house isn’t a home without a bit of dust and clutter, but there’s nothing attractive about dirt. 

One sure-fire thing that makes buyers run a mile is a dirty bathroom. Your own grimy toilet is bad enough. Why would you want to buy someone else’s? This can be even more of an issue with virtual viewings, as people assume that you can’t see dust on video, so they neglect the little things.

8. Damp

It’s not only dust that buyers find off-putting. A survey by insurer, GoCompare, showed damp stains were the number one reason potential property buyers decided against purchasing. 

Grime is an immediate turn-off, but seeing damp stains on walls or ceilings hints at a deeper issue. Clutter is easily sorted and dust is easy to clean, but with damp, you’re looking at potentially serious damage that could need major renovation.

9. Bad smells

The same GoCompare study showed that the presence of unpleasant odours was high on the list of turn-offs for people looking to buy property. 

An unpleasant smell could come from something small, like food that’s gone off, but although that’s an easily fixable issue, walking into a house that smells bad doesn’t increase buyers’ enthusiasm—to put it mildly. 

A trickier problem is the presence of odours in the area. Areas close to wastewater treatment plants are often plagued by disagreeable odours, which can drive buyers away.

10. Evidence of pets

There are many pet lovers in the world, but it’s pretty rare for someone in the property market to find a house full of dog hair appealing. 

A potential buyer might allow their pets to sleep on the bed, but almost certainly won’t like a house that appears to belong to a pack of moulting sheepdogs.

View our top tips to sell a home with pets.

11. No internet signal

Having reliable internet access has become essential for many potential buyers. More and more people are working from home and simply can’t do without a steady connection. 

Accessing the internet mostly depends on a residence’s own router, but there is evidence that some geographic locations lie in “broadband black spots”. Many areas in the UK struggle with chronic connectivity issues.

When it comes to virtual viewings, connectivity issues can pose a problem from the word ‘go’. A video call breaking up every ten seconds is enough evidence to put people off.

12. Ageing electrical systems

There are many faults in houses that go beyond impractical features or lack of appeal, one of which is outdated or unreliable electrical wiring. This can go hand-in-hand with bad DIY jobs. 

Leaving wires exposed and not repairing broken sockets doesn’t only make a house ugly, but can also pose a serious threat. Repairing an old fuse box can be extremely pricey, which doesn’t exactly entice potential buyers. 

The takeaway / Conclusion

Selling a property is not the easiest thing in the world, but by addressing these common issues, you can ensure that your property is given the head start that it deserves.

Some properties will always need work. That is why, at firefly, we pride ourselves on finding the perfect buyer for each home. There are many buyers out there are looking for a fixer-upper!