What will happen to the rental market in 2021?
At the start of 2020, supplies of rental property were plunging and rents were rising. In January, Homelet’s Rental Index showed average rents were up by 2.3% and by 4.4% in London. Despite a raft of upcoming tax and legislative changes, landlords’ confidence remained surprisingly high - 25% were expecting rents to increase, and 32% were expecting property prices to rise (source: Paragon Mortgages). Then, just as with the sales market, March came and everything ground to a halt. Afraid of mass evictions and tenant hardship, the government allowed tenants to take a three month rental holiday and banned evictions.
Pent up demand ensured there was plenty of activity when the market re-opened in May, although COVID restrictions made viewings more complicated than previously. Just like the sales market, demand for inner city properties was markedly lower than for other areas, with tenants searching for more open spaces, resulting in a market that was operating at two different speeds.
As we moved into summer, landlords, unable to evict tenants, were becoming increasingly concerned about tenants’ arrears, although rents continued to rise - up by 2.1% between July and August. In the autumn, there was a brief window of opportunity for landlords to evict problem tenants, but with such large backlogs, only the most serious cases were heard. The extension of the furlough scheme until April 2021 did offer some comfort, providing vital financial support for both companies and their employees.
By the time the year ended, rents had risen by 2.7% across the country but had fallen by 4.5% in London. The average rent (excluding London) is now £838 and £1,556 in the capital (source: Homelet).
Commenting on the outlook for 2021, Andy Halstead, chief executive at HomeLet & Let Alliance, said:
“Whilst overarching optimism remains strong for 2021, with vaccines being rolled out for COVID, we can still expect a year that will be disrupted by the impact of the virus. With the new national lockdown and the prospect of additional restrictions to help curb the impact of the virus and new variants, we can expect the demand for certain property types and locations to grow, pushing rents up further.”
Our eventual return to commuting may also lead to increased demand for properties in city centres, especially if, as expected, the cost of commuting rises substantially as transport companies try to make up for their substantial losses.
As ever, there are some legislative changes to watch out for this year - electrical safety tests will be required for all existing tenanted properties by April 1st, although, the government is being lobbied to extend the deadline for another 12 months. The eviction ban has just been extended for another 6 weeks and may well be extended again. And, finally, the Right to Rent checks on EU citizens will change from 30th June 2021 to take into account the new Points Based Immigration System.
Selling your home
As we head towards the colder months, the housing market tends to quieten down a little. However, this year with the stamp duty holiday, there is still plenty of zip left in it. If you're thinking of putting your property on the market, though, there are a few things you need to bear in mind when you are preparing it for sale, especially in relation to covid.
Keeping everyone covid safe has, and will continue to be, a priority for Homesite. That means there is an emphasis on virtual viewings, at least initially, and a need to ensure social distancing is maintained at all times. For physical viewings, there are some simple rules to follow. As they cannot involve more than one household (excluding our agent), vendors should vacate the property while they take place. There is a structured booking process, so you will have plenty of notice and you won’t need to be out for long, as viewings are limited to 15 minutes. Beforehand, we will also ask you (and the viewer) the following questions:
Has anyone in your household had COVID-19?
Has anyone in your household displayed COVID-19 symptoms or not yet completed a required period of household self-isolation?
Is anyone in your household in the high-risk category?
It is recommended that, just before the viewing commences, vendors should open all internal doors and clean any likely touch points, such as door handles, using standard household cleaning products. For your protection, viewers and our agents will wear facemasks and try to minimise their contact with any surfaces.
But don’t forget, it’s not all about Covid. After all, the whole point of the exercise is to sell your property (and get the best price), and that means also making sure it looks as good as it can. At this time of year, the wind and rain can take a heavy toll on your paintwork and windows, leaving them looking tired and grubby. And, if you have any kind of outside spaces, there will be dead plants and leaves everywhere. Sweep away those leaves, cut back any dead plants and give your external doors, windows and paintwork a really good scrub with soap and warm water. If you have one, mow the lawn, too. As long as you set the mower a little higher than normal (grass should be about 2 inches long). It won’t do it any harm whatsoever and it’s amazing what a difference it makes.
With less natural light, it’s also worth paying careful attention to your home’s lighting. And that starts on the outside. A warm and welcoming porch light will set the right tone, right from the start. You want all the lights turned on inside, too, because the last thing you want is for your home to look gloomy. Although be careful, a single source of light can make a room look like a prison cell and will do more harm than good. To mimic natural daylight conditions you need multiple, low level light sources. If necessary, go and buy some extra free-standing or table lights.
The house’s temperature is another important consideration - warm and snug, but not hot. The mean recommended temperature is between 19 and 21 degrees, so make sure it stays around those levels whenever there are viewings and that you allow plenty of time for it to warm up beforehand. If you’ve got a gas fire, it's well worth lighting it, as it will help create the right kind of ambience. Lighting a real fire, on the other hand, is not such a good idea as they can be dangerous when left unattended.
House Prices Notting Hill, Holland Park & Kensington Feature High On House Value List : The most exclusive London postcodes where houses sell for £23 million
It's no secret that buying a property in London can ring up a huge bill.
The average London house price stands at £653,965 in September 2020, according to Zoopla. For most of us, this is way too expensive, but for others this is a mere drop in the ocean.
For the wealthy among us, their price range is higher than most - way higher.
While we can all guess some of the luxury areas that the rich and famous like to call home, it's interesting to note exactly where is the most expensive.
Postcodes SW6 in Fulham and NW3 that covers Hampstead, Chalk Farm, Primrose Hill, are prime London’s top spots for £1 million plus property sales so far this year.
When it comes to the absolute pinnacle of prime London property, Chelsea’s SW3 postcode has seen the most transactions so far this year, with nine other postcodes seeing property sales complete over this price threshold.
Houses went for a whopping £15 million.
But again, this pales in comparison to the N2 postcode which saw sales of £23,500,000. The postcode covers Hampstead, Highgate, Barnet and Haringey.
Take a look at the full breakdown below.
The most exclusive London postcodes
1. N2 - Hampstead, Highgate, Barnet and Haringey - £23,500,000
2. W11 - Kensington, Notting Hill and Holland Park - £20,000,000
3. SW1W - Knightsbridge and Belgravia - £18,400,000
4. W1K - Mayfair and St James's - £17,500,000
5. NW8 - St John's Wood, Regents Park and Primrose Hill - £15,396,500
6. SW3 - Chelsea - £15,000,000
7. W2 - Bayswater and Maida Vale - £13,000,000
8. W8 - Kensington, Notting Hill and Holland Park - £12,750,000
Sell Your Property At 1% With Homesite
Here at Homesite we only charge a sales commission of 1% to sell homes for which will save you £1000’s compared to other local Estate Agents.
We offer a great service and always here to answer any question. You can read more about selling with us HERE
How much is south-facing garden actually worth?
‘’…And a lovely, south-facing garden’ – we’ve seen the phrase in many a property listing, but how much does a south-facing garden really add to the price of a house?
With the lockdown, outside spaces have become more sought after than ever, but even beforehand, south-facing gardens were considered desirable because they get sunlight for more of the day. In urban areas, where gardens are smaller, narrower and more shaded, it’s even more important. It is such an issue that agents regularly report people checking the compasses on their phones during viewings to check the house’s exact orientation.
Putting a value on it, however, is not so simple. Fortunately, Rightmove have now done most of the hard work, trawling through their data in search of answers. So what did they find?
Of the 400,000 homes they analysed, the average increase in value was £22,695, or 7%. In London, you’d expect those figures to be even higher, and they were, in financial terms - £57,903 - but in percentage terms they only ranked third, which suggests there is a ceiling to what are people are prepared to pay. The keenest gardeners are to be found in Yorkshire and The Humber, which saw the biggest percentage boost at 14%.
Region Asking price premium Price difference
Yorkshire & Humber 14% £35,628
North West 12% £31,698
London 9% £57,903
South East London 9% £38,535
East London 9% £33,959
North East 8% £14,613
West Midlands 8% £23,038
Wales 6% £15,088
South West 6% £21,768
East Midlands 5% £14,119
Scotland 3% £7,596
East of England 2% £8,559
South East 2% £8,000
Average GB 7% £22,695
During their research Rightmove discovered south-facing gardens didn’t just affect the price of a house, they also meant the house sold faster. Again, Yorkshire and The Humber performed best, shaving 8 days off the a property’s time on the market. The average across the country was was 2 days or around 5%.
Region standard time to find buyer Days saved
Yorkshire & Humber 47 8
North East 58 6
West Midlands 42 5
South West 47 4
East of England 49 4
Scotland 33 3
East Midlands 44 3
Wales 47 1
South East 50 0
London 45 0
North West 48 0
Average GB 47 2
In more general terms, Rightmove also report searches for gardens were up by 56% since lockdown began. It means that, even if your garden is not south-facing, it still adds to the attraction of your home and it’s therefore important to make the most of all your outside spaces, mowing the lawn, repairing and painting fences and sheds. You should then make sure you get some really good shots taken, especially while all the flowers are still out.
Rightmove’s Miles Shipside says,
“Since the market reopened we’ve seen a huge rise in demand for homes with a garden as buyers place greater importance on outdoor space. For as long as I can remember, south-facing gardens have been viewed as the crème de la crème of outdoor spaces among home-hunters.
“It doesn’t mean your house will automatically be worth £22,000 more if it has a south-facing garden as this is an average and it will also depend on the condition and location of your home, but it’s certainly something to shout about in a listing as it could mean your home makes it on to a buyer’s shortlist over another property down the road, or even on the other side of the street.”
A LOOK AT INTERIOR DESIGN WITH JIMMIE MARTIN
I popped down to Jimmie Martin's a few weeks ago to say hi. As Notting Hill estate agents, we walk past their colourful shop window quite a lot while out and about on viewings, so I wanted to find out more about this creative duo and their work.
What makes them exciting is that they take vintage furniture and bring it in the modern-day, wrapping it in their signature Avant-guard style. This is revamping at its best!
They have created pieces for superstars like Madonna, who made her grand entrance to the American Super bowl, rocking one of Jimmie Martins majestic thrones. Other pieces include furniture for a number of celebrities like Kylie Minogue and a vintage chair for Jamie Oliver's charity gala, decorated with Jamie's special Victoria sponge recipe. I love it! (the chair, and Victoria sponge!)
I walked into their boutique on Kensington Church Street, a street renowned for its antique art and furniture shops. Nestled among Oriental antiques and furniture from eras past, this shop, with its splash of colour, is ideally located among the antiques and art of Kensington.
I was greeted by Jimmie, who immediately invited me to take a seat on one of their funky spikey chairs; a Victorian piece brought back to life and style by their creative design. And, yes…it has spikes on the seat, the artwork on the backrest states' love hurts' which made me smile. I happily obliged. Taking a seat, I discover the spikes are softer than I thought, I contemplate that actually love doesn't hurt that much, at least not today! In fact, it feels full of fun!
The shop is strewn with furniture, or should I say artwork? It feels like both — large unique statement pieces, soft furnishings that will make you grin as you meander around your own home. I wanted to find out more, so I grabbed Jimmie for a chat to find out more about how this all came into being.
Q: How did your unique style and design come about?
A: I've always had a love of antiques, art, and fashion. It started when we had our first flat in London. We bought some old vintage pieces that nobody wanted. Everybody wanted modern, minimalism style at the time. We revamped the pieces for our flat because, at the time, we couldn't afford new furniture, but we really wanted to have some fun and colour in our space.
It started with an old chair that we had found in a charity shop. We redecorated it and displayed it in the window of a hair salon in Soho. Much to our surprise, we received a call from the Design Decoration award telling us that we had been shortlisted to become the best new designer in the UK! We won the award, which was amazing for us. That was 15 years ago and the beginning of an incredible journey.
Q: What inspired you?
A: Years ago, when I first arrived in London, I worked as a bellboy at the Sanderson Hotel. I was inspired by Phillip Stark's design. This led me to create fresh designs on old pieces.
Mixing luxury and vintage with street art and fun is a mix of my background and experiences. We love bringing things back to life; some of the frames we use are over 100 years old. Every image on our pieces is hand-painted.
Q: Your work is very unique, and maybe a little controversial. How do you feel about that?
A: We know it's not for everybody. Some people love it, others don't, and that's fine. Like a lot of art, it creates a reaction whether one likes it or not. It makes people pause to look, to think and feel.
We have some wonderful clients which include celebrities and royalty. They appreciate art and want something a little bit different, and this is what we are about, something original, fresh, with vintage style.
There are plenty of styles for everybody, if our art and furniture are loved by some and not all, that's fine. Do what makes you happy! Being innovative is also about, playing, breaking the rules, and balance. We would like to think we are part of this movement of contemporary interior designers.
Q: I'd love to know more about your interior design work.
A: It's like painting a 3d painting for the client.
Interior design does not have to be neutral or linear. Homes don't need to be boring and only functional. We mix colours, artwork, textures, and different styles to create a warm environment for the person or family living there — one which embraces their character. I believe home is such an essential part of our environment, mood, and personality.
Your home is very much about physiology. If you feel amazing at home, it can transpire into your life. Colour and texture in your living space will make you feel good, you can enjoy it from different angles, always seeing something quirky, which makes you feel joyful.
I'm designing it for the client to think 'wow this is my home.' But also, to create a space you can come home to, put your feet up on the table in total comfort and style. We all want something different, unique, and funky to cheer up our space. Coming home and seeing things that make us smile every day gives us an element fun, so we can take it out into the world and feel happy to return home.
Jimmie’s Passion is evident. It's chic, sophisticated design with a double dose of fun and personality. Personally, I felt that I was looking at some sort of Banksy artwork in interior design form, they all had a message, cheeky or cheerful, hand-painted into vintage pieces of furniture, ready to inject joy into your home.
You are not just taking home a piece of furniture. You are investing in a piece of art that will make you smile for as long as you have it. You can also extend this feeling to your home with Jimmie Martin's interior design creation. A bespoke service where you will have the privilege of having the guys come over and create something truly unique that will make your home feel super special. As I sat with Jimmie, I thought of how much I would love this happy, creative and colourful designer to come and make my home a joyous, bright and inspiring place to be, and definitely with one of those controversial spiky chairs; for the mother in law (Jimmies words, not mine J) You can get in touch with Jimmie and Martin to see more of their unique furniture and discuss interior design options for your home.
https://jimmiemartin.com
GEORGIAN, VICTORIAN OR EDWARDIAN HOUSES. WHICH PERIOD IS YOUR HOUSE?
We always read property ads and see phrases such as 'original Victorian features' or 'beautiful Georgian townhouse’. But how can we tell the difference between the periods and their characteristic features? Let's have a look to find out.
Georgian architecture 1714-1830s’
Spanning through the reigns of George the I, II, III and IV. Influenced by the Tudor period, Georgian architecture remained based on classical ideas of construction. Inner London Georgian houses were easy to build in symmetrical rows and incorporated the internal dimensions for the needs of the families of its time.
Georgian houses are recognisable from a number of features:
- One of the most noticeable features are the flat, shallow and squared roofs with small windows jutting from the eaves.
- Elongated rectangular windows which are the largest on the raised ground and first floor where the family would have spent their time. The windows become smaller towards the top of the building as this would have been the servants living quarters
- Stucco fronted external ground floor (especially regency houses), this may also include stucco cornices.
- Columns and proportions are symmetrical. The frontage is straight and flush stem from classical styles preceding this era.
- It is typical to find a fan window often positioned above the front door
- Oil lamp and extinguisher are now rare features which you may still find on the street in front of the property
- Many Georgian houses had small back yards, but not front gardens and pathways. This concept came later, with the Victorian era which was more grand and opulent with wide tiled garden paths leading to a grand front door.
- Cast iron railings at the front of the property is another tell-tale sign of this period.
Internally, these properties are generally laid out over three to four floors. Kitchens were usually in the basement. The ground and first floor typically have large, high windows. The rooms were spacious, boxy and squared, with symmetrical and generous proportions, boasting the fabulous high ceilings which are a well-loved feature of these period properties today. One of the most visible clues is the intricacy of the ceiling plasterwork found in genuine Georgian residences.
Examples:
There are many examples of Georgian architecture in London which can be found in Belgravia, Mayfair, Bloomsbury, and Fitzrovia.
Most famously, Number 10 Downing Street was constructed in true Georgian style.
The mansions that line regents park are an excellent example of this period and in Camden,
Little Green street consists of a small row of grade II listed houses from the Georgian period, although this example is not in the most opulent style, they are an excellent example of traditional Georgian characteristics.
Houses you can visit include the Benjamin Franklin house (near Trafalgar Square). Benjamin Franklin lived here for 16 years in the mid-1700s’ and is open to the public.
Dennis Severs House- Folgate Street, this house is part of the row of Georgian terrace houses and is open to visits to explore this era of London history and architecture.
Victorian Architecture 1837-1901s’
Compared to the previous period, the Victorians retained some of the features of Georgian grandeur and symmetry but wanted to show more wealth and abundance leading to more ornate and elaborate design details.
Heavily influenced by the renaissance and gothic revival movement, homes from this period were more opulent than their predecessors. Victorian architecture moves away from classic form and more towards individual expression with some gothic influence leading to a more detailed and intricate style.
Features:
- Pointed roofs, sometimes decorated with wooden beams, roof gables, dormers
- Bay sash windows
- Tiled garden paths, sometimes in colourful patterns
- Steeply pitched roofs which are great for loft conversions
- A more complicated architecture. Porches, bay windows
- Larger and more regular shaped bricks than previously handmade ones
- Stained glass panes
- Ornamented ridge tiles on the roof
- Wooden barge boards around the rook and possibly a decorative finial
- Garden both at the front and back
This era saw the implementation of window tax, which levied a fee determined by the number of windows in ones’ property. The more windows a property had, the richer the owner was considered. This led to many shrewd property owners bricking up unnecessary windows, a feature which is visible today on many streets in and around Notting Hill. This tax was abolished in 1851, making way for buildings such Leaden-hall. This beautiful indoor London market is covered by a series of windows that would not have been possible a few years previously, similarly Paddington and other stations are built in the same way.
Internally, this period continued to construct large spacious homes. Victorian design saw kitchens moved from the basement to the ground floor at the back of the house. Dado rails become popular. And with opulence came rich, dark colours and fireplaces in every room.
Examples:
Knightsbridge, Chelsea, Primrose Hill, and Hampstead display some excellent examples of Victorian architecture. Buildings such as Big Ben or Kings Cross station perfectly demonstrate the lines of the style of the Victorian era with its points, grandiose style, and ornate details. The Houses of Parliament are also an example of Victorian/Gothic style.
In Kensington and Chelsea, Au outstanding example of Victorian architecture is 18 Stafford terrace in Kensington. The house remains in true design, including the internal décor, and is open to the public to share the Sambourne family history and show Victorian style in its original form.
https://londonist.com/2016/05/georgian-or-victorian-how-to-tell-london-s-architecture-eras
Edwardian architecture 1901–1918
The Edwardian period marks a return to the classical while retaining a touch of Victorian pointiness and style. Whilst these properties keep design aspects from both of the previous eras, they are slightly less ornate than their predecessors. These grand houses tend to be found in more suburban areas due to their footprint and layout. These properties were built to suit the needs of their time, taking into account the change in socio-economic conditions,
Features:
- One of the most common features of an Edwardian home is a front porch- this was the period of front porches. It was must have to keep up with the Jones’s, and porch indicated one's financial standing. The more well-off, the more intricate the design of the porch.
- These properties were typically laid out over two floors on larger plots of land. Although built with fewer rooms, these tended to be more spacious than previous eras.
- Many Edwardian houses have wooden painted balconies on the first floor.
- This new period of design no longer included servant living quarters due to the effects of world war I when domestic staff had moved away from service and into factory work.
Internally, wider hallways, lighter colours through the living quarters characterise this period. Duel aspects rooms became fashionable as did French windows opening out to the back garden. Another popular feature of Edwardian homes was parquet floors.
Examples:
Ealing and Putney provide good examples of Edwardian architecture in central London. The Mapesbury area in Kilburn and around Willesden Green also consist of houses from this period.
In North Kensington, houses from this period are found along St Quintin’s avenue W10. Oxford gardens and surrounding roads are also good examples of grand Edwardian architecture.
For period properties to buy in Notting Hill & Holland Park- Click here
For period properties in Bayswater & Queensway- Click here
For period properties in Kensington- Click here
HOUSE PRICES GREW AT A STEADY RATE IN NOVEMBER
House prices grew at a steady rate in November, but growth has almost halved over the past year.
House prices grew by 2.5 per cent year-on-year in November, according to Nationwide's house price index, the same rate of growth recorded in October. This is a sharp fall in growth from a year ago, when annual inflation stood at 4.4 per cent.
The average price for a home was £209,988, up from £204,947 in the same month last year.
Robert Gardner, Nationwide's chief economist, said: "Low mortgage rates and healthy rates of employment growth are providing support for demand, but this is being partly offset by pressure on household incomes, which appears to be weighing on confidence. The lack of homes on the market is providing support to house prices."
In the Budget, Philip Hammond sought to help first-time buyers by handing them a stamp duty holiday on purchases worth up to £300,000.
Nationwide said the policy will only have a modest impact on demand, because in many parts of the UK first-time buyers are purchasing properties worth less than £125,000, which was the level of the previous threshold for stamp duty.
However, in London, where first-time buyers will not pay stamp duty on the first £300,000 on purchases of up to £500,000, the average stamp duty paid has fallen from £13,102 to £9,778.
SOURCE: CITY A.M