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Rics survey points to ‘more stable’ house price outlook as decline in buyers eases

Property prices and sales remain sluggish, but the outlook for the rest of the year is looking brighter and ‘more stable’ than expected, the results of a closely-watched survey of estate agents has revealed. 

While the number of prospective buyers remains down, last month saw ‘the least negative result since July of last year,’ according to the latest survey from the Royal Institution of Chartered Surveyors. 

The home sales indicator was also ‘somewhat less negative’ in February, though numbers are expected to continue to fall over the next three months, the Rics added. Looking further ahead, sales levels are expected to stabilise, it said.

This week, mortgage lender Halifax reported that house prices staged a surprise February bounce, with the average home jumping £3,116. 

Looking ahead: While house prices and sales are slow, the outlook appears 'more stable'

Looking ahead: While house prices and sales are slow, the outlook appears ‘more stable’

‘At the twelve-month time horizon, the sales outlook looks to be more stable (even if the series is still marginally in negative territory), with a net balance of -8 per cent. This stands against -20 per cent in January and a recent low of -45 per cent back in August’, the Rics said.

Prices remain lower and look set to remain so for the rest of the year, albeit to a lesser extent than previously forecast. 

‘Around 60 per cent of respondents suggested that prices were being agreed at below the asking price,’ it added. ‘For properties priced between £500,000 and £1million, the share jumped to just over 70 per cent.’

Prices appeared to be holding up better in Scotland and Northern Ireland than in England and Wales.       

 Provided vendors follow advice and accept that asking prices must reflect recent falls, deals will continue to get done

Estate agent Colin Townsend 

Colin Townsend, a chartered surveyor at John Goodwin in Malvern, Worcestershire, said: ‘Despite all the bad news the market continues to show its resilience. Yes, prices are under pressure and have fallen a little but sales are being negotiated at a reasonable level. 

‘Provided vendors follow advice and accept that asking prices must reflect recent falls, deals will continue to get done.’

David Boyden, managing director of Boydens estate agents in Essex and Suffolk, said: ‘We saw an increase in instructions, but buyers are cautious, thus returning to more stock on the market and possible review of asking prices in the weeks ahead.’

The average time taken to complete sales continued to rise last month and is now approaching 19 weeks, the Rics said. 

Shifts: Property prices remain sluggish, a survey from the Rics said today

Shifts: Property prices remain sluggish, a survey from the Rics said today

Buyers: Buyer numbers are still down but showing signs of improvement

Buyers: Buyer numbers are still down but showing signs of improvement

‘The level of inventory on the market remains not far away from a historic low albeit the latest estimate edged up to 34.8 properties per surveyor branch (34 in January),’ the report stated. 

Tarrant Parsons, a senior economist at the Rics, said: ‘The housing market continues to adjust to the tighter lending climate, with stretched mortgage affordability still weighing heavily on activity.

‘Given the ongoing weakness in demand, house prices remain on a downward trajectory, and are expected to see further falls through the first half of the year at least.

‘Going forward, near-term expectations suggest market activity will remain generally subdued over the coming months, although the latest survey feedback shows tentative signs that the ongoing decline in buyer enquiries is now moderating.’

What's next? A chart showing the property price forecasts over the coming months

What’s next? A chart showing the property price forecasts over the coming months

Stock woes: The number of properties estate agents have on their books remains low

Stock woes: The number of properties estate agents have on their books remains low

Sam Rees, a senior public affairs officer at the Rics, said: ‘Ahead of the UK budget on 15 March, RICS is emphasising the critical role housing has to the UK economy, and the need to boost supply through new builds and commercial property conversions where appropriate whilst conforming to the strictest standards.’

Mortgage rates reached peaks not seen for some years in the wake of September’s mini-Budget, with the average two-year fix topping 6.5 per cent in October.

While rates have come down since then, it is likely that the price of new fixed-rate mortgages will rise again over the short term.

Last week, Nationwide Building Society said it was increasing mortgage rates by up to 0.20 percentage points, just weeks after making a series of cuts to its home loan costs. 

Fewer landlords selling properties?

Falling: New landlord instructions continued to fall in February, the Rics said

Falling: New landlord instructions continued to fall in February, the Rics said

The number of landlords instructing estate agents to sell properties continued to fall last month, though at a slower pace than the previous month,  while tenant demand continued to increase, the Rics said. 

It added: ‘Inevitably, given the ongoing imbalance, the headline rent expectations reading remains at a relatively high level of +45 per cent. Moreover, this pattern is repeated across much of the country.’ 

Rees said: ‘With rising rents and diminishing housing stock in the private rental sector, the government must do more to support landlords who are leaving the market due to increasing cost and regulation challenges.

‘Landlords continue to raise concerns with Rics on the lack of clarity and financial support from government to meet expensive energy efficiency improvement targets which is further pressuring landlords into exiting the sector.’

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I’m a security expert – here are NINE ways to protect your home this winter

Experts are advising homeowners to improve security before longer nights arrive, as statistics show that burglaries spike after dark. 

There were 288,000 burglaries in the UK from April 2022 to March 2023 – an increase of more than 10,000 from the year before – with more than 60 per cent of those taking place in darkness. 

The clocks go back an hour on October 29 in the UK, meaning darkness will be descending even earlier from then on. 

Andy Simms, expert from MyBuilder.com, said: ‘The nights are really starting to lengthen, but we still have a few weeks before it’s dark before many of us get home from work.’

He gave nine tips for homeowners ahead of that time.

There were 288,000 burglaries in the UK from April 2022 to March 2023 - with more than 60 per cent of those taking place in darkness (stock image)

There were 288,000 burglaries in the UK from April 2022 to March 2023 – with more than 60 per cent of those taking place in darkness (stock image)

Gravel your driveway

The first security tip is to lay gravel as a path or driveway surface if you can, as the noise could help you hear an intruder, or deter them off in the first place.

If a would-be thief is ‘casing’ your property, a gravel drive gives them limited access to your home without making a fair amount of noise.

Keep doors and windows locked

As obvious as this is, statistics suggest that 15 per cent of burglaries come about through the forcing of a lock or via doors or windows left unlocked.

Additionally, unlocked doors and windows can also invalidate your home insurance cover if you aren’t at home. 

Be sure to check all doors are locked when leaving the property, or even when you are inside, ensuring keys are not left in windows or doors by accident.

Light up your property

Andy Simms (pictured), expert from MyBuilder.com , has issues a final warning for people who are concerned that their homes are not as secure they could be

Andy Simms (pictured), expert from MyBuilder.com , has issues a final warning for people who are concerned that their homes are not as secure they could be

If you are going out or to bed, consider leaving a light on, with some lighting systems using timers to switch on as it approaches darkness.

Others use motion detectors, but either kind can act as a deterrent to potential thieves scoping out your home.

Secure your valuables

Don’t leave your valuables in sight to tempt any passing thieves, especially if they are visible from the road. 

Laptops, phones, jewellery and other valuables should all be secured out of sight, as they are some of the most common targets of robberies.

Install a burglar alarm

A burglar alarm is one of the most effective ways to ensure your house is more secure.

If you already have a burglar alarm installed, it might be worth getting it serviced or checked before winter.

Protect your outdoor property too

Outhouses, summer houses, sheds, garages, vehicles, trailers, and garden offices should not be neglected, as these can be just as tempting for burglars.

As with your house, check that all doors and windows on these are up to standard, and be sure to rectify any damage that makes them easy to access. 

Lighting around these outdoor spaces can also be key to deterring any thefts from them, as is should make the space visible from your home.

CCTV

CCTV is becoming increasingly more popular for homes as well as businesses especially as technology improves and becomes cheaper.

Technological advancements include the availability of CCTV which is effective at night, with prices starting around £500.

Video doorbell

A cheaper alternative to CCTV – and easier to install – but still very effective is a video doorbell.

All the rage nowadays, these can track visitors to your home via your phone and even let you speak to anyone on your doorstep. 

With their increased popularity, many criminals will instantly know that a house is extra-protected when they see one, and you often get stickers to put on your house warning thieves of the camera’s presence.

Check your boundaries

Having a secure boundary to your property is a major deterrent to thieves.

Checking fences are not damaged, that gates have proper locks, and hedges do not have any gaps in them is all important. 

If you have a side or rear access, make sure this is secure and consider installing a bell on any gate.

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When to put your home on the market if you want to sell by Christmas

  • Getting a sale subject to contract before the festivities begin is still possible 
  • Homeowners Alliance reveals the last date to list for sale and still do so 
  • It is based on analysis of average times to sell over the past eight years 

As the end of the year approaches, many of us turn our thoughts to what we have been putting off over the last 12 months with Christmas a common deadline for getting niggly tasks out of the way.

If starting the ball rolling on a house move is on your list, you may want to take action sooner rather than later to get a sale agreed before 25 December. 

A leading property website has said that sellers need to get their home on the market this week if they want to have a sale agreed before 25 December.

Christmas is coming: So those looking to get a sale agreed on their home need to move fast

Christmas is coming: So those looking to get a sale agreed on their home need to move fast

According to The Homeowners Alliance, Friday 27 October, is the last day homeowners could list their property and still get it sold subject to contract by Christmas.

That is because the average time it takes to get to that stage, which is when an offer has been accepted but the contracts have not been exchanged, is 60 days. 

This is based on the property advice website’s analysis of sales over the past eight years.

During that time, average annual figures for how long it takes to sell a property have fluctuated between 39 days at the quickest and 73 days.

In 2023, the time it takes to sell has stretched from 44 days in January, to 53 days in March, and 60 days as of October, according to the Homeowners Alliance.

Buyers have been holding back as higher mortgage rates and the increased cost of living have combined to make buying a new home less affordable.

Paula Higgins, chief executive of Homeowners Alliance, said: ‘The speed of sale in 2023 has been slower than in recent years, showing that the relentless interest rate rises has done its job by dampening the housing market and curbing inflation.

‘So, to agree a sale by Christmas, you need to list your home by the end of October at the latest.’

Property market experts have reported that potential buyers are taking a ‘wait and see’ approach, leading some sellers to reduce their asking prices in order to make a sale.

If you are in the process of selling your home, these are the nine questions to ask an estate agent before appointing them, and these are the reasons a property might not be selling.

Slower process: Homes are remaining on the market for longer before they sell than they were at  the beginning of the year, according to the Homeowners Alliance

Slower process: Homes are remaining on the market for longer before they sell than they were at  the beginning of the year, according to the Homeowners Alliance 

Tips for selling your home before Christmas 

The Homeowners Alliance has these three tips for getting your house sold before 25 December. 

Make it look cosy and autumnal 

Getting your house ready for sale as the days get crisper means embracing soft furnishings like sumptuous throws and sheepskin rugs. As the nights draw in, use lighting to prettify dark corners. 

Candles and fairy lights are inexpensive but can really warm up a room. And of course, light the fire if you have one or put the heating on if necessary before a viewing. 

Kerb appeal can be enhanced with an on-trend autumnal door wreath. And while we’re outside, make sure hedges are neat, leaves swept up and wheelie bins hidden away.

Kerb appeal: A door wreath can make your home more inviting to buyers

Kerb appeal: A door wreath can make your home more inviting to buyers

Get the price right

Working out what price to sell for in the current market isn’t easy. So go to a good local estate agent for advice. 

Homeowners Alliance’s Find the Best Estate Agent tool ranks your local estate agents by how successful they are at selling quickly and securing the asking price, to select the best three agents. 

Invite them round to give you a free no-obligation valuation. 

While they need to impress you with their local knowledge, don’t fall for the flattery of an overly ambitious valuation – estate agents do this to win your business only to reduce the price a month later, after you’ve lost time languishing on the market with no viewings.

Don’t wait to set up your solicitor 

After the excitement of putting your house on the market some sellers sit back and wait for the sale. 

But now is the time to get ahead of the game. Shop around and compare quotes from conveyancing solicitors early on and start pulling paperwork together now if you want a slick sale. At the very least, dig out the essential documents.



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Messy property goes on the market for £180,000 despite being crammed full of rubbish, ravaged by mould and cat litter in the kitchen

  • A property filled with rubbish has hit the market for £180,000
  • The Gosport home has mould-ridden walls, piles of clothes and filthy floors 
  • It’s been called ‘Britain’s saddest’ by concerned Redditors

A three-bedroom house packed with rubbish has been dubbed ‘Britain’s saddest’ after hitting the market for £180,000.

The unloved property in Gosport, Hampshire, has mould-ridden walls, stained cabinets, filthy floors and rubbish in every corner.

The terrace house looks as if it’s been lived in by a hoarder with piles of clothes and boxes stacked to the ceiling, providing few clear walkways.

The kitchen is a disgusting mess with cat litter trays and spills covering the surfaces, while the living room is dirty with no space to walk and one bedroom is no better with boxes obscuring parts of the window. 

A three-bedroom house in Gosport, Hampshire, has been dubbed 'Britain's saddest' after it launched onto the market filled with rubbish

A three-bedroom house in Gosport, Hampshire, has been dubbed ‘Britain’s saddest’ after it launched onto the market filled with rubbish

One room is completely crammed with boxes, clothes, bags, books and other items that almost touch the ceiling

One room is completely crammed with boxes, clothes, bags, books and other items that almost touch the ceiling 

The living room is dirty with barely any space to walk around. Despite the mess, the property hit the market for £180,000 and will be 'sold as is'

The living room is dirty with barely any space to walk around. Despite the mess, the property hit the market for £180,000 and will be ‘sold as is’ 

The garden is also swamped with overgrown weeds, plants and bushes along with plastic waste discarded on the ground. 

Despite the mess, the property has been described as ‘spacious’ and will be ‘sold as seen’. There’s also a cellar, off-road parking and a downstairs loo.

Sadly one of the few tidy rooms appears to be a child’s bedroom with toys on the bed and a tree on the damp wall.

Sadly one of the few tidy rooms appears to be a child's bedroom with toys on the bed and the picture of a tree on the damp wall

Sadly one of the few tidy rooms appears to be a child’s bedroom with toys on the bed and the picture of a tree on the damp wall

The kitchen is a disgusting mess with cat litter trays and spills covering the surfaces

The kitchen is a disgusting mess with cat litter trays and spills covering the surfaces

The person who buys the property will have a big job on their hands clearing all the mess

The person who buys the property will have a big job on their hands clearing all the mess

The only room in the house that’s somewhat tidy with a clear space to walk is the bathroom, but there’s still an overflowing bookshelf, dirt on the walls and stains on the bathtub. 

The person who buys the property will have a big job on their hands clearing all the mess. 

The Reddit thread quickly caught the attention from many who became saddened after seeing the images. 

The only room in the house that's somewhat tidy with a clear space to walk is the bathroom, but there's still an overflowing bookshelf, dirt on the walls and stains on the bathtub

The only room in the house that’s somewhat tidy with a clear space to walk is the bathroom, but there’s still an overflowing bookshelf, dirt on the walls and stains on the bathtub

Despite the mess, the property has been described as 'spacious' and will be 'sold as seen'. There's also a cellar, off road parking and a downstairs loo

Despite the mess, the property has been described as ‘spacious’ and will be ‘sold as seen’. There’s also a cellar, off road parking and a downstairs loo

The garden is also swamped with overgrown weeds, plants and bushes along with plastic waste discarded on the ground

The garden is also swamped with overgrown weeds, plants and bushes along with plastic waste discarded on the ground

The Reddit thread quickly caught the attention from many who became saddened after seeing the images. 'This might be Britain's saddest house. I hope the people inside get the help they need,' one wrote

The Reddit thread quickly caught the attention from many who became saddened after seeing the images. ‘This might be Britain’s saddest house. I hope the people inside get the help they need,’ one wrote

‘This might be Britain’s saddest house. I hope the people inside get the help they need,’ one Redditor said.

Another added: ‘It’s very sad when someone clearly isn’t coping, and hasn’t been for quite some time.’

‘This is a life that’s spiralled out of control,’ another chipped in.

And one said: ‘Hope they are ok.’

The cause of hoarding is unknown, but it has been linked to trauma, painful feelings and childhood experiences such as losing a loved one or living in poverty. 

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