Housing activity and overall demand in the South-Eastern areas of the UK, including London, is stalling. Our Head of Market Insight, Fionnuala Earley, explains why it might be time to bite the proverbial bullet and cash out as price drops loom in the more expensive areas of the UK...

Fionnuala Earley: Housing transactions are disappointing compared with the levels of a decade ago.

The average monthly rate of activity has been broadly stable since around 2014 after recovering from the financial crash. But the difference now is that about 50% of loans are now to first-time buyers compared with closer to one third after the crash. Help to Buy has been a big influence on this and has helped to boost activity to current levels.

But what is more interesting is the change in the regional mix of activity. Since 2012, activity in the North and Midlands has consistently increased as a share of English transactions, while in London, the South East and Eastern regions, the shares have fallen significantly.

The longer that existing owners take to move home, the more pent up demand there is. Families grow and circumstances change after all. But with added uncertainty from Brexit, people are cautious. Consumer confidence has weakened - particularly since the start of the year. The effect of Brexit on the housing market is undoubtedly real. Uncertainty has added to the time it takes for transactions to complete.  Fewer buyers in the market - as they wait and see what will happen – mean that chains are longer and slower.

In addition, sellers have been reluctant to take the plunge too, contributing to lower levels of stock which also adds to a slower pass through. Surveyors’ surveys show that new buyer inquiries are falling and reached their lowest level since 2008 in February. But the number of properties coming on to the market has also slowed, meaning that the balance of demand and supply is moving in buyers’ favour where price is important.

But is Brexit to blame for the slowing pace of prices in the UK, and for falls in London? The answer is only partly. The rapid increase in prices up to 2016 has taken its toll in a market where housing policy towards second home and buy-to-let ownership has changed markedly for the worse and where household incomes have hardly grown.

Looking ahead the likelihood is (assuming Brexit with a deal) that house prices in the UK will be broadly stable over the next few years, but that the most expensive areas will see falls. There is no reason to change the forecasts we made at the end of last year. Sellers’ expectations are only just beginning to adjust to reflect the realities of the market and those wishing to move on are best to consider acting sooner rather than later – especially if the Brexit impasse in Parliament leads to a general election.

The housing market has traditionally been characterised by the seasons, more sales in the spring and summer and a quieter time in the autumn and winter. But it seems that some of this seasonality is softening...

As the more difficult markets we have endured since the financial crash, along with expectations about the UK's future (inside or outside of Europe) could be breaking up this tradition.

Since 2007 the proportion of sales made in the slowest months has been increasing, while the proportion in the strongest months has been falling.

That’s probably because the slower market since the financial crash means that sales are less likely to be discretionary and so dictated less by the traditional holiday and climate seasons. But it could also be that sellers are wising up to the seasonality of buyers’ interest.

Data from surveyors show that the annual pick-up in buyer enquiries is typically in January, but that instructions for sale doesn’t pick up till later on. The biggest gap between surveyors’ opinions of buyer demand and new sale instructions is typically in January.

So, to increase the chances of a faster sale it would be wise to be ready to go when the buyers are eager in the months that have traditionally been thought to be out of season. That’s even more important in a slower market where there is competition for the available buyers.

It should be a day of food, fun and festivity but in fact on Christmas Day last year, over a million people visited the UK’s biggest property portal Rightmove. The ease and accessibility of their website and app means browsing for homes on your phone is easier than ever. Dual screening is the new anti-social behaviour in the living room as TV viewers fiddle with their phone at the same time.

Boxing Day may be the day of cold sandwiches, chutneys, pickles and turkey pie but it is also the day when families are looking for an escape after the previous day’s debauchery. Boxing Day in 2017 saw over three million visitors head to Rightmove to see what was on the market.

There should be a name for these days. With some of us temporarily back into a routine on the Thursday and having to sweat out two days of work until the weekend, there is going to be plenty of time to kill for a lot of people. Where better than Rightmove?

All those promises made last night about what's in store for 2019 will be hitting home about now. Buyers all over the country will be taking the day to ready themselves for the year ahead and that means looking at property online before checking the diary and arranging some viewings.

Year after year this is the busiest day of the year on Rightmove. As everyone returns to work they use the company time to search longingly for that next home. This is a day you don’t want to miss if you are looking to sell in the New Year.

The busiest month year after year across all the portals. And all it starts from Christmas day, which up until New Year alone, saw a 196% increase in website visits on Rightmove in 2017!

Sales

Should I wait until Brexit and all this political uncertainty is over to buy a house?

No! You buy a house to live in, and you can’t put your house or your life on hold, for what’s going to happen in the political arena. And over the long term, houses are nests, not just invests.

What are the general views on the market at the moment?

Clearly things are slowing down. But if you look at the national picture, actually, that slow-down is dominated a bit by London. We’ve still seen prices rising across the nation, but London prices are falling.

And it’s not all about Brexit. Part of it is to do with the fact that the past cycle in London has gone nuts compared to elsewhere, but it’s finally hit those affordability buffers. And Brexit and uncertainties will affect that market, of course, but even without that, we would still expect a change in the rate that prices are rising anyway.

Affordability is really difficult and actually it’s moved out of line with the growth in earnings. And that gives you a good fundamental idea of how quickly prices continue to increase.

So we could’ve anticipated the softening in house price growth, or falls, as we’re seeing now. It’s just been exacerbated by the political and economic uncertainty of Brexit.

Lettings

Is it a good time to invest in property right now?

It’s fair to say it’s more difficult now for landlords to buy as an investment – yields are lower. But if you are looking to invest for the longer term, property has always been a good investment. You’ve just got to take into account the costs and the hassles of managing that investment and the new tax changes…

How will the squeeze on landlords affect me?

Taxation has moved quite heavily against the lettings market, and in particular, buy-to-let investors. And if they’ve borrowed, and they still have a mortgage on that buy-to-let property, then they’re not going to get the same tax relief on that.

But regardless of whether you have a buy-to-let portfolio, if you have a flat that hasn’t been sold, or maybe you’ve moved in with a partner and left your flat behind and it’s now up for rent, you’ll still feel the current squeeze on tax reliefs. Including not being able to claim quite as much back on wear and tear.

And it’s important then to think about the costs of managing that property. You can do everything yourself but that’s a lot of hassle, particularly if you’ve got a full time job.

So the squeeze on landlords does affect all types, but there’s still a lot of value to be found.

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Brexit dominates everything that’s happening economically, not least the prospects for interest –- and hence mortgage rates. But under a rough or smooth Brexit, interest rates are bound to rise.

Under a no-deal Brexit, interest rates would have to rise to contain inflation caused by a lower exchange rate and tariffs on imported goods. But even under a smooth one, the performance of the UK economy means rates will rise, too.

In its latest forecasts, the Bank of England has factored in three increases in rates between now and 2023, bringing the bank rate up from 0.75% now, to about 1.5%. These projections were made without taking into account the additional boost to the economy from public spending announced in the Budget. So, we should perhaps expect rates to reach 2% by the same date.

What will a rise in interest rates mean for property sales?

A higher bank rate will clearly affect mortgage rates and hence the cost of home buying.  However, with rates still at such low levels, even after a rise of up to 2%, mortgage borrowing is still very affordable by historic standards. And mortgage lenders are not passing on the full impact of rate increases.

The margin between bank base rate and mortgage rates have been falling -- most notably at the higher loan-to-value end of the market.  That bears down yet further on mortgage rates making this a good time for home buyers.

The reason for that is the high levels of competition in the market for the low levels of available business. Mortgage approvals have been broadly unchanged since mid-2016 and home sales are still at very low levels.

Total numbers of house sales per month have averaged just 98,000 in 2018 compared with 102,000 per month in 2014 and 135,000 per month before the financial crisis in 2007. As a result, the banks’ appetite to increase market share is increasing.

In pursuit of more business, credit conditions have been loosening since the beginning of 2017 and throughout that time the market share objective has been the largest contributor to that move.  As the economy moves ahead, that incentive to increase market share will not dissolve. Indeed, while Brexit uncertainty is affecting home buying behaviour, it is likely to strengthen.

Fix your mortgage rate now

For home buyers, though, the expectation of rising rates will feed into higher fixed rate mortgage costs and this is a reason to consider locking on a better rate now rather than waiting, particularly as buyers are in such a strong negotiating position. Weak and even negative house-price growth, combined with low mortgage rates, fixed in for a period, give buyers and sellers wanting to move on, opportunities to secure the home and mortgage that they want before interest rates start to rise.

Philip Hammond had an unenviable job with his 2018 Budget.  The uncertainty over how the UK leaves the EU makes forecasting and planning even more difficult than usual.But he had the timely boost of better-than-expected tax receipts which gave him some room for manoeuvre.  And, in a stark departure from recent years, he chose to shun deficit reduction in favour of spending --  the beginning of the end of austerity.

Overall, the economic conditions, assuming that Brexit goes smoothly, means that the government should have more tax receipts, but even so the attitude to killing the deficit has softened. While cuts in basic tax rates are a long way off, increasing personal allowances does put more money in people’s pockets.

It’s not going to change much though -- just £44 per year on average, although higher rate tax payers will benefit by about £175 per year. In practical terms, this will do nothing for affordability in the housing market.

More council homes

So, what did the Budget mean for the housing market? Specific policies were aimed largely at the delivery of new housing, but not all for homeowners. 

The biggest change was lifting the restrictions on council house building. The Office for Budget Responsibility estimates this will result in an additional 9,000 new homes more than what would have been the case by 2023, as private sector house-building falls back a little.

Changes to Help to Buy

For owner occupiers, the chancellor is acutely aware that Help to Buy is a popular and effective policy.  It has widened access to ownership and boosted private sector building, but the end of the boon is nigh. The scheme will be extended for two years until 2023, but from now on will only be open to first time buyers rather than anyone buying a newly built home.

And there will be a cap on the value of home you can buy which varies by region. In London, the cap remains at £600,000, but in the South East, a limit of £437,000 has been imposed -- almost twice the £224,400 cap in the North West.

The scheme has however been extended to home buyers choosing shared ownership as their first rung on the housing ladder. This levels the playing field somewhat, perhaps an acknowledgement that this tenure is becoming more attractive and important as affordability looks unlikely to ease significantly for this generation of young home buyers.

There is also some help to small and medium sized house builders in the form of £1 billion of bank guarantees. Smaller builders were hugely important in housing provision but have found it very difficult to return to the market since the financial crash. This incentive may help and promote low volume building in needy areas, where large developments are impossible or inappropriate. A by-product of attempts to revive and reinterpret high streets in England, concessions for the change of use of underused retail and commercial premises into residential homes could also help to provide much needed homes in established areas.

There is more to do...

But there were many things absent from the budget as government consultations and research had fallen behind, including the surcharge on stamp duty for non-residential property buyers announced by the Prime Minister in September 2018. This is still to be consulted on.

Overall the budget wasn’t a game changer for the housing market, but the commitment to spending to support the economy as it goes towards Brexit should help to boost confidence at a time when wages and employment are strong, and confidence is essential for healthy housing markets.

In another nod to the need for new homes and the plight of first time buyers, he offered some funds to give local authorities autonomy via neighbourhood planning systems to offer discounts to local buyers over outsiders. That won’t be a game changer for the housing market as a whole but will be very welcome in expensive communities where markets have been distorted by investors.

Mr Hammond also rectified an anomaly in the stamp duty exemption for first time buyers announced last year. That relief on property up to £500,000 will now be extended to buyers of shared ownership properties – and will be retrospective, too.

On top of this there wasn’t a huge amount specifically aimed at the housing market in the Budget. Interestingly and frustratingly for housebuilders there was no news on the future of Help to Buy which is due to finish in 2021. However, there was some money: £5.5 billion for the Housing Infrastructure fund to provide 650,000 new homes and on top of that the commitment to back £1billion bank guarantees for small and medium-sized housebuilders who have been slow to return to the market since the financial crash. And a by-product of attempts to revive and reinterpret high streets in England concessions for the change of use of underused retail and commercial premises into residential homes.

In wider economic terms, the increase in the tax-free personal allowance to £12,500 and the higher rate threshold to £50,000 will give a boost to household finances from next year. And this is on top of the expectation that wage growth will continue to outpace inflation and employment will remain strong. That is good news for the wider housing market but is unlikely to release the bottleneck among movers. The official housing market forecasts do expect both prices and activity to increase over the forecast period to 2023, although the pace of growth of both is still very modest. 

Overall this budget isn’t a game changer for the housing market, but the commitment to spending to help support the economy as it goes towards Brexit will help to boost confidence at a time when wages and employment are strong, and confidence is essential for healthy housing markets.

Written by Fionnuala Earley, Head of Market Insights at MyHomeGroup Ltd

Head of Market Insights, Fionnuala Earley, tackles the crucial developments in the housing market heading into 2019 in the UK, along with MyHomeGroup's home borough, Wandsworth.

Download the full MyHome Insights September report here.

Developments in the housing market

The whole of the UK housing market is in a stagnant state. Property transactions are flat as uncertainty and transactions costs are affecting buyers’ willingness to move. In addition, sellers are only adjusting their expectations of achievable prices slowly.

As a result, the lack of stock available to buy is causing delays in the time it takes deals to complete and extends the whole transactions process. Across the UK as a whole, transactions have been broadly flat since 2010 and the same is true across all the capital. The financial crisis had a big part to play, but policy changes in the form of changes to stamp duty have had an impact on the cycle too.

The change to the new system of stamp duty in the 2014 budget had a significant difference on the transactions cost of moving for property over about £1 million. At today’s prices the difference in stamp duty under the old and new regime for the average priced detached home in the borough was 25%.

However, the mix of property in the borough is skewed towards flats. For the average priced property at today’s prices, the change to the stamp duty regime makes a big positive difference for buyers, saving about £4,000 or 21% at today’s prices.

The change to stamp duty helped those buying less expensive homes by effectively increasing affordability. That in turn helped to boost demand and hence support house prices. London saw house price growth accelerate swiftly since about 2010. Low interest rates and the demand to live in this desirable area encouraged investors as well as owner occupiers to the borough, pushing up prices.

However, the effect of the change in stamp duty on confidence in the more expensive parts of the capital was severe. As activity slowed, so too did house price growth as those needing to sell or concerned about a market correction were willing to accept lower prices.  But also, the mix of property sales affected average price growth as the more expensive homes were also less likely to sell given the higher transactions cost.

While this change took place more than four years ago, it would be naive to dismiss the impact that it still has on activity and on prices. Owners have to consider how else they would be willing to spend the money that would otherwise be spent on tax. And even if the change in the stamp duty calculations mean that they are better off than under the old system, rising house prices mean that the cash cost of stamp duty has an effect on decision making - whether that be to stay put and extend, or just stay put.

This is particularly important now as permitted development regulations, which relax the need for planning consents for certain sized home extensions, is due to come to an end in May 2019.

Prices have continued to grow across the whole country, but the past growth in prices in London have accumulated to large capital gains over several years.

Although capital gains have been much higher than the average for England and Wales, they have been lower than the London average of 60%.

The overall differences is affected by supply. There has been a significant addition to housing stock in the London Borough of Wandsworth over time. Over both the last five and ten year periods the growth of housing stock in the borough has been in the top 10 of London boroughs and significantly above the growth in London as a whole or England and Wales.

Wandsworth

...is one of the most desirable London boroughs to live in, with attractions for all types of households. There are more than 45 conservation areas within the borough boundaries, ranging from traditional village centres in Battersea and Roehampton to residential areas around the Commons. But in addition, parts of the borough are undergoing big redevelopment under the Vauxhall, Nine Elms and Battersea (VNEB) regeneration programme.

Furthermore, already good transport links are set to improve with the extension of the Northern Line, upgrading to Clapham Junction station and the likelihood that Crossrail 2 with also pass through the borough in due course.

Unsurprisingly these attributes attract demand and hence higher prices and wealthier residents. This in turn attracts local businesses to service the local needs of these residents, along with schools and other facilities. The combination keeps demand to live in the borough strong - from both existing residents remaining and new entrants wanting to move in.

Wandsworth is one of the largest inner London boroughs and also one of its most prosperous. Earnings by residents of Wandsworth are 15% higher than the average for London as a whole and almost 40% higher than the average for the country as a whole.

That has big implications for the property sales market in the borough. With affordability much more stretched in Wandsworth, those able to buy tend to be wealthier and/or have access to other sources of finance, reinforcing the socio-economic characteristics of the borough, and meaning the pool of buyers is more limited than elsewhere in London where property is more affordable.

The Future

The future of the housing market in the UK and in London is significantly affected by the prospects for the economy.  While the Bank of England is confident enough in the pace of economic growth to feel happy to increase interest rates for the first time since 2009, there is a significant risk that economic conditions could weaken sharply if Brexit is not as smooth as the government or business would like. This is already having an effect on business and consumer confidence and is filtering into the housing market.  That should not be a surprise in the London market where such rapid house price growth is unsustainable. Expectations of future price growth have been moderating and the data is now beginning to show a significant weakening in the pace of growth in the country as a whole but falling prices in London.

And as we covered in our latest property insights event, Wandsworth too is seeing house price falls as demand and supply adjust to the riskier economic outlook. However, the mainstream prospects for the market remain fairly robust.

Prices in London are likely to fall in the rest of 2018 and in 2019 too, as buyers and sellers continue to adjust their expectations of achievable prices and as some landlords decide to leave the sector as a result of tax changes on their investments. Wandsworth will not be immune from this, and prices will fall in the borough too.  However, its desirable attributes mean that it will continue to be an area in demand, hence slowing the pace of any fall in prices.

Download the full MyHome Insights September report here.

Prior to joining MyHomeGroup, Fionnuala spent more than five years at Hamptons and Countrywide as Residential Research Director and latterly as Chief Economist. Before that, Fionnuala was Senior Economic Advisor at The Royal Bank of Scotland and Chief Economist at Nationwide. Fionnuala also serves as a Non-Executive Director at Bath Building Society and is a highly respected and well known housing market commentator.

Fionnuala commented: “I’m delighted to have joined the MyHomeGroup at this very interesting time in the housing market. I’m looking forward to representing them as a spokesperson and helping to provide insight to the group and its clients on housing market issues.

Will Clark, Managing Director at MyHomeGroup, commented on the appointment: “It is a complete privilege to welcome Fionnuala to the team. In a short space of time her insights have added incredible value to the team here as well as our clients. We are excited about the future!”

Fionnuala’s appointment is the second heavy-weight appointment the MyHomeGroup has made this year. In the Spring, Manoj Varsani was appointed as Chief Technology Officer further to a multi-million pound investment into MyHomeGroup from Guinness Asset Management’s Enterprise Investment Scheme Fund.

Is now a good time to sell your property? Read and download Fionnuala's September MyHome Insights report here.

Fionnuala Earley, Head of Market Insights at MyHomeGroup

“Economic conditions aren’t bad, but there are fragilities.”

The construction and manufacturing industries aren’t looking great for economy growth at the moment, and the current exchange rate is indicative that the UK's vast import of components are proving expensive and effecting inflation. The labour market is looking good however, and wages are now stronger than inflation, helping living standards, while unemployment is at a low, too.

It’s been difficult for the housing market. But the uncertainty of Brexit, although it takes its toll on the housing market, isn’t the sole contributor of the current market state, taking into account recent pesky tax changes. There's also a heavy reliance on schemes like Help2Buy which can only really help a sector of the market, not its entirety.

“Panic over the market? It needs to be remembered in London that prices now are still 50% higher than they were in 2007, and the market movement now is much more notional. Compared to history, we’re still in a steady place.”

Will Clark, MD at MyHomeGroup

Owning in one of London’s most desirable boroughs.

The average price of a property is 2.6x greater than the London average, and Capital Value has grown 11% since 2006 (5% in the last 5 years), while remaining fairly flat in the rest of the UK. In terms of new housing stock, Wandsworth consistently performs among the top ten London boroughs over the last ten years.

However two issues have caused the local market to stagnate a little – the aforementioned uncertainty over Brexit, and a very cautious buyers’ market.

On the other hand, the private rental sector is growing stronger in Wandsworth than the rest of London: “32% of residents rent privately in Wandsworth, compared to 25% in the rest of London. And rentals in this borough are 17% more expensive than London.”

Belinda Aspinall, Life After London

 “The thought of moving out of London fills me with fear!"

Belinda rounded up the evening with first-hand insight into how much consideration should go into preparing for a move away from the capital. According to the founder of support and advice website, Life After London, a lot of Londonders aren’t ready to move away from the capital, and citing ‘improved quality of life’ as their key reason isn’t enough to make their new life work.

“People move simply expecting much more for their money outside of London, but don’t assume the costs of living rurally are much lower.

“Homeowners need to future proof their move as best they can, but they usually only consider primary needs (next 4-6 years).”

Belinda’s key considerations before moving out of London:

Is this our forever move?
Can we afford it?
Do we want urban/village/rural?
How do we perceive better quality life?
What does normal look like?
What is our schooling plan?
What are the most crucial aspects?
What are we waiting for?

Click to view and download our full September/Wandsworth issue of MyHome Insights.

Fionnuala Earley, Head of Market Insights at MyHomeGroup

“Economic conditions aren’t bad, but there are fragilities.”

The construction and manufacturing industries aren’t looking great for economy growth at the moment, and the current exchange rate is indicative that the UK's vast import of components are proving expensive and effecting inflation. The labour market is looking good however, and wages are now stronger than inflation, helping living standards, while unemployment is at a low, too.

It’s been difficult for the housing market. But the uncertainty of Brexit, although it takes its toll on the housing market, isn’t the sole contributor of the current market state, taking into account recent pesky tax changes. There's also a heavy reliance on schemes like Help2Buy which can only really help a sector of the market, not its entirety.

“Panic over the market? It needs to be remembered in London that prices now are still 50% higher than they were in 2007, and the market movement now is much more notional. Compared to history, we’re still in a steady place.”

Will Clark, MD at MyHomeGroup

Owning in one of London’s most desirable boroughs.

The average price of a property is 2.6x greater than the London average, and Capital Value has grown 11% since 2006 (5% in the last 5 years), while remaining fairly flat in the rest of the UK. In terms of new housing stock, Wandsworth consistently performs among the top ten London boroughs over the last ten years.

However two issues have caused the local market to stagnate a little – the aforementioned uncertainty over Brexit, and a very cautious buyers’ market.

On the other hand, the private rental sector is growing stronger in Wandsworth than the rest of London: “32% of residents rent privately in Wandsworth, compared to 25% in the rest of London. And rentals in this borough are 17% more expensive than London.”

Belinda Aspinall, Life After London

 “The thought of moving out of London fills me with fear!"

Belinda rounded up the evening with first-hand insight into how much consideration should go into preparing for a move away from the capital. According to the founder of support and advice website, Life After London, a lot of Londonders aren’t ready to move away from the capital, and citing ‘improved quality of life’ as their key reason isn’t enough to make their new life work.

“People move simply expecting much more for their money outside of London, but don’t assume the costs of living rurally are much lower.

“Homeowners need to future proof their move as best they can, but they usually only consider primary needs (next 4-6 years).”

Belinda’s key considerations before moving out of London:

Is this our forever move?
Can we afford it?
Do we want urban/village/rural?
How do we perceive better quality life?
What does normal look like?
What is our schooling plan?
What are the most crucial aspects?
What are we waiting for?

Click to view and download our full September/Wandsworth issue of MyHome Insights.

House Crowd:

“The properties we develop in and around Manchester are very popular with investors and first-time buyers alike. This isn’t surprising. Looking at the latest UK house price figures, it appears the London property market has slowed somewhat. In 2018, prices in the area have only grown 0.4%, whereas prices nationwide are up 4.6% with Manchester boasting 7% year on year growth, according to the latest UK Cities House Price Index, from the property research firm Hometrack.” Frazer Fearnhead is CEO at peer to peer lending and property crowdfunding company, The House Crowd.

Great news! Sellmyhome has been recognised for our outstanding customer service to our customers by the biggest award scheme in the UK residential property industry.

The ESTAS sponsored by Zoopla determines the best estate agents in the UK through research carried out amongst customers who are asked a series of questions about the service they have received during the home moving process.  This year saw record entries making the competition the toughest yet and one of the biggest surveys in the UK property industry with 36,000 customers completing one of the online ESTAS surveys.

Simon Brown, founder of The ESTAS says “Our job is to highlight agents who are providing exceptional levels of customer care through the home moving process. At The ESTAS we believe the only way to judge the performance of an agent is to ask the clients who have experienced the whole service through to completion. It’s often later in the transaction when a firm really shows their worth and at those times its their experience and professionalism that gets the deal back on track.”

Athena Hubble, Commercial Director at headline sponsor Zoopla said, “This is our eighth year sponsoring The ESTAS and we are delighted to be once again supporting this key industry event. Customer feedback is essential to any organisation and it is fantastic to see the best in the industry being recognised for their efforts. Good luck to all those taking part and I look forward to meeting the winners on stage in April!”

Will Clark, Managing Director at Sellmyhome, said “We’re incredibly delighted to have made the shortlist. Customer service has always been our top priority and it's great to see that our efforts are recognised by our beloved customers!”

Job title: Marketing Executive (full time)

Line manager: Head of Marketing

Job description

We’re looking for an energetic team-player to join the Sellmyhome marketing team based in West London.

You will work alongside the Head of Marketing to support the delivery of the marketing plan across both Sellmyhome and Rentmyhome, and very soon Managemyhome. You will be responsible for working on general daily marketing activities, affiliate programmes and email campaigns, as well as other tasks as and when required.

As the Marketing Executive, you’ll also be working closely with our digital team to ensure the website and social channels have content delivered, which is consistent and to a high standard. Outstanding copywriting skill is a bonus.

You will be on the lookout for industry events for the company to attend, awards to enter, and any opportunities to spread the word about our brands and services.

Regrettably, we are unable to provide sponsorship for this role so you must be eligible to work in the UK.

What we’re looking for

A 2:1 or better Bachelor’s Degree (preferably in Marketing or Business) from a reputable UK university, or an overseas equivalent

Outstanding verbal and written communication skills

Determined and organised with meticulous attention to detail

Ability to simultaneously manage multiple projects to tight deadlines

Self-starter with a desire to work across the full marketing mix

What we offer

An exciting, fast growing and evolving startup-to-scaleup environment

A super fun and nice bunch of colleagues

Growth opportunities within the company

Company night outs and quarterly socials

A constant flow of snacks and treats in the kitchen

Free gym membership (crucial given the above)

How to apply

Please send your Cover Letter and CV to marketing@sellmyhome.co.uk with the subject line “Marketing Executive – Your Name”, and answer the following questions:

What’s your favourite app?

Would you recommend it to the MD at Myhomegroup?

Why (not)?

Thanks for your time and we look forward to hearing from you.

We are looking for an experienced bookkeeper to join a fast-growing PropTech start-up in South-West London on a part-time contractual basis.

Your duties will involve;

• Handling payroll
• Completing VAT returns 
• Issuing invoices and monitoring payments
• Receiving and making payments on accounts
• Bank reconciliation’s 
• Dealing with financial paperwork and filing
• Working out tax and national insurance deductions
• Issuing tax forms (P45s for example)
• Create monthly management accounts

The role is part-time at 0.5 - 1 day a week. 

Skills that are a must;

• Accounting experience
• Experience using Xero Accounting Software is essential
• Process driven with strong organisational skills
• Proficient with Microsoft Excel

Starting date: ASAP

If you think you are the one for the role, then please do contact us on 0203 44 12345 or email careers@sellmyhome.co.uk.

At Sellmyhome, we know how baffling the world of property can be - especially if you’re selling your home for the first time!

… And if you’ve sold a few homes, it’s also very much OK to need to look up the meaning of all this property terminology (or estate agent’s jargon). No one expects you to know all the acronyms or legal terms off the top of your head (unless you’re a property tycoon, in which case you really should by now!).

So, here it is; the complete glossary of all the terms you need to know if you’re planning to sell your home:

A

• Advance – the money loaned to the buyer, by the lender.

• APR – Annual Percentage Rate. This is the amount of interest you will pay on your loan, expressed as an annual percentage of the total amount of credit, including  interest and other charges applying.

B

• Balance Outstanding – the amount of loan owed at a particular time.

• Broker - another term for Mortgage Broker; the person who will help you find and secure the right mortgage product for you.

• Bridging Loan - a temporary loan given to help buy a new property before the existing one has been sold.

C

• Chain – a number of property sales which are linked together as each is dependent on the preceding and succeeding purchase. Exchange of contracts must take place at the same time.

• Completion Date – the date of completion of the legal transaction. The money will be transferred to the seller and keys are released.

• Contract – the formal agreement between the buyer and seller, prepared by the solicitor (or conveyancer), detailing the terms and conditions of the sale.

• Conveyancing – the area of law involving the buying and selling of properties.

D

• Deeds – the legal documents that assign ownership of property.

• Deposit – the sum that the buyer pays towards the cost of the property on exchange.

• Disbursements – expenses such as Stamp Duty, Land Registry and search fees, paid by the purchaser through the solicitor.

• DIP/ AIP - Stands for Decision in Principle or Agreement in Principle; referring to the decision or agreement to lend by your mortgage provider.

• Draft Contract - the first version of the contract; the exact wording and terms of which have not been agreed by both sides.

E

• Early Repayment Charge – a charge made by the lender if the borrower pays off the mortgage before the terms stipulated in the mortgage. The amount will depend on the mortgage outstanding and the terms of the mortgage.

• Equity – the difference between the value of a property and the outstanding balance of all liens on the property. The property's equity increases as the owner makes payments against the mortgage balance.

• Exchange of Contracts – this is the point at which the sale becomes legally binding and neither party can withdraw without financial penalties.

F

• Fixed Price – an indication that offers will be accepted for the price shown only.

• Fixtures and Fittings – any non-structural items included in the purchase. Fixtures are items that are fixed to a building or land and are therefore included in the price of the property. Fittings are not attached to the building or land and so are not included in the price unless otherwise agreed. The seller will complete a fixtures and fittings form that will confirm what is included in the sale, what is not, and what’s available for purchase separately.

• Freehold – ownership of the property as well as the land on which it is built.

• Full Structural Survey – an inspection of the main features of a property, conducted by a chartered surveyor who will write a report on all walls, roof, foundations, drains,  joinery, electrical wiring, plumbing and garden.

G

• Gazumping – this is where the seller accepts one offer only to reject it (before the exchange of contracts) for a higher offer from a third party.

• Gazundering – this is where a buyer reduces their offer before the exchange of contracts.

• Ground Rent – this is an annual sum paid by the property leaseholder to the freeholder.

• Guide Price - an indication on price given by the estate agent. Offers could be over or under this amount.

H

• Home Buyers Report – a report conducted by a surveyor on the structural condition of the readily accessible parts of the house. It is not an in-depth investigation and does not involve the testing of water, drainage or heating systems.

• Housing Association – this is a not-for-profit organisation sometimes known as registered social landlords. They own, let and manage rental housing. Some have schemes that allow you to buy a percentage of the property and pay the rest on rent.

• HMO – House in Multiple Occupation. A building that is occupied by 3 or more people, living as more than 1 household and sharing facilities such as bathrooms, toilets or cooking facilities. They are treated differently to the average property, with more rules and regulations.

I

• IFA – Independent Financial Advisor

• Instruction – this is when a seller officially asks an estate agent to market a property.

J

• Joint Mortgage - where more than one person is responsible for the mortgage.

L

• Land Certificate – a document issued by the land registry as a proof of ownership with no mortgage on it.

• Land Registry – the government organisation that holds records of all registered properties in England and Wales. You can find out more about what they do here, and you can also use their tool to find out how much a property sold for (in England and Wales).  

• Leasehold – the type of ownership where an individual owns a property, but not the land on which it is built. The owner of the Freehold will grant a lease on the property for a specified length of time and often require the payment of ground rent.

• Local Authority Search – a procedure where a buyer's solicitor checks with the local council with regard to any outstanding enforcement or future development issues that might affect the property or immediate area.

• LTV - Loan to Value - the proportion of the value of the property on which the lender is prepared to loan.

M

• Maintenance Charge – this is a fee paid by the tenant to the landlord for the maintenance and upkeep of external or internal communal parts of a leasehold property.

• Mortgage Deed – a legal document that details the conditions of a mortgage secured on a property.

• Mortgage Offer – a formal letter from the lender offering the purchaser of the property the loan and its conditions.

• Mortgage in Principle - an agreement by the lender to lend based on an initial assessment of your financial circumstances; including your income, outgoings and credit score. A mortgage in principle can make you a more attractive buyer by showing sellers that you can (theoretically) afford to buy a property.

N

• Negative Equity – this is when the value of the property is less than the outstanding amount owed on a mortgage.

O

• Offer – when you make an offer on a property, you put in a bid of the price that you’d like to pay for the property. This is not legally binding.

• OIEO - Offers in Excess Of.

• OIRO - Offers in Region Of.

R

• Repayment Mortgage – a mortgage in which monthly repayments pay off the capital and the interest over a fixed period.

• Repossession – if you fail to repay your mortgage, then the lender can retake possession of the property and sell it to recover the debt.

S

• Searches – lawyers will conduct searches to check anything that may affect the current or future value of the property. They include local authority search, water & drainage search, and environmental search.

• Sealed Bids - this is where estate agents give all potential buyers a chance to bid their maximum price for the property in order to achieve the best possible price for the seller. The buyer would send their bid in writing to the estate agent on the date and time specified.

• Shared Ownership -  this is a scheme which enables people who can't afford the deposit and mortgage on 100% of a property to buy a share of the property (between 25% and 75% of the property’s value) and pay rent on the remaining share. Further down the line, there is the option to buy more shares once it becomes affordable. You can read more about the Shared Ownership Scheme here.

• Sole Agent - this is where only one estate agent is instructed to handle the sale of a property. It’s recommended that a sole agency agreement should be agreed for a specific period of time.

• Sold STC - Sold Subject to Contract – a term associated with an agreement to purchase a property before the exchange of contracts.

• Stamp Duty – Stamp Duty Land Tax (SDLT), a government tax placed on legal documents, paid by the buyer on completion of the sale. You can read more about stamp duty here.

• Survey – an inspection of a property made by a qualified surveyor. This can be a valuation report, a homebuyers report, or a full structural survey.

T

• Title – in property law, a title refers to the legal right of ownership of a property.

• Transfer Document (Transfer of deeds, Transfer of title) - this is the document that transfers legal ownership from seller to buyer.

U

• Under Offer – this is when the seller has accepted an offer on their property but the contracts have not been exchanged yet.

V

• Vendor – this is also known as the seller.

Now, you’re ready to start selling your home! Get in touch with Sellmyhome today - we promise not to speak in confusing estate agent’s jargon, plus we could save you thousands on estate agents fees. We’re an online estate agent and we don’t charge a commission (just a flat rate from as little as £795).  

We’ll market your property on Rightmove, Zoopla and many more, and proactively find potential buyers through our social media advertising tool. Our agents vet and look after your potential buyers with the greatest care. We are rated 9.8 out of 10 on Trustpilot, so why not Sellmyhome?

If you’d like to find out how much Sellmyhome could save you, click here to get a FREE valuation of your property, or simply get in touch with us on 0203 44 12345, or admin@sellmyhome.co.uk.

If you’re a young professional looking for your next place to live, you probably already know to look for a place that combines your ideal distance to work with proximity to decent nightlife for your downtime. But there are also a number of other considerations - some will be more important than others depending on preferences and circumstance.

We’ve listed our top 5 considerations below to help guide your decision.

No matter how much you are paid, living comfortably and within your means should be a top concern. Affordability includes more than just rent or mortgage expenses; the cost for gas, electricity and council tax can vary greatly between properties. And even costs like groceries could vary if your local supermarket is a Waitrose rather than Lidl!

It goes without saying that you should choose an area with properties you can afford. But if you are buying a property, the advice from property investor and Sellmyhome founder, Will Clark is to find a property with a high potential for growth:

Aside from the obvious financial benefit of an increase in your property’s value, you’ll find it hugely beneficial when it comes to remortgaging a few years down the line. An increase in your property’s value gives you some options. You could take some of that money out and reinvest it in your property - perhaps a loft extension or a new kitchen. If you do nothing, the increase in value reduces the ‘loan to value ratio’ (LTV) and could result in you saving hundreds on your mortgage repayments.

If you’re renting, there’s another side to the coin of a property market that’s ‘on the up’. What seems like great value when you first move in could change significantly in an area that’s gentrifying rapidly. Take Brixton for example; in the last 5 years rental prices have risen by an average of 30%. So if you’re considering an area that’s only going to get better (and are planning to stay there for a long time), we’d recommend negotiating a longer lease. Alternatively, choose an area where rental prices are likely to stay fairly flat. And if that’s simply not an option, plan to get a pay rise!

Longer commutes have been systematically linked to lower well being and reduced cognitive performance so commuting time should be high up on your list of priorities.

It may also be worth thinking about whether your location would be suitable if you were to move jobs (planned or otherwise). Are there other employment opportunities nearby? If so, great! But if they are all on the other side of town it may be worth considering a location somewhere between the two.

Close relationships with friends and family is proven to be one of the greatest influences on your lifelong happiness. Living close to friends will be one of the easiest ways to maintain strong relationships and stay happy. You don’t want to be that person who lives in the middle of nowhere or completely on the other side of a city like London. Or if you do, you’d better be prepared to work that little bit harder for your popularity!

If you want to be really rational with your decision making, we’d recommend listing and weighing these considerations according to your own priorities in a spreadsheet. Add any other considerations you have as well. Then when you’re house hunting, simply rank each property or location accordingly and the one with the best score will be your best choice. Well, your most rational choice at least…

In the end, there's nothing like being in a place until you have a good feel for it to help guide your (difficult) decision. So get researching, plan a visit and experience it for yourself!