Posted on June 1, 2022

Property 115% more likely to sell in April

The chance of a vendor selling a property is at its highest level for a decade, research claims.

The continuing imbalance between supply and demand meant that properties sold faster and more easily in April.

Propertymark’s latest member data showed that while the average percentage of stock sold in April over the past 10 years is 20%, it hit 43% this year – a 115% rise.

The trade body’s Housing Market Report found there were nine sales agreed on average per member branch in April compared to the December low of only five.

This figure is lower than the peak of 14 sales per branch during the stamp duty holiday of 2020–21.

However, Propertymark said it is in line with the long-term average for April of eight sales per member branch.

The average number of properties for sale per member branch remained low in April at 20, while demand remained high at 100 house hunters per branch.

This contributed to 39% of respondents stating that most sales agreed in April were above asking price, according to the report.

Nathan Emerson, chief executive of Propertymark, said: “With fewer properties available to buy, it wouldn’t be illogical to assume that estate agents would be witnessing less sales being agreed.

“However, the number of sales agreed remains steady when compared with long term trends and agents report that sellers were 115% more likely to sell their home in April.

“This is due to the desire to buy a home remaining strong, and although the heights of prices being achieved may well start to cool, this trend is unlikely to change by a great deal.”

Posted on April 27, 2022

Rising house prices help boost increase tax revenue

Rising house prices boosted HMRC’s coffers during the previous tax year.

Analysts suggest the booming housing market has meant HMRC has attracted more funds from stamp duty payments as well as more grimly from increased inheritance tax receipts during the pandemic.

The latest HMRC data for April 2021 to March 2022 shows total provisional tax receipts for the period rose by £133,8bn to £718.2bn – up 22.9%.

Stamp duty receipts hit an all-time hight of £18.6bn, up £6.1bn on a year before.

Inheritance tax receipts for April 2021 to March 2022 were £6.1bn, which is £0.7bn higher than in the same period a year earlier.

Other receipts included money from PAYE Income Tax and national insurance, which rose by £34.8bn to £338bn.

Rosie Hooper, chartered financial planner at Quilter ,warns that more estates are being dragged into paying inheritance tax due to the frozen threshold of £325,000 after which an estate may have to pay the levy.

She says: “A key contributor to the increase in IHT receipts is the housing market which increased relentlessly over the same period, in which stamp duty holidays drove the UK to a record high average house price.

“With thresholds frozen, the increase in IHT revenue is viewed as a stealth tax, as more and more people are dragged into the IHT net following the sale of their homes.

“This tax year, you can pass on £175,000 of your property tax-free through the residential nil rate band (RNRB) which is effectively doubled to £350,000 when combined with the allowance of your spouse or civil partner.

“That’s layered on top of your inheritance tax allowance – or nil rate band – of £325,000, meaning it is possible to pass on £1m inheritance free as a couple. However, the RNRB only works for those with direct descendants to inherit the family home, while the UK’s 6m cohabitees are less fortunate and cannot claim the combined allowances.”

Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, says the IHT receipts are a “heart-breaking reminder of the pandemic” but also questions how long the booming housing market and tax take will last.

She adds: “As we emerge from the pandemic, we face difficult times ahead as the cost of living starts to bite.

“The property market has thrived in the past year as buyers took advantage of stamp duty holidays to bag themselves a new home.

“But with costs on the rise, it’s uncertain how long the market can sustain this momentum and we could see a quieter year ahead.

“Workers will also be bracing themselves for the 1.25 percentage point rise in national insurance which began in April – a further cost increase impacting already squeezed budgets.”

Posted on April 26, 2022 April 26, 2022

Buckinghamshire Market Update April 2022

An overview of the property market in Buckinghamshire

House Prices in Buckinghamshire

Properties in Buckinghamshire had an overall average price of £490,185 over the last year.

The majority of sales in Buckinghamshire during the last year were detached properties, selling for an average price of £786,120. Semi-detached properties sold for an average of £410,991, with terraced properties fetching £328,527.

Overall, sold prices in Buckinghamshire over the last year were 5% up on the previous year and 16% up on the 2019 peak of £422,735.

House prices increased by 0.7% – more than the average for the South East – in Bucks, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 9.4% annual growth.

The average Buckinghamshire house price was £447,579, Land Registry figures show – a 0.7% increase on October.

Over the month, the picture was similar to that across the South East, where prices increased 0.5%, but Buckinghamshire underperformed compared to the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Buckinghamshire rose by £38,000 – putting the area 38th among the South East’s 64 local authorities with price data for annual growth.

The best annual growth in the region was in Hastings, where property prices increased on average by 22.4%, to £276,000. At the other end of the scale, properties in Woking gained just 3.7% in value, giving an average price of £442,000.

The new data released this week is accurate up to December.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in Buckinghamshire – they increased 0.8%, to £440,633 on average. Over the last year, prices rose by 10.1%.

Among other types of property:

Detached: up 0.8% monthly; up 11.8% annually; £820,452 average

Terraced: up 0.5% monthly; up 7.2% annually; £342,687 average

Flats: up 0.4% monthly; up 5.8% annually; £235,246 average

First steps on the property ladder

First-time buyers in Buckinghamshire spent an average of £330,000 on their property – £26,000 more than a year ago, and £38,000 more than in November 2016.

By comparison, former owner-occupiers paid £534,000 on average in November – 61.7% more than first-time buyers.

How do property prices in Buckinghamshire compare?

Buyers paid 21.3% more than the average price in the South East (£369,000) in November for a property in Buckinghamshire. Across the South East, property prices are high compared to those across the UK, where the average cost £271,000.

The most expensive properties in the South East were in Elmbridge – £692,000 on average, and 1.5 times as much as more than in Buckinghamshire. Elmbridge properties cost three times as much as homes in Southampton (£233,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in November

Buckinghamshire: £447,579

The South East: £369,093

UK: £270,708

Annual growth to November

Buckinghamshire: +9.4%

The South East: +9.6%

UK: +10%

Best and worst annual growth in the South East

Hastings: +22.4%

Woking: +3.7%

Posted on April 21, 2022

Central London Market Update April 2022

The state of the market in Central West London

The average property price in West London postcode area is £1.1M. The average price declined by £-190.1k (-14%) over the last twelve months. The price of an established property is £1.2M. The price of a newly built property is £702k. There were 5.5k property sales and sales increased by 9.2% (497 transactions). Most properties were sold in the over £1M price range with 1650 (30.0%) properties sold, followed by £500k-£750k price range with 1348 (24.5%) properties sold.

West London postcode area	England and Wales
£1.1M	£342k
average property price	average property price
-14%	5%
average price percentage change	average price percentage change
£-190.1k	£15.8k
average price change	average price change

London house prices ‘overvalued by up to 50%’

Official data for January reveals the average price fell by 1.8% to £510,102

London’s property market is “overvalued” by as much as 50% and this has raised fears of a “looming correction”, The Telegraph reported.

S&P Global Ratings, an American credit rating agency, told the paper that “a combination of low rates, the stamp duty holiday and excess savings amid the pandemic have driven property prices higher, particularly in London and the South East”. Researcher Alastair Bigley warned that prices were likely to fall. “We expect a greater correction in property prices in an overvalued market,” he said. Meanwhile, outside London, S&P estimated that property was overvalued by 20%.

According to the latest house price index issued by property website Rightmove, the average home in London now costs £664,400. And the average time it takes to sell a home in the capital dropped from 68 days to 57 days in February – “another sign activity is picking up”, said the London Evening Standard.

Rightmove’s data also revealed that the UK house price average is now £354,564 – the first time it has exceeded £350,000.

Property prices fell by 1.8% in January

The average property value in London was £510,102 in January 2022 – down 1.8% from December 2021, according to official data published by the HM Land Registry and the Office for National Statistics (ONS).

Regional data from the house price index revealed that London saw the lowest annual price growth, an increase of 2.2%, and the 1.8% dip was the most significant monthly price fall.

The London property market is one of the most robust markets in the world. The market is still being affected by a combination of factors that will take a long time to balance out.

Firstly there was Brexit, which resulted in less demand for housing in the capital, as many companies and workers either put their plans on pause, pending a clearer picture of how leaving the EU will change things, then there was the lockdown, a once in a lifetime event that came out of nowhere, forcing companies to switch to a work from home policy that changed the demographics significantly and with many workers still not travelling in to work, the city is still not back to normal.

Another consequence of the lockdown, was the number of EU workers who decided to leave, figures suggest that this may have been up to one million in London alone. This was then followed by constant uncertainly about the pandemic and to top it all, February the 24th saw the invasion of Ukraine by Russia, which has resulted in a significant fall in investment from the Russian market as sanctions were imposed. This happening at the same time as high inflation caused by the bounce-back along with the first interest rises in a long time, as the markets deal with massive price rises, due to delays in the supply of materials around the world, post-pandemic.

Despite all these factors, which are referred to as the ‘perfect storm’ London is still holding up relatively well and there will no doubt be a striking point where investors will begin to enter the market in larger numbers, placing their money in to one of the safest markets in the world.

Posted on April 18, 2022

House prices still rising but that could change soon

The current climate could be short lived

House price growth hit a five-month high in February, according to Land Registry data but there are warnings that this will be short-lived. The Land Registry’s latest House Price Index shows UK property values rose 10.9% annually in February 2022.

That is the highest growth figure since September 2021, which coincided with the end of the stamp duty holiday on purchases up to £250,000.

This puts the average UK property price at £276,755. Annual house price growth was strongest in Wales where prices increased by 14.2% in the year to February 2022.

The lowest annual growth was in London, where prices increased by 8.1% in the year to February 2022.

Overall, UK prices were up just 0.5% on a monthly basis though, which may reflect recent warns that growth is set to slow. Other data revealed in the index for December 2021 also showed a sharp drop in transactions. UK volume transactions decreased by 47.1% in the year to December 2021, according to Land Registry figures.

Sales in England decreased by 52.5% annually in England, by 18.1% in Scotland, 47.3% in Wales and by 16.9% in Northern Ireland.

“Soaring inflation, the rising cost of living, high energy bills and a lack of support from the government at last month’s Spring Statement mean many people are feeling the squeeze financially. The recent introduction of the new energy price cap and the national insurance increase has further heightened the pressure.

“With wages failing to keep up, the increased costs of moving home will likely put off prospective buyers and taking a first step onto the property ladder will be pushed out of reach for many. As a result, we could see house prices dip over the coming months.

“While house prices have remained robust for the time being, how the housing market truly reacts to the current circumstances is yet to be seen. However, it is unlikely that house prices will be able to continue rising at the same rate seen in recent times – particularly against the backdrop of an economy already trying to recover from the impact of the pandemic.

“If a slowdown does begin to materialise, a gradual fall in house prices is expected as opposed to a sudden drop. At present, there remains too much demand and too little stock, so house prices will likely remain high for some time yet.”

“The level of housing supply is 32% lower than before the pandemic and demand is up 134%.

“These latest figures suggest that the market continues to remain extremely competitive but the cost of living crisis may be a key contributor preventing home buyers and sellers coming onto the market due to financial uncertainty.

“However, slight growth in the number of properties coming to the market is being seen which is a positive shift in the right direction as a closing in the gap of supply and demand will enable house prices to start to stabilise.”

“These numbers show house prices continuing on their apparently inexorable upward path but that’s not quite what’s happening on the ground now.

“Demand is still well ahead of supply but concerns about the rising cost of living, squeezed pay packets and potentially further interest rate rises, are reducing price growth and transaction numbers.

“Looking forward, we expect activity to return to more ‘normal’ pre-pandemic conditions as supply picks up as part of the usual spring bounce.”

Whilst it is inevitable that the current growth cannot be sustained, the effect of debt erosion by inflation, combined with unprecedented demand, should prevent a drastic fall, but growth will certainly slow down towards the end of the year. It is vital that measures are taken to ensure that is is gradual slow-down and not a hard bump, otherwise we could experience a loss of confidence in the market not experienced since the early ninteies.

Posted on April 7, 2022

Bedfordshire Market Update April 2022

An overview of the property market in Bedfordshire

Properties in Bedfordshire had an overall average price of £340,159 over the last year. The majority of sales in Bedfordshire during the last year were semi-detached properties, selling for an average price of £326,370. Terraced properties sold for an average of £269,621, with detached properties fetching £501,950. Overall, sold prices in Bedfordshire over the last year were similar to the previous year and 8% up on the 2019 peak of £314,356.

This unprecedented price level is being stoked by the greatest imbalance between buyer demand and the number of properties available for sale that we have ever measured at this time of year. This is the strongest spring sellers’ market that we have ever seen in several metrics. Tim Bannister, Rightmove’s Director of Property Data comments: “There’s a hat-trick of reasons for home-owners to follow the normal trend and make it their goal to sell this spring. Firstly, the potential to achieve a record price for their property.

“Secondly, the imbalance between high buyer demand compared to low available property supply is the greatest that we have ever seen for the start of a spring market, meaning that the chance of being able to pick and choose between several suitable buyers is strong. Thirdly, the proportion of properties finding a buyer within the first week is also at an all-time high for this time of year, so sellers with an appropriately priced and well-presented property can expect a shorter marketing period than the norm. Those who weren’t ready to take advantage of last year’s rush now have another chance to get on the market while these conditions last.”

There are now more than twice as many buyers as sellers active in the market, which is the biggest mismatch between supply and demand that we have ever recorded at this time of year. The speed of the market is further demonstrated by the fact that are there more than one in five (22 per cent) deals being agreed on Rightmove within the first week of being marketed.

This is double the figure for the same period in the more normal market of 2019. Almost half, 47 per cent, are having a sale agreed within the first fortnight, another indicator of high demand and the likelihood of finding a buyer quickly. While these unprecedented numbers are helping to drive prices to new records, they do also show that there are a number of properties that will remain on the market after this time and that may benefit from a price reduction.

BEDFORDSHIRE	ENGLAND & WALES
£334,000 – Average Property Price	£342,000 – Average Property Price
2% – Average Percentage Change	5% – Average Percentage Change
£6,700 – Average Percentage Change	£15,800 – Average Percentage Change

PROPERTY TYPE	OTM	SSTC	% SSTC	AVAILABLE	% AVAILABLE
ALL	7,524	5,218	69.35%	2,306	30.64%
HOUSES	5,235	3,841	73.37%	1,394	26.62%
FLATS	1,699	987	58.09%	712	41.90%
BUNGALOWS	476	323	67.85%	153	32.14%
LAND	67	45	67016%	22	28.20%
COMMERCIAL PROPERTY	177	118	54.12%	89	32.83%

Bedfordshire-property-sales-share-by-price-range

Bedfordshire-real-house-pricesCOMMENT

The Bedfordshire property market, whilst not the most active in the country, seems to be benefiting from sustained growth, with very little evidence that this will change. This is very good for confidence, which adds to the sustainability of the growth.

Posted on April 6, 2022

Tips to make your home sell faster

Preparing your home for viewers is important. It will not only ensure your property sells faster but for a higher sale price; potentially adding thousands of pounds to its value.

Declutter – but keep it looking like a home

Get rid of items that have accumulated. Put it in storage, sell it, give it away or bin it. Consider removing any bulky furniture that makes the room feel small and replacing it with smaller furniture. People need to be able to envisage what the property would look like if they were living there. People often find this difficult, so make it easy for them to see all the fantastic living space you’re offering them. But, don’t make it look like a generic hotel; leave some personality. Apart from anything else, it gives unimaginative buyers suggestions as to what they might do. People are often buying into a lifestyle as much as a property.

Give it a lick of paint

Giving your walls a fresh lick of neutral paint will make your home seem lighter and bigger, create a blank canvass, but not a clinic! It will enable the viewers to more easily imagine how they would adapt the rooms to their needs. It will be easier for the buyers to move in and use the rooms immediately than if the walls were still bright purple or lime green.

Maximise kerb appeal

Kerb appeal creates a lasting first impression – most buyers make up their minds in the first few minutes of arriving at a property.

A survey of more than 2,000 UK adults conducted by YouGov, revealed the most important features for kerb appeal were well-maintained windows and a roof that appeared in good condition. A well-maintained front garden, pathways and fences and a well-painted frontage were also important. See how much it costs to do some simple updates to the exterior of your home to enhance its kerb appeal and value. Don’t forget to clean any stains from the drive and have any block paving professionally cleaned and water sealed, to give it a beautiful sheen.

Fix & Clean

Make any minor repairs – holes in walls, broken door knobs, cracked tiles, torn or threadbare carpets. Many buyers want to move in without making changes, so allow for this. Clean everything until it sparkles. Get rid of limescale, clean and repair tile grout, wax wooden floors, get rid of odours, hang up fresh towels. This will make the place more appealing and allow viewers to imagine living there. Tidy the garden: cut bushes back, clean the patio and furniture of lichen and dirt, and cut the grass. While this doesn’t add much value to your home, it makes it more likely to sell as people visualise themselves using the garden.

Update the kitchen

The kitchen is the most valuable room in a house. It is worth the most per square foot and can make the difference when buyers are unsure. Consider refacing your kitchen cabinetry. This is much cheaper than installing new cabinetry and often as effective. Upgrading kitchen counter tops is expensive, but can add serious value. Declutter the surfaces and just leave a bowl of fruit out. Take out any bulky appliances that you aren’t using. Consider upgrading the plumbing fixtures and white goods, but keep in mind that while that could make your property sell faster, you will be unlikely to recoup their full value. Consider giving it a detail clean, don’t miss anything including the grout between the tiles!

Use Mirrors to make space

Wall mirrors make a room look much bigger and lighter. Consider putting some up, especially in smaller rooms or hallways. Clean windows inside and out, and replace any broken light bulbs. Making the place feel light and airy makes rooms feel bigger and the property more attractive. Ensure that you have lamps on in any dark corners. Take your time and plan this carefully, if it is done properly, your home should feel bigger, but the mirrors will not be obvious.

Light a fire

If it’s a cold evening, or even chilly day, light your fire. This will make your home feel warm and inviting. If you don’t have a fire then ensure the fireplace is clean.

Dress your home

Make sure the windows are properly dressed with blinds or curtains as naked windows make a place feel impersonal and run down. Buy some cheap ones if necessary. Plants and flowers bring colour, life and light to a room and also smell wonderful. So does that fruit bowl on your kitchen counter.

Smells Sells

Win their hearts with beautiful smells. Bad smells are the single biggest turn off for prospective buyers. Don’t just cover them up, fix the source of the smell. Clear drains, wash bins, open windows, air the kitchen from old cooking smells, get rid of furniture that is embedded with cigarette smoke, and wash any grimy bed sheets. If you are a smoker, place bowls of vinegar around the house and leave out for three days. Though the vinegar will smell when you open the windows it will disappear quickly taking most of the stale cigarette smell out with it.

Conversely, good smells can make a property feel like an alluring home. While it might be impractical to bake fresh bread, cakes or brownies for every viewer that visits your home, you could perhaps brew some fresh coffee.

Display & presentation

Good presentation is everything. Your home must be a meticulously prepared show house, for every viewing, this is hard, especially after five or ten viewings, but one emotional bid from a buyer who falls in love with your home could mean thousands more in your final selling price.

Summary

More often than not, people looking for property, are working to a set criteria, price, location, garden, schools, ect. More often than not, they know what type of property they will be viewing, before they see it, so aim to exceed their expectations. Most buyers make a decision to buy in the first twenty minutes, so make every one of those minutes count.

Posted on March 21, 2022

Best ever spring market for vendors as prices hit new record

There’s been a remarkable 1.7 per cent increase in the average asking price of homes coming to the market in just one month, according to Rightmove.

The national average is now £354,564 after the largest March increase for 18 years; in addition, the annual price growth rate of 10.4 per cent is the highest that Rightmove has recorded in any month since June 2014.

“This unprecedented price level is being stoked by the greatest imbalance between buyer demand and the number of properties available for sale that we have ever measured at this time of year. This is the strongest spring sellers’ market that we have ever seen in several metrics” says the portal in its latest snapshot, published this morning.

There are now more than twice as many buyers as sellers active in the market, which is the biggest mismatch between supply and demand that Rightmove has ever recorded at this time of year.

The speed of the market is further demonstrated by the fact that are there more than one in five deals being agreed on Rightmove within the first week of being marketed. This is double the figure for the same period in the more normal market of 2019.

Almost half are having a sale agreed within the first fortnight, another indicator of high demand and the likelihood of finding a buyer quickly.

“While these unprecedented numbers are helping to drive prices to new records, they do also show that there are a number of properties that will remain on the market after this time and that may benefit from a price reduction” cautions the portal.

The largest monthly price rise has been recorded in the “top of the ladder” sector, predominantly comprising four bedroom or more properties.

This has seen a 3.8 per cent jump due to high demand and the greatest scarcity of supply, though encouragingly for prospective buyers in this sector 12 per cent more properties have come to market in the last month compared to the same period a year ago.

However it’s the more mass-market “second-stepper” sector that’s selling fastest, with just over half of these homes finding a buyer within the first two weeks of marketing.

Rightmove property data director Tim Bannister says: “Those who weren’t ready to take advantage of last year’s rush now have another chance to get on the market while these conditions last. Many of those who are selling in this record-breaking market obviously also face the prospect of buying again in the same market, and being in fierce competition against other buyers.

“Having a buyer for your own property, subject to contract, puts those who are buying again in a powerful position compared to buyers who have yet to sell, and agents report that these ‘power buyers’ are more likely to get the property that they want and negotiate the best deal on price.”

Bannister continues: “Agents report that despite the current high demand, a price reduction is often needed if a property has not found a buyer within the first two weeks.

“It could be that the property is too niche and has to wait for the right buyer with those specific requirements to come along, but more often it’s due to prospective buyers being underwhelmed by a seller looking for an over-optimistic asking price compared to other properties that are being snapped up at record speed. Acting quickly on a price reduction before the property goes stale can help to get sellers back on track for a speedier sale.”

Posted on March 11, 2022 March 11, 2022

Russian sanctions won’t hurt prime London claims high-end agent

High end estate agency Savills says the imposition of sanctions on Russians, amid new measures obliging overseas buyers to be more transparent about their wealth, will have little effect on the prime London housing market.

Mark Ridley, chief executive of Savills, says the company;’s own figures suggest 1.4 per cent of the housing wealth in prime central London is Russian owned,, while under 0.1 per cent of the agency’s own business came from Russia.

Earlier this week Savills said in relation to its own activities within Russia: “Savills is appalled by the scenes of humanitarian tragedy which are unfolding across Ukraine, has already made significant donations to humanitarian relief agencies working in the Ukraine and neighbouring countries to help alleviate this suffering and is supporting those of its people who are personally affected.”

Ridley’s comments come alongside Savills’ latest trading statement, which show record sales and profits for 2021.

The company – which operates in the commercial and consultancy fields around the world as well as selling high-end homes in some of the globe’s wealthiest countries – saw revenue rise 23 per cent last year to £2.1 billion.

Profits more than doubled to £183m and dividends included a special payment to shareholders to compensate for a cancelled payout at the start of the pandemic.

Ridley says it is “a thank you to shareholders who supported us”.

He adds: “Savills delivered a record performance in 2021 reflecting the significant recovery in both residential and commercial transactional markets supported by growth in our less transactional investment management, property management and consultancy businesses.

“The group has started 2022 in line with our expectations and the strength of our balance sheet supports our growth strategy to pursue further complementary acquisitions and significant recruitment across our global business.”

Posted on March 10, 2022 March 11, 2022

Rise in buyer interest for renovation projects

Buying agency Stacks Property Search is reporting g rising buyer demand for wrecks requiring significant levels of renovation.

The agency says that in the current market, where demand for property outstrips supply, more buyers struggling to find what they want, are instead seeking big refurbishment projects or a knock-down and rebuild.

James Law of Stacks says: “Property prices have increased significantly over the course of the pandemic, in some areas by as much as 30 per cent and when buyers do find something they want they’re shocked by the price.

“For example, reluctant to spend £1.2m on something that’s ready to move into that would have cost under £1m two years ago, they start seeking something for £800,000 that needs substantial work.

“The harsh reality is that this strategy is not a certainty. The cost of builders and building supplies have increased by as much as property, and everything is difficult to come by.

“Quotes are coming in at eye-watering levels, and there’s no guarantee that the price will be fixed over the course of the project as prices continue to rise due to a range of factors – Brexit, the pandemic, and energy prices to name the headliners.

“Add to that the fact that builders’ lead times are double or three times what they were two years ago, and the best ones are booked out for months or sometimes years in advance.”

His Stacks colleague Ed Jephson adds: “Buyers are constantly looking for higher quality, and sometimes the only way to achieve this is to do it yourself. Future-proofing from an eco point of view is becoming more important, and buyers are increasingly aware of running costs.

“Buying an old property that is perfect aesthetically but requires retro-fitting makes little sense, so in this respect taking on a project is more sensible in the long term.”