February 2020 - Latest news and views from Ryder & Dutton


In this issue, we take a look at the jump in sales for the residential property market and recent data released that shows tenants are spending a lower proportion of their wages on rent.

There are also articles on design trends for 2020 and Mortgage Advice Bureau share their thoughts on how you can fall back in love with your home. 

As always we have our latest properties for you to view.

Thank you for taking the time to read our newsletter, we hope you enjoy the articles and stories featured. 

Ryder & Dutton 




<span style="font-family: Arial, Helvetica; font-size: 16px;">Residential property sales jump up to hit a three-year high for January</span><br />

With the clocks going forward at the end of March signalling the start of Springtime, we take a look at the emerging signs that the industry is starting to experience a rise in property transactions. As we move towards Spring, we explain why buying and selling in 2020 something to consider as the lighter nights add to the momentum that gathered at the turn of the New Year.

 

A rise in transactions is good news for those looking to sell their homes as HMRC has recorded the highest number of transactions for the month of January for three years. Their provisional UK property transaction data for January, based on Stamp Duty returns, records 102,810 sales for the first month of the year on a seasonally adjusted basis. This is up 5.2% annually and the highest level for the month since 102,880 were recorded in January 2017. The figure is up 12.7% annually on a non-adjusted or ‘actual’ basis to 88,850.

 

Stamp Duty returns must now be sent to HMRC 14 days after a property sale completes and the taxman takes a snapshot of the data two weeks into a month. HMRC has warned that its latest figures need to be treated with caution because of the element of estimation however regionally, prices are rising slowly and showing signs of a stable market, once more instilling confidence among buyers and sellers.

 

In the North West, the average house price in February is £200,985 which is a monthly increase of 2.3% and an 4.6% increase annually. In Yorkshire, the average house price was £197,344 which is a monthly 3.5% increase and a 5.1% increase annually.

 

Traditionally the period before Christmas can be a quieter time for new property listings, but Christmas and New Year so often signify the start of a busy time for the property market and this continues to gather momentum as we head towards the Spring and Easter markets making this a great time to introduce new properties to the market and take advantage of buyer demand. Stocks of property offered for sale are currently low, meaning savvy sellers will be able to take advantage of buyers who have less properties to choose from who are waiting for new listings to be introduced to the market.

 

This is great news for the industry and it does mean agents need to stay on top of their game by utilising the renewed enthusiasm and confidence in the market so that should a situation similar to this may arise in the future, extra precautions are taken and they remain proactive to give clients the best service no matter what.



Design trends to look out for in 2020

We’re moving into a new decade, and so the last thing that you want is for your home to look dated. Throughout 2019 we have seen some extreme trends in interior design; from the embracing of industrial elements to the resurgence of entirely neutral spaces. We have taken a look at what to expect this year and how to get ahead with your design aesthetic, whatever your budget.

1. Colour makes a comeback
One of the key trends this decade has been that of neutral spaces with a few accent pieces to liven up the décor, however this year one of the main inclinations in design will be towards colour; bolder, brighter and braver! Rebecca Breslin, Wayfair Professional design manager, is calling for an end of “Greige, grey and all neutral everything without texture or visual interest” and therefore if you are looking for a change this year then start by adding colour into your home – burnt oranges and deep blues are set to be en vogue throughout the whole year.

2. Paper set to tear up the market
A feature wall has been the mainstay of every makeover show and glossy magazine before-and-after shoot since the early naughties, however 2020 is set to end this fad. Rather than a singular wall that is adorned with wallpaper, we are going to see all four walls covered with paper – in line with the brighter aesthetic of 2020. Wallpaper has seen something of a renaissance over the past decade, with designs from Gucci and Dior all the way through to stick-and-peel examples flooding the marketplace, and this isn’t set to end this year. If you want to experiment, then start with smaller spaces such as studies, toilets and guest bedrooms where patterns will seem less overwhelming.

3. Cabinet shake-up
The crisp, white kitchens that have been an enduring design staple over the last decade are set to move into retirement in 2020, with colour making its way back into the heart of the home. Kitchen cabinets, more specifically, are to become a real focus in kitchen design – therefore if you are looking to stay on-trend then think about rejuvenating your cabinets. Navy blue matte cabinets with vintage gold handles will transform your aesthetic immediately and mixes the traditional and vintage visuals that are set to be all the rage this year.

4. Give art a start
In these modern days of mass production and consumerism, vintage art and antiques are making a huge comeback due to the perceived one-of-a-kind nature of the objects and that they possess their own unique story. If you are looking to make small changes to your home that make it chic, then adding some select pieces of art is a great start – adding pieces to your kitchen walls will add particular interest to an otherwise utilitarian space.

5. Soften the edges
Throughout the 2010's, chicness has often been related to strong lines, sharp edges and minimalism, however as we move into the next decade this is set to be turned on its head for an altogether softer look. As well as a nod to 30's glamour (think metallics such as silver and gold, as well as scalloped seating) curves and fluid shapes are set to be popular this year; from circular side tables to rounded-edge sofas.
 



Tenants spending lower proportion of wages on rent

Despite increased rent prices, the proportion of income spent by tenants on rent decreased between 2016 and 2019, according to The Deposit Protection Service (DPS).

 

The DPS said that various factors had helped improve the affordability of renting during the period, including a 2.69% increase in average salary, from £29,559 to £30,353, and a £77 decrease in average tenancy deposits, from £905 per calendar month (pcm) to £828pcm since the introduction of the tenancy deposit cap in June last year.

 

The Deposit Protection Service (DPS) latest rent index also revealed that the average proportion of wages spent on rent dropped from 32.64% in 2016 to 30.64% in 2019.

 

According to the DPS, “average rent has continued to rise over the last 10 years. In contrast, the percentage of wages being spent on rent has fallen since its peak in 2016. With the average UK salary increasing by 2.69% over the last 12 months to £30,353 and the percentage of wages spent on rent falling to 30.80% this quarter, our data suggests renting is now relatively more affordable than at any time since 2013”

In 2019 the average rent as % of wages in the North West was 25.49%, whilst the average salary was £28,137 and the Average Rent 2019 in the North West was £593.

 

On the whole, tenants are now experiencing a more affordable experience when renting despite some properties in the North West experiencing rent increases.

 

Other factors which could contribute to the affordability when renting will predominantly revolve around the tenant fees act which officially came into effect on the 1st June 2019, although Ryder & Dutton adopted this policy early. The lettings industry as a whole were obliged to follow suit, resulting in prospective tenants no longer needing to stump up fees for referencing. As well as this several other administrative fees would also not be permitted under the new legislation. Add to this the deposit cap, which limits the amount that can be protected for new tenancies to no more than five weeks rent means that the sting that tenants may have felt when moving home previously has been effectively erased.

 

For more information regarding any of the topics covered in this article, please contact our Lettings Team. Alternatively, give us a call or send us a message via social media or live chat. 

 



7 ways to fall back in love with your home

Every now and then, everyone needs a little pick me up, including your home. Over the years, scuffs and scrapes can make a house look untidy and you can soon fall out of love with your home, which becomes a place just to rest your head, rather than a space to relax and enjoy spending time in.

 
But fear not, we’re here to share seven easy ways you can fall back in love with your home. 
 
Find your inspiration
 
First things first, you need to be inspired by an idea, a concept, a theme etc. which will help you focus on what you’re trying to achieve. Mood boards are ideal for keeping you on track and helping you visual your ideas, seeing them through to completion. Pinterest is a great place to start for creating your mood boards and is really easy to use.
 
You can even use Pinterest to create your moodboard.
 
Fresh paint
 
Sometimes the impact a fresh lick of paint can have can be hugely overlooked. You don’t even need to necessarily change the colour. Just adding a new coat of paint can really brighten up a room, covering any scuffs or stains that have built up over the years.
 
New colour scheme
 
You can introduce a new colour scheme via your soft furnishings, rather than having to repaint or wallpaper again. Changing your curtains, cushions, throws, rugs or ornaments is a great way to do this, allowing you to keep the walls a neutral colour yet still inject some colour into the room.
 
Lighting
 
New lighting can make a real difference to a room. Statement light fittings are on trend at the moment, so if you’re feeling brave then why not go for something eye-catching?
 
Top tip: Take pictures of your house as it can highlight things you could change, that might have otherwise gone unnoticed.
Storage
 
Many people get fed up with the lack of storage space to hide away all their bits and bobs. Even though there might not be enough storage built into your home, there are many clever storage ideas out there for you to copy so that you can enjoy a clutter-free home again.
 
New smells
 
This might sound a bit strange as it’s not a physical change, but changing the smell of a home can make a real difference. From reed diffusers, to wax melters and smelly candles, take your pick of how you want to freshen up your home.
 
Rearrange the furniture
 
It’s so easy to stick to what you’re used to, but by rearranging your furniture, you can use your room in a whole new way, making use of space that might have been redundant with the old layout.
 
So there you have it; plenty of ways to revamp your home and fall head over heels in love with it all over again.
Now sit back with a cuppa, and enjoy your new and improved lovely home

 

Mortgage Advice Bureau

 

We’re here to help get you started on the journey to owning your own home. If you’re feeling unsure where to start then please contact us today and we can put you in touch with a mortgage adviser local to you.

 

Mortgage Advice Bureau 

 



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