While your estate agent will most likely be in charge of scheduling and managing viewings there are ways you can ensure the first impression potential buyers have of your property is a positive one.
If the weather allows it, keep the windows open and turn the lights on so the property feels airy and fresh for viewings.
Do not be afraid to share your experiences of living in the area. If there are elements buyers can relate to or look forward to it may improve their perception of the property.
It may also be worthwhile finding out any additional details on the viewers from your estate agent before they arrive. For example, do they have children and if so can you recommend local schools or playgroups?
Chris Husson-Martin, director and head of sales at Hamptons in Salisbury, says: “The best advice we can give is to take a step back and think about their own home with fresh eyes.
“Kerb appeal is very important, we encourage sellers to present the front of their home well, tidying up front gardens and the approach to the house is essential as this will be the first thing a viewer will see.
“The majority of buying decisions are made within the first few minutes, or even seconds of a viewing.”
In the current climate, buyers may be keen to put in an offer as soon as possible in order to help facilitate the sale of their own home, or not lose out on a more beneficial mortgage rate.
However, it is important not to feel pressured into accepting an offer straight away. Ultimately the process is a negotiation and if you have more viewings lined up, your home may even be the subject of a beneficial bidding war.
Sophie Archidiacono, head of sales at Hamptons Balham, says: “The more information we can share with a seller, the better we can help them to make a decision.
“I would always advise a seller to pick the buyer that suits their requirements best. Some sellers value matching timelines over an extra £5,000 on the offer, whereas some want a buyer in the most secure financial situation possible.”
Sellers may also be concerned about “gazundering”, where a buyer lowers their offer just before contracts are exchanged, essentially trapping the seller into accepting.
Ms Archidiacono advises sellers to be wary of buyers who are reluctant to disclose financial information.
Meeting the buyers face to face, will hopefully build a relationship between the parties and help you gauge mutual commitment.
While the halcyon days of near-zero interest rates are long gone, the IMF expects Bank Rate to fall in the coming years. This could make mortgages more affordable, while an end to the cost of living crisis and a significant pickup in economic activity may further boost demand for new homes.
In terms of supply, the UK continues to struggle to build enough new homes to accommodate a growing population. England’s is forecast to rise by roughly 220,000 people per year over the next decade.
While not every individual will require a home, only 150,000 new homes were built per year, on average, over the past decade. This suggests the issue of undersupply is unlikely to be solved – even with changes to planning laws that have been mooted for years.
Indeed, the industry’s concentrated structure and the vast land banks of major housebuilders, alongside substantial barriers to entry, mean incumbents enjoy a strong position.
While Barratt’s shares could fall further in the short run after declining by 40pc since first being tipped by Questor in January 2020, they have significant long-term potential. Investors who can cope with short‑term uncertainty are likely to be highly rewarded in the next boom.
Questor says: buy
Ticker: BDEV
Share price at close: 436.8p
Update: Polarean While Barratt has the financial strength to overcome temporary market difficulties, medical device company Polarean last week warned investors about its financial position.
Its half-year results stated that “it is anticipated that additional capital will need to be raised by the end of the second quarter of 2024… to fund the group’s activities at their planned levels beyond this date”.
Given a lack of certainty in its future existence, Questor recommends that readers sell the stock. Its 88pc share price decline since first being tipped by this column in June 2021 is hugely disappointing. However, its risk-to-reward ratio is highly unfavourable.
Read the latest Questor column on telegraph.co.uk every Tuesday, Wednesday, Thursday and Friday from 6am
Read Questor’s rules of investment before you follow our tips
Builders have to submit far more supporting evidence because increased public scrutiny of planning applications has driven a surge in the use of case law in planning decisions.
Mr Brocklehurst said: “There was an unwritten social contract that used to occur between the generations, that we know we have to build housing for future generations.
“Up until the early 80s there was an acceptance of new house building. But that social contract seems to have slowly unwound and now people seem to be less willing to accept development near them.”
House price growth, which has far outstripped wage growth, has been key, Mr Brocklehurst added.
“Everybody is starting to view their house as a financial asset, as well as a place to bring up their family, and when people see it as a store of wealth, they get very concerned about anything that they imagine might reduce that,” Mr Brocklehurst said. “It has been a slow creep over 30 years, with an increased regulatory burden and changing social views.”
Edward Clarke, of Lichfields, said: “Every possible development that could affect anybody starts to get questioned much more when you’re in an atmosphere that is heavily politicised, not just between political parties but in local areas.
“Local authorities say everything has to be absolutely bulletproof before we take anything forward, just in case somebody brings up some vaguely relevant case law.”
Meanwhile, a build-up of long-term supply issues combined with rising landlord costs will continue to put pressure on rents, Hamptons suggested.
A combination of lower rental yields and more landlords being reliant on finance will put added pressure on investor profits in London in particular, it added.
Aneisha Beveridge, head of research at Hamptons, said price falls in 2023 are expected to be followed by a slow recovery as households adjust to higher rates.
She said: “This will be more akin to the ‘U-shaped’ downturn of the early 1990s than the ‘V-shaped’ crash and subsequent speedy recovery in 2008.
“On paper, the house price falls we forecast are minor in nominal terms. But high inflation for other goods and services means that in real terms, the average price of a home will have fallen around 11 per cent between 2022 and 2024.
“This essentially reflects the correction caused by higher rates. It’s also why we expect prices to rise again in both real and nominal terms from 2025 as rates fall to their new normal and a new housing cycle begins.”
Strong in recent years
In the North East of England, Hamptons is expecting relatively strong house price growth of 8.5 per cent by the end of 2026, while in Wales, house price growth is predicted to stall overall, at 0.0 per cent.
Researchers explained that house price growth in Wales has already been relatively strong in recent years, while in the North East it has been slower compared with some other regions. Housing affordability there is also less stretched than in some areas, allowing capacity for further house price rises.
Hamptons used Office for National Statistics and Bank of England data for its forecasts.
Investors are currently betting that rate-setters will increase the base rate again at their next meeting on September 21, from the current 5.25pc to 5.5pc.
They are split, however, on whether further hikes will come after that, with some predicting they could peak at 5.75pc by the end of 2023 and others predicting they could reach as much as 6.5pc.
Rising rates have pushed up mortgage rates for borrowers, forcing them to shoulder much higher monthly repayments when negotiating new deals with banks.
Aneisha Beveridge, head of research at Hamptons, said: “There’s a strong argument that the Bank of England’s quest to quell inflation has hit the rental sector harder than any other part of the housing market.
“A build-up of long-term supply issues combined with soaring landlord costs is putting upward pressure on rents.
“And it’s hard to see any of these pressures receding any time soon, which is why we expect rents to continue rising over the next few years.”
However, the research said the impact of rising rates so far seemed to be much more pronounced on rents than on house prices.
The estate agent is predicting a 2.5pc fall in house prices this year, followed by no change in 2024, 3pc growth in 2025 and 5pc growth in 2026.
‘On an individual basis, people may have overspent’
Yet those who work within the knotweed removal industry are adamant it is not one where chancers looking for a quick buck would have much luck.
This is predominantly because of the long-term liability removal companies have to take on, which can last up to 10 years.
Steve Livens, of the Property Care Association, got involved with the market 12 years ago. He describes it as “mature” and “highly competitive” with a large number of firms which bid for work on a daily basis.
Mr Livens said: “We’re not talking about playing around in a pick up truck and spraying some glyphosate around. These companies aren’t going bust. The market is not a profiteering Wild West.
“No other country I’m aware of in the world has taken a pernicious plant like this and got it under control without primary legislation. It’s a triumph that taxpayers have not had to pay for this weed which has run riot. We don’t have an exponential growth curve of this weed like we did 10 years ago.”
The PCA oversees some 110 firms responsible for removing knotweed. The trade body got involved in an effort to assure mortgage lenders that the firms removing the weed were credible, and to start lending again on homes affected by the weed.
In response to Ms Cadoret’s near six-figure quote, Mr Livens said he “recoils a little bit at these numbers” and “can’t believe that was just excavation and removal of contamination of soil”.
He added: “On an individual basis, people may have overspent.”
But he also pointed out that whether it was necessary or not, removal is an option and that clients are almost always presented with multiple options.
“Herbicide treatment takes a long time. It’s not quick. Removal, on the other hand, is.”
Mr Livens blames articles written about the plant in recent decades for why so many homeowners confronted with the plant feel as though their only option is removal.
He said: “Go back 10 years, and journalists were claiming it made your house fall down. This was far more responsible for what we see now than the industry.
“Knotweed is a dormant plant. While in many areas it should not be downplayed, in many other areas it should.”
Is bamboo the next knotweed?
Jay Clarke, lettings manager at Johns & Co estate agents, said: “We have definitely noticed a trend that potential buyers are pausing home searches to rent.”
In the South East, the second most expensive region outside of the capital, first-time buyer mortgage payments now cost 17pc more than local rents, or an extra £2,580 per year.
Zoopla’s calculations assume a first-time buyer takes out a five-year fixed-rate mortgage over a 30-year term with the cheapest available deal at 5.6pc.
If the same buyer purchased in London with a two-year fix, with the cheapest available deal at 6.2pc, they would spend an extra £7,956 per year compared to if they rented it.
Although some banks have begun cutting mortgage rates, the average rate on a two-year fix has dipped only slightly to 6.76pc, according to data company Moneyfacts. This is well above the 5.33pc level recorded in May and is nearly triple the average 2.34pc rate in December 2021.
On average, this means the monthly cost of taking out a typical £200,000 loan has jumped by £502 – a 57pc jump.
But when it comes to the trade off between buying and renting, there is a clear North South divide. Renting is now cheaper than buying in every part of the South and Midlands.
However, in Scotland, Wales, the Northern regions and Northern Ireland, it is still cheaper to buy than rent. This is because house prices are lower in proportion to rent prices.
In Scotland, where average monthly rent is £748 – a third of the cost in London – first-time buyers will save £128 per month if they purchase the same property with a five-year fix.
But if the same buyer purchased with a two-year fix, this saving would drop to £87.
My best ever property deal (and the mistakes followed)
Here, the key is to gather as much information as possible about the property. Don’t be afraid to ask questions, although there are always elements you won’t discover until you start pulling things apart. Of course you need the views of builders, surveyors and maybe architects, but go further afield. Ask your neighbours about the issues they have experienced with their properties and what they wish they had known when they moved into the area.
If the road is made up of terraced or similar properties it is likely they will be affected by the same problems. A house I owned in Wandsworth was situated on a road with a slight decline that we later discovered used to have a river at the end, causing problems for the properties nearby. This isn’t something an estate agent is going to tell you. Ask around.
But over the thousands of properties I have helped view, buy, sell or renovate, the mistake I see the most often is when buyers choose properties based on the life they are currently living rather than the lifestyle they may like to have in years to come. Take a couple of young professionals buying their first home. They may choose somewhere with an easy commute, close to their friends and favourite local pub.
But those things can be quite temporary, whereas choosing a house needs to be as long term a decision as possible. My advice, and I know it’s not easy, is to try to think five years ahead when you’re buying property.
It may seem outlandish to buy a three-bedroom house close to good schools when there’s just two of you, but it’ll save you more than just stamp duty if you don’t have to move again as your family grows. And while it may be painful to pay a premium to be in a family-friendly area, these properties usually hold their value. It is unlikely to be a sunk investment even if your plans change.
Further down the line, buying your forever home with space for maybe your parents to move in, or for older children to return home to after university might not be something you are thinking about now, but it will give you more options later on.
However, another common mistake is to constantly think about the value of your property rather than what will increase your enjoyment of living there. I’ve done this myself. At one point I was digging a basement in a property, paying rent on one house, a mortgage on another bigger family home.
I had it all worked out but when the 2008 property crash started my business dried up; suddenly I was ploughing money into a property that was dropping in value by the day. Everything was moving in the wrong direction, I was terrified. I knew it was the right work for the right property, but I couldn’t see past the finances.
My advice here is to remember that unless you are looking to sell, the value of your house at a particular point in time isn’t important. We all know how quickly this market moves, as long as you can sit out a dip and it is the right home for you then, while it doesn’t feel nice, it doesn’t necessarily matter.
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