Posted on March 7, 2024 March 7, 2024

Will the Spring Budget 2024 help me sell my house?

Jeremy Hunt has announced the Spring Budget 2024, but what does it mean for house sellers?

Tom Condon ★ Digital Content Writer

The Spring Budget 2024 aimed to stimulate the economy through various measures, but its impact on the housing market and your ability to sell your house is complex and depends on your specific situation.

While some aspects might benefit sellers, others could pose challenges, especially depending on your specific property types and locations.

In this article we will cover the advantages and disadvantages of the budget for home sellers, and also dive into the broader economic landscape to help you understand whether the budget might contribute to a faster economic recovery and potentially benefit households in the long run.

What things do you need to know from the Spring Budget 2024?

The Spring Budget focused on stimulating economic growth by reducing taxes, freezing fuel duty and supporting specific sectors like finance and the NHS, helping to digitalise them into the 21st century.

The Spring Budget aimed to reduce taxes primarily through the National Insurance cut, changes to Capital Gains Tax, freezing fuel duty which aims to ease cost pressures faced by individuals and businesses and support the new British ISA and continued funding for green energy projects.

While the Spring Budget 2024 announced many changes to the broader economic landscape of the UK, here are some key announcements which stood out:

For individuals:

National Insurance Cut: A further 2p cut in National Insurance, reducing it from 10% to 8% for employees and from 8% to 6% for the self-employed, aiming to put more money in people’s pockets.
Changes to child benefits: Increased threshold for claiming full or partial child benefits, potentially benefiting up to 500,000 families with children.
Fuel duty freeze extended: Continued freeze on fuel duty until March 2025, offering some relief for motorists facing rising fuel costs.
New British ISA launched: Introduction of a new ISA with a £5,000 annual allowance specifically for investing in UK assets, offering tax-free returns.

For businesses:

Higher rate of Capital Gains Tax on property sales reduced: Reduction from 28% to 24%, potentially benefiting higher-rate taxpayers selling property.
Scrapped tax benefits for holiday lets: Abolition of tax breaks for those renting out properties to tourists, potentially impacting the holiday rental market.
Threshold for VAT registration raised: Increased from £85,000 to £90,000, offering some relief for small businesses.

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Was the Spring Budget 2024 a good thing?

The reality of the 2024 Spring Budget is that it is a mixed bag, as the budget aims to stimulate economic recovery and offers some relief to households, which could be beneficial in the short term. But critics argue it doesn’t address long-term challenges like public services, fiscal sustainability, and tax reform, which are vital for long-term economic health.

If you prioritise immediate economic recovery and household relief, you might see this budget announcement as a positive step. But if you prioritise addressing underlying economic issues like public service performance and fiscal sustainability, you might see it as lacking in that regard.

Is the economy recovering?

The OBR’s revised growth forecast suggests the Spring Budget might contribute to a faster economic recovery from the recent recession, benefiting businesses and employment. With measures like the reduced Capital Gains Tax and adjustments to First Time Buyers’ relief putting more money in the pockets of individuals and families, boosting consumer spending and confidence.

The budget also aims to increase the housing supply in the long run through its various investment zones which could benefit the housing market in the future.

However, The impact of so many measures, particularly those related to housing, is uncertain and might have both positive and negative consequences depending on what economic landslide decides to hit us next.

Critics argue that the budget doesn’t adequately address long-term challenges like public services and fiscal sustainability which are important for long-term economic health. They even argue that measures like the reduced CGT rate will only benefit wealthier individuals, which exacerbates existing inequalities.

What are all the tax changes announced in the Spring Budget?

The National Insurance (NI) cut: Aims to give more people more take-home pay, in order to boost consumer spending.
The Fuel duty cut: Helps reduce transportation costs for individuals and businesses reliant on fuel.
Non-domiciled resident (non-dom) tax reform: This aims to raise revenue from people who claim non-domiciled status for tax purposes.
New tax on vaping products: This could generate tax revenue while potentially discouraging vaping.
Long-term impact on tax reform: The overall effect of these challenges on long-term plans for reforming the tax system is unclear. It’s difficult to say if they represent a cohesive strategy or a collection of isolated measures.
Fiscal sustainability: Whether these changes will contribute to long-term fiscal sustainability (manageable debt and spending) is also uncertain. Tax cuts might lower revenue, while the impact of tax rises and new taxes is yet to be seen.
Fuel duty freeze: The continued freeze on fuel duty, despite promises of future increases, highlights the difficulty of implementing unpopular tax measures, even if they might be fiscally responsible in the long run. This prioritises short-term political considerations over long-term fiscal strategies.

What about the government’s fiscal headroom?

The budget’s measures have slightly narrowed the space available for the government to take on additional spending in the future. This limits their ability to respond to unexpected events or invest in essential services.

The budget highlights the limitations of the UK’s current fiscal framework, raising concerns about its ability to manage the country’s finances effectively.

The budget also demonstrates the difficulty of balancing the desire for tax cuts with the need for fiscal sustainability, which is the ability to maintain a manageable level of debt and spending in the long run.

Critics argue that the budget missed an opportunity to address fundamental fiscal challenges such as underperformance in public services and stabilising the national debt.

How will the budget impact public service spending?

Well, the good news is that the budget doesn’t significantly cut public spending, with even a minor increase for the digitisation of the NHS, suggesting that there is a commitment to maintaining basic service provision.

But, maintaining spending levels may not be enough to address existing issues and meet rising demands, which could lead to continued strain on all public services (education, infrastructure, and social care).

The Budget suggests a lack of significant improvement in public service performance before the election. This coupled with the limited budget increase, might lead to public dissatisfaction with the government’s efforts to address public service concerns.

Some critics of the budget suggest a bleak outlook for spending on non-protected services from April 2025, suggesting potential cuts or slower growth in funding for these services.

What are the prospects for household finances in 2024?

The overall household finances in 2024 may see a slight improvement, but significant challenges remain. Real incomes are likely to stay below pre-pandemic levels, and the impact of the budget measures might be limited.

The OBR forecasts a slight rise in disposable income per person for the 2024/25 tax year. This means people might have a little more money left after taxes to cover their expenses.

Disposable income is expected to reach pre-pandemic levels by the following year, suggesting a potential recovery from the financial impact of the pandemic. This tied with the National insurance cut is set to contribute to a higher post-tax income for individuals across the country.

But, the increase in disposable income is forecast to be modest, meaning it may not change the financial situation for many households. The freeze on income tax and national insurance thresholds could counteract some of the benefits of the national insurance cut, as people might end up paying more tax due to inflation pushing them into higher tax brackets.

Even with the projected rise, real incomes (adjusted for inflation) are still expected to be lower than they were at the start of the government’s term in 2019. This suggests a potential decline in purchasing power for many households.

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How does the Spring Budget 2024 impact property?

While the Spring Budget offers some potential benefits for selling Buy To Let properties, it also introduces challenges for MDR and FHL’s. Meanwhile, the focus on new home developments presents both opportunities and risks. Let’s dive deeper into each property type and understand how the budget might impact them.

Buy To Let property

As we have mentioned previously, the reduction in the higher rate of CGT directly benefits landlords and investors selling Buy To Let properties. This could make selling these properties more financially attractive, potentially leading to increased BTL property transactions and earlier sales.

Landlords might be more involved in selling their Buy To Let properties if they can keep a larger portion of the profit due to the lower tax rate. This could increase the overall number of BTL properties on the market.

Also, landlords who were previously holding onto properties might decide to sell sooner to take advantage of the lower CGT rate.

But, the increased number of BTL properties for sale could lead to increased competition among sellers, putting a downward pressure on selling prices. Increased sales could lead to a temporary oversupply, but it could also encourage new investors to enter the market if they see opportunities.

Multiple Dwellings

Multiple Dwellings offered a tax advantage for buyers purchasing multiple residential properties in a single transaction. This reduced the overall Stamp Duty Land Tax (SDLT) liability compared to buying them individually.

Without MDR, the SDLT for buying multiple dwellings at once will be significantly higher. This could discourage bulk property purchases, especially for larger landlords who might have previously used MDR to their advantage.

This measure could have a significant impact on the Buy-To-Let sector, where investors often buy multiple properties to build their portfolio. The higher upfront cost due to increased SDLT might deter some investors from entering the market or limit the number of properties they can acquire.

Furnished Holiday Lettings

The Furnished Holiday Lets offered several tax advantages, including; lower capital gains tax rate on property sales, relief from income tax on rental profits and the ability to offset mortgage interest and other expenses against rental income.

With the abolition of the FHL scheme, these tax benefits will be discontinued, making FHL properties less attractive as investments. This could lead to:

Reduced profitability: Businesses and investors relying on FHL income might see a significant decrease in profits due to higher tax burdens.

Increased selling activity: Some owners might choose to sell their FHL properties as they become less profitable, potentially leading to an increased supply of properties on the market.

Market shift: The abolishment could discourage new entrants and potentially lead to a shrinkage of the FHL market in the long run.

The increased availability of former Furnished Holiday Letting properties could benefit renters in areas struggling with a shortage of long-term rentals, as the intended consequence of the policy is to push these properties into the long-term rental market.

However, the short-term impact might be increased competition among renters, potentially leading to higher rents in some areas due to the sudden influx of available properties.

New Home Developments

The Spring Budget’s focus on building one million homes by the end of the Parliament suggests a potential boost for new home developments, but the impact on the market remains uncertain.

The government’s commitment to building one million homes could lead to an increased supply of new properties. This could benefit first-time buyers and potentially moderate price growth for new builds in the long run.

The budget mentions specific areas like Canary Wharf, Blackpool, Sheffield, Liverpool and Cambridge. This suggests a focus on rejuvenating areas and addressing housing shortages in those locations.

Building one million homes is an ambitious target, and achieving it within the Parliament’s time frame might be challenging. Delays in construction could limit the short-term impact on housing supply.

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Will the Spring Budget 2024 help me sell my house?

The Spring Budget 2024’s impact on whether you will be able to sell your house is complicated and completely depends on your circumstances. While some aspects of the budget support sellers, others pose challenges, especially if you are looking to sell a property investment.

What are the benefits of the Spring Budget for house sellers?

While the 2024 Spring Budget didn’t introduce sweeping changes specifically targeted at house sellers, it does offer a couple of potential benefits:

Reduced Capital Gains Tax:

The higher rate of Capital Gains Tax on property sales has been reduced from 28% to 24%. This means you’ll keep more of the profit from the sale of your house if you’re a higher-rate taxpayer.

Sellers who are liable for Capital Gains Tax might keep a larger portion of their profits due to the reduced tax rate. This could be especially relevant for sellers who fall under the higher tax band.

But, it’s important to note that you may not be eligible for this CGT reduction due to Private Residence Relief. This relief exempts most people from paying Capital Gains Tax on the sale of their main residence, so the reduced tax rate will only apply if you are selling a second property.

Increased number of potential buyers:

The budget includes measures like extending the Mortgage Guarantee Scheme and adjustments to First Time Buyers’ relief, which could incentivise more people to buy and increase the pool of potential buyers.

Currently, some landlords might choose to keep their properties as holiday lets due to the tax advantages of the Furnished Holiday Lettings (FHL) scheme.

In the Spring Budget, Mr Hunt announced that they were to abolish this scheme, which might result in landlords selling these properties or converting them to long-term rental properties. This in turn could create a larger pool of potential buyers looking for residential or long-term rental properties.

But, it’s important to note that in the short term, the FHL scheme abolishment will cause a flood of properties onto the market as many landlords look to sell first before looking for their next properties.

Abolition of Multiple Dwellings Relief (MDR) increased buyers

The abolition of Multiple Dwellings Relief has the potential to benefit house sellers in a few ways, like increasing the amount of potential buyers within the market.

Previously MDR offered tax advantages for buying properties in bulk. With its removal, investors might shift their strategy towards buying individual properties. This could lead to a larger pool of potential buyers for individual houses on the market.

While a larger pool of buyers might sound universally positive, it could also lead to increased competition among them. This competition could drive up asking prices or even encourage bidding wars, potentially leading to a better selling price for house sellers.

Furthermore, an increased number of buyers interested in individual properties could mean houses spend less time on the market, potentially resulting in faster sales for sellers.

However, this potential benefits needs to be considered alongside:

Increased availability of long-term rentals: The scrapping of tax breaks for holiday lets could potentially lead to more properties becoming available for long-term rentals, which may increase competition as buyers have more options.
Uncertainty over future measures: While not announced in this budget, the government might consider measures like Stamp duty cuts or support schemes for first-time buyers in future budgets to address housing affordability concerns.

What are the negatives of the Spring Budget for house sellers?

While the Spring Budget 2024 prioritises curbing inflation, some measures might indirectly impact the housing market, particularly for property investors and owners of multiple properties. Concerns have been raised that these individuals could face a reduced pool of potential buyers.

MDR Abolishment reduces bulk property purchases:

As we established previously, the MDR used to offer a tax break for bulk property purchases. Without this relief, the overall Stamp Duty Land Tax cost for buying multiple properties at once becomes higher. This could discourage some investors who previously might have been interested in buying multiple properties in a single transaction.

A smaller pool of potential bulk buyers could lead to:

Difficulty finding a buyer: Sellers looking to offload multiple properties at once might face challenges finding a buyer willing to take on the entire package potentially leading to longer selling times.
Lower selling price: With fewer interested buyers, sellers might have to negotiate a lower price to attract a buyer willing to handle the higher SDLT costs without the MDR relief.

Furnished Holiday Lettings creates less motivated buyers:

Currently, some investors might be specifically interested in acquiring holiday lets due to the tax advantages offered by the FHL scheme. Abolishing the scheme could make these properties less attractive to them, potentially reducing the pool of interested buyers for these sellers.

With a potentially smaller pool of buyers and potentially less competition, sellers might have to lower their asking prices to attract buyers who are no longer motivated by the FHL benefits.

In the worst case scenario, if there’s a significant decrease in investor interest in holiday lets due to the abolished FHL scheme, some sellers might face difficulty finding buyers altogether, leading to longer selling times.

Increased competition & potentially lower prices:

A lower CGT rate might incentivise more sellers to list their properties, increasing competition amongst higher bracket sellers. This could be particularly problematic in areas with an already saturated market or an oversupply of houses.

With more sellers competing for a limited pool of buyers, it could lead to pressure on selling prices, potentially forcing some sellers to accept lower offers than they might have otherwise.

An increased number of sellers could add to the current buyer’s market in some areas, with sellers competing for fewer buyers. This situation could result in longer selling times and potentially lower selling prices for some sellers, particularly those in areas with oversupply.

How might the Budget impact supply & demand?

Sellers in both sellers’ markets and buyers’ markets will need to adapt their strategies. While the budget may have a limited effect in local sellers’ markets, it could increase supply and benefit buyers in struggling markets.

In a sellers’ market, the CGT reduction may incentivise listings, but high demand might absorb any increase in supply, keeping prices high. Whereas in a buyers’ market, the CGT reduction will have a modest impact, encouraging hesitant sellers to sell, increasing inventory and affecting local house prices.

The Multiple Dwellings Relief abolishment will have a limited impact within sellers’ markets due to strong demand, but it could affect bulk purchase strategies. In a buyer’s market, this will benefit buyers looking for single-property purchases but it will slow the overall market down.

The Furnished Holiday Let changes will increase seller market inventories, likely absorbing quickly with minimal price impact, but in buyers markets, the significant shift to long-term rentals or sales, may lead to oversupply and further price downward pressure.

If you are a seller looking to sell your house quickly in the current market, then why not sell with us? We are a leading online estate agent that can help you sell your house quickly, in as little as 28 days.

We will cover all your estate agent, marking and legal fees, and help you achieve full market value for your property. Don’t believe us? Contact one of our team today for more information on the service. Just click the button below!

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Posted on February 29, 2024 February 29, 2024

Do virtual house tours help sell houses & are they worth it UK?

Exploring the advantages & disadvantages of virtual house tours

Tom Condon ★ Digital Content Writer

Imagine you’re scrolling through property listings, but instead of just pictures and descriptions, some let you virtually step inside and explore every room at your own pace. This is the magic of virtual house tours, and they’re changing the game in the UK’s housing market.

Only a decade ago, viewing houses meant scheduling appointments, driving around, and squeezing into crowded open houses. But with the rise of technology and a little help from a global pandemic, virtual tours have gone from a cool-extra to a must-have for luxury listings.

Now you can visit your dream home from the comfort of your living room, anytime you like. No need to worry about traffic or clashing schedules. Virtual tours let you get a feel for the space, get a glimpse of the neighbourhood and imagine yourself living there.

But are they all sunshine and rainbows? Well, not quite. The effectiveness of a virtual tour depends on the type of property and the quality of the tour itself. A low-quality tour might leave you feeling more confused than connected.

In this article, we’ll dive deep into the world of virtual house tours. We’ll explore their origins, effectiveness, and suitability for different properties. We’ll also unveil the secrets behind creating high-quality tours, promoting them effectively, and figuring out the costs involved.

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What is a virtual house tour?

Imagine exploring a property from the comfort of your sofa, without ever leaving your home. That’s where virtual house tours come in. These tours are essentially digital representations of a property, allowing potential buyers or renters to explore the space online.

Virtual tour for houses are used to support other marketing activities when it comes to selling a house. They offer a three-dimensional house tour which can be viewed from any technological platform.

Why did virtual house tours become so popular?

The rise of virtual house tours can be attributed to several factors, including:

During the COVID-19 pandemic, social distancing measures and restrictions on in-person interactions made homes with virtual tours an important tool.
The growing trend towards remote work and living led to a demand for flexibility and convenience. Virtual tours allowed people to explore properties from anywhere in the world, eliminating geographical limitations.
As technology evolved, so did virtual tours. High-quality 3D tours, 360-degree panoramic views, and even virtual reality experiences became readily available, offering a more realistic and engaging experience compared to earlier versions.

Overall, virtual house tours have become increasingly popular due to a combination of factors related to the pandemic, technological advancements, and changing consumer preferences. They offer convenience, flexibility and a glimpse into a property before ever stepping foot inside, making them a valuable tool for both buyers and sellers.

Are virtual house tours effective?

The effectiveness of virtual house tours largely depends on how well they are implemented and integrated into a comprehensive marketing strategy. While virtual tour for houses are not effective at increasing the selling price of a property, they are effective in attracting a wider pool of potential buyers.

They are a powerful tool for attracting interest and providing detailed information about a property, but they work best when complemented with other marketing efforts, including estate agent photography, detailed property description and the option for in-person viewings or open days.

In markets where competition is fierce, or where buyers are likely to be remote, virtual tours can significantly increase a property’s appeal and help it sell more quickly.

Are virtual tours more effective for certain types of properties than others?

While virtual house tours offer a valuable tool for most properties, they can be particularly advantageous for specific property types like high end properties, properties with unique features and remote properties.

Luxury homes often have intricate features, expansive spaces and overall grandeur which can be showcased effortlessly through the immersive nature of virtual tours. Viewers can appreciate the details like high-end finishes, elaborate architecture, and spacious layouts, creating a more compelling experience compared to static photos.

Virtual house tours mean properties with unique features can be shown in their best light. This could include intricate details like custom designs, historical elements, or quirky architectural features to be highlighted, captivating potential buyers interested in something distinctive.

Virtual tours also mean that potential buyers can overcome location limitations, as virtual tours bridge the geographical gap attracting buyers who might not have the opportunity to visit in person. This opens up a wider pool of potential buyers and expands the reach of the property’s marketing efforts.

Are virtual apartment tours effective?

Virtual apartment tours have revolutionised the apartment hunting process, offering numerous benefits for both renters and property managers. In today’s fast-paced and technology-driven market, they are becoming an increasingly essential tool.

Here’s a breakdown of their effectiveness:

Increased accessibility and convenience

Potential renters can explore apartments anytime, anywhere, eliminating the need to schedule inconvenient in-person visits. This empowers busy individuals and out-of-towners to participate in the search effectively.

Broader reach

Virtual tours expand your reach beyond local renters, attracting individuals relocating from other counties or countries. This significantly increases your applicant pool.

Time and cost efficiency

By allowing pre-screening online, virtual tours save time and resources for both parties. Property managers can focus on serious applicants, and renters only visit properties they are genuinely interested in.

Pre-qualification of renters

Virtual tours encourage interested individuals to self-select. Those requesting in person viewings are likely more serious about proceeding, leading to a smoother leasing process.

When are virtual tours not effective at selling properties?

While virtual tours offer a powerful tool for many properties, they may not be as effective in some specific situations like simpler layouts, potential structural issues, emotionally driven purchases and limited target audience.

For small or straightforward floor plans, high-quality photos and detailed floor plans might be sufficient for potential buyers to grasp the space effectively. In such cases, a virtual tour may be redundant and unnecessary.

If a property has visible flaws, structural issues or significant need for repairs, a virtual tour could unintentionally highlight these problems and deter potential buyers who might have considered an in-person viewing with the possibility of overlooking some issues.

Properties targeting first-time buyers or family-oriented buyers often elicit emotional connections beyond the practical aspects. Virtual tours while showcasing features might struggle to capture the unique atmosphere, charm or personal connection potential buyers seek in these scenarios.

Finally, if your target demographic consists of individuals less comfortable with technology or who prefer traditional approaches, virtual house tours might not hold the same appeal and could even deter them from considering the property.

Virtual tours are a valuable pre-screening tool, helping potential buyers quickly assess properties and prioritise their viewing list. However, they should not be viewed as a complete replacement for in-person visits that allow for experiencing the space firsthand and making informed decisions.

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What are the different forms of virtual house tours?

Type of tour	Pros	Cons	Usage in selling houses
360 Degree views	Allows comprehensive exploration of property spaces. The user controlled navigation enhances engagement.	May require high internet bandwidth. Can be less intuitive for non-tech savvy users.	Effective for detailed online listings. Enhances website engagement and can attract a wider audience.
Video walkthroughs	Simulates the experience of physically walking through the property. Can be narrated to highlight key features.	Viewers cannot control the pace or direction of the tour. Production can be time-consuming and costly.	Useful for social media, marketing and email campaigns. Offers a quick overview that can appeal to busy buyers.
Interactive elements	Engages users with clickable information points. Can include floor plans and measurements for detailed understanding.	May require more complicated software and web integration. Overloading with elements can overwhelm users.	Enhance online listings with detailed insights.Can be used in email marketing to provide interactive content.
Virtual reality (VR)	Offers a highly immersive experience. Allows for a realistic sense of space and layout.	Requires VR headsets, which may not be widely available. Higher production costs.	Premium showcasing tool for high-end properties. Ideal for international or distant buyers unable to visit in person.

What are typical virtual house tour costs (£)?

The cost of creating a virtual house tour in the UK can range widely, depending on the tour’s complexity and the professional services employed. Basic 360-degree tours might start from as little as £100 for smaller properties, while more sophisticated immersive or VR tours can cost upwards of £500 to £1,000, especially for larger or more luxurious properties.

The investment in a virtual tour should be considered in the context of the overall marketing strategy and the potential return on investment it offers by attracting more interested and qualified buyers.

Are visual tours worth it?

While virtual property tours have become increasingly popular in the UK housing market it’s important to understand their nuanced effects. A recent study by Isamar Tronsco, an expert at Harvard Business School, analysed over 75,000 home sales and found that in the US virtual tours didn’t significantly impact sale prices.

Tronsco’s research found that while virtual tours enhanced the listing quality, increased the screening efficiency of buyers and added competitive advantage, virtual house tours failed to increase the selling price of houses.

Virtual tours were proven to enhance the presentation of properties by showcasing their layout and features effectively and attracted more interested buyers. They also allowed potential buyers to efficiently rule out properties that didn’t meet their needs, saving time and effort compared to in-person visits.

In areas where properties were less in demand, or the estate agency was smaller, virtual tours added a competitive advantage by increasing online visibility and attracting a wider audience.

But, the research suggests there was minimal impact on sale prices, with houses still needing high-quality photos and detailed descriptions in order to sell effectively.

What are the disadvantages of virtual house tours?

Virtual house tours, while innovative and increasingly popular, especially in the context of real estate marketing and remote viewing options, come with their own set of disadvantages. Some of the most notable drawbacks include:

Limited sensory experience

Virtual tours cannot fully convey the tactile, olfactory and subtle audio-visual nuances of a physical space, which can be important for decision-making.

Technical limitations and requirements

Quality depends on technology used, requiring viewers to have a stable internet connection and potentially specific hardware/software, leading to potential glitches or poor image quality.

Lack of interaction

Pre-recorded or static tours lack the real-time interaction of physical tours, hindering immediate clarification or personalised insights from estate agents.

Spatial misrepresentation

Camera angles and lens distortion can create unrealistic expectations by making spaces appear larger or smaller than they are in reality.

Overlooked details

Virtual tours may not highlight potential issues or finer details, like wear and tear, that a buyer would notice during a physical walkthrough.

Security and privacy concerns

Hosting tours online can expose properties and personal belongings to potential security risks and privacy concerns.

Accessibility issues

Not everyone is comfortable using or has the capability to navigate virtual tours, potentially creating barriers for some buyers, including the elderly or individuals with disabilities.

Depersonalisation

The impersonal nature of virtual tours can limit the emotional connection potential buyers might develop with a property, hindering their ability to envision themselves living there.

What are the benefits of creating a virtual house tour?

Virtual house tours were very helpful during the pandemic where people couldn’t physically visit properties. And, to some extent, they still have many benefits post pandemic:

Enhanced listing quality

Virtual house tours provide a more immersive and engaging experience for potential buyers compared to static photos. This can showcase your property’s layout, features and best aspects more effectively, potentially attracting more interested buyers.

Increased reach and visibility

Virtual tours can be readily shared online, allowing you to reach a wider audience of potential buyers, including those located further away or unable to visit in person. This can increase exposure and generate more interest in your property.

Improved efficiency

Virtual tours can act as a pre-screening tool, allowing potential buyers to virtually explore the property and rule out options that don’t meet their needs. This can save time and effort for both you and potential buyers.

Competitive advantage

In areas where the demand is low, offering a Virtual tour for houses can set your property apart from competitors and give you an edge in attracting buyers.

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How do I make a virtual tour of my house?

In order to make a virtual tour of your own house, there are a few different methods you could look at. The first would be to hire a professional videographer with specialised equipment like a 360-degree camera that can offer the highest quality and most immersive experience possible – but this will come at a cost.

The more budget friendly option would be to explore DIY methods like purchasing or renting a 360 degree camera yourself, which could capture a panoramic view of your surroundings, allowing viewers to virtually navigate the space. Good 360-degree camera brands include Ricoh Theta, Insta360 and Samsung Gear 360.

Or, the even more budget friendly option is to use a smartphone app that offers virtual tour creation functionality. Good examples of virtual house tour apps include Matterport Capture, iStaging Spaces and Cupix. These apps will have limitations compared to dedicated cameras but can be a good, low cost, starting point.

The quality of your virtual tour will depend on the method you choose and your willingness to invest time and effort. Research different options, consider your budget and desired level of quality, and choose the approach that best suits your needs.

How do you film a virtual tour?

In order to capture the footage for your virtual house tour, you will want to capture each room from different angles, aiming for an excellent representation of the space. You will want to maintain a slow and steady pace, avoiding jerky movement while filming.

When you are editing the footage, you may wish to add a narration over the top of the video, talking through the key points of the property, like you would at a house viewing.

How do you market a virtual house tour?

While many estate agents handle virtual tour marketing on behalf of sellers, understanding the process can be beneficial. Here’s a breakdown of key strategies:

Optimise property listings

Estate agents usually list your property on portals like Rightmove and Zoopla, including a compelling thumbnail image or video snippet to grab attention and encourage viewers to click on the detailed description highlighting the virtual tour’s benefits.

Leverage social media

The estate agent should share the virtual tour link on their social media platforms (Facebook, Instagram, Twitter) with engaging captions sparking curiosity and interest. Consider targeted social media advertising (often an additional cost) to reach specific audiences or locations most likely to be interested in your property.

Utilise email marketing

Some estate agents may use email marketing platforms like Salesforce, Klaviyo, or Mailchimp to share the virtual tour link with their existing customer database and potential buyer pool. This expands your reach by leveraging existing connections.

Can The Property Selling Company help with virtual tours?

Yes, we can help you with virtual house tours, but it depends on the specific property and our assessment of its needs. While professional estate agent photography and floor plans are always included in our service, virtual tours are offered selectively based on the property.

Here’s what we do:

Consult with you: We discuss your property and explore all other routes to sale, before determining if a virtual tour could be beneficial in attracting potential buyers.
Professional photography and floor plans: We always provide these essentials as part of our standard service to showcase your property effectively.
Virtual tours considered strategically: We may use our own Regional Managers to film a basic virtual tour if deemed appropriate for your property. Alternatively, for high-value properties or those requiring a higher level of immersion, we can arrange for a professional filming team to create a premium virtual tour experience.

We believe that this approach ensures that you receive the most suitable visual marketing strategy for your specific property, optimising its potential within our budget and yours.

Do virtual house tours help sell houses?

Virtual house tours are an interesting tool within the estate agency arsenal, offering both opportunities and limitations when it comes to selling houses. They are a tool that, when used effectively, can significantly enhance the visibility and appeal of a property, attracting more potential buyers and increasing engagement with the property listing.

These tours can speed the sales process by filtering out less interested parties, allowing only the most serious buyers to proceed to in-person house visits. However, it’s important to temper expectations regarding their direct impact on sales prices or the guarantee of a sale.

While they can be a powerful marketing tool, virtual house tours alone are unlikely to command a higher price or ensure a sale without the element of luck.

The debate among property experts is ongoing, with some citing that homes with virtual tours can generate up to 49% more qualified leads. This statistic highlights the tours’ potential to draw in a significant number of interested buyers.

Yet, it’s important to recognise that a high interest level does not automatically translate into actual sales. The number of qualified leads – a measure of potential buyer interest – does not directly indicate the number of converted transactions.

The most effective strategy for selling a house in today’s market involves a multi-channel approach. This means leveraging a mix of traditional and digital marketing tactics, including professional photography, detailed floor plans, strategic social media marketing, targeted email campaigns and yes, the incorporation of virtual tour for houses.

By utilising a broad spectrum of marketing tools, sellers can maximise their property’s exposure and appeal, attracting a wide range of potential buyers and increasing the likelihood of a successful sale.

Virtual tour help sell houses: FAQs

How are virtual house tours created?

Technology plays an important role in creating a virtual experience. From basic 360-degree photographs that let you spin around in a room, to immersive video walkthroughs, and even virtual reality experiences that transport you right into the space, these tours offer a range of options for exploration.

How long does it take to create a virtual tour?

A basic 360-degree virtual tour of a modest-sized property might be completed in a few hours, whereas a more indepth and immersive tour, especially for larger properties, could take several days to capture and compile. The editing and software processing time must also be considered, adding to the overall time frame from conception to completion.

How will homes with virtual tours be promoted to potential buyers?

Promotion of homes with virtual tours are typically integrated into a broader real estate marketing strategy. They are showcased on property listing websites, social media platforms, and real estate agents’ websites, ensuring maximum visibility to potential buyers.

Email marketing campaigns can also be effective, sending direct links to the virtual tour to a curated list of potential buyers. In addition, QR codes linking to the tour can be included in printed brochures or signage, offering an instant digital experience to those exploring physical marketing materials.

We can help you sell in as little as 28 days

Posted on February 1, 2024 February 9, 2024

How To Sell A Shared Ownership Property UK

How to sell a shared ownership property UK

Selling a shared ownership property explained

Tom Condon ★ Digital Content Writer

If you’re a shared owner looking to sell shared ownership home and wondering ‘how to sell shared ownership’ then you’re in the right place! Selling a shared ownership home involves several steps, from deciding to sell your home to completing the sale with your buyer.

As a shared owner, when you want to sell your home, it’s important to effectively market your home to attract the right potential buyers. The beauty of shared ownership is that it provides an affordable home option, helping many people get onto the property ladder.

If you’re considering selling shared ownership property, it’s important to understand the layers of the process. This guide will walk you through each step, from how to sell your shared ownership property, the costs associated with the process and the most common questions.

What is a shared ownership property?

Shared ownership is a government-backed scheme aimed at assisting first-time buyers in climbing the property ladder. It enables you to purchase a portion of a home, usually between 10% and 75% of its full market value, while paying rent on the remaining share to a housing association or local authority.

One of the important features of shared ownership is the ability to increase your ownership stake over time through a process known as staircasing. Most shared ownership agreements allow you to staircase up to 100%, thereby achieving full ownership. However, some leases have a cap at 80%, maintaining the affordability and availability of these homes for other potential buyers in need.

Sell shared ownership house without all the hassle

Can you sell a shared ownership property?

You are entitled to sell shared ownership property at any point but the process differs slightly depending on how much of the property you own.

If you’ve staircased to 100%, the sale process is similar to that of any other property. However, it’s always wise to review your contract for any specific terms or conditions.

If you own less than 100%, the housing association or local authority that owns the remaining share has a right known as first refusal. This means they have the initial opportunity to buy back your share or find an eligible buyer.

The duration of their right to find a buyer is set during the agreed nomination period, which will usually last four, eight or twelve weeks, depending on your property’s specific agreement. If they are unable to find a buyer within this period, you are then free to market and sell your share on the open market.

How do you buy out of a shared ownership property?

Staircasing while owning shares in a shared ownership property refers to the process by which a homeowner can gradually increase their share of the property over time. Here is how staircasing works:

Initial Purchase:

When you first buy a shared ownership property, you purchase a specific share of it. This is often a more affordable option for many people as it requires a smaller mortgage and deposit compared to buying a home outright.

Buying Additional Shares:

Over time, you have the option to buy more shares in your property. This process is called staircasing. The cost of the additional shares is based on the market value of the property at the time of the purchase, not the value when you first bought it.

Reducing Rent Payments:

As you buy more shares, the proportion of rent you pay on the remaining share decreases. For instance, if you initially owned 50% of your home and then staircase to own 75%, you would only pay rent on the remaining 25%.

Staircasing to 100% Ownership:

In many cases, you can staircase up to owning 100% of your home, at which point you become the outright owner and no longer have to pay rent on the property. However, some shared ownership properties have restrictions that cap staircasing at a certain percentage, such as 80%.

Costs Involved:

Each time you staircase, you will likely incur costs such as valuation fees (to determine the current market value of the property), legal fees, and potentially additional mortgage arrangement fees.

Impact on Property Rights:

Increasing your share of the property can also affect your rights and responsibilities, such as being able to make certain decisions about the property without the housing association’s consent.

How to sell shared ownership property UK

If you are wanting to sell shared ownership property in the UK, the process is fairly similar to selling a normal house, except you may have the assistance of the Housing Association or Local Authority.

Here is our step by step guide to selling shared ownership property:

Understanding your lease

Begin by thoroughly reviewing your lease. Each housing association or local authority has specific rules for selling shared ownership properties. Ensure you understand all the processes, financial responsibilities and any potential restrictions.

Notify your Housing Association or Local Authority

You will need to inform your local authority or housing association of your decision to sell. This is also the perfect time to clarify the nomination period – which is the duration you must wait before you can independently market your property if they haven’t found a buyer.

Valuation and Energy Performance Assessment

Arrange for a RICS qualified surveyor to value your property. You can choose a surveyor from the housing association’s recommendations or find one independently.

Remember, the valuation report is valid for three months, and a revaluation is necessary if the property doesn’t sell within this timeframe. Also, check if you need a new Energy Performance Certificate (EPC) for your property.

Completing the necessary paperwork

Once satisfied with the valuation, complete and return the ‘intention to sell’ form to your housing association or local authority. Prepare to provide details of your conveyancer or solicitor, experienced in Shared Ownership sales, along with your lease, FENSA Certificates and other documents. Be prepared for a marketing fee to cover the cost of advertising your property.

Marketing your property

The housing association will exclusively market your property during the agreed nomination period, using their platforms and reaching out to potential buyers. If they are unable to find a suitable buyer within this period, you can then market the property independently or through an estate agent, keeping in mind the specific criteria for Shared Ownership buyers.

Formally instructing a solicitor

Once a buyer is found, either through the housing association, local authority or the open market, instruct your conveyancer or solicitor to manage the sale. Maintain regular communication to ensure a smooth process.

The exchange and completion process

The buyer will undergo a similar approval process as you did when purchasing the property. Once approved, their solicitor will coordinate with yours to exchange contracts. A completion date will be set, marking when you will hand over the keys and settle any outstanding legal fees.

Is it difficult to sell shared ownership property?

Selling a shared ownership property is often more streamlined compared to traditional homeownership sales. The ease largely comes from the support provided by Housing Associations. These organisations play a role in simplifying the process, offering assistance in finding potential buyers.

Additionally, they often take on the responsibility of marketing your property, which can help speed up the process. This collaborative approach between the homeowner and the Housing Association can lead to a quicker and more efficient sale, making the experience less daunting.

However, if the housing association cannot find a buyer for the share ownership property within the specified nomination period, the owner is granted the freedom to market the property independently. This is unfortunately where some of the difficulty of selling can arise.

Saying this, the owner will usually have more control over the sale process, including setting the price, marketing strategies and arranging viewings. The issues that arise are due to the fact that the potential buyers must meet certain income thresholds and other criteria set by the housing association or local authority.

These thresholds or criteria could include:

Income thresholds: Buyers usually need to have a household income below a certain level, for example, in the North East of England, the income threshold might be £80,000 or less.
First time buyers: Priority is often given to first-time buyers or individuals who currently don’t own a property. Additionally, those in housing need, such as living in overcrowded or unsuitable housing conditions.
Local connections: Some schemes require buyers to have a connection to the local area, such as living, working or having family there. This criteria helps support local communities and ensures that those who contribute to the area have housing opportunities.
Mortgage eligibility: Buyers must demonstrate that they are eligible for a mortgage for the share of the property they intend to buy. This assessment ensures that buyers can sustainably afford the property.
No outstanding credit issues: Potential buyers should not have significant outstanding debts or credit issues that could impact their ability to maintain mortgage payments.
Sufficient deposit: While the deposit required for shared ownership can be lower than for buying a property outright, buyers still need to have enough savings for a deposit on their share of the home.
Ability to sustain ownership: Prospective buyers are assessed for their ability to sustain homeownership, including meeting ongoing costs like mortgage payments, rent on the remaining share, maintenance and service charges.

What steps can you take if dissatisfied with a Housing Association’s handling of your property sale?

If you find yourself dissatisfied with the way your housing association is managing the sale of your shared ownership property, there are a number of steps you can take.

Firstly, begin by raising your concerns with the housing association directly. It’s often helpful to do this in writing, providing a clear and detailed account of your issues, which can lead to a direct resolution or clarification of the processes involved.

If the initial communication doesn’t resolve the issue, follow the housing association’s formal complaint procedure. This process is outlined in your lease agreement or is available upon request. Following the procedures means that your concerns ensure your complaint is logged and handled systematically.

Should the response from the housing association be unsatisfactory, or the issue remains unresolved, you can escalate the matter to the Housing Ombudsman. The Ombudsman offers a free, impartial service to resolve disputes between tenants and housing associations. They can investigate the issue and provide a resolution, which may include compensation or specific actions from the housing association.

Association not found a buyer? We will!

How much does it cost to sell Shared Ownership property?

The cost of selling a shared ownership property will most likely need you to budget to ensure a smooth transaction. While some costs will be fixed according to your lease agreement, there will be other costs that vary depending on competitive pricing.

Your property must be valued by a RICS surveyor, the cost for this service will vary but it’s a necessary expense to ensure an accurate market value. The average RICS valuation will cost you £320, but this can increase up to £800 if you require a Level 3 survey.

You will be responsible for your own solicitor’s fees, which on average will cost around 1% to 3% of your total selling price. It may also be important to note that the conveyancing process for shared ownership properties can be slightly longer than standard house selling.

Furthermore, if in your lease agreement it states that you need to cover your housing associations’ legal fees, then you will also be liable to pay for these.

You will also need to obtain your Leasehold Information Form, which will incur a £100 to £300 cost from your housing association. If your housing association assists in marketing your property, they will charge you for this as well – but this cost will depend on the terms of your lease.

If your current EPC is older than 10 years, you’ll need to obtain a new one, and these can cost between £60 and £120.

Should you choose to market your property via an estate agent, you will then also face estate agent fees from then which could be 1% to 3%+VAT of your house selling price. However, if you sell your property with us, you won’t incur any fees at all, ever.

We will cover all the fees associated with selling shared ownership house, including solicitor fees, estate agent fees and we will handle everything for you. Not only that, but we can also help you sell within 28 days, although most people decide to take slightly longer.

Can you transfer ownership of a shared ownership house?

It is possible to transfer ownership of a shared ownership property. This most commonly occurs during the sale of the property, as outlined in the steps above. However, there are some other circumstances where you might wish to transfer your lease or your share of the lease.

In such situations, you will need to seek permission from your housing association or local authority. Each organisation will have its own set of rules and procedures for transferring ownership and you will need to have a firm understanding of these before starting the transfer of ownership.

Once permission has been granted, you will need to appoint a solicitor to handle the legal aspects of the transfer. This could include drafting and signing new lease agreements, ensuring compliance with housing association regulations and possibly dealing with financial adjustments related to the ownership share.

Can you sell one Shared Ownership property and buy another?

You can sell your current shared ownership property and purchase another, provided you still meet the criteria for a government’s shared ownership scheme.

The scheme is designed to assist individuals who may not be able to afford a property on the open market, so your continued eligibility will depend on factors like income level and housing needs.

If you’ve increased your equity in your current property through a process known as staircasing (where you gradually buy a larger share of your home), you might find that you have built up enough financial leverage to transition out of shared ownership altogether.

This could open the door to buying a non-shared ownership home, giving you more options in the housing market.

We’ll sell shared ownership home for free

What is the bad side of selling shared ownership property?

Before you decide to sell shared ownership property, it is also important to understand the downside to selling.

If you own a smaller share of the property, your financial gain from any increase in its value is proportionally smaller. This means that the benefits of capital appreciation, a key advantage of property ownership, are significantly reduced. The smaller your share, the less you benefit from the property’s growth in market value over time.

Selling a shared ownership property can be far more complicated than selling a standard property. If you don’t own the property outright, you must first offer it back to the housing association, known as the right of first refusal.

This can increase the selling process timeline, as you have to wait for a fixed period to see if the housing association can find a buyer before you can market it yourself.

Even if you own 100% of the property, selling on the open market might come with its own challenges, especially if you don’t own the freehold as it will limit your pool of potential buyers.

And then when you do find a potential buyer, they will need to meet the specific criteria set by the housing association, which will limit your pool of buyers even further.

Finally, if you have increased your share through staircasing, the cost of these additional shares is based on the property’s value at the time of each purchase. As property values increase, so does the cost of acquiring additional shares which will impact the eventual selling price of the property.

What’s the catch with shared ownership?

Shared ownership schemes offer an accessible path to homeownership but as always, there’s a catch!

Shared ownership properties are leasehold, meaning you’re responsible for ground rent and service charges irrespective of the size of your share. These costs are ongoing and can add to your annual expenses.

The Leasehold Reform (Ground Rent) Act 2022 has brought changes for newly builds, abolishing ground rent. However, for existing leasehold properties, the ground rent factor may deter some buyers, and potentially affect the resale value.

Finding lenders that offer mortgages for shared ownership properties can be challenging, though more mortgage lenders are embracing this market. This limitation might affect your mortgage options, possibly influencing the terms and interest rates available to you.

Shared ownership properties often have restrictions on alterations or improvements. This limitation can impact your ability to personalise or enhance your home, possibly affecting its future value and your enjoyment of the property.

Staircasing, or increasing your share in the property, incurs additional costs each time it’s done. These include survey, legal, and mortgage fees, unlike a traditional property purchase where such costs are usually one time expenses.

Can you make a profit on shared ownership?

When selling a shared ownership property, there is potential for making profit. But the potential will hinge on the appreciation of the property’s value over time. If the market value of the home increases from the time you purchased your share to when you sell it, you stand to make a profit.

The extent of your profit is directly proportional to the size of the share you own in the property. For instance, if you own 50% of the property and its value has increased, you will profit from that 50% share of the increased value. Conversely, if you own a smaller share, such as 25%, your share of the profit will be correspondingly smaller.

Do shared ownerships go up in value?

The value of shared ownership properties is subject to the same market conditions as other properties. If the housing market in the area is strong and property values are rising, it’s likely that the value of shared ownership homes will also increase.

The location of the property plays a massive role in the increase of value it may be subject to. Properties in desirable locations like Liverpool, Newcastle, Leeds, Sheffield or Bristol with good transport links, schools and amenities are far more likely to see an appreciation in value.

Furthermore, shared ownership properties are leasehold and the length of the lease will impact the property’s value. Properties with longer leases are more valuable. If the lease is nearing its end, the property value might decrease unless steps are taken to extend the lease.

Looking to sell shared ownership property? We can help!

If you’re considering selling shared ownership property, The property Selling Company is here to guide you every step of the way. As a leading UK online estate agency, we specialise in streamlining the selling process for traditional and share ownership homes, because we believe selling a house should be fast, effortless and free.

Our team of experienced property professionals understand the unique aspects of selling shared ownership properties. We offer expert advice tailored to your situation and help ensure that you navigate through the process with ease.

From valuation to listing, and through to completion, we handle all aspects of the selling process. Our service is designed to take the stress out of selling, allowing you to focus on your next move.

We are able to leverage our vast network and our large online presence to ensure that your property reaches a wide audience of potential buyers that fit your housing associations criteria. Our targeted marketing campaigns are tailored to highlight the features of your property and attract the right buyers.

Arguably the most important benefit of using our service is our commitment to covering all fees associated with selling your shared ownership property. This includes valuation fees, legal fees, and estate agency fees to ensure a completely hassle-free selling experience not seen anywhere else on the market.

Sell shared ownership property without all the hassle

Posted on January 5, 2024 January 23, 2024

What is a house guide price & should it be trusted 2024 UK

A house guide price is used as a marketing tool for sellers and estate agents.

Tom Condon ★ Digital Content Writer

As we start in 2024, the UK housing market remains a labyrinth filled with evolving terms and trends, among which the ‘house guide price’ emerges as an important instrument for both buyers and sellers.

This article aims to delve deep into the concept of house guide prices, examining their role and impact from the perspective of both sellers and buyers. We will explore how these property guide prices are determined, the factors influencing them and the strategic considerations behind their use.

Additionally, the article will offer valuable insights into the current trends of the housing market, providing readers with a well-rounded understanding of how guide prices fit into the broader landscape of property buying and selling in 2024.

Whether you’re a first-time homebuyer, a seasoned investor or a seller looking to maximise your property’s value, this discussion will equip you with the knowledge and tools to navigate the UK housing market with confidence.

What does house guide price mean?

A house guide price, fundamentally, represents an estimated value set by the seller, vendor or their estate agent. This estimation indicates the minimum price that the seller is willing to accept for their property.

The property guide price serves as a starting point for potential buyers to make offers. The guide price can be presented either as a specific amount or a price range, offering an initial idea of what the seller expects.

What is guide price?

A guide price, often encountered in house markets, serves as an estimated selling price for a property. While it offers a useful starting point, it’s important to recognise that properties seldom sell for their exact guide price.

The final sale price is influenced by various factors, primarily the offers received by the seller. These offers can vary, falling either above or below the guided price, also known as the asking price.

The guide price acts as a benchmark for initiating negotiations with the seller. Buyers usually have the liberty to propose offers lower than the guide price. However, it’s important to balance this approach; excessively low offers may be outright rejected by the seller.

Market conditions and competition from other potential buyers significantly impact the success of any offer. While there is no one-size-fits-all rile, many property experts recommend starting with an offer that is 5% to 10% lower than the guide price.

In some cases, sellers might entertain offers up to 15% lower, but such proposals can be perceived as overly bold or even disrespectful, risking a negative impression.

A key factor to consider before making a lower offer is the duration for which the property has been on the market. Properties listed for sale beyond 90 days may indicate a higher openness from agents and sellers to consider lower offers. This can be due to various reasons, such as a pressing need to sell or fewer inquiries than expected.

What is a house guide price at auction?

When it comes to properties being sold at auction, the price guide for houses takes on a slightly different role. It is closely linked to the reserve price, which is the minimum price agreed upon between the auctioneer and the vendor.

The house guide price at an auction is either the amount at which the seller’s reserve price is set or the starting point for bidding. Importantly, the reserve price is usually undisclosed, but the guide price can provide a reasonable indication of where the reserve is likely set.

How accurate are guide prices at property auctions?

The accuracy of a guide price can be influenced by the current state of the property market. In a strong market, properties might sell for significantly higher than the guide price, whereas in a slower market, the final sale price might be closer to or even below the guide price.

The precision of a property price guide also hinges on the expertise of the valuer. A well-experienced valuer or auctioneer with a deep understanding of the local market can set a more accurate price guide.

Guide prices are often set with the intention of attracting interest and encouraging bidding. Therefore, they might be set at a lower range to create competitive bidding, which can lead to a final sale price that is much higher.

Unique or unusual properties might have less predictable guide prices due to the difficulty in comparing them with other sales in the area. If the seller is looking for a quick sale, the guide price might be set lower to attract more interest. Conversely, if there is no urgency to sell the guide price might be closer to the seller’s ideal sale price.

How is a price guide for houses set?

The method of setting a price guide for houses varies depending on the selling method. For sales through a high street estate agent, it is determined based on the minimum price the seller hopes to achieve, combined with the agent’s knowledge and research of current property values in the area.

The price guide for houses is a tool used by sellers and estate agents to initiate negotiations and attract potential buyers. It reflects a combination of the seller’s expectations and market realities, though it is not a definitive predictor of the final selling price.

In contrast, auctioned properties have their guide price determined post the setting of a reserve price by the seller, influenced by factors like the seller’s urgency to sell and their financial needs.

How is an estate agent guide price set on the open market?

When setting a price guide for houses for a property being sold on the open market, there are several factors which are considered. The primary determinant is the minimum price the seller hopes to achieve from the sale.

This figure is not randomly chosen; instead it’s carefully calculated based on the agent’s knowledge and research of the current property values in the area.

The agent assesses comparable properties, current market trends and the unique attributes of the property to arrive at a realistic yet attractive house guide price. This guide price aims to generate interest among potential buyers while still aligning with the seller’s financial expectations.

How is a house guide price set at an auction house?

In the context of auctioned properties, the process of setting an auction guide price involves a different approach. First, the auctioneer conducts a valuation of the property to determine its market value.

Based on this valuation, the seller then sets a reserve price – the lowest price they are willing to accept. This reserve price is influenced by factors such as the seller’s urgency to sell, their financial needs and the property’s valuation.

The house guide price is then determined with respect to the reserve price. It usually falls within a specific range, often within 10% of the reserve price. This is to ensure a fair and realistic starting point for the auction while maintaining the seller’s interests.

The guide, therefore, acts as an indicator of where bidding might start and gives potential buyers a ballpark figure to consider before participating in the auction.

Are there any guidelines for guide prices?

In 2014, the Advertising Standards Authority established guidelines to regulate how guide prices are set. These guidelines stipulate that the guide price must either indicate a range or single price figure within 10% of the reserve price.

Additionally the guide price cannot be more than 10% lower than the seller’s reserve price. These rules help ensure transparency and fairness in auctions, providing potential buyers with a more accurate expectation of the reserve price.

What’s the difference between house guide price and asking price?

The guide price, as an estimated value range, is used to indicate the minimum the seller is willing to accept and is often flexible. In contrast, the asking price is a more definitive figure representing what the seller specifically wants for their property.

The asking price is less about initiating interest and more about stating the seller’s firm valuation often set after considering the property’s condition, market conditions and comparable sales.

Both guide prices and asking prices are essential in the house selling process. House guide prices are instrumental in generating interest and fostering competitive bidding, while asking prices provide clear and specific valuations from the sellers to the buyers.

How much do houses sell for compared to asking price?

Based on data provided by Hometrack, Zoopla’s data business, there’s a notable trend of houses selling for less than the original asking price in the current market. On average, sellers are accepting offers that are approximately 3.8% below their initial asking price.

Furthermore there’s been an increase in the number of sellers agreeing to even larger discounts. Over two-fifths (42%) of sellers are accepting offers more than 5% below the asking price, a figure that represents the highest level of such discounts since 2018, a period when annual UK house price growth was just 1%.

Additionally, over one in six sellers are accepting discounts of more than 10% below the asking price. This trend suggests that buyers are negotiating harder, and sellers are increasingly willing to lower their expectations to close deals, reflecting a shift in the market dynamics towards buyers.

Should you follow the guide price on property or decide the price for yourself?

Sellers need to balance their own financial expectations with the realities of the market. While it’s natural to aim for the highest possible return on investment, being realistic about the property’s market value is essential.

Overpricing can lead to a stale property listing, whereas a competitive house guide price can create more interest and potentially lead to better offers, especially if it triggers a bidding war in a seller’s market.

Sellers and vendors should be prepared for negotiations. The guide price is a starting point and buyers may offer less than this amount. It’s important to understand the range of acceptable offers before listing the property.

Being too rigid can result in missed opportunities, but understanding the lowest acceptable offer helps in making informed decisions during negotiations.

Sellers should also consider the buyers’ perspective. Buyers are likely to conduct their own research and valuations. Therefore, a guide price that closely aligns with market valuations is more likely to be taken seriously by prospective buyers. Unrealistic property guide prices might be dismissed by savvy buyers, reducing the pool of potential buyers.

Can buyers offer lower than the guide price?

Yes, buyers can offer lower than the guide price, although the success of such offers depends on various factors, including market conditions and the seller’s circumstances.

The house guide price is essentially an invitation to begin negotiations, representing the seller’s initial expectation but not a fixed bottom line.

In a buyer’s market, where supply exceeds demand, sellers might be more included to consider offers below the guide price. Additionally, if a property has been on the market for an extended period, or if the seller is motivated to sell quickly due to personal circumstances, they may be more open to accepting lower offers.

However buyers should approach this thoughtfully, as excessively low offers might be dismissed outright or negatively impact the negotiation process.

What is the difference between guide price and ‘offers in excess of’?

The difference between a guide price and ‘offers in excess of’ lies primarily in the expectations they set for potential buyers. A guide price suggests an estimated range for starting point for negotiations, indicating the minimum amount the seller hopes to receive.

It’s often used to initiate interest and encourage offers, with room for negotiation up or down. On the other hand, ‘offers in excess of’ explicitly states that the seller expects offers to be higher than the specified amount.

This approach is usually employed when a seller anticipates strong interest in their property or believes market conditions favour a higher selling price. It sets a clear baseline above which all offers must fall, reducing the likelihood of lower bids and steering negotiations towards a higher price range.

Should you trust an estate agent guide price?

When considering whether to trust an estate agent guide price, it’s important to assess the credibility and reputation of the agent. Experienced and reputable estate agents usually have a good understanding of the local property market and can set guide prices that accurately reflect current market conditions.

They typically use their knowledge of recent sales, market demand, and specific property features to arrive at a guide price that’s realistic and competitive. However, it’s worth noting that estate agents might sometimes set guide prices to attract interest, possibly listing a slightly lower price to encourage more viewings and potential offers.

Despite the expertise of estate agents, it’s advisable for buyers and sellers to conduct their own independent research. This includes looking at comparable properties in the area, understanding current market trends, and assessing the specific attributes and condition of the property in question.

Independent research helps in forming a more indepth view of a property’s value, which can either corroborate or challenge the house guide price set by the agent.

It’s important to understand the motivations behind an estate agent guide price. Agents are usually motivated by the desire to make a sale, which can sometimes lead to setting more attractive (often lower) property guide prices to stimulate interest and competition among buyers.

Conversely, if representing a seller, an agent might set a higher guide price if they believe the market conditions or the property’s unique features justify it.

Can you trust an online estate agent?

When deciding whether to trust an estate agent guide price, considering the use of an online estate agent can offer a different perspective. Online estate agents have gained popularity due to several advantages they offer which can positively impact the reliability and approach towards house guide prices.

Here at The Property Selling Company, we are an online estate agents with a difference, we are completely honest and transparent in our process and will always try and get you the best price possible for your home.

You will benefit from using our service as we have access to extensive, data-driven market analysis tools, enabling us to set guide prices based on a wider range of data than a traditional estate agent.

This can include seeing national and local market trends, a broader spectrum of property comparisons and real time data analytics, leading to potentially more accurate and objective guide prices.

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Posted on December 15, 2023 January 23, 2024

Who pays for the probate valuation & who organises it?

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Tom Condon ★ Digital Content Writer

When someone passes away, the estate must be probate valued, calculated and reported to HMRC. Then the probate process should begin so the estate can be split amongst all beneficiaries.

The cost of probate valuations vary depending on the type of service and method chosen, but as an average, you can expect a probate valuation to cost you between 1% and 5% of the estate’s full value.

Most estate agencies will cover the probate valuation cost as part of their service and will agree upon the cost from the onstart.

Many people during the house valuation process for probate, wonder “can I sell a property before probate?”, as the probate and selling property process can be extremely time-consuming. In this article we will cover all this and more!

What is a probate valuation?

The legal process of dealing with the value of the estate when a person passes away is called probate. Typically, the valuation for probate is executed by the deceased person’s executors via the Grant of Representation.

The Grant of Representation allows executors to access all information – including bank accounts, stocks, shares, and the deceased person’s property – to determine the open market value of the assets.

A probate valuation will cover all items of value, minus any outstanding debts, with the remaining amount being liable for inheritance tax. If the probate valuation reveals the assets are £325,000 or less, then you are not required to pay inheritance tax – anything above this and you will be liable to 40% tax.

If someone passes away without leaving a will, then a professional valuation must be done on their estate according to the Rules of Intestacy.

How is the value of a property defined?

The value of a property is defined through a probate valuation, with the valuer taking note of the size of property, amount of bedrooms, amount of storage, the age of the property, any wear and tear, and room layout.

All of this information is paired with local market trends, similar and neighbouring properties and what amenities are available in the local area, in order to come up with a house valuation for probate.

How is a property valued for probate?

The property probate valuation will be carried out from the day of death, which is known as a date of death valuation. This is where the values are generated from selling prices on the open market.

If a person dies on the 12th December, but the house valuation for probate takes place on the 4th January, then the selling prices would be based on the 12th December valuations.

Why should you value an estate for probate?

Probate valuations are different from normal valuations, as probate valuations are conducted in such a way that HMRC will accept it. You cannot use a market valuation to determine the probate value of a property or you will face penalties from HMRC.

By carrying out a probate valuation, you are ensuring that you are providing the correct amount of assets to be taxed with inheritance tax.

What are the different types of probate valuations?

There are two different variations of probate valuations which can be carried out; formal and informal valuations.

Formal probate valuations are needed on properties that are subject to inheritance tax or have gains of £10,000 or more, or are considered as a “larger” property. The formal probate valuation report is far more in depth than an informal valuation and will cover any commercial properties or land with development potential.

Informal probate valuations will usually be part of an estate agent’s service and are low on cost, or cost-free.

Who pays for probate valuations?

The person who pays for probate valuations, largely depends on what type of probate valuation you are getting and the value of the property itself.

If you are using an estate agent (like us), then an informal probate valuation will be covered within the agency service or fee. But, if you are using a professional probate RICS surveyor or solicitor who carries out a formal valuation, then you will need to cover the fee.

Who needs to organise the valuation?

The personal representatives of the deceased person are responsible for arranging probate, and the probate valuation. If they decided to sell the property through an estate agent, the estate agent should organise the valuation on their behalf. But if they go through a probate valuations company then they will need to liaise with the valuers themselves.

How much do probate valuations cost?

Probate valuations through an estate agent won’t charge the property probate valuation fee as part of their service, but some agencies may charge a low fee (below 1% of the property’s value).

Specialist probate solicitors will usually charge between 2% and 5% of the estate’s total value (+VAT), with the more experienced solicitor charging a higher rate.

RICS Chartered surveyors will charge between £150 and £800 per valuation and are the most recommended type of probate valuation as they are HMRC approved.

Who owns a property during probate?

During probate, the ownership of a deceased person’s estate is in a transitional state as it is in the process of being transferred to the beneficiaries as determined by the will, or by the rules of intestacy.

How long after probate can a property be sold?

You will be able to sell a property as soon as probate has been granted, but you will be able to put the house on the market before this has been reached. With the average UK probate process can take between 9 and 12 months, you could put the house on the market and find a potential buyer.

Can I sell a property before probate?

Dealing with probate and selling property is a complicated process, often involving layers of conveyancing and considerations for the wishes of the deceased.

Unfortunately, you cannot sell a property before probate, you will need to wait until probate has been granted in order to sell a property. You can however put a property on the market during the probate process in order to generate interest and attract more buyers.

What is the probate selling a property process?

If you are looking at the probate selling a property process, it can be very complicated, but below is our quick guide on how to achieve it:

Carry out a house valuation for probate.
Pay any inheritance tax due.
Obtain the grant of probate.
Prepare for private and selling property.
List the property for sale.
Accept an offer, exchange and complete as usual.

Is selling property after probate taxable?

When selling property after probate, the executors of the estate will need to raise enough funds to cover the Inheritance Tax and any other costs which have arisen over the probate period.

HMRC will request that Inheritance tax is due on the estate within 6 months of the date of death, and Capital Gains Tax will be due within 60 days of completion.

Luckily, as a beneficiary you will not need to pay Capital Gains Tax when the property is transferred to you.

What happens if you sell a property for less than the probate value?

If you decide to sell the probate property within four years of the deceased passing then you may be due a Inheritance Tax overpayment refund from HMRC. Furthermore you will not need to pay Capital Gains Tax on the sale of your property as it does not make any profit.

Are probate properties cheaper?

Probate properties are often sought after from first time buyers, property investors or people looking to renovate a house. This is simply because most probate properties were owned by older generations and will need updating.

Because of the cost of property taxes, like Capital Gains Tax and Inheritance Tax, and the cost of maintenance, the executor of the estate may wish to sell the property as soon as they can.

Luckily, executors of an estate may be more willing to accept a below market value cash offer as this speeds up the selling process after a long and drawn out probate process. The probate process is often so long that many property investors avoid it entirely, which means that there is less demand for probate properties.

How The Property Selling Company can help you with probate properties

Here at The Property Selling Company, we pride ourselves on offering a different way of selling and buying probate properties. We are part of a leading UK property selling solution, and have many different ways to sell.

Using our service, however, you will benefit from a sale in at least 28 days, for free, with no hidden fees. We believe that selling a house shouldn’t be complicated or costly and will do everything in our power to ensure you have a smooth service.

If you are looking for a property after probate service or even during service, well we can do this too! All of our agents are trained in dealing with probate houses and can even help you with valuing property for probate.

We will even cover all the legal and marketing fees usually associated with selling a probate property. Want to find out more about our service? Contact one of our team today!

Probate valuation FAQs

How easy is valuing property for probate?

While estate agents will be able to give you an informal house valuation for probate and this allows you to have a rough understanding of the estates value, you will need to get a formal RICS house valuation for HMRC purposes.

It is generally easy to organise as there are many Chartered Surveyor firms out there that specialise in probate properties and Red Book valuations. If you want to know more about this, please feel free to contact one of our team and we can direct you in the right direction.

How can you speed up the probate and selling property process?

Because the probate and selling process can be quite drawn out, it is your duty to do everything you can to increase the speed and efficiency of the process. This can be achieved by:

Understanding your duty as the executor of estate or personal representative.
Starting probate as soon as you possibly can.
Obtain death certificates as soon as possible.
Collect as many details about the deceased person’s estate as possible, in the early stages of probate.

These will help speed up the process by ensuring you aren’t sorting these at the last minute, and make the transfer of property far more efficient.

Can you sell a house in probate?

No you cannot sell a house in probate as before you can sell the probate property, you will need to apply for a grant of probate which can take 12 weeks or more to get. But, you will be able to list the home for sale before you get the probate granted.

Can you sell a house during probate?

While you cannot complete on a house during probate, you will be able to market it and gather interest from potential buyers.

Posted on November 30, 2023 November 30, 2023

Are eco friendly houses hard to sell: Sustainable property

Learning what an eco friendly house is and how hard they are to sell…

Tom Condon ★ Digital Content Writer

In the UK, most new build homes are far more eco friendly than their older counterparts with 63% of new builds being cheaper to run. This is one of the reasons why new build homes are a target for first time buyers looking to cut down on their energy bills.

But, what happens if you opt for a completely eco friendly house? Well, they can be slightly more expensive to buy, come with more maintenance, but can be cheaper to run. You may find that the market for a fully eco-friendly home is smaller, but that doesn’t mean it’s harder!

In this article we will cover how hard it is to sell an eco-friendly house, and the best routes to do it.

What is an eco friendly house?

Eco friendly houses, green homes or Passivhaus properties are homes that are built with sustainability at the heart of the project. The sustainability ethos could come from the sustainable materials used to build the house, the properties energy efficiency, how it reduces the inhabitants carbon footprint and much more.

There are plenty of different types of eco-friendly houses, with some being entirely off grid countryside cottages, and others being state of the art modern houses – the type you’d see on Grand Designs.

What is a Passivhaus property?

A Passivhaus property creates a comfortable and energy efficient living space with minimal reliance on conventional heating and cooling systems.

The term originated in Germany in the 1990s and has since gained international recognition as a leading approach to sustainable building design. Passivhaus properties can be 25% more expensive to build than traditional properties, but save 90% more on energy bills.

Homes that meet the Passivhaus standard are certified through a rigorous verification process and must have:

Superior Insulation: Passivhaus properties have high levels of insulation in the walls, roof and floor to minimise heat loss and gain.

Airtight construction: They are built to be extremely airtight to prevent uncontrolled air leakage, ensuring that the ventilation is carefully controlled.

High performance windows and doors: They use high-quality windows and doors with advanced glazing to minimise heat loss.

Ventilation with heat recovery: Mechanical ventilation systems with heat recovery are a core component of Passivhaus designs. These systems exchange stale indoor air with fresh outdoor air while recovering the heat from the outgoing air.

Thermal bridge-free construction: Passivhaus design minimises thermal bridges, areas where heat can easily transfer between the interior and exterior of a building.

Solar gain: Passive solar design principles are often incorporated to optimise the use of solar energy for heating.
Performance standards: Passivhaus properties must meet specific energy performance criteria, including a maximum annual heating demand, primary energy consumption and airtightness level.

What should be included in an eco friendly house?

Most buyers looking for an eco-friendly house will be looking for a property that aligns with four pillars of sustainability; natural building materials, thermal mass heating, green energy source or supplier and temperature controlled architecture.

Natural building materials

The use of natural building materials instead of plastic sources contributes to the eco-friendliness of the house.

Buyers value this feature because it not only promotes sustainable construction practices but also ensures that the home has a reduced environmental impact. Natural materials are often renewable, biodegradable, and have a lower carbon footprint compared to synthetic alternatives.

Thermal mass heating

The focus on thermal mass heating is vital for energy efficiency. Home buyers are attracted to this feature because it helps regulate indoor temperatures more effectively. Thermal mass retains and releases heat slowly, contributing to a more comfortable living environment.

This not only reduces the reliance on artificial heating and cooling systems but also lowers energy consumption, resulting in cost savings for the homeowners.

Green energy source or supplier

The use of electricity from a green energy source or supplier is a very important factor for eco-conscious buyers. Green energy demonstrates a commitment to reducing the carbon footprint associated with the home’s energy consumption.

It aligns with the growing awareness of the environmental impact of traditional energy sources and reflects the homeowner’s dedication to using clean and renewable energy.

Temperature controlled architecture

The architectural design of a building plays a very important role in controlling temperature. Eco home buyers appreciate features that contribute to natural temperature regulation, such as strategically placed sky lights, shading and doors, all of which maximise on potential natural light.

In some properties, the architecture of a property can aid in the heating system and heat recovery. Temperature controlled architecture not only enhances comfort but also reduces the ends for excessive energy consumption in maintaining a suitable indoor climate.

How can architects utilise natural light in eco-friendly buildings?

Although you are probably reading this article because you want to sell your house, it can never hurt to know different ways architects create properties so you can recognise the features in your existing property.

One hack architects use is orienting the home to maximise any natural light and heat gain in order to reduce the need for artificial lighting and heating. This is also used alongside incorporating natural ventilation like operable windows and vents to encourage natural airflow, and limit the reliance on mechanical ventilation systems.

What features do eco friendly houses have?

Eco friendly houses with these features are attractive to potential buyers because they offer long-term cost savings, reduced environmental impact and a healthier living environment:

Good insulation

Good insulation helps maintain a consistent indoor temperature, it helps by reducing the reliance on heating and cooling systems, leading to lower energy consumption. Which in turn reduces utility bills and the overall carbon footprint of the house.

You should always remember to insulate your roof as well as your walls and floors, as most of the heat will escape through your roof.

According to the UK Government website, good insulation could increase your home value by up to 9%.

Renewable energy sources

Using renewable energy sources such as wind, solar or geothermal power helps to reduce dependence on non-renewable energy like fossil fuels and contributes to a lower environmental impact.

Heat pumps, whether they are ground source heat pumps or air source heat pumps, are highly efficient in converting energy from the air, ground, or water into heat for indoor spaces. This is because they achieve high levels of efficiency, especially in moderate climates like the UK.

Solar panelling

Solar panels convert sunlight into electricity, providing a clean and sustainable energy source. Solar panelling reduces reliance on traditional energy grids and fossil fuels, leading to cost savings and environmental benefits.

Solar panels can add between 4% and 14% to a house’s value, with some rare cases seeing house valuations increasing by 25%.

Water conservation systems

Water conservation systems such as rainwater harvesting and efficient plumbing fixtures, help reduce water consumption. In areas facing water scarcity water conservation systems can be great as it collects rainwater to use within the property.

Water conservation systems can save homeowners between 40% and 50% of their water bills, all while adding up to 8% to a house’s value.

Using reclaimed materials

Incorporating reclaimed or recycled materials into construction reduces the demand for new resources, minimises waste and promotes a circular economy by preventing valuable materials ending up in landfills.

While using reclaimed materials can be a great way to save costs when building, you will need to be careful that the property does not become classified as ‘non-standard construction’ as this could affect the likelihood of potential buyers getting mortgage approval on your property.

Double or Triple glazed windows

Double or triple glazed windows enhance insulation by providing an extra layer of thermal resistance. Glazed windows help in maintaining a comfortable indoor temperature, reducing the need for heating or cooling, and contributing to noise reduction and energy efficiency.

It is estimated that double glazing windows can increase the property value by up to 10%, while triple glazing can improve the house value by up to 20%.

Smart technology

Smart technologies, such as energy efficient appliances, programmable thermostats and home automation systems enable homeowners to monitor and control energy usage, leading to optimised energy consumption, increased efficiency and cost savings.

Making smart technology additions to a property may add on average, £16,000 to a house’s value. But, this will depend on the type of smart tech added and whether you have taken steps to increase your EPC.

Does interior design matter when it comes to eco housing?

Interior design matters to a degree when dealing with eco housing, as sustainable home design practices can complement the overall environmentally conscious ethos of a property.

Sustainable interior design can be achieved via the use of eco-friendly materials like recycled or reclaimed wood, low volatile organic compound paints, and energy efficient appliances.

Why would potential buyers be put off by an eco friendly house?

As we have previously mentioned, one of the drawbacks of eco friendly housing is the steep learning curve attached to their home systems, especially if they are off grid or are completely self-sustainable ecologically,

Away from this, another issue some potential buyers may have with your eco-friendly home is the fact that its airtight insulation traps sound indoors which can be annoying if the potential buyer is part of a large family – as noise is trapped within.

Another issue that arises is eco homes need some or a lot of maintenance in order to maintain their eco status, and potential buyers will need to be proactive when keeping up with energy consumption requirements.

What is the most eco-friendly town in the UK?

In May, Oxford in Oxfordshire, was crowned the greenest and most eco friendly town in the UK, under the ENDS Report Green Cities Index 2023. The index evaluated England’s 55 largest urban cities on more than 30 environmental factors grouped into five categories: public realm, green behaviour, air quality, climate and water quality.

Oxford scored highly in the public realm and green behaviour categories. The city’s residents were recognised as among the greenest in England. In addition to this, Oxford has the fourth highest recycling rate in the country, which represents a commitment to sustainable waste management.

In terms of sustainable infrastructure, the city boasts the fifth highest number of electric vehicle charging stations per 100,000 people in England. Oxford also performed well in terms of green commuting behaviour, with a high proportion of residents travelling to work by bicycle or on foot.

The city has a history of leading the way on environmental measures for the South of England, with initiatives such as the UK’s first Zero Emission Zone pilot, Europe’s most powerful EV charging hub and the UK’s first citizen’s assembly on climate change.

Oxford has demonstrated commitment to zero carbon efforts including the establishment of a Zero Emissions Zone in the city centre and plans for an all electric bus fleet.

Despite some controversies over recent green initiatives like low-traffic neighbourhoods and the decision to serve 100% plant-based meals at internal events, Oxford has been proactive in implementing measures to enhance its environmental sustainability.

What town in the UK has the most eco-friendly houses?

Norwich has the most eco-friendly homes in the UK, according to research provided by Rated People. The research calculated eco-home scores based on a set of 20 ‘eco-home criteria’, considering environmentally friendly features such as extra insulation, smart metres, electric car charging points and heat pumps, biomass boilers and electric cars.

Is it harder to sell an eco-friendly house?

Selling an eco-friendly house can be interesting to sell on the open market because although it has some very good positives, it may be seen as a learning curve by inexperienced eco home buyers which narrows the pool of potential buyers.

One of the positives of eco homes is that they are more energy-efficient and appeal to environmentally conscious buyers as they offer reduced monthly energy bills.

But, this energy efficiency will probably come with a steep learning curve as eco-friendly houses tend to have their own insulation systems, window shutters and water conservation systems.

It gets even more complicated if your house has Passivhaus recognition as this will need to be maintained in order to retain its value and quality.

What are the main differences between eco housing and normal housing?

The main difference between eco housing and normal housing is that eco friendly housing and their sustainable features are 25% or more expensive than traditional homes, but buyers will take into account the fact they are making an investment into the future and environment.

Eco housing tends to be more energy efficient, resulting in lower utility bills which is a significant selling point for cost-conscious potential buyers, especially as normal housing may lack the energy efficiency features of an eco home and will result in higher long-term utility costs for buyers.

Sustainable properties appeal to people looking to prioritise sustainable living and reducing their ecological footprint, which unsurprisingly, has become a top demand amongst buyers on the open market within the last decade.

Most new build properties are built with some form of eco friendliness to them, offering double or triple glazing, underfloor heating and thorough insulation throughout the properties. Although these are not considered completely sustainable properties, they are a good starting point for eco friendly housing.

In most cities in the UK, especially in the Government’s Investment Zones like Cambridge and Leeds, there are incentives and tax exemptions for eco-friendly features which can be additional selling points. It’s always good to find out if your property falls within this as it will make your house more attractive to people on limited budgets.

Finally, buyers are far more likely to buy traditional properties with period features, as this is what they have become accustomed to. Although demand for eco friendly housing has risen, there is still quite a narrow pool of buyers that are interested in one specific area.

Where can I sell my sustainable property?

The best way to sell your sustainable property or eco friendly house is through us! We are a leading UK estate agency with over 50 years of combined experience in selling and buying houses.

We can help sell your property in as little as 28 days, all while handling and covering the costs of all your marketing, photography, listing, visiting and more. All the costs usually associated with selling your house, we will cover — even your solicitors!

We have an ethos here at The Property Selling Company, that selling your house should be fast, effortless and free. And, we have made it our mission to do just that! We will work alongside you with every step of the house-selling process, ensuring that you are satisfied around every corner.

We will market your property on property portals such as Rightmove and Zoopla, organise viewings and much more. If you are looking to buy or sell a property, get in touch today and fill in one of our free, no-obligation forms!

Will the Spring Budget 2024 help me sell my house?

Table of Contents

What things do you need to know from the Spring Budget 2024?

For individuals:

For businesses:

Was the Spring Budget 2024 a good thing?

Is the economy recovering?

What are all the tax changes announced in the Spring Budget?

What about the government’s fiscal headroom?

How will the budget impact public service spending?

What are the prospects for household finances in 2024?

How does the Spring Budget 2024 impact property?

Buy To Let property

Multiple Dwellings

Furnished Holiday Lettings

New Home Developments

Will the Spring Budget 2024 help me sell my house?

What are the benefits of the Spring Budget for house sellers?

What are the negatives of the Spring Budget for house sellers?

How might the Budget impact supply & demand?

Do virtual house tours help sell houses & are they worth it UK?

Table of Contents

What is a virtual house tour?

Why did virtual house tours become so popular?

Are virtual house tours effective?

Are virtual tours more effective for certain types of properties than others?

Are virtual apartment tours effective?

When are virtual tours not effective at selling properties?

What are the different forms of virtual house tours?

What are typical virtual house tour costs (£)?

Are visual tours worth it?

What are the disadvantages of virtual house tours?

What are the benefits of creating a virtual house tour?

How do I make a virtual tour of my house?

How do you film a virtual tour?

How do you market a virtual house tour?

Can The Property Selling Company help with virtual tours?

Do virtual house tours help sell houses?

Virtual tour help sell houses: FAQs

How are virtual house tours created?

How long does it take to create a virtual tour?

How will homes with virtual tours be promoted to potential buyers?

How to sell a shared ownership property UK

Table of Contents

What is a shared ownership property?

Can you sell a shared ownership property?

How do you buy out of a shared ownership property?

How to sell shared ownership property UK

Is it difficult to sell shared ownership property?

What steps can you take if dissatisfied with a Housing Association’s handling of your property sale?

How much does it cost to sell Shared Ownership property?

Can you transfer ownership of a shared ownership house?

Can you sell one Shared Ownership property and buy another?

What is the bad side of selling shared ownership property?

What’s the catch with shared ownership?

Can you make a profit on shared ownership?

Do shared ownerships go up in value?

Looking to sell shared ownership property? We can help!

What is a house guide price & should it be trusted 2024 UK

Table of Contents

What does house guide price mean?

What is guide price?

What is a house guide price at auction?

How accurate are guide prices at property auctions?

How is a price guide for houses set?

How is an estate agent guide price set on the open market?

How is a house guide price set at an auction house?

Are there any guidelines for guide prices?

What’s the difference between house guide price and asking price?

How much do houses sell for compared to asking price?

Should you follow the guide price on property or decide the price for yourself?

Can buyers offer lower than the guide price?

What is the difference between guide price and ‘offers in excess of’?

Should you trust an estate agent guide price?

Can you trust an online estate agent?

Who pays for the probate valuation & who organises it?

Table of Contents

What is a probate valuation?

How is the value of a property defined?

How is a property valued for probate?