Southampton Renters: Read This Before You Move In With Your Partner

If talk between you and your partner this Valentine’s Day turns to living together, there are a few practical things you should know first.

Here at Southampton, we pride ourselves on being as helpful as possible.

But dishing out relationship advice is a step too far – even for us.

So, if you’re considering moving in with your partner, we’ll leave the big decisions and lovey-dovey stuff down to you.

However, if you decide to co-habit, we have some useful, albeit unromantic, advice for you.

It’s based on insights we’ve gained over the years from helping many couples set up home together.

Speak to your landlord

One option when moving in together is to start afresh in a new rental property. However, if you plan to move into your partner’s rented place or for them to join you, then you need to discuss this with the landlord. Be aware that you’ll need to get the landlord’s permission first, and they’ll most likely have to run a reference check.

Budget and bills

The good thing about living with someone is you can share the financial burden of renting. But you’ll need to have a frank conversation at the start to discuss how much you can afford to pay in rent and how you’ll split the bills.

Jointly liable

It’s worth understanding that when the two of you sign a tenancy agreement, you are both ‘jointly and severally liable’. This means that if, for example, your partner loses their job and can’t pay the rent, you could be liable to pay their share. The same goes for the upkeep and maintenance of the property. You’re both equally responsible.

Logistics

If you both already have your own homes, decide what furniture you’ll each take to your new property. It’s unlikely that you will have room for more than one sofa, bed or dining table, so you may need to give away or sell some big-ticket items. At this point, you may also get the home-making bug and decide to buy some items to turn your new place into a cosy love nest. In that case, it may be time to put your relationship to the test by taking a trip to IKEA. Good luck.

Love At First Sight: Knowing Your Southampton Home’s Admirers This Valentine's Day

This week, we couldn’t write an article that ignored Valentine’s Day, complete with love themes and romantic puns. So, here goes.

Knowing what sort of property a buyer will fall head over heels for is a skill any good, experienced agent has honed from years of matchmaking.

With that in mind, below we look at the five most popular property types in Southampton and the type of buyers who are often smitten by them.

The charming semi-detached – Young families and professional couples often fall for semi-detached homes. These properties are popular for their garden spaces and potential for social gatherings, appealing to those who enjoy neighbourly interaction and a bit more room.

High-rise romance – Apartments are popular with young professionals and couples seeking to downsize. These homes are perfect for those drawn to the energy and convenience of urban environments and the simplicity of maintenance-free living.

Detached delights – Detached homes are an excellent fit for growing families looking for a more spacious and private environment. They provide plenty of room for family activities, flexible living spaces and outdoor access.

Terrific terraces – Terraced houses are often attractive to first-time buyers and downsizers who are charmed by their character and features such as high ceilings and large windows. They’re a chance to get to know your neighbours and usually come with a sense of community attached.

Bungalow bliss – With its single-level design, the bungalow turns the heads of retirees and those who prefer easier access. Its simple layout appeals to those who love a straightforward, clutter-free lifestyle. This type of home is perfect for anyone looking for comfort without the challenge of stairs.

Are you thinking of moving?

Call us today at 023 8001 8222 to learn why you’ll love (we hope) our property matchmaking service.

 

The irony of our technology-driven world, where we’re constantly connected, is that many people have never felt more disconnected from others – including their neighbours and community.

One social commentator described modern life as suffering from ‘an epidemic of loneliness’.

One simple yet potentially life-changing solution to this problem is volunteering.

Offering your time, energy and skills locally isn’t just about lending a helping hand; it’s a two-way street that often improves your life and that of those around you.

Why volunteer?

Volunteering locally bridges gaps in society. It’s about more than just doing good; it’s a catalyst for community cohesion and bringing people together. It creates a sense of belonging, identity and collective responsibility. It’s an opportunity to step out of your comfort zone, learn new skills and build invaluable relationships.

The benefits to you

Aside from the warm glow of helping others, volunteering offers tangible benefits. It’s a fantastic way to enhance your CV, particularly if you’re eyeing a career shift or re-entering the workforce. The skills and experiences gained are as diverse as the volunteering opportunities available. Plus, it’s a proven mood booster, combatting feelings of isolation and enhancing mental wellbeing.

How to get involved

Getting started is easier than you think. Local charities, community groups and councils are constantly looking for volunteers. Decide what you’re passionate about and find a cause that aligns with your values.

Social media and online searches are a great place to start looking for opportunities to help.

Whether helping at a local food bank, mentoring young people or supporting environmental initiatives, YOU can make a real difference.

So, what’s stopping you?

Now is the time to step forward and play your part in shaping a stronger, more connected community across Southampton.

Your skills, enthusiasm and time are invaluable resources.

Remember, every little act of volunteering can add up to make a big difference.

Let’s come together to create a community we’re all proud to be part of.

Volunteer today – your community needs you.

What’s Driving A Resurgence In Demand In The Southampton Property Market?

 

Good news: the latest data on buyer demand shows that the number of property hunters out in force is up by 14%*.

So, what’s driving this increased demand? And what does it mean if you plan to buy or sell in 2024?

Let’s take a look.

Interest rates

For a good chunk of 2023, interest rates were high (relative to recent years), and the possibility loomed that they could go even higher.

Many buyers, uncertain about where it would all end, were spooked and put their property-hunting plans on hold.

But in the latter part of the year, things started to shift. The Bank of England held rates steady three times in a row. 

Then, a few days into the new year, there was further good news when many lenders dropped their mortgage rates.

Some banks even dipped below 4% on their five-year fixed deals** to woo customers.

With the situation now much clearer – and more positive – expect more wait-and-see buyers to act (especially if they’re renting).

This will not only create more market demand but also increase supply because while some buyers will be first-timers, others will have to sell a property to fund their move.

And more sellers means greater choice for buyers.

Resilience

Some dire predictions about what could happen in the housing market did the rounds last year.

Brace yourself for repossessions and an almighty price crash, some warned.

Thankfully, the doom merchants were wrong, and the market proved to be far more resilient than some expected.

This may partly be because the government tightened mortgage lending rules after the 2008 banking meltdown. The aim was to stamp out reckless borrowing and suppress housing bubbles, and it seems to have worked.

Recent data (released by Zoopla) shows that the average UK home is worth 18% more now than it was pre-lockdown in March 2020. 

So, buyers wondering if property is still a good investment need be in no doubt.

House Sales Up 14.8% On 2023 As Mortgage Rates Fall. Yet Is It A Sellers’ Market In Southampton?

 

The number of agreed UK property sales until the last Sunday of January (28th) is 8.35% higher than a year ago. Tumbling mortgage costs have encouraged buyers and sellers to return to the property market.

There is a more buoyant picture for the UK property market in the first four weeks of January 2024 compared with the same first four weeks in 2023.

Every UK region has seen an increase in the number of properties selling (subject to contract) in January 24 vs January 23; the most significant rise was found in Inner London, which was up 25.14% year-on-year, followed by the South East, at 20.02%, the South West at 16.18%. Most other regions (West Midlands, Outer London, North West, Yorkshire, Ulster, East Anglia, Wales, East Midlands & North East) increased by between 12% and 15%. The smallest rise was in Scotland at 4.45%.

As well as increased property sales, the supply of UK properties on the market is 13.95% higher than a year ago (592,574 for sale in January 2024 versus 519,987 for sale in January 2023)

According to Zoopla, London experienced the most significant rise in potential buyer interest, with a 21% uptick in new buyer inquiries in the capital during the initial three weeks of January compared to last year. This surge was the highest recorded across all UK regions, significantly surpassing the national average increase of 12%.

Net sales (sales agreed less sale fall throughs) paint an even better picture, with a rise of 14.8% (55,459 net UK home sales to January 28th 2024, compared to 48,325 net UK home sales to January 28th 2023)

Growing optimism is evident among prospective buyers and sellers as mortgage interest rates, which saw a significant rise in 2023, have started to fall in the last month or so. By the end of December, inflation had fallen to 4%, down sharply from a peak of 11.1% in October 2022 and considerably lower than the Bank of England's anticipated 4.6%. Additionally, the average mortgage rates have dipped to their lowest point since early June, with some banks & building societies reducing mortgage rates to below 4% (for those with large deposits).

Even with this upswing in property market activities, price levels are likely to remain stable, and the market will continue to favour buyers due to ongoing mortgage affordability issues and the still relatively high-interest rates.

The reduction in mortgage rates has undoubtedly rejuvenated buyer interest and transactions, particularly after a slowdown in the latter half of 2023, when many prospective movers paused their plans. This resurgence is expected to help increase the number of properties sold, which, at one million, were at an 11-year low in 2023. 

However, I cannot see this trend leading to a significant increase in house prices in 2024 since the market remains finely balanced with a medium-term drift towards a slightly weaker sellers’ market for Q2/Q3 in 2024 (compared to 2021, when it was an extreme sellers' market). Sellers eager to move in 2024 might find encouragement in these initial signs of increased activity. Still, the buyer's focus on value means that any undue optimism on the part of sellers could hold back the current property market recovery. 

There are also warnings that the uncertainties often associated with a general election year inhibit the property market, as buyers and sellers become more cautious in their decisions in the lead up to voting at the polls.

This is the time to be realistic with your pricing if you’re going to put your Southampton home on the market.

So, what sort of market are we in?

The measurement of whether it's a buyers', balanced or sellers' market is based on the proportion of properties marked as "Sold STC" and "Under Offer" compared with the total number of properties on the market, e.g., if there are 45 properties sold stc and 100 properties available/for sale, then 45 as a percentage of 100 is 45%.

This isn't just a numbers game; it's a gauge of market sentiment:

• Extreme Buyers' Market (0%-20%)
• Buyers' Market (21%-29%)
• Balanced Market (30%-40%)
• Sellers' Market (41%-49%)
• Hot Sellers' Market (50%-59%)
• Extreme Sellers' Market (60%+)

The weight of these brackets can’t be overstated. They directly impact everything from listing prices to negotiation leverage.

Current Southampton Property Market Snapshot

To calculate where Southampton’s property market stands now, let’s incorporate our most recent findings for January 2024. The numbers and statistics have been taken from the website 'The Advisory', which has calculated the market state stats for many years. I am sharing them from the summer of 2018 to January 2024.

What are the Statistics for the Southampton Area Since 2018?

Looking at each of the Southampton postcode districts, each tells its own story...

The average of all the Southampton postcode districts combined was quite clearly an extreme sellers’ market in the summer of 2022 at 70%. In 2023, the Southampton property market changed, and it was hovering in the mid 50%, a hot sellers’ market (albeit a weaker sellers’ market than the summer of 2022). In January 2024, it remained in a hot sellers’ market.

Consequences and Thoughts for Southampton's Property Market

This new data prompts me to take stock and ponder.

For Southampton home sellers: We are transitioning into a market where sellers must be more strategic, flexible, and patient. It would help if you braced yourself to expect your home to be on the market for longer with an extended marketing period. 

Realistic pricing is even more vital than ever. 

In 2022, for 70.4% of Southampton properties that came onto the market, the owner moved (i.e., exchanged and completed) instead of withdrawing off the market, unsold. In 2023, that figure had reduced to 57.5%, (interesting, when compared with the national picture when it was 65.33% in 2022 and 52.86% in 2023).

For Southampton home buyers: What are the challenges and opportunities? Some homes will still have bidding wars, yet you will have the luxury of choice and time with others.

External influences, from global economic trends, inflation and interest rate repercussions could all cast shadows on the Southampton property market. The pre-election Budget will no doubt affect the property market as will everything going on ice in the three or four weeks up to the election itself.

Delving Deeper: Strategies and Tactics to Sell Your Southampton Home

Given the property market's temperature, here are more granular insights:

Sellers: I've already mentioned, pricing is absolutely key to finding the right buyer. Also, the marketing to make your home stand out is vital - like video/virtual tours, specialised social media campaigns or interactive property listings—could make a difference in a cooling market. 

Buyers: Again, there is more than one market (look at the differences between the Southampton postcode districts above). The competition will heat up if you are looking for the type of property everyone wants. Having your mortgage pre-approval in place will give you an advantage over other buyers. Also, it is worth being open to widening your search radius to spot bargains others could miss. On the other hand, Southampton home buyers can exert more power in negotiations in a less competitive market, from offer price to extras (e.g. carpets or fixtures and fittings). Don’t forget -

81% of sellers are also buyers. So, what you might lose from selling in a buyers' market means you gain when buying.

Final thoughts - as we enter the second month of 2024, the Southampton property market offers both challenges and opportunities for Southampton's home buyers and sellers. Understanding the market nuances is vital if you are a Southampton first-time buyer, an existing homeowner looking to move, a seasoned property buy-to-let investor, or someone looking to relocate.

Stay adaptable, stay informed and remember that, as always, your home-moving story is as much about the journey as the destination.

What are your thoughts on Southampton's evolving property scene? Do you anticipate any other trends or shifts in the Southampton property market? What are your local insights and experiences?

Renters Reform Bill: An Update For Southampton Landlords

 

After years in the making, it looks like the Renters Reform Bill – the biggest shake-up of the private rental sector in decades – will become a reality in 2024.

So, how much do you know about this wide-reaching set of proposals, and are you ready for them?

Be prepared

Perhaps you’ve read a few articles about the bill but have put off getting to grips with the details (after all, politicians put forward all sorts of proposals, many of which never happen).

Or maybe you’ve taken the ostrich approach, hoping it will go away.

Whatever your response thus far and whatever you think of the bill’s contents, now’s the time to start preparing for its introduction.

Timeline

The bill had its first and second reading in the House of Commons last year. It will be scrutinised further by MPs and the House of Lords this year and is then expected to receive royal assent.

Insiders suggest the bill could come into effect in October; however, with a general election also on the cards (at some point in 2024), nothing is set in stone. Initially, the new legislation will only affect new tenancies.

Main Components Of The Renters Reform Bill

The bill is still subject to amendment, but here’s a general overview. The bill will:

• Abolish fixed-term tenancies.
• Scrap Section 21 ‘no fault’ evictions.
• Bolster Section 8, beefing up the existing grounds under which landlords can regain possession and adding new grounds for possession. Landlords will have grounds to regain possession if they wish to sell up, move into the property, or move in close family. They can also evict on the grounds of anti-social behaviour or ‘when tenants wilfully do not pay rent’.
• Allow landlords to increase rents once a year in line with market rates.
• Introduce a Private Rented Sector Ombudsman.
• Ban landlords from discriminating against people on benefits or who have children.
• Give tenants the right to request to have a pet in the property. Landlords cannot ‘unreasonably refuse’ the request, but they can insist a tenant has pet insurance to cover potential damage.

Implications

The bill undoubtedly represents change. But while some systems and processes will need updating to ensure compliance, proactive and responsible landlords shouldn’t panic. 

Conducting thorough reference checks and regular inspections and having a proactive maintenance schedule and good rapport with tenants, remain the best protection.

Here at Belvoir Southampton, we’re available to discuss the bill in more detail.

We’ve already had several landlords get in touch, keen to find out more about how the expanded Section 8 rules will work in practice given the abolition of Section 21.

Contact us on 023 8001 8222 to discuss the changes in relation to your specific circumstances.

And we’ll be closely following the bill’s progress through Parliament, so stay tuned for further updates.

A Smarter Way To Health And Happiness In Your Southampton Home

Pretty much all of us use some degree of smart technology every day.

And it’s not just our omnipresent mobile phones – intelligent technology can be found everywhere.

From smart speakers to thermostats, doorbells, watches, sleeping aids and many other clever devices.

These can all make our lives a little easier (apparently), but what are the best smart gadgets for helping to improve our health and wellbeing at home?

We’ve trawled the internet and found these five smart ways to create a healthier, happier home.

Why weight? – One of the easiest ways to stay healthy is to monitor our weight. Smart scales don’t just tell you how much you weigh; they can also keep you informed about your bone mass, muscle mass, body fat and much more. Mobile phone apps accompany the best ones so you can get updates, alerts and coaching to keep you healthy. A must for any health-conscious home.

Something in the air – Smart air purifiers and HVAC systems monitor and improve the air quality in your home, reducing the risk of airborne diseases and allergies. These machines can be particularly beneficial in urban areas, where pollution levels may be higher.

Let there be light – Smart lighting systems play a pivotal role in health and wellbeing. These systems can mimic natural light patterns, helping regulate our circadian rhythms, improve sleep quality and boost mood, which is especially useful in winter.

Water wonders – Staying well-hydrated is a cornerstone of a healthy lifestyle. And by using intelligent filters that can alert you to the quality of your home’s H2O, you can ensure you’re getting the purest water. The best filters remove any contaminants and provide you with refreshingly clean water.

Sleepy time – A good night’s sleep can feel priceless – thankfully, a device called the Dodow, said to help people get to sleep more quickly, won’t set you back too much money. The device is a small disk, and tapping on the top activates a slowly pulsing blue light. This dim light projects onto your ceiling, helping you pace your breath. As the light expands, you inhale and exhale as it contracts.

These ideas scratch the surface of how people can use tech to feel healthier, happier and more at home.

Get in touch on 023 8001 8222 to learn how we help people in Southampton find their happy place.