Details: Published: 31 August 2024; Hits: 891

In the blink of an eye it is Autumn, the trees are full of beautiful reds and golds and the first waft of coal fire smoke is in the air in later September.

As always we are taking calls from family buyers looking for larger homes, however there has been a real up swing, as expected. Clients like to buy in autumn, spring and early summer.

We find that buyers with children tend not to house hunt during the school holidays. After all, when the sun is shining, people are away, life is busy thus leaving little time for viewing homes.

It’s also worth remembering how stressful viewing a home can be, with children who just want to be playing / elsewhere. Instead, parents tend to wait until the children return to school, so they can view homes a little easier. But there is more to it than convenience alone; psychology of space can come into play too.

During the summer of course kids often spend much more time outdoors. Whilst their children are busy playing in the garden it’s easy for parents to feel their home is bigger than it is. As a result, ‘upsizers’ tend not to feel as squeezed for space in the warmer months.

But as the nights begin to draw in, the house begins to feel crowded, meaning parents once again are looking for a change and a larger home in which to grow.

House hunters searching in September and October tend to be keener to make an early decision. After all, everybody wants to settle in ready to start enjoying their new home in time for Christmas. In fact, ‘a quiet and settled Christmas’ can be a real driving factor. Buyers are more motivated than ever to get the deal done. Indeed Rightmove confirm an increase in traffic numbers to their website at this time of year.

With that in mind, let’s explore the reasons why selling in September is a great time.

Motivated buyers

Buyers who start looking for a home in September are generally planning to be moved in by Christmas, particularly if they’re looking to host family and friends in their new home.

As a result, they see December as a self-imposed deadline, which can encourage them to make an offer quickly and also do their best to speed up the buying process.

School admission deadline dates

Did you know, many school admission deadline dates fall towards the year end, with placements offered in the New Year. Schools are a key reason why many families move home. For these people, they need to be moved into the area in order to have the best possible chance of getting into their preferred school. These families tend to start house hunting as soon as the summer holidays end.

Focus on those cosy features

September is a time when gardens become less of a must-have. Buyers still love them, but homes which struggle with outside space sell much better in September as buyers mindset turns towards cosy features such as open fires and wood-burning stoves. If you have one, make sure yours is lit for any photos & viewings !

The kids are back at school

This is the most obvious reason of them all. Both home sellers and home buyers with families delay any moving plans because of the Summer holidays. Come September, the kids are back at school and they have much more free time. Houses become easier to keep tidy. Potential buyers appear more relaxed, many choosing to view when the kids are actually in school!

You’re more likely to get a higher offer, or the asking price

Research shows that September is a strong month for buyers, with property searches very high, compared to November and December for example.

This means more potential buyers for your property, which in turn means more competition among buyers. When you consider the fact that there are more motivated buyers too, it can create a perfect storm for sellers. Indeed, with interest rates falling and anticipation of a busy autumn market this is more likely.

Delaying marketing may lead to your property becoming “ stale “

It’s also worth noting that if you list your house during a quieter Winter months it might stay on sale for longer. This may lead to buyers questioning why, and perhaps going in with a lower offer than they’d otherwise be making.

Are There Other Good Months To Sell?

The Spring is still considered by many people to be the best time to sell. Houses that come on to the market then tend to sell quickly, there are several reasons why it’s considered to be a good time.

The weather’s getting milder, which encourages buyers to go and view houses
Gardens are coming into bloom
The evenings are starting to get lighter, so buyers can see a house in its best light
There’s usually plenty of buyers in the market for a new home
Kids are still in school, so busy parents have more time to view properties

However, it’s worth remembering that different times of the year can appeal to different buyers.

On the flip side, first-time buyers and young couples may wait until the new year to start looking, with the aim of being in their new home in time for the summer, when they can host friends and family into the evening, with no kids to think about!

Are you considering moving home? If so, September could be the ideal time for you. In previous years the property portals and new coverage has reported increase in traffic numbers. If you would like to discuss selling your home in September, please get in touch with us This email address is being protected from spambots. You need JavaScript enabled to view it. or call any of our busy, helpful teams / offices :

Four Oaks 0121 323 3088

Sutton Coldfield 0121 321 2101

Walmley 0121 313 2888

Great Barr 0121 358 6222

Thank for reading and your interest in Acres and our property for sale. Nigel & Jayne Deekes – Acres Partners

Details: Published: 26 August 2024; Hits: 1852

Modern Method of Auction explained

As the ‘modern method of auction’, also known as conditional auctions, becomes a more common way of selling property, we look at what sellers and buyers need to beware of.

What is the Modern Method of Auction ( MMoA ) ?

The Modern Method of Auction is a type of property auction you can use to sell or buy a house. Buying and selling with online property auctions offers some advantages on both sides.

Sellers benefit from online property auctions because a substantial reservation fee must be paid upfront by the purchaser so there’s far less chance of them pulling out than with the traditional no sale no fee route.

Added peace of mind

For buyers it gives added peace of mind as once you’ve agreed a sale and paid the Reservation Fee, the property is exclusively reserved for you. Unlike Private Treaty where you're often left worrying the seller might change their mind or accept another offer.

It gives buyers the chance to purchase a property quickly and with no chain. But there are some potential pitfalls for buyers and sellers to consider. Read on for more.

Modern Method of Auction vs traditional house auctions: What’s the difference?

There are a number of key differences between the Modern Method of Auction and a traditional house auction:

Conditional vs unconditional: A traditional auction is an unconditional sale process; once the hammer falls you’ll need to exchange contracts and usually pay a 10% deposit. You’ll then usually need to pay the rest a month later. By comparison, Modern Method of Auction is a conditional sale process. The winning bidder pays a reservation fee at the end of the auction. This gives them an exclusive period in which to buy the house but it’s not legally binding. They’ll have 28 days to exchange contracts and a further 28 days to complete.

Longer bidding period: Unlike a traditional auction where bidding happens on a fixed date and time, with the Modern Method of Auction, properties are advertised online, often for around 30 days. Buyers can usually bid online at any time within this period, just like eBay, with the highest bid at the end of the auction winning. However, unlike Ebay if buyer leave bidding to the last moment an extra few minutes is added to the auction, giving other opportunity to bid, just like in an auction room “ any other bids before the auction ends “

Mortgages: It’s easier to buy a house via the Modern Method of Auction with a mortgage, as assuming there aren’t any problems, you’ll have longer to arrange your mortgage

Clear and transparent process

Our Buyer Information Pack contains material information and other vital details about the property upfront – you can access this straight away, making for a clear and transparent purchase from the very beginning.

Not just for cash buyers

With MMoA there's time to arrange finance, so you can purchase with a mortgage (subject to lending criteria, affordability and survey). Auction is more accessible than before; for first time buyers, or investors.

Fast and efficient purchases

Our routes include the 56-day* Modern Method of Auction, or Traditional Auction, which offers completion in 28-days. Both offer a faster transaction than Private Treaty, which can take over 100-days^.

https://www.iamsold.co.uk/estate-agent/acres/ Click here to visit Acre Auction webpage

Who pays Modern Method of Auction fees?

Modern Method of Auction fees are paid by the buyer of the house. Usually an online auction house is working in partnership with an estate agent for example Acres, they will usually split the fee between them. By comparison, with a traditional house sale, the seller pays the estate agent’s fees.

Selling via online property auction: How it works - This is the process involved:

Setting the price

If you’re selling by the Modern Method of Auction, your estate agent should visit your property then give you an ‘Auction Appraisal’, which will contain information including the suggested guide price. You’ll also need to decide on your reserve price; this is the lowest you’re prepared to accept. It will be kept confidential. The only prices anyone else sees are the starting and actual bids.

Remember, your property may end up selling for less than the price it’s marketed at. So you need a very clear sense of what you are prepared to part with it for. You should resist pressure to set the reserve too low simply to achieve an easy sale.

Getting prepared

You’ll need to take the usual steps when selling a house such as liaising with your estate agent about photographs and a floor plan. You’ll also need to make sure the house has an Energy Performance Certificate.

But when you’re selling via the Modern Method of Auction, you’ll also need to get a legal pack prepared and this can cost up to £450. However, some or all of this cost is sometimes passed onto the buyer, so check the contract for details of this.

The Modern Method of Auction legal pack may include:

The Title Register and Plan from HM Land Registry

Conveyancing searches

Any special conditions of sale, such as any of the seller’s legal fees or disbursements payable upon exchange or completion.

Property information forms: The TA6 form,the TA10 form and TA7 form, if the property is leasehold. For leasehold properties you may need to provide a management pack.

The auction house site you use may recommend that you use its in-house conveyancing team.

You’ll need to instruct a conveyancer to look after the legal side of selling your property, so you may feel it’s best to get them to prepare the legal pack too.

Marketing and viewings

You’ll also need to confirm the details of the auction listing. The property should be listed on all the main property portals including Rightmove.

The estate agent or auctioneer will usually host viewings and open days of your property.

Watch the bids come in

With the Modern Method of Auction, bidding periods are often around 15-20 days but could be just a few days or even a few hours. You can watch bids being made online so the process is very transparent.

At the end of the auction, the house will be sold to the highest bidder, as long as they’ve met the reserve price. The buyer will have to pay the non-refundable reservation fee. This is in addition to the price of the property and is paid to the estate agent and online auction company, not you.

With many auction house sites, if a bidder places a bit in the last two minutes, the timer will reset to two minutes to allow everyone the chance to increase their bid if they wish.

The sale completes

The winning bidder will have 28 days to exchange contracts and a further 28 days to complete with the Modern Method of Auction.

Pros and cons to selling with an online property auction

So what are the Modern Method of Auction pros and cons for sellers?

Pros of selling via online property auction include:

Less chance of the sale falling down: In the normal selling process, a buyer can pull out at any point until exchange of contracts, penalty-free. But if a buyer pulls out of a Modern Method of Auction sale they will forfeit their reservation fee which is likely to be thousands of pounds.

Lower selling costs. Sellers benefit from selling with minimal cost to them. Although the sold price achieved at auction will generally be less than on the open market, the outlay is shouldered by the buyer, who may overlook this aspect at the prospect of a bargain.

The process is transparent.

Quick sale. May be an attractive option if you have a property which needs to be sold quickly, perhaps for probate, care home costs or flats with short leases or properties requiring serious renovation, for example.

Speedier completion: There are fixed dates for exchange and completion set by both sides. You should complete within 56 days. This takes away the uncertainty and time-lag often associated with usual sales. Even if you allow for a 30 day bidding period, the timescale is significantly faster than the average time from listing to completion of 207 days, according to data from TwentyEA Insight.

Cons of selling via online property auction:

Lower sale price. The sold price achieved at auction will generally be less than you would achieve on the open market. Broadly speaking Modern Method of Auction sales may sell for around 10% less. However, you won’t have selling fees to cover.

Off-putting to buyers. Expect that many buyers will be put off by the requirement to pay non-refundable reservation fees up-front. Your pool of buyers may shrink.

Are you really saving money? While you think you’re not paying the selling fees, you may be by default because most savvy buyers will work the reservation fee into the price they are willing to pay. So if they are bidding on a house worth £280,000, they may only bid £274,000 if they need to pay a reservation fee of £6,000. So while it looks like the buyer pays all the fees, you are likely to be losing out too. The estate agent and auctioneer split the reservation fee no matter what price you achieve.

If your buyer pulls out after winning the bid they’ll forfeit their reservation fee.

Modern Method of Auction reviews

Make sure you read reviews of house auction sites before deciding to sell your home through Modern Method of Auction..

https://www.iamsold.co.uk/buying-at-auction/

https://www.iamsold.co.uk/buying-at-auction/buyer-information-packs/

https://www.iamsold.co.uk/buying-at-auction/buying-fees-explained/

https://www.iamsold.co.uk/buying-at-auction/registering-to-bid/

Are you considering moving home? If you would like to discuss selling your home, please get in touch with us This email address is being protected from spambots. You need JavaScript enabled to view it. or call any of our busy, helpful teams / offices :

Four Oaks 0121 323 3088

Sutton Coldfield 0121 321 2101

Walmley 0121 313 2888

Great Barr 0121 358 6222

Thank for reading and your interest in Acres and our property for sale. Nigel & Jayne Deekes – Acres Partners

Details: Published: 06 August 2024; Hits: 1219

The Bank of England (BoE) has announced it will reduce the Base Rate to 5% this month, a reduction of 0.25%, and the first cut in four years. The Base Rate had been held at 5.25% since August 2023, after 14 consecutive rises.

The Bank had been raising, and holding, rates to tackle high levels of inflation, which was in excess of 10% in early 2023 – way above the government target of 2%. It was announced in June that inflation had fallen back to its target of 2%, and inflation remained at the same level in July.

There had been much speculation around how the Bank might vote today, with the markets predicting an equal chance of an interest rate hold, and a 0.25% cut.

The split opinion around whether the Bank might hold or reduce rates today was related to ‘service inflation’ remaining stubbornly high in the month to June. This is inflation relating to ‘services’ – such as hospitality and culture – rather than the ‘goods’ that might go into your basket of shopping.

The Bank’s focus is to strike the right balance between lowering inflation and keeping the wider economy healthy. This drop shows the Bank’s belief that its plan to control inflation is working. And that to continue to hold rates may have a negative knock-on effect on businesses and households, further down the line.

What’s happened to mortgage rates recently?

Back in January, we saw an unexpected rise in inflation, which resulted in mortgage rates edging up throughout the spring. But off the back of positive inflation news over the last few months, which saw inflation return to its 2% target, we’ve seen more settled mortgage rates.

Off the back of the certainty brought by a new government, and mortgage lenders competing for new business, we’ve seen mortgage rate drops gather pace in the last couple of weeks. In fact, we saw the arrival of the first sub 4% rate seen for many months for borrowers with larger deposits, and we can expect more lenders to follow suit in the coming weeks.

The average 5-year fixed rate is down from 6.08% in July 2023, to 4.87% this week, and the average 2-year fixed rate is down from 6.61% in July, to 5.25%. You can check the current average mortgage rates for different terms and deposit sizes here, which we update weekly.

What do the experts think?

Our mortgage expert, Matt Smith, says: “The highly anticipated Base Rate cut has finally arrived, and while those looking to take out a mortgage soon shouldn’t expect to see drastically lower mortgage rates, we would expect the downward trend we’ve started to see continue. This sets us up for hopefully further cuts to come, and when we have seen further reductions to the Base Rate, people should really start to see the impact. However, it’s important to keep in mind that mortgage rates are widely expected to eventually settle at higher levels than previously, with the market view that Base Rate may eventually fall to about 3.25%.”

What does the Base Rate reduction mean for my current mortgage?

Changes to the Bank’s Base Rate can impact how much interest you’ll pay on loans, including mortgages. If you’re on a fixed-rate deal, your monthly payments won’t change until the end of your deal. And if you’re on a tracker mortgage, or a variable rate mortgage that follows Base Rate changes, this month’s Base Rate reduction will mean your monthly payments will take on this drop.

If you’re coming to the end of your fixed-rate mortgage soon, you’ve probably already started to think about the rate you’ll be offered on your next deal.

If you’re thinking of moving home soon, a good way to find out how much you could borrow is to use our mortgage calculator. You can get a personalised result by applying for a Mortgage in Principle This email address is being protected from spambots. You need JavaScript enabled to view it. , which will take you one step closer to a mortgage offer.

In July 2023, the Mortgage Charter was launched to help those struggling to meet their monthly payments, as well as borrowers who are coming to an end of their fixed rates soon.

The Mortgage Charter encourages lenders to be flexible and offer borrowers the chance to lock in a new deal up to six months before their current rate ends. Of course, borrowers can also look at moving to another lender – commonly known as remortgaging – but this can take longer, as you have to go through a normal lending process, such as income checks, the legal process, and maybe a valuation of your home.

This all takes time, and you would want to make sure you’re looking around a few months before the end of your current deal to avoid falling onto your lender’s on to a Standard Variable Rate – which will cost more than the repayments you’d have made on a fixed rate mortgage. The current average for SVRs is 8.21%

What could the Base Rate reduction mean for affordability?

Lenders’ ‘stress test’ calculations – which is how they calculate whether someone could afford a mortgage were their repayments to jump considerably – are directly linked to the Standard Variable Rates that we just talked about above.

The ‘stressed rate’ is usually the lender’s SVR, with at least 1% added on top. So, if lenders’ SVRs reduce in line with this Base Rate cut, we might start to see affordability improve, because the stressed amount will now be lower than if Base Rate was at 5.25%.

You can read more about how lenders calculate affordability for mortgages here.

Will interest rates drop further?

The Bank of England’s Monetary Policy Committee meets every six weeks to discuss and vote on whether interest rates should go up or down, or stay the same.

History has shown that after interest rates have increased over time, they have remained flat before starting to come down. So while we’re now seeing the beginning of the downward curve, it’s extremely unlikely that rates will drop back to the historic lows we saw back in 2021.

Right now, it’s looking more likely that, barring any shocks to the wider economy, the Base Rate will continue to edge downwards for the rest of the year and into 2025 – the market is currently forecasting one more rate cut of 0.25% by the end of the year. Though as always, this could change depending on what happens in the broader economic environment.

The next decision on interest rates will be announced at 12pm on 19 September 2024.

Please note: Acres Estate Agents are not authorised to give financial advice; the information and opinions provided in these articles are not intended to be financial advice and should not be relied upon when making financial decisions. Please seek advice from our specialist mortgage division https://acres-fs.co.uk/contact .  

Four Oaks 0121 323 3088

Sutton Coldfield 0121 321 2101

Walmley 0121 313 2888

Great Barr 0121 358 6222

Thank for reading and your interest in Acres and our property for sale. Nigel & Jayne Deekes – Acres Partners

Details: Published: 20 July 2024; Hits: 1138

Reasons To Sell Your Home In August

Most people are aware that historically, the best time to sell your home is in the spring. Inspiration is in the air, the weather is getting warmer, gardens are beginning to look bright again and many buyers are eager to kick the year off with a new home.

But does this mean you should avoid selling once this spring window has passed?

Absolutely not.

There is Strong Demand

Most people do not begin viewing potential new homes until they have offers relating to their current property. Therefore, selling your home later in the summer is an excellent option if you are part of a longer chain.

Those who have marketed their home in the late spring may find that they cannot attract and accept offers until the middle of summer. Therefore, they will be searching for homes in August.

With a less saturated market at this time of year, it is far more likely they will find your property.

Decreased Competition

Yes, the market is slightly slower in August due to holidays and schools being closed, but that means that your home will potentially face less competition.

Determined buyers will have a smaller selection of homes to choose from, and therefore there is a much greater chance of increased interest and buyers driving up the sale cost.

Progress is Progress

Your home could take longer to sell in the summer months.

Those with children are preoccupied with arranging childcare, and therefore they are slower to book viewings and can often be unreliable. Also, many people choose to holiday during this period, so they are not contactable in the same capacity they usually would be.

However, this does not mean your home will not sell; it simply means it might take a few extra weeks.

Try to embrace the slightly less hectic and more laid back market in the late summer months.

Your Home Photographs Beautifully

The key to a successful house sale is exceptional marketing materials. These marketing materials have three key elements: a beautifully written informative description, a detailed floorplan, and incredible photographs.

Summer provides the best lighting to capture these fantastic images.

Great Weather Incentivises Viewers

The restrictions of the pandemic caused a steep rise in online video viewings in the housing market. These are incredibly beneficial to both buyer and seller, allowing for more flexibility and encouraging quicker sales.

However, most buyers will want to view a home in person before placing a formal offer on the property.

The warmer weather and brighter evenings encourage buyers to make an effort to view your home.

When the autumn begins to creep upon us and the days get substantially shorter, prospective buyers are much less incentivised to make the journey after work to view your property.

Settled for Christmas

The festive period is one of the most cherished in all of our calendars. It’s something we all look forward to, and throughout December, we all spend a tremendous amount of time at home entertaining guests.

Therefore, most prospective buyers who haven’t secured a deal in the summer are eager to complete before the onset of winter.

Marketing your home in August allows for plenty of time to be settled into a new house before the start of the Christmas period.

Top Tips for Selling Your Home in August

Control The Temperature

It’s not often in the UK that we are blessed with scorching hot summers. However, you want your buyers to be as comfortable as possible, taking their time to view your property.

Therefore, if you are lucky enough to show your home on a particularly beautiful day, open the windows wide to let in the fresh air.

Declutter and De-personalise

As with any other time of the year, it is crucial that you thoroughly declutter your home before allowing potential buyers to view it.

However, it is never as important as in the summertime, when viewers expect to see a bright, fresh blank canvas.

Play to Your Strengths

All buyers are going to be interested in your outside space. In the winter months, viewers often overlook the garden, focusing on the cosy environment inside.

So, when showing your home in August, you must get the garden looking immaculate.

Mow the lawn
Remove any dead plants or empty pots
Repaint the fences where necessary

Finally, a great tip is to set out the garden for entertaining, showing just how viewers could use the space. For example, consider staging a BBQ scene complete with a dressed table to show your viewers how great the outside entertaining area is.

Want more tips and advice? We love being able to help! Acres Estate Agents are your local, family owned and run property experts for the Sutton Coldfield and Great Barr areas. Call us on 0121 323 3088 or email This email address is being protected from spambots. You need JavaScript enabled to view it. to find out how we can help you.

Details: Published: 17 July 2024; Hits: 799

Housing changes the UK hopes to see

Before the election, property experts Rightmove carried out a survey to ascertain what this new government’s priorities should be when it comes to housing. Here is a roundup of what the nation is hoping for.

Speed up housebuilding

One of the top recommendations was making improvements to the housebuilding process¹. Buyer demand has increased by 15% since 2019, but the number of available homes has not increased at the same rate. In fact, supply is 6% lower than before the pandemic. The rental market has experienced a similar challenge – tenant demand is 32% higher than 2019 but supply of rented homes is down 38%. As a result, asking prices and rents have increased. To solve this, Rightmove’s property expert Tim Bannister suggests “smoother planning processes to transform the delivery of new homes and produce more affordable housing”.

Help for first-time buyers

Another top priority was providing better support for first-time buyers (FTBs). It is perhaps unsurprising that this was the most popular request from renters, as now is a particularly challenging time to get a foot on the property ladder and the average age of FTBs is increasing². Rightmove’s mortgage expert, Matt Smith commented,“it’s critical that the government works with regulators and lenders from day one on any mortgage solutions, to ensure buy in and take up, which will in turn create more options for first-time buyers.”

Reform Stamp Duty

Many have called for changes to Stamp Duty¹. FTBs in England and Northern Ireland have been exempt from Stamp Duty on homes up to £425,000 since 2022. But this exemption (due to end in April 2025) is not beneficial for most FTBs in the capital, where house prices are higher than the rest of the UK. With this in mind, Tim Bannister reflects, “With such regional differences in property prices, increasing Stamp Duty thresholds in line with these regional differences would seem a logical first step for Stamp Duty reform.”

Make homes greener

Homeowners and renters would like to see the government put some incentives in place to encourage people to make their properties greener. Following Rishi Sunak’s announcement that private rented properties will no longer have to meet the minimum EPC rating of C, many landlords have put their plans to improve energy efficiency on the back burner. Rightmove commented, ‘Homeowners also need better and easier access to schemes that enable them to make green improvements, with the recognition that each home requires different improvements and that currently the upfront costs are a big barrier to change.’

We’re here for you

As the UK settles into the new government, we are here to help you through any changes.

Your home may be repossessed if you do not keep up repayments on your mortgage

¹Rightmove, ²BSA

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Latest News

7 reasons why selling in September is a great time

Modern Method of Auction - What you need to know

Interest rate cut by 0.25% - The first reduction since 2020

Reasons To Sell Your Home In August

Reasons To Sell Your Home In August

Housing changes the UK hopes to see - Post election

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