January Newsletter

Selling your home in East Sussex is a big task in itself as there’s so much to prepare. If you’re trying to tackle everything yourself, it can be daunting trying to attract potential buyers, but one of the best ways to do that is to have the right decor that gives off that ‘wow’ factor. If you’re unfamiliar with the term, ‘wow factor’ it is essentially any feature or quality that is impressive and—you’ve guessed it—makes people say ‘wow’ when they see it for the first time! When potential buyers are checking out your home, you want to impress them and get them to imagine their new lives in your home, and a space with a ‘wow factor’ does the trick. One of the best spaces to create a wow factor in is your living room because it can be done on a budget and without spending a lot of time and money on renovations. It’s also one of the most used rooms in the home where families gather, where people socialise and entertain guests, and where you wind down after a long day. It’s also one of the most important rooms when showing your home, aside from the kitchen and master bedroom, and is often one of the first rooms people look at when they view a property. With this in mind, we have detailed three simple ways to give your living room the wow factor and impress anyone who walks through your door. 1. Choose your furniture carefully The furniture in your living room obviously makes a major difference when it comes to looking drab and plain or exciting and bold. If you’re staging your home, you have some choice in this department. Choosing pieces of furniture that look cheap or are poor quality doesn’t do anything for the wow factor, but that doesn’t necessarily mean you have to choose expensive pieces to add flair. You can source vintage pieces or antiques that stand out from the mass produced or highly trendy furniture that a lot of people choose. The goal is to have a living room that stands out, so unique pieces of furniture will certainly accomplish that. If you’re working with the furniture you have, try and dress it up or rearrange it so your space is open and interesting. Consider giving old wood furniture a fresh coat of paint or a new stain to brighten them up, or try some DIY tricks to make outdated furniture look fresh and exciting. You can also use contrasting textures to bring some energy and boldness into the room. If your sofa is leather, get a plush throw to hang over it for example. Don’t feel discouraged if you aren’t inspired by the pieces you have – there are plenty of ways to make them exciting without breaking the bank. 2. Add the right decor Your decor can make or break a room so when it comes to the wow factor, choosing your decor pieces is especially important. The goal here is to create a focal point in the room where the energy can emanate from and draw people’s attention. Once you have the focal point, you can work from there to bring energy to the rest of the space. One great idea for a focal point is a colourful piece of art on the wall or a collage of pieces or artistic photographs that work well together. Hang your art on a wall free of clutter and obstruction so it can really shine in the space. Another idea is to strategically place a large plant in the room where it can make a dramatic statement. Oversized plants are also perfect for drawing the eye towards something else, like a gorgeous fireplace. A final focal point idea would be to have hanging lights over the main seating area or to place a lamp in a corner or next to a sofa where it can really make a statement. 3. Add a splash of colour The colour scheme of your room is another imperative aspect to creating the wow factor, so try to stay away from the trendy colour du jour. Again, you want to avoid the styles that seemingly everyone else uses because it is no longer bold and interesting. You want your living room to be memorable and stand out from the crowd, so don’t go for the usual neutrals and instead, go big. Choose contrasting colours that stand out for your furniture, textiles, decor, and walls. Don’t be afraid to experiment with different palettes – that’s what drives the wow factor. Opt for colourful and bold patterns on accent items like throws, cushions and rugs, rather than plain or solid fabrics. Pick an accent wall and paint it a bright or contrasting colour or put up wallpaper with an interesting pattern. There are so many ways you can create the wow factor in your home and these three tips are the perfect starting point. Why not experiment with your decor and then call the friendly team at Paul Stripp Estate Agent on 07891260449. We will be delighted to offer you feedback and provide you with a free valuation on your property in East Sussex.

What’s Happening In The UK Property Market?January 2023 The housing market remains uncertain heading into 2023, but there’s some optimism among homeowners and first-time buyers, particularly as one developer has launched an innovative new scheme. Read on to find out the latest. House Prices See New Year Bounce Back While house prices fell towards the end of 2022 (see below) and are expected to continue falling in 2023, there was at least some positive news to start the year for potential sellers! Property portal, Rightmove, has reported the biggest New Year bounce since 2020, with average prices rising by 0.9% according to their data. And while there’s usually an increase in demand in January, the figures still make for positive reading for sellers, as there’s been a surge in demand from potential buyers too. Rightmove has reported a 55% jump in the number of people contacting estate agents about homes listed on the site in the first two weeks of the year. This is coupled with an increase in the number of homes entering the market, as the company has also reported that the 5th January was the third busiest day ever for homeowners asking estate agents to value their home. House Prices Drop For Fourth Month in a Row  High interest rates and the rising cost of living contributed to a fall in house prices for a fourth consecutive month in December. Figures released by major lender, Halifax, showed a 1.5% decrease in the average asking price, which now stands at £281,272. However, while there’s traditionally a seasonal slowdown in December, the fall wasn’t as sharp as expected, and was lower than November’s drop of 2.4%. On an annual basis, prices grew by 2% compared with December 2021, representing the slowest year-on-year growth since October 2019. And while the market slowed significantly towards the end of 2022, average prices still remain way above pre-Covid levels, and so far the start of 2023 is looking similar to the starts of 2016, 2017 and 2018, although some forecasters are predicting a 10% drop in 2023. Mortgage Approvals Drop to New Lows Figures released by the Bank of England suggest that mortgage approval levels have fallen to their lowest level in two years. Just over 46,000 mortgages were approved in November – a drop from October’s figure of 58,000, as would-be homebuyers have been increasingly put off by rising interest rates and cost of living pressures. The slump is expected to continue as uncertainty takes hold of the market and the cost of living continues to be volatile. Rents Rising at Fastest Rates on Record Data from the Office for National Statistics (ONS) shows that rental rates increased by 4% on average in 2022 – the fastest rise since records began seven years ago. A quarter of private tenants surveyed in December said their rent had risen in the previous six months, as many landlords have passed on the increases they’ve faced on their buy-to-let mortgage rates. The ONS figures also showed that renters pay significantly more on their living costs than homeowners, with their weekly expenditure on housing accounting for 24% of their income – 8% higher than those with a mortgage. New ‘Save To Buy’ scheme launched for first-time buyers An innovative scheme by one leading home developer could pave the way for thousands of renters to get onto the property ladder. The initiative, set up by new homes developer, Fairview, will see all of the money paid by tenants in rent be put towards the deposit for their home. Under the scheme, rent is paid at a fixed cost for between six months and two years, but instead of going to a landlord, the money will be set aside until the renters have a big enough deposit to obtain a mortgage on the property. At that point, they can go through the usual mortgage application process and buy the home they’ve been renting. The scheme is currently running at two of Fairview’s developments – New Hayes in West London and Epping Gate in Loughton, Essex. However, it’s expected to be rolled out to a number of other developments over the next few months. The scheme is open to anyone who is classed as a first-time buyer, and the only stipulation is that you must have a deposit equivalent to 1% of the property’s value when you first move in. This is handed over to the developer when you first exchange contracts, and from that point, 100% of your rent will go towards the deposit to buy the property. There’s also an option to top up your monthly payments if you can, which means getting on to the property ladder sooner. For more property news and updates and a more detailed overview of the East Sussex area, get in touch with Paul Stripp Estate Agent. We are your local property experts. Call us on 07891260449 or email info@paulstrippestateagent.com.