Skip to content

The Jago Journal Summer 2023

    Part one – Sales

    The Sales Market

    According to Right Move, the price of property coming to the market fell by 0.2% this month with the number of sales agreed down 12% on 2019’s more normal market. However, buyer demand is 3% higher than 2019 with the number of properties for sale down 12% than 2019. Year on year house prices were down 0.4% in the South East.

    Zoopla recorded 42% of sellers accepting discounts to asking prices of more than 5% in recent weeks. They forecast UK house prices to fall by up to 5% over 2023, with the South East particularly affected. Hardly surprising with recent rising mortgage interest rates, and mortgage reliant movers accounting for around 70% of purchases. On the positive side, the consensus is that rates will gradually decline this year even if bank interest rates rise.

    To put this into perspective, UK house prices have risen around 20% since 2019 (source Right Move). In the long term, property has still proved to be a good investment.

    If you are planning to sell this year, then being realistic about price is key. We can advise you. Call Hannah on 01580 763577 for further information.

    How to make the most of the Sales Market

    Firstly, appoint Jago and Jago as your Sales Agent!

    We will carry out a Market Appraisal of your property with an aim to get you the optimum price from the most suitable buyers, who are in a position to proceed.

    As an independent, local Agent we know the market and area we operate in extremely well.

    We will advise you with simple tips how to prepare your property to maximise interest.  We will communicate with you regularly every step of the way.

    And, as an existing client you will benefit from a 10% discount on our standard sales commission of 1.00% plus VAT.

    Part two – Lettings

    The Lettings Market

    Demand for rental properties remains strong. Most properties we market receive immediate enquiries and are let within days. Quite simply, there are not enough rental properties available to satisfy demand.

    According to Right Move there were 19% less rental properties available in June 2023 compared with June 2022, but with a 27% increase in prospective tenants registering.

    According to Zoopla, rents increased for new lets (excluding London) by 9.4% in the year to March 2023, whereas for all lets the increase was 4.4%. This shows that long term tenants are more likely to enjoy lower rent increases – with the landlord benefitting from fewer void periods.

    Two and three bedroom properties have been attracting most interest, especially with off road parking and outside space.

    If you have a property to let or are thinking of investing in a buy to let, we can advise you.

    Call Hannah or Jeremy on 01580 763577 or email [email protected]

    The Renters Reform Bill

    We have already informed you of the main features of this bill.

    It is now expected that The Renters Reform Bill will not become law until October 1st 2024, which gives plenty of time for lobbying by our professional body Arla/Propertymark and for sensible alterations to be made.

    The significant change will be the abolition of Section 21 Notices, which has been the simplest way for landlords to gain possession of their properties.

    Our experience is that the overriding reasons why landlords give Notice is to sell, move back in (or a family member move in) or because a tenant is in breach (usually rent arrears).

    The new bill will still allow possession on these grounds. The key will be how these grounds can be easily and speedily enforced.

    We will keep you up to date as the bill progresses.

    Part three – Porchlight   

    Many of you are supporting us in our association with Porchlight, who are Kent’s leading homelessness charity.  I recently visited a Porchlight “Hub” in Folkstone which offers a safe place for their clients to meet, to have some lunch, to receive support and advice and a place to chat. There was a warm, welcoming atmosphere – much needed if you do not have a home or may have mental health issues.

    Porchlight has been a lifeline to people who are experiencing homelessness, poverty, mental ill health, and social exclusion for nearly 50 years. Next year will be their 50th anniversary since being set up by Tom Gifford as a hostel to help those sleeping rough as he experienced this and didn’t want anyone else to.

    Porchlight’s achievements and performance last year:

    • More than 8,300 people were supported by Porchlight and our partners
    • Our free Helpline took 27,432 calls
    • We prevented 1,093 people for losing their home
    • 71% of Porchlight interviews panels included client representatives
    • Our community mental health teams supported 3,230 people in the most deprived areas of Kent
    • We supported more than 560 people who were rough sleeping in Kent
    • Our volunteers gave more than 5,000 hours of support
    • Our specialist women-only outreach workers supported 31 women on the streets
    • We took 1,010 referrals for people in need of our supported housing

    Everyone’s journey into homelessness is different, so our vision for the future isn’t about a one-size-fits all solution.  Porchlight wants to provide homelessness support in a way that matches each person’s needs and preferences.

    Since Kent County Council decided to decommission all homelessness services in Kent from March 2024, thousands of vulnerable people who are at risk of homelessness will most likely end up on the streets. Those clients in our supported accommodation have extremely uncertain futures. Our emergency appeal is to raise the shortfall of £1 million (per year) and would allow Porchlight to continue to be here for people facing homelessness in Kent. We need to reach this reach this target so that we can keep the door open for people facing homelessness in Kent.

    It is simple to join our Scheme. If you donate £1.00 a month from rent received, Jago & Jago will add 50% and you will see it on your statements. In 2022 we raised £1672 between us. Please contact Jeremy Jago to join – [email protected]

    If this Journal raises any questions whatsoever, please do not hesitate to contact us: [email protected] 01580 763577 or 01424 838398