News in Review

“Black Friday is still an important milestone in the retail calendar”

On Friday, retailers received a boost from deal-seeking shoppers who defied fears of a dampened event to spend more than in 2021. Amid inflationary pressures and cost-of-living concerns, Black Friday – historically the biggest online spending day before Christmas – saw a 3.2% increase in transactions, according to Barclaycard Payments. Footfall also increased and a record was broken for transactions-per-second between 12pm and 1pm.

Before the event, experts had predicted overall sales and profits to be lower than last year due to prices rising at the fastest rate for 41 years. As well as splurging on Christmas gifts, however, cost-conscious shoppers sought out deals this year that will save them money further down the line, with Currys naming energy-efficient products as its bestsellers on the day.

Marc Pettican, head of Barclaycard Payments, commented, “Black Friday is still an important milestone in the retail calendar. This is encouraging news for retailers who will have been unsure about the outcome of today, given the rising cost-of-living […] While shoppers may be tightening their belts overall, it looks like some have been holding back on purchases to wait for the sales to start and others are likely on the hunt for deals for Christmas gifts.”

UK leads global slowdown

Last week, the Organisation for Economic Cooperation and Development (OECD) published its November Economic Outlook, in which it forecast a ‘significant growth slowdown’ globally in 2023. Titled ‘Confronting the Crisis’, the report laid out the realities of slowing growth combined with high and persistent inflation.

The slowdown is the result of a combination of factors, the OECD noted, with tighter monetary policy, persistently high energy prices, weak real household income growth and declining confidence all weighing on growth. Referencing the war in Ukraine, the report highlighted how higher energy prices have helped trigger an increase in prices across a broad basket of goods and services. The intergovernmental body forecasts average inflation across the OECD to be 6.6% in 2023.

The US and Europe are both expected to experience weak growth, but it is the UK that is forecast to suffer the biggest downturn. The UK economy will contract by 0.4%, according to the OECD, more than any other nation in the G7 group. Germany is the only other major economy expected to shrink, while Russia, still under Western sanctions, is the only G20 member expected to perform worse than the UK.

One cause of the UK’s below-par performance is the Energy Price Guarantee, the OECD claimed. The scheme, set up to support household and business energy bills, will reduce the immediate headline inflation rate but increase medium-term inflationary pressures by adding to overall demand in the economy.

Output volumes rise

Last Thursday, the release of the Confederation of British Industry (CBI)’s latest Industrial Trends Survey brought positive news, as it reported that UK manufacturers saw a rise in output in the three months to November.

This is the first increase since the three months to July 2022, the report noted, with manufacturing output volumes increasing by 18%, compared to a 4% fall in the three months to October. The increase in output was largely driven by food, drink and tobacco industries, as well as motor vehicles and transport equipment sectors, though output rose more broadly too, with positive readings in nine out of 17 sectors.

Looking ahead, however, output is predicted to fall by 10% in the three months to February, with production also expected to decline in the next quarter. Stocks remain broadly adequate, the CBI said, but total order books and export order books are below normal. Despite the positive news, Anna Leach, CBI Deputy Chief Economist, highlighted “big question marks hanging over the competitiveness of UK manufacturing.”

Markets

London stocks were mixed at close on Tuesday, with the top-flight index maintaining most of its gains amid positive hopes that China would soon ease its strict COVID restrictions. The FTSE 100 ended the session up 0.51% at 7,512.00, while the FTSE 250 was down 0.55% at 19,186.16.

Here to help

Financial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

All details are correct at time of writing (30 November 2022)

Finding your ‘happy place’ in retirement

If you’re in Wiltshire and about to retire, you’re doing it in the right place. 

This is according to an online search engine1 that helps retirees and their families find the best retirement communities and care homes. The research found that Google searches for ‘retirement homes in Wiltshire’ have soared by 150% in the last year alone – and for good reason! With its beautiful countryside, historic towns and City of Salisbury, and great investment potential, Wiltshire is an ideal location to live out one’s later years. In close second and third places are Buckinghamshire and Dorset, scoring high on both investment potential and wellbeing. 

Reaching your financial happy place  

No matter where you’re located, though, the truth remains that you’ll struggle to achieve a happy and fulfilled life in retirement without an adequate level of income. So, how much money do today’s retirees need to live their best life after quitting work? According to a recent survey2, the average retired couple spends £2,333 a month (around £28,000 per year) to be ‘comfortable’ – i.e. having enough to cover their basic expenditure requirements in addition to some luxuries such as holidays, hobbies and dining out. 

1Lottie, 2022 

2Which? 2022 

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. 

Pensions update

Recently released research1 suggests UK consumers are becoming more knowledgeable about pensions and prepared to take a greater role in preparing for retirement. Other research2, however, shows significant sums are still sat in ‘lost’ pensions, while experts have warned about potential pension-related problems as the cost-of-living crisis bites. 

Pensions knowledge improving 

A survey conducted by Link Group suggests bodies within the pensions industry have had some success in building better public knowledge of pensions and the importance of retirement planning. The research found that almost four out of five consumers ‘understand’ pensions, with 18 to 34-year-olds more likely to display higher levels of knowledge than consumers in other age groups. In addition, nearly six out of ten respondents said they should take more responsibility for ensuring they have a good retirement income. 

Time to trace lost pensions? 

Estimates suggest there is currently over £19bn sat in lost pension pots across the UK. These are typically the result of people changing jobs and then not keeping track of contributions made with previous employers. The good news, however, is that the government runs a free pension tracing service (www.gov.uk/find-pension-contact-details) to help employees track down their lost pensions. So, if you’ve worked for a number of different employers down the years it might be worth checking to see if you can be reunited with a long-lost pension. 

Pensions warnings 

Experts are warning the over-55s not to be tempted to raid their pension pots in response to the cost-of-living squeeze. There are fears that if people withdraw lump sums or start taking an income sooner than planned this will result in them having less income in the future. People are also being warned not to reduce their workplace pension contributions as a knee-jerk response to the cost-of-living crisis. 

1Link Group, 2022 

2ABI, 2022 

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. 

News in Review

 “A balanced plan for stability”

Last Thursday, Chancellor of the Exchequer Jeremy Hunt set out his plan to “tackle the cost-of-living crisis and rebuild our economy” in his first Autumn Statement. Striking a defiant tone, the Chancellor said that he was “taking difficult decisions”, while emphasising that the government’s priorities are “stability, growth and public services.”

Mr Hunt made several key announcements on personal taxation, pensions and public services, as he laid out spending cuts and tax rises totalling around £55bn. In response to “unprecedented global headwinds”, however, the Energy Price Guarantee (EPG) per unit will be maintained through the winter. This will, in effect, limit average energy bills to £2,500 per year; from April 2023 the EPG will rise to £3,000 per year, before ending in March 2024.

The government will also increase the National Living Wage for individuals aged 23 and over to £10.42 an hour, a 9.7% rise effective from April 2023. Likewise, the Chancellor committed to retaining the Triple Lock on pensions, which will mean the State Pension rises in line with September’s Consumer Prices Index (CPI) rate of 10.1% – from April 2023.

On taxation, the Income Tax additional rate threshold at which 45p becomes payable will be lowered from £150,000 to £125,140 from 6 April 2023. The annual Capital Gains Tax exemption will be reduced from £12,300 to £6,000 from April 2023 and then to £3,000 from April 2024. The Dividend Allowance will also fall from £2,000 to £1,000 from April 2023, and then to £500 from April 2024.

The change to the Stamp Duty Land Tax threshold for England and Northern Ireland, announced in the former Chancellor’s ‘mini-budget’ in September, will now remain in place until March 2025. This means that the nil-rate threshold will stay at £250,000 for all purchasers and £425,000 for first-time buyers, compared to £125,000 and £300,000 previously.

Targeted cost-of-living support measures will also continue, with an additional Cost of Living Payment of £900 available to households on means-tested benefits, £300 to pensioner households and £150 to individuals on disability benefits in 2023-24.

In his closing lines, Mr Hunt summed up the announcements as “a balanced plan for stability, a plan for growth and a plan for public services.”

COP27 ends in Egypt

The annual UN climate conference ended in Sharm el-Sheikh early on Sunday morning, after delegates finally found common ground on an historic ‘loss and damage’ plan. For the first time in 30 years of climate talks, developed countries agreed to provide finance to poorer countries stricken by climate-induced disasters – though the details are yet to be clarified.

Despite this achievement, developed nations left COP27 disappointed with the progress made on cutting fossil fuels. The final overarching deal did not include commitments to reduce fossil fuel use and also added ambiguous new language about ‘low emissions energy’, which, experts say, could later be used to include fossil fuels within a green energy future.

Reflecting on two weeks of talks, UK lead negotiator Alok Sharma commented, “I’m incredibly disappointed that we weren’t able to go further.”

Inflation hits new heights

Last Wednesday, the Office for National Statistics (ONS) released inflation figures for October, which revealed that the Consumer Prices Index (CPI) rose annually by 11.1%, up from 10.1% in the previous month.

Gas (up 130%) and electricity prices (up 66%) remained the main drivers of annual inflation, even though the government’s EPG scheme went some way to mitigating those rises. Food prices, especially basic items such as milk and eggs, increased at 16.2%, the fastest rate for 45 years. As a result, it is poorer households – which spend a higher proportion of their income on food and energy – who are being hit hardest, according to ONS.

Amidst the rising costs, retail sales rose by 0.6% in October, though this was skewed by the drop in sales in September when shops closed for the Queen’s funeral. Despite October’s rebound, ONS said sales remain below pre-pandemic levels.

Markets

London stocks remained well above the waterline at close on Tuesday, with energy shares in the green as oil prices recovered. The FTSE 100 ended the session up 1.03% at 7,452.84, and the FTSE 250 was ahead 0.05% at 19,422.37.

Here to help

Financial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

All details are correct at time of writing (23 November 2022)

Autumn Statement 2022

“We will face into the storm”

On 17 November, Chancellor of the Exchequer Jeremy Hunt delivered his fiscal plan to “tackle the cost-of-living crisis and rebuild our economy” stating that the government’s three priorities are “stability, growth and public services.” The Chancellor struck a defiant tone during the key fiscal event, saying he was “taking difficult decisions” that would deliver a “balanced path to stability” before outlining a package of measures equating to a consolidated total of around £55bn in spending cuts and tax rises.

Economic forecasts

Mr Hunt began his statement by stressing that the country is facing “unprecedented global headwinds” before unveiling updated economic projections from the Office for Budget Responsibility (OBR) which confirm the UK is now officially in recession. The Chancellor did, however, point out that the independent public finance analyst believes the downturn will be relatively shallow, if comparatively long. The revised GDP figures suggest the UK economy will grow by 4.2% this year, but then shrink by 1.4% next year before returning to growth in 2024.

The Chancellor also announced revised OBR forecasts which suggest inflation will peak in the current quarter and then drop sharply over the course of next year. The OBR’s updated forecast though does suggest the eroding impact of inflation will reduce living standards by 7% over the two financial years to 2023-24, wiping out the previous eight years’ growth, while unemployment is expected to rise from 3.6% today to 4.9% by the third quarter of 2024.

Public finances

During his speech, Mr Hunt announced he was introducing two new fiscal rules and that the plan he was announcing met both of them. His first rule states that underlying debt must fall as a percentage of GDP by the fifth year of a rolling five-year period, while the second states that annual public sector borrowing, over the same time period, must be below 3% of GDP.

The Chancellor went on to reveal updated public finance forecasts, which predict government borrowing in the current fiscal year will rise to £177bn before falling back to £69bn (2.4% of GDP) in 2027-28. This means the medium-term fiscal outlook has materially worsened since the previous OBR forecast produced in March, which had predicted borrowing of £32bn by 2026-27. The OBR said this deterioration in the public finances was due to a weaker economy, higher interest rates and higher inflation.

Personal taxation, wages and pensions

The Chancellor went on to make a raft of key personal taxation, wages and pension announcements.

The government will increase the National Living Wage for individuals aged 23 and over by 9.7% from £9.50 to £10.42 an hour, effective from 1 April 2023.

The commitment to the pensions Triple Lock remains, which will increase the State Pension in line with September’s Consumer Prices Index (CPI) rate of 10.1%. This means that the value of the basic State Pension will increase in April 2023 from £141.85 per week to £156.20 per week, while the full new State Pension will rise from £185.15 to £203.85 per week.

The Income Tax additional rate threshold (ART) at which 45p becomes payable will be lowered from £150,000 to £125,140 from 6 April 2023. The ART for non-savings and non-dividend income will apply to taxpayers in England, Wales and Northern Ireland. The ART for savings and dividend income will apply UK-wide.

The Dividend Allowance will be reduced from £2,000 to £1,000 from April 2023, and to £500 from April 2024.

The annual Capital Gains Tax exemption will be reduced from £12,300 to £6,000 from April 2023 and then to £3,000 from April 2024.

The change to Stamp Duty Land Tax threshold for England and Northern Ireland, which was announced on 23 September 2022, remains in place until 31 March 2025. The nil rate threshold is £250,000 for all purchasers and £425,000 for first-time buyers.

In addition:

  • The Income Tax Personal Allowance and higher rate threshold are to remain at current levels – £12,570 and £50,270 respectively – until April 2028 (rates and thresholds may differ for taxpayers in parts of the UK where Income Tax is devolved)
  • Inheritance Tax nil-rate bands remain at £325,000 nil-rate band, £175,000 residence nil-rate band, with taper starting at £2m – fixed at these levels for a further two years until April 2028
  • National Insurance contributions (NICs) Upper Earnings Limit (UEL) and Upper Profits Limit (UPL) frozen for a further two years until April 2028
  • The 2022-23 tax year ISA (Individual Savings Account) allowance remains at £20,000 and the JISA (Junior Individual Savings Account) allowance and Child Trust Fund annual subscription limits remain at £9,000
  • The Lifetime Allowance for pensions remains at its current level of £1,073,100 until April 2026.

Business measures

  • The National Insurance Secondary Threshold is frozen at £9,100 until April 2028
  • The VAT registration threshold is fixed at £85,000 for two years from April 2024
  • R&D tax credits to be reformed to ensure public money is spent effectively and best supports innovation
  • Businesses making extraordinary profits due to external factors are required to contribute more, including those in the oil and gas sector – the Energy Profits Levy is now extended to the end of March 2028, and the rate is increased by 10 percentage points to 35% from 1 January 2023
  • A new temporary 45% levy will be introduced for electricity generators from 1 January 2023
  • A package of targeted support to help with business rates costs worth £13.6bn over the next five years
  • The Annual Investment Allowance (AIA) is to be set at its highest ever permanent level of £1m from 1 April 2023.

Cost-of-living support

The Energy Price Guarantee (EPG) per unit will be maintained through the winter, in effect limiting typical energy bills to £2,500 per year. From April 2023 the EPG will rise to £3,000 per year, ending March 2024. The government will double to £200 the level of support for households that use alternative fuels, such as heating oil, liquefied petroleum gas, coal or biomass.

The Chancellor announced that there will be targeted cost-of-living support measures for those on low incomes, disability benefits and pensions. In 2023-24 an additional Cost of Living Payment of £900 will be provided to households on means-tested benefits, £300 to pensioner households and £150 to individuals on disability benefits. Rent increases in the social housing sector will be capped at 7% in the next financial year.

Education, health and social care

To promote education and boost the UK’s health and social care system, Mr Hunt announced:

  • An additional £3.3bn per year for the NHS in the 2023-24 and 2024-25 tax years
  • Up to £2.8bn in 2023-24 and £4.7bn in 2024-25 for the social care sector
  • An additional £2.3bn per year for England’s core schools budget in 2023-24 and 2024-25
  • An extra £1.5bn, £1.2bn and £650m have been pledged for hospitals and schools in Scotland, Wales and Northern Ireland, respectively.

Priorities for growth

Next, the Chancellor moved on to outline his three priorities for economic growth: energy, infrastructure and innovation. Key announcements included:

  • A new Sizewell C nuclear power plant in Suffolk
  • New funding of £6bn from 2025 to meet the government’s objective to reduce energy consumption from buildings and industry by 15% by 2030
  • Northern Powerhouse Rail and HS2 to go ahead as planned
  • A commitment to proceed with round two of the levelling up fund, at least matching the £1.7bn value of round one
  • The removal of import tariffs on over 100 goods used by UK businesses
  • An increase in public funding for R&D to £20bn by 2024-25.

Other key points

  • Vehicle Excise Duty chargeable on electric cars, vans and motorcycles from April 2025
  • Local authorities in England given additional Council Tax flexibility by modifying the referendum limit for increases
  • Review of the Energy Bill Relief Scheme, findings to be published by 31 December 2022
  • The Secretary of State for Work and Pensions will publish the government’s Review of the State Pension Age in early 2023
  • Defence spending to be at least 2% of national income
  • Overseas aid spending to be kept at 0.5% for next five years.

Closing comments

Jeremy Hunt signed off his announcement saying,“There is a global energy crisis, a global inflation crisis and a global economic crisis, but the British people are tough, inventive and resourceful. We have risen to bigger challenges before. We aren’t immune to these headwinds but with this plan for stability, growth and public services, we will face into the storm… I commend this statement to the House.”

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding of taxation and can be subject to change in future. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.

All details are believed to be correct at the time of writing (17 November 2022)

Mortgage market update

It’s been a busy couple of months in the mortgage market, with rising interest rates and new product ideas dominating the discussion.

Rate rises

Following the Bank of England’s decision to raise interest rates, two million mortgage holders with standard variable rates or tracker mortgages are already facing higher repayments.

Bank Rate increases will also impact those with fixed-rate contracts, many of whom will face higher costs when their current deal ends. Although 83% of existing mortgage holders are on fixed-rate contracts, almost a third have short agreements of up to 24 months1.

Fifty years

How would you feel about repaying your mortgage for fifty years? Ultra-long mortgage deals are one of the government’s proposed solutions to help more people own a home. The plan would help more people build equity rather than paying rent, with a longer mortgage period allowing larger sums to be borrowed.

Here to advise

We’re on top of all the breaking news and new ideas. With so much happening right now, getting the right advice is more important than ever. Wherever your property journey is heading, we’ll help you navigate the choppy waters.

1Bank of England, 2022

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments

IHT share loss relief – tune in

In challenging market conditions, it’s likely that some bereft individuals will inherit investments that have fallen in value.  

Through IHT share loss relief, people inheriting can be entitled to claim a tax rebate when they sell certain qualifying investments at a loss. Strict rules, criteria and exemptions apply however. For example, to be eligible for the relief, the sale of the qualifying investment (shares listed on a recognised stock exchange excluding AIM, government bonds and/or holdings in investment funds) has to be within 12 months of the date of death. Interestingly, according to recent data1, few people reclaim the overpaid tax, with just 1,640 taxpayers a year on average (between 2014 and 2019) applying for refunds. 

1FoI request Boodle Hatfield, 2022 

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning. 

News in Review

Last week’s release by the Office for National Statistics (ONS) of its quarterly gross domestic product (GDP) estimate for July to September painted a picture of a shrinking UK economy.

GDP fell by 0.2% in the third quarter, slightly less than predicted by some City economists, but enough to push the UK a step closer to recession. The Bank of England has forecast a ‘prolonged’ downturn, potentially the longest on record.

The Q3 economy slowed in output terms, with the services, production and construction industries all stalling. Notably, production fell by 1.5%, with all 13 sub-sectors of the manufacturing sector negative for the quarter.

Meanwhile, real household expenditure fell by 0.5%. High inflation has caused many households to cut back on spending, which in turn creates a drag on the economy.

Chancellor Jeremy Hunt said, “I am under no illusion that there is a tough road ahead – one which will require extremely difficult decisions to restore confidence and economic stability… What we need is a plan that shows how we are going to get through this difficult period.”

Autumn Statement – what’s in store?

In response to these difficult economic conditions, the government is expected to announce around £35bn of spending cuts and £20bn of tax rises in the Autumn Statement, due to be delivered on Thursday.

Speaking last Sunday, Mr Hunt stressed that, “I’ve been explicit that taxes are going to go up.” Analysts predict that the extra tax revenue will be generated by freezing tax thresholds.

A decision on pensions is expected too. New Prime Minister Rishi Sunak has not yet confirmed whether the Triple Lock, which ensures the State Pension rises each year in line with the highest of either inflation, average earnings or 2.5%, will remain in place.

The NHS, schools and police could all be affected by spending cuts, with budgets allocated in 2021 expected to be frozen until 2025.

US midterms

Democrats have kept control of the Senate in a better-than-anticipated midterms performance for the ruling party. The Senate success is a significant moment for Joe Biden’s presidency, which will put a spring in his step going into the second half of his term. The Republicans, meanwhile, are on the verge of securing the House of Representatives.

COP27 enters its final days

The UN’s annual climate summit continued in Egypt, with more tough talking from politicians and stakeholders. Fresh from his election success, Mr Biden delivered a speech in which he said, “The climate crisis is about human security, economic security, environmental security, national security and the very life of the planet.”

The key outcomes of the conference remain to be agreed, however, as the two-week event enters its final days. Perhaps most importantly, discussions are ongoing about watering down the target of limiting the average global temperature rise to 1.5 degrees Celsius. This is the level, according to climate scientists, above which the worst consequences of climate change will be felt.

Employment data

The UK unemployment rate rose slightly to 3.6% in the three months to September, Office for National Statistics data revealed on Tuesday. The Bank of England has already warned that unemployment will nearly double by 2025 as the UK enters recession.

Wages rose by 5.7% in the year to September, the fastest rate (excluding the pandemic) in more than 20 years. Adjusted for rising prices, however, the picture looks less rosy, with real wages falling by 2.7%.

London stock market loses top spot

London has lost its crown as Europe’s biggest stock market to Paris as economic growth concerns weigh on UK assets. Paris has taken the top spot after the combined market capitalisation of its major share exchanges overtook those in the UK capital. According to data from Bloomberg the combined value of British shares is now around $2.821trn (£2.3trn), while France’s are worth around $2.823trn.

This marks a huge reversal of fortunes for the London Stock Exchange, which was worth about $1.4trn more than its French rival back in 2016.

Here to help

Financial advice is key, so please do not hesitate to get in contact with any questions or concerns you may have.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

Trending – ‘living legacies’

Over-55s are increasingly looking to help their families out financially while they are still alive, rather than leaving everything in the form of an inheritance. Research1 has revealed a trend towards ‘living legacies’, due to increased life expectancy pushing up the average age at which younger generations inherit from their parents. People born in the 1980s are now predicted to receive their inheritance at age 64 on average, compared to 58 for those born in the 1960s.

Historically, the risk of running out of money during retirement has prevented many older people from offering financial support during their lifetime. This concern appears to be lessening, however, with a third of researchers’ respondents saying they’d be unwilling to help a family member onto the property ladder without knowing how much they’d need in retirement – against half of respondents to the same survey in 2016.

Aviva’s Matt McGill commented, “This increasing tendency towards considering helping out now rather than beneficiaries receiving an inheritance after death is perhaps a reflection of the turbulence and uncertainty that everyone has been through since we previously ran our survey in 2016, and which shows no sign of diminishing. Along with the hardship people have faced, it’s also been a time of reflection for many and this could have included a resolution to live more for the moment and help family and loved ones now.”

1Aviva, 2022

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

Selling with success

Planning to sell? You already know there’s a lot of big things to think about. But don’t neglect the small details either.

Seemingly minor changes can make a significant difference to how a property is perceived and, ultimately, its sale price. Here are three top tips for putting the finishing touches to your home before listing it for sale.

1. Appearances count

If you’ve been putting off any DIY tasks, now might be the time to finally get them done! Presenting a well-maintained property shows prospective buyers that the house has been well cared for, which will reassure them that there won’t be any nasty surprises. In contrast, if buyers notice obvious DIY shortfalls, they’ll factor the costs of carrying these out into their offer price.

2. Lose the quirks

It’s a good idea to remove some of the more personal objects and displays around your home. Without making it feel like an empty white box, you can help prospective buyers better imagine themselves living in your house by taking away your most glaring quirks.

3. Define rooms

Over time, rooms can end up evolving away from their original purpose – intentionally or not. This is normal but when it comes to selling, clarity is key. If the spare bedroom has become a storage depot, converting it back to its original purpose can help showcase the space and market the house more effectively.

Big and small

Having someone on your side to help with the big decisions can help you stay in control of every little detail. Get in touch, we can help.

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments