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House Prices Plummet at Fastest Rate Since Financial Crisis

UK house prices have fallen at the fastest rate since 2009 amid the coronavirus pandemic, Nationwide Building Society has revealed.

The monthly drop of 1.7% in May was the biggest since the financial crisis, meaning the average house price in the UK is now £218,902, compared to £222,915 in April. 

This momentous drop followed a 0.9% increase in April, when annual growth was recorded at 3.7%. Now, the annual growth rate is 1.8%, the slowest since December.

Experts have predicted that house prices could fall anywhere between 3% and 30% this year because of Covid-19, after lockdown brought the market to an abrupt halt.

Last month the government reopened the housing market as Covid-19 lockdown measures began to ease, and this led to housing demand reaching its highest level in nine weeks

But these new figures from the Nationwide house price index indicate the size of the challenges facing the housing market and the UK economy.

Ross Counsell, director at Good Move, commented on the findings: “These numbers are largely down to the reduction in market activity due to social distancing measures, and is a real tell-tale sign for the future of home buying.”

Could House Prices Bounce Back?

Robert Gardner, Nationwide’s chief economist, said that the economy is in the midst of a shock, and it could take time for this to pass and for house prices to recover.

“The raft of government policies adopted to support the economy, including to protect businesses and jobs, to support people’s incomes and keep borrowing costs down should set the stage for a rebound once the shock passes and help limit long-term damage to the economy.”

Counsell added that house prices could bounce back, but the housing market may need to adapt in order to respond to changing customer behaviour in the wake of the coronavirus pandemic. 

“The bounce back in the housing market is reliant on how the wider economy performs, however, the bigger challenge is how consumer behaviour has changed and how sellers need to adapt to continue to sell their properties. For example, they will begin to adjust their expectations on the price they will achieve and may be more inclined to accept a lower offer.

“We expect to see house prices bounce back fairly soon, but flats and other similar dwellings may take a much longer time to recover.”

Is Consumer Behaviour Changing?

Nationwide’s findings also showed that potential buyers are now planning to wait six months on average before entering the housing market, and that 12% had put off moving homes because of the lockdown. 

Moreover, housing preferences could be impacted. One in 12 households have invested in new home offices during lockdown, and buyers might be applying more importance on aspects such as outdoor space, which could impact how properties sell. 

Gardner said: “Behavioural changes and social distancing are likely to impact the flow of housing transactions for some time. Most viewed the current situation as a temporary pause in the market, with would-be buyers now planning to wait six months on average before looking to enter the market.

“22% of people said they had changed their mind as to what constituted the most important aspects of a home and are considering improving their home as a result of Covid-19.”

This post first appeared on https://www.homebuilding.co.uk

Construction Leaders Want VAT Reverse Charge to be Delayed Until 2021

Sixteen industry leaders representing thousands of construction companies in the UK have teamed up to request the government delays the VAT reverse charge, which they say could financially ruin small and medium-sized (SME) home builders.

The VAT reverse charge is due to come into effect in October 2020, but has faced criticism for not being promoted enough by the government, and for its prospective impact on tradespeople. 

The Federation of Master Builders (FMB), Building Merchants Federation and Construction Leadership Council are among the companies which have signed a letter to chancellor Rishi Sunak. 

Construction leaders have warned that following the coronavirus pandemic, which has already hit the economy hard, many construction firms and SME builders lack the financial resources and staff (particularly for companies with furloughed workers) to be able to adhere to administrative requirements of the upcoming VAT changes

Around 4,000 construction projects have reportedly been delayed or cancelled due to Covid-19, and construction companies are not in a position to be ready for the impending changes, the letter states. 

The FMB, which represents 7,500 SME builders in the UK, says that with many required staff currently on furlough, the pressure on cash-strapped firms could become too overwhelming.

(MOREGovernment Under Pressure to Cut VAT on Retrofits)

What is the VAT Reverse Charge?

The VAT reverse charge will mean that VAT charges on certain construction services will need to be paid directly to HMRC. Renovators and extenders currently pay these charges to the supplier. 

Until now, the subcontractor has accounted for this VAT, and deducted VAT on supply as an input. This means that no net tax is payable to HMRC. 

But the construction industry has faced issues with fraud, whereby certain businesses charge VAT for the services they supply, then fail to pay the bill. HMRC has introduced the reverse charge to clamp down on this kind of fraud. 

The reverse charge means that it is the customer’s responsibility to account for VAT, so there is no opportunity for the supplier to disappear without paying the VAT to HMRC.

It is due to come into effect in October 2020, having previously been delayed by a year last September, when industry leaders warned that the introduction of the charge could clash with Brexit, and that the new measures would likely squeeze cash flow for SME businesses no longer receiving VAT payments.

The industry chiefs’ letter says delaying VAT reverse charges would help support the wider economic recovery, and have asked for the changes to again be pushed back by at least one year. 

This post first appeared on https://www.homebuilding.co.uk

The Outdoor Spring Cleaning Checklist

Spring, in most areas of the country, is already in full swing, take advantage of the weather, and consider our outdoor spring cleaning checklist. It can be easy to overlook some of these tasks every spring, but they are important. Here is our checklist for outdoor spring cleaning.

  1. Examine Your Gutters
    Did you know that 99% of all gutters fail at some point, even if they were installed correctly? Examine your gutters for any damage, leaks, or loose areas. It is also important to make sure that the downspouts are facing away from your home and check to make sure there is no debris.
  2. Check the Exterior of Your Chimney
    You should check the exterior of your chimney for any damages. The flue should also be cleaned and inspected by a certified chimney sweep. There are 25,000 chimney fires per year due to failed inspections. For your safety, make sure you inspect your chimney this spring.
  3. Inspect Your Outdoor Faucets
    Go around the exterior of your home and check all of your outdoor faucets for any freeze damage from the winter months. On average, 60% of total household water use is accounted for outdoor water use.

Call Handyman Connection to Help With Your Outdoor Home
Maintenance

If you need help with any of these outdoor spring cleaning checklist items or any other plumbing, electrical work, fence or deck repair services, call or text your local Handyman Connection office.

View our Outdoor Spring Cleaning Checklist Infographic Below

The post The Outdoor Spring Cleaning Checklist appeared first on Handyman Connection.

Graven Hill Self Build Webinar Series to Launch in June

Graven Hill, the UK’s largest self and custom build development, is launching a new webinar series to help people get a head start on their building projects.

The homebuilding industry has been criticised previously for failing to consider community growth in its design of homes and infrastructure, and self build schemes such as Graven Hill are striving to address this void through the creation of self build communities.

Graven Hill features a vibrant mix of custom build and new homes which are priced to suit a range of budgets. 

The free fortnightly webinars will launch on Tuesday 2 June, and will be led by industry experts sharing insights into Graven Hill’s self build and custom build homes.

Karen Curtin, managing director of Graven Hill, said: “While people can’t come to visit us, we want to bring Graven Hill to them. Our priority is helping people to realise that their dream home and lifestyle is more achievable than they may think, and we hope our special series of events will support house-hunters in their search for their grand design.”

Throughout the series, viewers will gain access to the full Graven Hill experience, from the different build options available and advice on how to finance a dream home. All sessions will also include allocated time for a Q&A with the experts.

The first three webinars are available to book now – visit the Graven Hill website for more information and to secure a place. 

Does Your Home Work for you?

We’ve all had to accept spending more time at home in recent months, as well as in the months ahead, and having a home that works for you has never been so important. 

“There is a general feeling across the housebuilding community that the Covid-19 crisis has altered the role of the home,” added Curtin. “With working from home now becoming ‘the new normal’, a house is far more than bricks and mortar; it is a central part of people’s lives.

“The recent change of pace has given many homeowners the time to consider whether their space still works for them; after all, our homes now have to play multiple roles as an office, a school and hopefully a place to relax at the end of the day.”

Through self building or custom building a home, you can create a dream home that fits your requirements, such as needing more space to accommodate a growing family.

Moreover, with lockdown measures now easing, showrooms, builders’ merchants and DIY stores beginning to reopen, and self builders and renovators are better equipped to access resources needed for their projects since the Covid-19 pandemic began.  

This post first appeared on https://www.homebuilding.co.uk

5 DIY Hacks on How to Repair a Broken Deck at Home

Building a deck and taking care of it will last as long as your home, especially an Edmonton deck. That’s the power of DIY deck repair. If you can do it yourself, you’re not only saving money, but you are learning how to create something sustainable.

You are learning how to repair a deck that can be designed however you want it to be. It empowers you and gives you the confidence to do other DIY projects.

But before jumping ahead to other projects, it’s important that you understand the top 5 DIY tips on deck repair.

1. Figure Out Your Layout

Before you start any work on deck repair, you need to figure out the layout. You may think you can replace a piece of your deck with a piece of wood, but you need to figure out the structure of your deck before you do that.

You need to figure out the size of your deck, what part you’re replacing, and how it matches in the type of wood.

2. Check the Rot

When you do repair a part or all of your deck, you’ll need to check for rot. If there’s rot, you might need to replace the entire structure and foundation of your deck.

If you don’t fix the rot, it could infect your entire deck and cause sudden collapse.

If you want to read how to protect your deck and ensure children are safe on your deck, check out this blog post from Edmonton deck builders, one of the premier Edmonton deck companies.

3. Check the Floor Frame

The floor frame is the structure and integrity of your deck. It’s where you know everything is screwed in and where you should mount a railing.

It’s important to check the floor frame and see if it’s damaged or need repairs or needs to be completely redone.

4. Avoid Injury

Any DIY project can be fun, especially if you like working on projects. However, they can also be dangerous if you don’t know what you’re doing.

It’s important that you understand proper lifting techniques and how to position yourself when you’re working on your deck.

5. Sand the Deck

Another tip when it comes to repairing your deck is sanding it. After replacing a piece of your deck or all of it, it’s important to sand it because it gives it a smoother feel.

It all smooths out all of the rough, splinter parts of the deck. It also makes the wood smoother when you re-coat the deck.

Why It’s Essential to Know Everything About DIY Deck Repair

It’s important to know everything about deck repair if you’re doing it yourself because there are a lot of safety issues as well as things you may not know.

Ultimately, it’s better to have something of foundation in place that lasts a lifetime, rather than just something to repair that will only last a year.

For more information on DIY deck repair, you can contact us here.

This post first appeared on https://blog.renovationfind.com

Waterproofing Bathroom Installations: Everything You Need to Know

CONTENT SUPPLIED BY MAPEI

Waterproofing (or tanking) your bathroom installation is an essential element of a renovation or self build project, but deciding on your method of choice depends on several factors. These include the floor tiles you plan to use, and whether you’re able to do this yourself or require professionals for installation.

Bathrooms are, by nature, wet spaces, but you need to waterproof beneath a tiled installation to ensure there are no leaks, which could damage the fabric of your home. 

(MORE: Wetroom: An Installation Guide)

There are two main ways of waterproofing bathroom tiles:

  1. Use a flexible liquid membrane 
  2. Use tile adhesives and waterproof grout

Whichever system you, your builder or your bathroom installer opts for, ensure you follow the manufacturer’s instructions very carefully as these can vary considerably.

Using a Flexible Liquid Membrane

A roll-on liquid plastic membrane acts as a waterproof layer over the substrate below in areas such as the shower, bath or sink. 

One of the salient benefits to using a liquid membrane is that it can save considerable time on a self build, DIY or renovation project, particularly if your bathroom is sizeable. 

Membranes are generally self-adhesive, although be sure to confirm with your supplier whether the membrane you plan to use can then have the tiles of your choice installed over it. 

(MORE: Bathroom Flooring: Which Should I Choose?)

Mapei’s waterproofing and anti-fracture liquid membrane Mapelastic Aquadefense is suitable for ceramic and natural stone finishes

Using Tile Adhesives and Grout

Tile adhesive and grout is used for bonding down and finishing a tiled floor or wall, and is the preferred option if you’re working in smaller-sized bathrooms.

First trowel the adhesive to the substrate using a suitable, notched trowel, and then grout with a water resistant or waterproof grout, once the adhesive has cured. 

Floor adhesives tend to be cementitious in nature, whilst wall adhesive can be both cementitious and ready-mixed. Grout can also be purchased in many different colours to match with your tiles. 

Once you’ve applied the adhesive, you need to grout the tiles. Grout can be either cement-based or an epoxy resin material and is available in a large number of colours to complement your tiles.

A cement-based grout will provide a water-resistant joint, whilst an epoxy resin grout is waterproof. A suitable sealant should then be applied to all internal corners and at the interface between substrates such as the wall and floor and/or shower trays. 

Mapei’s range of coloured grout and sealants for tiles make it easier to choose the right grout according to the requirements of each tiling project and personal preference

Expert advice can be crucial if you aren’t sure of which adhesive should be used with which tiles. For example, different adhesives are often needed for natural stone tiles compared to porcelain and ceramic tiles, while timber floors may need to be overlaid with a tilebacker board or plywood of a suitable thickness and flexible adhesive before your chosen flooring can be laid. 

Manufacturers often sell these waterproofing products as complete kits, which typically include a primer, tape (to seal corners and junctures between walls and floors) and the tanking layer. 

It is worth taking advice from your tile supplier as to what adhesive they recommend. Don’t just choose the first one you see or the cheapest; there will be a specific adhesive and grout for the type of tiles you are using, the subfloor, etc. Visit mapei.co.uk for expert advice on your project.

This post first appeared on https://www.homebuilding.co.uk

Should You Repair or Replace Your Siding?

Over time you will need to update the siding on your home, siding repair is important to keep up with. Siding is important in protecting your home and there are a few ways to tell if your siding needs to be replaced. Here are 5 signs it’s time to repair or replace your siding.

Our Craftsman Offer Siding Repair and Replacement Services

1.Cracked Siding
If you notice that your siding is cracked in a few areas consider just repairing those few places, however, if you notice cracks throughout all the siding on your home it’s a sign that you need to replace all of it.

2. Increased Electricity Bills
Older siding doesn’t insulate your home as well as new siding. If you noticed that your bills are getting increasingly more expensive, consider taking a look at your siding. It may be time for siding repair.

3. Home Interior Paint is Peeling
If the paint inside your home begins to peel this could be a sign that your siding is allowing moisture into your home.

4. Dry Rot
If your home is older you may have dry rot on your siding. This is when your fungus eats away at the wood on your home. It’s important to look out for dry rot. If you notice any, you should replace your siding.

5. Blistered Siding
Your siding may blister if it is exposed to a lot of moisture over time. If you notice blistering in your siding it’s time to call a craftsman!

Need Siding Repair Services?

Ready for siding repair? Give Handyman Connection a call our craftsmen are happy to repair your siding. We also offer a variety of Handyman services. Call or text us for an estimate.

The post Should You Repair or Replace Your Siding? appeared first on Handyman Connection.

Government Under Pressure to Cut VAT on Retrofits

The government needs to reduce its 20% VAT rate on retrofitting old homes, according to the chief executive of Historic England. 

Duncan Wilson was speaking at the Architects Journal’s AJ100 breakfast event, where he questioned retrofitting being taxed at 20% while VAT on new build projects is 0%.

“We have been speaking to the government for quite a long time [about] changing the VAT regime,” said Wilson. “That is something we need all to keep battering away at, because it is somewhat crazy to have 0% on new build and 20% on repair, refurbishment and maintenance.”

Retrofitting a home helps to improve its energy efficiency by adding new technology or features. This process differs from renovating a house or conducting home improvements to make a home more aesthetic. 

Wilson’s comments follow an industry-wide push to amend the policy. Green Alliance published a report last week stating the government should cut VAT on retrofits, the Federation of Master Builders (FMB) wants VAT to be reduced to a maximum limit of 5-10%, and the Royal Institute of Chartered Surveyors urged the government earlier this month to reduce VAT to 5%. 

The Importance of Retrofitting

Wilson said that around 21% of UK homes are more than 100 years old, and retrofitting homes built before 1990 could be particularly important because these homes have been reported to be four times more likely to require repairs.

He also argued that refurbishing ageing homes to increase their energy efficiency was key to tackling climate change – making your home eco-friendly means you will pump less harmful carbon dioxide emissions into the atmosphere – and meeting the government’s net zero carbon economy by 2050.

However, Wilson acknowledged that planning rules may have to be altered to ensure retrofitting measures successfully enable energy efficiency. 

“There may be planning rules that will get in the way of making buildings significantly more energy-efficient – such as on glazing or curtilage. We are going to have to be more flexible and consider greater degrees of alteration than we previously have,” he said.

How to Make Your Home Energy Efficient

One of the main benefits of retrofitting for homeowners is that it can help to reduce energy bills. And you can retrofit your home in a variety of ways. 

Installing insulation and upgrading your boiler to improve your home’s energy rating can increase its value by £25,000. Even quick jobs such as replacing your light bulbs with energy-efficient light bulbs can make a difference. 

Insulating your loft and cavity wall can also help to keep heat in, and both external and internal wall insulation could save up to £455 on annual heating bills (according to the Energy Saving Trust).

This post first appeared on https://www.homebuilding.co.uk

Housing Demand Spike Will be Temporary, Says Zoopla

The housing demand jump experienced once the housing market reopened will be short-lived, according to Zoopla.

The property website expects the jump in demand to be temporary, and that projections for a significant economic decline and rising unemployment will moderate further growth. 

Housing demand hit its highest level since before lockdown after the government reopened the market two weeks ago, and Zoopla says it expects sale volumes to increase further in the short-term.

But the rate of house price growth will stagger during the summer months, once the impact of the coronavirus pandemic on the housing market becomes evident.

Richard Donnell, director of research and insight at Zoopla, said: “The scale of the rebound in demand for housing is welcome news for estate agents and developers, but it is also surprising given projections for a sharp rise in unemployment and a major decline in economic growth.

“The economic impacts of Covid-19 will grow in the coming months and uncertainty is building. The majority of would-be movers plan to continue their search, encouraged by low mortgage rates and continued government support for the economy. 

“However, we expect the latest rebound in demand to moderate in the coming weeks as buyers and sellers start to exert greater caution. Further support from the government can’t be discounted and would help limit the scale of the downside risks.”

(MORE: £82bn Worth of House Sales Suspended Due to Lockdown, Zoopla Reports)

What Happens Now?

Zoopla says there are two salient aspects to consider when predicting housing patterns for the rest of the year. 

Firstly, having calculated that 373,000 sales were suspended during lockdown, Zoopla says it is unclear how many of these sales will make it to completion. 

Around 40% of prospective buyers put their plans on hold during lockdown, citing deterrents such as market uncertainty, loss of income and reduced confidence in future finances.

Secondly, will the pent-up demand post-lockdown actually convert into new sales? Zoopla said a return of pent-up demand was to be expected, but the pace will likely drop given “the typical two-month lag between new demand entering the market and sales being agreed”.

Moreover, while buyer demand spiked by 88% across England once the housing market reopened, not all demand will be met if available supply does not increase.

Donnell added: “Many households are likely to have re-evaluated what they want from their home. This could well explain the scale of the demand returning to the market. We need to see more supply come to the market to satisfy this demand.”

The housing market is yet to reopen in Scotland, Wales and Northern Ireland. 

(MOREAnnual House Price Growth Increases by 3.7% in April, Nationwide Reveals)

This post first appeared on https://www.homebuilding.co.uk

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