Figures released by HMRC show house sales across the UK have seen a decline of more than one-third in March, when compared with March 2021.

Records show 11,650 home sales for residential properties took place in March, equating to a drop of 35.7% since March 2021. However, this also indicated a slight rise of 2.6% when compared with the previous month, February.

However, HMRC cautioned that these figures be treated cautiously due to the effect that the stamp duty holiday had on the property sales market, resulting in many people rushing out to buy before it was removed in September.

Initially, the stamp duty tax relief was scheduled to be finished in March 2021 but was later extended to June and then tapered to September 2021.

Managing director of Corecon, Andrew Montlake, commented: ‘The stamp duty holiday has distorted the data, so it was inevitable that transaction levels in March were down fairly significantly on the same month last year.’

‘To make matters worse, there is an extraordinary lack of stock. Transactions need buyers and sellers, and there is a distinct lack of the latter.

‘Moving forward, households face countless headwinds during 2022, primarily in the form of rising interest rates and soaring inflation, and these are likely to restrict transaction levels.

‘However, tenants remain desperate to get out of the rental market as rents hit new highs, and this will maintain a certain level of transactions. The ongoing rush to get out of the rental market may also explain why transaction levels in March were up in February.’

The chief executive of The Guild of Property Professionals, Iain McKenzie, commented that residential property sales continue to appear to ‘inhabit a parallel world when compared against all other economic indicators.’

He added, ‘Home moves are down year-on-year, but only because of a rush to buy in March last year caused by the impending end of the popular stamp duty holiday.

‘The industry continues to see a lack of properties on the market, which is pushing up prices across the board.

‘Demand remains high, and the market looks likely to keep moving upwards as it continues to ignore all the uncertainty in the rest of the economy.’

Jeremy Leaf, a north London estate agent and former RICS chairman, said: ‘Demand still comfortably exceeds supply, and correctly priced houses continue to attract considerable interest while mortgage repayments remain relatively affordable.’

Director of Legal & General Mortgage Club, Kevin Roberts, said: ‘Despite the pressure on borrowers caused by the rise in the cost of living, demand remains high, and the overall outlook for the market is strong. This is another clear reminder of the resilience of the current housing market and its ability to weather difficult conditions.

‘Even as the market experiences a healthy spring, the more complicated conditions mean that the role of advice is now more important. Borrowers may well need more support and reassurance to find the right mortgage for their needs. This is an opportunity for advisers to really demonstrate the scope of their expertise and add value during what will be a pivotal time for their clients.’

Last month, the Office of National Statistics revealed figures that show property prices have increased by 10.9% in the year to February, up from 10.2% in January.

February saw average house prices rise to £277,000, which indicates a £27,000 increase from the same period in 2021.

Pricing a property can be difficult, especially if you are in the business of reselling. This is when you purchase a low-priced property and try to sell it for a profit. There are several ways to do it, and this tried and tested method will show you how.

Find your price

The very first thing that you need to do is find out what your property is going to sell for on the retail market. The best way to do that is to do a search of all the comparable homes that have sold recently within a quarter of a mile from your property. The highest average price they have sold for is the retail price. As soon as you find out what the retail price is, you need to choose what your exit strategy is going to be.

Wholesale strategy

If you are going to wholesale your property, it’s very simple. You list the property at 50% off the retail price. If you are going to wholesale to another investor, you have to leave enough room for them to make money as well, so the right percentage to entice them in is 50% off retail. If you were going to do it on an example property that retailed at £100,000, it would be good to list it at £49,900.

Prehab strategy

Now, if you are going to prehab your property, which means you are going to do a very light prehab to make it rental-ready for the buyer, not a full prehab, you are going to be pricing it at 10 to 15% off retail value. In the example house above, the retail price is £100,000. So, if you are going to prehabit it and put £8,000 or less into improving it, you need to price it 10 to 15% off of that retail price. A good figure would be £84,900.

Retail strategy

Next, if you’re going to be listing your property and selling it at retail, this is the formula that you are going to use. Clearly, you already know what the other properties are selling for. However, what you should always do if you don’t want it to sit on the market is price it at 95% of its retail value. You can price it as high as 100% or even more, but the higher you price it, the longer it’s going to sit on the market. So, 95% of the value is a great price at £94,900.

Attractive pricing

On the example property, let’s imagine we decided to prehabit it. Whenever you’re pricing a property, the other thing you need to look at is pricing it attractively. Going with this formula, you could very easily price it at £85,000 or £90,000, but those are not very attractive prices. The attractive price is £84,900 because it sounds a lot cheaper, even though you have only knocked £100 off.

Buying a piece of land is one of the most critical aspects of building. It is the place that your dream home will rest upon for a lifetime; therefore, it is important to absorb as much knowledge as possible before you ever put a deposit on a piece of land for sale.

Are your dreams realistic, and what is the eventual return? Consider the surroundings, the community, and whether the land is wet or dry. What does the adjacent property look like, or who are your neighbours? Is the land worth the money you will be spending to purchase a parcel? How many acres is the land, and does the piece of land provide the adequate space you need to hold your dream home’s building design?

Here are 8 questions you should get answered before buying a piece of land:

1. Does the surrounding area have quick exit points to major highways? This may not seem like a big deal, but in case of natural disasters or even for the convenience of getting from one place to another in a hurry, major highways are essential to the land you want to live on.
2. What is the area going to be like in 10 years? Does it have sustainable infrastructure, or is the community destined to struggle with time? No one can be a fortune-teller, but you should study the history of the area for any revealing tell-tale signs that may determine the worth of your property further down the line. If recent malls and housing developments have been springing up nearby, that’s a good sign of growth.
3. Anyone who is considering buying land needs to look at the overall value of the land and compare it with all the options. Look for intangibles, like wide open areas or land that can be used for farming, industry, or even other real estate opportunities.
4. How accessible is the land you’re going to buy? For example, if you live too far out in the woods, it could cost you a pretty penny to hire builders who will charge for extra travel and materials. It could also cost more for heat, snow removal, road improvements, etc. It may not be a good thing if the land is too isolated.
5. If at all possible, try to rent property in the area before you buy the land. Doing this will allow you to get to know the community and see if it’s really somewhere you want to live.
6. Another good idea when considering buying land is to look at the zoning requirements. Look for any potential problems with the building plans you may have in the future. You don’t want to buy land somewhere only to discover there may be limitations on your home building plans, or perhaps you would not be allowed to set up a business on your land because of zoning restrictions. Find out now before you buy land!
7. You should also look into any potentially hidden industries in the surrounding area that could come as a surprise later on. You don’t want to buy a piece of land and find out there is a big nuclear power plant or factory nearby that sends its foul air or poisonous gases your way.
8. Research the parcel’s background to see if it has a hidden history, such as hazardous waste accidents, ghost stories, or any other weird circumstances. Make sure it has a clean title as well.

After you find out the answers to these 8 considerations in buying a plot of land, you will feel more peace of mind that the land you are buying is a good choice. It will also be less stressful; otherwise, you could run into a lot of problems when building a home on your new land. Clean land has the potential to become an investment for you in the future. Never assume anything in the real estate business. Any extra information that you can find will go a long way in your search!

The days when eco-friendliness was the sole preserve of individuals are firmly in the past. Today, more commercial applications of eco-friendly technologies are in use, especially in the construction niche.

This piece takes a look at some of those that have caught the eye in recent times:

• Cool roofs: In construction, cool roofs are used to increase solar reflectance while reducing thermal emissions. The first benefit of cool roofing is that it lowers the temperature of the property. The second benefit is that it lowers the temperature inside the building after construction. It achieves this by trapping the air inside and reflecting intense heat from the outside. This process reduces the strain placed on cooling systems, leading to a reduction in emissions and, as a result, cooling and heating properties.
• Solar roof tiles: Solar roof tiles are becoming more popular with large-scale property construction and new building developments. The tiles, or shingles, as they are known in some quarters, are made of photovoltaic sheets laid on top of existing shingles. They work like the typical solar panel installation, but without the bulky and top-heavy appearance. Solar roof tiles used in construction today have a sleek and perfectly blended appearance.
• LED lighting: LED lighting technology is one of the main breakthroughs in the quest for eco-friendliness. Large-scale commercial properties finished today now consume up to 95% less energy when compared to incandescent lighting and up to 30% less energy when compared to fluorescent lighting. On a commercial property, the energy savings can be enormous.
• Insulation: The insulation sector offers perhaps some of the best examples of eco-friendliness. More construction companies are using recycled materials for insulation. Cotton insulation is a major example, and it involves the use of recycled denim to keep properties insulated. Cellulose insulation is second on the popularity stake, but again, it requires the use of recycled paper sprayed into the walls of properties. Like cool roofs, properly insulated properties reduce energy used in heating and cooling.
• Rammed Earth: Rammed earth construction involves using natural raw materials to create sturdy buildings. The process involves mixing substances like clay or gravel and combining them with stabilising elements such as concrete. The mix is compressed, and the result is solid, hard walls. The formation is allowed to “cure and harden” for up to two years. The density of the material means it is perfect for temperature-regulated building construction. The resulting structures stay warm in winter and cool in summer. Additionally, rammed earth construction generates fewer emissions than standard building processes.
• Geothermal heating: Geothermal heating is another efficient source of renewable energy. The earth’s natural energy is tapped to produce power. It is used in construction to create environmentally friendly structures that will not rely on natural gas or coal-powered electricity. Geothermal heating is highly efficient, even during the winter. The pipes that are the foundation of the process are buried underground, away from the effects of freezing temperatures. During freezing temperatures, the ground level at which the pipes are buried still posts temperatures of 15.5 degrees Celsius. This means that geothermal heating can remain a reliable source of energy year-round.
• Zero energy constructions: Zero-net-energy buildings, as they are equally known, are designed to function away from the central electricity grid. Many renewable energy processes are incorporated and amalgamated to ensure the buildings can generate power. Such buildings do not only produce energy. They also emit zero carbon emissions as a result of their reliance on renewable energy supplies. The zero-energy construction drive is most visible in small communities where homes can combine renewable resources. However, this construction technology is quickly gaining prominence in city centres and commercial hubs.
• Hempcrete: In some parts of the world, hemp is used in construction, during the installation process, and as insulation. Hempcrete is a mixture of hemp and lime that is similar to concrete. The technology has not been fully tapped into as a result of legislation against hemp in different parts of the globe. However, the technology is impressive nonetheless.

These are exciting eco-construction technologies that are in use today. It remains to be seen how fast these technologies will be adopted in more places across the globe, especially outside the West.