Money
Easy move that can save you up to £235 a year on broadband, mobile and TV bills
HOUSEHOLDS could save as much as £235 a year on broadband mobile and TV bills with an easy move.
Consumer brand Which? has found that switching your provider can save you some big cash.
According to its research, on average, out-of-contract TV and broadband customers could save £160 by switching.
Sky customers surveyed saved most – a bumper £235 a year on average by switching to a better deal.
TV and broadband customers who haggled with their current provider rather than switching still saved £117 on average.
Which?’s study also found there were decent savings for broadband-only customers who switched providers, with the average being £105.
Customers switching from BT, Sky or Virgin Media saved even more – up to £165 on average for VM customers.
Broadband customers who haggled saved £55 per year, with Virgin Media customers seeing the biggest average saving of £81.
There was less of a difference in savings between mobile customers who switched and those who haggled.
Mobile customers at the end of their contract saved £67 on average by switching and those that haggled saved a slightly lower £61.
Vodafone customers saved £146 by switching, more than twice the £67 average.
EE and O2 customers also saved an average of £122 and £132, respectively.
When it came to haggling, it was EE customers who stood to save the most, at £101 a year on average.
Natalie Hitchins, Which? Head of Home Products and Services, said: “Our latest research shows out-of-contract broadband, TV and mobile customers can save a substantial amount of money by switching providers or haggling with their current one – and that most people find the process easy.
“With many telecoms providers already adopting Ofcom’s ban on unpredictable mid-contract price hikes before it officially comes into effect in January, consumers can more easily compare deals and should feel empowered to switch and potentially save hundreds of pounds.”
Results of the survey
The consumer champion surveyed more than 5,000 customers whose broadband, combined broadband and TV or mobile phone contracts had ended in the past 12 months, asking if they had switched or haggled, and how much they had saved on their bills in the process.
Which?’s research found that most consumers found the switching process easy.
This was the case for 75% of broadband, 73% of mobile customers, and 55% of broadband and TV customers.
The survey found that price was the most common reason for switching.
But people also then benefitted from better customer service, faster download speeds and better connections.
Three in 10 broadband switchers said customer service was getting better after switching, while just 6% reported it getting worse.
For those who changed mobile networks, a third said customer service improved and three per cent said it got worse.
For download speeds, nearly four in 10 broadband customers said they got faster after switching, versus one in eight who said they got slower.
For mobile network switchers, a quarter found they improved versus nine per cent who reported they got worse.
Around four in 10 got a more reliable broadband connection after switching, while one in eight found it got worse.
Mobile network reception improved for half of the switchers but got worse for one in seven.
How to switch
Switching providers is far easier now because as of September, customers only need to contact their new provider to switch.
This makes it easier to move to a cheaper deal without your current provider trying to convince you to stay, even if you can find a better offer elsewhere.
Since 2015, people have been able to switch between phone and broadband providers on Openreach’s network – like BT and Sky – by letting their new provider handle the switch.
However, if you were switching to or from a different network, such as Virgin Media, which uses its own private network, you had to contact your existing provider to arrange the switch as well.
Ofcom‘s new “One Touch” rules, which started last month, have changed this.
Now, landline and broadband customers on any network only need to contact their new provider to make the switch.
Under the new rules, customers won’t have to pay notice-period charges beyond the switch date, so they will no longer be paying for the old service after the new one starts.
Plus, providers must also compensate customers if they experience issues with the switch or are left without service for more than one working day.
However, the exact amount of compensation you’ll receive will be issued on a case-by-case basis.
The new rules bring broadband switching in line with mobile switching.
Since 2019, mobile phone customers have been able to “text to switch” without the hassle of having to call their current network.
How one-touch switch works
The new “One Touch” process is designed to make it easier to switch providers and get a faster package, a cheaper deal, or better customer service.
It will also make it quicker – just one day when this is technically possible.
There are three steps to complete the switch:
- A customer will contact their chosen new provider and give their details.
- The customer then automatically receives important information from their current provider, including any early contract termination charges they may have to pay, and how the switch may affect other services the customer has with the company.
- If the customer wants to go ahead, the new provider will then manage the switch.
The new process means that customers no longer need to notify their current provider 30 days before switching.
Instead, the operators handle all billing and activation dates in the background.
CUT YOUR TELECOM COSTS
SWITCHING contracts is one of the single best ways to save money on your mobile, broadband and TV bills.
But if you can’t switch mid-contract without facing a penalty, you’d be best to hold off until it’s up for renewal.
But don’t just switch contracts because the price is cheaper than what you’re currently paying.
Take a look at your minutes and texts, as well as your data usage, to find out which deal is best for you.
For example, if you’re a heavy internet user, it’s worth finding a deal that accommodates this so you don’t have to spend extra on bundles or add-ons each month.
In the weeks before your contract is up, use comparison sites to familiarise yourself with what deals are available.
It’s a known fact that new customers always get the best deals.
Sites like MoneySuperMarket and Uswitch all help you customise your search based on price, allowances and provider.
This should make it easier to decide whether to renew your contract or move to another provider.
However, if you don’t want to switch and are happy with the service you’re getting under your current provider – haggle for a better deal.
You can still make significant savings by renewing your contract rather than rolling on to the tariff you’re given after your deal.
If you need to speak to a company on the phone, be sure to catch them at the right time.
Make some time to negotiate with your provider in the morning.
This way, you have a better chance of being the first customer through on the phone, and the rep won’t have worked tirelessly through previous calls which may have affected their stress levels.
It pays to be polite when getting through to someone on the phone, as representatives are less inclined to help rude or aggressive customers.
Knowing what other offers are on the market can help you to make a case for yourself to your provider.
If your provider won’t haggle, you can always threaten to leave.
Companies don’t want to lose customers and may come up with a last-minute offer to keep you.
It’s also worth investigating social tariffs. These deals have been created for people who are receiving certain benefits.
Rule changes
The findings come ahead of Ofcom’s ban on unpredictable mid-contract price hikes which comes into effect in January 2025.
Telecom firms have faced criticism for implementing mid-contract price rises on fixed contracts that exceed inflation over the past four years.
Due to clauses in contracts, providers are allowed to impose annual increases, typically in April.
These hikes are linked to either the Consumer Price Index or Retail Price Index inflation rate, which has surged during the cost-of-living crisis.
As a result, millions of customers experienced increases of up to 8.8% this year, adding as much as £50 to their bills.
However, from January 17, 2025, Ofcom will require telecom firms to display mid-contract price increases in pounds and pence.
The rules are designed to protect customers by ensuring they know exactly how much their contract will increase before they sign up.
Instead of being linked to inflation, which can fluctuate, the price rises will be clearly stated in pounds and pence.
However, some experts have slammed the rule change for “unfairly” impacting customers on cheaper contracts.
Earlier this year, The Sun revealed that millions of mobile and broadband customers on cheaper contracts will be hit by huge bill rises under the new mechanism.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Money
Sigma Homes appoints Heuerman-Williamson as finance director
During his career, he has held senior positions at firms including Barratt and Crest Nicholson.
The post Sigma Homes appoints Heuerman-Williamson as finance director appeared first on Property Week.
Money
How to Find the Best Breakdown Cover in 2024 – Top Providers, Costs & Tips
How to Find the Best Breakdown Cover: A Complete Guide
Choosing the best breakdown cover can feel overwhelming with so many options available, but understanding your needs and comparing the different providers will help you make an informed decision. Whether you’re looking for peace of mind during long road trips or simply need basic assistance for your daily commute, this guide will walk you through the best options, the average cost of breakdown cover, and how to save on your policy.
What Is Breakdown Cover?
Breakdown cover is a type of insurance that helps you when your car breaks down on the road. Depending on the policy you choose, it can include roadside assistance, vehicle recovery, and even cover for emergencies like flat tires or dead batteries. Understanding what services you need and how often you’re on the road will determine what kind of breakdown cover is best for you.
Who Offers the Best Breakdown Cover?
Several major companies provide breakdown cover in the UK, each with different levels of service. Here are some of the top contenders for the best breakdown cover in 2024:
- AA: Often regarded as the best all-round provider, the AA offers 24/7 roadside assistance and a range of coverage options. They have an extensive network and quick response times, making them a reliable choice for motorists.
- RAC: Another popular option, RAC offers comprehensive coverage with added benefits such as a fault report service to help diagnose the issue. They also cover cars, vans, and even motorbikes.
- Green Flag: Known for their affordability, Green Flag is ideal for those looking for more budget-friendly breakdown cover without sacrificing service quality. Their recovery options are flexible, and they cover roadside assistance across the UK and Europe.
- Admiral: Primarily an insurance provider, Admiral offers breakdown cover as an add-on to car insurance. They provide competitive rates, especially for bundled policies, which we’ll discuss later.
- Start Rescue: A lesser-known option but gaining popularity for its low-cost cover and positive customer reviews. Start Rescue offers different levels of breakdown cover, including European cover.
How Much Does Breakdown Cover Cost?
The cost of breakdown cover can vary widely depending on the provider, level of coverage, and whether you’re looking for single or multi-vehicle protection. On average, the cost for basic breakdown cover starts around £30 to £50 per year, with more comprehensive policies costing £70 to £150 annually.
Here’s a breakdown of the typical cover options:
- Roadside Assistance: The most basic form of breakdown cover, where your car is fixed on the spot or towed to a nearby garage if necessary.
- Vehicle Recovery: Offers to tow your vehicle (and you) to your home or destination.
- Home Start: Includes assistance if your car won’t start at home.
- Onward Travel: Provides accommodation or a hire car if your vehicle can’t be fixed right away.
You can also purchase European breakdown cover, which tends to cost more but is essential for those who frequently drive abroad.
Should You Get Bundled Cover or a Separate Policy?
When finding the best breakdown cover, one of the key considerations is whether to bundle it with your car insurance or purchase a separate policy.
Bundled Breakdown Cover:
- Cost-Effective: Bundling breakdown cover with your car insurance or even your bank account services can be cheaper. Many providers, such as Admiral and Direct Line, offer discounts when you take out multiple types of insurance or services together.
- Convenience: Having both your car insurance and breakdown cover with the same provider means dealing with fewer companies, which can simplify the claims process and save time.
Separate Breakdown Cover:
- Tailored Services: Buying breakdown cover separately allows you to tailor your policy specifically to your needs. It also enables you to compare the best breakdown cover providers to find the best deal.
- Switch Flexibility: When your breakdown cover is separate, you can easily switch providers to get a better deal without affecting your car insurance.
In many cases, bundling can save money, but it’s always worth comparing prices and services. Some bundled policies may not include all the features you need, so it’s essential to review the details carefully.
How to Save on Breakdown Cover
If you’re looking for the best breakdown cover at a reasonable price, there are several ways to save:
- Compare Prices: Use price comparison websites to look at the rates and services of different breakdown cover providers. Sites like Compare the Market or MoneySuperMarket can offer deals exclusive to online shoppers.
- Look for Discounts: Many providers offer discounts for new customers, online sign-ups, or for switching from another provider. Always check the provider’s website or ask if there are any promotional offers available.
- Annual vs Monthly Payments: While it may be tempting to pay for breakdown cover monthly, it’s often cheaper to pay for the full year in advance. This can save you up to 10-15% depending on the provider.
- Family and Multi-Car Discounts: If you have more than one car in your household, look for family or multi-car discounts. Many providers offer reduced rates if you need cover for more than one vehicle.
- Evaluate Your Needs: Don’t pay for features you don’t need. If you only drive locally, for instance, you might not need a comprehensive policy with nationwide recovery. Similarly, if you rarely travel abroad, European cover might be an unnecessary expense.
- Consider Cashback Offers: Some banks and credit card companies offer cashback or rewards when you purchase breakdown cover through their services. This can be a great way to save a little extra.
- Automatic Renewals: Beware of automatic renewals, which often come at a higher price. Set a reminder to shop around for a better deal when your policy is up for renewal.
The best Breakdown cover 2024
Finding the best breakdown cover doesn’t have to be difficult. Start by identifying your needs, comparing providers, and looking for discounts or bundled deals that can save you money. Whether you opt for a basic roadside assistance policy or a more comprehensive vehicle recovery and onward travel plan, there’s a wide range of breakdown cover options available to suit every budget and driving habit.
Remember to regularly review your policy and ensure it offers the right level of protection for you. With the right breakdown cover in place, you can drive with the confidence that help is only a phone call away in the event of a roadside emergency.
Money
How to combat quiet quitting and plug the employee engagement gap
Employee engagement in the UK has hit a concerning 10-year low, with only 10% of employees feeling engaged, compared to the global average of 23%, according to workplace consultants Gallup.
This is particularly alarming for the UK financial services sector, which faces significant challenges as generational shifts approach.
By 2025, Gen Z will make up a quarter of the workforce, while one-third of financial advisers are expected to retire within the next three years.
To navigate this transition, firms must improve their employee engagement and management practices to attract and retain the next generation of advisers.
Disengaged employees have 37% higher absenteeism and 18% lower productivity
As Gallup highlights, Gen Z has zero tolerance for poor management leading to disengagement. If it’s not working for them, they move on.
Indeed, the consequences of low engagement are substantial. Gallup research shows disengaged employees have 37% higher absenteeism and 18% lower productivity.
Disengagement also drives high turnover, as employees leave for more fulfilling roles, increasing recruitment costs and damaging customer service. Ultimately, low engagement threatens a company’s reputation and profitability, making it a critical business risk.
Despite businesses collectively spending £257bn annually on engagement initiatives – a figure comparable to the National Health Service budget – many still struggle to make progress.
Gen Z has zero tolerance for poor management leading to disengagement. If it’s not working for them, they move on
So, why are these efforts not yielding significant improvements?
Executive coach and former head of Vanguard UK distribution Neil Cowell and I have wrestled with this issue. Having worked with Neil for over a decade, including placing 14 key people into his team at Vanguard, we’ve gained valuable insights from both leadership and recruitment perspectives.
A pressing concern that must be addressed is the rise of “quiet quitting” – a trend that has gained momentum post-pandemic as employees reassessed their work-life balance.
Quiet quitting refers to employees doing the bare minimum without leaving their jobs. Alarmingly, Gallup reports that six in 10 employees now fall into this category.
This trend should serve as a wake-up call for businesses to rethink their workplace culture, recognition systems and communication practices.
Quiet quitting refers to employees doing the bare minimum without leaving their jobs. Six in 10 employees now fall into this category
While many leaders turn to “Taco Tuesdays” and “Beer and Pizza Fridays,” the real issue runs deeper. To address disengagement, leaders must cultivate a culture of trust, communicate clear visions and show genuine care for their teams.
When employees feel supported and valued, they’re more likely to go above and beyond. Leaders who provide feedback, foster collaboration and challenge their teams create an environment where engagement thrives.
The benefits are significant, with Gallup research showing high engagement can boost profitability by 21%.
However, many organisations continue to struggle in making meaningful progress. Substantial investments in engagement programmes often fall short because they rely on superficial approaches that lack authentic leadership.
High engagement can boost profitability by 21%
Employees can quickly sense when these efforts are merely box-ticking exercises, which only deepens disengagement.
To drive meaningful change, businesses need a more hands-on, tailored approach to leadership development. Leadership behaviours must align with structured engagement programmes for real impact. Strong leadership is the foundation of sustained engagement and, when coupled with thoughtful initiatives, leads to higher engagement and better organisational performance.
At the heart of employee engagement is what employees truly crave: a sense of purpose and connection. Employees need to understand how their work contributes to the broader goals of the company and why it matters.
Recognition plays a crucial role in this – not just through financial rewards but also through genuine acknowledgment of their efforts.
In about 80% of cases, when someone accepts a counter offer to stay in their current job, they still leave within a year
In about 80% of cases, when someone accepts a counter offer to stay in their current job, they still leave within a year. This underscores that employees are seeking more than just monetary compensation; they want to feel valued and supported by leaders who care about their development and wellbeing.
In conclusion, employee engagement is critical to organisational success. To make meaningful progress, companies must go beyond surface-level solutions and take a more proactive approach to identifying and addressing the root causes of disengagement.
By fostering a sense of purpose, recognising employee contributions and embracing authentic leadership, organisations can create a culture where employees are not only motivated but fully invested in the company’s success. This approach will drive sustainable growth, increase revenue and ensure a thriving, engaged workforce for years to come.
Simon Evans is director at Clearcut Consulting – Engage First
Money
Wetherspoons reveals Christmas menu including brie pizza – but axes classic festive treat
WETHERSPOON’S has unveiled its 2024 Christmas menu including a brie pizza – but some items from last year haven’t made the cut.
The pub chain’s festive range is available from November 13 until December 31 with some tasty bites and meal deals on offer.
Hungry punters will be able to snap up a new 11 inch cheese pizza combining gooey mozzarella, brie, cheddar, blue cheese sauce topped with rocket from £9.84.
Those with less of an appetite can get a smaller eight inch portion for £6.51.
There’s also a new vegan five gold rings burger on offer from £10.43, combining a Beyond Meat plant-based patty, BBQ sauce, iceberg lettuce, tomato and red onion, topped with five onion rings.
And punters will once again be able to feast on the sliced turkey breast and winter vegetables meal with drink from £11.99.
Read more on Wetherspoons
The classic menu option comes with four slices of turkey breast, pork, apricot and cranberry stuffing, carrots, parsnips, Maris Piper mash, two pigs-in-blankets, peas, cranberry sauce and gravy.
The iconic big cheese burger is also back on menus within weeks, featuring gooey brie slices, topped with halloumi fries and blue cheese dip, all for £10.43.
Fans of a sweet dessert will be keen on the cookies and cream blondie too, which is going on sale for £4.99.
The rich chocolate brownie is packed with white chocolate and crushed cookie pieces, served with vanilla ice cream and chocolate cookie crumbs.
The Deli Deals, which include a chicken, stuffing, bacon and cranberry panini, brie and cranberry panini, small southern-fried chicken and stuffing wrap and southern-fried chicken and stuffing wrap are also back from £4.11 next month.
The Deli Deals and other festive meal options, including burgers, pizzas and roast, all come with a soft or alcoholic drink.
It’s not all good news though as some of the iconic mains and puddings on sale in 2023 have been axed this year.
Hungry punters won’t be able to get their hands on the salted caramel sticky toffee pudding or iconic mince tart.
Meanwhile, the bacon and garlic mushroom pizza isn’t available for customers to buy this Christmas.
Bear in mind, the prices of each meal above can vary between branches so you may not pay the exact same amount.
Make sure you double-check what’s on offer at your local branch and ask at the bar for prices.
Wetherspoons full Christmas menu is listed as follows:
- Sliced turkey breast and winter vegetables (with soft drink) – £11.99
- Sliced turkey breast and winter vegetables (with alcoholic drink) – £13.52
- The big cheese burger (with soft drink) – £10.43
- The big cheese burger (with alcoholic drink) – £11.96
- Brie & bacon burger (with soft drink) – £10.43
- Brie & bacon burger (with alcoholic drink) – £11.96
- Chicken & stuffing burger (with soft drink) – £10.43
- Chicken & stuffing burger (with alcoholic drink) – £11.96
- The five gold rings burger (with soft drink) – £10.43
- The five gold rings burger (with alcoholic drink) – £11.96
- 11″ chicken, stuffing, bacon & Brie pizza (with soft drink) – £11.02
- 11″ chicken, stuffing, bacon & Brie pizza (with alcoholic drink) – £12.55
- 11″ big cheese pizza (with soft drink) – £9.84
- 11″ big cheese pizza (with alcoholic drink) – £11.37
- Any 3 small plates – £14.93
- Pigs in Blankets – £5.19
- The big cheese chips – £6.03
- 8″ chicken, stuffing, bacon & Brie pizza – £7.09
- 8″ big cheese pizza – £6.51
- Chicken, stuffing, bacon & cranberry panini (with soft drink) – £5.70
- Chicken, stuffing, bacon & cranberry panini (with alcoholic drink) – £7.23
- Brie & cranberry panini (with soft drink) – £5.70
- Brie & cranberry panini (with alcoholic drink) – £7.23
- 12″ southern-fried chicken & stuffing wrap (with soft drink) – £5.70
- 12″ southern-fried chicken & stuffing wrap (with alcoholic drink) – £7.23
- 10″ southern-fried chicken & stuffing wrap (with soft drink) – £4.11
- 10″ southern-fried chicken & stuffing wrap (with alcoholic drink) – £5.64
- Cookies & cream blondie – £4.99
- Chocolate-Orange Espresso Martini each – £5.87
- Chocolate-Orange Martini 2 for – £9
Wetherspoons isn’t the only chain or retailer gearing up for the festive period.
Côte restaurants has launched an indulgent range of Christmas meals that shoppers can get delivered to their front door.
And the range has been designed by none other than Steve Allen – Gordon’s Ramsay’s former Executive Chef.
Tesco has also unveiled its Christmas range for 2024, including pigs in blankets stuffing balls and a fancy dessert costing £20.
Meanwhile, Aldi is offering customers some quirky items this year including fudge-flavoured cheese.
M&S and Sainsbury’s have both shared their Christmas menus with customers too.
How can I save money at Wetherspoons?
PUB-GOERS love Wetherspoons for its competitive pricing and low-cost meals – but did you know there are more ways to save money?
Senior consumer reporter Olivia Marshall explains how.
Free refills – Buy a £1.50 tea, coffee or hot chocolate and you can get free refills. The deal is available all day, every day.
Check a map – Prices can vary from one location the next, even those close to each other.
So if you’re planning a pint at a Spoons, it’s worth popping in nearby pubs to see if you’re settling in at the cheapest.
Choose your day – Each night the pub chain runs certain food theme nights.
For instance, every Thursday night is curry club, where diners can get a main meal and a drink for a set price cheaper than usual.
Pick-up vouchers – Students can often pick up voucher books in
their local near universities, which offer discounts on food and drink, so keep your eyes peeled.
Get appy – The Wetherspoons app allows you to order and pay for your drink and food from your table – but you don’t need to be in the pub to use it.
Taking full advantage of this, cheeky customers have used social media to ask their friends and family to order them drinks. The app is free to download on the App Store or Google Play.
Check the date – Every year, Spoons holds its Tax Equality Day to highlight the benefits of a permanently reduced tax bill for the pub industry.
It usually takes place in September, and last year it fell on Thursday, September 14.
As well as its 12-day Real Ale Festival every Autumn, Wetherspoons also holds a Spring Festival.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Money
Impact Healthcare changes name to align with new FCA rules
The care home group’s stock market ticker will become CRT and trading under the new name will begin on Tuesday morning.
The post Impact Healthcare changes name to align with new FCA rules appeared first on Property Week.
Money
Homes Selling Faster in October 2024
UK Housing Market Sees Homes Selling Quicker in October 2024
The UK housing market has experienced a notable uptick in activity this October, with houses selling quicker than in previous months. According to data from property platform Rightmove, the number of homes sold in October 2024 has increased by a third compared to the same time last year. This surge in demand is driven by several key factors, including improved market confidence, more realistic pricing by sellers, and an easing of mortgage rates. As a result, homes are moving off the market faster, signaling a more competitive environment for buyers.
Boost in Buyer Confidence
One of the driving forces behind the faster sale times is a renewed sense of confidence among buyers. The economic uncertainty that gripped much of 2023 has somewhat stabilised in 2024, allowing prospective homeowners to re-enter the market with greater assurance. The lingering impacts of inflation and cost-of-living increases have moderated, and while the economy remains cautious, there’s less fear of drastic interest rate hikes.
This resurgence in market confidence has led to an increased number of buyers looking to capitalise on relatively stable conditions. The housing market is traditionally slower toward the end of the year, but the increased activity in October reflects a change in the typical seasonal pattern. Buyers seem eager to make purchases before any potential changes to mortgage rates or economic conditions in the months ahead.
Easing Mortgage Rates Boost Demand
Another significant factor driving the quicker sale of homes is the slight relaxation in mortgage rates. After a period of high interest rates in response to the inflation surge in 2023, rates have started to ease in 2024. While mortgage rates are still higher than in the low-interest years of the pandemic, the market has seen a dip that makes borrowing more manageable for potential buyers.
With mortgage rates coming down, buyers are better able to secure financing for property purchases. This is especially relevant for first-time buyers and those looking to remortgage, as they now have more flexibility to act quickly. The increased affordability of mortgages has contributed to a rise in property demand, pushing homes to sell at a faster pace as buyers seize the opportunity.
Mortgage rates are predicted to continue falling in 2025. –
More Realistic Pricing from Sellers
Sellers have also played a key role in driving the quicker sale of homes by adjusting their expectations. During 2023, many sellers held onto unrealistically high prices, believing that the market would continue to favor them. However, the slower market conditions earlier in 2024 forced a reevaluation, with many sellers now pricing their homes more in line with market trends.
This shift in pricing strategy has made properties more attractive to buyers. The combination of realistic pricing and the desire to close deals quickly before year-end has created a perfect storm, with homes selling faster than anticipated. Sellers are becoming more willing to negotiate and settle for prices closer to the asking price, leading to quicker transactions overall.
Regional Variations in Sale Times
While the overall trend points to homes selling faster across the UK, there are regional variations in how the market is performing. Major cities such as London, Manchester, and Birmingham have seen particularly high levels of demand, pushing sale times down significantly. In these areas, the competition for properties is fierce, and homes are often being snapped up within days of hitting the market.
You can see the most expensive places to buy a home in the UK here.
On the other hand, more rural areas and smaller towns are experiencing a steadier, though still positive, increase in sales activity. These regions have also benefited from the easing of mortgage rates and improved pricing strategies, though the demand isn’t as intense as in urban centers. As remote work remains a viable option for many, there is still a steady interest in properties outside of major metropolitan areas, contributing to quicker sales nationwide.
Impact of New Housing Stock
Another factor contributing to the quicker sale of homes is the availability of new housing stock. Several new developments have come to market in 2024, adding fresh inventory at a time when demand is high. These new builds, which often come with energy-efficient features and modern amenities, are especially attractive to buyers who may be concerned about future utility costs or the need for costly home renovations.
The addition of new housing options also helps reduce some of the bottlenecks in the market by offering a wider variety of homes to choose from. This diversity in housing stock, combined with competitive pricing and mortgage accessibility, is helping to speed up transactions as buyers find homes that meet their needs more easily.
The Role of Buy-to-Let Investors
Buy-to-let investors are also playing a role in the quick turnaround of property sales. With the rental market remaining strong, many investors see the current housing market conditions as a prime opportunity to expand their portfolios. Lower mortgage rates and the potential for long-term rental income make it an appealing time for landlords to purchase additional properties.
As a result, buy-to-let investors are snapping up homes that are suitable for renting, contributing to the overall speed at which properties are being sold. This has been particularly noticeable in cities with high demand for rental properties, where investors are keen to secure homes before the market becomes more competitive.
Outlook for the Rest of 2024
Looking ahead, the trend of homes selling faster is expected to continue, especially as we move into the final months of the year. Buyers are eager to finalise purchases before any potential economic changes, and sellers are motivated to close deals before the holiday season slows down activity.
However, experts caution that the market may face some uncertainty in early 2025, depending on how interest rates and inflation evolve. While the current environment is favorable for quick sales, any shifts in these key factors could influence how the housing market performs in the near future.
In summary, October 2024 has seen a notable increase in the speed at which homes are being sold across the UK. Improved market confidence, easing mortgage rates, and more realistic pricing from sellers have all contributed to this surge in activity. As the housing market adapts to these conditions, both buyers and sellers are benefiting from quicker transactions, making this an exciting time for the UK property market.
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