House Sitting: Ultimate Guide to Home Care and Security

Table Of Content

• Rightmove: Seaside Town Is UK’s Housing Supply Hotspot
• August: Price Falls Fail To Ease Affordability Pain – Nationwide
• December: Nationwide: Average UK Property Price Hits Record
• August: Differences Emerge In Direction of Price Growth Travel
• August: Halifax Logs 2.4% Fall But Cites Market Resilience
• February: Asking Prices Stall As Market Pauses For Breath

“The disparity between the housing market and the financial climate could be explained by the time it takes to purchase a home. It generally takes between six and 12 weeks to complete the buying process, so the market isn’t always reflective of the current situation – many people will have started the journey before they felt any financial pressure. However, according to Nationwide’s survey, 17% of those moving or considering a move said they were doing so at least in part to reduce spending on housing by either moving to a different area and/or to a smaller home. Mr Gardner also forecasts a slowdown in housing market growth as the rest of this year plays out. The average price of a UK residential property rose to a record £249,700 in March this year, according to the latest data from Zoopla.

Rightmove: Seaside Town Is UK’s Housing Supply Hotspot

However, December’s fall – the fourth in a row – was less pronounced than the 2.4% recorded in November, even when factoring in the traditional market slowdown over the festive period. Hamptons said that the hike in the average amount of money people have made on their property has been driven by an increase of larger homes being sold last year. Property portal Rightmove says the average asking price of property listed on its website this month is up by 0.9% (or £3,301) compared to December, writes Laura Howard. Outside London, they stand at an average of £1,172 a month, an almost 8% increase compared to a year ago.

August: Price Falls Fail To Ease Affordability Pain – Nationwide

To ensure that your house sitting experience is a success, it's essential to establish clear guidelines and expectations, both as a house sitter and as a homeowner. According to ERI, the average annual cost of caregiving across the nation is $32,917, equivalent to an hourly rate of $16. It's important to note that this calculation assumes the caregiver functions as a full-time employee.

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December: Nationwide: Average UK Property Price Hits Record

Although average asking prices have been falling since May, many sellers are cushioned due to significant house price inflation in recent years. However, this slight improvement is not expected to make much difference for many borrowers. Affordability remains a major barrier for a significant portion of potential buyers with the level of house prices and the cost of mortgage repayments at their highest in years.

August: Steep Fall In Property Inflation Rate But Average Price Still £20,000 Up On June 2021

It also warned of double-digit inflation levels for the UK by the year end and that a recession was likely. “Firstly there is the considerable hit to people’s incomes from the cost-of-living squeeze,” said Ms Kinnaird. “The 80% rise in the energy price cap for October will put more pressure on household finances, as will the further increases expected for January and April. August’s price rise was described as “relatively modest” by the lender compared to the average figure of 0.9% recorded over the past year.

August: Differences Emerge In Direction of Price Growth Travel

The average UK house price grew by 10.8% in the year to April 2022, taking it to a record high of £286,079, according to the latest house price index from Halifax. In Scotland, growth was also slower relative to the rest of the UK, with annual inflation at 8.3%. It found that every region in the UK has seen annual rental growth, while every region with the exception of the North East (where rents fell in May by 0.7%) has seen monthly rental growth. House prices increased by 15% for detached properties, compared to 8% for flats.

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For those looking to buy a first home, Halifax says the average cash deposit is now £53,414, around 19% of the purchase price. Within England, the North West had the highest annual percentage change in the year to December with an increase of 1.2%. The rise is higher than the 22-year historic average of 1% for March, according to Rightmove, and is the biggest jump since May 2023). She added that financial markets have also become ‘less optimistic’ about the degree and timing of Bank Rate cuts, as core inflation proves stickier than generally expected. Includes Cost of Living compares for child care, utilities, transportation, health, taxes, housing for home owners vs renters, weather, insurance premiums and so much more. Warmish weather year-round means heating bills are never high but come summertime, expect to keep your air conditioning blasting.

Nationwide reported Wales as the strongest performing region, with house prices up 15.3% year-on-year, the highest rate of growth since 2004. Next best was Northern Ireland (14.3%), followed by Yorkshire & Humberside (12.3%), then Scotland (11.6%). However, Mr Gardner added that the outlook for the property market remained “extremely uncertain”.

February: Asking Prices Stall As Market Pauses For Breath

As a professional house-sitter, you should have rates for various types of visits.This includes a daily visit, drop-in visit, and 30-minute visit. However, generally, you’ll simply need a daily rate for house sitting.Perhaps, you could give the client a discounted rate for more extended stays, such as weekly or monthly rates. This can incentivize them to have you stay for a longer period of time.You may also charge more for any additional time requested that wasn’t originally agreed upon, such as emergency visits.

Negative equity is when the value of a property falls below the amount someone borrowed to pay for it. Effectively, they’re left with an asset worth less than the debt secured against it, leaving them unable to sell it to clear the debt, and potentially struggling to remortgage. Significantly, the number of buy-to-let mortgages in arrears was up by almost a third (29%) during the same period. Average asking prices in the North West and West Midlands were most resilient, falling 0.5% in both areas. Prices usually fall in the run-up to Christmas, but this month’s drop is steeper than the 20-year average 1.5% fall in December.

However, borrowing costs were higher back then, says Mr Gardner, with Bank Rate at 4%, compared to 1% currently. Annual growth was slowest in London at 6.3%, yet the cost of a home in the capital still stands at a heady £541,942 on average. Mr Johnson has proposed that housing benefits could be counted as income for would-be buyers when applying for a mortgage.

However, UK Finance forecasts that gross mortgage lending will increase again to £313bn in 2023 due, in part, to a post-pandemic resurgence in homemover numbers. As a result, the BoE has revealed that it is now considering removing the affordability stress test element of the mortgage application procedure. It said it will set out a consultation on reforming the existing lending rules early in 2022.

House prices fell by 0.1% in May compared to April, when they grew by 0.4% on March’s figure, according to today’s figures from Nationwide building society. She added that low levels of unemployment could bolster current prices, especially if wage growth is brisk in the coming months. However, Rightmove says those who can afford higher mortgage costs are determined to move. It found that the number of buyer enquiries to estate agents in the last two weeks is 6% higher than the same two weeks in pre-Covid 2019.

And over half (53%) would consider downsizing to help their children financially through their student years. “Activity in the more expensive price brackets continues to hold up strongly, so we expect to see a higher than normal spend in 2022. That said, it’s difficult to see how spending next year can match the extraordinary levels of late across the market as a whole without such a mix of strong drivers. According to Rightmove, the amount of fully available housing stock for sale hit a record low in December. The portal added that valuation requests were up 19% on the same time a year ago, suggesting more people will be making a new year resolution to move.

The annual rate of house price inflation has been declining since July 2022, when it hit 13.8%. However, December’s figure of -1.4% was up from the -2.3% recorded for the 12 months to November. Scottish house prices remain in positive territory, according to Zoopla, rising 2.2% annually (average house price is now £162,600).

Edinburgh underwent the smallest year-on-year price increase, outside London, of 4.3%, while Aberdeen was the only UK city where average house prices have dropped year-on-year, by 2.5%. Those buying for the first time without the benefit of equity rises in an existing home, face a double-whammy of record prices and rising interest rates. Rightmove calculates that mortgage payments are now 20% (or £163) higher every month in June compared to the start of the year. Despite increasing economic headwinds, characterised by soaring inflation and rising interest rates, combined with a cost-of-living squeeze, Zoopla said that the housing market had remained resilient.