estate agents

This two-minute read looks at parents’ integral role in helping young people get on the property ladder.


There’s one financial institution that never seems to go out of fashion, and that’s the dear old Bank of Mum and Dad (or BOMAD for people who like acronyms).

About half of all first-time buyers (FTBs) last year relied on BOMAD, with parents dishing out a record £9.8 billion to help their offspring get on the property ladder.1 The average contribution was £58,000. 

And in the past ten years, BOMAD has coughed up £54 billion, assisting 1.4 million buyers.2


What’s driving the trend? 

There’s certainly been a lot of talk lately about millennials and their spending habits.

TV property presenter Kirstie Allsopp sparked debate with her suggestion that young people ditch their gym memberships and Netflix subscriptions if they want to become property owners. (Ironically, Kirstie received a helping hand from BOMAD when she bought her first flat in 1996.)

Twitterstorms aside, there’s no doubt that wage rises have not kept pace with property prices over the years. 

The average house in the UK now costs more than eight times average earnings. In the mid-1990s, house prices were around four times average earnings.3

FTBs are also getting older. These days, the average FTB is 31. A decade ago, it was 29.4


Other influencing factors

Things were particularly tough for FTBs during the early days of the pandemic because of changes to mortgage availability. 

Most lenders withdrew their 95% loan-to-value products, heightening the need to call on BOMAD for help getting the deposit together.

However, the situation has since eased, and many 95% loan-to-value deals have been reintroduced. 

This news has been tempered by rising gas prices, interest rates, and inflation, so it’s swings and roundabouts for FTBs.


How do they find the money?

While some parents draw on existing savings, a growing number are downsizing and releasing some equity to their children in the process.

Rather than bequeathing all their wealth, many parents are deciding to share some funds sooner rather than later.


For up-to-the-minute news on the property market in Havering, contact us at Accord Sales & Lettings.


1 Source: Savills

2 Source: Savills

3 Source: Schroders/Bank of England, 2020

4 Source: Halifax Bank, 2021


Property portals have revolutionised the market, but can an algorithm replicate an astute estate agent’s experience, empathy, and enthusiasm? A two-minute read.

Here’s a statistic that sums up just how integral the internet is to buying and selling property these days: 98% of people start their home search online. (The other 2%, we presume, are still wondering what happened to Ceefax and Amstrad computers.)

There’s no doubt property portals have revolutionised things. Buyers relish the ability to instantly conjure up a selection of properties that meet their criteria, meaning platforms such as Rightmove and Zoopla generate millions of viewers a week.

If you’re a seller, you may wonder if it makes much difference which estate agent you go with to market your property. Won’t the internet do most of the legwork anyway?

Let us answer that question for you.


Market insight

Property portals provide a good general view of the local market, and an indication of asking prices. But a good agent knows what properties actually sell for. They’ll help you get the asking price right, so you don’t go too high (and deter buyers), or too low (and short-change yourself).


Genuine buyers

There’s no doubt property portals generate phenomenal web traffic. But there’s a difference between someone having a nosy at your home online and a buyer putting in a genuine offer. A proactive agent has a register of active buyers who are ready and serious, not time-wasters.


Thinking outside the box

Portals show buyers all the properties that meet their chosen criteria – but that’s it. A good agent encourages buyers to think laterally and look at properties that, with a little bit of imagination, could suit their needs. If you’re selling a property with ‘potential’, this is what you want.


Getting the sale across the line

Accepting an offer for your property is only the start of the process. Having a proactive agent who keeps the sale moving along until it’s completed will save you time and stress.



Savvy sellers who choose an estate agent with a good track record can enjoy the best of both worlds. The best agents utilise property portals, but they’re not the sole focus of their marketing strategy. Experienced estate agents use a host of strategies to get you the best possible price in a timeframe that suits you.


To find out more about our successful sales track record, get in touch with us here at Accord Sales & Lettings.


This two-minute read looks at why landlords end tenancies and the issues and implications around taking such a step.

From toxic tenants to financial friction – there are many reasons why a landlord might want to end a tenancy.

These reasons can include:

  • The tenant has breached their contract by missing rent payments, subletting, or trashing the property.
  • Relations between the tenant and landlord have turned toxic.
  • The property is in need of repair, and it would be easier and less disruptive if the property were empty.
  • The landlord wants to live in the property.
  • Financial reasons mean the landlord wishes to sell up.

Whatever the motive for wanting a tenant out, one rule applies: never act impulsively.

It’s easy to get hot under the collar if you discover your tenant is treating your property like a dump or a drug den.

And it’s understandable if your circumstances suddenly change and you want to take back possession of your property (it belongs to you, after all).

But ignoring your contractual obligations and letting your heart overrule your head could prove costly.


What you can do

Before taking any action, make sure you understand your legal position and, if in doubt, get professional advice.

The steps you take will be influenced by the type of tenancy, the length of term, and the notice period.

Your strategy will also depend on if the tenant has breached their contract (in which case you’ll need evidence) or if you have a different reason for wanting the property back.

Whatever you do, don’t blag it. If the case winds up in court, a judge won’t look kindly on a landlord who has cut corners and ignored procedure.


Have someone in your corner

Having a letting agent manage your property means you’ll not only have a great source of advice at your disposal, but they’ll also do the legwork.

What a relief to have someone else deal with head-banging, anti-social tenants or chase late rent payments.

When it’s your property, it’s difficult not to take things personally – and lose your cool.

Having a professional deal with situations in a measured and calm way means less hassle and often proves more effective.

With discussion and negotiation, it’s often possible to avoid messy court disputes and move the situation along quickly.


Get in touch with us here at Accord Sales & Lettings to learn more about our property management services.


If you’re experiencing financial difficulties, you may be considering selling your home. This is a very challenging decision and needs to be given some serious thought.

 In this two-minute read, we look at some areas to think about before you decide whether to sell your property or not.

 This piece is not meant to offer financial advice. We recommend speaking to a financial expert before making any big decisions.


Understand your debt

You probably have a mortgage and it’s important to understand whether selling your home will give you enough money to clear your debt. Releasing the equity in your property is only helpful if the amount you owe is less than the value of your home.

There are ‘good’ and ‘bad’ debts to have, and a mortgage – although a big financial commitment – is often considered a good debt. This is because your property’s value should increase over time. It is important to get an accurate valuation of your property to work out how much you may still owe on the mortgage after sale.


Can you afford to sell your home?

While selling your home is often a final option, you need to remember there are costs involved. For example, you’ll need to pay legal fees, estate agent costs, conveyancing costs, and possibly pay for repairs to the property before sale.

It’s not a simple process and can cost a lot, making your debt problems more challenging in the short term.


It takes time to sell a property

If you need cash to clear a debt quickly, keep in mind that property sales can often be a slow process. There are many things to consider first. For example, is the property ready for sale? Do you need to decorate or make repairs? What’s the current market like?


Are you sure?

You might be selling with plans to downsize to a more affordable property, perhaps you’re going to rent or move in with family. Remember, when you sell a property, it can be hard to get back onto the property ladder in the future.


We understand that selling due to financial challenges is a big decision to make and that’s why we encourage people to think very carefully about it. Mull over the three questions below:

Have you considered all the options?

Have you spoken to your bank about your mortgage payments?

Have you spoken to a financial expert or a debt charity?

They can help you to restructure your debt and give advice around whether selling your biggest asset is the right move.

If you have any questions about this topic, please contact us. We treat all enquiries with care and confidentiality.