House Sitting Rates: Pets, Overnights and Everything in Between
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In some areas of the country, affordability of homes has improved as wages have risen (on average by 7%) while property prices have cooled, with the average UK home costing £265,100 in July. And, while the availability of homes for sale has rebounded after a period of scarcity, mortgage-backed property sales are around 28% lower in 2023 as higher interest rates impact demand. Although there has been a rise in the number of new properties coming onto the market, with a 12% increase in the first week of September compared to the average weekly number in August, Rightmove reports sales are sluggish.
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On Thursday this week, the Bank of England will announce the latest Bank rate, which determines interest rates generally. Currently standing at 2.25%, analysts believe it might increase to 2.75% or even 3%, adding further upward pressure to mortgage rates. Mortgage lenders responded by withdrawing deals and raising rates, with fixed rate mortgages rising above the 6% mark for the first time since 2008 – the depths of the previous financial crisis. House price growth in the year to October tumbled to 7.2% from the 9.5% increase logged by Nationwide building society in September, writes Kevin Pratt. Zoopla also reported a lag in sales volume — down 28% compared with October 2021, and on-par with pre-pandemic figures. Scotland’s Aberdeen was the only city where house prices dropped in the year to October, decreasing by 1.1%.
Increase in first-time buyers
House prices fell 2.4% in the year to July, according to today’s house price monitor from Halifax, the UK’s biggest mortgage lender. Northern Ireland remains the cheapest country in the UK to purchase property with average prices at £174,000. Recording the eighth consecutive monthly fall in prices, the ONS clocked the annual rate of increase in June at 1.7%, down from 1.8% in May and 3.5% in April. He said mortgage approvals have been around 20% below the (pre-pandemic) 2019 average in recent months. In the first half of 2023 the number of completed housing transactions was also nearly 20% below pre-pandemic levels. Prices have risen at this time of year in all but three of Rightmove’s September reports since it began the house price index in 2001.
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This report is likely to put further pressure on prospective house buyers who are already facing higher interest rates and inflationary increases in everyday spending. The annual increase in property prices had previously slowed from 11.3% in the year to February 2022 to 9.8% in March. According to Halifax analysis, homes in London remain the least affordable in the UK, costing 9.7 times what the average Londoner earns in a year. Homes in the South East of England were only slightly more affordable, at a price-to-earnings ratio of 9.3. House prices in the South West have grown 14.7% year-on-year, closely followed by East Anglia, where the average price has risen by 14.2% in the last 12 months. South West England has overtaken Wales as the UK region with the strongest annual price growth.
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Most of the sites require a subscription, since you are likely going to need to move from job to job over time and will reuse the site. But, some jobs are extensive enough in terms of care that you will be offered a stipend. It is also possible to be rewarded for doing a good job with a tip at the end of the stay. Let friends, family and coworkers know you are thinking about becoming a housesittter, and ask them to give you an opportunity to prove yourself, along with a recommendation that will help you get your next position.
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Regionally, South West England experienced the sharpest monthly drop, with average property prices declining by 3.4%. In London, prices dropped 2.3%, while the South East saw a 2.7% monthly decrease. Several UK regions also recorded annual high price growth that exceeded the national average. Top of the list was Wales (9.2%), followed by the south-west of England (8.5%), the West Midlands (8.4%) and the East Midlands (8.3%). “While financial market conditions have settled, mortgage rates are taking longer to normalise and activity in the housing market has shown few signs of recovery. Rightmove says it expects the full effect of affordability constraints and last year’s mortgage rate rises to hold back some segments of the market in the first half of the year.
Last month also saw a ‘full house’ for first time since March 2007, according to Rightmove’s latest house price index. This means that price records were reached across all regions of Great Britain and for all sectors of buyers – namely first-time, second-stepper and top-of-the-ladder. “But, while the market remained buoyant because of this, the months ahead will likely be more difficult as buyers may start to view the market with caution. We have already seen the much publicised sub-1% mortgage deals begin to disappear, and a rise in interest rates is certainly on the cards. Average UK property prices fell by 0.7% in December 2021, the second slight dip in consecutive months according to the latest data from Rightmove. Zoopla said buyer demand shaped the UK property market in 2021, with levels running on average nearly 16% higher than last year.
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Here’s a closer look at how the factors above can help determine a house sitting rate. However, as you build a client base, you’ll be able to increase your rates.You’ll be able to demonstrate your value to potential clients based on your client references and track record. Most sitters will have a different daily rate depending on how many pets they need to provide animal care for.For example, you may charge an extra $10 to $25 for each additional pet. The pay for house sitting can vary from city to city.For example, busy cities may pay more compared to suburban areas. Even check online house sitting platforms and local forums to see what others are charging.
Halifax acknowledged that leading indicators of the housing market have recently shown a softening of activity and that rising borrowing costs are adding to the squeeze on household budgets. Earlier this week, separate house price data from both the Nationwide building society and Zoopla also indicated a slight relaxation in the strength of the UK’s property market. Rightmove said it was common for house prices to fall during the month of August and that the latest drop was “on a par with the average of 1.3% over the last 10 years”. The property portal’s latest house price index showed that property values dropped by 1.3% month-on-month since July – equivalent to a fall of £4,795. The average price of property coming to market in October has increased by 0.9% on the previous month, according to Rightmove, writes Laura Howard. In the West Midlands, prices in the areas surrounding Birmingham have risen by 9.4% since January compared to 8.6% in the city, to £223,362.
The Bank will reveal its latest decision on the Bank rate, which largely determines the cost of mortgage borrowing, on 3 November. It currently stands at 2.25%, with some economists expecting another rise to 2.5% or 2.75%. Continued interest rate rises have prompted some homemovers to pause their plans but those with mortgage deals agreed have rushed to complete before their offer expires and they face higher rates.
In recent weeks, a raft of lenders including HSBC, Nationwide, Santander, and Skipton building society have pulled fixed rate deals and brought them back to market at higher rates. Four in 10 buyers (42%) report having given a 5% or higher discount on their asking price to secure a sale, up from 28% in February. Higher rates are expected to dampen demand as would-be buyers are obliged to stretch their finances further so that they can afford their purchase. House prices fell 3.5% year-on-year in June, according to the latest House Price Index from Nationwide building society. House prices are under the most price pressure in the South East of England, where prices have seen the biggest fall, by 3%. The number of sales agreed is now 12% below pre-pandemic levels (2019) thanks to a slowdown in June and July.
Separate figures published by the ONS today show that the annual rate of inflation, as measured by the Consumer Prices Index, has also risen to 5.1%. This is more than double the Bank of England’s target of 2% and marks the highest level in the last decade. Currently, more than three-quarters of homeowners are locked into fixed rate deals, so will be unaffected for the time being,” she added.
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