12
www.asian-voice.com
AsianVoiceNews
AsianVoiceNewsweekly
23 - 29 July 2022
Recycling your Money
W
e are in interesting times. Currently we are in a high inflationary environment, with relatively low interest rates. One way to look at interest rates is to say the rates have gone up 500% within a 2-year period. Another way is historically we are still in a low-rate environment. What’s more interesting is the real interest rate, which is the nominal rate minus the inflation, is actually negative. What this means is if you take out a 100K loan now, it may cost you about 3% but next year your debt would have shrunk to roughly 90k due to inflation. That is an interesting concept. Normally in a high inflationary environment interest rates are hiked to combat inflation. We are in a unique situation where the interest rate is still extremely low, and we have high inflation. As time goes on there will be many businesses which will suffer, and the consequences will be empty commercial units. The bigger margins are to be had outside of London. As there is still too much money and too many players floating around in London. Note this is a 500-year-old property market, attractive not just to national investors but across the world. Recently we had a meeting with a Bollywood connected producer, who wanted to wind down his properties in Mumbai and start investing in the UK. London properties are attractive, for reasons of a transparent and reasonably clear market. And I think Indians and many others like the idea of owning a piece of London real estate. This is egotistical, as they ruled us, so now we
Suresh Vagjiani Sow & Reap Properties Ltd
own them mentality. It also gives them bragging rights. Empty commercial is no good to the Jersey owned property funds, as they have stopped producing income. This was the premise they had been bought. Now from an income producing asset they have become a liability. The insurance for a vacant building is hiked, and the rates still need to be paid. Therefore, they will be disposed of quite probably by way of auction. The key to unlock this asset is by repurposing it as residential. This is done through Permitted Development and not planning, an important distinction. Rather than selling on, it would be better to refinance on a 5 year or longer fixed rate, and then refinance out your initial funds. The demand for rental is strong and should increase. Nonetheless it would be prudent to take out a rent guarantee insurance for some protection. A small price to pay for peace of mind. This protects one from the tenant deciding not to pay, and the legal fees involved in the eviction process. Once this cycle is complete the aim would be to do this again and again, until the game changes.
Your ambition. Our expertise. CONTRACTS
BANKING SECURITISATION
COMMERCIAL PROPERTY
CORPORATE COMMERCIAL
RESIDENTIAL PROPERTY
EMPLOYMENT LAW
FAMILY LAW
PERSONAL INJURY
DISPUTE RESOLUTION
PRIVATE CLIENT
IMMIGRATION LAW
WILLS AND PROBATE
+44 (0) 20 8951 6989 enquiries@axiomdwfm.com FOLLOW US ON
axiomdwfm.com
LONDON
BIRMINGHAM
EDGWARE
BRISTOL
101 Wigmore Street London, W1U 1FA 1 Spring Villa Road Edgware, HA8 7EB
12-22 Newhall Street Birmingham, B3 3AS The Orchard Street Business Centre Bristol, BS1 5EH
Offering market leading solutions with Speed and Flexibility n the specialist finance world – and with our services, specifically two key elements are prioritised. Speed and flexibility. Especially given how competitive the current market is, both are crucial for property investors of all shapes and sizes. Buyers are chasing an ever-dwindling supply of homes. There is believed to be nearly 30 prospective buyers for every residential property sold in the UK. In some parts of the country, one in five homes are being sold within two weeks of listing. The relentless pace of this business may be disheartening for buyers, but we’ve got them covered. We respond to queries within hours and can have funding issued in as little as three days. We know from the moment we’re contacted; the race is on. We’ll do everything we can to help an investor lock in an opportunity before it’s too late. Flexibility is the other side of that coin. Being quick won’t matter much if you trip up at the first hurdle. All of MFS’s products are tailored
I
to the borrower. We accept investors from all kinds of backgrounds, and we’ll have nothing to do with tick box lending. We thrive on the complex, with no case ever dismissed outright for being too complicated. Got a buyer based abroad who wants to refurbish a derelict commercial space for renting out to students? We can work with that. This flexibility has proven important to our clients who are seeing mainstream lenders becoming stricter. In recent months, several banks have tightened their lending criteria. Any blip in a buyer’s background could ruin their chances on the high-street. We’re not like that. We know life is complicated and we look at more than just the client’s financial background. In assessing a
PARESH RAJA CEO Market Financial Solutions buyer’s needs, we’ll assess their entire history, the investment in question’s potential, and the wider economy. With over 15 years in the business, we’ve been around the block. MFS has seen it all and lent throughout various economic cycles. In good times and bad, we’ve adapted to support our clients and we’ll continue to do so in the face of any economic chaos coming our way.
‘With over 15 years in the business, we’ve been around the block. MFS has seen it all and lent throughout various economic cycles. In good times and bad, we’ve adapted to support our clients and we’ll continue to do so in the face of any economic chaos coming our way’
AsianVoiceNews
AsianVoiceNewsweekly
www.asian-voice.com 23 - 29 July 2022
13
This too will p pass he cost-of-living crisis is now beginning to bite, prices are rising, and in some cases going through the roof, wherever you look. From the cost of borrowing, fuel, energy, and in totally unexpected areas like our everyday y y shopping. pp g Those on a lower income suff ffering the most. But with inflation rising faster than wage growth for the vast maj ajority of people, even high earners are seeing the value of their income drop. It is estimated that a family of four must spend at least £500 extra in a month to maintain their standard of living. Inflation is rising above the government’s target of 2%. What are the key reasons that have caused the cost of living to rise so dramatically? A few factors are: u Pandemic related restrictions on movement and work absences had a significant impact on the global supply of goods and services. Demand for certain goods during lockdown increased rapidly and then once lockdown eased, supply chain simply could not keep up with demand and expectations, result lting in prices rising. u The overwhelming post-pandemic demand for goods made it impossible for shipping companies worldwide to deliver on time, so retailers must pay a lot more to get goods to their stores. u Russia’s invasion of Ukraine led to food and energy supply issues. u UK wage increases and higher national insurance contributions increased the cost of goods and services. u Globally, oil and gas prices have risen, resulting in fuel costs spiralling out of control. u The increase of the energy price, set by the regulator Ofgem in April, automatically resulted in everyone having to pay more for their energy.
T
What does the immediate future hold? Both landlords and tenants will expect finances to be difficult throughout the remainder of 2022 and, possibly most of 2023, resulting from everyone having to spend more of their disposal income on energy bills, fuel costs, food, and general living. Many tenants are going to find it harder to afford to pay their rent. Landlords will find it difficult to raise rents in line with inflation, and this could be detrimental because: u The increasing cost of property maintenance and repairs will reduce profits. u Rental profits will be worth less in real terms. Although the next few years might be difficult, the Bank of England expects inflation to fall in 2022 and drop to 2% in a few years’ time. The Bank of England believes that the main cause of the current inflation will not continue. Property rental businesses will emerge from the current cost of living crisis in good shape, but there are actions that are required now, to achieve this. Increasing Rents Every landlord strives to manage their property portfolios to the best of their abilities. Increasing rents on your properties is likely to be challenging for both the tenant and the landlord. The
Chartered Acccountants with A a hands-on approach Kira ran D Pa attel BA (Hons) FCA, BA Directorr,, Albury Associates, Chartered A Acccountants financial strrain this will put on your tenants whiilst the need to balance investment profitably to remain financially secure s yourself lf is always going to be difficult lt. What is important in this situation is to be mindful of your tenants nee eds and ensure that you communicatte effectively with them. Being hone est with your tenants is paramount. If you must increase your rent to covver your own increased running costts, provide as much notice as possible and offer any support that may be available to them. No landlord wants to lose a good tenant! Check king Yo Your Own Costs With pricces rising so quickly, it is always wortth ensuring that you review your expend diture on a regular basis, at least monthly. Keep a careful note of what is going out each month and review it ca arefully for trends, taking action where it is necessary to do so. Planning ahead is significant. Yo You may not be able to achieve the returns that you desire n now but fixing certain costs for the next 112 months or so will enable you to ride through the difficult lt times ahead. If you h have not reviewed your mortgage re ecently, y or y your current deal is coming to o an end at any time within the next two t years, it is worth contacting your mortgage adviser. Although, you y may have to pay a penalty for leaving your existing commitmentts, the long-term savings do need to be explored. Thinking outside the box will help. Lon ng Te Term Prosperity It will be e naïv ïve to think that shortterm gains will w be achievable in the Buy To Let marke et. The investment property market hass always been able to provide long-term prosperity and profitability. However, anyone investing with a short--term view is more likely to incur losses on their investments. The current economic climate should be considered as a storm that will pass. Managing ca ash flow and keeping costs down as we ell as ensuring that tenants are financially stable enough to continue occupying your property are the key to successfully sailing through these choppy times ahead and returning to profitability and returns, to which you have become accustomed.
We are here to We help turn your crisis into opportunity! We understand the financial needs, concerns and challenges that all businesses face. Our services are about more than just accounts, they are about supporting your business to make it more efffficient and competitive in your market. We can provide you with financial and management expertise as well as practical advice and help whenever you need it. This is what we're really about.
W HA AT TEVER YOUR BUSINESS, WE CAN HELP CONT TA ACT US 2nd Floor, One Hobbs House, Harrovian Business Village, Bessborough Road, Harrow HA1 3EX Te T elephone: 07710 989 926 / 020 8051 5865 E-mail: kiran@alburyassociates.com
14
www.asian-voice.com
AsianVoiceNews
AsianVoiceNewsweekly
23 - 29 July 2022
Making Ta Tax Digital for landlords a Help or Hindra ance he combination of Making Ta Tax Digital (MTD) and Income Ta Tax Self Assessment (ITSA) and the requirements it places on landlords has once again brought the subj bject of incorporating your property portfolio to the fore. When MTD for VA VAT was introduced, we were given a long lead time before it came into force, but there was still a big disruption and many businesses were unsure about what was needed and the benefits it could give them. The time for introduction of MTD is now upon us. With the introduction of MTD for ITSA, the impact on everyone is going to be significant g but many y landlords in particular will be impacted. MTD for ITSA is sure to come as a shock to many individuals that privately own rental property as income from furnished holiday lettings, commercial property and non-UK properties are included too. Those people who have inherited a single property they offer for rent may not even be aware that in the eyes of HMRC they’re running a business, and that MTD for ITSA may apply to them. Many smaller landlords tend to keep basic accounting records, if they keep any at all. Some may not even declare their income, while others may not correctly understand how property rental income is taxed. For those within its scope, the headline rules of MTD for ITSA are as follows: • Soft ftware compatible with MTD for ITSA must be used for accounting, relating to income tax. • The individual must register for MTD for ITSA before 6 April 2024.
T
DA DA AV VID WHITE Joint Managing Director at Charterhouse
•
Yo Y ou will no longer need to send a Self Asssessment return for income tax, alth hough one might still be needed in some cases to report other kinds of income outside the scope of MTD for ITSA. • Yo You mu ust provide HMRC with quarterly y updates using software that deta ails all property income (any sole trad der business will also require a quarterly update of its own). • By 31 Ja anuary following the end of the tax year, y you must use software to provide HMRC with an end of period sttatement (EOPS). • By 31 Ja anuary following the end of the tax year, y you must use software to provid de HMRC with a signed final declaratiion of all your income. • By 31 January, you will need to pay the balance of any tax and National Insurance contributions due. Whilst this process may seem complex, with w the right systems it is straightforward and is something we can easily help you with. To fin find outt more about MTD TD fo for ITS TSA, or how to t in incorp rporate a property o ty portfo folio o contact us or call Davi vid White Wh e on 020 8863 63 4566. http tps:/ ://www. w.chart rterr-house.net/ t/arti ticle/m /mtdforfo r-land dlords-a-help-orr-hindrance
ICICI Bank UK PLC to facilitate home loans in India for Indian diaspora based in the UK CICI Bank UK PLC is now facilitating home loans in India through its parent, ICICI Bank Ltd India (ICICI Bank), for NRI (Non Resident Indians)/Overseas Citizen of India (OCI)/ Persons of Indian Origin (PIO) based in the United Kingdom (UK). With ICICI Bank’s PRATAP SINGH India home loans, Head Retail Banking UK & Europe, ICICI Bank UK PLC NRIs/OCI/PIO living in the UK can avail home loan to buy provisional sanction letter digitally, in properties in India (residential as well just a few clicks. The online platform as commercial) without travelling to provides customers an opportunity to avail competitive interest rates and India. ICICI Bank India has a portfolio of discounted processing fees. Currently, ICICI Bank’s interest pre-approved properties, accessible in India are competitive and rates online on www.home.icicibank.com that makes the selection process developers too are offering lucrative easy and efficient. ICICI Bank UK PLC deals and schemes on properties. has a dedicated team based in the UK The currency conversion between to assist homebuyers who are looking a Pound Sterling and Indian Rupee is to avail a home loan in India. at present much better for a Rupee Customers can also transfer their buyer as against a year ago, which existing loan from other lenders to further weighs in favour of buyers ICICI Bank or avail a loan against living in the UK. their existing property. All of these factors make it a great ICICI Bank has also enabled its time for NRIs to purchase their dream online platform for salaried customers home or expand their real estate (applicable to NRIs) to avail a portfolio in India.
I
Customers can get in touch with ICICI Bank UK PLC branches, or can also visit our website www.icicibank.co.uk or drop an email at nrihomeloansuk@icicibank.com to request a call back.
Opportunity to Buy Well Established Business of Property Management Based in Birmingham (UK) Current gross income £150,000 P.A. plus Well established contract Full Training given if no experience, Owners retiring Offers invited around £398,000 invited 50% Loan Available. Other option to buy 50% share holding in the company. Subject to terms and conditions Contact: Paul Nischal +44 7973 153 037 paulnischal@yahoo.com
International Business Consultants
AsianVoiceNews
AsianVoiceNewsweekly
www.asian-voice.com 23 - 29 July 2022
15
16
www.asian-voice.com
AsianVoiceNews
AsianVoiceNewsweekly
23 - 29 July 2022
Mortgage Matters hat is your advice to first time buyers or anyone taking out a mortgage?
W
* Make sure you are registered with
your local authority on the voter’s role as it is one way to determine your proof of address.
* Aim to have a clean credit score. It is
advisable to use a reputable credit rating agency and check the status of your credit worthiness. If there are any anomalies or errors, you should aim to rectify these.
DINESH SHONCHHATRA Mortgage & Protection Adviser, Major Estate
* Have a current bank account. * Avoid having too many loans and
based on their circumstances and needs. Brokers use a special software to source the best rate and the maximum amount that you can borrow based upon your circumstances. hat advice would you give to someone who is visiting the broker for the first time?
W
* Check if they are registered with the Financial Conduct Authority (FCA).
* Some brokers may charge a fee and you should clarify that at the outset with the broker. Are they refundable?
* Do they deal with a limited number of lenders, or do they source from the whole of the market?
* Ask
for their combined initial disclosure documents (CIDD) terms of business / scope of service
credit cards as these may affect your borrowing.
What is a mortgage? A mortgage is a loan from a lender such as a bank or building society that enables you to purchase a property. It is a secured loan on your property. hat are interest only repayment mortgages?
W
and
* Interest only - the amount you pay covers only the interest owed. With this type of mortgage, your capital remains outstanding. At the end of the term, you will need to pay off the full outstanding balance. This means you will need to have planned for some means of paying off the balance from your savings, ISA or other investments.
* Repayment - The amount you pay includes the capital, which is the amount you borrowed, and the interest charged by the lender each month, so by the end of the mortgage term the full capital gets paid, and you have repaid your mortgage.
ow can someone know how much they can borrow?
H
* For
employed people, income verification is required. Generally, they are payslips, bank statements, P60, bonus, overtime, or any other income proofs. Most lenders will generally lend between 4 to 5 times of a joint income.
* Self-employed people will require
two years’ accounts and SA302s. It can sometimes be done based on one years’ accounts subject to terms.
* There are special mortgages for daily rate contractors and for professionals such as dentists. hy would clients go to a mortgage broker and not go direct to the bank or building society?
W
Instead of a client going from one bank to another, a broker is a one-stopshop who can provide them advise
s there any key action you would recommend to existing borrowers?
I
* If you are on a variable rate, make sure you contact your current lender to review and ask them for a new deal. Many clients are on a higher variable rate of which they are not aware! You can phone the same lender and ask for a new product which could save you significant amount of money without any underwriting.
* If you are on interest only mortgage,
see if you can change to a repayment mortgage otherwise when your term comes to an end, you could risk having to sell your property or downsize as the amount of loan owed is still outstanding.
* Make sure your mortgage does not pass through your retirement age.
* Make sure you have life insurance /
that mortgage must be paid. hat is life insurance and why should people consider it?
W
* Safeguarding or protecting loved
ones and dependents financially in the event that you unexpectedly die and leave them behind is by taking out life insurance. Note, life insurance is not a savings or investment product and has no cash value unless a valid claim is made. There are other types of mortgages such as buy to let, let to buy, shared ownership, help to buy and limited company mortgages. Also, if someone has credit problems these can be looked at.
For more information, Contact Dinesh Shonchhatra: Tel: 0208 424 8686 or Mobile 07956 810647 or email mortgage@majorestate.com. Major Estates Financial Services is well established with over 32 years’ experience and a track record of success, offering expert mortgage advice from our inhouse independent mortgage advisers. For more information, contact Dinesh Shonchhatra: call 0208 424 8686 or mobile 07956 810647 or email mortgage@majorestate.com. “Your home may be repossessed if you do not keep up repayments on your Mortgage”
protection cover in case of death so
OWN YOUR DESIGNS FOR LESS
Outdoor TILE SEASON NOW ON
Spector Constant & Williams is a multidisciplinary law firm which delivers ers exceptional service combined with h pragmatic legal advice. We approach our clients’ nts’ business and legal needs as if they were ourr own. Dedicated to providing entrepreneurial, eurial, commercially minded and innovative tive solutions, l ti our experienced i d solicitors li it rs are leading experts in their fields.
Newstone 2.0
Grey
Graphite S E N I O R A S S O C I AT E
A S S O C I AT E
A S S O C I AT E
Jaz Tott
Sophia Rawji
Nisshi Sumaria
£26.49 per SQM
www.tiles-direct.com
scwlegal.co.uk
www.asian-voice.com
AsianVoiceNewsweekly
AsianVoiceNews
23 - 29 July 2022
17
Property market will ride out the storm Paresh Raja - CEO Market Financial Solutions Commercial properties are also pushing forward. Strong performance in the market is being driven by the need for industrial, logistic and retail warehousing space.
T
he property market continues to defy the doomsayers. For months now, pundits have been predicting that crashes are just around the corner, but the numbers simply keep going up. Average house prices in the UK hit a record high of £294,845 in June, according to Halifax’s latest house price index.
Commercial properties are also pushing forward. Strong performance in the market is being driven by the need for industrial, logistic and retail warehousing space. Demand across the property spectrum has been affected by a range of economic factors – some good, some bad. The question is, how long will this last and is it sustainable? I think there’s still plenty of room to grow, even with some rocky roads ahead of us. In the short term, buyers and investors may be spooked by changes coming from the state. We’re in the process of welcoming a new Prime Minister. This raises all sorts of questions about what could be on the horizon. If there’s one thing markets of all shapes and sizes
don’t like, it’s uncertainty. Also, the rhetoric put out by the government and legislators in recent months hasn’t exactly been comforting. Property developers have been accused of cartel-like practices, while planned legislative and tax changes are set to make things tricky for landlords. When you add in skyrocketing inflation, an energy crisis, supply chain issues and even war – many may wonder if they’ll ever be light at the end of the tunnel. But, over the long-term, we should remember that basic supply and demand trumps most temporary difficulties. And there’s plenty of demand for property.
The UK is desperate for investors to bring more housing supply to the market. It’s believed there are 29 prospective buyers for every residential property sold in the UK. We’re also not building nearly enough homes to replenish stocks. Around 300,000 homes need to be built every year to keep things sustainable. The latest data shows this target has been missed by a whopping 40%. Residential investors may do well where they supply desperate house hunters with attainable, desirable homes. The commercial market also seems to have brighter days ahead of it. Despite everything thrown at it, the tenacious UK
SALES ~ LETTINGS ~ MORTGAGES S ~ INS IN NSURAN NCE CE
Celebra ra at ting 32 years in Pr ro oper rt ty & Fina ancial Ser rv vices
MORTGA AG GES
PR RO OTECTI C ON
Residential Buy y to let Limited Com mpany
Life Insu urance Critical Illness cover Income protection
P Please contact Dinesh at M Major Estates
t: 020 8424 8686 / 07956 810647 e: mortgage@majo orestate.com
77 High Street, Wealdstone, Harrow,, HA3 5DQ mortgage@majorestate.com ~ majore estate.com Your home may be repossesed if you do not keep up repaym ments on your Mortgage
economy grew by 0.5% in May. With nearly 2 years of lockdowns behind them, businesses are desperate to bounce back from Covid. It’s believed 80% of businesses are planning to increase their workforce and according to Savills, there will be growing demand for prime office space over the coming months. There’s even opportunity outside of the obvious, with around £12bn of capital chasing science-related commercial opportunities in the UK. No one is denying the property market isn’t facing challenges at the moment. But for investors willing to push through, property is still plenty stable where it counts.
But, over the long-term, we should remember that basic supply and demand trumps most temporary difficulties. And there’s plenty of demand for property.
It’s believed 80% of businesses are planning to increase their workforce and according to Savills, there will be growing demand for prime office space over the coming months. There’s even opportunity outside of the obvious, with around £12bn of capital chasing sciencerelated commercial opportunities in the UK.
18
www.asian-voice.com
AsianVoiceNews
AsianVoiceNewsweekly
23 - 29 July 2022
Property market remains buoyant despite economic crises rticles and journals across the UK are discussing the increased cost of living and interest rates, and the fact that many schemes and reliefs which were previously available to help individuals and businesses are now being withdrawn. This has resulted in major concerns amongst individuals and businesses. Axiom DWFM hosted their quarterly Real Estate lunch in June which focused on the current market and where it is headed. Following Brexit and the pandemic, it was greatly anticipated that there would be a significant loss of business in the UK and that companies would not be given the opportunity to branch out or recover. However, this has not been the case. This year alone there were 59 new lettings in Central London from companies who have not previously been there suggesting that this is a healthy market for companies and investors to enter into with the aims of growing their businesses. Those with an appetite for risk have used this as an opportunity to start new businesses. Land is also now being used to develop new research facilities and sites producing sustainable and renewable energy sources as a result of an ever growing need for such premises in today’s market. Furthermore, despite the recent increases in interest rates, investors have not been deterred from entering the market and buying properties. Auction companies have seen that they are actually increasing their billings and that most domestic investors are looking to go into commercial real estate in an attempt to preserve their wealth. This is
A
KIMIYA TOOPCHIANI Paralegal, Axiom DWFM supported by the increasing property prices across the UK. This trend can also be seen with residential real estate as the average home price in the UK has risen by 9.8% in the last year. The market is growing and our team at Axiom DWFM is glad to be assisting both our domestic and international clients with their property needs, whether this be with beginning their journey into the market or helping them to continue growing their current portfolios. With the current Help-to-Buy Scheme ending in March 2023, we look forward to helping many first-time buyers exercise the opportunities currently available to them until a replacement is found. Our team of experts and professionals await to see what this will be and how to best help buyers and sellers in their process. Overall, we have seen that the average investor is hungry, determined and very much able to thrive in today’s market.
WEST TL LO ONDON B U S I N E S S PA P RK LONG DRIVE, GREENFORD, UB6 8UH 8
10 NEW BUILD INDUSTRIAL L / WAREHOUSE WAREHOUSE UNITS
TO LET: 5,400 - 60,000 SQ FT
AV VAILABLE AILABLE FOR SINGLE OR O MULTIPLE LTIPLE UNIT T OCCUPA PA ATION TIO ON www.westlondonbusinesspark.co.uk
Removable remedies: Top temporary decorating tips for renters Rental agreements can differ from landlord to landlord and it’s fair to say that some are more willing to agree to cosmetic changes than others. For those seeking to make home improvements but are struggling because of limits within their tenancy agreement, there are plenty of ways to make temporary changes without damaging the property. Here are LOVESPACE’s tips on sprucing up a rental property: Soft furnishings Cushions, curtains and throws are perfect for adding pops of colour to any room – although they are the most obvious choice. Choosing bed linen, bathroom towels and even tea towels to match the surrounding area are more unique ways to add depth to a room. Try matching bed linen with the shades of the carpet or curtains to create a sleep haven. Removable wallpaper and flooring When you don’t have the option of painting walls or changing flooring, it can feel difficult to give the property any personal touch. This is where the beauty of stick-on wallpaper and flooring comes in. Change handles When renting it’s unlikely you’ll be able to make major changes to key areas of the house like the kitchen. So, if the kitchen is looking dated it can easily be transformed into an inviting space by simply changing the handles. Chrome details can add a modern edge to kitchen
cupboards and should be fairly easy to change using a screwdriver. Add greenery Plants can quite literally breathe new life into a lacklustre room. Choose peace lilies which can thrive in low light conditions (perfect for flats) or opt for some succulents which require little maintenance. Not only can plants make a space more aesthetically pleasing but they also have lots of health benefits too. They can purify the air, relieve stress and improve concentration – perfect for those who work at home. Shop secondhand When moving into an unfurnished property, there is an opportunity to add personality to every room. Buying items brand new can be expensive, whereas you can pick up second-hand items for a more affordable price and sometimes even for free. Online marketplaces are a goldmine for preloved furniture and there are some unique pieces just waiting to be found. Clear the clutter If the furniture in your new property doesn’t quite match your decor plans or you’ve simply got too many belongings, popping it into storage can help to provide you with a blank canvas. Storing winter clothes, unwanted furniture and other seasonal items is a great way to achieve a minimalistic look. LOVESPACE provides self-storage with convenient collection and delivery straight from your doorstep across the UK.