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Details: Published: 20 October 2020; Hits: 2038

Although the ban on evictions has now been lifted, there are certain measures and restrictions in place to protect tenants as we head into winter.

Find out what’s changed for landlords, tenants and the UK rental sector.

From a recent survey, 12.5% of tenants reported that they had either missed rental payments or made alternative arrangements, with an additional 12% of respondents concerned about their ability to keep up with rent in the future.*

Notice periods

To recap on what’s been put in place so far, six-month notice periods will give tenants who are served notice the added security of having somewhere to live whilst they seek alternative accommodation or financial support.

These extended notice periods will be in place until March next year, except in extenuating circumstances where a landlord may seek possession sooner, including for anti-social behaviour or rent arrears that pre-date lockdown.

Now that repossession cases can be brought to court again, landlords and tenants should take it under advisement to establish a resolution privately – if at all possible – as cases are prioritised by level of urgency to manage the court’s backlog and this may delay the ability to come to an agreement.

For landlords, it’s also important to note that when making your case, you will need to disclose your tenants’ financial situation and whether they’ve been affected by the pandemic, as this will be a key consideration.

The government’s Christmas evictions truce

Dates have been announced by the government to prevent tenancy evictions over the holidays, meaning that bailiffs cannot be instructed to help landlords regain possession between December 11^th and January 11^th.

There will also be further guidance issued to bailiffs, preventing action to be taken where local lockdowns are currently in force.

Concerns from the lettings sector

Policy and Campaigns Manager at ARLA Propertymark – Timothy Douglas – has commented that over the past few weeks, the government have not been clear when providing updates on eviction processes but have instead drip-fed information to the public.

As a result, this has made it very difficult to respond and plan ahead, with Douglas further stating that the UK government are introducing measures that are difficult to implement; especially when faced with rapidly changing local lockdowns.

If you’re a tenant or landlord looking for clarity on how this could affect you, please contact us directly.

*Source: Goodlord survey, Letting Agent Today

Details: Published: 20 October 2020; Hits: 1846

From recent property exchange data, it has been suggested that buyers are seemingly ‘bored’ after the UK’s lockdown; leaving them eager to move on from the first half of 2020 and get on with their next property sale or purchase.

Since the end of August, reports suggest that there has been a 69% increase in property exchanges, which is a 20-month high for the sector.*

In areas where the property market was slightly slower to gain traction, such as London, this increase is an impressive 94% since restrictions were reduced. For which the majority of these exchanges achieved within 10% of the asking price.

Due to current conditions, prospective buyers are fearful of missing out on good deals, leading to an increased rate of accepted offers.

Key reasons you should be thinking about buying in October:

Spurred on by strong market conditions, we’re listing stunning properties at an incredible rate as sellers and buyers rush to make their next move

Starting the process now will give you just enough time to complete and be in your new home by Christmas, whilst taking full advantage of stamp duty savings

Due to lockdown, sellers are more motivated to reach completion and avoid delays, making them more realistic about the offers they’re willing to accept

Are you ready to see what’s currently on the market in your area?

We have implemented measures to help you safely and responsibly move in 2020. For more information on what practices we have in place, contact us today.

*Source: Knight Frank, Estate Agent Today

Details: Published: 20 October 2020; Hits: 1847

Rightmove have done extensive research into the effect that asking prices have on a property’s likeliness to sell.

Approximately 300,000 properties were brought onto the market this summer.

By September, 63% of properties that remained at the same price and hadn’t been reduced had reached Sold Subject to Contract (SSTC).

Whereas out of the 300,000 properties, only 32% of those that had come down in value had reached SSTC within that same timeframe.

This study confirms what we’ve long since known, that the asking price set for your home is a key determining factor in how it performs on the market.

When priced right the first time, Rightmove’s findings were that a house sold 26 days faster, on average.

As your leading local agents, we can ensure that your home is competitively priced.

Resident data expert at Rightmove – Tim Bannister – had the following to add: “This analysis shows just how vital it is that sellers listen to their agent when they recommend the asking price that the property should be listed at.

“If sellers are serious about selling, then starting with too high an asking price can cause unnecessary delays, and also make it a lot less likely they will actually find a buyer in the end.

“The temporary stamp duty holiday means more sellers are in a hurry to get a sale through conveyancing, and with this also taking longer at the minute a realistic asking price could soon end up being the difference between completing in time or losing out on the savings.”

Book your valuation today

We appreciate how demotivating it can be to experience delays when you’re excited to progress your property move.

That’s why our valuations take into consideration a number of different variables, such as the condition of your home and properties in your area, making us the experts who can confidently evaluate your home’s worth the first time.

Details: Published: 20 October 2020; Hits: 1890

No end in sight for sales market boom

There are a number of key reasons that make October 2020 an exceptional time to begin your next property transaction. Here are just a few examples to take your pick from:

Stamp duty savings worth up to £15,000
Mortgage approvals and sales at a 13-year high
5% annual property price growth – as reported by Nationwide
Buyers are keen to act immediately, leading to increased levels of accepted offers

Across the UK, many of us are experiencing restlessness with our living situations.

We’ve spent all summer cooped up, so it’s no wonder that as we head into October, we’re seeing a rising sentiment amongst buyers and sellers that now’s the time to take your property plans off pause and get moving again.

After their House Price Index revealed a four-year high price growth, Nationwide conducted further research to establish which regions are seeing the strongest levels of interest from Brits.

As the below research tells you, one in five homeowners (17.7%) are currently considering moving, with a further one in ten (9.9%) well on their way to completing on property transactions in 2020.

Homeowners who are either in the process of moving or are currently considering it as a result of the COVID-19 outbreak
Region	Considering moving	Moving
London	25%	17%
South West	21%	11%
West Midlands	20%	11%
East Midlands	23%	8%
South East	18%	9%
North West	16%	11%
Yorkshire and the Humber	18%	9%
East	14%	11%
Scotland	17%	7%
Wales	12%	10%
North East	11%	5%

With the market showing no signs of slowing down, what can you do to speed up your sale and ensure you are able to take full advantage of current market momentum?

An important part of the process is choosing who will represent your interests.

As the local property experts in your area, we’d hope you’d think of us first for your property interests, but there’s also the matter of finding the right solicitor or conveyancer.

Here are our tips for a seamless experience with your legal representative.

Respond quickly and clearly

We get it – receiving a request for different bits of paperwork can be off-putting.

After a long day at work, the last thing you’ll want to do is wade through files to find the right answers or items being asked for.

However, failing to respond promptly will only hurt your sale or purchase. Taking a week or two to respond can delay the whole process and risks pushing your transaction to the back of the line.

So, if at all possible, make sure you’re getting back to your solicitor within a couple of days.

Prepare before every call

There will be dozens of questions that occur to you along the way, so to maximise your time and build an efficient dialogue with your solicitor or conveyancer, prepare a list of questions before each phone call.

That way, you can avoid missing something crucial.

Be flexible

Having a fixed timeframe in your head can be a useful way to visualise and track your progress towards the finish line.

That said, it’s important to balance your wants and expectations with what is actually realistic.

A good agent will be able to help you determine this from the beginning.

For more information on how we help homeowners navigate the local market, contact us today for your valuation.

Details: Published: 10 July 2018; Hits: 3462

There can be nothing better suited to the internet than property, and hits to property websites far outnumber those of any other industry.

The ability to be able to search in the comfort of your own home, usually without having to provide any personal details, is certainly attractive and has transformed the way the public begins to look for their new home.

So will the internet replace traditional (or in our case contemporary) estate agency? It would certainly seem not.

Ultimately property search portals are regarded by buyers as a supercharged local property newspaper, with a fairly comprehensive selection of homes on offer.