Latest Property News

Welcome to the December edition of the Tristram's monthly newsletter, where we'll be sharing our updates and the latest news from the property market.

First up this month we take a look at what drives increased buyer and tenant demand this festive season. As the weather turns colder heading into the winter months, we give you advice on how to keep your home safe and well ventilated.

Finally, we take a look at how demand for the stamp duty holiday extension is rising, answering all your stamp duty and mortgage holiday questions.

We hope you enjoy this months edition. As always if you have any property queries please get in touch!

Robin Hood Beer & Cider Festival

7th - 10th October

Yes, you read that right, the beer festival will once again be mostly outside. It is at the Motorpoint Arena, but this is the Arena as you will have never seen it before.

Click here to read Robin Hood Beer & Cider Festival.

Wollaton Outdoor Adventure Park

Now until 2nd September

Missed the Traditional Rides Fair?... Never fear, the team has been working to create the Wollaton Adventure Park safely with Local leisure ltd. Aimed at younger children aged 3-9 they is plenty for them to enjoy.

Click here to read Wollaton Outdoor Adventure Park.

Nottingham Carnival Online 2020

Sunday 23rd August

Join the team to celebrate the magic that is Nottingham Carnival with all the usual carnival activities shared online. You will be able to watch on Facebook live, YouTube live and Zoom. All the details will be published on the Nottingham Carnival Facebook.

Click here to read Nottingham Carnival Online 2020.

Comedy at the Canal House

18th, 19th, 20th September

The Canalhouse Comedy Night features a mixture of established acts trying new material and new acts

Click here to read Comedy at the Canal House.

In a bid to improve the safety of tenants across the United Kingdom, the Electrical Safety Standards will mean that the electrics in properties should be safer and more uniform. Despite calls to delay the implementation of these new requirements, the government has made clear that landlords providing safe homes for their tenants is of upmost importance, even during the current health pandemic. The new electrical safety requirements will be applicable to all existing tenancies from April 2021.

If a landlord does not have an Electrical Installation Conditions Report in place for their new tenancies, the government can impose large fines and even prison sentences for non-compliance. Landlords must ensure that they take all practicable steps to meet compliance and be able to demonstrate this should any exceptional circumstances prevent them from complying.

If you are concerned about how the new regulations may affect your properties, please do not hesitate to contact us and we will be happy to advise you.

Law Update: Electrical Installation Condition Report Requirement

From 1st July the new Electrical Safety standards come into effect for new tenancies. Landlords will have to ensure that electrical installation inspections and testing are carried out for all new tenancies. The electrical inspection and testing must result in an Electrical Installation Conditions Report being produced by a qualified professional. This report must be provided to the tenant of the property, as well as the housing authority if required. Should a tenant request the report, landlords will have 30 days to provide this to them. Reports remain valid for a 5 year period, after which a new inspection, test, and report should be generated.

In a bid to improve the safety of tenants across the United Kingdom, the Electrical Safety Standards will mean that the electrics in properties should be safer and more uniform. Despite calls to delay the implementation of these new requirements, the government has made clear that landlords providing safe homes for their tenants is of upmost importance, even during the current health pandemic. The new electrical safety requirements will be applicable to all existing tenancies from April 2021.

If a landlord does not have an Electrical Installation Conditions Report in place for their new tenancies, the government can impose large fines and even prison sentences for non-compliance. Landlords must ensure that they take all practicable steps to meet compliance and be able to demonstrate this should any exceptional circumstances prevent them from complying.

If you are concerned about how the new regulations may affect your properties, please do not hesitate to contact us and we will be happy to advise you.

How to prepare your property for sale

With demand for property prior to lockdown soaring, there are sure to be plenty of motivated buyers once restrictions are relaxed, therefore now is an ideal time to prepare your property for a quick sale.

Kerb appeal
As is always the case with selling properties, a first impression can make or break a sale with a poorly presented property often putting off buyers before they have even set foot in the home. In the summer this is especially important as buyers will often drive or walk past a property before they decide to book a viewing. With the summer sun shining a light on any less-than-perfect parts of the exterior of your property, you should ensure that flowers are planted, weeds are pruned and lawns are mowed. Extra attention to details, such as ensuring that the front door has been cleaned and the windows are streak-free will pay dividends in your selling process.

Accessories
A neutral interior will appeal to a mass market and increase the scope of your property in terms of potential buyers, but if you are looking to make the most of the summer then don’t be afraid of colour. Using accessories to add pops of colour around your home that reflect the brighter summer season – such as burnt orange and lemon – will make your property stand out from the crowd in those all-important photographs.

Lights
When we think of summer, we all first think of sunshine and brighter evenings – so make the most of this light when presenting your home for sale. Get rid of heavy curtains and dark blinds, which can make a room feel smaller and prevent the light from entering a room. Buyers want to feel that rooms are bright and spacious, so if at all possible have windows and doors open throughout the house to create a light, airy feeling (as well as bringing in those fresh summer scents).

Set dress
Set dressing refers to the arranging of a room or space in order to paint a picture of the kind of lifestyle which could be enjoyed in your property. Never is it more important to set dress your garden than throughout the summer months, with potential buyers wanting to know that they will be able to enjoy the outdoor space which your home provides. Tempt potential buyers by showing off your outdoor spaces with garden furniture, fire pits and barbecues.

Viewing times
During the summer months many people like to start work early and leave early in order to benefit from the longer evenings; make sure that you can accommodate as many viewings as possible by being flexible with your viewing times. Allowing people to view your home early in the morning, as well as in the afternoon will help bring more people through the door as well as showing off your property in favourable lighting.

The Glee Club Nottingham

Every Friday & Saturday

Nottingham's premier comedy club, offering socially distanced shows. Tickets only available in specified group sizes on the website.

Click here to read The Glee Club Nottingham.

What buyers really look for when they are viewing your home

In their recent study, comparethemarket.com uncovered some interesting research on the property market to help sellers and their agents understand exactly what stands out to UK homebuyers.

Using eye tracking technology, they were able to precisely monitor engagement during viewings, which establishes whether the core USPs you think your home possesses truly matter to potential buyers.

Here are some things you might want to consider.

Radiators. As we approach winter, it will be high on people’s priority lists to check if there is cost-effective and efficient heating throughout the house.

If you have viewings booked, consider turning on your heating before they arrive; not only to ensure a warm, cosy environment but as a way of showcasing your radiators are fully functional.

Access to the garden. Not having easy access to a garden can be off-putting to buyers – especially after the year we have had.

For this reason, a lot of people are now looking for homes with extra outdoor space, so make sure the garden is accessible and well presented.

Water pressure. Another thing that people do when viewing the kitchen is turning on the tap to check for any faults with your water pressure and / or plumbing.

Is your water pressure to normal standards or do you need to have your plumber look it over?

As a key room for homeowners, potential buyers are extra vigilant in this section of the property, meaning it’s important to keep your tap limescale free and wiped down with baby oil for an added shiny finish.

Cupboard doors. Another thing viewers look out for when in the kitchen is the quality of the cupboards.

Replacing items in the kitchen usually comes with a hefty price tag, which can be a big factor for buyers. Make sure your cupboard doors are screwed on tightly and wiped down.

The oven. Viewers tend to look at the oven to see if it is operational.

Make sure it is clean and avoid cooking anything too smelly before the viewing takes place. Ensure the hobs and trays are as clean as possible too!

Following their study, Head of Mortgages at comparethemarket.com – Mark Gordon – commented: “UK house prices are currently on the up and with the stamp duty holiday prompting more buyers to get on the property market, it’s a competitive time for homeowners looking to sell their home.

“We conducted this experiment to determine the areas of the home that buyers look at most to help sellers maximise their chances of a sale. Some sellers may not have considered these factors when preparing their homes for viewings, so we hope our insight will help them focus on the areas they should check and freshen up.”

If you need help selling or buying this autumn, talk to us as your local property experts – book your valuation today.

Please note: when organising viewings this November, please help your agent by adhering to the latest government guidance, which includes remaining outside of the property for the duration, disinfecting any common touch points like door handles, and making sure to limit contact.

What to do if your home is not selling and your not sure why

Each sale experience is different from the last, so it's important not to be alarmed or lose heart if you come across any unexpected delays during the process.

By choosing a local agent, you'll have someone by your side to guide you through each step, and offer their expert insight on navigating the market in the best timeframe possible.

To offer our guidance, here are certain contributing factors that you can do to help speed things along, including the following top tips:

Know the market

The more informed you are about the property market and the current value of your home, the more informed you will be about your own sale and chances of success.

When consulting an estate agent during a valuation, make sure you are fully prepared and receive all of the information you need to make the right decision.

How are they planning to market your property to increase marketing exposure? What timeframes would be realistic to sell your home? Is the valuation figure you've been provided achievable?

Having strong local ties can be a really important benefit when selecting someone to sell your house, as they will often have the resources to target local buyers, as well as a sizeable database of contacts to connect with your home.

Seal the deal

One way to avoid unnecessary delays is to handle your finances and approach mortgage advisors and solicitors ahead of time, so that when you are ready to make or accept any offers, you can close on those deals with minimal hassle.

Fix up your home

Whilst some buyers are specifically looking for their next renovation project, the majority would prefer to move in to a home that's ready to be lived in immediately, without the stress of completing repairs or changes.

If you're able to complete any work on your house, this will reduce the number of faults that are potentially picked up by buyers viewing your property, which could also reduce the number of offers being put in below the asking price.

Stage your home

Effective property staging is one of the most important ways you can attract more interest.

This involves making your home look 'show home ready' and essentially presenting viewers with a blank canvass to fill with their own style and character.

A well-staged property will show off how much space your home has to offer, with your own personal belongings hidden from view.

Whilst it can be difficult to predict how your home will perform on the market, an informed local agent will be able to guide you on what to expect, with a realistic timeframe and a plan of action – should your sale take longer than you'd hoped.

For more information, speak to our team today.

Take a look back on the busiest ever Autumn

Buyers up. Prices up. Supply up.

An astounding number of homeowners and movers are progressing with their sale right now, with 140,000 more buyers in the process of completing when compared to this time last year.

Since the end of the country's spring lockdown, we've seen record levels for properties reaching 'sales agreed' in the UK, culminating in there being 50% more homes going through the system as buyers rush to meet the stamp duty deadline.

Zoopla estimates that there are currently over 418,000 sales in the pipeline awaiting completion, with an overall value that's over £112 billion.

What are the key facts and figures behind all of this market activity?

- Sales agreed hit an annual high back in August, showing a 62% year-on-year uplift.

- There has only been a slight change in pace, as sales agreed were running at a 53% year-on-year uplift this month in comparison to October 2019.

- Regionally, sales agreed year-to-date are up the most in the South East by 15%, followed by London at 12% and the East of England with 11%.

With the deadline for stamp duty savings looming, what can you do to increase your chances of completing in time?*

To avoid any disappointment, make sure you can do your bit to help move the process along, follow these tips:

Acquire a reliable solicitor

Over lockdown, the housing market will remain open, including for agents, solicitors and conveyancers.

Having gone through this once before, these representatives should be fully prepared to provide a seamless experience whether from home or the office.

Meaning once an offer's been accepted, you can move to the next stage without any unnecessary hold-ups.

Identify issues early on

A conveyancer will identify any problems and will offer solutions.

Obtaining the relevant information and agreeing a positive way forward will take time. If you know your issues early on, try and get them sorted as soon as possible and keep your solicitor updated.

Manage the chain

If you are in a chain, issues may arise that are beyond your control.

It is important you understand your dependencies. Talk to your seller, buyer and their agents regularly, monitoring what is happening with any related transactions and making sure you're all working towards the same target; that being, the same completion day.

Good communication will keep things on track and avoid any delays along the way. Talk to us today for more information.

*Stamp duty holiday ends March 2021.

The impact of COVID-19 on the buy-to-let market

Since the pandemic hit the UK earlier this year, landlords and tenants have felt the financial strain.

Here's how the latest developments are expected to impact the property market this autumn.

With the government's furlough scheme extended in line with the introduction of the second national lockdown, offering 80% of an employee's salary, it's thought that many will benefit from this respite over November.

However, with the future still largely unknown, it's understandably a stressful time for tenants unable to continue paying their rent and landlords who have seen reductions in their income.

Between March and August this year, ONS estimate that the number of workers on a payroll decreased by a worrying 695,000.

One of the hardest-hit groups is the under-24s, with 156,000 fewer individuals of this age in employment compared to just three months ago.*

Comparatively with homeownership in the UK, recent research has found that 92% of homeowners are confident they could continue to meet their mortgage repayments in the next six months, whereas the same could only be said for 81% of tenants about upcoming rent.

Up to 12 million Brits will struggle with rent and bill payments in light of COVID-19 and its continuing economic fallout.**

Whilst the government have extended the mortgage holiday for struggling homeowners and landlords by a further six months, it's advised to speak with your lender directly and to only consider this as a last resort.

During this holiday, interest will still accrue, which could add a significant amount for you to pay off after it has run its course.

If you need professional advice on any of the contents covered here, please contact our team.

*Source: BBC News

**Source: The Financial Conduct Authority

Keeping your home safe and well ventilated during winter

Considering that winter is the 'spike' season for insurance claims – as it's where the majority of problems occur regarding home maintenance – there's never been a better time to implement safety precautions in and around your home.

The stress and emotional ordeal caused by the aftermath of a home burglary can be really traumatic.

That is why we have strung together three measures that insurance companies recommend homeowners undertake to reduce the chances of a break-in:

Refrain from hiding keys. The best way to go through your daily life is to always assume opportunistic burglars are watching your house, waiting for a window of opportunity.

There will naturally be situations out of your control, such as where you or another household member may forget your key when leaving in a rush, so it's worth leaving a spare key with a trusted neighbour rather than in a hidden spot outside of your property. 

Implement a reliable security alarm system. Motion-activated floodlights and cameras are effective tools to deter home invasions, and they can prove useful when reporting any attempts by intruders.

Light, noise and video devices will immediately make your home less of a target, as they add layers of complexity to what could otherwise be a simple in-and-out home break-in.

As an added bonus, insurance companies tend to make greater allowances for homes with modern security systems, so investing in these measures could mean you get a better deal on your cover. 

Lock doors and windows. Whilst it's common sense to lock all entry points to your property, it's the one that's most often overlooked – especially with ground-floor windows.

Unlocked doors and windows can void any policy protection in place, so it's crucial you remember to keep your home under lock and key.

This applies when you leave the property and also at night, as 64% of burglaries occur while residents are at home.*

During winter, it's our natural response to close the windows and blast the central heating on to keep our home warm and toasty.

The underlying issue of this is that it stops the air circulating, and – over time – this can cause damp and mould to form.

An easy solution is to open windows for periods of time like when someone's cooking or having a shower / bath. Or alternatively, to implement and use extractor fans or dehumidifiers, as these will reduce the chances of forgetting about an opening to your house.

For our help as property professionals this winter, contact us today.

*Office for National Statistics

Demand for stamp duty extension

As we emerge from the country's second lockdown and pick back up with the tier restrictions, we're seeing yet more reports of possible job cuts and unemployment concerns up and down the country.

If you have questions about your mortgage, we'd like to help guide you.

Earlier this year, the introduction of the government's three-month mortgage scheme saw a huge uptake, with lenders granting as many as 2.5 million payment holidays.*

Now that they've extended it, with a deadline for deferral applications at the end of January 2021, it's possible once again for homeowners and landlords to obtain financial support.

If I apply for a mortgage holiday, will it impact my credit?

The Financial Conduct Authority (FCA) have publicly confirmed that requesting a six-month mortgage holiday or extension will not negatively impact your credit.

If, however, it comes to the end of the six months and a customer is still in an unstable financial situation, they are advised by the FCA to seek support from their lender.

At this point, a tailored support plan will need to be arranged, which could show up on your credit file.

Although this is a viable lifeline, it is in the borrower's best interests to only use this scheme if absolutely necessary, as you will accrue interest without making any payments for the duration of the mortgage holiday.

What's next for the property market?

With the stamp duty deadline looming, there has been a crying demand for the government to commit to an extension beyond March 31st 2021.

Thousands of property sales are currently moving through the various homebuying stages, with sellers, buyers and property investors keen to make the cut.

As we're seeing such high demand, there have been inevitable delays from conveyancers, lenders and other industry professionals depended on to reach completion.

It's imperative at this time to remain level-headed, to prepare any necessary paperwork to expediate the process, and to keep in regular contact with your agent.

If in doubt about your mortgage options, you should consult your lender directly, as they will provide further clarification on what is right for your personal situation.

To speak with our agents, contact us from our website this December.

*Source: Homes & Property

New year, new buyers

While Christmas is the time for overindulging, spending time with family and watching all the classics, it's also a really reflective season.

After the festivities have wound down, we've always found a renewed interest from homeowners and tenants in the days following New Year's Eve, with enquiries and property searches at an all-time high.

We've all spent more time than ever at home this year, so when everyone's gathered around the Christmas tree, you might find yourself planning what your next Christmas could look like and whether you'd choose to spend it living elsewhere.

Whilst it's commonly believed that spring and summer see the strongest market activity, year-after-year January has stood out as a time when online searches peak and more people are ready to make and accept offers in a fast timeframe.

Who chooses to move at this time of the year?

The new year property market usually consists of two types of people: first-time buyers and those re-entering the market after trying in the previous year.

In the spring and summer, the market typically becomes much more competitive, with higher supply levels.

If you want to consider a fresh start in 2021 with a new place to call home, it's actually a really good idea to start the process now so you can instruct your agent, plan your property marketing strategy and be ready for the expected surge in buyer interest.

Whilst we all hoped the pandemic would be contained within 2020, it's now a confirmed reality that nothing will change when the clock strikes midnight on New Year's Eve.

For that reason, we're committed to continuing all of the safe measures and social distancing practices we've implemented this year.

To beat the crowd and make your home extremely visible on the property market over the peak holiday period, contact our agency today – visit our website for more information.

Click 'More' below to find out why Santa visited our office last week

After hearing the great work our very own, Philip Brown and his friends at the Beeston Round Table are doing in raising money for charities this year, we thought it would be great to use our newsletter to raise awareness. Given the tough year it has been for local people, groups and charities, donations are expected to drop this year due to the pandemic and additional knock-on factors.

We as a company have decided to contribute £500.00 to their collections. If any one would like to donate they can do so by the Paypal link below:

www.paypal.me/Beestonroundtable

If you are in the local area be sure to keep a look out for Santa & his sleigh!

Santa's Coming to town but will be keeping a safe distance.

Beeston Round Table work with local youth and sports groups each year to put on 12 Santa's Sleigh routes to raise money for a range of local charities, youth organisations and Christmas food hampers for local vulnerable, elderly people in the community. In 2019 they raised over £8,000 which along with donating to the above groups, money from it was donated to buy fabric for a local group to turn into PPE used through out the pandemic at the QMC University hospital. In previous years, money from the Santa's Sleigh has been donated to the Air Ambulance Service and local food banks.

Last year the local youth organisations used the donated money to buy new training equipment for the football teams and even fixed a flat roof on a community scout hut.

This year, while they will be still running the Santa's Sleigh routes, the normal youth helper groups won't be able to join them and they will not be knocking on doors. Instead they will be looking to spread Christmas Cheer across Broxtowe, bringing Santa to as many people as possible and asking people to donate online or if comfortable to do so, by standing at the end their driveway to donate by cash or card from a safe distance.

The remaining sleigh routes for 2020 are as follows:

9th December- Chilwell

10th December- Attenborough Village

14th December- Beeston Hillside

15th December- Beeston

16th December- Bramcote

You can see all of the routes and track Santa's location live each night via our Facebook page - Beeston Round Table Santa.

To donate online please visit www.paypal.me/Beestonroundtable

Returning To Work Safely

The latest updates from the government include a return to work strategy with steps for how to do this safely. Understandably, many people have concerns about returning to work including travelling to and from work places. Each business is different and will require different adaptations to their operating procedures to facilitate a safe environment but the same guiding principles will apply. That is to safeguard the health and wellbeing of staff members and customers. Eight separate guides have been published by the government to support different types of businesses - these guides can be found here. We have summarised the 5 key points applicable to businesses returning to work below*:

1. Work from home if you can
The message continues to be to work from home where at all possible. However, it is acknowledged that not all businesses are able to operate from home. Businesses that have not been told to close by government are now able to go back to work. Employers should discuss operating procedures with their staff.

People should try to avoid public transport in their work commute. However, where this is not possible, the people are asked to wear face masks where possible.

2. Covid-19 risk assessment
All employers need to carry out a Covid-19 risk assessment. This is in line with current health and safety employment and equalities legislation. The risk assessments should be undertaken in consultation with their workers or trade unions, to establish what guidelines to put in place. If possible, employers should publish the results of their risk assessments (all businesses with over 50 employees are expected to do so).

3. Maintain social distancing
Work spaces should be redesigned to respect the 2-meter social distancing guidelines. This can be achieved with staggered start times, one-way walking systems, and changing seating layouts. Designating specific entrances and exits can also minimise close contact.

4. Risk management where social distancing is not possible
It is acknowledged that not all workplaces will find it easy to manage social distancing at 2 meters apart. In this instance, employers should look into putting barriers in shared spaces, creating workplace shift patterns or fixed teams minimising the number of people in contact with one another, or ensuring colleagues are facing away from each other.

5. Reinforcing cleaning processes
Work spaces should be cleaned more often with extra attention to objects with high contact, such as door handles, and office equipment. Hand washing facilities and sanitising stations should be provided at entrances and exits.
For further information please head to the following website: https://www.gov.uk/guidance/working-safely-during-coronavirus-covid-19

*These key points have been taken from gov.uk guidance published on 11 May 2020