Latest Property News

Latest Property News


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

Been thinking about ways to add value to your home? We share with you some of the top home improvements you can make to your property and garden. 

Further into our newsletter, we explore the boom in chain-free property listings, as more and more people are selling up and opting to rent ahead of their next property purchase. 

Finally, been thinking about investing in a buy-to-let property, we've put together everything you need to know before your next property investment.

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

Landlords, remember the Electrical Regulations are now in full swing, make sure you are compliant!


Local Businesses, we want you!

 

At Tristram's we offer our tenants an exclusive discounts portal which offers discounts on many businesses such as restaurants and retail stores. Within the company we manage 1000's of tenants who all have access to these discounts and we would like to get local businesses involved too!

 

By offering the tenants a discount of your choosing, we can add you to the portal to help drive traffic from our local tenants to your local business.

 

If you are interested in promoting your business on our portal, please get in touch at office@tristrams.uk.com.

 

#supportlocal



What you need to know when investing in a buy-to-let property

 
Investing in a buy-to-let property is a dream that many of us will have at one point or another.
 
Property has always been a dependable investment option, with successful landlords able to set up their rentals to run like clockwork whilst benefitting from an additional source of income.
 
Before considering your first step, there are some key considerations to be aware of.
 
 
It won’t happen overnight
 
As much as we would like to say otherwise, having a buy-to-let property doesn’t just happen overnight.
 
Just like starting a new business venture, there are rules and regulations you need to comply with to protect yourself and your property.
 
Whilst some of these components can take time to understand and navigate, lettings agents like ourselves are fully equipped to guide you through all of the requirements.
 
 
Know the area you’re planning to invest in
 
It’s important to do your research on the area before signing on the dotted line, such as speaking to local agents about seasonal trends and rental yield opportunities.
 
Is it a hotspot for rental demand? Are there any attractive amenities, universities or transport links nearby that would appeal to tenants?
 
 
Ensure you can afford a buy-to-let deposit
 
Whilst a standard home can be secured with as little as 5% of the price of the property, a buy-to-let investment is usually much higher.
 
The average deposit is 25% for a buy-to-let mortgage.
 
It's also likely that your income will be evaluated, as you need to be earning at least £25,000 a year for most lenders.
 
 
Think about your target tenant
 
It’s important to put yourself in the shoes of a tenant and consider what they would want from a property.
 
Being a flexible landlord is key to ensure that tenants stay for longer, which is always great news for a landlord as you can minimise on void periods and secure your rental income.
 
When you have your buy-to-let property ready to market, it is a good idea to position your home based on the type of tenant you’re targeting, such as using the right communication methods to reach them.
 
 
For guidance on how to start your buy-to-let journey, get in touch with our experienced team.
 
 



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

 
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
 



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.
 



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.
 
 



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. 
 
 



 
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.



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.



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.



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.



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.



Strict new fire regulations for HMOs and multi-tenancy buildings

 
The Home Office recently announced their intention to increase fire safety measures, stating that landlords of HMOs (House in Multiple Occupation) could face unlimited fines if they fail to comply.
 
The new enhanced procedures will be included in the future Building Safety Bill, which will be enforced in approximately 2022 and will apply explicitly to HMOs and other multi-tenancy premises.
 
The exact details are yet to be confirmed, but the government affirm that the act will improve the Fire Safety Order by requiring fire assessments to be recorded for each building.
 
Additionally, the government have verified that the new legislation will:
 
- Include the refinement of how fire safety information is accessed and preserved throughout the lifetime of a building.
 
- Better the quality of fire risk assessments and the expertise of those who perform them.
 
- Enhance communication and the organisation amongst those responsible for implementing fire safety and making it easier to identify who they are.
 
- Strengthening enforcement action, distributing unlimited fines to those impersonating or obstructing a fire inspector.
 
- Reinforce guidance in regards to the Fire Safety Order, which makes it easier to hold those who breach compliance in court.
 
- Improve engagement between Building Control Bodies and Fire Authorities when reviewing building work.
 
- Instruct all new flats above 11m tall to install information boxes.
 
If you'd like to talk about this in more detail, please don’t hesitate to contact us or learn more about our services for landlords.
 
 
 



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.



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.



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.



 



Chain-free property listings boom as sellers opt to rent before their next move

 
Recent data from Rightmove suggests that there has been a sudden increase in the number of chain-free properties listed on the market, due to sellers being more willing to rent before they purchase their next home.
 
21% of available properties on Rightmove are chain-free, an increase from 15% this time last year.
 
This growing trend for chain-free property sales has been seen significantly in London, which has increased from 12% to 21%.
 
Sellers are often hesitant to come to market because they are unable to find somewhere they want to buy, but with record demand and the stamp duty holiday extension to consider, there is a greater sense of urgency across the sector.
 
Tim Bannister, Rightmove’s director of property data, said:
 
“Selling chain-free is perhaps something some owners hadn’t considered as a possibility before now, but with the competitive market and stock shortage we currently have they’re trying to put themselves in a more attractive position when their dream home comes along.”
 
In London, there has been an increase in landlords who are deciding to sell, pushing up the percentage of chain-free properties on the market.
  
Rightmove have also seen a significant increase in the number of buyers searching for ‘no-chain’ or ‘chain-free’ properties in their keyword search function, as buyers rush to make use of the stamp duty savings available until the end of June.
 
In February 2021, the property portal found that the number of buyers searching for these terms was a staggering 72% higher compared to last year.
 
Do you know your property's value? Book a valuation today to learn more. 
 
 



What are the best ways to add value to your home and garden?

 
Whatever your budget, there are plenty of ways you can add value to your property before selling this year.
 
For inspiration on where to start, have a look at these home improvement suggestions, ranging from high cost to low:
 
Conservatories or sunrooms – adding a conservatory or sunroom is one of the most cost-effective ways to add more value to your home, with an estimated 6% uplift to the value of your property.
 
Updating your kitchen or bathroom – it is often said that potential buyers will look at the kitchen and bathroom first before they pursue a property.
 
Updating your kitchen or bathroom isn’t always the cheapest home improvement option, but it is one that can certainly boost your value by a significant amount, with an average property value increase of 5.5%.
 
If this home improvement option doesn’t quite suit your budget, but you still think these rooms could do with a refresh, replacing old worktops or cabinet doors is a fail-safe way to improve the overall look.
 
Updating old boilers and central heating – a new boiler or central heating system is a key element to consider if yours hasn’t been updated recently.
 
A dated or inefficient heating system could put potential buyers off, as this will result in more hassle for them after moving in.
 
Fixing a damaged roof – improving the core foundations and features of a property is always a safe bet.
 
A new or fixed roof is essential for both insulation and structural purposes, and – again – will save buyers from having to take on the task themselves.
 
Upgrading the home to be smart and energy-efficient – energy-saving smart home improvements are not only good for the environment but are also a great addition to have to add value to your home.
 
This can be achieved by installing smart lighting, using energy-efficient LED bulbs, followed by upgrading to eco-friendly appliances, adding double glazing and upgrading insulation.
 
Creating a defined sunspot in the garden – a recent survey by Rightmove showed that properties with a south-facing garden could be worth up to £22,000 more than those without.
 
There’s not much you can do to change the orientation of your garden, but if you don’t already have a defined sun-spot, creating a zone for this will help potential buyers picture themselves living there and enjoying the weather and seasons to come.
 
Redecorating – decorating can make a world of difference to your home, whether that’s a fresh coat of paint, updating wallpaper or installing new carpet.
 
It’s also important to remember to stay neutral and avoid any loud colours that could deter potential buyers.
 
Tidying up the front garden – the front garden is the first thing that welcomes people to your home, so it's important to keep your garden up to scratch.
 
  
Before beginning any major project, it’s important to ensure that you are spending your money wisely and understand the cost versus the potential return you will gain.
 
Get in touch with us today to talk about your home improvement plans and get advice on what will make the most difference to your home's value.
 
 
 



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