Latest Property News

We're celebrating 6 years in business!

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

We're pleased to say one in three properties have sold for more than their asking price this spring, as increased market activity continues.

Are you thinking about selling your home? We've put together our top ten features that could bring down the value of your property.

Further into our newsletter, we share with you the outlook of the housing market over the next few months, before exploring the new heights reached by the lettings market.

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.

New heights reached for the lettings market

In April, the lettings market saw a record-breaking number of enquiries from new prospective tenants, and the demand shows no signs of slowing down now we've reached summer!*

The average rent of a newly let property outside of London is 8% higher than in February last year, which equates to £68 more per month.

This increase in demand for rental properties has been influenced by the pandemic, as potential buyers have either delayed their plans due to their financial stability or concerns.

Furthermore, as the furlough scheme is relatively new, lenders tend to be reluctant to provide mortgages to applicants where their employment status is changing or uncertain, meaning that renting may be a more viable option for those still out of work.

Rent prices

 67 per cent of agents said they saw landlords increasing rent over the last 12 months. This figure has doubled since 2019.

At the same time, the number of tenants able to get a rent reduction decreased by 1.7% – the lowest recorded number since January 2020.

Selling up

The number of landlords selling their buy-to-let properties has decreased year-on-year.

With the market booming, this has remained consistent over the last seven months.

If you're looking for a lettings valuation of your property or need help managing your portfolio, contact us for more information.

*Propertymark’s latest private rented sector report

Outlook for the property market over the upcoming months

Compared to this time last year, the value of homes being sold in the UK has practically doubled in the first 15 weeks.

During this period, around £149 billion pounds worth of property transactions have taken place, with industry sources predicting this to climb even higher for the rest of 2021.*

How busy is the housing market to date?

Intense activity has led to there not being enough available homes on the market to keep up with demand, with supply in April nearly 30% below the levels recorded in 2017 and 2019.

How has this affected house prices?

Annual house price growth was at 4% in March, nearly double the 2.1% recorded for the same period last year.

The greatest increases have been seen in the northern regions, in particular: Manchester and Liverpool at 6.5% and 6.3%, closely followed by Leeds, Nottingham and Sheffield with a 5% increase.

However, in London – which is the region with the highest average house price – annual growth was only 2%.

What could this mean for you?

With the search for space remaining a top priority, three and four-bedroom homes are in high demand, with many being sold over their asking price.

This means that homeowners selling a family home have been in a prime position to receive offers in record time, often leading to a shortage of choice for those still looking to buy.

Are you on the lookout for a new property, or just curious to see how much your home could be worth?

Get in touch with a member of our team who will be happy to assist you further.

*Zoopla

Top ten features that could bring down your property's value

Property prices have increased rapidly since the start of this year, with high buyer demand, vaccine optimism and stamp duty savings all key contributing factors to that growth.

Whilst it's really crucial to look for features or improvements to boost your property's price tag value before selling, it's just as vital to know what elements can have a negative impact.

Here are the ten most off-putting features that may decrease a property's value:*

1. Mould / damp (62%)

2. Pest infestation (57%)

3. Noisy neighbours (48%)

4. Unpleasant pet smells (37%)

5. Low shower pressure (28%)

6. Messy garden (28%)

7. Bad phone signal (24%)

8. Rude street name (14%)

9. Laminate flooring (13%)

10. Swimming pool / hot tub (10%)

Unsurprisingly, the presence of mould had the most significant influence on the value of a property, closely followed by insect issues and disruptive neighbours.

As these problems all affect a person's standard of living, it's understandable why they rank within the top three.

Whilst off-putting during a viewing, unpleasant smells, poor water pressure and an unmaintained garden by contrast are all factors that can be fixed at little to no effort.

With working from home becoming more popular for the UK's workforce, having a strong phone and WIFI connection is key.

If you'd like to know how much your home is worth right now, and what it could be valued at with a little more TLC, book a market appraisal with our team today.

*Hammonds Furniture

A third of homes sell for over the asking price

One in three properties sold for more than the original asking price in April.*

This has put homeowners looking to move in a better position than ever. What could it mean for you?

Here are a few top tips for selling your home this summer:

1. First impressions count

Don’t underestimate the impact that kerb appeal has on potential buyers.

A survey conducted by YouGov stated that well-maintained windows, front gardens and pathways can be the key to a quick sale.

2. Update the kitchen

The kitchen is the most valuable room in the house.

A bright spacious kitchen can be attractive to potential buyers.

A fresh coat of paint and removing any bulky appliances before viewings can make all the difference in creating a clean and spacious look.

3. Light and airy

Putting up mirrors in your home can make a room seem much larger and brighter.

Putting lamps in any dark corners will brighten up the room and create a warm glow that is inviting to potential buyers.

*Property Reporter

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

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

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.

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.

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.

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.

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