Latest Property News

Welcome to the October 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 look into how properties priced correctly manage to sell in half the time. Next up we share some important tips on how to make your property stand out in a busy market.

Elsewhere we give you a lettings update as to why property is the best investment for Landlords in 2020. Autumn is a great time to sell and we're pleased to say there is no end in sight for the sales market boom.

With the current rise of coronavirus cases in Nottingham we want you to know that Tristrams are taking all the extra precautions to keep safe. 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.

Want to sell your property in half the time? Here's how

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.

Make your property stand out in a busy market

More new listings are coming onto the market now than at the start of the year. In the last month, there’s been an increase of 139% new properties when compared to pre-lockdown levels.*

Over 21,777 properties were put up for sale in September – with data available up to the 25th.

Whereas figures were relatively more modest in January and February, at 15,661 and 17,880 respectively.

With increasing competition on the market, how can you make your home stand out to buyers this season?

Emphasise your outdoor and indoor space

Properties with gardens are more desirable than ever.

If your home has this to offer, showcase it. Ensure that the grass is freshly mown, and any fallen leaves cleared away before viewings.

To help your property withstand winter weather, it’s also important to fix existing items in need of repair and to check your fences are sturdy. If you have time, a fresh coat of paint will also work wonders.

Another shift in buyers’ priorities is the need for a dedicated office space.

If you have a spare room that would be ideal for working, make sure that it is set up neatly to demonstrate its functionality.

Family areas

Communal spaces are a great selling point for a property.

Staging a large dining table in your kitchen area will show to a potential buyer that the property can accommodate gatherings with friends and family. Similarly, a living room with lots of seating will create a great social environment.

Having a messy kid’s bedroom can have a negative impact on your property’s sale value, apparently knocking off up to £8,000 according to ING Direct.

So, when it comes to preparing for property photos or viewings, it’s critical you cast your eye over every room first.

Keep it neutral

Whilst your personal style might give your property a unique character, not everyone will agree with your choices.

Experts claim that perceived bad taste can cause you to lose between five and ten per cent off the value of your home.

Before selling, consider stripping away some of your personal belongings and stick to neutral, non-offensive décor; giving your viewers a blank canvass to visualise seeing themselves living there.

To see what properties we’ve currently brought to market near you, browse our latest listings.

*Source: BriefYourMarket.com

Why property is the best investment avenue in 2020 for landlords

The rental market has been extremely active this year, bouncing back from its temporary closure in record speed.

Could now be a good time to invest and grow your portfolio as a landlord?

Rental prices are up

In the past month, UK rental prices have increased by 2.1%, now standing at £987 PCM on average – up 1.5% from last year.*

Following analysis taken across the country, it was found that ten out of twelve regions have shown an increase in rental prices since 2019, with two of those areas showing an increase of over 5%.

The South West has demonstrated the strongest increase, with an average 6.6% boost.

Whilst London’s rental market does not show an increase, at an average rental value of £1,653 per month, landlords based in the capital should still expect healthy returns from their investments this year.

Enquiries from tenants at their highest

Recent analysis from ARLA Propertymark has revealed that registrations from new tenants have shot up to 101 per lettings branch last month, breaking July’s record of 97 newly registered applicants.

We’re simultaneously seeing average tenancy lengths at an all-time high for August, with tenants staying put for 21 months.

One reason behind these figures is that nearly half of first-time buyers are deferring their plans to buy; either due to financial difficulties (41%) or because lockdown has prompted them to reconsider their priorities (42%).**

Mortgage rates remain incredibly low, with high demand and savings making it an opportune moment to consider your first or next step as a buy-to-let investor.

Contact us for more information.

*Source: HomeLet Rental Index, Estate Agent Today

**Source: Aldermore

No end in sight for sales market boom amongst buyers & sellers

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.

Table for 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 Humberside	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.

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