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Pygott & Crone Newsletter: Latest Property Market Updates
The property market has shown a great resurgence in the months after lockdown. The stamp duty holiday has certainly helped in the property demand across the nation. Our first article looks into how the property market has been performing. Next we move onto some key questions to ask when buying or selling that can help you in making your decision.
As the property market is surging it presents an opportune moment to list your home for sale. Our next article shares some top tips for marketing your home correctly for a speedy sale. It's important not to forget the garden when preparing for a sale as your garden can add value to your property!
Multiple gold awards won at the annual negotiator awards
We are delighted to announce that a very successful year for us has been recognised at the annual Negotiator Awards, the property event of the year. We were shortlisted in four categories and are delighted to have achieved three gold awards.
Click here to read Multiple gold awards won at the annual negotiator awards .
Aladdin
From now until Sunday 19 January
Performances at the Riverhead Theatre
Click here to read Aladdin.
Toy Collectors Fair
Sunday 26 January
Family friendly jam packed Toy collectors fair at the Epic Centre
Click here to read Toy Collectors Fair.
Dog Friendly Day
Saturday 8 February
Unlock 1,000 years of history with your furry companion at Lincoln Castle
Click here to read Dog Friendly Day.
Preparing your property for sale
With demand for property prior to lockdown soaring, there are sure to be plenty of motivated buyers waiting now that the property market 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.
How to make your own face mask
As the country enters the next stage of its strategy to ease the lockdown restrictions whilst preventing the spread of Coronavirus, the Government has issued new advice to the public on how to stay safe whilst in public spaces (such as shops and public transport). The Government has asked people to wear face masks to cover their nose and mouth where social distancing is not possible. This advice has been detailed in the Government Covid-19 recovery strategy, detailing its plans for lifting the UK out of lockdown; which can be viewed here.
To prevent any additional pressure to the NHS in obtaining crucial PPE supplies, the Government has issued instructions on how to make your own face mask at home, by simply using elastic bands and some cotton fabric or even just an old T-shirt. Your face mask should be worn so that you can breathe comfortably whilst covering your nose and mouth. You should sanitise or wash your hands before putting it on and taking it off, and you should wash your face mask regularly.
We share how to make your own face mask at home below*:
Making a face mask using an old T Shirt
You will need
• One old T-shirt that you no longer want
• Scissors
Method
Step 1: Cut a straight line across the width of the T-shirt (front and back) approximately 20cm from the bottom of the T-shirt.
Step 2: From a point 2cm below the top right-hand corner of the fabric, make a 15cm horizontal cut through both sides of the fabric that is parallel to the top of the rectangle.
Step 3: Cut down towards the bottom of the fabric until you reach approximately 2cm above the bottom edge. From here, make another 15cm cut that runs parallel to the bottom of the fabric to make a rectangle that can be discarded.
Step 4: To make the ties, cut open the edge of the 2 long strips of fabric. Unfold the main piece of fabric and place over the mouth and the nose. The 4 strips act as ties to hold the cloth face covering in place and should be tied behind the head and around the neck.
Making a face mask using a piece of cotton fabric
You will need
• two 25cm x 25cm squares of cotton fabric
• two 20cm pieces of elastic (or string or cloth strips)
• needle and thread
• scissors
Method
Step 1: Cut out two 25cm x 25cm squares of cotton fabric. Stack the 2 squares on top of each other.
Step 2: Fold over one side by 0.75cm and hem, then repeat on the opposite side. Make 2 channels by folding the double layer of fabric over 1.5cm along each side and stitching this down.
Step 3: Run a 20cm length of elastic (or string or cloth strip) through the wider hem on each side of the face covering. These will be the ear loops. Use a large needle to thread it through. Tie the ends tightly.
If you only have string, you can make the ties longer and tie the covering behind your head.
Step 4: Gently pull on the elastic so that the knots are tucked inside the hem. Gather the sides of the covering on the elastic and adjust so the covering fits your face. Then securely stitch the elastic in place to keep it from slipping. These elastic loops fit over the ears.*Our step by step guides have been taken from the Gov.uk website here
How to make your own face mask
As the country enters the next stage of its strategy to ease the lockdown restrictions whilst preventing the spread of Coronavirus, the Government has issued new advice to the public on how to stay safe whilst in public spaces (such as shops and pubic transport). The Government has asked people to wear face masks to cover their nose and mouth where social distancing is not possible. This advice has been detailed in the Government Covid-19 recovery strategy, detailing its plans for lifting the UK out of lockdown; which can be viewed here.
To prevent any additional pressure to the NHS in obtaining crucial PPE supplies, the Government has issued instructions on how to make your own face mask at home, by simply using elastic bands and some cotton fabric or even just an old T-shirt. Your face mask should be worn so that you can breathe comfortably whilst covering your nose and mouth. You should sanitise or wash your hands before putting it on and taking it off, and you should wash your face mask regularly.
We share how to make your own face mask at home below:
Making a face mask using an old T-shirt
You will need
- One old T-shirt that you no longer want
- Scissors
Method
Step 1: Cut a straight line across the width of the T-shirt (front and back) approximately 20cm from the bottom of the T-shirt.
Step 2: From a point 2cm below the top right-hand corner of the fabric, make a 15cm horizontal cut through both sides of the fabric that is parallel to the top of the rectangle.
Step 3: Cut down towards the bottom of the fabric until you reach approximately 2cm above the bottom edge. From here, make another 15cm cut that runs parallel to the bottom of the fabric to make a rectangle that can be discarded.
Step 4: To make the ties, cut open the edge of the 2 long strips of fabric. Unfold the main piece of fabric and place over the mouth and the nose. The 4 strips act as ties to hold the cloth face covering in place and should be tied behind the head and around the neck.
Making a face mask using a piece of cotton fabric
You will need
• two 25cm x 25cm squares of cotton fabric• two 20cm pieces of elastic (or string or cloth strips)• needle and thread• scissors
Method
Step 1: Cut out two 25cm x 25cm squares of cotton fabric. Stack the 2 squares on top of each other.
Step 2: Fold over one side by 0.75cm and hem, then repeat on the opposite side. Make 2 channels by folding the double layer of fabric over 1.5cm along each side and stitching this down.
Step 3: Run a 20cm length of elastic (or string or cloth strip) through the wider hem on each side of the face covering. These will be the ear loops. Use a large needle to thread it through. Tie the ends tightly.
If you only have string, you can make the ties longer and tie the covering behind your head.
Step 4: Gently pull on the elastic so that the knots are tucked inside the hem. Gather the sides of the covering on the elastic and adjust so the covering fits your face. Then securely stitch the elastic in place to keep it from slipping. These elastic loops fit over the ears.*Our step by step guides have been taken from the Gov.uk website here
Property market surges post-lockdown
Ever since its announcement, the government’s stamp duty holiday has sparked a surge in activity across the country’s property market.
Now, as we head into a new season, we’re seeing 61% increased demand compared to the same time last year – according to Rightmove.
The South East and East of England are the UK’s highest market performers, each up by 70% individually, but across all regions growth in demand is said to be outstripping supply.
Whilst this puts homeowners in an advantageous position with their next sale, it’s not expected to last for much longer, with new listings gradually climbing up as well.
Areas along the southern commuter belt have seen new properties double when compared to the same six-week period in 2019, including for Harlow in Essex, Hertford, Wickford, St Albans and East Grinstead.
An interesting development post-lockdown is the effect of changing buyer priorities on the market, with Zoopla reporting that larger homes are being snapped up the fastest.
Four and five-bed homes are selling in record time at 27 days, which is 31% lower than the same period last year and an obvious response to Brits needing more space coming out of lockdown.
Three-bed properties continue to be the market’s fastest selling property type, taking just over three weeks, on average.
Commenting on these market findings, Rightmove property expert – Miles Shipside – says: “We always knew that the stamp duty holiday was going to be a big incentive for people to get moving this year, and it’s certainly sparked a home-moving frenzy.
“Thousands of sellers are being tempted to come to market for a number of reasons. Firstly, lots of buyers stand to make pretty sizeable savings thanks to the stamp duty holiday – particularly in the southern commuter belt – so now seems as good a time as any to press ahead with home-moving plans.
“We’re also seeing a growing trend of people looking to move out of urban areas and into smaller towns, with homeowners in built-up areas reassessing their housing needs and looking for places with more outside space.
“Lastly, proximity to a station doesn’t seem to be as important as it once was, meaning sellers in these commuter towns are looking to move a little further afield as working from home becomes a more permanent way of life.”
Are you asking these key questions when you buy or sell?
A recent study has revealed the 'most dreaded' and unusual questions buyers have asked about a property before putting in an offer.
With a small minority asking whether the pets come included in the sale, it’s fair to say that not all of the responses are winners.
However, the report by Hillarys has shed light on just how many Brits lack proper preparation during the home buying process.
Up to two-thirds will not plan their questions ahead of a house viewing, meaning they are not getting the full value out of the experience, as well as potentially wasting an opportunity to find out all of the property’s pros and cons earlier on.
The most dreaded questions from buyers:
| Has it dropped in value? |
54% |
| What local plans could affect us? |
42% |
| What’s the lowest price we could get it for? |
33% |
| Is the seller in a chain? |
21% |
To help you make the most of your viewings the next time you decide to buy or sell, we thought we'd share practical suggestions for you to consider.
What are some of the more serious questions you should be asking?
Whether you're instructing an agent or viewing a property, how prepared you are will determine how quickly you're able to move.
Are you asking these key questions:
1. Exactly what is included in the sale? Whilst it's safe to assume most sellers will want to keep their pets, it's important to outline what content might be included, such as fixtures, fittings and garden furniture.
2. How long has it been on the market and how many offers have they received so far?
3. When are the sellers looking to move out? Knowing whether they've already found another home or they're still in the midst of looking will help you to determine how long the process may take and how much room for uncertainty there is.
4. Have there been recent renovations or any difficulties with boilers, drains and guttering?
5. How did the agent decide on an asking price? Good agents will be able to provide justifications for the value of a property, so you'll know whether it's listed at the right amount or if it's overpriced.
What to ask when selling:
1. How will you market my property? Are they regularly contacting a database of suitable applicants to give you greater market exposure, or does their strategy start and end with a basic Rightmove listing?
2. What are your success metrics and how do they compare to other agents? In other words, what's their experience selling a home like yours at a price like yours?
3. How much will you charge? Choosing the agent who offers the lowest fees won't guarantee you reach asking price and you may lose time and money on the market, be savvy when you instruct representation for your property investments.
4. What are the contract terms? Before beginning any contractual relationship, know exactly what it is you should expect from them.
If you're thinking of selling and want to find out the value of your home, contact us.
Market your house correctly for a speedy, seasonal sale
The property market has continued to experience remarkable levels of activity.
In the first week of August, properties at SSTC (Sold Subject to Contract) were almost at double their number compared to figures from the same period in 2019. This indicates a significant release of pent-up demand due to lockdown.
If you, like a lot of homeowners right now, are considering putting your property on the market, here are some of the ways to market your house well to potential buyers.
Make sure your property images are professional
In order to get viewings, you need to reel them in with your property advert.
Make sure your photos are clear and focused. If it is a cloudy day, see if you can rearrange the shoot. There is nothing nicer than a clear blue sky!
Increase your kerb appeal
It takes just seven seconds for somebody to make their first impression of your property, so make sure your property’s exterior is the best it can be. You want them to walk down the drive feeling impressed and excited to go inside.
Some easy ways to do this is to give your front door or fencing a fresh lick of paint, put up some hanging baskets to add colour, pull out any weeds, move the bins out of sight and make sure the lawn is mowed.
De-clutter
The hallway is famous for housing plenty of clutter: shoes, coats, handbags. Make sure everything that can be put away is tucked out of sight to make it appear more spacious.
As some hallways can be dark and narrow, adding a mirror to a wall can give the illusion of space and can also brighten it up.
A kitchen is a big selling point, so make sure all desktops are wiped down and free of clutter.
Give your viewers space
Let your viewers freely wander around your home with the agent.
This will make them feel much more comfortable asking questions and it also means they might take their time in each room.
Be ready to answer any questions after the viewing. Also be sure to leave hand sanitiser dotted around your property, so not only you but also your viewers will feel comfortable.
Make the most of outdoor space
Since lockdown, we have noticed a real shift in property priorities.
Everybody is putting outdoor space at the top of their agendas, so make sure your garden is well showcased.
If this is an impromptu house viewing, you might not have time to lay a new flower bed, but make sure the lawn is freshly mown, trees and shrubs are cut back to create more space, weeds are removed, and outside furniture is laid out nicely.
Managing the rental bounce and your mandatory electrical checks
Since June this year, it has been made a legal requirement that an EICR report must be carried out before any new tenancies begin, with electrical installation inspections conducted at least every five years from that point.
With the surge in demand for rental properties set to increase even more than what we’ve experienced this summer, property certificate providers say landlords need to be prepared to deal with the influx in demand.
Following the reopening of the property market back in May, there has been a surge in demand from tenants. This growth in activity looks like it is going to continue to develop, as there have been sustained positive reports throughout June, July and August.
A recent survey from RICS found that tenant demand has recovered to +35% in July, bouncing back from -44% the previous quarter. Meanwhile other research found that the number of tenants registering with letting agencies reached a record high in June!
Almost three in ten letting agents saw landlords increasing the cost of rent in June as a result from the high demands.
With landlords processing a higher number of tenancies, this also means more administration work needing to be carried out with new and challenging compliance measures to meet.
The most recent change affecting new tenancies is the introduction of The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 on July 1st.
There are a range of other things for landlords to follow, including providing copies of EICR reports to their new tenants.
We would recommend having access to a large pool of electricians, as this is going to be crucial to meet the high demand. An efficient online management system would also help landlords keep organised and up-to-date with each tenant.
Mandatory electrical checks have been introduced for a reason and it is to ultimately to protect your tenants and your investments. Managing this process through trusted suppliers and using highly qualified electricians is in the interest of all stakeholders.
How your garden can add value to your property
Since lockdown, there has been a massive shift in property priorities. Gardens and outside spaces have shot to the top of the list. But did you know that a well-kept garden can add as much as £2,000 to your property’s value?
If you are looking to sell, here are some of the best ways to make money on your garden.
Research revealed that the garden feature that adds the most value is a shed. In fact, 82% of property professionals claim a good-sized shed is the most recognised feature to boost value.
Next up is a good quality patio and paving area at 76%. Followed by secure fencing, walls or gates.
The garden feature, however, with the least value worth is artificial grass at 40%.
These statistics can be beneficial for when it comes to selling your house. The right garden can add anywhere between 5 to 20 per cent to a property’s value.
With 37% of Brits spending more time in their garden than they did five years ago, outdoor space is becoming more and more in demand.
We should also point out that a combination of these top garden features is much more beneficial than focusing on one alone.
| Decent sized shed: |
82% |
| Good quality paving/patio: |
76% |
| Secure fencing/walls/gates: |
72% |
| Adequate outdoor lighting: |
66% |
| Sturdy decking: |
62% |
| Water features: |
58% |
| Well-designed garden furniture: |
54% |
| Artificial grass/lawn: |
40% |
The takeaway from this research is that you do not have to throw a lot of money into garden revamps.
Make sure your space is maintained and well kept, showcasing its true potential to your possible buyers.
There are plenty of good garden re-vamp ideas on Instagram and Pinterest so get scrolling!
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