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Pygott & Crone Newsletter: Latest Property Market Updates
In this months edition of the Pygott & Crone newsletter, we start by taking a look at the 23% increase in residential transactions following the stamp duty extension and vaccine roll-out. With transaction numbers increasing month on month, see how the property market is bouncing back.
According to new research, a third of UK homebuyers have been helped onto the property ladder following numerous lockdowns, allowing many people to save for their new home. 48% of the UK private renting population have no home insurance cover at all, if you're a tenant make sure your covered.
Finally, have you been thinking about investing in a buy-to-let property? We've put together everything you need to know before making your next property investment.
We hope you enjoy this months edition! If you have any property queries please do not hesitate to contact us.
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
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.
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.
Half of tenants have no home insurance
A recent report conducted by Nationwide Building Society has shown that 48% of the UK private renting population have no home insurance cover at all; which roughly amounts to 2.13 million households spread out across the UK.*
Landlords hold a lot of responsibility regarding caring for their tenants.
An estimated 18% of tenants believe that their landlords arrange contents insurance for them.
It is important to note that a landlord’s insurance policy will not cover assets such as the furniture and electronics you own during your occupation, as standard.
On the other hand, whilst the cover responsible for landlords to sort out is buildings insurance, 26% of tenants were mistakenly paying for this according to the findings.
Darren Black, head of general insurance at Nationwide Building Society, stated:
“It’s concerning that many renters don’t have contents insurance and are living under the mistaken belief that their landlord has cover in place to protect their belongings if they are lost, stolen or damaged. They could also be putting their tenancy at risk as many landlords stipulate that they must have cover in place as part of their tenancy agreement.
When finances are tight, insurance can seem like an unnecessary expense, but without it you could end up losing everything you own. The majority of home insurance claims are for accidental damage, particularly at the moment when many of us are spending much more time at home.”
We’ve quickly summarised a few misconceptions regarding home insurance to help keep you informed:
‘I don’t own much so insurance is pointless’: It's easy to underestimate the value of our belongings until something happens to make us feel the loss more poignantly.
The value of your possessions adds up quite quickly; especially when considering any high-value jewellery, personal belongings and kitchen appliances you might have brought into the home.
‘I’m really careful, liability insurance seems a waste of money’: That may be true, but in life, accidents do happen.
Imagine you are leaning on someone’s fence whilst waiting for a friend and it breaks. You are responsible for paying for it despite it being an accident.
Your liability insurance (which could form part of your tenant insurance) will protect you from paying out of your own pocket.
‘If I have to leave in the case of a fire or theft, my landlord will help me’: Your landlord is not there to pay your living expenses whilst you’re waiting for repairs to be made or insurance claims to be sorted.
If you're in any doubt about needing insurance for your contents, we urge you to speak with a professional advisor, as online comparison sites can lead to your contents being undervalued and underinsured where guesswork is involved.
To be connected to a trusted source of information, contact us today.
*Mortgage Introducer
Residential transactions 23% higher due to stamp duty and vaccine news
February saw a total of 147,050 residential transactions according to HMRC, which is a 23% increase from January’s total and a whopping 48.5% more than February 2020.
The cause of this surge seems to be as a result of the vaccine roll out, as well as the stamp duty holiday.
As transaction numbers increase month-on-month, we're able to see just how strong the market is, having shown tremendous resilience so far during the pandemic.
As buyers and sellers were previously rushing to meet the original stamp duty deadline, which should have seen savings end on March 31st, it's anticipated that even more sales will be agreed and records beaten over the next few months.
Whilst the stamp duty holiday as we know it will be in place until the end of June, offering up to £15,000 worth of savings, there will be homebuyers who benefit long after this date with a phased out easing that sees smaller savings until September.
Due to Brexit and then COVID-19, there have been delays and hesitations in the sector, with a number of us wanting to see a return of 'normality' before proceeding with any plans.
If you’re looking to start the buying or selling process in 2021, get in touch with our team today.
Lockdown helped third of UK buyers get onto property ladder
As challenging as the last 12 months have been for all of us, for many different reasons, there have been some positive stories and developments that have emerged during this unprecedented time.
According to new research from Rightmove, a third of UK home buyers have been helped onto the property ladder due to the national lockdown, with 27% of recent home buyers stating that the restrictions actually enabled them to save for their new home.
46% of those asked stated that they were able to get a foot on the ladder, as government 'stay at home' measures meant they drastically reduced their spending across social activities.
A further 33% said that having to work from home has also been a contributing factor to their ability to buy, as money otherwise spent on their daily commute or fuel consumption could be saved instead.
The other findings from this report show that savings were also made from family costs (10%) and moving back with parents or family members to save on rent and share social bubbles (5%).
Whilst it would be safe to assume we're all keen to return to some form of normality once again, it's incredible that the property market has been able to safely continue and help buyers achieve their dream of homeownership in 2020 and 2021.
With further savings available due to the stamp duty holiday extension until the end of June, it's expected that even more residential transactions will occur in the coming months.
To find out how you can get your foot on the property ladder, get in touch with us today.
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