Author: Benwell Daykin

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Easter Colouring Competition

Easter Colouring Competition!

Benwell Daykin’s annual Easter competition is back for children up to 11 years old.

To enter, all you have to do is download the image, get your best crayons or felt tip pens and let your creative imagination run wild!

Prizes will be awarded for favourite designs in three categories; Under 5s, 6-8 years old and 9-11 years old.

Download Here

Please ensure you write your name, age and phone number (parent/guardian) on each entry and either post it to our office or deliver it by hand before Good Friday.

Sponsored by FYSLA Nottingham Chauffeurs.

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House prices continue to grow

The average UK asking price of a home has reached a record £323,530.

Prices roses by 1.1 per cent in September 2020 which now means prices are 5.5 per cent higher, or £16,818, than the same time last year.

Experts are suggesting that growth will continue up until the new year where it could peak at 7 per cent.

Reasons for this boom in prices could be due to stamp duty cuts, pent up demand post lockdown and households seeking more space now they are working from home.

Sales agreed are also up for October. They are 58 per cent higher than the same time last year.

Average house prices across Nottingham currently stand at £159,100.

Source: Rightmove

How much is your house worth?

Find out how much your property is now worth by calling our sales team on 0115 990 2007. You can also email us on info@benwelldaykin.co.uk.

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House prices surge 7.3% in just one year

According to Halifax, the average UK house price now stands at £249,000; nearly a quarter of a million pounds.

Rising activity in the housing market, post COVID-19 lockdown, has pushed prices up by 7.3% in the last 12 months.

Halifax is the country’s biggest mortgage lender and recently they have seen record numbers of mortgage applications. Both first time buyers and home movers have pushed applications to their highest levels since 2008.

Adding to this positive news, Boris Johnson yesterday announced that he would make more 5% mortgage deals available to first time buyers. Although there are more risks involved with lower deposits, more people should now soon be able to get their foot on the housing ladder.

Demand for mortgages and higher property prices are likely to be a result of pent-up demand after lockdown, as well as stamp duty cuts and home workers looking to upsize.

Sales agreed are also up considerably. BriefYourMarket.com report that properties reaching ‘Sold Subject to Contract’ are up 328% in September 2020.

Benwell Daykin Estate Agents are seeing a huge increase in buyer demand but a lack of new properties coming to market for sale across the whole of Nottinghamshire. This is echoed by the data provided by Halifax. Due to lack of stock, more buyers are competing for the same home and prices are rising.

How much is your property now worth?

If you’re considering moving then now may be the perfect time. How much is your property now worth? Call our sales team on 0115 990 2007 or email info@benwelldaykin.co.uk. Alternatively, you can use the valuation form below.

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    Using a Letting Agent vs. Self Managing

    Should you use a letting agent when managing a buy to let?

    When managing a property and renting to tenants, your main aim is to make as much money as possible. This is why you are likely to ask the question if it is worth using a letting agent to manage the property on your behalf. We’ve listed some important factors to take into account when you are deciding if you need a managing agent or not.

    Finding a tenant

    Some landlords do look for tenants themselves. They post their property on various websites and find a suitable person to move into their home. If you are deciding to do this yourself then make sure you reference them through a legitimate company. A reputable letting agent such as Benwell Daykin will reference a tenant in three ways;

    • Work reference (including confirmation of annual income)
    • Credit reference
    • Previous landlord reference

    Complying with all legislation

    Legislation within the lettings industry is extremely important. You’ll need to conduct checks on your tenant and you’ll also need to ensure they can live in your property safely. A ‘right to rent’ check helps you to understand if the tenant is legally allowed to live in the UK.

    An example of other legislation you need to comply with includes:

    • Valid EPC above an ‘E’ rating
    • Landlord insurance
    • Valid EICR certificate
    • PAT test on electrical items left in the property
    • A Nottingham Selective Licence (if applicable)
    • Smoke alarms
    • And more

    To discuss our extensive list of legislation checks, talk to us on 0115 990 2007.

    Communicating with your tenant

    If you manage a property yourself then you must be prepared to communicate with your tenants. This could include having to answer your phone at unsociable hours if there is an emergency maintenance issue. Sometimes tenants may just call or text to ask general questions as well.

    You may want to have a separate phone line for these calls and messages.

    Managing rent arrears

    Unfortunately, sometimes tenants do not pay their rent. This means that you are going to have to do your own chasing which could result in some awkward conversations. If you’re not used to chasing money then this could be daunting.

    Of course, a managing agent will do all of this for you and attempt to keep rental arrears to a minimum at all times.

    Need some more advice on lettings?

    If all of this seems complicated then call our letting agents on 0115 990 2007. You can also email info@benwelldaykin.co.uk. We’ll happily offer some advice with no obligation to use our lettings services.

     

     

     

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    Why your property should be priced right first time

    According to a recent report by This Is Money, putting your property up for sale for the right price first time doubles your chances of selling.

    Research by Rightmove suggests that only one third of properties sold during May and September 2020 if the Vendor had to reduce the asking price.

    This is in contrast to two thirds of property which sold when they didn’t need to reduce their asking price.

    This research suggests that those who are looking to push their asking price in the current market boom may need to think again.

    So how long does a property take to sell on average? At the moment this is around 21 days, although this increases to 47 days if the Vendor has to reduce the asking price, causing unnecessary delays.

    The other issue to note is stamp duty. Those who are looking to push their asking price may not complete their sale before stamp duty is reinstated. Vendors may get slightly more money for their property but will then have extra tax to pay instead.

    Current House Prices

    At Benwell Daykin Estate Agents we are seeing house prices continue to rise since the Coronavirus lockdown. Prices have risen by 5.2% annually and we are seeing that buyer demand is outweighing supply.

    The average house price in Nottingham is currently £202,625. Ruddington prices stand at £301,788 on average.

    In terms of rental prices, the average Nottingham rental stands at £902 pcm.

    There is currently a shortage of 3 and 4 bedroom houses to rent in the area when you compare this to the availability of 2 and 1 bedroom properties.

    Considering Selling?

    Talk to Benwell Daykin to get a FREE, no obligation house valuation. You can call us on 0115 990 2007 or email info@benwelldaykin.co.uk.

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    Demand for property in the UK is rocketing

    Rightmove data shows that demand for property is up 61 per cent compared to the same period last year.

    The property portal states that buyer demand is outstripping supply and they feel that the main reason for this is the reduction in stamp duty.

    Righmove’s 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.

    “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.”

    Recently, Rightmove also reported that there was a 125 per cent increase in people looking to relocate to villages. Most notably is the village of East Leake which recently featured in the Daily Mail for this very reason. Average house prices there stand at £290,005.

    Some city home owners may have benefited from strong house price growth over the last few years and are now able to trade up and out into the countryside. The need to also move close to a station is now not so important as many people adapt to a life of working from home.

    Nottingham city house prices are also rising faster than anywhere else in England. Property prices have risen by 4.5 per cent in the last 12 months. City house prices which grew close to this figure were Manchester at 4.1 per cent and Leeds at 3.6 per cent.

    In contrast, London prices only grew by 1.7 per cent which is less than half of the Nottingham house price growth.

    Ready to sell your home?

    With the market in somewhat of a mini boom, a drop in stamp duty and a rise in house prices, now is a great time to move to a new home.

    Find out how much your property is worth with Benwell Daykin estate agents. You can call us on 0115 990 2007 or email info@benwelldaykin.co.uk.

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    Denying DSS Rentals Ruled Unlawful

    A judge has ruled that it is unlawful and discriminatory if agents ban people from renting property who are on housing benefit.

    The a court ruling found a single mother had experienced indirect discrimination when a letting agent in York refused to rent to her. She ended up homeless for a short while with her two children.

    The tenant claimed she had excellent references and could have paid 6 months up front if her parents lent her the money. However, the fact she was receiving housing benefit meant that she could not find a property to rent through an agency.

    This is a landmark case and is likely to change how letting agents across the country operate.

    Chris Norris, policy director at the National Residential Landlords Association, said: “No landlord should discriminate against tenants because they are in receipt of benefits.

    “Every tenant’s circumstance is different and so they should be treated on a case by case basis”.

    He also added that the government could support tenants by ensuring benefits covered rents entirely.

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    Stamp Duty Holiday Confirmed

    Chancellor Rishi Sunak has confirmed that there will be a stamp duty holiday following the Coronavirus lockdown.

    The threshold will now be raised from £125,000 to £500,000 and will last until March 2021.

    The average stamp duty bill will now be cut by around £4,500. This also means that 9 out of 10 house buyers will not be paying stamp duty at all.

    Home buyers would usually only pay zero stamp duty on the first £125,000 of the property value. They then pay two per cent of the value of the home up to £250,000 and five per cent on the next £675,000.

    You must complete your purchase before 31st March 2021 to make use of this ‘holiday’.

    First time buyers are already exempt from paying any stamp duty up to £300,000 outside London and £450,000 in London.

    The hope is that this stamp duty cut will boost the property market.

    If you are now considering a move and need a free property valuation, call Benwell Daykin on 0115 990 2007. Alternatively you can email us on info@benwelldaykin.co.uk.

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    June 2020 Property Market Update

    Due to COVID-19, the property market was put on hold from March to May. The government did not permit any person to move house unless it was completely essential. This meant that all transactions were put on hold and all viewings were cancelled.

    Since the middle of May we have reopened. There were talks of the property market stalling and a drop in house prices. Fortunately, this has not been the case. We have seen very little reductions and there has been a huge boost to property enquiries.

    Rightmove also recorded their busiest ever day for website visits at the end of May. Many people throughout Nottinghamshire are looking to move again and the market is looking extremely positive.

    Since reopening, Benwell Daykin have been to conduct free property valuations across the whole of Nottinghamshire. Although we only officially launched in January, we are fast becoming one of the favourite estate agents in Nottingham.

    Our branch in Ruddington is fully open for business, with social distancing measures in place. Why not visit us on the High Street? We have plenty of stock available to buy and to rent.

    How much is your property worth?

    Now the lockdown restrictions have been lifted for estate agents, is it time to find out how much your house is worth? Get a free property valuation today. You can also call us on 0115 990 2007.

    The average property price in Nottingham is currently £157,900, according to Hometrack. Property prices have grown by 4.1 per cent in the last 12 months. This is the biggest growth for property prices across the whole of the UK.

    As seen on TV!

    Benwell Daykin Estate Agents recently appeared on TV. Our senior valuer, Nick Aston, was featured on BBC East Midlands Today. You can view the news report below.