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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.

 

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Coronavirus Update for Benwell Daykin

Following new government guidance, our office will be reopening on Monday 18th May 2020. We will be operating reduced trading times whilst we adjust to the changes outlined by the UK government, in the interest of health and safety.

We are also still conducting valuations over video call. Please do not hesitate to get in touch if you are considering putting your property on the market immediately.

You can still call us on 0115 990 2007 or email info@benwelldaykin.co.uk.

Most viewings will still be conducted via video call or YouTube until further notice.

These are unprecedented and difficult times and we hope to be back assisting the community with all their property needs in the not to distant future.

Stay Safe. – Benwell Daykin Estate Agents

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Coronavirus and UK Property Prices

After the UK general election in December 2019 the property market picked up. More properties came to market and property prices began to climb at the fastest rate in two years.

The average UK property price rose to £312,625 in February 2020, according to Rightmove.

Property market uncertainty

Now the market faces some uncertainty with the development of Coronavirus or Covid-19.

We do not know the full extent of what is to come with the virus. We do know, however, that those who are unable to work currently can ask for mortgage holidays. This means they can defer having to make monthly mortgage payments for a set period of time.

Currently it is business as normal for us.

Good news for property

Property prices are still currently holding and despite the mild panic we are still seeing enquiries on all our available properties. This is for both sales and lettings.

For now, it’s business as usual at Benwell Daykin estate agents.

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Bank of England Interest Rate Cut

The Bank of England has today announced that interest rates will be cut from 0.75 per cent to 0.25 per cent. This has been introduced as an emergency measure to keep the economy moving, following the outbreak of coronavirus.

This news means that borrowing costs are down to the lowest level in history.

History of interest rates

Interest rates were increased in August 2018 from 0.5 per cent to 0.75 per cent. This announcement is the first cut since August 2016.

From 2008 to 2016, interest rates were at a steady 0.5 per cent.

Mortgage rates

Mortgage rates are likely to change slightly although this will not be immediate.

If you are on a Variable Rate mortgage then you may soon see a reduction in your monthly mortgage payments. If you are looking for a new mortgage deal then you may have to wait some time for these changes to happen.

It is unlikely that there will be significant drops in monthly mortgage payments as interest rates were already at a very low level.