The latest from Royston & Lund: Property News

In this months edition, we start by exploring what will happen to the property market post-pandemic, following 18 months of highs and lows. It is still location location location? We take a look at how many buyers are now paying over the asking price to secure their dream property.

Further into our newsletter, with asking prices continuing to climb, we take a look at the several key reasons driving them.

Finally, are you looking to make some home improvements this summer, find which can add the most value to your home.

If you have any questions about your property circumstances please contact us.

Richardson Gardens, Wilford Lane, West Bridgford

A small development of only four Brand New detached properties built by Swallow Hill Homes overlooking the Nottingham Forest training ground.

We're holding an open day for the last 2 remaining homes for sale on a small development of 4 properties.

OPEN DAY Saturday 22nd February 2020 (by appointment only).

Richardson Gardens, Wilford Lane, West Bridgford

Guide Price from £500,000 to £525,000

The properties are built to a high specification over two and three floors and are offered to the market with completion on plots 3 and 4 early Autumn 2020.

Swallow Hill Homes have been creating homes since 2005 and are a local company based in Beeston who employ their own team of builders. Building 5-10 properties a year, they ensure high standards and focus on constructing good quality houses using high quality materials.

On this development they are building using Staffordshire blue bricks on the ground floor, render on the upper floors, and slate grey windows & roof tiles for a crisp modern vernacular.

Don't miss out on this rare opportunity to purchase one of these fantastic houses in such a sought after location.

For more information about this development, please contact our sales team on: 0115 981 1888 or sales@royston-lund.co.uk

Sleeping Beauty

Thursday 20th - Saturday 22nd February

Click here to read Sleeping Beauty.

Celebrating Shakespeare

Monday 24th February - Saturday 7th March

Click here to read Celebrating Shakespeare.

Rushcliffe 10k

Sunday 1st March

Click here to read Rushcliffe 10k.

Richardson Gardens, Wilford Lane, West Bridgford

We're holding an open day for the last 2 remaining homes for sale on a small development of 4 properties.

OPEN DAY Saturday 22nd February 2020 (by appointment only).

Richardson Gardens, Wilford Lane, West Bridgford

Guide Price from £500,000 to £525,000

The properties are built to a high specification over two and three floors by Swallow Hill Homes.

On this development they are building using Staffordshire blue bricks on the ground floor, render on the upper floors, and slate grey windows & roof tiles for a crisp modern vernacular.

Don't miss out on this rare opportunity to purchase one of these fantastic houses in such a sought after location.

For more information about this development, please contact our sales team on:

0115 981 1888 or sales@royston-lund.co.uk

Have you seen us on social media?

Did you know that we're always active on social media! We have a Facebook, Twitter, and Instagram accounts where we love to share our passion for property with you all!

We use our Facebook, Twitter and Instagram to share a bundle of information to support you in your property journey. You'll find:

The latest property market news
Our local insights
Event updates
Top tips
Property guidance
Coming soon spoilers
Featured properties
New listings
Properties back on the market

There's lots happening so don't miss out! To be transported to our pages please follow the links below:

Our West Bridgford Sales Department have welcomed two new experienced Sales Negotiators to the team!

Since the property market “re-opened” on the 13th May, we have witnessed the market bounce back in a way we could not have imagined. Enquiries and transaction have continued to increase as the market has continued to grow. In order to assist with the high volume of clients looking to buy and sell, we are delighted to have recently welcomed both Deborah Unwin and Kirsty Marcer to the team.

Deborah and Kirsty have been working in the property industry for many years and will bring an abundance of experience to Royston & Lund. With a combined total of almost 40 years experience between them we know that our newest team members will be fully competent in aiding you with your next property sale or purchase.

If you are considering bringing your home to market you are sure to achieve a quick sale in the current market conditions. You can contact Deborah or Kirsty on 0115 981 1888 or by emailing sales@royston-lund.co.uk

Foxfield Way, West Bridgford

2 or 3 Bedroom Semi Detached Homes

Shared Ownership £120,000

Shared Ownership option of 35% - 75%

Two or three bedroom semi detached houses developed by Linden Homes, located in West. Multiple plots are available - please call us for further information.

Click here to read Foxfield Way, West Bridgford.

Caudale Court, Gamston

2 Bedroom Apartment

Shared Ownership £80,000

Shared Ownership option 50% - 100%

A spacious two double bedroom apartment situated in the sought after Gamston development close to the centre of West Bridgford.

Click here to read Caudale Court, Gamston.

Hornbeam Close, Edwalton

3 Bedroom Terraced House

Shared Ownership £96,250

35% - 75% Shared Ownership Option Available

A three bedroom house developed by Barratt Homes and David Wilson Homes. Designed with family living in mind, providing the calm of the countryside and the bright lights of the city.

Click here to read Hornbeam Close, Edwalton.

Wenlock Drive, West Bridgford

2 Bedroom Apartment

Shared Ownership £155,000

50% Shared Ownership Option Available

A well presented two bedroom second floor leasehold apartment situated on the sought after "Square" development in the desirable suburb of West Bridgford.

Click here to read Wenlock Drive, West Bridgford.

Help to Buy scheme helps make 290,000 buyers homeowners

The Help to Buy scheme was introduced by the government with the aim of helping first-time buyers get onto the property ladder; designed mainly to overcome the barrier of people not being able to save a large enough deposit to qualify them for a mortgage loan.

Help to Buy allows buyers to purchase a new build home with just a 5% deposit, it is then topped up by the government with a 20% equity loan that is interest-free for five years.

The number of homes bought using the scheme has increased year-on-year, with over 290,000 buyers having benefitted since it first launched.

Who has benefited from Help to Buy?

First-time buyers

Benefiting the most from the government's scheme has been first-time buyers, accounting for 82% of all purchases.

The average price of a property bought using the scheme is £279,995, with a typical household income of £53,218.

From April 1st, a new scheme has been launched that is only available exclusively to first-time buyers. As a result, regional price caps will be introduced on the value of properties that are purchased using the scheme.

These caps range from £186,100 in the North East to £437,600 in the South East and £600,000 in London. Below is a full list of the regional price caps for Help to Buy.

Region	Help to Buy price cap
North East	£186,100
North West	£224,400
Yorkshire and the Humber	£228,100
East Midlands	£261,900
West Midlands	£255,600
East of England	£407,400
London	£600,000
South East	£437,600
South West	£349,000

Buyers in London

For most of the country, the equity loan is capped at 20% of the property’s value.

However, in London, buyers can apply for an equity loan worth up to 40% of their property’s value.

Homeowners

Whilst those who already own a home or have previously done so have also benefited from Help to Buy, these have only accounted for around 18% of all purchases made using the scheme, with the typical home they bought much more expensive compared to first-time buyers.

It is important to remember that the Help to Buy scheme must only be used on your main residence and cannot be used to buy a second home or a buy-to-let property.

For key information on the 2013-2021 and 2021-2023 schemes, we'd advise referring to: gov.uk/government/publications/help-to-buy-equity-loan-buyers-guide

To start your property journey with us, please contact our team today.

Residential transactions increasing month on month

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.

Thinking about investing in a buy-to-let property? All you need to know

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.

What will happen to the property market post-pandemic?

After 18 months of uncertainty, the UK property market has seen some incredible highs and lows, from the sector closing and reopening last spring, to the impact of the stamp duty holiday on residential transaction levels.

For those looking to buy or sell in 2021, here are the top projections on what will continue to shape activity levels in the coming months.

House prices at a record high

Initially propelled by the stamp duty holiday, house prices have risen by 10.2% in the year to March 2021, with vaccine optimism now fuelling high demand levels.*

With a tapered end this September, homeowners can still save £2,500 on the first £250,000 of a property due to the stamp duty holiday, meaning that sales will continue to push up prices this summer.

If you haven't had a recent valuation of your home, talk to us today to gauge its current value.

The long-awaited return of overseas property investors

Travel has been made all-but-impossible for most travellers.

However, with vaccine programs being rolled out in other countries as well as the UK, we should soon see the return of overseas buyers looking for their next investment opportunities.

This will be key to help the market fully recover from the events of 2020, particularly for the construction sector.

Country locations increase in popularity

Remote working became the norm for most of the country's workforce in 2020, which gave people the freedom to move further afield.

As outdoor space went up in our estimations, the need for a perfect commute distance became less important, leading to more buyer activity as homeowners and tenants found themselves restless with their current accommodation.

More space for remote workers

For those whose job will continue to operate remotely, a home office or designated workspace is essential.

Larger properties are in short supply, making it the ideal time for homeowners to sell up.

Commercial spaces transformed into residential properties

Commercial spaces are being left empty, as many people are now opting to work from home, where able.

This means that many offices have closed permanently, leading the owners to convert them back into residential properties.

Overall, this could have a massive impact on the market.

Do you want to know your options buying or selling this summer? We'd like to offer you a consultation, visit our website to learn more.

*ONS

Which home improvements can add the most value to your property this summer

Over the last 18 months, the number of Brits undertaking DIY projects and renovations has jumped significantly, as we found new ways to pass our time in lockdown and improve our living situations.

But, which home improvements have the biggest impact to your property's value?

Extensions

Adding an extension is one of the most popular home improvement projects, adding up to 23% to your home's sale price.*

In fact, in northern regions over 2020, there was a double digit increase in planning permission applications for extensions.

Garages

Adding a garage is a great way to expand your home.

Having a property with secure parking can lower the price of your car insurance policies, as opposed to on-street spaces, whilst making your home more attractive to buyers.

Loft conversions

Loft conversions are a brilliant way of creating extra space out of an area that is rarely used, whilst contributing an additional 20% in value to your property's price.*

Due to COVID-19, people are looking for space for home offices.

A loft conversion is the perfect solution!

Conservatories

One of the great advantages of building a conservatory is that planning permission is more straightforward.

It also adds around 5% to the value of your house.*

Outbuildings and sheds

Green space has become massively important to us.

Having an outdoor space that can be used for storing gardening equipment or even as somewhere to relax is highly desirable.

Find out how much your lockdown improvements have added to your property.

Book a free valuation with us today.

*Nationwide, Homeowners Alliance and Conservatory Expert

What’s driving property prices?

Asking prices continue to climb, with several key reasons to explain why this is happening after the emergence of a global pandemic.

A record number of people are looking to move

If you cast your mind back to a pre-pandemic time, the property market was faced with extraordinary pent-up demand due to Brexit concerns, as buyers and sellers put their plans on hold.

Before this pent-up demand could be fully alleviated, COVID-19 made its way across the globe in spring 2020, shutting down the property market along with most other commercial sectors.

The government were quick to launch schemes and support to encourage a return of activity, with tremendous success last summer, mainly driven by the extended stamp duty holiday.

Following all of these delays, demand for homes continues to dominate market headlines.

Over 180,000 properties were listed on Rightmove in the last month, with homes selling above asking price doubled from previous figures.

Stamp duty savings

Ending on June 30th, the stamp duty holiday caused a market rush, which meant that asking prices rose at an incredible rate.

Having extended the initial savings period once already, the government introduced a tapered end to the SDLT holiday, taking us up to September 2021 with £2,500 available on the first £250,000 of a property.

Record low interest rates

With interest rates low, more people have been enticed to upsize to bigger, more expensive homes.

If you're looking to take advantage of better rates, we'd recommend speaking to a mortgage professional about your options.

Looking to sell? Book a valuation today.

Is it still location, location, location?

Faced with the prospect of a lockdown-free summer, buyers are anxious to move quickly, resulting in record numbers paying over asking price to secure their dream property.

With leading experts predicting that the house buying frenzy is here to stay, is location still as key as it used to be for buyers?

In the space of just 18 months, we've seen homebuyers rush to the countryside and back to cities again, as they've swapped lifestyles and jobs to better suit their own needs post-lockdown.

However, while requirements have altered dramatically for some, the popularity of online searches for the perfect location shows that this remains high on the list of buyer priorities.

So, what stands out as the perfect place for today's buyers?

- Access to areas of green, open space or gardens has become an immediate priority for many homebuyers.

- Now lockdown is coming to an end, people want to be close to cafes, restaurants, leisure amenities and shops once more to make the most of their freedom.

- Being close to the office is also becoming important again, as people adopt a hybrid style of working. This has also brought demand for a suitable working space at home, as well as a fast and reliable broadband connection.

- Being in a good school catchment will always be a priority for families.

- Buyers are doing their research into future developments in the area, like new schools, hospitals, shopping facilities or public transport links, as they can dramatically affect future house prices.

Location is a key factor in driving up demand.

If you’re looking to find the perfect location or sell your property, get in touch today.