The latest from Royston & Lund: Property News

In this months edition, we start by exploring the demand for family homes, with 3-bedroom properties spending on average just 45 days on the market.

Are you thinking about putting your property on the market in the next few months? Take a look at our top hints and tips on being ready to sell.

Further into our newsletter, we're pleased to say the lettings market is continuing to boom, discover what this means if you're a landlord.

Finally, with the second stamp duty holiday deadline approaching in September, find out what's in store for the property market over the next few months?

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.

Family homes are in high demand

Property experts from Rightmove are urging homeowners to sell their three-bedroom homes, as high demand leads to an average selling time of just 45 days.

With the summer season well under way, the latest house price reports indicate high asking prices in the UK.

So, why is the housing market so hot right now?

Available homes are in short supply

Some homeowners have had to delay their moving plans over the last 18 months, causing an imbalance of homes on offer compared to buyers, sparking competitive bidding wars and driving prices higher.

This has also resulted in gazumping becoming more and more common, as buyers fight for the remaining properties.

New construction was halted

Between 240,000 and 340,000 new homes are needed every year to keep up with demand.

A shortage in construction materials, as well as delays and lockdowns within the sector have resulted in fewer new homes being built since the emergence of the pandemic.

Even though construction of new build homes has recently reached a 21-year high, the market is still struggling to make up for lost time and meet the needs of new home buyers.*

Mortgage rates are at a record low

Product choice has reached the highest levels in 16 months, with competitive rates and as many as 4,512 new deals to pick from encouraging deal-savvy buyers to consider their next move.**

Post-COVID race for space

After being stuck indoors for months, people are sick of seeing the same four walls.

Whilst many of us took to DIY renovations and projects to make our homes better suited, a significant number decided to look elsewhere altogether, wanting a bigger space with gardens and the room for a home office.

If you’re looking to buy or sell, contact us today to get started.

*Ministry of Housing, Communities and Local Government

**Financial Reporter

Hints and tips on being ready to sell

According to Rightmove, enquiries from buyers are up by 18% when compared to the same period last year.

If you decide to sell right now, you’re pretty much guaranteed to get high levels of interest following your market launch.

Here are our five top tips for selling your home in a busy market

Talk to the right people and stay informed

Whilst it’s easy to get caught up in the post-lockdown rush, remember that moving house is a big decision.

Make sure that selling is the right decision for you and that you have the best local advice to help you achieve the best deal possible.

Get certified

If you’ve made considerable renovations to your home, ensure you have the correct certifications.

If people are interested in your home, they will likely want to see them.

Check your property

If you’re selling a newly built or converted property, you must check it was built under a building standards indemnity scheme.

Lenders often won’t provide mortgages if newly built or converted properties are not covered by a warranty scheme or Professional Consultants Certificate (PCC).

This will be an issue if your buyers need a mortgage to buy your property.

We’d suggest getting in touch with someone that can provide you with a PCC, confirming that your new build has been constructed in accordance with the drawings and instructions provided by building control.

Carry out any minor repairs

Disrepair can seriously put off homebuyers.

The amount of work that needs doing to the property can impact how much interest you receive. Furthermore, doing any refurbishment before starting the selling process is always a good way to increase the market value of your property.

If there are any serious structural issues with your property, you should get them fixed before viewings begin.

Get in touch with a professional

If you want your home to sell quickly, always contact a professional.

We provide a bespoke selling service that is adapted to each individual property.

If you’re looking for a quick and easy sale, contact our team today.

The lettings market continues to boom

The lettings market has had a record strong month, with reports of a decrease to the length of average void periods in most regions, as well as rising rents seen across the country.

In some parts, void periods have dropped by as much as 50% month-on-month, taking England's average from 22 to 16 days.*

How have rents changed for landlords?

After a year of uncertainty for landlords, with the eviction ban repeatedly extended, the news of rent growth in every region in June should signal a return of optimism for the market.

Certain areas saw an increase as high as 10%, whilst the average cost to rent a property in England now sits at £932.

In fact, average rents were higher this June than when compared to a pre-pandemic 2019.

Looking to take advantage of the increased rental demand? Here are our top tips on how to become a new landlord.

1) Understand your business

As with any new business venture, if you lay the right foundations, you have the potential to secure a comfortable financial future for yourself.

Most landlords only let one property, so it's important you know the local market and choose the best spot for your investment in terms of location, demand and opportunity.

2) Take the time to learn more about the legal requirements

There are a number of important regulations that a landlord must meet to protect their tenants, as well as themselves and their properties.

Taking the time to familiarise yourself with the sector will put you in good stead to build an established reputation letting in your area, which will ultimately help you to keep good tenants for longer.

3) Shop around for your buy-to-let mortgage

It’s important to find the right deal for you, which might mean considering a range of solutions before making a decision.

To get the best returns, you should speak with a trusted mortgage advisor who can point you in the right direction selecting your mortgage.

4) Decorate for a tenant, not for yourself

Just like when you're selling a property, you need to plan how to stage your rental property before listing it.

Whether you're wanting to let to families, students or working professionals, providing the right furnishings and neutral tones will create a blank canvas suited for future tenants interested in renting your property.

5) Who will be managing the day-to-day responsibilities?

This last step is what will really set your business in motion.

Choosing the right lettings agent is essential to protect your investments and safeguard your interests, as they'll be the liaison point for your tenants whilst overseeing all checks, changes and inspections.

To learn more about our property management service, contact us today.

*Property Reporter

What’s in store for the property market over the next few months?

Having contributed to record-breaking sales numbers over the last year, we consider what's next for the property market following the approaching end of the stamp duty holiday.

For first-time buyers

Introduced by the government this spring, the 95% mortgage guarantee scheme has encouraged lenders to offer lower deposit options, paving the way for the return of first-time buyers wanting greater flexibility and freedom becoming homeowners.

This scheme is set to close to new applicants in December 2022, with the government’s total investment expected to reach over £20 billion.

Flexible mortgage schemes

In support of the government's help-to-buy option for first time buyers, we are seeing banks and developers coming together to create other schemes that could essentially replace the government’s help-to-buy scheme when it comes to an end.

An example would be the Deposit Unlock Scheme, which provides buyers with a package that allows them to buy new build homes up to a value of £330,000, with a 5% deposit and 3.5% mortgage rate – fixed for two years.*

High street banks are also beginning to offer 5% mortgages, which offers to lend buyers an extra 10% of a traditional 15% deposit, requiring buyers to only front up 5% themselves.

Looking ahead

Existing and new incentives will boost a drive in the first-time buyer market and are likely to have a similar impact as the SDLT holiday.

Other new schemes could involve cuts to SDLT rates, particularly with second home purchases in order to get this section of the market moving again.

Are you looking to buy this year? Get in touch with us today.

*Newcastle Building Society