The latest from Royston & Lund: Property News

In this months edition, we start by exploring why it is important for buyers and sellers to act now in order to move in time for Christmas.

Further into our newsletter, we take a look at building your dream open plan living space.

Following the end of the stamp duty holiday, we look at property prices compared to pre-pandemic figures.

Finally, have you been considering becoming a landlord? Now may be the perfect time to make the change, as rents rise at fastest rate in 13 years.

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.

Buyers and sellers need to act NOW to move in time for Christmas

Homeowners up and down the country are preparing for the pre-Christmas rush, and with the demand-supply imbalance still providing sellers with optimal market conditions, it's likely we'll see a lot more sales to come before the end of 2021.

Every year, buyers and sellers are swept up in a flurry of market activity across autumn, with October standing out as a busy period for selling activity.

Will you be in your new home by Christmas? Here's where you should start:

Ensure the property is sale ready

Your estate agent will be able to tell you if there are any features of your home that might put off potential buyers.

If anything is flagged up, try to get it fixed before your property goes on the market, as doing this will mean you’re more likely to get a speedy sale.

Paperwork at the ready

Ultimately, the quicker that your paperwork is processed by the solicitors, the quicker you can get going.

Hassling with paperwork can slow down the moving process significantly, so pre-empt any requests for certificates or documentation by having it all in one place and ready when called upon.

Likewise, calling ahead to organise van hire or a removals company will ensure there are no issues on the big day itself.

Declutter thoroughly

With December not far off, it would be a good idea to start sifting through your belongings now to work out what will be going with you and what is no longer wanted or needed.

A clearer space will also make your property pictures more visually appealing and make it that much easier to unpack and set up your new place to feel like home.

If you are looking to sell your home, book your free market appraisal today.

A few simple steps to build a beautiful integrated living and dining area

With light and space becoming essential in any house post-lockdown, it’s no surprise that many homeowners are opting for a more open plan living space.

Here are a few simple tips to help you build a beautiful integrated living and dining area.

Consider your specific requirements

What would you like to achieve from your project? It’s a good idea to make a list of what you need from your new space.

Do you want to be able to watch movies or play music, and what sort of storage do you need it to have?

Will you need planning permission?

To create your living and dining area, you could refit the existing space or extend on what you already have.

Before starting any major projects, always contact your local planning authority to confirm whether you need to apply for planning permission.

Always follow building regulations

Your project may not need planning permission, but it will need to comply with building regulations. These will include rules around ventilation, insulation, heating and fire protection.

You may need to seek professional assistance

You might want to seek help with design and technical drawings of your new space, depending on the scale of the work being undertaken.

An architect would be able to help you with this. If the dining area is going to incorporate a kitchen, you may need to seek out a kitchen designer to make the most of your space and give you the guidance you need.

Let natural light in

If you want to add light to your open plan space, then installing glazing and bi-fold doors is an easy way to do that.

Another option is adding roof lights or a roof lantern to get rid of any dark corners.

Recently renovated your property? If your home has recently undergone a refurbishment, we can value your property and help you learn its current sale value, talk to us today.

UK property prices up 13% compared to pre-pandemic as prices and demand soars

When the stamp duty holiday came to an end, it was expected that the home buying frenzy would tail off, however, prices and demand continue to soar.

There are currently 24% fewer homes on the market than this time last year, with higher than average enquiry levels and interest per property listed.**

Even when SDLT savings dropped from £15,000 to £2,500 earlier this summer, house prices were 11% higher when compared with August 2020, as increased demand led to competitive offers from buyers.*

For August 2021, the average price sat at £248,857. That has risen by 13% since the start of the pandemic, and an increase of £5,000 in the space of one month.*

Levels of demand are set to continue climbing as borrowing costs remain low. The fact that these costs have remained low has caused consumer confidence to grow, increasing demand further.

Experts predict that in autumn 2021, the property market will continue to see promising transaction levels, whilst by 2031, the average house price will have jumped by 30%.***

Our property experts can give you a reliable and free market appraisal, so that you know exactly how much your property is worth.

Book your valuation today.

*Nationwide

**Zoopla

***Based on trends from the Office for National Statistics

Supply & Demand - Rents rise at fastest rate for 13 years

The lettings market is booming, with properties letting almost a week faster than in 2020.

Now the pandemic is easing, people are returning to the city centres, which is causing an increase in demand and a shortage of available rentals on the market.

Rents outside of London have increased at their fastest rate since 2008, reaching £790 PCM on average.

Whilst rents outside of London have shot up by 5%, London landlords are also seeing a rise in value.

The average rent in London now stands at £943, up 2.1% compared to last year.

Affordability has remained consistent across this period, with average earnings increasing faster than rents, ultimately showing signs of healthy growth in the buy-to-let sector.

With tenant interest 80% higher than the average between the periods of 2017 and 2019, demand is still outstripping supply of rental properties.

What is causing this spike in demand?

- Students returning for the academic year

- Returning demand for city properties post-lockdown

- Level of rental homes decreasing by 13%

This mismatch in supply and demand has forced rents up and led to the rental market’s fastest paced year since 2016.

If you want advice on any aspect of the rental market, or are interested in a rental valuation, contact us today.

*Zoopla Rental Market Report