The latest from Royston & Lund: Property News

Welcome to the latest edition of the Royston & Lund property market newsletter. We're pleased to be bringing you all the latest property industry news.

This month we explore:

- The pros and cons of buying a house vs buying a flat

- What to consider if you are thinking of buying in the current market

- Our DIY checklist to help you sell your home this February

- The steps to becoming a residential landlord this year

If you are considering selling your home in 2022, our expert team would be delighted to offer you a free, no obligation valuation.

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

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.

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For Sale - Adbolton Lane, West Bridgford

A beautifully presented two bedroom park home situated in West Bridgford. Entering into the hallway that benefits from a cloaks cupboard, we have access into the study, both bedrooms and the bathroom (Cont...)

Guide Price £175,000

Click here to read For Sale - Adbolton Lane, West Bridgford.

For Sale - Kingston Road, West Bridgford

This is an immaculate double height bay fronted extended five bedroom detached family home. This property retains many original features, including stripped doors, leaded stained glazing (Cont...)

Guide Price £725,000

Click here to read For Sale - Kingston Road, West Bridgford.

To Let - Maplestead Avenue, Wilford Village

The property briefly comprises an open plan dining kitchen with appliances leading to a conservatory, three bedrooms and family bathroom. Enclosed rear garden, garage and ample driveway parking.

£1,150pcm

Click here to read To Let - Maplestead Avenue, Wilford Village.

To Let - Davies Road, West Bridgford

The property benefits from bay fronted lounge, open-plan kitchen/dining/family area with patio doors leading to a spacious patio and well established rear garden, downstairs WC.

£1,725pcm

Click here to read To Let - Davies Road, West Bridgford.

Buying a house vs buying a flat in Nottinghamshire

If you’re thinking about buying a place of your own, you’ll need to decide which type of property you want to live in.

While the price can often be a huge deciding factor, houses are not always more expensive than flats. Sometimes, choosing between the two depends on other factors.

In this article, we’ll explore the differences between buying a house vs a flat and share our thoughts on the pros and cons to consider.

What are the Pros of Buying a House?

1.   You’ll Have More Control

When you buy a house, you often purchase the freehold instead of the leasehold. With freehold ownership, you have more control over what you can do with and to the property.

For example, you can decorate, renovate or extend your property without needing permission from a leaseholder.

2.   You Should Have Free Parking

Generally, buying a house means you’ll have access to free street parking or (if the property has a driveway) off-street parking. In flats, you often have to purchase a parking space – which can be a one-off or annual cost.

However, be mindful that you may need to pay for a council permit to park outside some houses, especially if it’s near a station.

3.   You’ll Have a Front & Back Garden

Sizing varies, but almost every house has a back and front garden.

This means you’ll need to do more maintenance. But, more importantly, it also means you can enjoy gardening, decorating your front garden, and having access to private outdoor space.

What are the Cons of Buying a House?

1.   You’ll Have More Responsibility

Since you normally own the freehold when you buy a house, you’re responsible for maintaining everything related to the property. This can include upkeep of things like fences, drains, windows, boilers, gardens and the roof.

What are the Pros of Buying a Flat?

1.   You’ll Have Less Responsibility

Even though you still need to maintain your home, most flats offer leasehold ownership. This means that, while you own the flat, someone else owns (and is responsible for) the building.

Within your lease, your ‘landlord’ may be responsible for things like cleaning the windows or arranging costly building repairs.

What are the Cons of Buying a Flat?

1.   There may be extra charges

When you buy a flat, there are normally more charges than a house. For example, you’ll need to pay rent and service charges (which can change annually) to pay for general building repairs.

How to Decide Between Buying a House vs a Flat

Choosing between buying a house vs a flat depends on many factors.

Before you decide, consider the following:

What can you afford?
How long do you plan on living there?
How much responsibility you want
How important is outdoor space to you?
What parking access do you need?

If you need help deciding which option is right for you, we are your local property experts.

Our friendly team are happy to discuss our properties and help you decide which one is right for you, contact us here.

DIY checklist for selling your home

Selling your home involves an overwhelming list of decisions to make and jobs to tackle.

We find it helps to break things down step-by-step, so we created this simple six-point checklist to get you started.

Organise your finances

Assuming you have ruled out adapting your existing home, it’s time to decide how to manage your money going forward. Factor in your remaining mortgage and whether you’ll incur any charges for paying it off early.

Speak to an advisor to see how much you’ll be able to borrow if you need a new mortgage.

Don’t forget to estimate extra costs associated with moving, such as legal fees, stamp duty, and hiring a removal company. This will give you a better idea of what you can afford.

Get your home valued

Of course, the amount you can pay for your new home will depend on the sale value of your current property. Even if you’ve had a valuation recently, chances are the market has already changed. Hint: we can help with this!

Choose your team

When you invite a few estate agents to value your home, take the opportunity to ask questions to decide who’s the best fit for you.

After picking an agent, you’ll also need to engage the services of a conveyancer or solicitor to attend to legal matters.

Welcome viewers

Before your home goes live, declutter, clean, and fix any glaring issues that might put off buyers.

Consider having your home professionally staged to help viewers understand the lifestyle on offer as soon as they walk through the door.

Deal with paperwork

Keep on top of any paperwork your conveyancer or solicitor sends your way to speed up the sale. You’ll also need to work with them to draft a contract with the buyer and plan the exchange.

Prepare to move

Once you have exchanged contracts, your moving date should be in sight. This is the perfect time to book a slot with a moving company and request time off work if necessary.

You can also inform your utility suppliers about your upcoming departure and put arrangements in place for a smooth transition to your new home.

If you’re ready to book a valuation or discuss your moving plan, contact us here.

Steps to becoming a residential landlord this year

People become residential landlords for a variety of reasons.

Often, it’s because someone wants to do more with their savings and sees property as a safe investment with a regular income.

Here are a few things to consider when becoming a landlord if you want to take advantage of the current lettings climate:

1. Furnished or unfurnished

You must decide whether you want to rent out a completely furnished or unfurnished property early on.

If you've inherited a furnished property, the decision may be straightforward. If this is the case, you may find that this appeals to a potential tenant, and you may be able to negotiate a better monthly rent.

If you rent out a property that isn't furnished, you won't have to buy anything for it. Some potential tenants prefer this since they can furnish it with their own belongings and make it their own home.

Don't forget, carrying out an inventory is a smart idea because it will impact your insurance coverage and may help to avoid disagreements at the end of a contract.

2. Paperwork

Being properly organised and up to date with paperwork from the beginning is one of the best suggestions for becoming a landlord.

Having a lot of paperwork can be intimidating, but organisation is crucial.

Not only will this ensure that you are not in violation of any legal obligations, but it will also ensure that you are aware of where everything is at all times. (It's also helpful when doing your accounts or double-checking information.)

3. DIY or use a lettings agency

Using a lettings service to find a tenant and set up the first agreements will relieve you of some stress.

Our lettings experts use their local rental market knowledge to assist our valued landlords in managing their properties. For further information, contact our helpful staff today.

4. Legals & Responsibility

You'll need an up-to-date Energy Performance Certificate for a property before it can be let.

Each gas appliance in the property must have a gas safety certificate, and each property must have smoke alarms and a carbon monoxide detector. Any appliances or furniture must also meet the required safety standards.

There are other regulations concerning a tenant's deposit and how it is held in a government-approved programme. We can help you with any of these if you need support.

For expert property advice and becoming a landlord, contact our team of professionals here.

What to consider when buying a home in the current market

When you’re searching for your dream property, some things never change. Unless you're looking to renovate, choosing a home without inherent issues is one priority. And you probably already have an idea of how many bedrooms and bathrooms you need. However, it’s also likely your life goals have changed significantly since the dawn of COVID-19.

Did you know that recent surveys have shown that many buyers prefer closer proximity to open spaces than they did before the pandemic? Or that communication infrastructure is now just as crucial as the local transport network?*

Although the gradual reopening of society may lead to further lifestyle shifts, many people have already decided to move to fulfil their changing needs. Location may be more of a deciding factor for these buyers than ever before. This explains the urban to suburban or rural movement patterns we have observed after the last two years.

Once you’ve settled on your ideal area, it’s time to consider how the home will work for you. For instance, is there enough space for a home office? Even if you don’t need one now, you may in the future if companies continue to embrace flexible working. It’s also worth investigating your internet connection's reliability and speed, especially if you’re moving to a remote country village.

Returning to the results of the 2021 MFS survey, we see that transport links lost some value in the eyes of buyers. While this may not be the case for you, it’s worth calculating how much time you’ll be travelling versus spending at home. The answer may impact the importance of road and rail links or your need for larger rooms or a bigger garden.

By valuing your current home, we can help you balance your changing needs with your budget. Just contact our agents directly by visiting our website.

*MFS Homebuyer Wishlist 2021