Properties Across Bury Outperforming the Rest of England & Wales
There is no doubt that property prices have been on the rise across Bury. In fact, all but Whitefield has outperformed the rest of England & Wales!
As you will see from the table below, Prestwich has seen the biggest rise with a 12.9% increase but the rest aren’t too far behind.
|Area||% Price Rise in the Last 12 Months|
|England & Wales||8.50%|
So, what has contributed to these amazing price rises?
Last year, it seemed crazy that locking the entire country down would result in a mini property boom, but that is what happened.
Holidays were cancelled, many people were placed on Furlough, and families were living together full time. It led to many people re-evaluating space, particularly in their gardens, and some, of course, looking to downsize.
Stamp Duty Holiday
The Government then introduced a stamp duty holiday for any purchase up to £500,000. This has been extended until 30th June 2021, when there will be a reduction to £250,000, and this will officially end on 30th September 2021.
The stamp duty holiday, in particular, brought a glut of buyers to the market and…… they are still there.
Now, here lies the problem, or the opportunity, whichever way you see it.
This could be the LAST chance to get a Premium for your home!
This might seem like a strong statement, and, of course, in many years to come, it is almost inevitable that property prices will rise beyond unimaginable levels right now.
However, it is unlikely there will be a better chance to secure the best possible price for your home, certainly in the short to medium term.
Whilst that second stamp duty holiday ending might not be hugely significant in monetary terms (a £250,000 purchase currently saves you £2,500), the psychological impact on buyers could be.
Many people looking to buy are keen to take advantage of this, and the number of buyers out there could drop when it goes away.
HUGE Opportunity for Sellers
70% of Estate Agents surveyed reported that 75% of their stock SOLD over the asking price.
The average selling time for a property is 2-4 weeks – quicker than ever before and hugely significant when you consider that you will likely need 12 weeks to get to the completion date once you have agreed to a sale.
At the time of writing, there have been 2,180 transactions across the Bury Borough in the last 3-months. This is 29% down on last year, yet demand is up 28.6%, which is often resulting in bidding wars for properties and driving prices up.
So, there you have it. If you had been thinking of selling your home, NOW could be the time. I certainly wouldn’t delay if getting a premium price is important to you.
If you have any questions property-related, by all means, get in touch.
Make and decorate your own house using this template and a grown-up to share your amazing creation on our Facebook Page!
Enter to Win!
The best entry for our Children’s House Building activity will win a £10 Amazon Voucher to keep them entertained at home.
Competition closes on 23rd April 2020.
T&Cs: Entries must be posted to our Facebook page @WeLocateEA. Please tag your post with #WLHouseBuild. Should you add the image, you are permitting us to use it for any future marketing. The closing of the competition is 5pm on Friday 24th April. The winner will be announced on Saturday 25th April. Winners will be contacted via Facebook.
As a landlord, it is your legal responsibility to ensure that before a tenant check’s into your property, you have the following:
- Valid gas safety certificate (renewable every 12-months)
- Valid energy performance certificate (renewable every 10-years)
- Working smoke alarms on every floor
The rules surrounding your electrical responsibilities have always been a grey area, as there has been no legal requirement to provide your tenant with an electrical inspection report. Yet, you have a specific duty to ensure that your property is in ‘good repair and proper working order’. However, change is on its way.
What is new?
New standards of electrical safety, as well as legal requirements on the service of documents to relevant people, are coming into force. As a result, any new tenancy created or renewed on or after 1st July 2020 will require an electrical inspection and a report on the condition of the property (EICR) performed by a qualified person.
It is important to note that renewals will include statutory periodic tenancies (SPT) that are automatically created at the end of a fixed-term on or after this date. These are often referred to as ‘rolling contracts’ where the same terms and conditions still bound the landlord and tenant as the original contract, but, either party can serve appropriate notice at any time (tenant one full month, landlord two full months).
As an example; if the existing tenancy agreement ends on 1st August 2020 and you choose not to renew but are happy to retain the same tenants, it will automatically move on to an SPT, and you will, therefore, need to have an electrical report carried out.
For pre-existing tenancies, you will need to have an EICR performed before 1st April 2021.
Who do I need to give copies of the EICR to?
The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020 set out several different requirements around providing copies of the EICR to relevant people:
- The EICR must be given to all of the tenants before they occupy the property.
- When you replace the EICR, you must provide them with a copy of the new report within 28-days of inspection.
- If a tenant requests a copy of the EICR in writing, you must also provide them with one within 28-days.
- Where the local authority requests the EICR, you must provide them with a copy of it within 7-days or face potential penalties.
- Any prospective tenants who request a copy in writing must be provided one within 28-days.
How often do I need to replace the EICR?
The standard EICR lasts 5-years, but this can be shorter so you should replace it as often as needed to ensure it remains valid.
I have a pre-existing EICR. Do I need to get another one?
Possibly. The current draft of the regulations appears to invalidate any EICR that does not meet the standards of the 18th Edition Wiring Regulations. As this edition only came into force in 2019, most EICRs are therefore potentially invalid.
Worryingly, this could lead to a lot of properties requiring extensive work as most were not built with 18th edition guidance in place. There may be better news to come, however, as industry bodies suggest that the Ministry of Housing, Communities & Local Government (MHCLG) will allow existing EICR’s to remain valid. An update is expected on this soon.
What do I need to do now?
Given that these regulations are coming into force very soon and, despite the current situation surrounding COVID-19, there are no plans to delay this new legislation, we would advise that all Landlords consider obtaining the appropriate checks immediately. Not only will it give you peace of mind, but your property may require some work to be carried out, and this will give you extra time to do that.
If you are a landlord on any of our managed packages, we will contact you to discuss your requirements and the options available to you.
Should you have any questions, please feel free to email me at firstname.lastname@example.org.
The way people search for properties has now changed. Rightmove and Zoopla are still the leading property websites which people visit, and your agent needs to be on both of them. However, did you know that you can now target your ideal buyer using the power of social media?
The short video below explains how we sold a property for a customer who had been on the market with other agents for 9 MONTHS. We sold it in UNDER 3 WEEKS, and for over the asking price!
Buying a new home is exciting, but I often meet people who have not yet got all the best advice on board and are set to either lose out on properties they thought they could not afford or be paying a lot more than they have to, meaning that they could be adding YEARS to their mortgage term.
Most people start by finding out what they can borrow, which is the right thing to do. However, most people also go straight to the company they bank with, as they think they will get the best deal from them.
The problem with going to your bank is that they will only talk to you about their products and their lending criteria, and it may not be as good as one of their competitors. Continue reading “Why You Should Never JUST Speak to Your Bank When Applying for a Mortgage”