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Properties Across Bury Outperforming England & Wales

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%
North West 7.40%
Bury 9.30%
Radcliffe 9.00%
Prestwich 12.90%
Whitefield 5.00%
Ramsbottom 10.20%

So, what has contributed to these amazing price rises?

Lockdowns

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.

 

David Warburton
Managing Director

6 Simple Steps to Prepare Your Home For Viewings

6 Simple Steps to Prepare Your Home For Viewings

We know from experience that the better your home looks and feels when potential buyers come to view, the more likely you are to get an asking price offer.

For many people, the decision about whether to buy a home is an emotional one, and we’ve found that, more often than not, they make that decision very quickly. By the time buyers see your home in person, they already know the size, layout and location, and the photos have been enticing enough for them to book the viewing. So this step of the buying journey is mainly about them making sure that your home is as good in reality as it looks in the brochure, and that it feels like the right place for them to live.

6 Simple steps to prepare your home for viewings

Speak with your agent about how they can help.

You may already have your own thoughts about how your home should be presented for viewings, but it’s always worth speaking to your agent to get their input. We’re dealing with buyers and showing homes every day and can often suggest things that might not have occurred to you.

The best agents will have a photographer who makes sure that your home is shown in the most attractive light. Remember that these marketing photos are one of the key aspects that help to secure viewings, and a specific look is what your buyers will expect to see. So, while your home is listed for sale, the closer you can keep it looking to the images in your brochure, the better.

Nevertheless, no matter how neat and tidy you are, there are always those last-minute tweaks and little jobs that need doing before a viewing. So here’s our handy checklist of 6 simple steps to ensure your home is perfectly prepared to welcome what could be your dream buyer:

1. Make buyers feel great about your home before they even step through the front door

First impressions really do count, so think about how your home looks as buyers approach it. One thing that sellers often forget is to check how the ‘For Sale’ board looks – is it clean and straight? If there’s any damage, let your agent know right away and they can arrange for it to be replaced.

Try to ensure there’s somewhere for people to park their car, even if it means moving your own fifteen minutes before the viewing. Make sure the path to the front door is clear, the garden looks tidy and you have some welcoming potted plants at the entrance. Don’t forget the door itself – give it a wipe down, clean the handle and letterbox – and check that any outside lights are working properly.

6 Simple steps to prepare your home for viewings

2. Make the space shine

It’s really helpful if you can try to have the mindset that once your home is on the market, it’s no longer primarily ‘your’ home. You might have been used to leaving projects laid out across surfaces, having children’s toys and play equipment to hand and not worrying about keeping absolutely everything stored in its proper place. But buyers can often ask to view homes at quite short notice, so the cleaner and tidier you can keep each room, the less you’ll have to do at the last minute to get it ready for viewings.

If you can get used to living in a clutter-free way and manage to stay on top of the housework, then all you should need to do before potential buyers arrive is perhaps run the vacuum around and pop your teacup in the dishwasher!

3. Carry out a ‘fresh check’ on bathrooms

When it comes to bathrooms and toilets, your two watchwords are: ‘clean’ and ‘fresh’. As with the rest of your home, if you can make sure they sparkle on a daily basis, then you should only have three little things to do before a viewing:

  1. Drop some scented disinfectant in the toilet or spray a gentle air freshener
  2. Make sure the toilet lid is closed
  3. Put out fresh towels.

Tip: Keep a clean set of towels just for viewings, so that you can make a quick switch and then swap them back out once the viewing is over!

6 Simple steps to prepare your home for viewings

4. A little bit of styling can make all the difference

When you’re selling a home, you’re selling a lifestyle, so think about what little touches will help people feel good about the space and make them want to spend time there. Candles, flowers, high-end magazines and pretty soft furnishings work well in reception rooms and bedrooms, while a fruit bowl and some fresh herbs will add life to the kitchen.

Use your marketing photos as a reference, and try to keep all these styling accessories in your home so that they just need a quick ‘condition check’ before viewings.

5. Fresh baking really does work!

It may sound like a cliché, but the smell of home baking really does appeal to buyers. Our sense of smell has a strong association with memory and can be highly emotive, so some freshly baked bread or cake in the kitchen might evoke memories of a happy childhood, while a coconut scent in a reception room, bathroom or bedroom might remind people of being on holiday.

If you can fill your home with aromas that remind people of happy times in their lives, it will help them feel good about it – and they’ll be more likely to remember it in greater detail after they’ve left. Just remember that less is more, and if you’re going for a fragrance, make it subtle.

6 Simple steps to prepare your home for viewings

6. Pet patrol…

Your beloved pet might be regarded as a member of the family, but not everyone is going to be a fan and some people may be allergic. The ideal solution is to take your pet out of your home while the viewing is taking place, but if that’s not possible, try to keep it contained in one room, along with beds, litter trays, etc.

If relocating your pet is proving tricky, you could ask your agent to tell prospective buyers about it, then let you know if they have any concerns and you can discuss the best solution.

At WeLocate, our team is always here to help, so if you have any questions about viewings or would like some more advice on creating the best possible first impression on buyers, just call on 0161 696 0777 or email us on info@we-locate.co.uk. We look forward to hearing from you!

Build Your Own House Competition

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. 

Electrical Inspections Law as of 1st July 2020

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:

    1. The EICR must be given to all of the tenants before they occupy the property.
    2. When you replace the EICR, you must provide them with a copy of the new report within 28-days of inspection.
    3. If a tenant requests a copy of the EICR in writing, you must also provide them with one within 28-days.
    4. Where the local authority requests the EICR, you must provide them with a copy of it within 7-days or face potential penalties.
    5. 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 david@we-locate.co.uk.

David Warburton
Managing Director 

Have you Struggled to Sell Your Home? This Could be Why!

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!

Continue reading “Have you Struggled to Sell Your Home? This Could be Why!”

Why You Should Never JUST Speak to Your Bank When Applying for a Mortgage

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”

Bury Property Prices Continue to Rise

Property prices across the Bury Borough continue to outperform most areas in Greater Manchester according to official land registry data. In fact, in what might come as a surprise to most, only Rochdale has seen a bigger increase in property prices over the last 12 months. Continue reading “Bury Property Prices Continue to Rise”