- Hits: 4
Of course, we don’t know if the country will go into a second lockdown but we do find ourselves asking the question, what if? The demand for properties across the country since we eased lockdown measures has risen dramatically, RightMove even reporting a 2.4% increase in asking prices.
This boom could be short lived as it’s unlike a standard economic boom which occurs by growth over a period of time. It could be a short-term boom caused by the stamp duty holiday. This mini boom is potentially unstable and open to being volatile unlike a boom caused by years of growth and foundations being put in place.
Does this mean if we are placed into another lockdown would house prices begin to drop?
Some of the financial impacts caused by the last lockdown was how quick it all happened, meaning industries such as that of the property market could not take relevant steps and measures to lessen the impact a lockdown imposed meant. Hopefully now the government has learnt a few lessons and we’ll be able to adapt and have some preparation time.
What could the impacts be?
- Less property viewings – A restriction on viewings would of course have a huge impact on the property market. Most of us would like to view a property before submitting an offer. Virtual viewings could be something we see more and more of, but are viewers going to feel the same impact a viewing in person could have?
- Potential viewers could be made redundant as companies across the country face greater financial troubles, meaning less buyers being able to prove a long-term income. Mortgage lenders could see this a risk factor.
The process takes longer
Selling a property is one thing, getting the sale done is another, a second lockdown could potentially see more people being placed on furlough or working from home. This will affect time-frames of the process as estate agents, mortgage lenders and solicitors have an increased workloads and harder communication processes taking place with everyone involved working differently to how they have ever before.
If we are placed into a second lockdown or not here at Peregrine Property one thing, we pride ourselves on is our customer service and honesty, we’re here to support you all the way with our expert knowledge we’ll be able to advise you with the best options available for you.
To find out more contact us online or call us directly.
- Hits: 149
In this weeks blog post we caught up with Kelly Bell an interior designer covering the Yorkshire region, we caught up with Kelly to find out more about her and her business, covering how Covid-19 has affected her and where she sees the property market.
Can you tell us about yourself and how you got into your current role and what you like about your job?
I started in the Industry at the age of 18, working a large Architectural practice in Leeds as a Interior Design apprentice, I attended Leeds Art College part time whilst I learnt my trade working on live projects, I was very fortunate – this doesn’t happen anymore!.
I worked on various projects including Hotels, Hospitals, Leisure projects, residential developments and lots of commercial office interiors.
It soon became apparent as years went by that I was a very creative leader within the businesses that I worked in, this lead me into the Creative Design director job Roles. I then became an integral part of the Leeds property design hub, working and creating new residential and commercial schemes that were all design lead and very forward thinking. I love to push boundaries in anything I'm involved with, which includes creating new business ideas and inspirational design through to unique and outstanding homes. Unlike most Interior designers, I do not only specialise in one sector, I have 23 years’ experience in so many sectors, I have been fortunate to work on amazing projects, I like to blend all the environments, material and products into each other.
What is that your company currently does and what sets them apart from their competitors?
We are Interior experts, we cover all elements of Interior design for both residential projects and commercial projects. I am from a fit out background, I love to refurbish and thrive on challenging buildings and spaces.
I believe our experience, friendly and honest approach to projects helps us gain our great reputation, However what stands us out from the crowd is our innovative way that we approach design, and as we are design and build experts, we are very commercially minded, we know what things cost to build and furnish – we are creators… yet keep it real !
How has Covid-19 affected the company?
It has effected every business in some way, shape or form, some positive and unfortunately not so good for others. For Kudos ID we have gained much more residential projects to work on. Commercial organisations are re thinking and strategizing as they are unsure of what the market place looks like and what the future of the workplace will be.
What would you say your local property is like at the moment?
I live in North Leeds and have seen a lot of sale activity within the residential market, which is very positive. I have seen however the commercial market dip, which is understandable. The retail buildings are becoming more empty as the high streets suffer further. I think the out of town office parks that were once dying will possibly now come back to life as people want to travel more freely, flexible working is now the buzz word. The property market will shift and mould to the new demands of how we now live and work thanks to covid.
Can anything be done to help the property sector at this moment in time?
I think the government are trying to help and come up with new planning conditions, new permitted development rules etc which impacts retail buildings and adding extra levels to existing buildings. This shows they are trying to promote development.
We are now living in uncertain times. Blue sky thinking is needed by everyone within the property market.
Do you think Covid-19 will have a lasting affect on the property market?
Yes, absolutely!. We are now tech ready, working from home experts. We can even home school and juggle our lives at the same time. Employers have had no choice but to trust their staff and encourage flexibility. This means we have new demands on our homes and our workplaces. Home study rooms will become a must moving forward. We have proved we are just as effective working from home as we are in a crowded office, we have proved that no matter what generation we fall into we can all now use zoom or similar and have been forced to embrace technology. I think the homes of the future will become more technology and workspace friendly. I think workplaces of the future will be less populated, smaller floor plates , yet more collaboration spaces and tech ready.
Where do you see yourself and the company this time next year?
As everyone else out there at the moment, we are remaining lean and pushing through and upholding our creative and honest reputation. We look forward to more collaboration with the property world. We have some amazing projects coming up next year that will keep us busy!. The main thing for me personally is that we keep creating great spaces for everyone to love.
You can find out more about Kelly and her company Kudos ID here www.kudosid.com.
- Hits: 16
Earlier this year the government pledged to invest £12.2 billion into increasing affordable housing all across the UK which includes Yorkshire & the Humber. There are a number of objectives one of which was to introduce a new shared ownership model, helping more first-time buyers onto the first rung of the property ladder. But what exactly is shared ownership?
You will find that shared ownership is an alternate to the more traditional approach of purchasing a property, you don’t take out a mortgage for the full purchase price, instead you buy a share of the property, the size of the share can vary. This means each month you pay some mortgage and the remainder of the share of property you don’t own you will pay rent.
There are pros and cons of a shared ownership property, these include:
- Shared property deposits are normally a lot lower than when you take out a full mortgage, if you don’t have much readily available funds this is a viable option for you.
- You can sell the share of your property at any time back to the housing association you bought the property from.
- Added security is provided as normally you will find that shared ownership properties are leasehold.
- Overall costs can still be expensive, even though your mortgage payment is small, you will still need to make rental payments, ground rent, stamp duty on the cost of the home and leasehold fees, be sure to check everything.
Shared ownership is only available to first time buyers, or if you used to own a home but can’t afford to buy one anymore, lost your job or have recently become divorced.
The Investment of £12.2 billion from the government will be up until 2026 with the plan to provide 180,000 new affordable new homes.
So, what are the main changes?
- Minimum share of the mortgage will reduce from 25% to 10%
- You can increase your share by 1% at a time rather than 5%
- New shared owners will have a 10-year period where any repairs will be covered by the landlords.
If you have any questions about shared ownership get in touch we’ll be happy to explain the advantages and what to look out for in shared ownership.
- Hits: 59
Let Agreed – What does it mean?
Terminology often used when looking to rent or let a property can seem confusing, even more so when it’s your first time. Here are Peregrine Properties we’d like to make things as clear and as transparent as possible.
Prospective tenants who are actively looking for a property to rent could come across properties with the term “Let Agreed” next to them, this can often be confusing, is the property off the market and no longer available to rent?
Let Agreed, means that a prospective tenant has viewed the property, shown interest in the property and has verbally made an offer to rent the property. This has then been accepted and agreed with the landlord or the letting agency themselves. At this stage a holding, refundable deposit will be taken to secure the property. This is so administration work can take place such as references and credit checks.
A holding deposit is to keep the property reserved for the tenant that’s shown interest and will be refunded if the landlord changes their mind or an agreement is not finalised in time (If the tenant is not at fault.)
However, it should be noted that parts of the deposit can be kept for work carried out if the tenant is at fault for example providing false information.
Once the property has been let the holding deposit is credited as part of the first initial months' rent, the tenancy agreement will be finalised, signed and a moving in date will agreed.
Should I show interest in a let agreed property? Not all properties that are let agreed go as far as completion, although most do. If you do notice a property with the words “let agreed” it’s probably best to find a different property or ask us here at Peregrine Properties to be placed on a waiting list, properties often come back onto the market.
Don’t be afraid to give us a call if you have any questions on any of our properties.
- Hits: 371
Firstly what is conveyancing, well conveyancing is the exchange and transfer of the legal title of the property which takes place in two stages, the exchange of contracts and completion. Exchange is when the deal is fixed and in place and agreed by both parties, completion is when the sale is finalised and the legal title now passes ownership.
As an average conveyancing takes around 12 weeks, however it has been known to take as little as four weeks or be dragged out for months due to delays. The smaller the chain the less complicated things will be and in theory take less time.
So, what delays can take place, there are many common reasons why delays can take place and these include:
- The property has a title issue or missing deeds
- The buyers mortgage may have issues that need to be resolved
- A leasehold property may need extra information
- Cash buyers may need to free up funds
- Sellers that are waiting for a new build property
- Property searches
- Shared ownership properties
- Probate properties need to wait for the right paperwork
- A survey may find some issues that previously no one was aware of
Properties that have a chain can increase the time of conveyancing in many ways as you are relying on the sales of properties above yours in the chain. So delays at the top of the chain will affect the ones at the bottom even if they go smoothly.
Just because you don’t have a chain it doesn’t always go smoothly, problems can arise from searches that take place for example a structural issue.
There are many things you can do to put things in place to help speed up the process, for example setting a completion date from the start that both parties can agree to.
Here at Peregrine Properties we are always on hand to answer your questions, keeping you informed and up to speed with the process throughout.