Landlords, do you find that despite handing over the management of your buy-to-let property/portfolio to a letting agent you still end up spending a lot of your own time managing your properties? Are you beginning to wonder what you’re paying for? Are you constantly having to push your agent to do all the things that you would expect them to be doing as part of their management service?

Does your letting agent:

• Carry out thorough property visits and create an in-depth report throughout the term?
• Keep you updated on all legal requirements?
• Pick up maintenance issues promptly and efficiently?
• Act on your behalf to deal with any negotiations surrounding the deposit and its return?
• Minimise any void periods by marketing your property well in advance of the end of a current tenancy?
• Offer a choice of management services?
• Set you up online so that you can see real time updates 24/7 as well as a full transaction history, statements and works orders?
• Regularly review your rental valuation to ensure you are enjoying the best rental income?
• Organise professional photography and a video tour when marketing your property?

At Perry Bishop, the answer is ‘yes’ to all of the above.

Take 2 minutes to listen to Rob, a local landlord who has entrusted his portfolio with Perry Bishop over a number of years. Learn why he chose Perry Bishop to manage his properties and find out what he loves about our management service. Simply click on the link below:

 

Then speak to the Lettings Manager at your nearest Perry Bishop office to find out how we can help you enjoy being a landlord, take away the strain and deliver real value for money.

We care about property. We care about you.

When a property is vacant it can be vulnerable to potential problems

As a landlord in the Cotswolds or the Vale of the White Horse, you’ll almost certainly have had times when your rental property was vacant. Sometimes, it’ll only be a short-term vacancy in between tenancies, but sometimes, the void period will be longer.

During those long vacancies, apart from a loss of income, there are some other potential problems that could arise. Here we highlight some of those possible issues and give you our four top tips for handling your vacant properties.

What Kind Of Problems May Arise If Rental Properties Are Vacant?

Whenever your property is vacant, it’s vulnerable to all kinds of potential problems. Should adverse weather or a water leak cause damage, it may remain unnoticed for some time until you inspect your property again. If it’s clear that nobody is living in the property, it may also be a target for vandals or squatters. All of these issues take money and time to resolve.

So, what’s the best way of dealing with a vacant rental property in the Cotswolds or the Vale of the White Horse?

1. Tell Your Insurer

Many insurance policies for landlords only cover vacant properties for a maximum of 30 days. Therefore, contacting your insurer is always sensible from the moment you’re made aware the property will be empty. Failing to do this could lead to your policy becoming void should something happen that necessitates a claim being made.

The insurance company will let you know about anything you have to do to ensure the policy stays valid. For example, you may be required to turn the gas off or keep the central heating on a low setting during the cold months so the pipes don’t freeze and the property won’t develop a mould problem. You can also discuss when it will be necessary to change over to “unoccupied property insurance”. Although it may cost more, it’s worth it for the assurance that you’ll be protected.

2. Make Regular Property Checks

It’s likely your insurance provider will need you to carry out regular visits to your property during the vacant period, typically every seven days, to ensure it remains in good condition and is secure.

On arrival, check the doors and windows to ensure they’re properly locked and that there aren’t any signs of forced entry. Go through every room checking for dampness and allow some air to circulate by opening the windows – but make sure you close them again before leaving!

It’s always a good idea to put timers on some lamps inside the property to switch off and on at various times. Fit motion sensor lights outside the property too to deter vandals and burglars.

3. Carry Out A Deep Clean

In between tenancies, when the property is vacant, get a professional company to deep clean the property and remove any trace of mould on surfaces, get the fittings sparkling, and ensure the property has a fresh feel and look for viewings. If any rubbish has been left behind outside the property by the previous tenants, get it removed immediately, so it doesn’t become a fire hazard or attract fly-tippers.

4. Use A Property Management Company

The best way to deal with vacant properties is by using a property management company like Perry Bishop. We work hard to secure new tenants quickly to minimise void periods, and we’ll deal with all cleaning and maintenance requirements in between tenancies on your behalf.

Contact your local Perry Bishop office to learn more about how we can help.

We care about property. We care about you.

Here at Perry Bishop, a lot of people have been asking us recently about the Government-backed First Homes scheme.  If you live in the Cotswolds or the Vale of the White Horse and are either a key worker or a first-time buyer, this scheme could give you the chance to purchase a new-build home at a reduced cost.

The First Homes scheme offers buyers a discount of 30% or more from a new-build property’s market value. Some local authorities are offering higher discounts than this of up to 50%. The property’s value, however, can be no greater than £250,000 (£420,000 for purchases in London).

How Do I Qualify For The First Homes Scheme?

In order to qualify for this Government scheme, a buyer must:

Have evidence that they are a key worker or first-time buyer. In some cases, local authorities have eligibility criteria that they have set themselves, such as only opening the scheme to people who have a local connection, who are essential workers, or who are on a low income.

• Be at least 18 years old.
• Have a deposit worth 5% of the total price to be paid on the property.
• Have a mortgage for a minimum of 50% of the property price.
• Have a household income under £80,000 (£90,000 for London buyers).

Furthermore, the property must be used as the buyer’s main residence. The discount must also be applied when the property is subsequently sold at any future time, with the future buyer also being required to fit within the local authority’s eligibility criteria.

Are There Any Exemptions From The Council Conditions?

Although everyone who wants to take advantage of this scheme must fit the Government criteria, certain individuals are exempt from the conditions imposed by the council. These individuals must be either an armed forces veteran who left the forces within the past five years, a widower or widow of someone who died due to their service in the armed forces, a current armed forces member, or a separated or divorced civil partner or spouse of an armed forces member.

Which Properties Are Covered By The Scheme?

There are only two types of properties covered by this scheme. The home must either be a brand-new property that has been built by a property developer or a home that you are purchasing from somebody who originally purchased it under the scheme. You can find a property that is being sold under the scheme by searching for properties that are being marketed by their developers as being part of the First Homes Scheme.

You can apply to purchase a home under the scheme by contacting the new-build developer or the estate agent and letting them know that you’re interested in buying the property. Your application is submitted to the council, who will check it to ensure you’re eligible before approving your purchase.

Are There Other Schemes To Help First Time Buyers?

As well as the First Homes Scheme, there are other initiatives to help people get onto the property ladder, including:

• Shared Ownership
• Right To Buy
• Help To Buy
• Lifetime ISAs

These are all alternative options that may be more appropriate for you. For further information please contact your nearest Perry Bishop office and ask to speak to a member of our New Homes team.

Property Viewings Are Make-Or-Break Situations…

If you’re trying to sell your home in the Cotswolds or the Vale of the White Horse but aren’t having any luck, you may be wondering what you’re doing wrong. Property viewings are make-or-break situations as the majority of buyers usually decide whether they’re interested in purchasing the property within just five minutes of stepping inside!

So, what’s the best way of ensuring prospective purchasers aren’t being deterred by your home? The team here at Perry Bishop has put together six property viewing secrets that could be causing you some selling issues…and of course how to resolve them!

1. Is there Noise from Neighbours or Outside?

Whatever the source of excess noise in your property, it could be a cause for your home failing to find a new owner. Many would-be purchasers will find a noisy property off-putting. So, if it’s road noise or commercial noise from outside, consider investing in double or triple glazing for the windows. If your neighbours are causing an issue, that’s slightly more tricky. Have a quiet, polite word is the best course of action, if you can.

2. Are your Kitchens or Bathrooms Grubby?

The bathroom and kitchen are two heavily-used areas of the home, so they’re key elements when it comes to selling. Nobody wants to make a property with an unclean kitchen or dirty bathroom their home, so arrange for a professional deep clean to be carried out before you start hosting viewings, and make sure all surfaces are tidied and wiped down between visits.

3. Do you have Outdated Interiors?

Décor has a vital part to play when it comes to buyers imagining themselves residing in your property. You should ensure there are minimal personal elements in the property, and it should be decorated in neutral, clean tones. While some viewers will be able to see past outdated interiors, many won’t and it could be off-putting if it looks like there is lots of additional work to be done on the property.

4. Is there Parking?

These days, most homebuyers in the Cotswolds or the Vale of the White Horse will expect private parking when seeking a new home, so not having any available parking space can be a major problem when selling your home. If possible, think about turning your front garden into a driveway. If this isn’t possible, look into other possible parking options nearby.

5. Are your Walls Stained or Show Damp Patches?

Handling any wall stains or obvious damp patches before listing your property for sale is essential. If the property smells musty, has any obvious ceiling watermarks, or any sign that there is black mould, call in a professional who can carry out an inspection and resolve the problem.

6. Do you Insist on Being at Home during Viewings?

When prospective buyers visit your home, they can find it difficult to speak honestly and make an unbiased decision if you’re in the property when they arrive. Potential buyers may feel as if they cannot ask questions or get unbiased answers and will feel awkward making them unlikely to be impressed with your property. Using the services of an estate agent will add a non-biased, professional view to interactions.

At Perry Bishop, we are experts in property sales in the the Cotswolds and the Vale of the White Horse and, as part of our service, conduct viewings on your behalf so that your home can be presented in the best possible light.

We look forward to helping you find the perfect buyer for your property, so if you’re thinking about a move this year, get in touch with us today.

Property website, OnTheMarket, have today published their latest Property Sentiment Index Their report shows promising signs for the housing market, despite considerable headwinds as more seasonal norms begin to come back into play.

Key findings:

• 75% of active buyers in the UK were confident that they would purchase a property within the next 3 months
• 80% of sellers in the UK were confident that they would sell their property within the next 3 months
• 57% of properties were Sold Subject to Contract (SSTC) within 30 days of first being advertised for sale, compared with 56% in July 2021
• No sign of political and economic uncertainty unsettling buyers or sellers

Jason Tebb, the portal’s Chief Executive Officer, discusses the insights from their latest report:

“We’re starting to see evidence of a return to a seasonally-driven housing market with a quieter summer following a busy spring, and the expectation of a pick-up in activity in the autumn once the children go back to school and buyers attempt to complete before Christmas. This is further indication of a more normalised market; a far cry from the frenzy which began in the early stages of the Covid pandemic where it was frantically busy all year round as buyers competed for limited stock. In July, the ‘new normal’, an elevated version of the pre-pandemic market, continued to grip the UK property market.

As we’ve noted for a while, stock levels continue to tick up. Since February, there has been a consistent week-on-week increase in stock levels with the highest level of available stock in July compared with any time during the previous 12 months. With seasonal effects coming into play this summer, there may be fewer active buyers as people are more inclined to take a holiday than has been the case over the past two years. With buyers potentially spending time away from their housing market searches, this may have the knock-on effect of stock levels continuing to improve.

Despite the rising cost of living, our data shows that sentiment was largely unchanged in July. Serious buyers remained committed, with 75% confident that they’d successfully purchase a property within the next three months, the same percentage as in June and May. Meanwhile, 80% of sellers were confident that they could complete a sale within the same time frame, falling only slightly from 81% in June and 82% in May. Interestingly, seller confidence in London fell by 9% in July when compared to June with 76% of sellers confident they’d sell their property within the next three months.

As there’s now more stock available on the market for buyers to choose from, sellers in this region may be less confident of their homes selling as quickly as they might’ve done previously. In addition, as activity could start to slow down in the coming months due to the re-emergence of more seasonal norms and people holidaying more during this period, a drop in seller confidence in London would be in line with the idea that more buyers may take time away from their property search as the market becomes more seasonally-driven.

With a slight uptick in the percentage of properties under offer, there is yet more evidence of the wave of positivity and optimism that continues to buoy the market. This is perhaps surprising given that when there is political uncertainty in the form of a leadership contest, it can convince people to put their property search or sale on hold while they await the outcome. However, it seems as though political events are not affecting confidence, with vendors continuing to put their homes on the market regardless.

Buyers may also be motivated by rising interest rates as the Bank of England attempts to bring inflation under control. They may feel they need to secure a mortgage and make their purchase now, while rates are still relatively manageable and before affordability is squeezed further. Despite rising rates, it is still a relatively cheap time to borrow money; in a few months’ time, the picture could be very different.

With sellers remaining confident despite summer holidays and political upheaval, and buyers keen to secure mortgage rates before they edge out of reach, all signs point to a housing market that is ticking along, albeit with the return of seasonal norms.”

If you’re considering a move, get in touch with your friendly and experienced Perry Bishop team to discuss your property requirements and to book your free valuation.

We care about property. We care about you.

If you live in Gloucestershire, Oxfordshire or Wiltshire, autumn could well be the perfect time for you to sell up and move on. Yes, spring is often seen as the best time to sell, but we at Perry Bishop also find that autumn is a particularly buoyant time in the property market. Here are some of the reasons why.

1. Summer’s out and a new school year begins
In August, many people’s thoughts are preoccupied with lazing in the summer sunshine or going away on holiday. But once holidays and school breaks are over, the start of a new school year often ushers in a desire for a new home.

2. Seasonal scents
Setting the stage for a potential house buyer is crucial in making the right impressions. Remember, you’re not just selling a house, you are selling a dream or a lifestyle. That’s why autumn is an excellent time to sell your house. The changing colours of leaves, light drizzle and cooling air make it a perfect time to prepare your home. Imagine someone coming in out of the crisp coldness into a cosy house, with autumn fragrances in the air and a display of cherry and brown leaves, fir cones and berries beautifully arranged on a table.

3. Remove the stresses, speed up the process
It’s a fact that spring going into summer is traditionally the busiest period for the property sector. This means that all the professional help you need, including removal companies and conveyancers, will be exceptionally busy.
In the Autumn, fewer transactions could result in the conveyancing process being a little faster and you are more likely to get the removal company of your choice and on a date of your choice.

4. Attract serious buyers
In the autumn we always see that it’s more serious potential buyers who get in touch. These are the ones who will want to see properties to actually move to – they won’t be the time wasters, just having a nose around to see what’s happening, with no real intention to buy.

5. Stand out
If your property goes on the market in the autumn, it’s more likely to get noticed, compared to the traditional spring influx of properties. This is particularly true when you see how our exceptional photography and video tour will show off your home to its best advantage. Our twilight photography option also works particularly well at this time of year. By standing out from the crowd you will attract the best buyer and achieve the best price

You should see autumn as a season of opportunity, knowing that someone will fall in love with your property. If you’re considering a move this autumn, we are here to help. Call your nearest Perry Bishop branch to book your valuation and to find your dream home.

We care about property. We care about you.

Not Every Property has Large Windows or Plenty of Floor Space!

Space and light are two key things that buyers and tenants are looking for when searching for a home in the Cotswolds or the Vale of the White Horse. Sadly, not every property has large windows or plenty of floor space. However, if your property happens to be a compact basement flat, there’s no need for dismay.

There are some top tips that our team at Perry Bishop want to share with you, so you can make your spaces look brighter, larger, and more attractive to prospective renters and purchasers.

Choose Light Skirting, Coving and Wall Paint

If you choose a light paint colour, you’ll see more light bouncing around your room. Paint the ceiling smoothly in white, and choose a pale colour for your coving and skirting boards. This will eliminate any visual barriers, creating the illusion of more space.

Avoid Stripes And Lines

Stripes and lines make a space appear narrower. Therefore, if you’re laying laminate or wooden flooring, choose wider boards with fewer joins. If you’re laying flooring in your hallway, this is particularly important as many vertical lines can make a space that is already lacking in width feel even more narrow.

If your living room floor is small, don’t lay a rug as the space will appear cluttered. When it comes to the bathroom and kitchen if you’re planning to tile the walls and floor, choose large wall tiles to make the space feel larger and lay square floor tiles in a diamond orientation to give the illusion of extra space.

Use Mirrors To Your Advantage

Mirrors can create the illusion of more space, depth, and light in your rooms and work especially well when it comes to making narrow hallways appear wider and more spacious. Place large mirrors on opposing walls at an angle of 90 degrees to the window so the light will bounce around the space, making it look and feel brighter and larger. Hang pictures and mirrors in portrait orientation too as this makes the room appear to have a much higher ceiling.

Place Lamps Strategically

If you have dark corners, place lamps strategically to create more atmosphere while brightening up those dimly lit areas. This is especially important if you’re marketing your home in the winter when there’s less natural light. If you have a basement flat, fit spotlights in the ceiling to lighten the space effectively.

Arrange Your Furniture Well

Ensure that people can walk into your rooms without feeling crowded, but avoid falling into the common trap of putting all of the furniture in corners and against the walls. Instead, keep your furnishings minimal and place them away from windows so no natural light will be blocked out. In a small room, choose a glass table rather than a wooden one which acts as a barrier for the eyes.

Selling Or Letting Your Home? We Can Help

Whether you’re keen to sell or rent out your property, adding more space and light to your home increases value – helping you achieve the best possible price. It also ensures you find a tenant or a buyer as quickly as possible.

At Perry Bishop, we’re full of bright ideas when it comes to marketing your property, so do get in touch.

We care about property. We care about you.

We have found that currently many people in the Cotswolds and the Vale of the White Horse are questioning whether downsizing is the right choice for them. If your children have flown the nest, and with the cost of living increasing, you may be beginning to think about whether your existing home is suitable in the long term.

Perhaps the ongoing demands of cleaning, maintaining, running and repairing a family-sized property are already proving to be onerous and, over time, those requirements will only become more challenging. With this in mind, it could be time to consider moving to a smaller home. The team here at Perry Bishop appreciate that this can be a difficult decision and so have a few considerations that you should bear in mind before making your final choice.

What Do You Find Most Important?

Your home may have once been perfect for your family, but it’s important to consider what matters most to you today. If you value spending your money and time on the things you enjoy doing most instead of spending them on your home, it could be the perfect time to downsize.

Take some time to think carefully about your current circumstances and how much space you really need now. Take the time, too, to plan ahead for the future. Consider your future well-being and health.

Will you be able to manage stairs, a large garden, or difficult to maintain fittings and fixtures when you’re older?

Is your home’s location still going to be suitable for you in a few years’ time, or would it be best for you to live closer to family members, public transport, or healthcare facilities?

You need to not only prioritise what is important to you today but also what will matter most in the future.

Consider Your Finances

It can be expensive to run any home. However, if you’re paying a large amount to warm rooms that you don’t use, or pay a standard water bill which would be most suited to a larger family, you could save money by downsizing. You may also have a big mortgage and high insurance premiums for a larger home that you could save money on if you moved to a smaller property. You could even end up paying your mortgage off entirely, potentially leaving spare money that you can spend on things that you enjoy.

How Could You Use Some Spare Money?

For many people in the Cotswolds and the Vale of the White Horse considering downsizing, there will be some spare money available once you’ve relocated. Depending on the amount of money involved, you may decide to go on holiday, give some money to loved ones, help your children buy a home of their own, or buy some well-earned treats for yourself. You may have enough to invest – perhaps in a buy-to-let property to generate an additional income to supplement your pension or existing salary.

What Happens Next?

Deciding to downsize is never going to be easy, but in many cases, it is the best thing in the long run. Discuss your thoughts with your family and friends, and take some time to think hard about what’s the best option for you. You should also find out how much your existing home is worth.

You can find out more about the value of similar properties in your area by visiting our website or start the process of selling your home by getting in touch with our team. Whether your’re looking to downsize or upsize, we look forward to helping you rightsize.

We care about property. We care about you.

 

It can seem impossible to save enough money to get onto the property ladder, so it isn’t too surprising that the typical first-time buyer in Gloucestershire, Oxfordshire and Wiltshire is getting older and older. As experts in the property industry, the team here at Perry Bishop has seen how the age of first-time buyers has gone up over the years. So, here’s our insight into the changes.

Increases Over The Last Decade

Currently, first-time UK buyers are around 32 years old. That’s three years older than they were a decade ago. Every UK region has reported an increase in the typical age of first-time buyers, and there is now nowhere in the UK that has an average first-time buyer age of under 30.

Why Are First-Time Buyers Getting Older?

Of course, any guesses about why first-time buyers are getting older are purely speculative, but it seems clear that stagnant salaries and increasing house prices are the most likely causes. Furthermore, mortgage lenders are now more cautious about how much they’ll lend and to whom these days, so it isn’t surprising at all that there has been such a dramatic age increase.

How Old Are First-Time Buyers In Other Countries?

Although 32 years old may sound quite late to be buying a property for the first time, in fact, there are other countries worldwide where first-time buyers are significantly older. While people in Iceland and Belgium tend to make their first home purchase at just 27, in Switzerland, first-time buyers are around 48!

How Many First-Time Buyers Does The UK Have?

Since 2009, there has been a doubling in the amount of UK first-time buyers. Most recent reports have shown over 409,000 first-time buyers compared with just 193,940 just over a decade ago.

How Much Do First-Time Buyers Typically Spend On A House?

Between 2020 and 2021, the average cost of a property for a first-time buyer went up by 3% to £263,140 from £256,057. Most interestingly, the amount required for a deposit decreased in the same time period by 6%, widening the gap between purchase prices and deposits – the average first-time buyer deposit now costs around £54,000.

Since there is a significant disparity between house prices and earnings, it isn’t surprising that affordability has decreased over the past ten years in almost every local authority area, with one area in London reporting an affordability deterioration of 108%! Some of the most affordable places to purchase in the UK are in Scotland, with Clackmannanshire having a price-to-earnings average ratio of 3.

Can I Afford To Buy My First Home?

If you’re a prospective first time buyer looking for an affordable home in the Cotswolds or the Vale of the White Horse, don’t hesitate to give the team at Perry Bishop a call. We can give you expert advice on the First Homes scheme and other Government-backed affordable home ownership schemes and will try our best to find the ideal first home for you in our area.

We care about property. We care about you.

It’s often best to list your property For Sale before you find a new home.

The team here at Perry Bishop is often asked whether sellers in the Cotswolds and the Vale of the White Horse should find a property to buy before listing their home for sale on the property market. With this in mind, here is our expert advice.

In our experience, you should list your property for sale before you find a new home.

Why? Read on to find out more.

You’ll Have A Stronger Negotiating Position When You Find The Perfect Property To Buy

Homeowners in the current climate are unlikely to accept offers from buyers with a property to sell that isn’t yet on the market. If you list your home for sale, it proves that you are serious about moving. If you already have a purchaser for your home, you’re in an even better position. You’ll be able to make an offer on your chosen property and will be able to confidently proceed with the knowledge that your moving foundations have been firmly established.

Even if you don’t find a property you love straight away, that isn’t a problem. If your home is listed for sale, you have a head start. You don’t need to rush into selling, particularly if you haven’t found another home yet. You also have more time to play with. You have a chance to research new prospective areas and plan what you’re going to do next.

You’ll Be Helping To Maintain Movement In The Local Property Market

If everyone who ever wanted to move chose to wait until they’d found another property to purchase before listing their property for sale, there would be no homes available for purchase at all! That would lead to an enormous local property market gridlock which would, in turn, impact property prices and delay the process of moving.

What Should I Do Before Listing My Home For Sale?

Getting a valuation for your existing home is the first thing to do if you’re ready to move as this will give you a chance to arrange your budget and finances for the move. Once you’ve done this, talk to a mortgage advisor who will be able to help you find the right deal to suit your needs. Once you have all this information, it’s time to list your property for sale.

Here are a few things you should do before instructing an estate agent to market your property:

• Research the areas where you may wish to buy and the type of property you’d like to purchase
• Stay on top of the local property market
• Get your paperwork organised and instruct a firm of reputable solicitors
• Obtain pre-approval for a mortgage – a Decision in Principle (DIP) to show you are a serious buyer
• Find a reputable local estate agent to list your home on the market

The team here at Perry Bishop are highly skilled experts in the property market across Gloucestershire, Oxfordshire and Wiltshire and can help you find the perfect buyer for your property. What’s more, if you sell with Perry Bishop you can take advantage of our Low Key Marketing service. Your property is marketed on a discreet basis and only buyers willing to wait for you to find your onward purchase are notified, ensuring you’re in the best position when the right property does come along.

Contact your nearest branch or check out our website to learn more about how we can help get you moving.

We care about property. We care about you.