Hot off the press, Rightmove’s latest House Price Index – the largest monthly sample of residential property prices across the UK – drills down to reveal what’s happened in the property market over the past few weeks.

Read the report in full.

If a move is on the cards for you this year talk to your local branch of Perry Bishop and Chambers, named one of the Best Estate Agents in the country by The Property Academy and Rightmove.

As the average time to complete on a property purchase is typically upwards of 18 weeks, it is now highly unlikely that you will be able to take advantage of the attractive Stamp Duty Holiday savings which expire on 31^st March – unless of course the Government chooses to extend the Stamp Duty Holiday, which they are debating in Parliament next week.

However, if you are looking to complete before the current deadline or simply need to sell quickly, we have a solution for you. Providing you are selling/buying with no onward chain above or below, you can take advantage of our Online Auction Service. When using this method of sale, exchanges must happen within 28 days of an online auction taking place. As a seller, when going down this route you incur the cost of preparing a legal pack – which takes approx. three weeks – and the successful purchaser has to pay a reservation fee on top of the price they have agreed to pay for the property. However, in most cases these additional costs are easily offset by the potential savings made on stamp duty.

Other benefits of choosing sell via our online auction service:

• Greater certainty – 99% completion rate
• Best sale price – the competitive online bidding process can result in achieving a price well above your reserve price.
• The online auction route can also be mobilised for properties which have attracted interest from multiple parties, replacing the more traditional and timely best and final offers process.

Ask at your local branch of Perry Bishop for further details about selling via online auction. We look forward to helping you with your move.

When someone dies their estate, which includes their own home, other property, money, investments and other assets, must be disposed of in accordance with their will and the law. A bereavement can be a very emotional and stressful time in itself and juggling the administration of putting the deceased’s affairs in order can be all consuming.

What is a valuation for inheritance tax purposes?

A valuation for inheritance tax purposes will be needed in order to apply for probate and this can be obtained from a qualified estate agent or chartered surveyor.

The type of valuation required is defined in section 160 of the Inheritance Tax Act 1984 as being market value and the calculation is done using the following principles of a hypothetical sale:

• The ‘seller’ and ‘buyer’ are prudent and willing parties to the transaction.
• The property is offered for sale on the open market by whatever method of sale would achieve the best price.
• There are adequate publicity and advertisements for the sale to take place.
  The valuation should take account of the ct that there could be a “special purchaser”, i.e. someone that is willing to pay more than the market value because they have a special interest in the sale.

Why use an estate agent?

The advantage of instructing a professional estate agent to provide this for you at the start of the process is the advice they can give you to ensure the property achieves the best price once it launches onto the market. This gives you time to implement any of their recommendations before the photographs are taken and the marketing commences.

Can I sell the property before probate is granted?

The answer to this is no, but you can commence the marketing, conduct viewings, and agree a sale subject to contract. The buyer can apply for a mortgage, arrange a survey and the process of conveyancing between buyer and seller can begin. Exchange of contracts cannot take place until probate is granted and buyers should be made aware of this when enquiring about the property.

What do I need to do to the property before it goes to the market?

Advice should be tailored to each property but these are our top tips:

• Keep the garden tidy
• Clear the property of furniture and personal possessions
• In winter drain down the central heating or preferably keep the heating on low. Buyers will get a ‘warmer feeling’ for the property
• Make emergency repairs if necessary (to prevent damp penetration and the condition of the property deteriorating – if necessary)
• Inform the insurance company the property is empty
• Install security lights on a timer or ask a friendly neighbour to pop in and pick up post, turn lights on and move curtains
• Redirect post
• Instruct a solicitor to act on behalf of the estate in the sale and ask them to send you the protocol forms – fixtures and fittings list and property questionnaire. Complete these and return along with any warranties, guarantees etc.

NB Getting a head start on this enables the solicitor to react quickly when a buyer is found and can knock weeks off the time it takes to get to exchange of contracts.

Method of sale

If the property is in good condition then selling by private treaty on the open market in the normal way is likely to be recommended.

Many probate properties are homes with large gardens, needing refurbishment, renovation, or repair. This type of home attracts very good interest from buyers looking for a project and the added advantage of ‘No onward chain’ and are often the most suitable for sale by auction, achieving a fair market price with exchange of contracts guaranteed on the fall of the hammer.

If selling privately it can be difficult to prove a fair market value has been achieved, and satisfy all beneficiaries and Inland Revenue.

Perry Bishop are the proud new owners of Hardcastles, a long-established Lettings and Property Management service specialising in rentals primarily in the Cotswolds, Gloucestershire, and Oxfordshire. Based on Cirencester’s popular Black Jack Street – just around the corner from Perry Bishop’s Cirencester office – Hardcastles will continue to trade separately out of their existing office under the very capable management of Daisy Alban-Jones.

“We are thrilled to have been able to take over Hardcastles and look forward to building on their already brilliant reputation in the town and beyond,” says Perry Bishop MD Phillip Bishop. “We welcome the opportunity to look after their landlords and tenants across a wide and diverse property portfolio.”

Daisy has been with Hardcastles for 16 years. She grew up in Cheltenham, but now lives in Tetbury with her husband and two young children in a house that they renovated themselves from top to bottom. When she’s not immersed in helping landlords find new tenants and tenants find a new home, she enjoys cooking and running – as well as watching her son play football and trips to Pony Club with her daughter.

Earlier this month Housing Secretary, Robert Jenrick, announced a further extension to the ban on bailiff-enforced evictions for private renters in England. The new extension will be until 21 February and reviewed regularly.

However, serious rent arrears “greater than 6 months’ rent” are exempt from the extended evictions ban in England – removing the stipulation that rent accrued since the start of the first lockdown in March 2020 could be discounted.

This contrasts with the previous guidance, which stated that the exception would apply to rent arrears “equivalent to 9 months’ rent” – and only for rent owed that built up prior to the first lockdown in March 2020. The concession to allow action, irrelevant of when arrears started, is an important change and one that may have slipped under the radar of some letting agents and landlords.

Oli Sherlock, Head of Insurance at lettings software platform Goodlord says: “The concession to be able to apply legal action to arrears totalling six months no matter when they began is a helpful concession. Many landlords are now nearing breaking point. Scores are facing financial difficulties as a result of unpaid rent and ongoing mortgage costs, with a few facing uncommunicative tenants who are refusing to vacate properties even when leases come to an end (although this is a minority of tenants).”

At Perry Bishop, we are pleased to report that our landlords remain unaffected by serious rent arrears and no Section 21 notices have been triggered.

The situation with Covid-19 is rapidly changing, for the latest guidelines, please refer to gov.uk.

A new report from property portal Zoopla reveals that both Cheltenham and Cirencester have seen house price rises soar by over £50 a day, after the coronavirus pandemic transformed them into some of the most desirable places to live in the country.

Both towns have benefited from a property boom which has been fuelled by people quitting big cities to live by the seaside or in the countryside and feature in Zoopla’s top ten places in the UK which saw the biggest increases in property prices outside London during 2020, as people look for a better quality of life.

Cheltenham homeowners have seen houses soar by an average of £20,000 over the last year, an average of £54.66 every day, as people flock to the spa town known for its festivals.

The architecture and cultural life of the town is much prized and sitting on the edge of stunning Cotswold’s countryside is also a big attraction.

Cirencester epitomises country living and home owners have benefited with prices soaring 20,178 over the last year, which amounts to £55.13 a day.

This compares to the average rise of about £10,000 or £27.81 a day for homes across the UK in 2020.

Prices only rose by just £8.64 a day in 2019.

Zoopla said the findings reflect the desire of many home hunters for a change of scenery and more space because property prices rose the most in coastal and rural locations.

The company’s consumer spokesperson, Tom Parker, said: “For many, the pandemic has led to a once-in-a-lifetime reassessment of how and where they live.

“With the majority of Brits now working remotely, this has opened up a wealth of opportunities for those who are based in cities but can now live rurally as a result of working from home.”

Cirencester ranked in eighth place and Cheltenham ninth in the Zoopla survey of towns with soaring house prices.

Read the Zoopla report in full here.

Perry Bishop have branches in both Cheltenham and Cirencester and have been helping people on the move in these towns for many years. Take a look at current instructions by clicking on the towns below and do get in touch if you are looking to buy or sell in either town.

Cheltenham

Cirencester

As we find ourselves in another national lockdown to help prevent further spread of the virus, you may ask what has changed since the first lockdown last year?

In lockdown 1.0 estate agents had to stay at home too and were not permitted to travel to prepare marketing of your home or to conduct viewings. This time the Government have confirmed house moves can go ahead, along with searching for a new home and marketing your home – providing you follow the national guidance on moving home safely.

To minimise any risk we are now conducting first viewings virtually by preparing a video to be e-mailed to interested buyers. Wherever possible, the first viewing should always be carried out in this way, with those most interested then visiting the property in person to confirm their potential purpose.

If you are just bringing your property to the market or don’t yet have a video, we can attend the property to do this for you. However, if you are extremely vulnerable or would just prefer not to have this visit to your home, then here are our top tips for producing your own virtual viewing on your smart phone.

1. Tidy Up! No one wants to see dirty plates in the sink or shoes left on the floor. Clear surfaces and clutter to make your home appear as spacious as possible.
2. On a dark day you made need to make sure your curtains are fully open and lights are on.
3. Turn your phone onto video mode.
4. Ensure you are in landscape (not portrait) as this will attract more views to your property.
5. Walk slowly and surely around your home as you would if you were showing a buyer around and if you would like to, talk to us about the hidden features or the best bits of your home. Why did you fall in love with it and what have you loved most about living there?
6. Start outside and walk up the garden path (assuming you have one). It helps buyers to see your home from the outside and a 360 degree view of your road outside also gives a good indication of the location.
7. Film downstairs and then upstairs if your home is on more than one level.
8. Film continuously if you can which will speed up the time it takes for us to get your video in front of buyers, but don’t worry if you can’t – we can edit for you.
9. Don’t forget the garden and views if you have them. Talk about sun if your garden is filled with it and parking/garaging. Maybe you are well located for a bus route, shops or schools.
10. Don’t forget the all important work from home space. If you have a dedicated room then tell us about it and how it has helped you this past twelve months.

If you have any more questions or concerns then please get in touch and let us be of help.

Good luck with your move!

Following last night’s announcement by the Prime Minister that England will move to a new national lockdown, agents can continue to work and house moves are permitted to go ahead.

The guidance states:
“You can still move home. People outside your household or support bubble should not help with moving house unless absolutely necessary. Estate and letting agents and removals firms can continue to work. If you are looking to move, you can go to property viewings. Follow the national guidance on moving home safely, which includes advice on social distancing, letting fresh air in, and wearing a face covering.”

The national lockdown requires that under UK Coronavirus Alert Level 5, people across England must stay at home, except for very limited exceptions.

Responsible behavior by everyone involved and adherence to safety guidance throughout is more important than ever.

At Perry Bishop we take the safety of our staff and clients extremely seriously. Residential Director, Sarah Benson, spells out what this implies in the video she released on facebook last night in response to Boris’ announcement.

We look forward to helping you more safely during these challenging times.

We would like to wish everyone a very Happy New Year. Let’s hope that with the ramped up roll out of the vaccine programme – including the addition of the Oxford/AstraZeneca Covid vaccine today – we can send this pandemic packing as quickly as possible!

All of our offices are now open after the Christmas break. As of the 30th December, our offices in Gloucestershire and Oxfordshire and our newly opened office in Swindon now find themselves in Tier 4. Our Chippenham office is the exception, which currently remains in Tier 3. We are pleased to advise that anyone looking to sell, buy, let or rent is still able to move in all tiers as ‘moving home’ has been deemed a ‘reasonable excuse’ by Government for leaving your property. Estate agents, tradespeople and removal firms are therefore allowed to continue operating. And other professionals in the property industry, such as conveyancers, are also still able to work. Obviously, the safety of our clients and staff remains our main priority and we have rigorous procedures in place – following strict social distancing and health and safety guidelines – to ensure that we can help people move safely across our region.

The housing market remains strong. Changing priorities in terms of how and where we live – triggered by successive lockdowns – coupled with the Stamp Duty holiday, continue to fuel buyer demand in our area. If you are looking to move this year, we are here to help.

We would like to wish everyone a happy and healthy Christmas. We appreciate that this Christmas will be like no other, but hope that you are able to enjoy some time off with loved ones.

All of our branches will be closed from Thursday 24th December until Saturday 2nd January. Do take a look at the wonderful choice of properties we are currently marketing, via our website. If any inspire you to make 2021 the year of your next move, do get in touch in the New Year. We’re here to help.

Here’s to a brighter future in 2021.

Best wishes from everyone at Perry Bishop.