As we gradually emerge from lockdown some of our clients and purchasers are asking us how will the coronavirus influence property prices?

This is something that is hard to answer with any absolute accuracy at this early stage and will only be judged when we are able to look back.

Much will depend on the shape of the bounce back. If it is V-shaped as are most predictions, we can be hopeful for only short term and minor turbulence. However, if there is a long tail then perhaps prices in specific sectors could be affected but we think unlikely.

First and foremost, many people are buying as a place to live rather than an investment.

Over the ownership period prices and demand can fluctuate but over the medium-term history shows us property prices always increase almost more than anything else and any adjustment to pricing will be temporary. We are likely to see less property available, perhaps for a very small time some buyers will watch the market, but this will be balanced by less property for sale.
Any market being always led by supply and demand one will likely balance out the other.

While the lockdown has thwarted many plans to move, some people have found that post-virus working life promises the chance of more freedom.

Many people in future could now work from home – the need to commute could be over – a move to a rural or coastal location or to be closer to their families will be possible and even preferable. Many of these buyers will also be looking for properties with work-from-home space; others will want multi-generation family options.

So we see a great deal of cancelling-out between sectors; which brings us back to price. In this nothing has changed. The first thing an estate agent learns is that whatever the price quoted on a property, it will in the end find its correct level in the market. A property is worth what someone will pay for it. An invisible hand called the market is not affecting property prices; people are affecting them.

We have sold properties on Christmas Eve. We have sold properties at the very depths of the financial recession and in all parts of several boom-and-bust cycles. Even now through the Covid19 pandemic we have seen sales through to completion.

No matter what the trend is across the country, throughout this pandemic our area has proved to be resilient and popular. Coronavirus has not altered that.

So what about prices? In the property sector realism will move us out of this crisis. With a realistic price, a pragmatic attitude to negotiation and a sensible buyer coronavirus will be unable to infect our market.

Realism is our vaccine.

We remain vigilant in our efforts to help prevent the spread of coronavirus and have procedures in place to protect our workforce, our clients and those we show around our properties. Here’s a reminder of the current Government guidance for moving house which informs our policies for minimizing risks.

Policies and Guidance for Vendors

• If you are a client (tenant, potential buyer, seller or landlord) and are self-isolating upon official medical advice, please make us aware before making arrangements for an office or home appointment. Please let us know if you have any symptoms or have been asked to isolate prior to appointments taking place as they will need to be rearranged.
• We will do the same and viewers are asked to confirm they have no symptoms before attending.
• First viewings will be by video wherever possible. Only second viewings will be conducted in person to minimise risk.
• Wherever possible we would ask that you vacate your property during a viewing to reduce the number of people in an enclosed space. If the weather is not conducive to spending time in the garden perhaps you could sit in the car or  garage but please dress warmly!  If it is not possible for you to leave the building please ensure you are wearing a clean mask and we will do the same.
• It is still important that we minimise the number of people in enclosed spaces at any one time. However, we are no longer legally limited on numbers or different households.
• Please leave doors open to minimise our colleagues’ need to touch any surfaces in your home.
• Good ventilation is essential – please ensure rooms are aired and where possible leave windows open slightly to allow fresh air to circulate internally.
• We request that people viewing wear a facemask and will be provided with sanitiser.

We have worked hard to provide videos on as many of our properties as we can for use as a ‘first viewing’, and will continue to do so.  These are e-mailed to potential buyers and if appropriate shared on our social media.  If you would prefer not to have one of us visit in order to do this, we would be happy to receive a video taken on your mobile phone.  Please call your local office for quick tips on how best to do this.

Policies and Guidance for Buyers

• Wherever possible we will provide you with a virtual video viewing of properties as a first viewing.
• We will ask you to confirm you have had no symptoms of coronavirus recently or have been asked to shield.
• We request that you wear a facemask and we will have hand sanitiser available.

Please contact us if you have any concerns or questions.  In the meantime, we thank you for your co-operation and understanding and we look forward to moving you in as safe a way as possible.

Phillip Bishop from Perry Bishop and Chambers looks at the property market as we approach the relaxation of the lockdown restrictions.

In sport, we play the ball, not the player. The same sort of thing goes for our homes. It is best to play the property, not the market.

When we are back in the post-lockdown world, the press and various industry pundits will comment on the property market. Some will say that property prices will fall. Some will say there won’t be enough buyers or sellers. Some will try and talk the market up, and some will talk the market down.

The commentators will make the property market sound like the stock market. But the truth is, no one can be clear what the market will be like in the months ahead – none of us has been here before. And in any case, for most people, property is more about living than investing.

That is why home sellers and buyers shouldn’t try and overthink this market as a whole but focus instead on what is right for them. Then they should find the property that will suit them best in the future.

Some people will need space for working from home. Some will require proximity to family, friends, and a network of kindly and like-minded neighbours. Some will have re-evaluated what is really important in their lives: they might need to change their space, or amenities or location. When this happens, Perry Bishop and Chambers will be there to offer sage advice and practical help.

We fully understand the financial importance of buying and selling property. But we also understand that first and foremost moving is about what will suit individuals best for their particular lives. So, we will recommend that first you play the property before you play the market.

For many of us lockdown brought the shortcomings of where we live into sharp focus. Sure enough, as lockdown has eased the property market has quickly gained momentum and the recent introduction of a Stamp Duty Holiday has further motivated people to move.

Whether you are hoping to downsize or acquire some extra space, we can offer advice for those looking to get their property ready to sell. We understand that selling your home can be a lengthy process. Follow our top five tips for reducing the time it takes to sell:

Get your paperwork ready

There is a lot of work needed to get your house sale-ready and in many cases finding all the relevant paperwork can take several weeks, so now is the time to begin gathering it. This also means that if something is missing, you can begin to take steps to get the replacement paperwork. During the course of your sale, you will be asked for evidence such as:

• A copy of the lease if the property is leasehold
• Documentation related to the freehold if you own the freehold
• FENSA certificates for replacement windows
• Your Energy Performance Certificate (EPC)
• Relevant building restrictions
• Building regulation certificate when alterations have taken place
• A Gas Safety certificate for a new boiler

It might seem like a lot but preparing all this paperwork will ensure that you can get your property transaction off the ground quickly and smoothly.

Get your finances in order

It is a difficult time for many people financially right now, but if you are thinking of taking out a mortgage later this year, now is the time to look at your finances. Make a note of your household bills and expenses and see if there is anywhere you could make savings. Work out if there is anything you have had to do without during lockdown which you can cut out of your spending for the long term. It is also a good idea to check everything is up to date on your credit report and see if any errors or out-of-date information have impacted your score.

Calculate the cost

With any property move, there are costs involved from removal vans to storage and depending on how much furniture and belongings you have, the costs can really vary. Usually, the biggest cost will come from hiring a removal company; however, vehicle hire, storage, pets and postal redirection can all add up. Explore the different options out there for you to find one that best suits your budget.

Be transparent

Covenants on the deed, land boundaries on the property, potential issues with the property or surrounding area and any other information, good or bad, that you believe potential buyers should be aware of needs to be made clear. We have a questionnaire which includes lots of questions with all the information you will need to disclose and gather which will make this process much quicker, easier and ensures we discuss relevant information at the correct stage.

Spruce up your current home

First impressions count but making small tweaks to your home can make a huge difference. Spruce up your garden, tidy up any cupboards, declutter worktops and dig out your tools to complete those unfinished DIY projects. All of this will help when it comes to showing your house to potential buyers.

Phillip Bishop comments: “There is lots you can be doing to start the process, to ensure you sell in the fastest possible time and at the best price.

Gathering all this paperwork may seem daunting, but it will make selling your property much easier and help ensure a speedy process. Our Property Information Questionnaire is a great starting point and will take you through all the information required succinctly and simply.  If you would like a copy please let me know and we look forward to hopefully working with you in the future.”

Yesterday our wonderful Stroud team decided to participate in the 2.6 Challenge – set up to help charities up and down the country whose fundraising was delivered a blow with the cancellation of the 26 mile London Marathon. They chose to tackle Tony Christie’s popular hit Amarillo in their own inimitable style to raise funds for their charity partner Allsorts – the Stroud-based charity providing invaluable support for children with additional needs and their families.

Singing, dancing, dressing up and props were all involved in their performance, which was coordinated online with the power of Zoom! Their efforts were rewarded – the resulting video has notched up hundreds of views online and they have already smashed their fundraising target of £250. However, the team are keen to see the pounds continue to pour in. Allsorts, like many smaller charities, are having a particularly tough time at the moment, so please dig deep.

Visit their JustGiving page now and donate!

Watch their brilliant rendition by clicking here

Sha la la la la la la la!

Although the property market has undoubtedly slowed during lockdown, here at Perry Bishop and Chambers we are continuing to list and sell with the aid of video valuations and virtual tours. However, once lockdown restrictions have been lifted, we anticipate a surge in pent-up demand to move. Some sellers, especially those already on the market whose plans may have temporarily been put on hold, will be keener than most to exchange and complete as quickly as possible.

At Perry Bishop we have a solution for those looking to sell or dispose of a property in a much quicker time frame than the traditional sales route, which can typically take upwards of 18 weeks! Our online Auction service enables you to reach exchange of contracts in just 20 days from the end of an auction sale. Naturally, an additional period from listing your property in this way is added for intensively marketing your property prior to the auction – advertising it on our website and property portals, promoting it across our social media channels, emailing it out to relevant parties on our extensive database and allowing time for viewings. However, the whole process is remarkably swift and therefore perfect for vendors where time is of the essence.

Our online auction service also delivers you greater certainty – boasting a 99% completion rate – and the other big advantage is that the competitive online bidding process can result in achieving the best sale price. Ahead of the auction the seller decides on a reserve price – the minimum price at which they are willing to sell the property. If this is not met, then the sale does not proceed. However, in our experience, this is rarely the case. During the first week in lockdown we sold a two-bedroom semi-detached house in a Gloucestershire village at £47k over the guide price! We are currently marketing a Grade 11 listed three- bedroom thatched cottage in Ashbury – a doer-upper with a reserve price of £190k – which has already generated huge interest, despite being in lockdown.

If you’re keen to build a house from scratch or are interested in converting a redundant building, look out too for plots and building for conversion that our Land and Development department will be marketing soon via our auction service.

For a more in-depth explanation of how our online auction process works call your nearest branch of Perry Bishop and Chambers. The highest bidder for your home may be found at online auction!

For many years, through good times and bad, Perry Bishop and Chambers have been an integral part of the local community. Many of our partners/directors and personnel were born, brought up, went to school, married and have had children in and around the towns and villages where we now work.

Over the decades, we have provided level-headed and astute property advice to thousands of local people through storms, floods, droughts, market booms and busts, the 2008 banking crisis and all the good times. Now we will do the same through the most unprecedented event in modern history.
While we don’t know what the next few months will bring, we do understand that the emotional and economic impact of the virus will be profound and far-reaching.

For many, this crisis may turn longed-for lifestyle certainties into unwanted longer-term uncertainties, especially for those who had planned to move home this year.

Over the coming weeks and months, hundreds of thousands of people, sheltering in their homes, may not be able to take direct action, but they will be making plans.

After this viral storm has passed, many will have re-evaluated their housing needs. Some will dream of their first home. Others with growing families will need more space. Still more, in not fully utilised larger homes, may have accepted the need or desire to downsize or rightsize.

Whatever your stage in life, Perry Bishop and Chambers are here to help with free property advice and information.

During the shutdown, our office doors may not open but we are very much open. Our phone lines are open to those who would like to call and discuss their plans. Our website is open for information, and our Facebook, instagram and Linkedin pages are providing news and ideas.

We may not be able to visit you for a valuation. But because we have lived and worked in the area for so long, and have so much local knowledge, we are more than able to discuss prices and marketing. So when we have seen the back of this global pandemic, you will be ready to press ahead.

In these uncertain times we are sure of two things: we know how strong, supportive, and resilient our community is, and we are as confident about the property market now, as we were before we ever heard of COVID-19. Everyone needs somewhere to live, and we think our part of the world is still the most wonderful place to reside, work and play.

Over the Easter Bank Holiday weekend our teams will be enjoying a well-earned break. Business will therefore be closed on Good Friday and reopen on Tuesday 14th April.

From next Tuesday, we will  continue to work remotely. While we may not be able to see you, we are still here if you need us.  Virtual viewings are available on a number of our properties and we can also arrange a video valuation of your property. Please call your nearest Perry Bishop and Chambers branch for details.

Although we are living through difficult times, we wish you a very Happy Easter. Stay safe and stay healthy.

 

We have been working at home for two weeks now but have seen some really positive activity from buyers and sellers in the towns and villages we work in.  In fact, our sales in March were above expectations.

Good news too from the Nationwide Building Society,  as published in  Estate Agent Today, claiming that the impact of Coronavirus on the housing market may be “much less” damaging than many may expect.

If you have questions and want to know how the value of your home may have been affected, or have questions about your move, please call or email your nearest Perry Bishop and Chambers branch.

Although it’s frustrating at the moment not being able to get out and about to see an exhibition, take the children to a museum or even catch a good movie at your local cinema,  here’s some great ideas for escaping the news and Netflix for those craving cultural distractions.

Whether it’s the Louvre in Paris or the Space Centre at Houston, enjoy a virtual tour around these 12 handpicked venues from across the world.

The BBC’s Arts Editor, Will Gompetz, has also selected some fun things you may like to see or hear online, from the West End production of One Man Two Guvnors starring James Cordon  (streaming tonight on YouTube) to actress Jennifer Ehle reading installments from Pride and Prejudice on instagram from various rooms in her house!

And finally, if you fancy yourself as a script writer and now have a bit more time to get your ideas down, follow local celebrity Daisy May Cooper (Kerry from This Country) on instagram @daisymaycooper for her brilliant free script writing classes, running twice a week.

Switch off the news and enjoy!