How green is your buy-to-let? With just three years now until new energy efficiency rules come into force, if you own a rental property you need to take action now to ensure you don’t fall foul of the rules.

From 2025 your property will need a C rating to meet the Government’s Energy Performance Certificate (EPC) requirements if you want to be able to let your property to new tenants. If you have tenants in place by then you have a little longer – until 2028 – to bring your property up to band C level.

Currently buy-to-let properties only need an EPC rating of E or above in England and Wales. And, it’s estimated that around two-thirds – or some 3.2 million properties – in the private rental sector currently have an energy rating of D or below.

The EPC rating scheme bands properties between A and G, with an A being the most energy efficient and G the least. The new C rating requirement is being brought in to meet the government’s target of net zero carbon emissions by 2050.

Precisely what each property will need to bring it up to the required level will vary from property to property, but it could include things like better loft, under-floor or cavity wall insulation, an upgrade to double or triple glazed windows, a new heating system, draught proofing and hot water tank insulation.

And these energy-efficient measures don’t come cheap. The Energy Saving Trust estimates that internal wall insulation will cost around £8,200 for a typical three bedroom home. And replacing a gas boiler with an air source heat pump costs between £8,000 and £18,000, according to GreenMatch UK, a green energy supplier.

Looking to invest in your first buy-to-let or wanting to add to your existing porfolio? It may be wise to check out the EPC rating of any property you are currently looking to invest in before committing, to avoid these future upgrading costs.

If you have any concerns about this issue and need further advice please get in touch with a member of our experienced lettings team.

 

article courtesy of Emma-Lou Montgomery, Fidelity International

 

Are you in the midst of deciding whether you should let your property furnished or unfurnished? Many factors come into play when making the decision, like the location, target market, and your return-on-investment goals.

If you’re on the fence about letting a property furnished or unfurnished, here’s an overview of the pros and cons to help you decide.

What Does Furnished Include?

As a minimum, all properties let in the UK need to include various amenities, like white goods, kitchen and bathroom fixtures, flooring, and curtains or blinds.

While there isn’t a legal definition of what a furnished property includes, it needs to be considered ‘fit to be lived in’ from the day the letting begins. This usually means it has:

• Beds: Enough for each bedroom
• Wardrobes: Appropriate for the number of bedrooms and people
• Chest of drawers: One or two sets per bedroom
• Sofas: Ideally to seat the number of people living at the property
• Dining room table and chairs: Preferably with enough chairs to seat the number of people living at the property
• Tableware: Enough to cater to the number of people living at the property

What are the Benefits of Letting a Property Furnished?

Choosing to let a property furnished ultimately depends on the target market, the local area and your desired rent price. By letting a property furnished, you can:

• Get a better or higher rent price
• Make your property more attractive
• Attract short-term tenants

Are there Downsides to Letting a Property Furnished?

Despite the benefits, there are some downsides to letting your property furnished, including:

• Size of market: A furnished property doesn’t always attract long-term tenants, so you may appeal to a smaller market seeking short-term lets.
• Maintenance: It adds maintenance, like handling repair and replacement work.
• Costs: You’ll need to pay for the furniture, plus repair and disposal costs.

What Does Unfurnished Include?

Unlike furnished properties, there is a legal definition of what an unfurnished property includes. They must have a minimum of:

• White goods, including a cooker, fridge, freezer and washing machine
• Kitchen and bathroom fixtures
• Flooring or carpets
• Curtains or blinds

What are the Benefits of Letting a Property Unfurnished?

Even though furnished properties are usually more desirable, there are some benefits to letting a property unfurnished, including:

• Less maintenance: Furnished properties come with a requirement to maintain the furnishings. With an unfurnished property, you won’t have this responsibility.
• Attract long-term tenants: Long-term tenants often bring their own furniture to a rental, so an unfurnished property could be more desirable to this market.
• Cheaper: Since you won’t have to pay for furniture, your outlay and running costs could be cheaper.

Are there Downsides to Letting a Property Unfurnished?

Naturally, unfurnished properties attract a different clientele. Letting an unfurnished property can mean you need to charge a lower rent price. Plus, you may not be able to compete with other nearby rentals if you’re not providing what people want. The best thing to do is research what works well for your property type in the local area before you decide.

Landlords: Need Advice?

Deciding whether to let your property furnished or unfurnished depends on many things, particularly related to the market in your area.

For personalised advice about letting properties, our friendly team at Perry Bishop are here to help. Give us a call today.

Once again Perry Bishop have set up an advent box in each of their branches, collecting non-perishable foods – including jarred, dried and tinned items. Donations will be shared between local foodbanks, The Big Yellow Bus Project and Open in Cheltenham, with deliveries taking place next Wednesday. All donations are welcome and very gratefully received.

Gloucestershire’s Foodbanks are part of the The Trussell Trust’s network of 428 foodbanks, working to tackle food poverty and hunger in local communities across the UK.

The Big Yellow Bus provides shelter and support for those sleeping rough on our streets in and around Cirencester.

Cheltenham Open Door supports vulnerable, disadvantaged and lonely people in the Cheltenham area.

“It’s very important to spare a thought for those less fortunate in our communities, particularly at this time of year, and we hope to get as many donations as possible,” says Phillip Bishop, Managing Director at Perry Bishop.

2021 is set to be a record year for mortgage lending, according to data released by UK Finance, with projections for how the market performed in 2021 revealing that gross lending overall will peak this year at £316bn, a 31% rise on 2020.

According to the figures, total house purchase transactions (including cash purchases) will reach 1.5 million in 2021, 47% higher than 2020 and, in fact, the highest number since before the Global Financial Crisis.

The main driver of lending in 2021 will be for house purchase, (£200bn, up 53% on 2020), whereas homeowner remortgaging activity will be slightly down on last year at £62bn.

Buy-to-let activity has followed a similar path to the residential sector, with purchase activity increasing to £18bn, up 83% on 2020.

While the 2022 and 2023 gross lending figures will be reductions on the 2021 peak, notably they are higher than the 2020 and 2019 figures and represent a return to more stable levels of activity.

Market overview: a return to moderate growth

The housing market will inevitably soften in 2022 compared to this year, as the demand stimulus from the stamp duty holiday will no longer be a factor boosting house purchases. However, other Covid-19-triggered behavioural changes, most significantly the resurgence in home mover numbers following a decade of stagnation, are likely to provide some continued impetus.

Recent data showed that home mover activity has been reinvigorated after a decade of stagnation by changing attitudes to working from home, particularly as remote working is now embedded in many businesses’ longer-term policies. The lack of a daily commute for many existing homeowners who were previously constrained by relatively low levels of equity with which to “staircase up” the housing ladder within the city they work means they can now consider different locations where their existing equity will go further.

Meanwhile, refinancing activity will pick up modestly next year but accelerate somewhat in 2023, as higher volumes of fixed-rate deals, including five-year deals taken out in 2017, are set to end and the loans become eligible for refinancing.

In general, the outlook for both lending and ongoing mortgage affordability is much improved compared to forecasts made a year ago.

As with last year, the economic and societal impacts of Covid-19 add a considerable degree of uncertainty to forecasts. In particular, there are downside risks – firstly from the labour market as the full unemployment picture following the end of the furlough scheme has yet to become fully clear. Additionally, rising inflation will put a squeeze on real incomes next year, and this will bear down on affordability as measured in income-expenditure assessments for mortgage applications.

The potential for Bank Rate increases over the next two years would also place pressure on affordability, although the extent of any increases (and the resulting pressure on affordability) is likely to be relatively modest and affordability tests would make these manageable for borrowers on variable rates whose household budgets are otherwise stable.

Pressures on ongoing affordability will see arrears increase modestly

The same factors will place upwards pressure on ongoing mortgage affordability. However, around three-quarters of outstanding mortgages are on fixed rates and would see no immediate impact on their payments should rates increase. Additionally, a much-improved labour market outlook, compared to predictions made this time last year, means arrears are expected to rise only modestly, peaking at just over 100,000 cases in 2022.

At the same time, possessions activity will increase gradually through 2022; lenders are conscious of the continuing impact of the pandemic and will be working through cases with care. The backlog of cases already in train before the pandemic but delayed due to the moratorium will take time to work through the court system, which is also facing delays. We do not expect to see any material number of possessions arising from Covid-19-related payment problems until 2023 at the earliest.

James Tatch, Principal, Data and Research at UK Finance, said: “2021 has been a record year for mortgage lending amid the stamp duty holiday and homeworkers moving from cities. The outlook for the housing and mortgage markets over the next two years is for a return to a more stable, balanced picture following the upheavals of the last two years. While risks remain, both to new lending and ongoing affordability, the market looks to be emerging from the pandemic in a better place than previously anticipated, supported by a much-improved wider economic outlook.”

If you are considering investing in a buy-to-let property in 2022 and would like further information about what’s involved or would like to receive details of current buy-to-let mortgage deals, please speak to one of our highly experienced lettings team.

article courtesy of Property Reporter, 13th December 2021

When we think of a property auction, we probably imagine a room full of investors with an auctioneer up front – hammer in hand – spouting numbers at record speeds.

These days, this couldn’t be further from the truth!

Nowadays, property auctions are a place for everyone and there’s no need to physically attend one. Online auctions are rising in popularity as a convenient way of bidding for properties in the UK.

What is an Online Property Auction?

Online property auctions are similar to traditional auctions. The main difference is that instead of bidding in person, you bid online.

Reputable online auction sites are completely safe and have huge benefits to bidders. You can bid from anywhere – whether you’re on holiday, at work or even in bed! The experience can be calmer and more efficient.

How does an Online Property Auction work?

Step #1: View Properties

Just like a traditional auction, you’ll have the opportunity to browse the properties on auction and schedule a visit. Most online property auctions will have open house dates, rather than individual viewing appointments.

Step #2: Create an Online Account

If you’ve found a property to bid on, you’ll usually need to create an account on the auction house website. It should be free to join and relatively simple to sign up. You’ll normally need an email address to create an account.

Most online auction houses will ask for proof of identity, so you may need a picture of your passport and a utility bill to hand.

Step #3: Add Your Payment Details

Once you’re registered, you’ll normally need to add your payment details before you bid. This is because you’ll be charged an immediate deposit as soon as you win an online auction.

Step #4: Check the Sale-Type

There are two types of sales at online auctions, and you’ll need to check which one applies to the property you plan on bidding for.

The two types include:

• An unconditional auction – Which is the same as a traditional auction, where the sale becomes legally binding immediately after bidding has closed. This means you’ll need to have everything agreed and sorted in advance of bidding (like mortgages or surveys).
• A conditional auction – Which gives you the right to buy the property after you’ve won the auction. You’ll still be charged an immediate deposit. But you don’t need to have your mortgage, survey, or anything else finalised before you bid.

Step #5: Partake in Online Bidding

There are usually two ways to bid at an online auction. You can either:

• Bid via proxy – Which is an automated bidding option. You set your maximum bid in advance and the system will automatically bid in small increments until you’ve reached your maximum.
• Bid in real-time – Which is when you bid live against others. Each time you are outbid, you can enter your new amount on the system. Usually, online auctions have rules where the end time is extended if a buyer bids with less than five minutes to spare.

Thinking of Selling or Buying via an Online Auction?

Our aim is always to achieve the highest price possible for our clients in a given market and within a defined timescale.

Where there is a perceived high demand for a particular type of property, or where the value of an asset is difficult to gauge or the vendor requires a quick and certain sale this is where a disposal by auction comes into its own.

This new method of sale is gaining traction and we have experience in this specialist area. If you would like to find out more, speak to your local Perry Bishop team.

Find out more about the benefits of selling via online auction by reading this Perry Bishop blog.

 

 

It’s no secret that home renovations can give your home a boost in value. But knowing which DIY projects will reap the most benefits is a tricky one.

If you’re flipping a property or selling up in the next few years, being selective about what you renovate is always a wise choice. Some renovations are worth more in resale value than others.

If you’re looking for ideas on what renovations will add the most value to your home, here are Perry Bishop’s top four choices based on UK demand.

1. A Conservatory

Conservatories have always been popular with UK buyers. They add more living space and can sometimes even boost the amount of natural light that spans across the downstairs of your home. By choosing to install a double-glazed or solar-controlled glass conservatory, you could easily add value to your home.

Plus, the good thing about conservatories is that they can extend the square meterage of your home, without you having to pay for a costly extension. It’s a cheaper solution that can easily pay for itself if the market is there for it.

2. A Loft Conversion With a Bedroom En-Suite

It’s no secret that the more bedrooms you have, the more value you can add to your home. If you add an extra bedroom with an en-suite bathroom to your loft, you can boost your home’s value up into the next pricing tier. Some loft conversions can even add as much as 15% to the valuation estimate[1]!

3. A Garden Office

Since the number of people working from home is on the rise, installing a home office in your garden could be one of the best renovation ideas for your property. Summer houses that are properly installed as productive home offices can cost anywhere between £5,000 and £20,000[2]. But the value this extra space could add to your home could be well worth the investment!

4. An Open Plan Kitchen-Living Space

Open plan kitchen and living rooms can be a simpler DIY project than it sounds. If all you need to do is knock down the wall that separates your two main spaces, you can add value to your home without needing to extend it.

Just make sure you always seek advice from a professional before taking down walls. The last thing you want to do when you’re thinking of selling is to make your house structurally unstable!

Thinking About Resale Value?

If you’re thinking about the resale potential when renovating your home, we’d love to talk to you! Perry Bishop are your local property experts and are here to help. Our friendly team of agents can help get your home ready for buyers looking to move in 2022 and beyond.

Call your local branch of Perry Bishop. We look forward to helping you with any of your property questions.

[1] https://www.propertypriceadvice.co.uk/home-improvements/ten-of-the-best-ways-to-add-value-to-your-home

[2] https://www.homebuilding.co.uk/advice/how-to-add-value-to-your-home

Perry Bishop Cheltenham have enhanced their sales and lettings team with the appointment of Ross Burbidge as their new Branch Manager. Ross brings with him a wealth of property experience in and around Cheltenham, having worked as an estate agent for a number of years – most recently for independent agents Elliot Oliver. Although he grew up in North Devon, Ross came to Cheltenham to study at Gloucestershire University in 2007 and has remained here ever since.

Perry Bishop Director Gavin Wallace continues to oversee the Cheltenham and Leckhampton offices and will now be specialising in sales and lettings in Leckhampton and neighbouring villages. Gavin is delighted to welcome Ross to the team:

“The appointment of Ross strengthens Perry Bishop’s service offering across the whole of the town and surrounding villages. Ross has helped numerous families and individuals on the move in Cheltenham town centre, Bishop’s Cleeve, Winchcombe and beyond. He is highly regarded in the industry and has earned a well-deserved reputation for pulling out all the stops to ensure the best moving experience.”

Ross lives in Pittville and when he’s not selling or letting properties, he can either be found on the cricket pitch in Hatherley and the Reddings, cheering on the Robins at Cheltenham Town FC or having a flutter at Cheltenham Races. He also enjoys country walks with his partner and cocker spaniel, Lucky!

Ross is happy to deal with any of your property enquiries and is also available to provide an up-to-date valuation of your home. If 2022 is the year of your next move, do get in touch.

Call Ross on 01242 246980
Email: rossburbidge@perrybishop.co.uk
Or pop in to see him in branch, on the Bath Road – opposite Morans!

For the 4th  year in a row  Perry Bishop has been independently identified as one of the top estate agents in the country and will be included in  the Best Estate Agent Guide, compiled by the Property Academy with the support of Rightmove.  Only the UK’s top 5% of agents make it into the Guide.

Managing Director Phillip Bishop travelled through to Evolution London in  Battersea Park for this year’s EA Masters Conference, joined by eight other members of staff from across Perry Bishop’s branch network. The team were delighted to collect their certificates of excellence from Guest Speaker, renowned para Olympian Dame Sarah Story.

The Best Estate Agent Guide is a website (www.bestestateagentguide.co.uk) that provides an independent reference source for sellers and landlords, who can search for the best sales and lettings agency offices in their areas.

Over 3 billion data points are analysed in the annual search for the top performers – the biggest assessment of any industry. The awards are made for property marketing, results and customer service – which consumers consider to be among the most important criteria when deciding which agent to sell or let their property.

“These awards follow a rigorous and independent assessment and we are thrilled to have been recognised as among the best in the country for both our sales and lettings service” Phillip Bishop.

Join us on Saturday in the grounds of Faringdon House for a glorious fireworks display, a huge bonfire and live music – all organised by Faringdon Rotary Club.

We are delighted once again to sponsor this popular event, which enables everyone in our town to enjoy a spectacular and safe firework display and at the same time help raise money for the invaluable work of our local Rotary club.

Gates open at 6pm. Live music at 6.30pm and after fireworks. Firework display at 7pm.

• Family ticket: £28 or £35 on the night (for 2 adults and 2 children)
• Adult ticket: £10 or £13 on the night
• Children (5 -17 years old): £8 or £10 on the night
• Under 5s: Free of Charge

Tickets on sale at Tesco, Waitrose, The Barbers Shop, Faringdon Town Council and The Pump House.

Alternatively, call Faringdon Rotary Club on 01367 810655/244616

faringdonrotaryclub.org

We look forward to seeing you there!

Moving house is a pretty stressful event at the best of times, and that’s when everything runs like clockwork.

Unfortunately, life doesn’t always run so smoothly, and there are plenty of potential pitfalls and oversights that you’ll want to avoid if your move is to go as planned.

Here are 6 of the most common moving house horrors you might come across, and how to avoid them.

1. Not Packing An Essentials Box

As moving day horrors go, this isn’t too bad, but it can be extremely frustrating. Just imagine, you’re sitting in your new pad, feet up on the sofa after a long day and your phone battery is down to the final 2%. There’s a mountain of boxes in front of you, and you can’t remember for the life of you where you put that phone charger. Damn!

Substitute phone charger for kettle and tea bags in the above scenario and you’ve pretty much got the same situation.

Just remember when you’re packing up your old place – keep a box of essentials separate from everything else!

2. Furniture Doesn’t Fit

This is an awkward one, especially if it’s something valuable or sentimental to you. Equally, if it’s the sofa or a bulky bed, then you might not have somewhere to sit or sleep for a few weeks while you’re waiting on a new one to be delivered.

It’s always a good idea to measure up in advance, unless you have furniture that can be taken apart and easily reassembled, or if you’re lucky the new place might have double doors into the garden so you’ll breeze through the back door with that swanky sofa.

Again, as with most things, preparation is key. If you’ve measured up in advance and there’s just no practical way of getting your bulky furniture into the new place, then at least you’ll have time to donate or sell it and get something new ordered. And on the plus side, it’s one less thing to have to take with you on moving day!

3. Forgetting To Notify People Of Your New Address

If it’s the in-laws then maybe ‘accidentally forgetting’ isn’t such a bad thing! But on a serious note it’s important you inform a few essential people, such as your bank, employer, and utility providers. After all, you don’t want to be paying for someone else’s gas and electricity in your old place too!

A good way to avoid this is to make a list of all the companies and service providers you use a few weeks before you move, and tick them off as you notify them. It’s also worth getting in touch with Royal Mail and having your post redirected for a few months, as you’re bound to miss someone out.

4. Damaging Items

If you think your smartphone is fragile, just imagine what could happen to your 60 inch Plasma screen if you drop it! The best way to avoid damage is to package everything overly cautiously and don’t rush. Just remember, you can never have too much bubble wrap, and it’s better to take your time and get everything in the house in one piece than finish by lunchtime and have broken glass on your new living room carpet.

Of course, accidents can happen though, so make sure you’ve got your contents insurance in place ready for moving day. And, if you’re using a removal company, check they’re insured too before you hire them.

5. Running Out Of Time

If you’re a naturally laidback person then it’s time to focus and be organised. Just for a few weeks at least!

If you’ve never moved home before it can be easy to underestimate how long it takes to get everything packed up, especially if you’re wrapping your valuables well to protect them.

As much as you won’t want to live among boxes for a few weeks before your move, it’s often necessary in order to have a smooth moving day when the time comes.

So unlike your school exams that you didn’t revise for until the night before, don’t leave your packing until the last minute, or you’ll be running around like a headless chicken on the morning of your move!

6. Getting An Injury

Ok, so you’ll have to be really unlucky to trip over a box and break your leg, but it’s not completely impossible.

A more likely injury is a pulled muscle or a back spasm. Ouch! Just take your time with all the heavy items, make sure you’ve got plenty of pairs of hands to help out, and don’t overstretch yourself!

Talk To The Experts

Here at Perry Bishop, we provide advice that can help you avoid these Halloween horrors! Call your local office for further information. Our fang-tastic teams look forward to helping you with your next move!