Our Lettings team LOVE Valentine’s Day and to celebrate are running a promotion on their facebook page to win these wonderful Valentine goodies.

All you need to do to be in with a chance of winning is to head over to their facebook page:

• Like their page
• Like and share their Valentine post
• Tag someone you would like to share this gift with‍ in the comments section

A winner will be chosen at random on Monday 14th February.

Good luck lovebirds!

#valentinesday2022

The team at award-winning estate and letting agency, Perry Bishop Cheltenham, have this year chosen Gloucestershire charity – James Hopkins Trust – as their Charity Partner. Providing nursing respite care for the county’s life limited and life threatened young children, James Hopkins’ nurses assist both in the family home as well as in the Trust’s purpose built multi-sensory respite centre and gardens, Kites Corner.

Perry Bishop is delighted to be able to lend its support to the vital work of this extraordinary charity who have helped over 600 children and their families since opening their doors in 1989. As well as making a donation to the Trust for every house they sell this year, Perry Bishop is also the headline sponsor of the charity’s Golf Day at Lilley Brook Golf Club on 19th May.

“We’re really looking forward to raising as much money as possible to help fund the brilliant work that James Hopkins Trust does, caring for some of Gloucestershire’s most vulnerable children and providing much needed respite for their families,” said Branch Manager Ross Burbidge.

“We are absolutely thrilled to have a charity partnership with Perry Bishop for 2022,” Fundraising Manager, Ria Heap, concurred.

If you would like to form a team and come along to the James Hopkins Trust Golf Day on 19th May please call the fundraising team on:

01452 612216 or email Ria@jameshopkinstrust.org.uk

But hurry, places are filling up fast!

MD, Phillip Bishop, ignores the New Year crystal ball and looks instead at what is actually happening to the property market at the moment.

A recent survey by a national estate agency group revealed that over fifty per cent of home buyers make a buying decision during their first viewing. Any experienced estate agent would say that they don’t need a survey to tell them that.

First impressions are a crucial component in influencing a home buying decision. Hence a clean and tidy house is essential in creating a market-ready property. Neatness must extend to the front garden, where a proportion of buyers often make their decisions to purchase or not even as they walk up to the front door for the first time.

Why are such important decisions made in moments? It’s because for most buyers a home is about the heart: it must feel right for them. A property can have the correct number of rooms, the right amount of space, face the right direction and have dozens of other desirable features, including being priced correctly.  Still, if something doesn’t feel right it’s not right, and a buyer can detect that in seconds.

As we stride into 2022, newspapers and social media are awash with industry experts’ property market predictions. But experienced estate agents know that it is the present they have to address. The vast majority of home buyers and sellers are dealing with the now.

Happily, the present is easier to comment on accurately. Early indications this year are that there is no let-up in demand. But stocks remain low, keeping pressure on values and pushing up prices in many areas, making this a particularly good time to sell.

Yes, property buyers must keep their eye on cost-of-living rises, as mortgage affordability and potential energy supply cost increases will be of concern in the weeks and months ahead. Indeed, banks and building societies might toughen up their lending criteria, especially if we see more small, incremental interest rate rises.

Buyers need to make wise decisions when choosing a home, as they should always buy within their means. But, within the bounds of fiscal responsibility, people still choose a home instinctively. Property may have become a commodity, but a home is more than that. It is shelter, security and a comfort blanket, and no one needs a survey to tell them that.

If you are thinking of selling or letting a property this year, talk to the experts at your nearest Perry Bishop branch. Alternatively book your valuation now into our diary at a time to suit you.

We look forward to helping you with your next move.

A New Year is an opportunity for a new start and, as expected, we are already receiving a steady number of enquiries from people living in our area looking to move this year.

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 and to ensure you achieve the best price.

Follow our Top Tips:

Declutter and depersonalise
Start the big clear-out in advance of property viewings and when you have given away, recycled or sold as much as possible, hide as much of what’s left as you can.

Spruce up the decor
A fresh coat of neutral paint and re-grouting dirty tiling can make a big difference, and if your kitchen is starting to look tired, you dont necessarily need a new one. Giving cupboards doors a thorough shine or even replacing them, including the handles, can make a huge difference.

Deep Clean
Either get the industrial gloves on and the elbow grease out or consider a professional cleaning company. Don’t forget the garden, give yours a tidy prune both front and back and position a table and chairs neatly in a spot where potential buyers could imagine having a morning coffee.

Sacrifice your parking space
If your home comes with an allocated parking space, leave it free for prospective buyers to use. It’s convenient, helpful and gives them a hassle-free first impression to put them in a good mood ahead of the viewing.

Get on top of your paperwork
Instruct a solicitor to kick off the conveyancing process nice and early. Also, gather all the paperwork on your current property, such as building certificates for any structural work and guarantees for double glazing, boilers or fireplaces.

Be smart on viewings
Let your agent show your home and ideally vacate. They are the experts and don’t have the same emotional attachment. If you must conduct viewings yourself, show the best rooms either first or last and be ready for any questions.

Call your local Perry Bishop office for property advice and a valuation of your home or click on the button below to book in your valuation at a date and time of your choosing:

Book Valuation

We look forward to making 2022 the year of your Best Move.

Our offices are now closed and we will reopen at 9am on Tuesday 4th of January 2022.

Shaun Ramage is your dedicated Property Manager. In the event of a genuine emergency please report here and he will advise and assist where necessary. Please note non-urgent repairs will be dealt with on our return to the office on the 4th January at 9am. If you need to speak to us during this time regarding an genuine emergency please call on 07501 104 198.

If you are a Cirencester Lettings tenant, call Daisy on 07500 293 109.

In the meantime if you smell gas, call the National Grid immediately on 0800 111 999.

If your Landlord has British Gas Homecare Cover then please contact British Gas directly on 0333 2029 560.

On behalf of myself and the entire lettings team at Perry Bishop we would like to wish you all a very Merry Christmas and a happy, healthy and prosperous 2022.

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.