Our Cirencester team is right behind the new government backed ‘My Cirencester’card which was launched earlier this year for the benefit of people living in and around Cirencester.

Designed to help get our wonderful town back on its feet after an unprecedented year, there’s a range of attractive discounts and exclusive offers to choose from. Let’s support our great local independent shops and businesses. If you haven’t got yours yet, pop into Perry Bishop or any other participating retailer to pick up your card and Shop Local.

For further details click here.

Perry Bishop, one of the Cotswolds’ leading estate agencies, reflects on the post Covid landscape, revealing that the exodus from cities is still ongoing, with Cheltenham and other Gloucestershire towns and villages  proving particularly popular.

Gavin Wallace, Director Perry Bishop Cheltenham:

“We’re now seeing that flexible working post Covid has changed the way that we all work and live, on a permanent basis. As summer continues and the remaining restrictions are lifted, we are continuing to see increasing numbers of people still looking to move from cities like London and Birmingham, wanting to settle in and around Cheltenham, where demand still outstrips supply. People want better value for money, a higher standard of living, a home with separate office space, a larger garden…Workers are looking to leave the ‘rat race’ behind for good. They’re making permanent relocation moves, which they could have only dreamt of before”

Employers are aware of talent exodus from cities like London, taking on board the increased desire from highly skilled people to move to less metropolitan locations now that they can benefit from a remote working environment.

Gavin Wallace:

“This migration of talent is meaning that employers have to broaden the geographical scope of their workforce solutions, and re-evaluate where top talent is now located. As a result of its proximity to urban centres like London, Bristol and Birmingham, Gloucestershire and Cheltenham has attracted many large corporations and multinationals looking for a UK base. It’s also the ideal base for families with Cheltenham boasting some of the UK’s top grammar schools like Pate’s, Balcarras (usually appears in Top 10 State Schools in UK, outperforming both grammar and private), and world-renowned private schools like Cheltenham Ladies College”.

The Regency town of Cheltenham also holds its own against London in terms of food, festivals and lifestyle, as well as having an enviable semi-rural location. The centre boats all the usual major high street shops, restaurants, and cafes, as well as wonderful independents. Swap average house prices of £709K for £393K and you can see why the Sunday Times (2020) named Cheltenham as the best place to live in the South West!

It’s every homeowner’s dilemma and we hear it almost every day, particularly in the current market where the number of properties coming to market is relatively low. Rightmove talk about it being the “strongest sellers  market in the past decade”,  so naturally many of us are keen to benefit from securing a great price for our property. Yet still the nagging doubt remains – Should I agree to sell my current house before I look for one to buy? What if I can’t find one that I like but I’ve already agreed to sell mine? Could I pull out later? Could I be homeless? Should I go into rented in the meantime? I don’t want to let my buyers down? – I’m not that sort of person!

The question is a tough one and we don’t have a definitive answer for you, but we can advise you about the pros and cons. Much of it is really about your own personal situation, why and when you want to move.

Agreeing to Sell your own house first

The advantages

‘Selling first’ generally means that you have accepted an offer from a willing buyer. It doesn’t mean that you will need to have moved out of your own home prior to looking for a new one! Your sale will effectively be subject to you finding somewhere to buy.

Agreeing to sell your own home first puts you in a perfect buying position to help find the house you like. It puts you in an excellent position to not only be able to view properties but also to put in an offer. What’s more, it puts you in a position of strength to negotiate hard on both the price and any terms attached. It makes you a very credible buyer, one who must be taken seriously when offering. When you find yourself in a situation where you ‘need’ (as opposed to ‘want’) to sell, you immediately weaken your negotiating position.

Being able to advertise your own property as ‘no onward chain’ will help you stand out and increase the attractiveness of your property.
It will work to your advantage in this fast-moving market. At the moment, property has been selling very quickly indeed and therefore, you’ll be a ‘no chain’ or ‘hot buyer’ in a competitive situation. You’ll be shown properties as they hit the market and having the luxury of choice, instead of simply waiting for what has been left over. You will, or should, receive calls from estate agents when a new property hits the market prior to seeing it on one of the property portals.

If you’re not under pressure to sell, it means that you can stay at the price you like and wait for the right buyer to come along. Once you have agreed to sell, you then know exactly what money you have to play with, so, can be sure as to how high you can offer on your next home.

Your seller will take their property off the market and mark it as ‘sold’ on line, once terms are agreed with you, as you have agreed to sell yours and your chain is complete. It is essential that you make ‘having the property you are buying taken off the market’ as part of your negotiations. If it were allowed to be left on the market ‘for sale’ you run the risk of the seller being tempted with a higher offer, should one come along (we call this being ‘gazumped’).

The disadvantages

Once you have decided that you’d like to move, it’s hard not to start looking at the homes that might be available. If you then spot your dream house and you’re not in a position to buy, it can be very disappointing indeed.

In an attempt to get the maximum possible sale price for your home, you may turn down early offers, that could turn out to have been very acceptable had you already found a home to move to.

There is increased risk of ‘buyers’ remorse’; the pressure to find a new home may cause you to make a poor buying decision.

The market may change during the time that you take to sell. This may mean that prices keep rising and the property that you could have afforded a few months ago is now receiving offers above what you are willing to spend.
If you do agree to sell your house but cannot then find one that you would like to buy, you may find yourself having to move into rented accommodation. This is often a big upheaval and could incur hidden additional costs such as putting some your belongings into storage. However, this could be a good move if you feel you have secured a fabulous sale price on yours and do not want to let an opportunity slip through your fingers. It also puts you in the very best of buying positions when you do eventually find your next one.

Buying or finding your next home first

The advantages

There are no advantages of this in the current really busy, sellers, market! You will most likely and literally never move if you try and find first!
However, in a normal, more balanced property market……
With no buyer putting on the pressure for you to move out, you’re free to view other properties at your leisure. This might mean exploring different ideas and locations, age and type of house. We often find that buyers will view houses that they may not have first considered but find that this adds an extra dimension to the list of ‘wants’ from their new home.

You might have already spotted your dream home before you decided to sell. If it’s what you really want then securing it with a good offer might make all those dreams come true!

If house prices are rising or offers are more often than not being accepted above and beyond an asking price, then now’s the time to jump in with both feet. After all – things will only get more expensive.
Most people need access to the money tied up in their own property to assist with the purchase of the new property and most mortgage lenders won’t allow you to run your new mortgage at the same time as your existing mortgage.

The disadvantages

If you find a house that you really want then you’ll be under a lot of pressure to sell your own. Not only can this be extremely stressful, but it also may mean having to accept an offer that is below what you might originally have wanted.

In extreme circumstances buyers will complete on a purchase before they’ve sold their own. This can sometimes only be achieved with a second mortgage or a bridging loan or, of course, the buyers have come into some money and have cash! This can be very stressful and financially risky, particularly if the market changes or the sale of your house falls through.
Going back to how an estate agent works (on behalf of the seller) you are going to be introduced to the property last every time. The chances are, that by the time you become aware of the property, it will be under offer, or, have so many viewings booked on it already from ‘proceedable buyers’, that they are accepting no further viewings.

Letting your house is another option to try and put yourselves in a better buying position. The reality is, that you would not be letting tenants move in until you move out so, at the time of wanting to view or offer you would still be a buyer who needs to let their property before being able to proceed with a purchase. Letting can lead to damage from tenants, added pressure and would also have to be done for a minimum term, which you may wish to break if the situation becomes too difficult, but would not be able to. Also, not everyone is a natural landlord. There is so much red tape. Did you know that, just during this Pandemic, there have been 47 new items of legislation that apply to letting your property!

If you commit to the purchase in a cooler market and don’t sell you could find yourself in a breach of contract situation which can be very expensive. But, don’t worry, please remember, your solicitor would not let, or advice, you to exchange contracts on your purchase if you do not have a buyer on your own property and are able to exchange contracts for the sale of that at the same time – that would be madness!

Above all, the most important thing is ‘transparency’ when you agree to sell your home. Your estate agent needs to ensure that your buyer is very clear that they are waiting for you to find your next home. They need to know that you may not find one for, not just a week or two, but it could be a month or two. Your agent may tell you that it is not just about ‘selling’; it is not just about selling at a fantastic price; it is, most importantly in the current climate, finding the right buyer for you – this means timescale HAS to be discussed. Your agent must manage the expectations of both yourself and your buyer. If a particular buyer wants you out in 6 weeks and you need to find first, then this is not the right buyer for you. You would need a buyer who is, perhaps, in rented accommodation, who is happy to just sit back and wait for you to find. This means that you don’t feel pressured to find and your buyers know that there will be a delay.

Does this help you to come to a decision about the next steps for you? Give us a call to discuss your options and learn too about our unique Low Key Marketing service, ensuring you’re in the best position when the right property does come along. We’re always happy to help.

Whatever stage you are at in your moving house journey, even if you’re only thinking about a move, we look forward to hearing from you. Book your appointment now for expert property advice and an up-to-date valuation.

The monthly House Price Index published today by Rightmove indicates that despite a small drop in prices of the upper-end four-bedroom plus sector (where buyers can no longer benefit from larger stamp duty savings), the property market remains buoyant, characterised by a strong incentive for owners to come to market with “sell before you buy”.

“Sell before you buy is a successful tactic in fast moving markets, especially the current one where any new listings popular in both specification and location are selling in days rather than weeks . . . estate agents know the best tactics to secure the best properties, so it’s well worth sounding them out with a discussion on selling before buying”, comments Tim Bannister, Rightmove’s Director of Property Data.

• First-time buyer properties, up by £1,328 (+0.6%) in the month
• Second-stepper properties, up by £975 (+0.3%) in the month
• Upper-end four-bedroom-plus sector, down by £4,699 (-0.8%) in the month

Buyer demand remains strong, suggesting an Autumn bounce in prices and seller activity.

Read Rightmove’s House Price Index report for August in full here.

Anyone living in Gloucestershire, Oxfordshire or Wiltshire wishing to take advantage of the “best sellers market in a decade” but  struggling to find their next home should talk to Perry Bishop about our Low Key Marketing service – ensuring you’re in the best position when the right property does come along.

We look forward to helping you with your next move!

 

Many people wanting to sell their home focus on preparing it for sale which makes perfect sense!

But, you should also be looking at what your garden offers to a potential buyer. After all, more and more of us are spending time at home and so want the outdoor space.

So, what sort of garden improvements should you be doing to add value to your home?

Here, we at Perry Bishop take a step outdoors and share our top tips on garden improvements you can action immediately.

These tips won’t necessarily add monetary value to your home, however they will certainly make your property more attractive to potential buyers.

Fix it up: Complete outstanding garden jobs

First of all, fix things. You know that fence panel you have been meaning to sort for a while now? Get it done. That outside tap with a slight leak? Sort it out. And as for that cracked paving slab on the patio right by the French doors? Come on, either do it or get someone in to have a look at it!

Seriously, gardens are so important and they have to look good. If someone sees a messy, overgrown garden, they may have difficulty seeing past the weeds and miss the potential. They’ll see hard work and that is not for everyone. It also makes people wonder just how well you have looked after the rest of your home.

Home office: Add a garden structure

As we have said, more and more of us are spending time at home. Working, but at home. There are pitfalls to working at home, and one of those is finding a balance between work and home life.

The easiest way to separate the two is to – separate the two! A garden office provides that distance to lock yourself away and work without home life getting in the way. You can also step out of your garden office at the end of the working day, lock up, and then, quite literally, go home.

Costs of installation (and quality) vary, so you’ll need to do your homework.

Dine out: Create outdoor eating spaces

When the summer sun hits the sky, we all love being outside. Dining al fresco is something to cherish. Imagine a lovely breakfast on the patio or a BBQ with friends as the sun sets.

A nicely maintained garden patio or decked area will work wonders for your home’s appeal to a prospective buyer. If you have garden furniture, arrange it so that people can picture themselves there.

Lighten up: Add mood lighting to the garden

Adding value to your garden could mean making it more appealing. Use lighting to lift darker areas. You could add small solar lights to light up pathways, or a net of twinkling stars woven over a tree’s lower branches. You could have a fixed, electric light too, either for cosmetic purposes or security. It fully depends on your budget.

What is certain is that good use of lighting will benefit you when it comes to selling the property.

Home takeaways: Eating out…in!

Eating at home rather than eating out has become the norm so it’s unsurprising that there are items you can purchase to enhance the experience – a bar area for example, or a pizza oven maybe.

Some potential buyers will love that you have something there for them to make use of. These things won’t add much to the actual value of your home, but, what you are doing is adding value and standing out.

Outside and in: Merge the two

When you think of the garden, also think of how the garden and the house work together. For example, how do you exit the house to go into the garden? Could you add bi-fold doors to the property? This will be relatively costly, but the impact means you are more likely to add real value to the house.

When you are thinking of garden improvements, you can think big but you should also think small too. You could do some building work, or you could just ensure you get the small things done well. You could install a fake grass landscape, or you could make sure real grass is cut properly.

Whatever you do, or are thinking of doing, ask us for our opinion as we are more than happy to share our advice and expertise.

Perry Bishop are your local property experts for the The Cotswolds and the Vale of the White Horse.  Call your local branch to chat with a member of our friendly and experienced team.

Get your game face on. Sarah Benson, Residential Director at Perry Bishop, explains what it takes to be a winner in the property event.

The property market has some interesting parallels with the Olympic Games. Hand-in-hand with glorious success can come bitter disappointment when things go unexpectedly wrong. Preparation and training are everything. Like Olympic competitors, the more prepared and event-ready home buyers and sellers are the fewer things there will be to go wrong.

But sometimes events are beyond anyone’s control. So, like any great Olympian, it’s best to concentrate fully on things one can control.

Equipment
Sellers’ equipment is their property. This should be in tiptop condition – with no nasty surprises lurking for buyers – and should be presented and priced to sell. Buyers need funds to be fully in place.

Mental Preparation
Both parties need to know the rules of the game and understand what can go wrong. This will help to calm nerves and avoid making costly mistakes when there are unforeseen bumps in the road.

Support team
Any Olympic champion will tell you that the support of a great coach and backroom team are essential for success. Think of your estate agent as a coach. And don’t forget your other support, including a great conveyancing solicitor and a talented mortgage broker. Together they will make sure you are at your competitive best.

Understanding the prevailing conditions
Olympic sailors are brilliant at reading the weather. Property buyers and sellers need to be just as good at reading the market. Interpreting the conditions correctly has never been more important as we come out of the Covid pandemic.

As we move into the autumn market, buyers and sellers should ensure they are in the best condition to succeed. Sometimes finding the perfect home or buyer does boil down to luck. But as any gold medallist would say, the more you train, the luckier you become.

Ensure you’re first out of the starting blocks and enjoy gold medal service by calling your nearest branch of Perry Bishop to help with your next move.

Meet Alice Clatworthy, our friendly and experienced Property Manager and key member of our Letting team.  All tenants as well as landlords who choose either our managed or enhanced management service benefit from Alice’s tenacity and can-do approach – very important qualities as she is the person who manages all maintenance and repair services for the properties we look after.

Alice works out of our Stroud office and ensures that all jobs are booked promptly and performed by reliable local tradespeople. She also makes sure that the properties we manage are fully compliant – responsible for ordering EPCs,  booking gas and electrical safety inspections and arranging PAT tests.

Alice has a passion for helping people, with a proven track record of dealing with clients/customers in a friendly and professional manner in a variety of roles – from estate agency through to personal training and online coaching. When she’s not ensuring everything is running smoothly for our landlords and tenants, she will either be down the gym, horse-riding or out walking her dog Snoop, a whippet/staffy cross.

Making Tax Digital (MTD) is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.

HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world. Making Tax Digital is making fundamental changes to the way the tax system works – transforming tax administration so that it is:

• more effective
• more efficient
• easier for taxpayers to get their tax right

What is MTD for landlords?

Any landlord with a turnover exceeding £10,000 will be within the new MTD regime.

From 6 April 2023 landlords will need to:

• record their income and expenses digitally
• report their income and expenses quarterly to HMRC.

This is in addition to their current requirement to file a self-assessment tax return.

Background

From 6 April 2019, MTD was introduced for VAT for any ‘Taxable Person’ with VATable turnover above the VAT registration threshold.

It has always been the government’s intention to introduce MTD for income tax for both landlords and businesses, but this has been subject to a number of delays over recent years.

However, a government announcement on 21 July 2020 brought this firmly back on the agenda for landlords.

Actions to take

The long lead in time given by the government is welcome, as it will enable taxpayers to prepare for the upcoming changes, and we are hoping to see further guidance from HMRC regarding the implementation in the near future.

Although 6 April 2023 seems a long way off we would urge landlords to consider the impact MTD will have on their affairs as soon as possible including considering how to digitalise their records and bookkeeping.

While all eyes were on the sales market ahead of the June 30th Stamp Duty deadline, the lettings market recorded a strong month according to the Goodlord Rental Index, with voids continuing to decrease and rents strengthening across England.

Voids drop across the country

Voids dropped in nearly all regions monitored by Goodlord during June. The East Midlands, Greater London, the North East, North West, South East and South West all saw voids fall. The average void period in England is now 16 days, down from 22 days.

For the South West and North East, the month on month decrease in voids was a huge 50%. The South West moved from 18 days to just 8, and the North East dropped from 30 days (May’s highest rate) to 13 days.
All other areas enjoyed a healthy drop of at least 20% to their void periods – highlighting the exceptional high levels of tenant demand being seen across the lettings market.

The only area to see an increase in void periods was the West Midlands, where voids increased from 18 days to 23 days, after the region experienced a particularly busy May.

Rents rise across the board

In good news for landlords, rents also increased in every region during June. The North East and the South West both recorded increases of over 10% (11% and 10% respectively), with all other English regions seeing a boost.
The West Midlands, the only area not to see an decrease in voids, recorded a very marginal rise in rents of 0.05%. The average cost of rent for a property in England is now £932, an 8% increase on May’s figure of £885.
Tenants in England now earn an average of £25,647 – up slightly on May’s average of £25,429.

Tom Mundy, COO at Goodlord, comments:
“All the signs this year have been pointing to a bumper summer for lettings and we’re now seeing that reflected in the numbers. Trade is brisk across the country and tenant demand is extremely strong. As summer continues and the prospect of remaining restrictions lifted, increasing numbers of people are looking to move.
“Rents are at levels we’d expect to see during the summer. In fact, average rents were higher last month than June 2019, pre-pandemic, showing that the lettings market has continued to go from strength to strength despite the turbulence of the last 16 months.”

*Article courtesy of Goodlord, an award-winning lettings platform

Perry Bishop have enhanced their Land and Development Team with the appointment of Sean Tredgold as the new Manager.

Sean has been in the property industry for over 20 years, with hands on experience of developing residential schemes. This started when Sean obtained planning on a brownfield site the family owned. Working first-hand on this smaller scheme of 7-units, ambitions grew and with a company formed he moved to larger developments such as an 18-unit conversion and new build in Leamington Spa and Birmingham’s Jewellery quarter with a 34-unit part conversion and new build.

Having produced detached houses, flats, and conversions over a 10-year period, Sean’s energy moved to Land Agency work. Dealing with Options and Subject to Planning schemes led him to becoming a Land Manager for a regional housebuilder, purchasing their land for strategic and immediate delivery. Sean’s depth of practical knowledge will enable Perry Bishop’s specialist land team to work closely with all aspects of development from single plots to larger more complex schemes. Former Director, Peter Chambers FRICS, will continue working on a consultancy basis, and Sean will also be supported by New Homes Development Manager, Helene Parker-Joel and her assistant Nicola Williams, and by Land Administrator Emma Nash and Karren Brown, PA to Land and New Homes.

Perry Bishop’s Land and New Homes team cover it all! if you are a land owner, developer, investor or self-builder our team have the experience to bring your project to market. With fantastic coverage across Gloucestershire, Oxfordshire, and Wiltshire from six well established offices. They offer a free initial appraisal of your plot, site or building along with expert advice on planning potential. They can also identify if your land is suitable for longer term development and introduce developers and promotors.

If you have a project you wish to discuss please contact the team in Cirencester on 01285 646770 or in Cheltenham on 01242 246983 or email them at landandnewhomes@perrybishop.co.uk