Author: @kerry

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Spring into action

spring into action

As we head into spring, Dominic Parravani of Durrants looks at what’s required to win the race to buy a home.

Markets are forever in flux. So our handling of markets must be flexible.

We can buy, hold or sell in the stock market depending on conditions. In a fruit and vegetable market we can buy the freshest produce early in the morning at the full price. Or we can purchase what no one else has bought at a cheaper rate in the late afternoon.

The property market is also in constant flux. There are occasions when there is a lot of stock and buyers have so much choice they can take their time and sometimes make low ball offers.

But we are not in that market now. In many areas around the UK it is quite the opposite. Figures show that generally there are twice as many buyers as there are properties to buy. This is hard enough for buyers. But, in hotspot areas, there are many more buyers per property – result, a feeding frenzy.

So forget a leisurely, late evening, glass-in-hand, browse through your preferred property portal. It is not going to help very much. Because by the time a property gets onto a portal nowadays, the early bird will have already caught its worm.

Serious buyers behave differently in this sort of market. They know they need to find a property before it ever reaches a portal. And the best way to do this is to get to know their local independent estate agent so they can be first in the queue for the pick of the properties.

You see the experienced local agents know their own market best. Years of working in their area mean they know local people and – crucially – often hear first when someone is about to make a move. Then they carefully match those who want to sell with those want to buy. Property portals don’t do that.

If you are serious about buying this spring, get to know your local, well-established estate agent. You will find their knowledge and experience provide the very best in buying advice. And if you are selling, their knowledge, experience – and list of buyer contacts – is vital in a hot market.

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Make sure you take a meter reading today

meter readings

Money experts are urging everyone to take and submit meter readings for electricity and gas today, 31st March, before energy price increases kick in.

The majority of households are on a standard tariff, which is subject to a price cap set by the regulator Ofgem.

The annual cost under the price cap is set to rise from April by almost £700, so experts say everyone, particularly those who pay by direct debit, should make a note of their consumption today and submit it online to their energy company so they and you have an accurate record of energy consumption.

Money saving expert Martin Lewis told viewers to his ITV show why people paying by direct debit should take gas and electricity readings now. 

He said: “That way you draw a line in the sand that says to your energy firm, I’ve only used this amount at the cheaper rate, don’t start charging me more on the higher rate and estimating I use some of it afterwards.”

Monthly direct debit amounts are calculated across the year in an effort to smooth out higher consumption over the winter months in comparison with lower use over the summer. Having accurate figures on consumption can help avoid companies over-estimating future usage which could inflate the amount paid each month.

If you’re having difficulties with energy costs or other bills, you are advised to speak to your energy company first to see if they can help. There are also other organisations who can offer free help and advice, including:

Citizens Advice – 0808 800 9060

National Debtline – 0808 808 4000

Step Change – 0800 138 1111

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Durrants to sponsor Diss Carnival 2022

Diss Carnival

Durrants are pleased to announce we will be sponsoring this year’s Diss Carnival and Fun Day taking place throughout the town on Sunday 3rd July.

The Carnival is back with a bang this year after an enforced break due to the Pandemic and we are happy to support the town’s comeback event which organisers are promising will be a party to remember.

The theme for the carnival is “The Great-Diss Showman” tying in with The Corn Hall’s Diss Elephants art project, which itself is inspired by the legend of Madame Abdella, one of two circus elephants said to have been buried under Fair Green.

Claire Keen, Diss Carnival Committee Chair, said: “We’ve decided that Diss needs something to look forward to, to celebrate and enjoy.  I can’t wait to see the town covered in bunting, the shop windows colourfully decorated, and, for me, the atmosphere in the town when the parade passes through is exhilarating.

“We’re hoping the parade and shop window displays will be bigger and better than ever for our comeback carnival and will include everything from circuses and funfairs to characters from the musical ‘The Greatest Showman”, helter skelter rides, dodgems, fortune tellers, clowns, strongmen and women, acrobats, lions, tigers and even dancing bears!”

As well as joining in the fun, Durrants will have a stand at the Carnival Fun Day where you can meet members of our team and find out about all the services we provide from our Diss office.  We hope to see you there on 3rd July!

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Introducing August Atkinson

August Atkinson

Durrants are pleased to welcome August Atkinson as Residential Sales Manager in our Diss branch.

August has 30 years of experience in estate agency and is already using her skills to match people with their dream homes.  She said: “I love houses, I love property.  I’ve grown up with it – my dad was always renovating something.  I got my passion from him and my mum and I’ve always worked in estate agency.”

Her greatest joy comes from occasionally surprising potential buyers looking for that next move.  “There’s nothing more satisfying than getting someone to look at something they’ve maybe not contemplated and then seeing them discover it’s the home for them.  When they say they’d have never looked at it unless I’d mentioned it is quite exciting.”

August expects the market to move more freely as we move into spring.  She said: “We are seeing a lot more activity at the moment with a lot of valuations coming to fruition.  But there are definitely still more purchasers then vendors out there, so we need more property.”

Managing property chains in the sales process is an area where August believes the experience of Durrants can really help.  “It’s about communication really.  If something hasn’t happened for a week, both parties still need to be updated.  We don’t just rely on solicitors to keep both the vendors and purchasers informed; we like to think we are proactive regarding the progression of a sale.”

August is looking forward to meeting prospective buyers and sellers over the coming months in her new role at Durrants.  “I think we really do care about our purchasers and vendors; we will do as much as we can to help,” she said.  “Durrants is the best firm I’ve ever worked for in my 30 years in estate agency.  There’s so much support, I’ve never been anywhere like it.”

To arrange a valuation of your home or a viewing of a property, please contact our Diss branch on 01379 642233 or email diss@durrants.com.

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Swings and Roundabouts

Dominic Parravani of Durrants advises prospective sellers and buyers not to wait until the property market gets back to ‘normal’.

Who remembers the boom and bust property markets of the early 1970s or the late 1980s? Who remembers the MIRAS debacle in 1988 and 15% mortgage interest rates? More people will remember recent mini booms and busts, general elections, Black Wednesday, the Scottish referendum, the banking crisis, Brexit and, of course, the global pandemic. Over the years all these events, large and small, have affected the market to a greater or lesser extent.

So, if anyone is waiting for the property market to get back to normal they will wait a long time as there is no normal property market. In property we have to play the cards we are dealt. Sometimes the market will benefit the buyer, and sometimes the seller. In all these years the market has never suited both buyers and sellers at the same time. But then what you lose on the swings you gain on the roundabouts.

It is essential to understand that the market is continually in flux. We now have the challenge of low stocks of property for sale, increasing interest rates and property values in some areas rising steeply. Will this continue? No. Why? Because nothing continues unchanged in property for long. Things are constantly moving.

So, my advice is to play the property, not the market. Find a deal that works for you. Please don’t wait for the market to normalise; it won’t. Don’t try and wait until we have reached the top of the market to sell, because when you think that the market has reached the top, it will already be too late. Winning in property is finding the right property deal for you when you need it. Put another way, would you rather have a perfect property or a perfect market? I know which I would choose.

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Chained Up

chained up

Dominic Parravani of Durrants looks at the difference between someone who wants to buy a property and someone who does buy a property.
 
Even seasoned estate agents say that there has rarely been a property market like this. “Property prices rising at pre-banking crisis levels”, “Properties for sale – numbers lowest in decades”, scream the press in reaction to comments made by lenders, property websites and other interested parties.
 
Moving might not be complicated for buyers who don’t need a mortgage and have no upward chain, or for sellers with no downward chain. But for everyone else, these can be testing times.
 
The problem is getting chained up with nowhere to go – becoming stuck in a line of dependent deals, especially when the top of the chain can’t find a property to buy.
 
It’s a wonder anyone moves anywhere with the market so thin on stock, and when getting a deal through often takes between 16 and 20 weeks. Four to five months is a long time in a property transaction – a lot can happen. But the miracle is that even in this market people do move. How? Mostly it is down to the desire of buyers and sellers, coupled with the skill of their estate agent.
 
If buyers and sellers were to sit or work in an estate agent’s office for a week, they would begin to understand that the tricky bit isn’t so much finding a buyer but getting a chain of deals, sometimes with four or five links, across the line. Finding a willing buyer is one thing, finding an able one is a very different matter. Everyone gets to see the sold board go up. But few get to see the effort that went into getting it there.
 
So, when choosing an estate agent in this market don’t just go for the one who says they can get you a buyer – everyone says that: instead go for the one who can get you through to completion. There is a vital difference between the two. 

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Wymondham Rugby Club support

wymondham rugby

Durrants are delighted to continue to support Wymondham Rugby club, through our community charity foundation with the sponsorship of a pitch side board.

Dominic Parravani, Durrants Managing Director, is Joint Chair of Wymondham Rugby clubs Mini section and is passionate about supporting local sport for all.

He said: “We support lots of local clubs and organisations throughout Norfolk and Suffolk and are thrilled to be able to show our continued support to such a wonderful club as Wymondham Rugby Club.”

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Over £1,000 raised for charity by Durrants clay shoot

durrants clay shoot rabi

Durrants are thrilled to announce a final total of money raised as a result of last September’s annual charity Clay shoot at Red House Farm by kind permission of Philip Kidner. This year’s chosen charity was R.A.B.I (The Royal Agricultural Benevolent institution).

Dominic Parravani, Durrants Managing Director “Our annual Charity Clay shoot has become a firm fixture in our fund raising calendar, over the years we have been able to donate thousands of pounds for wonderful causes. We are very proud of our recent charity clay shoot, to which we have raised an outstanding amount of £1,053.94!”

The cheque was presented at Durrants Halesworth office by Richard Prentice, Durrants Head of Agriculture, to David Locke, Finance Director of RABI and Thelma Thorogood Suffolk Chair for RABI.

Mrs Thorogood said: “On behalf of Suffolk RABI, we would like to say thank you so very much indeed for choosing our Charity to donate this amazing sum. We really do appreciate receiving this money, which will go straight to our Beneficiaries”

The Royal Agricultural Benevolent Institution (R.A.B.I), a national charity that provides support for local farming communities across England and Wales.

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Durrants sponsorship of Southwold Rugby Club reaches across the world!

durrants rugby southwold

Durrants sponsored rugby shirts from Southwold Rugby Club, have found their way to India! The Jungle Crows Foundation is taking rugby to some of the poorest children in the world, most of whom would not normally have any chance to take part in any organised sporting activity.

For 10 years the charity has given street kids and orphans the chance to play and learn together in a safe and coach controlled environment. The foundation supports the children to go to school and then even college so they can get a good job. Shirts and equipment are sent over to help kit out enthusiastic players and as always

Durrants are delighted to be able to help and support.

The fantastic picture above was taken in Kolkata where the Jungle Crows are celebrating India’s republic day.

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Predicting the Present

Snowdrops

Dominic Parravani of Durrants 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.

We’ve compiled some top tips to make sure your property is ready to look its best for potential buyers.

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.

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We’re still open and here to help

Durrants in Southwold

This week it was announced that England is to enter another national lockdown with a review to take place mid-February.

Despite the lockdown, the good news is that the property industry is to continue operating, with estate and letting agents remaining open, house viewings and home moves still permitted. Of course, estate agents and all personnel involved in house moves will be closely following government guidelines to keep safety measures in place.

Propertymark’s chief policy adviser has released this statement: “We welcome the news that the housing market is to remain open throughout this new lockdown period, but it is essential that all agents continue to play their part in reducing the spread of the virus through following all relevant guidance on how to safely conduct viewings.

“It is vital that agents operate in accordance with government and Propertymark guidelines to help prevent the spread of Covid-19, keep movers and buyers safe and keep the housing market moving through these uncertain times.”

For us at Durrants, it’s business as usual. We don’t believe that we will see a decline in the high levels of buyer activity seen since June and we’re confident that property prices will continue to be on an upward trajectory. Rest assured, we are adhering to stringent safety protocols that were set in place last year and will continue to follow government guidance as it is released.

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A new chapter awaits for historic Southwold dwelling

Montague House Southwold

A little piece of literary history has come to the property market in Southwold. 

Former home of George Orwell, Montague House is a charming mid-18th Century, 4-bedroom home described in the town’s Conservation Charter Appraisal as being ‘one of the jewels in Southwold’s architectural collection’ is waiting to start it’s next chapter with new owners.

The George Orwell Connection

Famous for writing ‘Animal Farm’ (1945) and ‘Nineteen Eighty-Four’ (1949), the English novelist, essayist and critic George Orwell, aka Eric Arthur Blair (1903 – 1950) lived at Montague House from 1932 to 1941 after serving the police in Burma, now Myanmar.  It is here that he wrote his second novel ‘A Clergyman’s Daughter’. 

His love of Southwold influenced this particular work significantly with the fictional setting of ‘Knype Hill’ modelled on the beautiful seaside town and the character of ‘Dorothy Hare’ bearing great similarities to 1930s PE Mistress at St Felix School, Brenda Salkeld.

Orwell’s residence at the property is celebrated with a plaque on its red-brick exterior which was unveiled by the Orwell Society in 2018.

Bright, Spacious and Flexible Living

Standing proud at the top of Southwold High Street, Montague House provides light and spacious accommodation with a delightful enclosed rear garden.  This Grade II Listed building retains many of its original features having been tastefully renovated to incorporate more modern conveniences.

The accommodation, on the ground floor, provides two characterful reception rooms, a well fitted kitchen with adjacent utility room and a spacious shower room with generous storage. On the first floor are four bedrooms, again, retaining lots of character and a family bathroom. Outside, the rear garden is well stocked with established shrubs and trees. There are two garden stores and a very pretty garden room at the end of plot which faces west.

Montague House is offered to market at £825,000 with no onward chain having been, in more recent times, a very successful holiday retreat.  Viewing by appointment. Please get in touch on 01502 723292.  View full property details here.