Author: @kerry

Posted on

Lessons learned

House News Story

As the second wave of Covid19 affects lives, Durrants MD Dominic Parravani looks at what it augurs for the property market.  

One thing that has proved to be resistant to Covid-19 is the property market, which has fed off the pandemic.  If anything the spring lockdown acted as an incubation period for the market, as Coronavirus fuelled people’s desire to move to larger homes, often in more relaxed locations.

Now we are moving into hopefully a shorter second lockdown the question is, what will happen to this bull market?  

The answer seems clear. Whilst we all know that these conditions can’t last forever, the early signs are that these second-wave precautionary measures will only act to fan the flames of the current market.  

We understand now that during lockdown would-be buyers weren’t idle. Far from it; they were actively watchful. Once lockdown ended these buyers, armed with knowledge, stimulus and the freedom to act, broke out. The market became a feeding frenzy. Now, just as the national lockdown acted as an incubation period, the latest round of measures should do so again. But this time there will be added stimuli.  

Completion by Christmas is often the aim when buying or selling property in the autumn. But now there is another target date: March 31st. This is the day the stamp duty relaxation measure is due to end. Buyers will be racing to complete purchases by then to avoid extra expense – money they could use for a deposit or for improvements to their new home.  

Of course the Chancellor may postpone the cut-off date, or best of all discontinue the unpopular and opportunistic windfall tax altogether. But if he does neither strap yourself in – it’s going to be a hectic five months.  

If there is one thing we learned how to do during the initial lockdown it was to work successfully in a highly unusual and demanding property market. Now we will take that experience and do so again, making sure that our buyers and sellers can move, not just when they want to but also when they need to.

Posted on

Lodge Farm, Gisleham – Machinery Sale Results

Tractor Machinery Sale

Lodge Farm, Gisleham – Machinery Sale – 1st October 2020

A good attendance despite the wet conditions and prevailing circumstances along with enthusiastic online bidding ensured that the well maintained relatively modern equipment sold well, prices include:-

Tractors MF6718(s) Dyna 6 50KPH with Efficient cab (2017) only 1570 hours, £54,000 and the MF 7620 Dyna VT 2682 hours 50 KPH 4wd Efficient cab, £49,000 both kitted out for Greenstar and both sold to online bidders.

The Greenstar SF6000 receiver kit and 2 steering wheels made £5,500. Bailey 16T trailer (2018) £12,600 and Marston 14T trailer (2008) with rear view camera £7,700. Horsch Pronto 4DC Drill (2006) £13,600, Lemken 5F rev pl Euro Pal 8 £9,400, 8.20m HE-VA Tip Rolls £7,800, HE-VA 5 tine Subsoiler with air seeder and disc attachment £4,300.

Posted on

Loo rolls and other flying objects

Sale agreed with Durrants

As we head for autumn and further Covid restrictions, Dominic Parravani of Durrants assesses the state of the property market.

So many people are asking us about the property market at the moment. To provide some perspective, we often answer the question with a question. We ask, “Do you remember back in March, how loo rolls became difficult to find as they were flying off supermarket shelves?”

“It would be hard to forget,” most people reply.

So we say, “That’s what’s happened to property: houses are flying off our books.”

While the country was in lockdown, no one could envision what would happen to the property market next – including us. We couldn’t predict the strength of public demand for changes in surroundings and lifestyle. We couldn’t know how people would react to isolation, sudden changes in working practices and the resulting opportunity to commute less often but therefore further – providing the chance to buy a larger suburban or rural house and garden.

Now, after several months of the most extraordinary market most of us can remember, we have experienced the combined effects of the Covid and Brexit bounces, the relaxation of stamp duty and low-interest rates.

Many first and second-time buyers and sellers won’t remember the days when the market was on fire like this; when there were multiple offers on houses for sale, prices were spiralling upwards, and property was selling almost as soon as it came on to the market.

But we remember those days. We remember them very well. That is why we are highly experienced and skilled in dealing with this unexpectedly buoyant market.

For those thinking of buying before the end of the stamp duty reprieve, we recommend doing so now. Why? Because neither we nor anyone else, including the Chancellor, knows what’s going to happen next. Another national lockdown – if there were to be one – might only temporarily suppress this strong market and drive even more people to want to move. But big questions remain about the market in 2021.

High unemployment, a negative Brexit trade deal, tighter mortgage criteria and the end of the stamp duty relaxation, could turn off the tap that was so dramatically turned on in July.

Only time will tell. But in the meantime what we do know is that property is flying and we are here to help buyers and sellers fly with it.

Posted on

Durrants Holiday Cottages featured by Investors Chronicle

Durrants Holiday Cottages featured by Investors Chronicle

Lorraine White, Holiday Cottages Manager at Durrants, has been speaking on the Investors Chronicle podcast about strong demand for breaks in Southwold.

The show spent some time focusing on how the Suffolk coastal haven has become a popular destination for those choosing a ‘staycation’ in the UK rather than venturing abroad.

Click on the link below to hear the podcast from the start of Lorraine’s contribution, but also scroll back to hear more experiences of ‘Staying put’.

Posted on

I Wish

I Wish

Dominic Parravani of Durrants has some thoughts for property buyers and sellers who wish they could see into the future.
 
Don’t you wish that just once you could have a sure fire tip about the perfect time to buy and/or sell an investment?
 
If only you or your parents had known to invest in a small Californian computer start up company called Apple in 1976. An £800 investment then would be worth over £30 billion today.
 
Finding these tips and then acting on them is the stuff of legends. But it is still possible to do the right thing at the right time by listening to the right people.
 
For example, a good estate agent with great local knowledge knows exactly what is happening in the property market. So, if you are thinking of buying or selling your home, a good first move would be to get the best local advice.
 
And what would we, at Durrants, say if you asked us about the market right now? We would say that, following lockdown, we have not seen as buoyant or active a market as this since before the great recession in 2007/8. We would tell you that properly priced property is flying off the shelves. But we would also tell you that the property market is cyclical, and that sometime after this scramble to buy and sell is over, the market will eventually cool – it always does. It cannot stay like this forever.
 
Finally, we will tell you that now is as near perfect a time to buy and/or sell a property as you are likely to find, and that periods like this only come round every ten years or so. Plus, this time, there is Stamp Duty relief for many home buyers, and the lowest mortgage interest rates in history.
 
You’ll be pleased to know that we don’t charge for insightful property advice, and while we might not be able to turn £800 into £30 billion for you, we can help you make the most of what is probably your most financially valuable asset.
 
So, go on, make a legendary move…

Posted on

Booming Marvellous

As we head for late summer, Dominic Parravani of Durrants assesses the property market.
 
Covid-19 hasn’t been the only outbreak this year. There has also been an outbreak of property sales and letting since the end of national lockdown. The press has called this current property market a mini boom. We call it a maxi boom.
 
Mini booms occur when there is above average activity. Maxi booms happen when buyers are queueing up, there are multiple offers for most properties on the market, and deals regularly go to best and final offers only to exceed the original guide prices. This is what we are currently experiencing.
 
Nor has the lettings sector been left out of this market frenzy. There is enormous demand for rental properties.
 
Since the general lockdown ended our phones have been practically ringing off the hook and the numbers of visitors to our website and social media pages have skyrocketed.
 
Many things have changed since the pandemic hit our lives. One of these changes is in the attitude many of us have to how and where we live. A demand for more spacious and environmentally healthy living is driving the market, spurred on by a temporary reduction in stamp duty that has not only helped many second and third step buyers, but also has galvanised holiday home and buy-to-let purchasers.
 
Another change this summer is the government’s avowed intent to simplify and speed up the planning process. The current system has been described as “complex and slow” by the housing minister. It is a view hard to argue against.
 
But shouldn’t the minister also be looking at the current snail-pace of the conveyancing process? This is causing completion delays of up to six months in some parts of the country. How can buyers and sellers plan properly with this much uncertainty? It is a lamentable situation in this digital age, and one worthy of any government’s urgent attention.
 
As we head into late summer amidst all these changes our phones are still ringing and there is no let up in demand. We don’t know how long this surge in demand for property will last, but for buyers and sellers right now it is a boom market. So our advice is; to change your room use this boom.

Posted on

Make Hay While the Sun Shines

Make Hay While The Sun Shines

Durrants Managing Director Dominic Parravani assesses the Chancellor of the Exchequer’s stamp duty changes – designed to stimulate the property market.
 
With post-Covid demand for property at a welcome high level, one thing was needed to help create what could be the most active market since the great recession: greater affordability.

Now the Chancellor has gone a long way to help through his mini-budget. From 8th July 2020 until 31st March 2021 there will be a temporary stamp duty holiday on the first £500,000 of all property sales in England and Northern Ireland. This does not affect Scotland and Wales, which have their own property transaction tax regimes.

Under Sunak’s change buyers of second homes and buy-to-let properties will also benefit, but will still have to pay the existing 3% extra duty due on the entire price.

During this tax holiday, the average stamp duty bill will fall by £4,500, and almost nine out of ten people buying a main home this year will pay no stamp duty at all. Anyone buying a home for around £475,000 will save almost £14,000 in tax.

We in the property industry have long called for the government to overhaul a tax that has become a serious hindrance to buyers. Although seen as unfair by many, the government’s annual return from stamp duty is around £12bn – roughly equivalent to 2% of the Treasury’s total tax income. However even the Prime Minister has said in the past that he wanted to scrap stamp duty up to £500,000 and reduce the top rate – on homes costing more than £1.5 million – from 12% to 7%.

With the Halifax announcing, unsurprisingly, that house prices have fallen during the four months of lockdown, the new stamp duty level and the increased desire by many to make a lifestyle change mean this is the best time for years to buy a property. As any farmer will tell you, make hay while the sun shines.

Posted on

Join us for a virtual drinks reception

norfolk show

Durrants and MHA Larking Gowen are celebrating what would have been the first day of the Royal Norfolk Show next Wednesday 1st July by holding a virtual drinks reception between 4pm and 5pm.

Join us and guest speakers Cath Crowther, Regional Director of CLA East, and the Chief Executive of the Royal Norfolk Agricultural Association, Greg Smith, for a discussion on rural issues. 

This is an invitation only event and numbers are limited, if you are interested please click here to book your place.

We look forward to seeing you (virtually) next week.

Posted on

Really Useful Engines

really useful engines

As the UK lifts out of lockdown, Dominic Parravani of Durrants suggests a chat over coffee to consider your next move.
 
The creator of Thomas the Tank Engine, the Reverend W Awdry, once said that the church was like a railway: both were trying to get people from one place to another.
 
Estate agents fall into the same category. We move people from one home to the next. And never has moving people seemed more important than now: because never have homes seemed more important to all of us as we battle to defeat the most deadly threat in our lives – and to our way of life – since World War II.
 
But something big is going on with homes. Our activity has gone through the roof in the past few weeks. The property portals are reporting the highest traffic to their sites – ever. In lockdown decisions to change – to move on – have been made and are now being acted upon.
 
It is at a time like this that estate agents become very useful indeed. It is their local expertise and market knowledge, which are so invaluable to sellers and buyers. Who’d have thought that houses and flats on dedicated cycle lanes would step up in value in only a few months? The answer is, an experienced estate agent.
 
So if you plan to move home, why not call us for a chat. Better still, arrange a Zoom meeting, Face Time or WhatsApp chat over a cup of coffee. You will find that we live in your area, we share and enjoy the same local facilities and we support the same local enterprises. More than that, you will find that we care in a way that goes beyond selling your property. We take care in moving our clients from one place to another.
 
Estate agents are engines of change. As James and Percy said to Thomas the Tank Engine, “We’re really useful engines, after all”.

Posted on

Durrants Auctions reopening with online sales

auction rooms reopen

Durrants Auction Rooms are pleased to announce they will be reopening to the public later this month with items for forthcoming auctions already being invited.  Valuations are already taking place by appointment. 

In line with government guidance, the Auction Rooms in Beccles have been closed since March due to the COVID-19 pandemic but services are now able to resume with auctions being held exclusively online for now.  The first sale will take place on Friday 12th June.

Nicholas Rudge, director of Durrants Auctions, said: “We are thrilled to be able to return to what we do best and provide a valuable service to our many loyal customers.  Obviously there will be some changes to our procedures to maintain social distancing leglislation but we are very much open for business.”

Durrants Auctions have already started a remote valuation and collection service from the forecourt of the Auction Rooms using a new interactive appointment system on their website to comply with social distancing.  They will hold one specialist sale per week on Fridays with General Antiques with Furniture the first to be held.

“Thankfully the vast majority of our sales have been available to follow online for some time with live video and remote bidding so this service will now take centre stage until we are able to welcome the public back fully for auctions to watch live and in-person,” Mr. Rudge added.

“We have already heard from people who have used the lockdown to have a thorough clear out of their home so we would welcome anyone who would like an item valued for one of our forthcoming sales featuring silver, jewellery, toys and collectables as well as watches and clocks.”

An updated Auction Calendar has now been published on the Durrants Auctions website durrantsauctions.com.  The website also has the new appointment calendar where you can book a slot for valuations, collections or deliveries of items.  Alternatively, you can phone to book an appointment on 01502 713490.

Posted on

Bouncy Bouncy

real estate charts

Dominic Parravani from Durrants reports on a property phenomenon playing out now in a market near you.
 
The lockdown bounce has already begun. We don’t know how long it will be for, but it is undoubtedly with us now.
 
Within a day of the government announcement that the home buying and renting process could re-start, the telephone calls and emails began – and we have not stopped since.
 
People who, for whatever reason, have decided in lockdown to make significant life changes have now joined those who were already on that path in January and February. In the new year we had a Brexit bounce. Now it seems we have a double bounce.
 
We have already spoken to dozens of buyers keen to escape urban environments or in need of a lovely garden. Then there are those whose workplace will change from office to home and they’re looking for properties with room for a dedicated workspace. We have heard too from people who have re-evaluated their relationship with their home and now want something different from it.
 
Our commitment to those who have suffered during this period with ill-health or other issues is total. Our years of experience and in-depth local knowledge are already aiding those who need the support and commitment of sympathetic but practical property professionals. Those who are in difficulty with property matters are not alone in this. We are here to help. We know how to help.
 
We are taking all the precautions recommended to keep clients, viewers and our colleagues safe through the tail of this pandemic. If you need to make a move safely and wisely please contact your nearest Durrants office.

Posted on

Realism is our Vaccine

Realism is our Vaccine

Now lockdown is being eased, Dominic Parravani of Durrants answers the sixty-four thousand dollar question about the property market.
 
As we gradually emerge from lockdown the first question clients are asking us is how will the coronavirus influence property prices?
 
This is something that is hard to answer with any absolute accuracy at this early stage. However the question is a crucial one.
 
Much will depend on the shape of the bounce back. If it is V-shaped we can be hopeful for only minor turbulence. However if there is a long tail then recovery prices in specific sectors could be affected.
 
While the lockdown has thwarted many plans to move, some people have found that post-virus working life promises the chance of more freedom.
 
Many people in future will work from home – the need to commute finally will be over – so a move to a rural or coastal location or to be closer to their families will be possible and even preferable. Many of these buyers will also be looking for properties with work-from-home space; others will want multi-generation family options.
 
So we see a great deal of cancelling-out between sectors; which brings us back to price. In this nothing has changed. The first thing an estate agent learns is that whatever the price quoted on a property, it will in the end find its correct level. A property is worth what someone will pay for it.  An invisible hand called the market is not affecting property prices; people are affecting them.
 
We have sold properties on Christmas Eve. We have sold properties at the very depths of the great recession and in all parts of several boom-and-bust cycles. And even now through the Covid-19 pandemic we have seen sales through to completion.
 
No matter what the trend is across the country, throughout this pandemic our area has proved to be resilient and popular. Coronavirus has not altered that.
 
So what about prices? In the property sector realism will move us out of this crisis. With a realistic price, a pragmatic attitude to negotiation and a sensible buyer coronavirus will be unable to infect our market. Realism is our vaccine.
 
For realistic advice about marketing your property call us today on 01502 723292. We are open for business.