Author: @kerry

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Be a Better Buyer

Be a Better Buyer

Dominic Parravani explains how to choose the perfect future dream home and win in the house-buying stakes.

You don’t buy a dream home, you make a dream home. At best you buy someone else’s dream and then change it to fit your best vision. Ten-out-of-ten houses are the unicorns of property. Even those who have custom-built their homes discover there are things they should have done differently. For buyers a nine is best, good is an eight and seven might be OK. If you accept this truth you are on the way to becoming a better buyer.

So embrace the not quite right and then put it right. Celebrate hideous, badly replaced windows, for in time you will replace them properly, improving insulation, reducing energy bills and, with the correct style, increasing the property’s value. Delight in an overgrown jungle of a garden that’s putting perfectionist buyers off and keeping the value down, and pick up your spade. It won’t be an instant value gain but given time it will be – and think of the mental and physical benefits you will gain on the way.

Sniff out the improvers, those properties that will become more valuable because of schools Ofsted is noticing for the right reasons. Understand how future planning will affect local areas for better or worse and choose neighbourhoods that will become more popular and, in turn, gain value.

Be patient. It is generally taking far too long to transact property, so dig in for the long haul by selecting well and accepting there will be bumps along the way.

Be prepared. When that perfect imperfect house becomes available, be ready to seize the opportunity. Have your finances in order, a buyer lined up, and a complete chain if necessary. Make it hard for a serious seller to refuse your reasonable proposal.

Don’t judge the book by the cover. That house with the ideal interior for you but ghastly frontage may not make you happy. But what if a good local architect could transform that elevation into a handsome head-turner that turns a five out of ten into a nine out of ten?

Learn to love your estate agent. They already know all those things you need to find out.

Looking for a new place to live needn’t be a chore or a lottery. But it is a campaign with a dream at the end – home.

 

If you’re thinking of making your next move, please get in touch with your nearest Durrants branch today.

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The Bigger Picture

Durrants - The bigger picture

Durrants Residential Area Manager, George Berry, explains why looking at both the sale of your home together with the purchase of your next one can help you navigate the property market. 

Look at the bigger picture when selling your home

Can you have the mindset of a buyer and mindset of a seller at the same time in the property market?
As a buyer, you want to get the best value you can and buy a property for the least amount possible. As a seller, you want to achieve the highest possible price within the market conditions. It is easy to see that these two stances are polar opposites. So where does this lead?

The buyer and seller stance

Those that choose the seller stance focus solely on selling and maximising value without looking at the next purchase. They tend to be prepared to break the chain and go into rented to make themselves stronger buyers.

Those that take the buyer stance and focus on seeking their new home can often weaken their position. If they fall in love with a property but are not in a position to proceed themselves, then any offer is unlikely to be accepted.

It also weakens their negotiating power as a seller is less likely to give a reduction if they are not in a strong position. If you opt for this route, you could potentially find your dream home but left heartbroken if the stars don’t align for everything to fall into place.

In a challenging market, how do we move forward in a way to ensure we are in the strongest position on both sides? It is worth looking at the bigger picture.

Reality is key

Many start the sales process with a view of what they think their house is worth. Agents then may have a mixed opinion on what the value is. I would suggest the agent that speaks to you candidly about the market and the reality of the situation is going to be the most sensible. It might not be what you want to hear but it will be honest.

You will never undersell a property and this is really important to remember. If the guide proves to be on the lighter side, it will generate increased viewings leading to multiple offers and in turn a higher price being achieved. If you base your search on your lower figure, then it will only be a bonus if you achieve more for your property.

What happens more often is vendors are told big figures by agents. In some cases, the vendors drive the guide prices themselves. All that happens is the market confirms it is too high and either you will have limited or no viewings at all. You then have to reduce, potentially more than once. The end result will be receiving offers for less than if you had started at a lower level.

If you take this approach and look at the same time for a purchase, you are likely to be left very disappointed. You may have to accept less for yours meaning you cannot afford to buy your dream home.

Manage expectations

It is an agent’s job to manage expectations. A good agent will then meet and surpass expectations. However, it is vitally important that your expectations are sensible from the start and that you can listen to advice. An agent can’t control the market but they can control how you are looked after and that starts with honesty.

If you take the view that everything is relative you can have the same mindset. If you have to take a drop in price it is likely that your purchase will have to do the same.

If everyone had this stance then the market would be a lot smoother with far more potential sales unlocked that are being prevented due to stubbornness.

We all want everything, and often all at once, but that isn’t realistic. However, you can have more if you focus on your sale and purchase together within the bigger picture rather than isolated incidences.

This article fist appeared in the Diss Express.

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Property Market Weather Report

property market

Durrants Managing Director, Dominic Parravani, takes a look at the property scene as we enter the prime post summer and back-to-school market.

Confusion reigns, and we all get wet, or at least some do. Others carry umbrellas.

The property market is in one of its more confusing phases and there are some essential things that we need to learn, such as what will happen in one of the most hotly anticipated budgets for decades this autumn.

Will it, for instance, affect inheritance and capital gains taxes, and what will that mean to property buyer and seller sentiment? Will the result of the US general election send a shock wave to our economy in November?

We need to find out whether the government’s plan to build 1.5 million homes over the next five years is realistic. Has anyone worked out that it will mean over 800 houses being finished across the country every day?

We are now two months into this government. That means roughly 50,000 homes should have been built thus far to stay on target. Prime Minister Keir Starmer says he wants to work at speed. He will certainly need to.

But there are things we do know which will give us confidence that entering the property market this autumn shouldn’t risk a soaking. We know that mortgage rates are slowly decreasing, and that each rate drop brings more buyers into the market.

These buyers are also buoyed by reported falling costs and improving job stability. The result is more buyers at a time when increasing numbers of properties are becoming available. This greater equilibrium should stabilise the market, at least until the end of the year.

Fortune hunters favour market turbulence, but the rest of us favour balance. Some buyers will eagerly study the trends, trying to anticipate the moment some personal algorithm or cost/risk ratio analysis alerts them that financial opportunity has reached its zenith.

But for most of us life events like getting a mortgage, securing a job, running out of space, the school holidays and Christmas are the catalysts that occasion a home move and actually drive the market as a whole.

So it’s OK to weather the market this autumn. Certainly there will be one or two showers so take an umbrella, but overall the outlook is sunny.

If you’re thinking of making your next move, please get in touch with your nearest Durrants branch today.

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What Are We Waiting For

What are we waiting for

Dominic Parravani of Durrants finds grounds for optimism for the Autumn property market following the General Election.

Hush, don’t mention green shoots. Those two words are guaranteed to put the mockers on just about anything. However – whisper it quietly we must – there is a stirring in the property market. After what seems like forever more properties are becoming available, giving buyers a greater choice and putting some fun back into house-hunting.

It’s far too early for the newly-elected government to take the credit, but the general election has enabled us to cross one item off the long list of things people are waiting for before they buy and sell property.

There always seems to be something on the list. Now it could be the end of the summer holidays, the US general election or Christmas. These events may have varying degrees of impact on the property market through influencing buyer and seller behaviour. Another thing buyers may be waiting for is a reduction in mortgage interest rates which, on current expectations, could be this month or next. But with more property becoming available and some confidence returning there is a real chance the property market will shake off the lethargy of the past few years. It may even have done so already.

Over the longer term the new government will have to fulfil its pre-election housing promises. The Labour Party has pledged to build 1.5 million homes over five years, partly by streamlining the planning process and recruiting 300 additional planning officers. If these promises are kept they could significantly impact the property market, potentially further increasing supply and making home purchase more affordable. The new minister of housing, Angela Rayner, is spearheading this bold initiative. Rayner is the twenty-second Minister of Housing in the past twenty years. Labour are making housing a pivotal part of the country’s growth strategy. Finally, someone seems to have read the memo.

Let’s hope we will get the homes we’ve been promised. But in the meantime, let’s stop waiting and realise something all good estate agents know: that the best time to buy and sell property is when the buyer and the seller are ready, willing and able. There really is no better time.

To find your dream home visit Durrants today.

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What does a Labour government mean for the planning system?

What does a Labour government mean for the planning system?

17th July 2024

After 14 years of Conservative government, Labour is now at the helm. We take a look at the implications a Labour government has for local and national planning policy.

Chancellor Rachel Reeves outlined a plan to ‘rebuild Britain’ in her first speech as Chancellor on 8th July, with an aim to build 300,000 homes a year. Yesterday’s King’s Speech announced 40 bills focusing on housebuilding, fiscal responsibility, growth, devolution and energy. In line with the commitment to unlock house building came an announcement of new compulsory purchase rules to help Councils assemble the land needed to deliver developments.

One of the changes announced was an immediate reform of the National Planning Policy Framework (NPPF), which sets out the Government’s planning policies, and is set for consultation before the end of the month. The new NPPF is likely to reverse a lot of the recent changes introduced by the previous government, including reinstating mandatory housing targets and strengthening the presumption in favour of sustainable development. This gives developers and landowners more leverage to achieve planning permissions where local authorities do not have an up to date local plan, or are failing to deliver on their housing targets.

There is also likely to be mandatory reviews of green belts, and a big increase in support for infrastructure projects, including for onshore wind, which was made almost impossible under recent planning reforms. The government have promised a new task force for unlocking stalled developments, which includes Northstowe just across the border in Cambridgeshire. In addition to releasing funds to hire 300 new planning officers (around 1 per local authority), it is quite clear that the government is putting housing and infrastructure at the centre of its policies. 

The King’s Speech also announced a push for combined local authorities to prepare local plans together. This is not new and has been done many times before – a good local example being the Greater Norwich Local Plan, covering South Norfolk and Broadland. They do often run into practical challenges, so it remains to be seen how much this will change the local plan landscape. Their commitment to devolution will be an important part of this, giving more power to local leaders to direct spatial growth in their areas.

Angela Rayner, Deputy Prime Minister and Housing Secretary, has already overturned two refused planning appeals for data centres. Having grown up in social housing, Rayner is likely to push policy reform which allows the delivery of more social housing. This could include more support for new towns, similar to those delivered under the 1945 Labour government after WWII. Rayner has spoken of unlocking housing which is stalled by Nutrient Neutrality, but has not clarified how this will be achieved.

Housing Minister Matthew Pennycook will be supporting Rayner. He was heavily involved in the Renters Reform Bill, which sought to increase security for renters and remove no-fault evictions.

There has been no particular mention of rural housing delivery, nor whether there will be any changes to planning policy which relates to farms (such as Class Q).

What about in our area?

Norfolk and Suffolk saw considerable change in the election, notably with Green MP Adrian Ramsay taking the Waveney Valley seat, Reform UK winning in Great Yarmouth, and Lib Dems taking North Norfolk.

Nutrient Neutrality is arguably the most significant obstacle facing the sector in Norfolk, so how Labour strikes the balance between its environmental policies and its commitment to unlock housing development will be crucial for our area.

What are our thoughts?

The changes announced are certainly bold, and in line with what would be expected of a Labour government. A commitment to facilitating housing development is very welcome, and the new government seems to understand what is required on a legislative level to make this happen. Though likely to prove unpopular, new compulsory purchase powers are essential if the government wants to deliver enough affordable housing, though it is unclear whether they plan to overhaul the current system where registered providers (not Councils) deliver the housing.

In our area, Nutrient Neutrality is a huge constraint to development, and striking the balance between their commitment to environmental responsibility and unlocking housing development will be a difficult task.

Written by Jasmine Philpott, Senior Planner and Development Surveyor

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Durrants at the Norfolk Show

Durrants at the Norfolk Show

Durrants had a wonderful time at the Norfolk Show, enjoying the vibrant atmosphere and many exhibits. It was lovely to see so many familiar faces, catching up with old friends and making new connections. The event was a perfect blend of community spirit and entertainment, leaving everyone looking forward to the next gathering.
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Swings and Roundabouts

Swings and roundabouts

Dominic Parravani of Durrants notices a marked difference between the real world and TV.

As we sit open-mouthed at scenes from Buying London, the latest television property show, we are graphically reminded that houses are subjective. Some viewers will find the homes of the rich and famous a source of awe and fascination, while others will bring the matter of taste very much into question. But in property there is something for everyone.

The type of firm portrayed in the TV show differs from most estate agencies up and down the country. So do the sales team in Buying London: are they to be admired or reviled? One thing is for sure, most of their talk is about themselves, securing the property and then selling it for a hefty commission. But our estate agents know that the most critical component in a property transaction is not the agent or the property but the client.

Estate agency isn’t about flogging units of residence; it is about carefully matching a seller with a buyer and steering a mutually acceptable agreement through choppy waters to a satisfactory conclusion. Estate agency is about moving people by taking the long view. As such it’s about making people happy, not making a quick killing.

Local estate agency is a world apart from the almost fantasy-like glitz and glamour of Buying London, much like a travelling fair is from Disneyland. But all professional estate agents know the actual property world is far more about swings and roundabouts than fantasy.

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The Perfect Date

the-perfect-date

Dominic Parravani of Durrants finds that finding a great property is a bit like finding a great date.

Like dating, finding the perfect property involves exploring different options until you find the one that suits you best. Sometimes one has to kiss lots of frogs until the right one turns up.  Occasionally though it can be love at first sight.

Viewing a property has many parallels with going on a first date. Whether it’s a date or a home, it’s essential to have a clear idea of each option. A recent survey found that 45% of respondents reported that the top place to find a date was online, and an impossible-to-ignore 93% of UK homebuyers use online channels for their property searches. The similarities don’t stop there: most people put looks and personality at the top of their most important factors when choosing a date or viewing a property.

But appearances can be deceptive. Talented photographers can flatter their subjects. People and properties in the raw can often disappoint. What’s needed is not a just-got-up-from-a-bad-night’s-sleep photo but a going-to-the-ball image. And as you can’t always rely on a photo, an in-the-flesh meeting is essential to decide whether you can go through life with a particular person or property.

One UK property portal is the 12th most popular website overall in Great Britain and is number 176 across the world. With statistics like those it’s clear that showing your property at its very best online is crucial, especially as looks and personality are key decision-making factors. Put simply, for a date or for a home you have to get people swiping right and not left.

Our website, designed with your convenience in mind, makes it easy for suitors to browse a wide range of attractive possibilities for the ideal match. And that means not having to kiss so many frogs.

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Growing financial risk for ‘go-it-alone’ landlords

Growing financial risk for 'go-it-alone' landlords

Housing minister Jacob Young recently scotched rumours that the property portal proposed in the Renters (Reform) Bill would remove the need for selective local authority licensing. Instead, pending a future review of such schemes, they will continue to apply – even after the passing of the Bill – leaving non-compliant landlords and managing agents at increased financial risk.

Selective licences were introduced as part of the 2004 Housing Act and implemented two years later. They were intended to improve the quality of homes in the private rented sector.

The minister’s statement said: “The portal will be a resource for local authorities and to help landlords understand their legal obligations, while selective licensing gives councils powers to licence properties to address issues such as poor housing and crime. There will be overlap with data. We don’t want to see selective licensing abolished but want to ensure the processes are streamlined – that’s why we’re committing to a review of selective licensing and HMOs.”

Assuming the Renters (Reform) Bill is passed, this could mean both the portal and selective licensing will continue, and local authorities will remain responsible for enforcement.

In such a scenario, landlords face an increasing financial risk through non-compliance either through fines or rent repayment orders or both.

This increased burden of regulation – whether that be in finding suitable tenants or property management – puts the onus on landlords not just to remain on the right side of the law but to keep themselves updated on the changes.

According to Propertymark, there are 168 pieces of legislation facing landlords in England every day they are in business, and the chances are this number will only increase in the months and years to come.

There has never been a more necessary time for landlords to secure the services of a professional letting agent to look after the day-to-day running of their property portfolios.

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What happens during the process of selling a house?

Durrants what happens during the process of a house sale.

George Berry, Residential Area Manager of Durrants, explains what happens during the process of a house sale. This article first appeared in the Diss Express.

What happens during a house sale?

I often meet vendors who have not sold a property for a number of years who ask, “It has been a long time since we last moved, can you talk us through the process?

There are two areas to cover the marketing process and the sales process. Each are different and it is important to know the difference and how to avoid possible pitfalls that may arise.

The marketing process happens first, but there’s a good reason why I want to mention the sales process at the start. Following successful viewings, you should receive offers on your property. Whether those offers are acceptable or not, your agent should put each of them in writing to you within 24 hours of receipt until hopefully an offer is acceptable.

Appoint a solicitor early

At that point a memorandum of sale will be issued to both vendor and buyer plus their two respective solicitors. Many vendors wait until a sale is agreed before appointing a solicitor. This is the first pitfall in my view. I would  advise appointing a solicitor as soon as the property goes on the market and ask them to send over all forms.               

For example, there may be works you have done or other supporting documents that will be required. If you are aware of these at the start of the process it gives you more time to collate relevant information. 

This leads on to the next pitfall. As part of the sales process the buyers’ solicitor will ask when the electrics were last tested, when the boiler was last serviced and if there is private drainage, when was it emptied?

Having these questions early means you can get the various points actioned and be in a position to supply the necessary paperwork.

Private drainage often crops up as the laws changed in 2015 with regard to water being discharged from septic tanks into a water course. Many properties in rural areas have private drainage and often only at the point of selling does the question get raised. Because of the change in the rules many vendors have discovered their drainage system is non-compliant. 

Firstly, it’s worth checking whether the existing system is compliant with either the company that empties the tank or the Environment Agency. If it complies then a letter to confirm this is sufficient to go to the solicitor. If it is noncompliant then a new treatment plant will be required. You can either install this yourself prior to marketing the property or discount your asking price to factor in that your buyer will have to install it.

Discover any issues as soon as possible

The more you are aware of at the start of the process and can potentially address or alternatively be transparent about with buyers, the smoother the sales process will be.

My advice in dealing with this at the start of the marketing process means it will reduce the risk of a sale falling through once agreed. The largest reason for sales falling through is issues coming to light during the sales process that could potentially have been avoided if  dealt with earlier.   

The marketing process is the start of the working relationship with your appointed agent up to the point of agreeing a sale. This involves photography, floorplans and then brochure production. Once approved it is put on the internet portals. 

Viewings then start and you may choose to accompany viewings or your agent may do this.Your agent will then give you viewing feedback. There should be a lot of contact with your agent during this time,

We as agents work FOR you as the client but we also work WITH you and it should absolutely become a working partnership. If that partnership is formed during this time, it will equally in turn lead to a far smoother sales process.

Catch up with the latest property news in George’s Diss Express column next month.

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East Suffolk supports replacing Class Q barns with new dwellings in new SPD

spd

East Suffolk Council adopted their Rural Development Supplementary Planning Document (SPD) at the end of April. The SPD sits alongside the main local plan policies to inform and guide development.

As a reminder, Class Q allows the change of use of agricultural buildings to dwellings, and is very strict in that the majority of the structure must be utilised in the conversion. Only very limited demolition is permitted to facilitate the development.

One of the most significant changes outlined in the SPD is the Council’s endorsement of the demolition of barns benefitting from Class Q approvals in order to replace them with entirely new dwellings. Until recently, there was no policy-compliant way of achieving this, leaving owners to convert barns which are oftentimes too large, difficult to convert and not particularly attractive. Though Durrants nearly always achieve an improved design through a follow-up full planning application, the SPD means that owners could move away from utilising the existing building altogether.

There are of course conditions to this approach. The Class Q must be a genuine fallback position – i.e. it must have a realistic prospect of being completed within the three years, with all pre-commencement conditions discharged. The replacement dwelling must also represent a significant improvement on what would have been achievable under the Class Q. This is in terms of design quality and environmental standards, as well as its suitability in terms of the setting and character of the area. The replacement dwelling must be on the same footprint as the original barn, unless there is a well justified reason for a dwelling in an ‘alternative, close location.’

This is an exciting new avenue for owners of barns in East Suffolk, and Durrants are already helping some existing clients to explore this route for their barns. Please do not hesitate to get in touch with our Senior Planner if you have a barn (with or without Class Q) that could benefit from these changes.

Jasmine Philpott

07710 674301

Jasmine.philpott@durrants.com

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Chasing Shadows

Durrants-Chasing-Shadows-1200x628

Dominic Parravani of Durrants enjoys some spring sunshine and considers whether this is an excellent time to buy and sell property.

There was a time when the spring months were the perfect time to put one’s property on the market. This was a result of some charmingly simple reasons. The trees are newly in leaf, and everything seems fresh, new and exciting; the days are warmer and longer, and buyers often like to move in by the summer holidays or before the start of a new school year. Life is full of hope. Whilst these traditional reasons for selling in spring still hold true,
there are now many additional and sometimes less prosaic reasons to trigger a sale and purchase. So, why could an owner benefit by selling this spring rather than later in the year?
 
We live in an uncertain world. The Middle East, Ukraine, global warming, not to mention 49% of the world’s population voting this year in 64 national elections – possibly changing things globally for years to come. Nowadays, waiting for normalisation seems a bit like chasing shadows. Whichever way you cut it, uncertainty surrounds us, and the property market, like any other, hates uncertainty.
 
So, are the spring months in 2024 an excellent time to buy and sell? They are a brilliant time to buy and sell. First, there are all the traditional reasons. But now we have a falling cost of living and mortgage rates which will not only attract more people to the market but also make house ownership more affordable. This affordability aspect should instil a sense of optimism in potential buyers and sellers.
 
In property, it is usually best to work with current conditions than kick the can down the road hoping for something better – or chasing shadows.