Author: @kerry

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Jasmine Philpott featured in new motorsport podcast

Jasmine Philpott, Planner at Durrants Building Consultancy has been interviewed at length on a podcast about her off-road car racing pursuits.

She’s featured on the latest episode of The Rebecca Jackson Show, talking about how she got into the sport and plans to compete in the gruelling Dakar Rally. The podcast is available to listen to here. 

Durrants have pledged their support to Jasmine in her off-road car racing.

The 29-year-old has competed in a grassroots motorsport called Competitive Safari (aka comp safari) for several years. Driving her custom-built prototype Warrior, Jasmine is regarded as the most competitive female driver in the sport since the 1990s, generally placed in the top 10 in national events.

Find out more about Jasmine Philpott and her Dakar Rally mission

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Visit our Open Day at Manor View, Halesworth

manor view halesworth

Durrants are holding a special Open Day at the exciting new Manor View development in Halesworth on Saturday 8th April.

Manor View has a range of two and three bedroom bungalows as well as four bedroom houses, designed to offer all the comforts of a luxury countryside home.

Every property in this small and exclusive development, built by local company Heritage Developments, has been designed with care and attention to high standards.

At the Open Day, you’ll be able to see the range of properties we have on offer. Some are already reserved, a number are on the market now with the remaining properties due for completion soon.

We would love you to join us anytime between 10am and 4pm on Saturday 8th April. Refreshments will be available. Manor View is situated just off Old Station Road in Halesworth. The postcode is IP19 8JJ.

Further details with 3D views of properties and an online brochure can be found in the New Homes section of our website.

We look forward to meeting you and showing you around.

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Investing in property? Here are 10 top tips!

investing

Investing in property can be highly lucrative, and the best way to enjoy it and make it as profitable as possible is to know your stuff. Like so much in life, there is an element of luck involved, and to a certain degree, you make your own luck. That said, if you like to err on the side of caution, investing in property can give you a lot of security. There is also vast scope for creativity; whichever approach you take, do it your own way.

Sometimes the biggest obstacle to doing anything is simply deciding what you are going to do! In the world of property investment, you are spoiled for choice, and each property offers unique opportunities. So before you make up your mind, consider these tips. Then remember the golden rule: always leave a bit of space for manoeuvring in case your plans change!

Buy-to-let or buy-to-sell?
Do you want to be a property developer or a landlord? There is a constant stream of homes arriving on the market that need modernising or updating. Once completed, who says you can’t do both? Let your refurbished property for a few years, then sell it for a profit!

Get to know the market
Ideally, try to buy in an up-and-coming area. The scope for growth in value is greater. This does not mean you have to find an amazingly exclusive area enjoying mega growth. Often, an area that is moving forward and steadily improving is just the ticket when finding an affordable property. Spend a little time getting to know the areas you are considering investing in.

Have a plan
Planning is a good way to keep you on the right road. Make lists and make notes for moving, refurbishments, and costing, include calculations for rental yields and a list of legal requirements, and tick each step off one by one as there is a lot to remember.

Familiarise yourself with the law
Certain safety standards must be met; these can include smoke alarms, gas certificates, portable appliance testing, an Energy Performance Certificate, and building control certificates for structural alterations. If you let your property, you must conduct Right to Rent checks as a landlord.

Insurance
If you let your property, this is a no-brainer. There are so many policies you can opt for, from malicious damage by tenants to loss of rental income. Make sure any tradespeople working on your property have the correct insurance.

Building contractors
Finding the right tradespeople to create your property vision can mean the difference between making a good profit and losing money because they don’t finish on time.

Budget
If you plan to let your property, calculate the rental yield, which will help you calculate your return on investment (ROI). There are many rental yield calculators available online. If you are developing a property, create a spreadsheet or use a property development budget template. Always leave a little aside for the unexpected.

Make the most of your property’s space
Renting or selling make the most of the space you have. More rooms mean more rent or a higher selling price. Have you thought of converting a modest-sized home into flats?

Stay on-trend
When you decide to short-term let, flip, or buy to long-term let, extend, let holiday homes, convert, refurbish, or invest in green, professional, or student sectors, stay clued in to everything from interior decor (keep things neutral and simple) to changes in the law and the latest property market trends.

There is a lot to think about when investing in a property to rent. Durrants offer two different levels of service based on your requirements; a Let and Managed Service where we take care of the tenancy for you, or our Let Only service if you prefer to manage the tenancy yourself. Find out more here and book a free rental valuation.

Or are you looking for a great investment opportunity? Get in touch with your nearest Durrants branch. We always have properties available across our five branches that may be of interest. If you’re looking into developing or extending a property, why not get in touch with our Building Consultancy team. They can help with planning, architecture and surveying matters.

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Spring promises more choice for the housing market

choice

There is nothing quite like spring, with thawing winter frosts heralding the imminent arrival of summer and longer evenings. 2023 will allow you to drink all this in and enjoy these inspirational moments all the more. The same can be said of your property search. With houses no longer selling like there’s no tomorrow, unlike the rather uncomfortable rush of the past couple of years. You can finally breathe, take a little time, and find the home you love.

A little more housing stock means house prices are not spiralling

Be in no doubt: there is still a housing drought in the UK property market, helping keep prices buoyant. Demand still far outweighs supply. However, with stocks replenishing a little as the market calms so do house prices. You no longer have to race to the first possible viewing to compete with other buyers and make offers over the asking price. The result is that house prices are not spiralling too quickly. Instead, house-buying conditions are more settled and compatible with a secure future.

Quality time spent with your agent and your potential new home

Sometimes too much choice makes it harder to make up your mind! Have you ever found yourself wishing you could have the kitchen from your first viewing in the location or with the garden from another viewing? The guidance, inspiration, and seasoned yet informed input of a good agent will help your vision become an adventure that surpasses your expectations. Reality is often more beautiful and awe-inspiring than your dreams, and you could end up with a far better home than you ever imagined.

More choice gives you more inspiration

Inspiration and choice go hand in hand. View and explore the feelings inspired by other homes. Physical viewings will yield to your imagination myriad ideas to help you truly understand what you are looking for. In many ways your new home picks you, and the more homes you view the greater the chances of finding your true home destiny.

Live the house dream

Perhaps one of the greatest incarnations of a dream is buying and moving into the home you have wanted for so long. You get live inside your vision. When this happens, the feeling of elation is unique and unforgettable. The house you choose will be the place to witness so many happy memories while protecting you from the elements and challenges of the world outside. You don’t want to rush this big decision, and now you are in a good place to make the right choices.

Browse our properties and help us to help you find your home.

Remember we are always on hand to help you find the right home for you. Contact us today or drop in to your nearest Durrants branch.

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Success for Durrants clients as sites selected in housing plan

housing plan

The Durrants Planning team, based in Diss, are pleased to have secured preferred allocations and settlement boundary extensions for numerous landowner clients across South Norfolk in the latest iteration of the VCHAP (Village Clusters Housing Allocations Plan).

The Regulation 19 consultation is the final consultation stage in preparation of the Plan, which will see a total of at least 1,200 homes delivered in 48 villages across the District between 2028 and 2038.

Durrants submitted representations for both preferred and rejected sites, and looks forward to adoption of the Housing Plan, which is due in the next year.

Durrants have the in-house expertise to guide landowners through the next stages of the process, from submitting planning applications (outline or full), designing individual units or entire schemes, representing landowners in a land sale to a developer or promoter, and selling building plots or finished homes.  

If your site has been selected as a preferred allocation or settlement boundary extension and you do not have anyone on board to advise you on the next step, please do get in touch with Jasmine on jasmine.philpott@durrants.com and we can discuss your options.

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Negotiation not Obduration

negotiation

Dominic Parravani of Durrants highlights what it takes to put together property deals in 2023.

With the property market now working in favour of buyers, negotiation between parties has suddenly become very important. Through the pandemic and its aftermath full and over-price offers were the order of the day. Frankly, it often wasn’t hard to do a deal then, but now the pendulum has swung the other way. Unfortunately, many sellers across the country haven’t quite got this message yet.  That is why, with many more buyers coming to the market, there are not as many people moving as there could be.
 
Four things make a positive negotiation: a good attitude, flexibility, pragmatism and being seen to be reasonable. We need look no further than the recent political negotiations concerning Northern Ireland to show how previous talks broke down, when lately there has been far more progress.
 
As Winston Churchill said, “You cannot reason with a tiger when your head is in its mouth”. If one side is bitter and angry and the other aggressive and intransigent, there is little room for an understanding between parties. Indeed, a lot of principle taking and digging in of heels seldom gets anyone anywhere. But an acceptable deal is far more achievable with goodwill on both sides, a clear view of what may be possible, and a sympathetic attitude to the other party’s issues. Remember, the best deals are those where both parties feel they have won, or at least haven’t lost.
 
A good estate agent understands all these nuances and orchestrates the negotiation, smoothing out the inevitable ups and downs during an important and tense time.
 
Today, if you are about to sell your property, the first thing you need is a great negotiator. So, do your homework. Speak to a few estate agents and ask them to give you an example of how they conducted a recent complex sale. Don’t be embarrassed to ask. What is at stake is an excellent outcome. Having a deal maker on your side, and not an order taker, is vital.

Ask yourself what is more important, a cheap estate agent or a great result? Get in touch with your nearest Durrants branch today, or get a free valuation of your property. 

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Are there benefits to overpaying a mortgage?

mortgage

If you have streamlined your spending and examined where and how you can save, you might find that you have a little leftover. Thought of overpaying your mortgage? Paying more of your mortgage off, means you pay less interest. Heating, council tax, and gas bills have all increased. In some ways there is not much you can do to reduce the price of these things yourself. With interest rates higher than they have been for years there has never been a better time to get one back on the system by saving money on your mortgage. We look at the best ways to do so and crunch some numbers to show how a few extra pounds each month can shorten the term of your mortgage significantly.

There are essentially two ways to overpay your mortgage, in a lump sum or by adjusting your monthly payment.

Mortgage overpayment calculator

Most high street banks have mortgage overpayment calculators which will help you see how much you could save.

Overpay in lump sums

It could be that you get a good interest rate on a savings account. You can save an amount you are comfortable with and feel secure in case you need access to emergency funds. Then pay off so much of your mortgage in lump sums, always leaving a certain amount in your savings account.

Increase your monthly payment

Many people choose to increase their monthly payments.If you have taken out a mortgage with a term of 25 years for £150,000 at an interest rate of 4% then here are some inspiring numbers!

According to moneysavingexpert.com, paying an extra £10 per month could save over £2000 on interest and pay your mortgage off 6 months early.*

If you increased your payment by £100 then you could reduce the term of your mortgage by nearly four and half years, with a saving in interest paid of £17,000!

Penalties 

It is essential that you check the terms of your mortgage with your mortgage provider. There may be a penalty cost incurred if you overpay by a certain amount. That said you will still be able to overpay more than you might expect before being punished! For example, most mortgage providers will allow you to pay up to 10% of the balance before being charged for fixed-interest rate mortgages. One advantage of paying a variable rate mortgage is that typically you can pay off as much as you like.

A better deal

If you have been overpaying your mortgage and it’s time to get a new deal, you may find that you get a better interest rate because your loan-to-value (LTV) ratio is now lower. Typically, the more equity in your home the less interest you will pay. Paying off more of your mortgage can save you on interest in more ways than one!

Do what’s right for you

Perhaps you are struggling and this is something you will look at doing in the future. It may be that you have a grand plan and aim to pay off your mortgage in the next seven years. Whichever you decide to do, paying off a little or a lot has a big impact!

It’s more than a house it’s the feeling of being home. Browse our properties.

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Will house prices decline this year?

house prices

Will house prices decline this year?

What does it really mean when you read a headline which mentions falling house prices? We hear this phrase so often that we are led to believe it! The media constantly churns out facts and figures to scare us all and warn of looming doom!

For most people, buying a house is a long-term investment and if house prices rise or fall it’s always best not to focus on the headlines, instead take a step back and put things in perspective.

If we look at last year, house price increases indeed dipped due to interest rates rising and the impact of the minibudget. In 2022 according to the Nationwide Price Index, house prices grew by 2.8% overall for the year, falling from a growth rate of 4.4%. Yet according to the office for National Statistics average UK prices increased by 12.6% over the year to October 2022. So, it depends on who you ask! Not to mention regional differences and property type – often houses increase in value more rapidly than flats.

Predictions

Zoopla predicts a 5% fall in house prices, while Lloyds bank gives a higher figure of 9%. Many analysts agree house prices will fall for the next two years but rise again in 2025. Perhaps more optimistically the housing market could simply level out, with smaller drops in house prices. There is still a shortage of houses and therefore this will stabilise the market.  The housing market is simply returning to a pre-pandemic norm with more realistic interest rates. The good news is without rapidly rising prices, there is more long-term stability.

The good news

Ultimately if you are selling, the value of your home will have gone up considerably over the past years so if it falls a little you have still gained. If you are about to purchase your first property and still gathering the deposit and you know it may take a little longer, at least house prices are not rocketing which gives you a little more time.  And when you are in a position to make an offer, you may find that you have a lot more wriggle room in terms of making a lower offer and saving some money.

Long term

Buying a house is a long-term investment for most of us and even large drops in value will not create big gains or losses. For example, if you buy a house for £200,000, typically the deposit is 10%, £20,000. If you plan to wait thinking house prices will drop by 10% you have saved £2000, in terms of a deposit. In a long-term investment, this is not a significant amount of money.

If the worst does happen, you buy a house tomorrow and house prices suddenly drop by 10% unless you are planning on selling within the next 2 years, with house prices set to rise again in 2025 then again realistically you have lost £2000, temporarily before gaining again. In both the above scenarios, in the long term, you will still gain.

Conclusion

The future looks good, yet even if there is a sudden drop in the grand scheme of things, it’s not such a bad thing! In fact, does it even matter? What’s important is finding a house you can call home and cherish the memories you make in it.

Browse all the properties we have for sale at Durrants to find your next home.

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Get your home ready for spring with this checklist

spring

Spring is still a month away and the longer, lighter days of summer breeze are even further in the future. That’s not to say you can’t start giving your home a good spring clean now and get ahead of the seasons. It can be a liberating, therapeutic experience and often quite necessary with Christmas not that far behind us. The odd pine needle that you may find on the floor or carpet is proof that you made the right decision to give your home a spring clean.

Now that you are on top of your cleaning, in fact, your house is an impeccable example of cleanliness. What else do you need to think about at this time of year?

Inspection

Give your home a good overall inspection. When you find anything that needs attention take a picture of it or make a note. Then you can create a list of priorities. This is the first step to sorting whatever you find!

Check your caulking

A good place to start is to check out your bathroom caulking. During the steamy windows of wintry months, this often suffers. The cold winter weather outside means that you have perhaps not opened the windows quite as often as usual.

Windows

Give your windows a good clean. You most likely have a window cleaner to do the outside, get some vinegar, water and elbow grease and tackle the inside.

Gutters

After the windy assaults of winter, it’s always a good idea to check your guttering.  If it’s damaged, when it rains again it can cause more damage or flooding which could lead to expensive repairs. Plus, it’s always a good idea to get on top of any repairs because there might be a bit of a wait to get them fixed if you find any.

Roof

Checking your roof is important; a few slate tiles may have become loose or perhaps have blown away. Use a camera or binoculars, just to be on the safe side.

Garden

It might be a bit early to get fully immersed in your garden. However, you can certainly have a tidy-up and start planting a few bulbs for the summer. Why not check the patio for weeds or cracks that may have appeared from the ice? Simply doing these things will make you feel as if spring and summer are well on the way.

Wood

If there are a couple of clear days and you have the time. Reseal your decking or fences, as well as the shed or gates. Now is a great time to get it done.

Concrete and pointing

Any concrete, pointing, tarmac or hard surfaces that may have cracked over the winter or simply become cluttered up with moss or dirt can be cleaned. This will brighten up the appearance of your home and make it feel a bit more spring-like.

The result

Doing all these things will help whether you are staying put, selling, thinking of moving or if you have plans to develop your property in the coming months.

Thinking of moving? Call us or book online today for a free valuation to see how we can help.

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Durrants sponsors River Waveney Trust project

river waveney trust

Durrants are pleased to announce sponsorship for the River Waveney Trust. The support will go towards the Norfolk Ponds Project, a partnership project with the aim of promoting the conservation of Norfolk ponds, especially in farmland.

The Norfolk Ponds Project aims to work alongside landowners to reverse the decline of Norfolk ponds so that agricultural landscapes contain an assortment of clean water ponds with fewer ponds overgrown by trees and bushes.

You can find out more about the valuable work carried out by River Waveney Trust by visiting their website.

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Things that landlords need to know in 2023

Durrants Things that landlords need to know in 2023 Article

This year is proof that life as a landlord is not as simple as it used to be. Reforms for tenants along with new laws and legislation will make it a bit more complex. That said the great news is that demand for rented properties is still extremely strong. There is a chance you could pick up a bargain as property prices slow. These changes help protect landlords and tenants so it should be another good year where standards across the industry rise.

Better protection for tenants

The renter’s reform bill could become legislation this year if the government have their way. Giving more rights to tenants will also force unscrupulous landlords to up their game and stop cutting corners. This will raise standards and rights for renters and stop your properties to let potentially suffering from bad landlords undercutting you.

Higher capital gains tax

The tax-free allowance for landlords selling a property will be reduced significantly from April. This means you could pay more capital gains tax, so if you want to avoid it, and you are thinking of selling, better to sell sooner rather than later. There will be further cuts in 2024, meaning your tax relief when you decide to sell will be halved.

Buy-to-let mortgage rates

Mortgage rates while higher than they used to be, are now much more stable than last year. This means you can plan for the future once again and calculate costs more accurately.

Higher demand

In 2022 demand for rented accommodation was huge. This year demand is still very strong.  Fewer people can afford to buy due to the cost-of-living crises and the hike in interest rates. It’s expected that landlords will increase rents in order to cover costs but also to reflect the huge demand and get a better rental yield.

Add to your portfolio

With house prices levelling out and falling now is the time to add to your portfolio. Rental yields are good, and demand is very high. Some landlords will choose to sell, while savvy investors will seek new properties to develop as buy-to-let businesses. Asking prices are much more open to lower offers than last year so you might just acquire something that before was not as good as an investment.

Financial help for energy efficiency upgrades

Landlords who meet certain criteria might be eligible for government assistance with £1bn to help homeowners to insulate their properties. The aim is to improve energy efficiency which will help landlords with providing energy-efficient, appealing homes.

Outlook

There is a lot going on in 2023, and if you are a landlord you are most likely to incur more costs. With rental demand growing now is the time to invest while providing great places to live for tenants. As the industry becomes more regulated, standards rise in so many ways, elevating the industry and creating a more stable investment prospect.

Tenant demand has never been better. Browse our properties

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Where should property investors put their money in 2023?

Durrants Where should property investors put their money in 2023? Article

When it comes to property, there are no hard and fast rules when choosing where to invest. The UK has a rich, diverse and ever-evolving swathe of properties. From Art Deco, Tudor and Edwardian to ultra-modern there is an endless choice, and where you choose to invest comes down to your vision, budget and individual aspirations.

The possibilities are endless, it could be that you are a seasoned investor and you have now turned your attention to creating flats in what were terrace houses. Perhaps you are making your first steps on the buy-to-let ladder by letting your home. Perhaps you enjoy refurbishing properties or simply looking for a rental-ready property that needs no work for a solid and straightforward investment, managed by a letting agent.

A good opportunity is just that!

It’s no secret that property prices have increased rapidly over the past few years. Great investment property opportunities exist everywhere. Right now, as property price increases cool there is greater scope for buying below the asking price. This allows a little more budget for development. As a landlord, you can raise standards and achieve a greater rental yield.

Rental Yield

To calculate rental yield, divide the difference between annual rental income minus the annual costs, by the purchase price of the rental property. You can find many rental yield calculators online which will save time when calculating what is an appealing investment.

The Lancashire coast is an example of a region that in terms of an average rental yield offers a good return on investment. This is because the average property price is relatively low, while the average rent price is relatively high. House prices on the southeast coast over the past ten years have doubled, while in other regions prices have increased at a much slower rate, according to figures from The Office for National Statistics.

Every property is unique and while rental yields differ from property to property there are other factors to consider, as you seek your ideal property investments it’s important to focus on more than rental yields.

How quickly do you want to let your property?

Refurbishing a property depending on the level of work involved can take time. Investing in an already refurbished flat means it can be let out immediately. Waiting for builders or materials while you refurbish a terrace house or suburban detached house, can eat into your rental revenue. That said, letting a larger house room by room could offer a greater rental return and could be easily worth the investment of time and money.

What motivates you?

There are many developers and landlords savvy enough to realise that raising the standards of let properties is a passion that makes a lot of business sense. Providing the best possible property to let may cost more initially but it will increase, the value of your property and rental revenue and attract great tenants.

Not entirely sure where to invest in the property market? Contact us today to see how we can help.