Category: Latest News

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Exodus

Demand for Suffolk countryside properties increases due to covid

Managing Director and Head of Residential Sales for Durrants, Dominic Parravani looks ahead to a busy spring in the property market.

In the wake of Covid 19 the UK experienced an exodus. This was the evacuation of urban dwellers to the land of milk and honey – the countryside.

The flight from city lockdown to a pastoral idyll was and is a compelling idea, especially when working practices have changed so much in the light of the pandemic.

But will this movement last? In a post-vaccination world there may be a gradual drifting back to the pleasures and convenience of big town or city life. But for many the change in lifestyle is now locked in. Roots have been put down in earth rather than concrete.

Despite the looming end to the stamp duty holiday deadline on March 31st there is little or no let up in demand. Lockdown 3 has brought even more buyers to the market and house price rises have reflected this.

Many exodus purchases have been a straight swap – town for country. But a good proportion of transactions have been for holiday homes with a view to longer-term permanent living through career change, altered lifestyle or retirement. This is clever thinking as any potential rises in capital gains tax could favour greater investment in principal residences, rather than second homes.

Covid19 has affected the property market in ways that we never expected, and we imagine it will continue to do so for quite a while. Unwelcome, horrifying and shattering as the disease is, for many buyers and sellers it has also unexpectedly proved to be a profound catalyst for change. If Covid19 fades in its potency into the spring and summer, we think those changes will continue to grow and become wonderful new opportunities. For many, the land of milk and honey beckons.

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The increased demand for rural and coastal properties explained

rural property sales in norfolk and suffolk

Since the initial lockdown in March, the demand for rural properties has increased massively due to changing property priorities and working habits.

Rightmove’s yearly review for 2020 shows that both coastal and rural areas were favoured by buyers as many moved away from central locations.

The top 10 best selling areas in the UK last year were dominated by idyllic locations, such as Devon, Surrey and Somerset.

Similarly, properties with larger living areas, dining rooms and gardens all seemed to be the most popular on the market.

With many expecting to be working from home for a while, or even swapping to remote working on a permanent basis, the significance of a central location is no longer as prevalent for buyers and tenants.

According to Rightmove, out of the top ten best selling areas of 2020, seven of those had a population of 10,000 or less, showing that life away from the hustle and bustle of the city was preferred by many during the pandemic.

Specific areas that have seen impressive growth since the outbreak are Wiltshire, Hampshire, Stockbridge, Suffolk and Hertfordshire.

Amongst these, Hertfordshire was the most popular with a 75% increase in sales year-on-year, and no evidence of this slowing down.

Similarly, suburban areas in the north west have seen the biggest price growth this year, with prices rising from £184,299 to £213,706 on average.*

Rightmove’s director of property data, Tim Bannister, said: “this year we’ve seen an uplift in the number of home-movers escaping to the country and we think this trend will continue for now as people show their willingness to make significant life changes.

“The data highlights just how influential the unexpected events of this year have been in shaping the nation’s housing priorities, with many buyers determined to swap city streets for rural and coastal retreats.”

If you’re looking to prioritise green space in your next property we’d love to help you.  Click here to arrange a free property valuation and get expert advice from one of our friendly team.

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A guide to understanding your property’s value

Understanding your property value

If you are planning to sell or rent your property, then it’s important to get an accurate estimate of how much the property could be worth.

To give you an agent’s perspective of what that involves, we’ve provided some of the key take-away points below.

Market value

Firstly, knowing how much your property is worth is more commonly known as its ‘market value’, which relates to the price a buyer is willing to pay when considering local and national market conditions.

What impacts the value of your property?

The value of your house can be determined by a variety of factors, such as any recent changes to the property or your neighbourhood.

Some of these factors may also include the size, location, amenities, condition and the asking price of similar houses nearby, so it’s always beneficial to talk to a local agent with familiarity selling in your area.

The difference between market value and asking price

Valuing your house accurately is one of the most important parts of the process.

Bringing your home onto the market with an asking price that is too low could mean you receive offers below market value.

Whereas if the asking price is too high, you may not receive any offers at all, causing time delays and market stagnation as the ideal buyers are put off a home that falls outside of their price bracket.

So, whilst it can be tempting to instruct an agent based on who is offering the highest value, the risk of this is that you may need to gradually reduce your price anyway to reflect the property’s actual market value.

How much could your house really be worth?

The best way to see how much your house is worth is through a combination of tried-and-tested
methods.

Over lockdown, it would be advisable to begin by referring to online house price calculators and valuation tools, as these will provide a guide based on Land Registry Data.

However, it’s important to bear in mind that for the most accurate and up-to-date valuation, you should organise time with an agent, as an in-person appraisal will guarantee any recent developments to your home are taken into consideration.

To arrange a free, no obligation valuation of your property, get in touch by completing this simple online form. 

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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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Announcing our latest sponsorship (if a little late)

durrants sponsors southwold womens XV

After last weekend’s exciting climax of the Autumn Nations Cup and the recent Government guidance that relaxes Covid restrictions on outdoor contact sports which will allow rugby to return to Southwold Common, we thought now was a good time to make a little announcement.

Having been a supporter of Southwold Rugby for several years, Durrants is proud to sponsor the Southwold Women’s XV.  The deal was sealed several months ago but as with so many things this year, the pandemic put a stop to the game.

The buzz and excitement of rugby has been sorely missed in the town over recent months, but all being well we expect to see contact fixtures return to Southwold Common from 18th December.  We wish the Southwold Women’s XV and all the other Club members the very best with their return to the game.

You can find out more about Southwold Rugby Club and their return to play here.

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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.

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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.

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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.

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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.

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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’.

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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…

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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.