Category: Latest News

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The new interest rate rise is set to do good things for the housing market

interest rates

When most people hear the phrase – interest rate rise, they immediately panic and worry about higher bills and extra expenses at the end of each month, then have a good rant about how horrid and expensive everything is getting. Every cloud has a silver lining, though, and the good news is this could do a lot of good for the housing market.

It’s no secret that we have had it good for a long time. Interest rates through the pandemic have been at an all-time low. In fact, many argue that they have been so good that it’s been too much of a good thing. We all know too much of a good thing has bad consequences!

Many experts have said that because interest rates have been so low, it has caused the instability that we have endured this year with nine consecutive rises.

So how is this good news for you?

Mortgage interest rates are falling and are set to fall further.

This small increase in the base interest rate should not affect your mortgage interest rate. In fact, interest rates for mortgages are steadily falling, with some experts predicting that five-year fixed-rate mortgage interest rates will gradually decrease in 2023, before settling below 4%. So don’t worry about higher base rate interest rates, they do not always directly affect your mortgage interest rate.

Stability  

The base rate set by the Bank of England has peaked for this year. Therefore, 2023 should offer much more stability, certainly for the first quarter. This will mean a more stable housing market, which means buyers and sellers can remain confident about making their moves. It should also mean that the 2023 housing market will get off to a good start!

Confidence  

As mortgage markets rebalance, property markets stabilise instead of enduring instability. More realistic and stable interest rates returning to the levels of pre-pandemic norms encourage long-term confidence and investment. That means you can move and invest, taking the long-term view that there will be fewer bumps in the road.

Demand is still strong

Forgetting the world’s current obsession with interest rates, perhaps it’s easy to overlook the obvious. The demand for property is still relatively high compared to the shortage in supply. You don’t need to be an economist to know that this will keep house prices healthy!

The future is looking good

With strong demand, stability, and confidence all looking promising, now is a great time to start putting your future property plans into action.

Demand for rented accommodation is still growing and is likely to continue that way, offering very healthy investment opportunities, even if there are more challenging times ahead.

Even if house prices fall in the next 1-2 years, over the next five years, many expect house prices to gradually and steadily grow.

Putting the onus on quality and a healthy, long-term, and sustainable investment is the way of the future. Making houses and rented accommodations more desirable means improving the quality of life, instead of making a quick profit.

Are you looking to move home, make your first step on the property ladder, or want to invest in a great buy-to-let opportunity? Contact Durrants today.

Book a valuation today

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Santa visits Wymondham Rugby Club minis

rugby

Durrants again joined in the fun when Father Christmas visited Wymondham Rugby Club minis section on Sunday 18th December.

Father Christmas was greeted by all the different age groups and handed out gifts sponsored by Durrants.

Durrants Managing Director and chair of Wymondham Rugby Club Minis, Dominic Parravani said: “Father Christmas always visits the children on the last Sunday before Christmas and its a lovely family day to start off the festive season.

“Durrants are delighted to be able to add to the fun.”

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Durrants Christmas Jumper Day beats charity target

jumper day

Durrants Christmas Jumper Day was a great success with team members from right across the company wearing festive knitwear and raising money for Save The Children.

£150 was raised on the day with the Government promising to match donations with an equal amount, so £300 will be going to the organisation so they can help mums and babies stay healthy, and giving them the chance of the future they deserve.

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Race report: Scottish Borders Hill Rally

hill rally

Durrants have recently pledged their support to Diss-based Planner, Jasmine Philpott, in her off-road car racing pursuit. Here’s the latest updates on her progress in events around the UK. This time: the Scottish Borders Hill Rally.

The Scottish Borders Hill Rally is a season highlight for anyone in the offroad community. It takes place at the stunning 11,000 acre Forrest Estate near Dumfries and is the most challenging event of the year.

Taking place over two days, including into the night, the event is demanding on driver, co-driver and race car, and finishing is an achievement in itself.

Unlike comp safaris, this event is run like a rally, but with unique stages driven completely blind, with no pace notes. The event uses rally timing clocks, meaning every minute of your weekend is against the clock, from leaving parc ferme, to entering the stage, to your pitstops in between sections. You are penalised for being both late and early, and if you have a mechanical failure, you only have between 30 and 45 minutes to fix it.

I have attempted this event four times including this year, and have finished it once. In 2018 I had every sort of mechanical failure imaginable – throttle cable breakage, cambelt failure, gearbox implosion (which we fixed!) and finally a very embarrassing fuel shortage after a big hold up on a stage. 2019 saw the worst crash I have had in my life – I came off the track at speed and hit a tree on my side, which took some time to recover from, and my co-driver broke his foot. The event didn’t run in 2020 due to Covid, and in 2021 I finally had my first hill rally finish.

This year, I asked an experienced female Norwegian navigator to join me via Instagram. I was thrilled that she accepted my offer, and booked her flights to Manchester that day.

I felt a lot of pressure to finish the event, with Anette coming so far and at considerable cost. It’s an expensive weekend once entry fee, accommodation and fuel is factored in. One of the harsh truths of the hill rally is that mechanical failure is very likely. The event comes at the very end of the season, when the cars have been raced all year and are due some TLC. Expecting them to then finish the equivalent of 3 comp safaris in one weekend is therefore pretty ambitious!

car hill rally

Anette and I were the only all-female team entered, so I was aiming for a finish so that we could win the women’s award. It was freezing cold, and a few miles into the first stage we were soaked through from water flooding into the car through one of many water splashes. We made a good team, and were climbing up the leaderboard as the day progressed.

The last stage of leg 2 was amazing – very fast, open, and with amazing views (not that I was looking anywhere but ahead!). We were about three quarters of the way round when suddenly the oil pressure light came on and the dial dropped to 0. Generally this is a sign of imminent engine failure. I backed off but could not feel or hear a change in the engine, so decided it was potentially a faulty sensor. We continued for another 5 miles at race speed without issue.

During the break between Leg 2 and 3, we agreed that we may as well carry on and risk engine failure, because the engine is rebuilt every winter in any case. The third leg on day 1 runs into the night, so we put our lights on, stuck some duct tape over the oil pressure light and headed out. The car was running so well, so it was absolutely devastating when I started to hear an ominous clicking sound as we navigated a technical quarry section. It started to lose power, and then came the smoke, and we knew it was time to pull over before it blew up.

anette and jasmine

Where we parked up was beautiful, but on the top of a hill and absolutely freezing. We had to wait for the stage to finish before enduring the tow of shame back to the pits.

It is hard to know where we would have finished, but we were in 18th (out of 49) at the end of stage 3. Only 29 competitors finished the event, which makes me feel a bit better!

I am hoping to upgrade my car entirely over the winter to a brand new version of what I already have, with a faster engine. Next year I will also be competing in 4 European Bajas in the Excite car – hopefully Spain, Portugal, Poland and potentially Greece, alongside comp safaris in my own.

I’m so grateful to Durrants for their support this year, and am thrilled that they have offered to sponsor me again for 2023.

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Make Do

make do
Let’s face it, we are all trying to find ways of making a pound stretch a little further these days.
 
For home sellers the best way is to make their properties worth more. That might sound like an expensive exercise, but it really needn’t be.
 
To add more value the first thing you need to do is to find more room. So, make some more room. Declutter. Everything you don’t need in your home that isn’t beautiful, useful or valuable is hiding extra space from a potential buyer. Put another way, everything you take out in a pre-sale declutter can make your property more attractive to a purchaser.
 
Now for the hard work. But it still won’t cost you anything apart from a bottle of Mr Muscle or two (other products are available). Clean your house as if our late queen were coming for tea. Clean all of it – every corner, nook and cranny – especially the kitchen and bathroom. Clean and polish your property as if achieving the best price depends on it – because it does.
 
It will take a week or two to do all this properly, but it will be worth it.
 
Once that’s finished, if you have a friend who is good with interiors invite them around and pick their brains. Don’t be embarrassed; an amateur interior designer likes nothing more than primping someone else’s cushions. Your property has become a business in which you happen to live. Choose a highly experienced estate agent who will also be delighted to make some buyer-friendly suggestions. You want to get the best price, so listen to good advice.
 
Now take a look at your freshly polished home. If you are so thrilled that you think it belongs to someone else or you are tempted not to sell at all but stay put, then you know you have done a great job and that viewers will be impressed.
 
You could add a loft extension, build a fabulous rear room with bi-fold doors to the garden, dig out a basement room, re-fit the kitchen and bathroom, engage a firm of professional cleaners or hire stagers. But self-cleaning and de-cluttering is always the most cost-effective way to get more for your property. And remember, with many more houses and flats coming onto the market, your home will be lining up in a competitive race to the completion line.
 
In WWII, there was a phrase, make do and mend. If you are selling your property in these straitened times a phrase for now could be, make do and polish.
 

Find out below why Durrants is different and how we are the perfect fit when it comes to selling your home.

Book a valuation today

To receive our regular interactive magazine and property alerts and news please sign up to our newsletter. You can find the link at the very bottom of this page.

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Durrants at the heart of Halesworth Christmas Lights

halesworth christmas lights

Saturday 19th November was Halesworth’s annual Christmas Lights switch-on.

The event is organised and run by Durrants’ very own Mother Christmas, Teresa Walsh.

The evening saw the Leiston Royal British Legion band lead Father Christmas and the parade through the packed streets. The lights were turned on, as is tradition, outside our Durrants Halesworth office to much applause and cheering.

A huge thank you from Durrants to Teresa and all the team for all their hard work and effort in making the evening such a success.

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Durrants Reydon property receives national interest

national interest

A contemporary home in Reydon, marketed by Durrants, has received national interest after an article on the Mail Online website.

Undoubtedly, one feature inside the house is what caused the most attention – an indoor slide! The slide from the first floor to ground floor offers an exciting alternative to taking the other staircase.

The Mail Online picked up on this quirky addition to the family home and featured it on their website, helping to make it the most viewed property on our own website this week.

Of course, the property has a lot more going for it than just a slide. This strikingly modern coastal home has been subject to an extensive extension, re-design and refurbishment. Previously a modest bungalow, it was overhauled by the current owner in 2016 to provide a contemporary seaside home with four bedrooms, three bathrooms and modern open plan living featuring a great outdoor seating area.

Contact our Southwold office on 01502 723292 if you would like a viewing.

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What has happened in the property market during the last 50 years?

What has Happened in the Property Market During the Last 50 Years
It’s no secret that today’s property market is thriving at peak buoyancy, with record house prices and demand going through the roof, which is why it’s easy to overlook the history of the market which brought us to this point.
 
However, while the market reaches a fruitful era for both buyers and sellers, there are notable periods of buoyancy over the last 50 years which could put things into further perspective.
 
While the market continues to change and grow in today’s climate, in order to look forward and predict future trends, it’s important to look back. New research from GetAgent tracked house price data going back as far as the 1970s, adjusting for inflation, to see which decade has been the most fruitful for the nation’s homeowners.
 

The research delves back into January 2010, when the average UK house price was £167,469, and climbed to £231,792 by the end of the decade at a 38.4% increase. However, after adjusting for inflation, the rate of house price growth recorded between January 2010 and December 2019 sits at around 14.8%, which was the second lowest rate of house price growth in any of the past five decades.

In fact, it’s only been the 90s, when the market has posted the worst performance, with house prices increasing by just 9.7% after adjusting for inflation.

The noughties was by no means, a bad decade for homebuyers, but it still ranks just third where inflation-adjusted house price growth is concerned, with the average UK house price rising by a notable 66.8%.

The research placed the 70’s in second place of the ranking, with house prices climbing by 69.8% after adjusting for inflation, leaving the 80’s to be crowned the best decade to have bought a home.

After adjusting for inflation, the average UK house price was just £66,783 back in January 1980. By the end of the decade, the cost of buying bricks and mortar had climbed to £127,207, a 90.5% increase.

Colby Short, Co-founder and CEO of GetAgent.co.uk, commented: “There’s plenty of reasons why we may argue one decade was better than the rest, but when it comes to house price appreciation, the eighties takes it by some margin.”

“Even after adjusting for inflation, today’s generation of homebuyers may well find it unfathomable that the average home cost just shy of £67,000 back in 1980. So, while today’s buyers have had to contend with some of the lowest levels of housing affordability in history, they may well spare a thought for those who saw the cost of buying increase at such an alarming rate during their lifetime.”

“With the market currently running red hot and no end in sight despite the wider economic landscape, it will certainly be interesting to see where we finish by the end of this decade, and if the eighties will finally be relieved of the crown when it comes to the highest rate of house price appreciation in a single decade.”
 

Find out below why Durrants is different and how we are the perfect fit when it comes to selling your home.

Book a valuation today

To receive our regular interactive magazine and property alerts and news please sign up to our newsletter. You can find the link at the very bottom of this page.

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World Town Planning Day

World Town planning Day

Today marks World Town Planning Day, a celebration of the role that good planning plays in improving lives, which has run since 1949.

Recent World Town Planning Days have increasingly focussed on climate change, with 2022’s UK theme being resilience, and how planners can enable communities to respond to the shocks and stresses of our time.

The Durrants Building Consultancy Team are reflecting on the role we can play in achieving this goal, particularly in a rural context.

A great example of a current sustainable projects is an application we have recently made with our client Privilege Finance for an anaerobic digestion plant in East Suffolk, which generates renewable energy from food waste. This is particularly pertinent given the Government commitment to roll out separate household and commercial food waste collection across the country by next year.

We are also working with our clients Pure Eco Homes and Hemspan to deliver sustainable housing utilising hemp technology to the wider market. Finally, we are working with regional food producers to approve their developments which will reduce food miles and provide fresh British produce.

Join the campaign and share your stories about the positive impact of planning in building more resilient cities and communities wherever you are in the world.

#WTPD #WorldTownPlanningDay2022  #UrbanResilience #ClimateAction #climateresilience #PlanTheWorldWeNeed

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Durrants support Harleston fireworks

Durrants support harleston fireworks

Durrants are proud to once again sponsor the Harleston Fireworks display, which is being held on Friday 4 November 2022 at The Harleston Sancroft Academy.

The event has been kindly organised by Dan MacDonald and will raise funds for the Harleston Sancroft Academy.

Gates are open from 6pm with music, drink and food available before the fireworks at 7pm. Tickets can be purchased on the night for £5.00 with under 5’s free.

 

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Opposing Forces

Opposing Forces

Dominic Parravani of Durrants examines the conflicting forces that are affecting the property market in the run up to Christmas.
 
The property market is changing.  This can hardly come as a surprise to anyone, as so many other things in our lives are changing almost on a daily basis – the prime minister, government policies, mortgage interest rates, the cost of living, and public and commercial confidence.
 
How is all this change affecting the property market? Less than one might think. Most evidence seems to point to a swing from a strong sellers’ market to a moderate buyers’ market. Moderate because there are still powerful but sometimes opposing forces at work, such as low numbers of properties on the market, which are keeping house prices reasonably buoyant. This lack of inventory could well be the economy at work, but with Christmas on the horizon it could also have something to do with the time of year. So, we won’t have a more accurate picture of this until the new year.
 
Estate agents expect fewer deals to fall-through over the next few months. Active buyers want to keep hold of their current mortgage offers and see through purchases rather than risk re-applying at higher interest rates. But, over time, higher interest rates will become the norm and bring new pressures for most, including many thousands of homeowners coming off fixed-rate mortgages next year. But we should remember that interest rates are still below the thirty-year average.
 
The energy crisis might encourage some homeowners to lower costs by downsizing, thereby bringing larger properties onto the market. But many first-time buyers will have to wait longer until they have enough money to afford higher mortgage costs, so this could create a log-jam further up the property ladder.
 
All in all, it’s a bit of a mess. The property sector and housing generally need stability. We have had a different housing minister nearly every year since the start of this century and five in the past two years. So, for a start, our new premier could try and keep a housing minister in place for the next forty-eight months.
 
Yet, despite all this, buyers are buying and sellers are selling. Life continues, and the property market is undoubtedly functioning as it should in these circumstances. Why? Because this beautiful, funny, proud, eccentric, bickering, ever-tribal, gloriously diverse and wonderful kingdom is still a fabulous place in which to buy a property.