Benwell Daykin’s annual colouring competition is back!
Every year, Benwell Daykin Estate Agents runs a competition in line with Easter.
The competition has several different age categories, with a simple Easter design for children and a more complex design for adults.
Whether you have children who would like to take part, or if you simply want to put your adult colouring skills to the test, download our 2024 Easter designs here.
Please return entries to the office on High Street in Ruddington by 29th March 2024.
And if you’d like to find out how much your property is worth with a free valuation, we can speak to you about this at the same time!
Good luck to everyone taking part and Happy Easter!
After COVID-19 and following the sharp inflation rate rise, many were expecting house prices to crash.
The reality is that house prices did indeed dip, but not by a huge amount. According to Nationwide, prices have dropped just 2% in 2023.
What’s more, other reports have suggested that although there is an overall drop for the year, prices are actually on the up since the Autumn.
So why haven’t prices dropped significantly? The team at Benwell Daykin list some of their thoughts.
Interest rates have remained stable
When the Bank of England began to raise interest rates, many took a step back from looking to move due to affordability. If interest rates rise then mortgage costs do too. This meant that many home owners had to reduce their prices to continue to entice buyers.
Now however, interest rates have remained at a steady 5.25 per cent since August 2023.
House prices have already dipped to reflect this change and have remained stable along with the rate of interest.
Unemployment remains steady
When the population struggles to find work then this, of course, has a knock on effect on the economy.
Unemployment has risen in 2023, however it is much lower than both 2014 and 2021 according to Trading Economics.
Mortgage rates are coming down
When interest rates began to rise, so did mortgage rates. Some home owner’s monthly payments began to triple.
Some others had made offers on higher priced houses but suddenly couldn’t afford them when rates went up.
As such, home owners again lowered prices to combat this.
Now mortgage rates are dropping once again. Although they are certainly nowhere near where they were a couple of years ago, some lenders now have products at below 5 per cent.
If rates fall further, this could actually boost house prices.
This puts confidence back in the property market and heightens affordability once again.
Inflation has slowed
Inflation cooled more than expected in October 2023, from 6.7 per cent to 4.6 per cent.
It has now more than halved from its peak of 11.1 per cent in October 2022. This has been a relief for many who are struggling with the cost of living.
Inflation slowing is another confidence boost to the property market.
So will we see a market crash?
Unfortunately, we don’t have a crystal ball here at Benwell Daykin.
All the above seems very positive and if things continue as they have been doing, we would expect to see house prices increase rather than decrease.
However, the world and the economy is ever changing and we just don’t know what tomorrow might bring.
How much is your house worth right now? Where ever you are in Nottinghamshire, contact our friendly team to find out today.
October 2023 and the Nottingham lettings market is booming.
According to the BBC, landlords are now seeing at least 25 interested parties looking at every individual property.
Looking back at the rental market in 2019, this was down to an average of just 6 parties looking at the same house or flat.
Rental price rises
This news now comes at the time when the average rental price outside of London has hit £1,278 – a new record. This alone is a 10 per cent increase since July.
Looking specifically at Nottingham, the average rental price for those letting their property is £1502 pcm (Homes.co.uk)
Why are rents rising in Nottingham?
Rents are rising in Nottingham for a number of reasons. The city has an extremely large student population and many students are now returning after COVID.
Many individuals, couples and families are also now turning to the rental market since high mortgage rates have made home ownership a distant prospect.
Another reason for such a large amount of applications for each property is that supply is fairly low.
Many landlords are looking to sell due to mortgage rates, tax changes, EPC changes and more. This means that there is a much smaller range of properties for prospective tenants to choose from.
What does this mean for landlords?
If you’re looking at letting a property to tenants then your void periods are likely to be minimal. This should obviously save you some money, especially for those who still have a buy to let mortgage.
If you were considering selling your property then it may be an idea to wait and let it out instead.
How can tenants successfully rent their dream property?
With demand so high, letting agent Benwell Daykin can offer a few tips on how to successfully rent a property.
Start looking early to ensure you aren’t left without a home. With 25 parties looking at each rental property, the chances of getting rejected are unfortunately high
Ensure you have all your paperwork in place, including ID, payslips and references
Calculate your finances and make sure you aren’t out pricing yourself. Remember to include funds for your deposit, bills, furniture and more
Set up alerts on Rightmove or Zoopla. This means you will get an email as soon as new lettings properties are listed
Want more lettings information?
Talk to Benwell Daykin who can help both landlords and tenants. Call 0115 990 2007 today. We can even provide free valuations.
We have been successfully matching tenants to rental properties for years and offer free advice over the phone.
In an astonishing twist of events, the UK housing market has defied all expectations by experiencing an unforeseen surge in house prices during June 2023. This unexpected upward trajectory has left homeowners, potential buyers, and industry experts astounded.
The surprise monthly rise of 0.1% reversed a 0.1% fall in May and confounded economist forecasts of a 0.3% fall. It pushed the average cost of a house in the UK up slightly to £262,239. This is according to Nationwide.
Two-year fixed-rate mortgage rates have continued to climb past 6% after the Bank of England increased interest rates by half a point to 5% in June in an attempt to curb stubbornly high inflation. The average two-year fixed deal edged higher again on Friday, to 6.39% from 6.37% the day before, according to Moneyfacts. The average five-year fix rose to 5.96% from 5.94%.
Nottingham growth tops UK
Nottingham property price growth still continues to outperform all areas in the UK according to Hometrack.
In the last 12 months, property prices rose in the area by 10.9%. This means a £150,000 property grew to £165,000 in just 1 year.
In the last 3 months alone, Nottingham property prices grew by 1.4%.
The average Nottingham house price now stands at £198,000.
It’s always a good time to sell
Ready to see how much you have made on your property since purchasing?
Renters are having to look at renting smaller properties with lower running costs as rents continue to rise across Nottinghamshire and throughout the UK.
According to Zoopla’s latest quarterly rental market report, the average rent has increased by £115 per month since last year, reaching £1,051 per calendar month – and accounting for 34.4% of the average income of a single earner.
Why are rents rising in the housing market?
This surge in rental prices is heavily impacted by a severe supply and demand imbalance. The average letting agent currently has just eight homes available to rent, with the rest of their stock all tenanted and unlikely to change.
With the cost of living ever increasing, renters do not want to spend extra money moving home.
Another reason for this is that Landlords are looking to sell some of their properties. This is both down to the cost of living but also with so many legislation changes over the last few years.
According to Zoopla, currently, approximately 3 in 4 renters will decide to stay in their current property.
Key rental takeaways
These are the key facts taken from Zoopla’s research:
Renters are choosing two-bed apartments over three-bed family homes to reduce outgoings as the cost of living rises
Rents on new lets have gone up £115 per calendar month compared with this time last year, rising faster than wages
In a market where demand is massively outstripping supply, rents are likely to keep going up into 2023
Rental growth has accelerated over the last 12 months from an annual rate of less than 2% in July 2021 to 12.3% today, while rental growth is out-pacing earnings growth in all regions and countries of the UK. Rental growth is ranging from 7.6% in the North East to a staggering 18% in London – however, there are signs that rental growth is close to peaking.
How can Benwell Daykin Lettings help?
As letting agents in Nottingham, we want to strike a balance between helping rents to remain affordable, but at the same time allowing Landlords to make the most from their investment properties.
We are constantly monitoring market conditions to ensure the best possible rental prices are being achieved on all properties managed in our portfolio.
Worried about legislation? We take care of this for you!
We know exactly what it takes to ensure all properties are legally compliant. If a property is managed by Benwell Daykin then all of this is taken care of, without stress.
Have you ever looked at Bruce Wayne’s mansion and wish you lived a life just like him?
Well now, maybe you can in Nottingham – at least, you could live in the same area as where Bruce Wayne once lived.
For those who don’t know, filming for the Dark Knight Rises took place at Wollaton Hall. Nottingham played host to all the stars including Christian Bale, Morgan Freeman and the legendary Michael Caine.
Here is a clip of the film featuring much of the grounds at Wollaton Park.
Wollaton Hall took on a very special role in when it appeared as ‘Wayne Manor’ in The Dark Knight Trilogy.
The Hall is an Elizabethan country house of the 1580s standing on a small but prominent hill in Wollaton Park. The surrounding parkland has a herd of deer, and is regularly used for large-scale outdoor events such as rock concerts, sporting events and festivals such as Splendour.
Can you visit Wayne Manor?
Are you looking to visit Wayne Manor? Well the answer is most definitely a yes. The house is now Nottingham Natural History Museum, with Nottingham Industrial Museum in the outbuildings.
You are able to walk around the grounds for free, although there is a small parking charge on site.
There are a variety of add-ons, such as private group tours, historical tours, and paid access to whatever exhibit is on display at the time. You can also book it for weddings, perfect for the ultimate Batman fan.
There are over 90 red and 120 fallow deer at Wollaton. These wild deer are incredible to see, though during the rutting season (September and October), stags are protective of hinds, and during calving season (June and July) deer tend to their young, so we ask the public maintain a safe distance at all times.
About Wollaton
So, now you know all about the famous Wollaton Hall and the filming of the Dark Knight Rises, what is it like to live in the area?
Wollaton itself stretches across a large area, from Torvill Drive and Russell Drive near the Bilborough area in the north, down to Bramcote Lane, Woodbank Drive and Appledore Avenue in the south, stretching as far south as the woodland now called ‘Bramcote Ridge’. West to east it stretches from Trowell Moor and Balloon Woods on the west, across to Sutton Passeys Crescent and the former gatehouse to Wollaton Park, Lenton Lodge on Derby Road in the east.
The current city ward boundaries divide Wollaton into Wollaton West, and Wollaton East with Lenton Abbey.
It is considered one of the most desirable parts of the city in which to live, with relatively high house prices. This is largely due to the good quality schools, traditional public houses and good access to the M1 via the A52 to the South and the A610 to the North
Wollaton Property Prices
Properties in Wollaton had an overall average price of £323,914 over the last year.
The majority of sales in Wollaton during the last year were detached properties, selling for an average price of £405,083. Semi-detached properties sold for an average of £249,143, with terraced properties fetching £187,042.
Overall, sold prices in Wollaton over the last year were 1% up on the previous year and 14% up on the 2019 peak of £284,680.
Is Gotham a real place?
We couldn’t mention Batman and Wollaton without also mentioning Gotham, Nottinghamshire.
Yes, it is a real place and apparently has a connection with Batman.
It is worth noting, however, that Gotham in Nottinghamshire is pronounced ‘goat-em’, rather than Batman’s ‘goth-am’.
People in Gotham are accustomed to hearing Batman jokes, but many aren’t aware of its historical connection to the fictional Gotham City. So how did a sleepy Nottinghamshire settlement lend its name to a city of crime and corruption?
Gotham is now a friendly village popular with families, but a few hundred years ago its residents had a reputation for “madness”.
One story goes that King John, also the villain in the legend of Robin Hood, was due to travel through Gotham on his way to nearby Nottingham.
Any road the king travelled on would become a public highway, so the villagers are said to have feigned madness to deter the king – as it was thought to be infectious.
Their absurd acts included building a fence around a bush to prevent a cuckoo escaping, and attempting to drown an eel in a pond.
The trick worked, leading to the saying: “There are more fools pass through Gotham than remain in it.” Villagers were also dubbed the Wise Men of Gotham.
The American author Washington Irving became aware of the tales and was the first person to link Gotham in England with New York in the US.
He repeatedly referred to Manhattan as Gotham when writing, in 1807, in the Salmagundi papers, a satirical periodical mocking New Yorkers.
Although the city and village have not been twinned, the former mayor of New York sent a letter wishing Gotham well and acknowledging the link between the two places.
Please ensure you write your name, age and phone number (parent/guardian) on each entry and either post it to our office or deliver it by hand before Good Friday.
The average UK asking price of a home has reached a record £323,530.
Prices roses by 1.1 per cent in September 2020 which now means prices are 5.5 per cent higher, or £16,818, than the same time last year.
Experts are suggesting that growth will continue up until the new year where it could peak at 7 per cent.
Reasons for this boom in prices could be due to stamp duty cuts, pent up demand post lockdown and households seeking more space now they are working from home.
Sales agreed are also up for October. They are 58 per cent higher than the same time last year.
Average house prices across Nottingham currently stand at £159,100.
According to Halifax, the average UK house price now stands at £249,000; nearly a quarter of a million pounds.
Rising activity in the housing market, post COVID-19 lockdown, has pushed prices up by 7.3% in the last 12 months.
Halifax is the country’s biggest mortgage lender and recently they have seen record numbers of mortgage applications. Both first time buyers and home movers have pushed applications to their highest levels since 2008.
Adding to this positive news, Boris Johnson yesterday announced that he would make more 5% mortgage deals available to first time buyers. Although there are more risks involved with lower deposits, more people should now soon be able to get their foot on the housing ladder.
Demand for mortgages and higher property prices are likely to be a result of pent-up demand after lockdown, as well as stamp duty cuts and home workers looking to upsize.
Sales agreed are also up considerably. BriefYourMarket.com report that properties reaching ‘Sold Subject to Contract’ are up 328% in September 2020.
Benwell Daykin Estate Agents are seeing a huge increase in buyer demand but a lack of new properties coming to market for sale across the whole of Nottinghamshire. This is echoed by the data provided by Halifax. Due to lack of stock, more buyers are competing for the same home and prices are rising.
How much is your property now worth?
If you’re considering moving then now may be the perfect time. How much is your property now worth? Call our sales team on 0115 990 2007 or email info@benwelldaykin.co.uk. Alternatively, you can use the valuation form below.
Should you use a letting agent when managing a buy to let?
When managing a property and renting to tenants, your main aim is to make as much money as possible. This is why you are likely to ask the question if it is worth using a letting agent to manage the property on your behalf. We’ve listed some important factors to take into account when you are deciding if you need a managing agent or not.
Finding a tenant
Some landlords do look for tenants themselves. They post their property on various websites and find a suitable person to move into their home. If you are deciding to do this yourself then make sure you reference them through a legitimate company. A reputable letting agent such as Benwell Daykin will reference a tenant in three ways;
Work reference (including confirmation of annual income)
Credit reference
Previous landlord reference
Complying with all legislation
Legislation within the lettings industry is extremely important. You’ll need to conduct checks on your tenant and you’ll also need to ensure they can live in your property safely. A ‘right to rent’ check helps you to understand if the tenant is legally allowed to live in the UK.
An example of other legislation you need to comply with includes:
Valid EPC above an ‘E’ rating
Landlord insurance
Valid EICR certificate
PAT test on electrical items left in the property
A Nottingham Selective Licence (if applicable)
Smoke alarms
And more
To discuss our extensive list of legislation checks, talk to us on 0115 990 2007.
Communicating with your tenant
If you manage a property yourself then you must be prepared to communicate with your tenants. This could include having to answer your phone at unsociable hours if there is an emergency maintenance issue. Sometimes tenants may just call or text to ask general questions as well.
You may want to have a separate phone line for these calls and messages.
Managing rent arrears
Unfortunately, sometimes tenants do not pay their rent. This means that you are going to have to do your own chasing which could result in some awkward conversations. If you’re not used to chasing money then this could be daunting.
Of course, a managing agent will do all of this for you and attempt to keep rental arrears to a minimum at all times.
Need some more advice on lettings?
If all of this seems complicated then call our letting agents on 0115 990 2007. You can also email info@benwelldaykin.co.uk. We’ll happily offer some advice with no obligation to use our lettings services.
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