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Easter Colouring Competition 2024

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!

Children’s Competition Download

Adult Competition Download

 

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When Will Mortgage Rates Drop?

Many people across the UK are asking when will mortgage rates will drop?

For those who already own a property, the prospect of remortgaging may seem daunting since rates increased in 2023.

Those looking to move to a new property may also be waiting for mortgage rates to drop to make their next purchase just that bit more affordable.

When will mortgage rates drop?

The good news is that they are starting to drop already.

It was reported this week that rates dropped below 4% at Nationwide, the UK’s largest building society. The rate is 3.84% at the time of writing.

This is the cheapest deal provided by the company for 8 months and is also significantly under the Bank of England’s base interest rate.

This is only available currently to those who are remortgaging although it’s still not bad news for first time buyers; the rate offered to those looking to take a first step onto the property ladder is only 0.01% higher at 3.85%.

Both these products are 5 year fixed rate deals and are significantly lower than the average offered by other lenders which stood at 5.2% this week.

Will other mortgage lenders follow suit?

Although some lenders are following the trend of sub 4% products, some are actually increasing.

Santander recently increased their rates on some mortgage products by 0.2% for remortgages.

This though is still well below the average last summer when rates stood at around 6%.

Should you wait for rates to drop further?

Unfortunately, we don’t have a crystal ball which will tell us the future relating to mortgage rates.

As we’ve seen this week, rates can go up and down and fluctuate daily.

For now, we feel that rates are likely to stick at around this mark for the next few months.

The best advice we can give at Benwell Daykin is always talk to our qualified mortgage broker who will be able to advise you in more detail.

Products can vary depending on your own circumstances too, so it’s always a good idea to compare the whole of the market with a broker and find out which products match your criteria.

For some, this will now be the best time to buy a new property as rates are now becoming more affordable.

 

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Why Hasn’t The UK Housing Market Crashed?

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.

unemployment uk economy figures

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.

 

 

 

 

 

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Nottingham Property Prices Winter 2023

A property price increase

Today Nationwide have stated that property prices are on the rise once again.

Prices had dipped marginally in most areas of the country and many experts predicted there would be a further decline throughout the remainder of the year. Thankfully, this now appears not to be the case.

What about Nottingham property?

Nottingham has always remained one of the strongest area for housing price growth across the country. This year is no exception.

Despite decreases in almost every area of the UK, Nottingham hasn’t really been hit. Prices remain strong and growth has actually continued!

If we look at Hometrack’s data, Nottingham sits top of every major UK city for growth in the last 12 months. This stands currently at +2.9%. Sitting at second place is Birmingham at +2.7% and Sheffield with +2.3%. If we compare this to London, they saw a decline in the last year with -0.5%.

Looking short term, Nottingham prices increase in the last 3 months by 0.3%.

Why did property prices decrease in other areas?

Property prices have decreased slightly in 2023 mainly due to the rise in interest rates. This meant that more people were cautious when it came to applying for mortgages. As a result, less people were then looking for houses which brought prices down.

It is important to note however that it is only a small decline. Prices dropped across the board by just -1.1% in 2023. (Hometrack)

What is the average property price now?

The average home increased in price from £257,808 in September to £259,423 in October, according to Nationwide‘s latest house price index. This index is based on their own mortgage data but is very accurate as they are one of the largest UK lenders.

In Nottingham, the average property price is now £202,400.

Why have house prices generally increased?

Data suggests that many buyers have been holding off buying due to the rise in mortgage interest rates. Now it appears that they cannot wait any longer and have decided to purchase, regardless.

Other contributing factors include strong employment and a short supply of available properties.

What does this mean for home owners?

For those waiting to sell, you’d be forgiven if you were putting this off after listening to the national news.

Whilst we would advise anyone to remain cautious with the constant changing interest rates, now is definitely not a bad time to place your property on the market.

With the increase in buyer confidence now across the board we should see more people looking at every property and battling to make the highest offer.

How much is my property worth?

We can offer you a free, no obligation property valuation. Simply call us on 0115 990 2007 or use the form below.

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    Gas Boiler Ban Changes – What Does This Now Mean For Homeowners?

    You may have heard recently that there’s been another change to gas boiler policies in the UK.

    Until recently, the UK was to phase out gas boilers in new build homes by 2025 and ban them completely from new homes by 2033.

    This, however, has now been extended to 2035.

    What was the original gas boiler ban plan?

    The UK government has been asking homeowners to switch their traditional gas boilers to heat pumps as a more environmentally friendly option. Originally they were offering a grant of £5,000 although this has now been increased to £6,500.

    The uptake for this has apparently been fairly slow which could be a reason for the change in deadline.

    What is a heat pump?

    In the shortest possible terms, a heat pump transfers captured heat from the air outside to the inside of a property. This is then used to fuel the property’s central or underfloor heating and in some cases also provide hot running water.

    How does a heat pump benefit home owners?

    Heat pumps are renowned for their energy efficiency, resulting in significant savings on heating costs compared to traditional gas boiler systems. They achieve high energy efficiency ratios, leading to lower utility bills and reduced carbon emissions. Essentially, although heat pumps can have a large initial outlay, there are savings to be had.

    Landlords could also benefit from heat pumps as another way to entice tenants to rent their homes. During the current cost of living crisis, any reduction in household bills for tenants can be seen as a positive thing.

    If you’re considering applying for a grant, you can do so on the government website.

    What will these new announcements mean for home owners?

    Firstly, if you were considering making your home more energy efficient then you now save even more money with a larger grant. You can apply for this via the government website.

    Secondly, if your boiler needs to be replaced imminently then you should still have the choice as to go for a lower cost traditional system or a more expensive eat pump. This could be a big plus if you’re feeling the pinch with rising mortgage costs.

    Thirdly, if you’re looking to sell your home in the near future, this could be an attractive selling point. We would advise though to do your calculations to ensure the profits made on selling your home outweigh the cost of a heat pump. Benwell Daykin can help with advising you how much your property is worth. Just call 0115 990 2007 to get a free property valuation.

    If you’re wondering what option to choose, contact Benwell Daykin in Ruddington who will be able to offer some advice based on your situation.

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    Easter Colouring Competition

    Easter Colouring Competition!

    Benwell Daykin’s annual Easter competition is back for children up to 11 years old.

    To enter, all you have to do is download the image, get your best crayons or felt tip pens and let your creative imagination run wild!

    Prizes will be awarded for favourite designs in three categories; Under 5s, 6-8 years old and 9-11 years old.

    Download Here

    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.

    Sponsored by FYSLA Nottingham Chauffeurs.

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    House prices continue to grow

    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.

    Source: Rightmove

    How much is your house worth?

    Find out how much your property is now worth by calling our sales team on 0115 990 2007. You can also email us on info@benwelldaykin.co.uk.

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    Demand for property in the UK is rocketing

    Rightmove data shows that demand for property is up 61 per cent compared to the same period last year.

    The property portal states that buyer demand is outstripping supply and they feel that the main reason for this is the reduction in stamp duty.

    Righmove’s expert Miles Shipside says “We always knew that the stamp duty holiday was going to be a big incentive for people to get moving this year.

    “We’re also seeing a growing trend of people looking to move out of urban areas and into smaller towns, with homeowners in built up areas reassessing their housing needs and looking for places with more outside space.”

    Recently, Rightmove also reported that there was a 125 per cent increase in people looking to relocate to villages. Most notably is the village of East Leake which recently featured in the Daily Mail for this very reason. Average house prices there stand at £290,005.

    Some city home owners may have benefited from strong house price growth over the last few years and are now able to trade up and out into the countryside. The need to also move close to a station is now not so important as many people adapt to a life of working from home.

    Nottingham city house prices are also rising faster than anywhere else in England. Property prices have risen by 4.5 per cent in the last 12 months. City house prices which grew close to this figure were Manchester at 4.1 per cent and Leeds at 3.6 per cent.

    In contrast, London prices only grew by 1.7 per cent which is less than half of the Nottingham house price growth.

    Ready to sell your home?

    With the market in somewhat of a mini boom, a drop in stamp duty and a rise in house prices, now is a great time to move to a new home.

    Find out how much your property is worth with Benwell Daykin estate agents. You can call us on 0115 990 2007 or email info@benwelldaykin.co.uk.

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    Denying DSS Rentals Ruled Unlawful

    A judge has ruled that it is unlawful and discriminatory if agents ban people from renting property who are on housing benefit.

    The a court ruling found a single mother had experienced indirect discrimination when a letting agent in York refused to rent to her. She ended up homeless for a short while with her two children.

    The tenant claimed she had excellent references and could have paid 6 months up front if her parents lent her the money. However, the fact she was receiving housing benefit meant that she could not find a property to rent through an agency.

    This is a landmark case and is likely to change how letting agents across the country operate.

    Chris Norris, policy director at the National Residential Landlords Association, said: “No landlord should discriminate against tenants because they are in receipt of benefits.

    “Every tenant’s circumstance is different and so they should be treated on a case by case basis”.

    He also added that the government could support tenants by ensuring benefits covered rents entirely.

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    Stamp Duty Holiday Confirmed

    Chancellor Rishi Sunak has confirmed that there will be a stamp duty holiday following the Coronavirus lockdown.

    The threshold will now be raised from £125,000 to £500,000 and will last until March 2021.

    The average stamp duty bill will now be cut by around £4,500. This also means that 9 out of 10 house buyers will not be paying stamp duty at all.

    Home buyers would usually only pay zero stamp duty on the first £125,000 of the property value. They then pay two per cent of the value of the home up to £250,000 and five per cent on the next £675,000.

    You must complete your purchase before 31st March 2021 to make use of this ‘holiday’.

    First time buyers are already exempt from paying any stamp duty up to £300,000 outside London and £450,000 in London.

    The hope is that this stamp duty cut will boost the property market.

    If you are now considering a move and need a free property valuation, call Benwell Daykin on 0115 990 2007. Alternatively you can email us on info@benwelldaykin.co.uk.