Planning – Approved

Great news from our architectural team.

Joplings has received planning approval for a rear dormer extension in Northallerton Conservation Area. After discussions with the Local Authority, we were able to design a scheme to create an additional bedroom and shower room for our client.

Please contact us on 01845 521319 to discuss your scheme.

Out and about this week

Our surveyors have recently visited a site approaching practical completion following planning approval for a detached garage with store in West Tanfield. We also obtained Building Regulation approval for this scheme.  See the photos for a before and after snapshot.  For any Architectural or Building Regulation enquiries, please contact our team on 01845 521319

The first 100 days post lockdown

The Ripon Property Market Post-Lockdown – the First 100 Days

The Ripon Sales Market, Post-Lockdown – the First 100 Days

With only around 1 in 5 Ripon house sellers actually selling their home in the last month, Ripon sellers and buyers will need to continue to be pragmatic if the surprisingly strong current levels of activity in the Ripon property market are to be sustained.

To start, we had the once in a lifetime event of the credit crunch in 2008, we then had another once in a lifetime event with the Brexit vote in 2016 and now the mother of all ‘once in a lifetime’ events, Coronavirus in 2020 – three once in a lifetime events in the space of 3 Olympic Games!

The doom-mongers forecast that the British property market would drop like a lead balloon on the scale of the 1989 housing crash (where property values dropped by 30.87% in a couple of years) but would be nothing compared to the tsunami that was Covid. Yet in the first 100 days of the property market coming out of lockdown, behavioural and economic changes mean that many Ripon homebuyers are now even more dedicated to moving home and the Ripon property market is doing quite well.

Going into lockdown, the effect on activity in the Ripon property market during those two months was expectable and predictable as it was placed in suspended animation during April and May. When the Ripon property market re-opened in mid-May, nobody predicted what happened next. Of course, many of us in the property industry estimated some release of pent-up demand from the Boris Bounce, yet nobody anticipated such a ricochet in activity in the Ripon property market.

This is particularly interesting when one considers GDP dropped by 20.4% in Q2 2020 (fascinating when compared to notable historic times when it dropped by 13.8% in WW2 and 16.7% in WW1), yet amidst the largest contraction in the UK economy ever in a single quarter, what wasn’t expected was an increase of potential property buyers and property sellers wanting to move post lockdown.

Some have cited this boost to the property market on a number of factors. Firstly, we have had the Stamp Duty Holiday, others have pointed at the never seen before 0.1% Bank of England base rates making mortgages cheap, then we had the furlough scheme which protected so many jobs and finally, the pent-up demand from the Boris Bounce.

Yet, when one actually talks with Ripon buyers and sellers, whilst all of them cite one or two of the above reasons, all of them mention and talk about how the lockdown has made them re-evaluate and reconsider how they want to live, their work-life balance and where they want to live. This is also reflected with tenants changing their requirements when looking for a property to rent (so Ripon landlords – be aware of this).

Demand for apartments in the centre of Ripon has eased off, whilst demand for property with a good-sized garden or other outside space has increased. One question we get asked all the time is also the broadband speeds, although they are quite decent in Ripon (the average broadband in our local Council area being 38.1 Mbps download and 7.6 Mbps upload).

So, with record numbers of Ripon properties coming on to the market – is it boom time for Ripon homeowners?

Of the 81 properties that have come onto the market in Ripon over the last month,

only 15 of them have agreed a sale

(a percentage of 18.5%)

That means around 4 out of 5 Ripon people that have placed their property onto the market have not found a buyer yet.

Yes, the Ripon property market is good, yet the number of people who have placed their property on the market has also gone up. Ripon estate agents have never been so busy putting property on the market and I feel sorry for the chap who is putting up all the for-sale boards – his wife hasn’t seen him in daylight for weeks!

But that does mean you are in competition with so many other properties on the market (the number of properties coming on to the market typically at this time of the year is about a third to half less). The Stamp Duty boost ends in March 2021, so that means you need to have found a buyer by November at the very latest. By overegging your asking price, to test the market, might mean you will lose out on this hiatus and could end up missing the boat!

The prices being achieved for the Ripon properties

that have been selling have been fair and realistic and have stood up much better

than many were originally predicting.

Yet as the country looks forward, given the ambiguous nature of the outlook for the British economy and the possibility that Covid-19 may be with us for a little while yet, I must implore Ripon property sellers to be realistic with their asking price so a greater number of you who want to make the move, are able to do so.

where to live

Guild Blog: Location, location, location: a guide to finding your next home

There is one thing that all property professionals agree on, whether they work in commercial property or residential, and it’s that location is one of the most important factors to consider when buying a home. Property gurus around the world continue to emphasise the importance of location because it has such a massive bearing on a property’s desirability and potential investment return.

There are several key elements to consider before making your final decision. If a location has more positive elements, than negative, it will be in higher demand and will have a greater potential resale value in the future.  Essentially, it comes down to desirability and whether buyers would want to live where the home is situated – there is a direct collation between demand and property prices.

Don’t compromise on location

There are a lot of buyers who focus on the property itself and perhaps compromise on where it is situated. However, when it comes to the appreciation potential of the home, this will end up hurting their back pocket. A home can be changed, updated or renovated, but you can’t alter its location. Therefore, it is always better to prioritise location and compromise on the property.

pins in a map

Development

A good location is where there is the potential for growth and development. The area needs to be able to support the demand for property over the long term and subsequently increase its value in time. However, bear in mind that certain developments can devalue a location, such as the construction of a power plant or dump within proximity to the home. Before purchasing in an area, find out about future development plans. Developments such as new industrial sites, new roads, or railways or even industrial activities can vastly alter the price profile of an area.

Investment and commercial activity

National retailers and property developers will do thorough market research before deciding to invest in an area. So, commercial activity, corporate investment and residential and commercial property developments, are all indicators that the area has the potential for strong investment returns. Also, the presence of long-established or well-known brands within the surrounds will indicate that there is a level of confidence that the area has good growth potential.

Infrastructure

The infrastructure in an area needs to accommodate the level of service required by its residents. Neglected areas that experience poor service delivery are not a good option. These areas can be distinguished by the upkeep of the general public land such as the parks, pavements and roads.

cycling in the park

Amenities

Another factor to consider is the quality of the amenities in the area. These include shopping and medical facilities, entertainment areas, restaurants, public services and outstanding schools. Convenience is a highly valued commodity.

Shopping Centre
View of the ceiling of the Hall of a beautiful vintage shopping center in England

Crimes levels

Properties in a high crime rate zone will not hold their value over time. Research from insurer Direct Line revealed that almost half of Brits would check crimes statistics in neighbourhoods they might live in, and 47% would not buy a home in an area with a high crime rate. Over a third said they would expect to pay less for a property in a high crime area.

To check the crime rates in an area, you can visit crime-statistics.co.uk/postcode or police.co.uk.

Transport

Accessibility to transport routes and train stations will also have an impact on an area’s appreciation potential. A large portion of the British population commute far distances every day to get to work, so easy access to public transport is a major consideration.

train station
Train on platform in station in London

The adage of location, location, location is as relevant today as it was when it first appeared in print in 1926. While finding the right home in the right location will require time and research, the future benefits of solid growth in the value of the property will certainly make it worthwhile.

Get in touch to find a home in the right location!

Here at The Guild, we can help you find a home in the right location. Simply contact us today to find out more, or visit our buyers guides on our website.

Guild Blog: What to Look for when Moving to a New Neighbourhood

Packing up and moving to another city, or for that matter, another country, is a major undertaking. It takes a great deal of preparation and is imperative to do the necessary research and weigh up all the options before making the final decision. Regardless of whether it is relocating to another part of the country or abroad, there are essential elements that need to be assessed in each potential neighbourhood to ensure you will settle in.  Continue reading