Will COVID-19 affect the property market?

During these uncertain times relating to COVID-19, we are being asked a lot about how the property market will react.

Walton & Allen estate agents in Nottingham expect the following to happen over the coming weeks.

Property prices will not fall

We expect the property market to stall for a little while whilst we all self isolate and stay safe. We are still agreeing sales but obviously not as many as is expected for this time of year.

We do not expect to see a drop in property prices as a result of COVID-19. In fact, our experience shows that prices are still going up.

Online property views will increase

The majority of Nottinghamshire residents are currently sitting at home for most of the day and night. With not much else to do, they are likely to browse Rightmove, Zoopla and On The Market to find their new home or a new investment property.

The same happens on Boxing Day every year when families are staying in with little to do other than watch TV.

Sales will slow

We have suspended all in-person viewings until further notice. This is likely to be mid-April at the earliest. We are still conducting some video viewings where we can.

Less viewings means less sales, unfortunately. We are still actively pushing properties where we can but most buyers are unlikely to put an offer forward without seeing the home they want to buy first.

We are still agreeing sales

Despite everything that is happening in the world, we are still agreeing sales. We are still getting offers through over email on a daily basis and our inboxes are filling every day with enquiries.

Viewings are also being booked for April.

Now is still a very good time to be on the market if you want to get your property seen.

Properties are still being listed

We are still conducting valuations. People still need to move and get the wheels in motion despite the current situation.

We can provide a property valuation either over email or through video call.

Visit our property valuation page to book yourself in.



COVID-19 Update

Due to the unprecedented circumstances around COVID-19, our offices are currently closed.

We are still conducting virtual viewings through video calls and YouTube. We are also still valuing properties and accepting offers.

A limited number of staff are working from home and are able to answer urgent enquiries.

You can use the following email addresses:

Sales: salesteam@waltonandallen.co.uk
Lettings: lettingsteam@waltonandallen.co.uk
Block Management: blockmanagement@waltonandallen.co.uk
Maintenance: maintenance@waltonandallen.co.uk
Mortgage Advice: financial.services@waltonandallen.co.uk
General Enquiries: info@waltonandallen.co.uk

For emergency maintenance, please call 08443 352 018.

Coronavirus Update

At Walton & Allen and Stoneyard, we are doing everything we can to ensure the safety of our staff and clients. With the recent Covid-19 outbreak, we are still open for business but are making some temporary changes to how we operate.

We will continue to supply the same level of service where we can. It is important to note that we are still valuing properties, conducting viewings, agreeing sales and providing maintenance.

We ask everyone to please stay safe and follow government guidelines at all times.

Staffing levels

Some of our staff are currently working from home. Most will be in touch via email only although a small number will be able to contact you via mobile phone. Please be prepared for a slight delay in communication as we are currently operating with a skeleton team at our office.

Face to face meetings

In the interest of protecting our staff, clients and the wider community we are limiting meetings to those which are only essential. We ask that clients and new customers only visit our offices if a meeting has been pre-arranged. All other communication should be via phone and email where possible.

Viewings

Viewings are still going ahead where possible. If you are viewing a property and begin to feel unwell then please get in touch to reschedule. Viewing appointments may not be completely flexible whilst we operate with fewer staff, however, we will do our very best to fit you in where possible.

Property sales

We are experiencing a high level of phone calls and emails from people regarding property viewings, valuations and sales which have been agreed. Please bear with as whilst we work through these.

Tenant checkout inspections

If you are a tenant and moving out we are currently not conducting checkout inspections until you have left the property. Please return the keys to our office and we will inspect your rental property shortly after.

Landlord services

We are still operating as normal with our rental collection, tenant find and fully managed services. We have postponed all quarterly property inspections for the immediate future for the safety of staff and tenants.

Maintenance

Maintenance works will still go ahead when they are reported to us. Please bear with us as there may be a shortage of maintenance operatives as the days progress. We will be prioritising emergency maintenance works where possible.

If you are in self isolation and have an emergency maintenance issue then we may need to take precautionary measures so please make us aware as soon as possible if we are visiting your property.

Block management

In the interest of safety for staff and residents, site visits will be suspended until further notice. Some staff are working from home and are only contactable via email.

Building maintenance issues will still be attended to when reported to us. Please continue to report any maintenance problems via phone or email and they will be dealt with as soon as possible.

Accounts

Our accounts team are currently working from home in isolation. Please direct all enquiries through email as you will not be able to get through via phone. Their email address is accountsteam@waltonandallen.co.uk.

Mortgage advice

Most mortgage advice appointments are currently being conducted over the phone. If you need advice on mortgage holidays then please email financial.services@waltonandallen.co.uk.

More information

If you have any queries then please use the following email contacts.

General: info@waltonandallen.co.uk
Accounts: accountsteam@waltonandallen.co.uk
Sales: salesteam@waltonandallen.co.uk
Lettings: lettingsteam@waltonandallen.co.uk
Block Management: blockmanagement@waltonandallen.co.uk
Stoneyard: info@stoneyardpm.co.uk

Interest rates slashed

The Bank of England has announced an emergency cut to interest rates to keep the economy moving, following the outbreak of cornavirus.

Interest rates have been cut from 0.75 per cent, down to 0.25 per cent. This takes borrowing costs down to the lowest level in history.

The last time interest rates changed was in August 2018 where rates went from 0.5 per cent to 0.75 per cent. It is the first cut since August 2016.

The move comes ahead of the budget due to be announced today.

Mortgage rates

If you are on a standard variable rate or tracker then you may start to see changes in your mortgage payments soon.

According to our mortgage broker, it is likely that this rate cut will not drastically reduce mortgage payments. As interest rates were very low already, there is little that can be done to reduce mortgage rates further.

It is very likely though that there will be savings available. It is important to seek independent financial advice if you are looking at changing your mortgage deal to ensure you get the best product available for you.

You can talk to our mortgage advisor for free by calling 0115 924 3304 or by emailing financial.services@waltonandallen.co.uk.

Temporary measure

This interest rate cut is likely to be a temporary measure and rates shouldn’t stay like this for too long. The idea behind the cut is to stimulate spending rather than help the housing market.

Free Mortgage Broker in Nottingham

Mortgage broker Nottingham

Are you looking for mortgage advice, Nottingham or a trusted mortgage broker in the Nottingham area?

You can get mortgage advice immediately by calling 0115 924 3304.

Our recommended mortgage advisor in Nottingham has years of experience in finding some of the best mortgages for home buyers, potentially saving them hundreds of pounds on interest rates.

We’ll compare 100s of deals to find the right one for you. This will potentially save you the money over the mortgage term.

Finding a deal yourself for a Nottingham mortgage can be a stressful and time-consuming process. This is why our mortgage broker is trained to help take all the stress away when finding a new mortgage deal. The’ll also follow the application process through for you, right up to sale completion.

Need advice on finding one of the best mortgage deals available to you? Our mortgage advisor, Tony, is available to chat with over the phone, or in person – at either your own home or at our branch in Nottingham. Call 0115 9243304.

Our mortgage advice

We don’t work for a bank and are not affiliated with any particular lender. This means we only have your own interests at heart. We’re also not a big corporation. We are a local, family run and independent agency and also very friendly!

We would always recommend seeking mortgage advice before viewing properties with estate agents. This will help you decide how much you can borrow and avoid unnecessary viewings on properties you may not be able to afford.

They will also be able to provide you with an Agreement In Principle or AIP. This proves to a home owner that your offer is serious, as you have already had a note from your mortgage lender saying they have assessed your situation.

Mortgage advice tailored to you

We can usually help you in all situations. Perhaps you are unsure if you can get a mortgage, or you are self employed and want to know how much you can borrow? Maybe you are a first time buyer looking for mortgage advice. Our brokers also help those who are looking to buy a new home and remortgage or those purchasing an investment property with a buy to let mortgage. We can also offer mortgage advice for several other schemes – just ask! We offer mortgage advice you can trust, from a local, family run, mortgage broker service.

During your mortgage advice appointment you can find out:

  • Which lenders will approve a mortgage based upon your personal financial circumstances
  • How much you could borrow from a lender
  • Which lenders have the best interest rates based on your income
  • How you can gain approval for a mortgage if you have any debts, CCJs or loans
  • How much your monthly repayments would be on a mortgage
  • If any mortgage lenders are offering deals such as cashback or free property valuations
  • Plus much more!

We also provide mortgage advice for

Whilst our office also houses the estate agent Nottingham team, we are not affiliated to any particular lender. This means the mortgage broker you speak to can compare potentially hundreds of different lenders to help find you the best mortgage deal. This is what is meant by the ‘whole of market’.

We’ll also look at any hidden mortgage costs and help you decide whether each deal is suitable for you based upon your individual circumstances.

Walton & Allen are always available for a quick chat to discuss any mortgage questions, just phone 0115 9243304, or email financial.services@waltonandallen.co.uk.

Steps when working with a mortgage broker

We’ve created a short video to explain the steps when working with a mortgage broker.

You can visit our financial services page to book an appointment. The initial appointment is free and can be conducted over the phone, in branch or at your own home.

Can’t afford your first home? Think again!

Mortgage approvals also have hit an all time high at the end of 2018. This means that mortgage companies are willing to agree lots of deals for property buyers. If you’re worried that you may not get a mortgage then you could be wrong! Talk to our mortgage broker today to find out.

Got a complicated financial situation and need to know if you can get a mortgage?

Talk to us today – You can probably get a mortgage deal with bad credit or on a low income. We always give 110% to try and find you a mortgage deal – it’s what we’re here for! We receive a large amount of enquiries from those looking to buy their own home but cannot afford to do so because of low credit, debts or other issues. Whilst we cannot absolutely guarantee we can find a mortgage deal for you, we will certainly try every avenue we can.

Looking to book a mortgage advice appointment in Nottingham? Use the form below and we will call to advise or book an appointment.

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Buy to let mortgage advice

Nottingham is rated as one of the best cities for buy to let property investments. We offer free initial mortgage advice appointments to investors looking to buy to let on a regular basis. Whether you are looking to buy a house, flat, or swap your mortgage from a residential to a buy to let, we can help and provide local advice! Our mortgage brokers can also help with splitting your money across several mortgages in a process called Gearing. This would help you increase your property portfolio. Why not talk to our property sales team whilst you are here on a mortgage appointment? They can advise on some of the most lucrative investment properties available.

First time buyer mortgage advice

If you are a first time buyer looking to buy your first home then we can help. If you have no idea what to do when applying for a mortgage then our mortgage brokers will explain everything to you, there’s no need to worry about a thing. Whilst you’re chatting about your first time mortgage, why not chat to our sales team about Help To Buy schemes and see which first time buyer properties we have available to buy?

Self employed mortgage advice

It is a fairly common thought that those who are self employed may struggle to get a mortgage deal compared to those who are employed. This is often not the case though. If you are self employed and looking for self employed mortgage advice then we should be able to find a great mortgage deal available for you. Our mortgage advisor will be able to answer all of your questions and make recommendations based on your own financial circumstances.

Mortgage Calculator

You can also find out how much you could potentially borrow by using our Mortgage Calculator. By submitting just a few details our recommended mortgage broker will look over the details and find some of the best deals available to you.

You can also download our free mortgage advice e-book to explain the whole mortgage application process. It is definitely worth a free for all first time buyers.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home. 

Walton & Allen Financial Services: Mortgage Advice Nottingham. Walton & Allen are also estate agents and letting agents, Nottingham.


About our mortgage brokers in Nottingham

Our mortgage broker provides advice in our branch, however they are employed by another company.

Mortgage and Protection advice is provided through our association with the mortgage brokers at Premier Mortgage Services (Nottingham) Ltd. Their mortgage advisors have been providing advice for well over 20 years and have access to almost every lender. They also have some exclusive deals which wouldn’t be available if someone went direct. They also help clients from all over the UK and even have a broker based in London. There’s almost nothing they cannot do when it comes to helping you!

mortgage advisor nottingham

Our recommended mortgage brokers, Premier Mortgage Services, is a trading name of Premier Mortgage Services (Nottingham) Limited, which is an Appointed Representative of Stonebridge Mortgage Solutions Ltd. It is authorised and regulated by the Financial Conduct Authority (FCA).

Registered in England and Wales No 3476608. Registered office: 10 Derby Road, Stapleford, Nottingham, NG9 7AA.

Nottingham rental price rises still top across UK

Rents are rising at the fastest pace in three years, according to Zoopla. The average cost of renting rose by 2.6 per cent in 2019, with the average rent now at £886 per month.

The top 3 UK cities for rental price rises were Nottingham at 5.8 per cent, Bristol at 5.5 per cent and York at 5.0 per cent. The average rent in Nottingham now stands at £679 per calendar month.

Reasons for rental price increases

There are several potential reasons for rents rising. These include:

New Landlord legislation

Landlords have had to deal with several new costly legislation changes. This includes Energy Performance Certificate (EPC) changes, a restriction on mortgage tax relief and a 3 per cent stamp duty surcharge.

Nottingham Selective Licensing

The introduction of Selective Licensing in Nottingham has brought on new costs for Landlords. Licenses cost £780 for non-accredited Landlords and this is soon to rise to £890. Some property owners have increased the monthly rent to offset some of this additional expense.

Landlords may be selling up

Some Landlords are selling up with all the changes in legislation and the rising cost of letting a property in Nottingham.

This means there are lower amounts of available rental stock and tenants are willing to pay a premium to secure their dream rental home.

Tenant fee ban

The tenant fee ban came into place in June 2019. Whilst we have been careful not to pass on any additional costs to tenants, some agents have increased rents to cover lost income.

Rents still affordable

Although costs are rising, tenants are still able to afford to rent.

The last decade saw an average rental price rise of 27 per cent. This was almost exactly in line with the average earning growth at 26 per cent across the same period.

How much is your property now worth to let?

Considering letting your property? Want to know if your current buy to let is getting the maximum possible rent?

Use the form below to get an up to date rental valuation, or call our lettings team on 0115 924 3304.

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Considering updating your existing buy to let mortgage deal? Why get free mortgage advice in Nottingham?

EICR new rules in 2020

Subject to approval by the Houses of Parliament, Landlords will need to ensure electrical installation inspections and testing are carried out for all new tenancies in England from 1st July 2020.

Existing tenancies will have until 1st April 2021 to comply.

The Electrical Safety Standards in the Private Rented Sector state that Landlords must ensure every fixed electrical installation is inspected and tested at least every five years. This inspection must be carried out by a qualified person.

Landlords are also required to obtain a report following the results and provide it to their tenant(s) within 28 days. The Landlord must also keep a copy for their own records.

Current EICR rules

Currently, Landlords are not required by law to carry out an electrical safety test. However, we have always advised that these tests are carried out for the safety of tenants and to cover a Landlord in case any electrical problem arises.

Other EICR details

If required, the Landlord must supply the inspection report to the local housing authority within seven days.

In addition, the Landlord could be fined up to £30,000 if they fail to comply with the new regulations.

EPC warning

This is just one of many new legislative changes for Landlords. In 2018, Landlords had to ensure that a property EPC rating was at least an ‘E’ or above. It is expected that this will change to a ‘D’ rating within the next few years.

Confused about Landlord legislation?

Walton & Allen Letting Agents in Nottingham are always available to answer any questions regarding your property investment. We also ensure your property remains compliant to avoid any fines.

Talk to us today on 0115 924 3304 or use the form below.

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Independent Estate Agents Nottingham

Walton and Allen are one of the leading independent estate agents in Nottingham. We are also rated as one of the top 3 estate agents in the city by Three Best Rated. Here’s how we work for you.

Free Property Valuations

Need to know how much your house is worth? Our expert Senior Valuers are on hand to visit your property to value your property at the best possible price. Just get in touch to arrange a visit your home, at a time convenient to you.

You can call us to arrange a valuation on 0115 924 3304 or use the form below.

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Experienced sales team

Our sales team have over 50 years combined experience working in the Nottingham property industry. Once you instruct us they will will begin to market your property, book in viewings and negotiate offers. They will be in constant contact to ensure you receive expert advice, every step of the way.

You can reach them any time by calling our office or emailing salesteam@waltonandallen.co.uk.

Marketing your property

As estate agents we are always proactively looking to enhance property views for our clients.

Walton & Allen has a modern, digital approach to marketing. This is why we use window touch screens to showcase all of our stock. We also offer 360 virtual reality video tours. These are just some of the reasons why we are head and shoulders above our competition!

Best estate agents in Nottingham

Walton and Allen have been rated as one of the top 3 estate agents in Nottingham by Three Best Rated. We have been chosen for this award because of our value for money and excellent customer service.

About us

Walton and Allen are estate and letting agents in Nottingham. We provide property sales, lettings, property management and mortgage advice.

Walton and Allen Property Management collects rental payments and manages maintenance for our Landlord clients. Our block management division also maintains blocks of flats and residential estates.

Nottingham Selective Licensing Fee Increase

Nottingham City Council have announced that the fee to obtain a Selective Licence will rise in March 2020.

Landlords currently have to pay £780 for a 5 year licence if they wish to rent their property to tenants, or £480 if they are accredited by DASH or Unipol.

This fee is set to rise to £890, or £670 respectively.

Why is the fee increasing?

Nottingham City Council have stated that the current fees are not high enough to cover their overheads, despite having the highest Licencing costs compared to every other scheme in the country.

They are also experiencing a shortfall because approximately 15,000 Landlords are still yet to apply for a Licence and there appears to be no clear plan in place to tackle this.

Landlords are running a risk by not applying for a Licence. If you rent a property to tenants within the Nottingham City Council boundaries then it is a legal requirement to have a Licence in place. Failure to comply could result in a £30,000 fine. Tenants could also reclaim all their rental payments, backdated to 1st August 2018.

Rents rising as a result

Rents in Nottingham have risen faster this year than anywhere else in the country. Most suspect that this is due to the cost of obtaining a Selective Licence, passed from the Landlord to the tenants.

What should you do next?

Those who have already applied

There will be no increase in fees for you until you have to renew your Selective Licensing application. This will be 5 years from the date your application was originally submitted.

If you are yet to receive information on your application, do not worry. Nottingham City Council have not yet granted Licences to everyone who has applied.

Those who are yet to apply

Remember, you are at risk of being fined at least £30,000 by Nottingham City Council. We would recommend that you apply immediately if you rent your property to tenants within the City Council boundaries. Talk to us on 0115 924 3304 if you do not know what to do.

Find out more about Selective Licensing

Visit our Nottingham Selective Licensing hub to find out more about the scheme.

Block manager receives IRPM qualification

We would like to congratulate block manager Vanessa Hardy on passing her IRPM member status.

IRPM stands for the Institute of Residential Property Management and is the leading body for residential property management professionals. Their website states that their mission is to “raise standards in the management of residential property in the UK and provide individuals with independent professional accreditation”.

Vanessa has worked hard to pass a number of exams which will ultimately provide our block management clients with a top level of service.

Considering a new block managing agent?

Talk to our block management team to see how we can help to manage your building or estate. You can call us on 0115 924 3304 or email blockmanagement@waltonandallen.co.uk.