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.
Nottingham house prices are likely to rise dramatically – by as much as £35,000 in the next 5 years. This is according to a report publicised today by the Mail Online.
The report states that the average house price in the East Midlands is currently £165,000 and should rise to £229,000 by 2024. This is an increase of 18.2 per cent.
The average rise across the country is only predicted to be 15.2 per cent, meaning Nottingham sits above average yet again for property price growth.
The expected highest performing area of the country for price growth is the North West at 24 per cent.
It is worth noting that this predicted growth is based on an ‘orderly exit’ from the EU and a non significant change in policies following the general election. It is also assumed that interest rates will increase from 0.75 per cent to 2 per cent by 2024.
Walton & Allen Estate and Letting Agents are now regulated by Propertymark. You will see the ARLA and NAEA logos across our website which now emphasises our focus on consumer protection.
What is Propertymark?
Propertymark is the UK’s foremost professional and regulatory body for estate agents and letting agents. It represents over 9000 members. Propertymark regulates us as an agent by ensuring your money held by us is kept safe at all times.
ARLA stands for the Association of Residential Letting Agents and NAEA stands for the National Association of Estate Agents.
What does being a member of Propertymark involve?
Our membership includes:
Client money protection scheme
Regular industry training
Government approved redress scheme
Regular updates on legislative changes
Professional indemnity insurance
Benefits of choosing a Propertymark protected agent
There is no mandatory regulation for estate and letting agents. This is why it is important to choose one who are happy to be part of a voluntary scheme such as Propertymark. By doing so an agent demonstrates transparency and provides evidence that they are at the forefront of all developments within the property industry.
So, how does using a Propertymark protected agent benefit you?
Integrity – Propertymark agents are experienced and trained professionals who abide by a nationally recognised code of practice
Complaints Procedure – Handled by independent ombudsman services and regulated by Propertymark
Peace of Mind – We hold all the correct insurance and protection to give you peace of mind
Compliance – Registered with HMRC to ensure compliance with money laundering regulations
We analyse Nottingham property prices this summer and see how they fair against other UK cities.
Property prices this summer
Nottingham property prices have increased by 4.7% over the last 12 months according to Hometrack. This puts the city at joint third in the country once again for growth, alongside Cardiff. The cities which performed only slightly better were Liverpool at 4.9% growth and Edinburgh at 5.1% growth.
In addition, Nottingham was fourth in the UK for property price growth over the last 3 months. Prices grew by 2%.
How prices have changed
If you bought a property for £250,000 12 months ago, it could now be worth £261,750. If you bought a property for £500,000 you could have made £24,500 in a year!
General property market activity
According to Rightmove, there is robust selling activity in the lower and middle ends of the market. Many new properties are coming to market over the summer period and there is a strong rise in mortgage approval rates.
The East Midlands still has one of the quickest average times to sell across the country. This currently stands at 59 days which is just behind the West Midlands at 56 days. As a comparison, London has an average time to sell of 67 days and the north east of England stands at 76 days.
How much is your property now worth?
Find out how much your property is worth by filling in the form below. Alternatively, you can speak to our Senior Valuers by calling 0115 924 3304.
Getting on the property ladder is the primary goal of many under 35s (and some over that age too). It has become more common to rent for long periods of time before putting down routes. Whilst there are several reasons for this, what you really want to know is how you can obtain your first home. It may seem like an impossible dream, but there are several schemes in places that can help you buy a home so we’ve summarised a few of the most popular below.
We also recommend booking an appointment with our dedicated mortgage advisers, who independently look at the whole of market to find a great deal that matches your circumstances. You can book a mortgage advice appointment here now.
Receive instant advice and see if you can actually afford your own home!
Click our purple chat button during weekdays, or leave a message! We’re here to offer advice and we wont try to sell you anything, we promise.
So how can you afford your own home?
The first thing to do if you don’t think you can afford your own home is talk to a mortgage advisor. Our team are rarely not able to find a mortgage for someone, even if they have a low desposit or a number of debts.
Why not talk to someone today, for free? It only takes 5 minutes and we can respond via phone, email or in person. Appointments are free of charge and can be made at almost any time to suit you. You’ll be surprised at what you can potentially afford even in your current situation and you may be putting an offer in on a house in no time at all.
Be quick though! Mortgage interest rates are expected to rise soon and deals could change.
Some of the below schemes may help you in affording to buy your first house.
Help To Buy Scheme
You own a share of the property and can increase it over time
Pay rent on the part you don’t own
Own with a smaller deposit
Help to buy is an affordable home ownership scheme launched by the government. In a nutshell you will only own part of the property and pay rent on the rest. This scheme is most popular amongst those who can afford to pay a mortgage but can’t afford to save up a substantial deposit. It enables you to buy a percentage of the property (for example 25%) which means you can buy with a much smaller deposit. For example on a £100,000 property this would mean a deposit of only £2500 for a 25% share. Whilst you pay into your mortgage you can set aside a little each month to save for a larger deposit, or you can increase your mortgage once you’ve paid some of it off. You can eventually extend your share to 100%. It’s an excellent way to get on the property ladder if you’re struggling to save your hard earned money. And the best part is, although you’ll be paying rent on the part of the property you don’t own, you’ll still be building up equity in the part you do own.
Help To Buy ISA
Get up to £3000 towards your first home
For every £200 you save the government gives you £50
For first time buyers aged 16 and upwards
Couples can each have an HTB ISA
Used on property costing under £250,000 or £450,000 in London
The help to buy ISA was introduced in the UK last December. The aim of the scheme is to give first time buyers a helping hand towards getting a mortgage and rewarding you for your diligent saving at the same time.
You can open the account with a maximum deposit of £1000 and you may save up to £200 every month thereafter. You will be given a maximum of £3000 which means if you can save £12000 you will be eligible for the maximum bonus amount giving you a deposit of £15000.
Couples are treated separately so if you and your significant other choose to buy a house together you will both be eligible for the bonus and have double the money to put towards your mortgage.
Own your own home with a smaller deposit
Typically higher interest rates
Deposit of at least 5%
Whilst this isn’t technically a scheme, the availability of 5% mortgages has become more and more common over the last few years. Because many would be first time buyers rent, they have less disposable income to put towards a deposit.
The 5% mortgage makes owning a home more accessible than ever. There are some drawbacks with this method, you are likely to pay a higher interest rate because of your loan to value ratio; however it will afford you the opportunity to put money into your own home rather than spending it on rent.
You can then formulate a plan to save a further deposit and overtime you can pay off chunks of your mortgage and potentially reduce your interest rate.
Many first time buyers do this and accept a mortgage with the maximum term length and high interest rates. The reason for this is the monthly repayments become less and when they receive a pay rise or save up a large sum of money, they are then in a position to renegotiate their mortgage for a lower rate and a shorter term. A very sensible move. Not all banks offer a 5% mortgage though and some may demand a guarantor so be sure to do your research.
Find out if you can actually afford your own home
Fill in your details for us to offer some free advice, no matter where you currently live or what your current financial status is.
In recent reports, The BBC, The Halifax and The Guardian are reporting the biggest jump in house prices in April 2019 for the last 2 years.
The Halifax, part of Lloyds Banking Group, the biggest mortgage lender in the country, reported: Prices have risen 5 per cent in the three months to April, compared with the same point last year. This is the fastest annual growth rate since February 2017.
In the three months to March 2019 prices were only growing at 2.6 per cent.
So what is the reason for the increase?
Some say that Brexit has negatively affected house prices. Others say that as the London housing market has stalled, the rest of the country has benefited.
The reality is there is still a shortfall of around 2.5 million houses across the UK. Demand remains high for both property ownership and buy to let investment.
Mortgages are still readily available with interest rates continuing at an all time low.
Average house prices increased
The Halifax also reported that average house prices hit a low of £154,663 during the 2009 financial crash. Since then, average prices have increased by £81,956. A whopping 53 per cent!
Signs of a healthy housing market
Although the current political client is still uncertain, the housing market remains strong and healthy. If anything, these figures show that buyers and sellers remain defiant and wish to continue as usual with moving home.
Nottingham housing market
Nottingham house prices are continuing to grow month on month. The city has seen a house price increase every month for a number of years. Nottingham has been in the top 3 cities across the whole of the UK for price growth throughout almost all of 2019.
You can read more about this in our latest blog post.
How much is your house worth?
If you are looking and moving home then take advantage of this large price rise. Find out how much your house is worth for free by using the form below or calling 0115 924 3304.
We operate a no sale, no fee policy. If you instruct us to market your home you will not pay a penny until you sell.
Spring in the UK is define as March, April and May. So why is this the best time to sell?
The reasons for selling your house in spring
It is thought that the main reason for selling in Spring is because Christmas is out of the way completely. Home owners tend to have more disposable income by this point and nothing major in their diaries for the coming weeks.
The second reason for selling in Spring is that most people are not yet on their summer holidays. There tends to be a slight slowdown when people are preparing to go away, especially with buyer enquiries. This is generally because they are thinking more about the beach than they are about a new home!
Spring is also a great time to sell because your property looks great. Gardens are beginning to bloom and photographs look good in the bright sunlight. The fact the sun is out for longer also helps when viewings are taking place – Viewing a property in the dark can make it feel less appealing.
Make hay whilst the sun shines!
The internet has smoothed out the annual peaks and troughs of the housing market. The only slow month tends to be December when people’s minds are on the festive period. Therefore, now the sun is shining, there is no better time to sell.
Selling your home in spring 2019
Some buyers and sellers have been holding off during the first part of 2019 due to political uncertainty.
It is now clear that Brexit has had very little effect on the Nottingham housing market, with people giving up on waiting for a resolution.
Although there has been a lot of negative press on the housing market, there is little or no evidence to suggest that leaving the EU will have a negative effect on the housing market.
Nottingham house prices are continuing to grow month on month. Why delay?!
Considering selling this spring?
Find out how much your house is worth for free. You can do so by filling in the form below or calling our Senior Valuers on 0115 924 3304. We operate a no sale, no fee service so you will not pay a penny until the property is sold.
Our latest property price report is here and Nottingham still sits top for property price growth across the country.
Nottingham property price growth
Following the latest report from Hometrack, Nottingham is once again third for property price growth across the whole of the UK.
Property prices in the city are up 1.4% in the last three months, making the average Nottingham property price £153,700. In addition, property prices were up 0.6% in the last month alone in Nottingham.
This puts us in joint third for price growth, along with Manchester and Sheffield.
Above Nottingham was Newcastle with 1.8% growth over the last three months and top was Liverpool with 2.4% growth.
If you bought a home three months ago at £200,000, it could now be worth £2,800 more already!
The UK property market as a whole
The UK property market is looking positive, despite the current political climate. More sellers are bringing their property to market than this time last year according to Rightmove.
This is closing the gap between huge buyer demand and a shortage of available properties which we reported on a few months ago.
Many people are taking advantage of the great mortgage deals on offer as interest rates have generally remained the same.
Money saving expert Martin Lewis has reported on some of the best 5 year fixed rate mortgage deals since March 2018.
Lenders are now offering deals with interest rates below 2%. If rates go up after Brexit this could be a great result for home owners who have switched to these deals.
As always, mortgage deals are different for everyone so please check with a qualified mortgage broker before you switch. You can talk to our recommended broker free of charge by calling 0115 924 3304.
How much is your property worth?
What is your property now worth since prices have risen? Find out by calling us on 0115 924 3304 or using the form below.
With the large influx in buyers now may be a good time to sell.
We release our latest report on Nottingham house prices, spring 2019.
Nottingham house prices continue to grow.
Over the last three months Nottingham house prices have steadily increased by 0.3%. This means that in the last 12 months the city has seen growth of 4.4%.
The East Midlands as a whole has also seen good growth. Prices have increased 0.6% since last month and the region is still one of the quickest throughout the whole of England when it comes to agreeing a sale.
Rightmove state that average agreed sale time is 65 days, only beaten by the West Midlands at 61 days.
Is Brexit affecting the housing market?
It appears that Brexit is now having little to no effect on the housing market. House prices are still growing and housing transactions are still strong.
Transactions are always a good indicator for how the market is holding up and HomeTrack and Zoopla report that there is no obvious impact across the country. Transaction volumes over the last year have remained in line with the 5 year average.
Phil Spencer’s take on Brexit
Television personality and property expert Phil Spencer has also had his say. In an exclusive interview with the Daily Express, Phil explains that there will now probably be no change at all in the housing market, whatever the outcome of Brexit. Phil goes on to explain “I think Brexit’s already had its effect to be honest”.
The housing market in Nottingham continues to outperform most of the country, making it ideal for investors and home movers. Prices are still affordable for first time buyers and mortgages are readily available.
The time it takes to agree a sale and move in to a new property is also very positive.
Time to look at selling your property?
Find out today how much your property is worth and see how we can help you sell. Call us on 0115 924 3304 or use the form below.
If you’re a first time buyer looking for a 5% deposit mortgage then you’re in luck. Rates have fallen dramatically for low deposit mortgages according to What Mortgage.
Research by moneyfacts.co.uk shows that rates on a 5% deposit mortgage are currently at 3.30%. This is compared to rates of 4.19% which were recorded in October 2017.
How will this 5% deposit mortgage rate help first time buyers?
These days most first time buyers struggle to save a large deposit. This is why the 5% deposit mortgage is so popular.
Previously, those looking to get a mortgage with a low deposit where subject to higher interest rates. This means that the monthly repayments were usually higher.
Now that rates are falling this should mean that mortgage repayments for first time buyers are a little lower.
5% deposit affordability is still strict
Whilst this is good news for those looking to get a mortgage with a low deposit, What Mortgage reports that affordability is still strict. First time buyers will still have to jump through several hoops to ensure they can afford a mortgage.
The best advice would be to speak to a mortgage broker to find out if you could be eligible to get a 5% deposit mortgage with a low rate. You can talk to our recommended mortgage broker free of charge by calling 0115 924 3304 or use the form below. He will be able to advise you either over the phone or during an appointment in person.
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.