The Office

We will be working remotely with the team nipping in and out of the office. Therefore please communicate with us via telephone and email.

Viewings

Viewings have currently been placed on hold, however having our landlords and vendors best interests at heart we have managed to complete video tours on all properties for people to view them virtually at this time. Why not check out our video on: 3 Top Tips for keeping your property moving in lockdown?

Sales Progression

This will continue as normal

Renting a Property and Move-ins

For contracts already signed, move-ins will be completed remotely as planned. Any future rentals (will be at present) given a forward date of the end of April to move in, all being well. We are still taking applications for the properties viewed virtually.

Maintenance Issues on Rental Properties

To abide with the Government and to keep our contractors safe, any minor maintenance issues (except for external work) will be currently on hold until the lockdown is over. We have emergency assistance in place for any major repairs and issues. Gas safety checks have also been completed for the next two months to ensure we should not run into any issues.

Please be assured that we are still working and will do everything necessary to serve you well, to ensure all rentals and sales continue.  There is no question of financial difficulty with respect to our business and we fully intend to weather this “storm” and come out fighting at the other end.

We hope you all keep safe and well.

The post Coronavirus update for Landlords appeared first on Nikki Homes.

However, it’s obviously a topic that you as Stratford-upon-Avon buy-to-let landlords and homeowners are interested in …

So I am going to try and give you what I consider a fair and unbiased piece on what would happen if a hard Brexit takes place in March 2019.

After the weather and football, the British obsession on the UK property market is without comparison to any other country in the world. I swear The Daily Mail has the state of the country’s property market on its standard weekly rotation of front-page stories! Like I have said before on my blog, there are better economic indexes and statistics to judge the economy (and more importantly) the property market. If you recall, I said the number of transactions was just as important, if not more, as a bellwether of the state of the property market.

Worries that the Brexit referendum would lead to a fast crash in Stratford-upon-Avon (and national) property values were unfounded, and the growth of property values in Stratford-upon-Avon have continued to increase since the referendum in the summer of 2016.

In fact recent data shows Stratford-upon-Avon property market has seen an increasing number of people selling and moving and property values have continually risen at a healthy rate in over the last few years compared to the first half of this decade (2010 to 2015).

The average Stratford-upon-Avon house price has risen by 6.7% since the EU Referendum… 

…however with an average number of 158 houses sold each month in 2018, the projected number of property transactions this year is likely to finish close to 1,424 (i.e. the number of people selling their home)…which is just under half of transactions in 2017…and only slightly lower than the long term 12 year average of 1,996 transactions in the local council area.

*NB: Data for property transactions in 2018 only available up to July 2018 from HM Land Registry

It appears that there is a degree of uncertainty and hesitancy amongst Stratford-upon-Avon buyers and sellers as the March 2019 Brexit deadline looms. If there was a large economic jolt, that could be a different game, yet how likely is that?

The property market is mostly influenced by interest rates and salaries.

A hard Brexit would subdue wage growth to some degree, yet the level of the change will depend on the undetermined type of Brexit deal (or no deal).

If trade barriers are imposed as a result of a hard Brexit imports will become more expensive, inflation will rise, and growth will fall. Since Britain isn’t in the Euro this effect could be tempered by the exchange rate of the Pound against the Euro.

In plain language, a hard Brexit will be worse for house prices than a deal.

So why did the Governor of the Bank of England suggest a disorderly hard Brexit would affect house prices by up to 35%?

I mean it was only nine years ago we went through the global financial crisis with the credit crunch. Nationally, in most locations including Stratford-upon-Avon, property values dropped in value by 16% to 19% over an 18-month period. Looking at the previous graph, a similar percentage drop would take us back to the property value levels we were achieving in 2014.

And let’s not forget that the Bank of England introduced some measures to ensure we didn’t have another bubble in any future property market. One of the biggest factors of the 2009 property crash was the level of irresponsible lending by the banks. The Bank of England Mortgage Market Review of 2014 forced Banks to lend on how much borrowers had left after regular expenditure, rather than on their income. Income multipliers that were 8 or 9 times income pre-credit crunch were significantly curtailed (meaning a Bank could only offer a small number of residential mortgages above 4.5 times income), and that Banks had to assess whether the borrower could afford the mortgage if interest rates at the time of lending rose by three percentage points over the first five years of the loan … meaning all the major possible stumbling blocks have been mostly weeded out of the system.

So, what next?

Many Stratford-upon-Avon homeowners might wait until 2019 to move, meaning less choice for buyers, especially in the more desirable areas of Stratford-upon-Avon. For Stratford-upon-Avon landlords, tenants are also likely to hang off moving until next year, although I suspect (as we had this on the run up to the 2015 General Election when it was thought Labour might get into Government), during the lull, there could be some Stratford-upon-Avon buy-to-let bargains to be had from people having to move (Brexit or No Brexit) or the usual panic selling at times of uncertainty.

Brexit, No Brexit, Hard Brexit…in the whole scheme of things, it will be another footnote to history in a decade. We have survived the Oil Crisis, 20%+ Hyperinflation in the 1970’s, Mass Unemployment in the 1980s, Interest Rates of 15% in 1990’s, the Global Financial Crash in 2009…whatever happens, happens.

People still need houses and a roof over their head. If property values drop, it is only a paper drop in value…because you lose when you actually sell. Long term, we aren’t building enough homes, and so, as I always say, property is a long game no matter what happens – the property market will always come good.

Growth in UK property values as well as in Stratford-upon-Avon seems fated to slow over the next five to ten years, whatever sort of Brexit takes place.

*source: HM Land Registry – see here

The post Will Brexit Affect Stratford House Prices? appeared first on Nikki Homes.

1. Letting Agent 

I know what you’re thinking, letting agents and estate agents are dishonest good for nothing %$*@?….

Well to a degree you are right…but then again, this only accounts for a very small percentage of us in the industry. Trust me, there are letting agents who actually have passion for the business they do (*ahem* Nikki Homes) and care for your property the same way they care for their own. To a degree they make it personal only to protect your interest.

Having an agent like this is crucial. Here at Nikki Homes, not only do we take pride in what we do, we make it our highest priority to carefully vet and choose which tenant will reside in your precious investment.

Tenant selection is a crucial process and it’s important that comprehensive checks have been carried out. Having a reliable, trust worthy letting agent is therefore incredibly crucial to your business as a landlord.

Yes, you can head straight to Google and search for all the lettings and estate agents in the Stratford-upon-Avon area; we won’t stop you! But before you do, we want to tell you the best thing about working with us here at Nikki Homes. We aren’t just agents working on your behalf, we are landlords ourselves. This means that with our first-hand experience of the property industry our team are able to provide you with a unique service where you can talk to a landlady, not an agent!

2. The Insurance Company

You’d be shocked to find out how many landlords don’t even think about insurance because they see it as an unnecessary expense that ultimately eats into their bottom line.

If you’re one of them, quite frankly, you’re absolutely MAD!!!!

Have you ever thought that insurance policies are there to protect your bottom line profit instead of eating into it?

Well – if you haven’t thought about it like that, then think it and believe it!

It’s essential to have a policy that applies specifically to buy-to-let properties to cover a range of incidents, such as an injury to the tenant, damage to the property or any legal costs that might arise during repossession.

There are a tonne of insurance policies out there to choose from, so make sure you shop around.But let me help get you started.Find out more about landlord insurance here.

3. The Accountant

Remember, being a landlord is a business. And every business needs a reliable accountant to keep the books in order. Appointing a reliable accountant is also a very crucial element of you being a landlord when considering new laws regarding tax within the buy-to-let market; meaning things have just got a bit more complicated. Our advice: get a good accountant on your side to ensure you (a) are strategically protected from that famous tax man (b) have structured your business in ways that benefit you and your family.

4. The Solicitor

I bet your heart rate has just gone up a notch….

Well don’t worry. If you systemise your business well, you’ll only need a solicitor to help you expand your portfolio.

As a landlord, you need the ability to purchase those hidden gems quickly before other landlords or buyers beat you to the post. A solicitor who is quick and thorough at the same time is exactly what you need.

At Nikki Homes, we have our approved panel of conveyancers that we can recommend, all you have to do is give us a call and we will arrange a call back

Nikki Homes: 01789 532211

5. Handyman / Maintenance Contractors

For those of you that prefer not to use an agent to manage your property, having reputable trades people in your contacts list is priceless.

When your tenant emails, text or calls you with an issue, they want that issue sorted pronto. But it’s also in your best interest to get the issue sorted quickly since the longer you leave it an issue in a property, the bigger it can get.

We go by the saying;

Small Issue: small money 

Big Issue: best win the lottery

6. An Estate Agent

Estate agents are popping up everywhere, almost on every corner or even hidden in a virtual office.

The amount of agents I’ve seen pop up and go in the last 10 years…quite frankly I’ve lost count…Their purpose is to sell and let properties. That’s it.

But what most estate agents fail to grasp is they are also there to advise with no strings attached.

To a landlord, investor or developer, having an adviser who fully understands the needs of you and your business is an asset not to be taken for granted.

Without these such advisers, staying up to date with changes in the local market and making future investments can become much harder.

Well this is why you’re on the Nikki Homes blog. This blog is here to offer you an insight into the Stratford-upon-Avon property market. As well as articles specific to the historic values of prices in Stratford-upon-Avon we will have a variety of content offering our opinions about the current state of the market, so you can stay up to date and make informed decisions.

And yes, if you haven’t guessed this already – We are also an estate agent & letting agent ! 

Feel free to get in touch with us anytime.

www.nikkihomes.co.uk

Office 1 | Long Marston Road | Welford-on-Avon | CV37 8RA

01789 532211

7. Mortgage Broker

Alongside your letting or estate agent and accountant being your best business confidants, you’ll need a mortgage broker to join your group.

Mortgages are by far the biggest financial risk anyone can take on. It’s therefore incredibly important to work with a good broker who both has access to the market and is able to source the best deal out there for you.

Remember there are different types of property investments so you need a product that suits you best.

Here at Nikki Homes, we work with a panel of trusted brokers who are always available to our clients.

8. A Property Manager

In all honesty, a property manager should fall into the same contact as your letting agent. Today nany letting agents will not only find you tenants, but also offer a complete property management service. A great management service is probably the most important aspect of your business since your crucial investment will require ongoing management. Management services typically include:

• Collecting rent from tenants
• Ensuring rent is paid on time
• Regular inspections of the property to ensure it’s being maintained well
• Tackling any issues, as they arise quickly, to avoid hefty cost to you
• Preventing your investment value from decreasing due to poor conditions

One major factor where values can drop is the condition in which the property is left and the costs to bring it up to scratch again.

At Nikki Homes in Stratford-upon-Avon, we understand the importance of this which is why our clients benefit from all the above working with us.

As mentioned at the beginning of this blog, our team are landlords themselves. Between us, we have years and years of first-hand experience within the industry which we are able to share with our clients.

So remember…

‘speak to a land lady, not an estate agent’

Thank you for reading our blog – we hope it has been beneficial to you and we wish you the best when entering the exciting world of property.

If you need assistance or simply want to chat about your property – get in touch with us:

T:         01789 532211

W:       www.nikkihomes.co.uk

The post Eight Contacts Every Landlord Needs appeared first on Nikki Homes.

Over the last 12 months 853 households have changed hands in Stratford-upon-Avon, interesting when compared with the 10-year average of 787 households per year.

Yet, for the purpose of this week’s article, I want to discuss the pricing of the current crop of Stratford-upon-Avon’s property sellers and the prices they are asking for their homes and the prices they are achieving (or not as at the case may be). It is so important for all property owners to know the real story, so they can judge for themselves where they stand in the current Stratford-upon-Avon housing market, thus enabling them to make suitable and informed decisions… and that is why, in my blog about the Stratford-upon-Avon property market, I pride myself in telling the people of Stratford-upon-Avon the real answers, not just the ones they want to hear.

The national average of homes selling at or above the asking price currently stands at around 10%, so around 90% go below the asking price – but by how much? Well according to Rightmove, in the Stratford-upon-Avon area, the average difference between the ‘FINAL asking price’ to the price agreed is 2.5% … yet note I highlighted the word FINAL in the last statement.

You see some Estate Agents will deliberately over inflate the suggested initial asking price to the house seller, because it gives them a greater chance to secure the property on that agent’s books, as opposed to a competitor. This practice is called overvaluing. Now of course, each homeowner wants to get the most for their property, it is quite often their biggest asset – yet some agents know this and prey on those house sellers. You might ask, what is the issue with that?

Well, you only get one chance of hitting the market as a new property. Everyone has access to the internet, Rightmove and Zoopla etc, and your potential buyers will know the market like the back of their hand. If you have a 3 bed semi that is on the market for a 3 bed detached house price.. those buyers will ignore you. Your Stratford-upon-Avon property sticks on the market, potential buyers will keep seeing your Stratford-upon-Avon property on Rightmove each week, then start to think there is something wrong with it, dismiss it even further, until you, as the house seller have to reduce the asking price so much (to make it appear inexpensive) to get it away. According to our own research, the average house buyer only views between 4 and 5 houses before buying – so don’t assume viewers will come round your optimistically priced (i.e. overvalued) property, thinking they will knock you down – no quite the opposite!

So how widespread is overvaluing in Stratford-upon-Avon? The results might surprise you …

Since September 2018 a grand total of 211 houses have reduced their asking price!

So, all I ask is this…be realistic and you will sell at a decent price to a decent buyer. First time – every time – enabling you to move on to the next chapter of your life.

The post Why Stratford Home Sellers are Reducing Their Asking Prices appeared first on Nikki Homes.