Category: (3)

FOLLOWING THE OUTCOME OF THE EU REFERENDUM, THE RESIDENTIAL PROPERTY MARKET IN LINCOLNSHIRE HAS COMPLETELY CHANGED DIRECTION IN A MATTER OF HOURS.

Over the last two months, the uncertainty of the outcome had previously resulted in a dramatic fall in properties coming onto the market and offers being made due to prospective buyers and sellers waiting to see what the outcome would be.

That uncertainty has now been extinguished and the public, no matter which way they voted, have now come to realise that we will remain in the EU for another two years or so. This means that very little will change for quite some time to come. The ‘bottleneck’ of stifled enquiries from both buyers and sellers has suddenly alleviated and Mount & Minster estate agents have reported a huge influx in a matter of hours with enquiries from homeowners requesting a valuation of their property.

Lincoln Property PricesRalph Wyrley-Birch BSc (Hons) MRICS MNAEA, Managing Partner at Mount & Minster, says: “This is extremely encouraging and great news for those seeking to sell their home in our region. It is only natural that people should remain cautious in the lead up to the vote. Selling one’s property is an extremely important process and can make a huge difference financially in its timing. Now that we know the result and the fact that it will take a long time for anything to happen, vendors are now making the first steps to getting highly qualified, professional advice as to the best means of marketing their property and realising the optimum value.

“What we have witnessed today is a dramatic increase of clients wanting to make up for lost time and sell their property quickly and for the best price possible. The sudden surge in enquiries is promising and can only lead to an improvement in the market throughout Lincolnshire.”

SHOULD YOU WISH TO DISCUSS THE SUCCESSFUL MARKETING OF YOUR PROPERTY THEN PLEASE CONTACT MOUNT & MINSTER ON 01522 716204 OR VISIT WWW.MOUNTANDMINSTER.CO.UK

How to avoid chains

New research from a major uk Mortgage Adviser has found that around 28% of homebuyers have had a house purchase fall through after their offer was accepted, on average losing £3,000 as a result.

Lincoln estate agentsThe survey of 2,000 homebuyers – who bought their home in the previous two years – found that it takes over 4.5 months on average, from starting a property search to having an offer accepted. However, 28% of purchases fell through after that point, a huge proportion of which were unfortunately listed with online estate agents.

Of those who had lost money and knew how much they were out of pocket, the average loss was £2,899. This included conveyancing, survey, mortgage valuation or brokerage fees paid and not recovered.

Many homebuyers experience failed transactions due to poor communication and pro-active work from their agent. Online estate agents often do not have the expertise and qualifications of more professional, local estate agents as their staff are thin on the ground locally, and the majority nationally sit in a call centre carrying out an administrative roll.

Mount & Minster gives the following top tips for buyers to help avoid long or complicated chains and increase the chance of a successful transaction:

1. It’s worth considering selling your property and moving into short-term rented accommodation or with family or friends. You’ll then be a chain-free cash buyer, which you can use to your advantage when making an offer as you’ll be much more appealing to the vendor.

2. If you’re buying and can afford to be picky, look for properties where the upward chain is short or, even better, non-existent – for example if the vendor owns it as a second home and doesn’t need to find somewhere else to live.

3. New-build homes have no upward chains for obvious reasons – and if you’ve got a property to sell, the developer may offer part-exchange, meaning they’ll buy your old property to help speed things up.

4. If you’re in a hurry, try and get the vendor of the property you’re buying to agree to a date by which they are prepared to move out, whether they’ve bought somewhere themselves or not. Vendors will sometimes agree to move into rented accommodation to avoid risking the deal falling through.

Gethyn Evan, an Associate at Mount & Minster, said: “No one wants to see their dream property slip through their fingers, particularly if it leaves you out of pocket, but there are steps you can take to ensure you are in the best possible position. The best way to protect yourself from your purchase falling through is to avoid a lengthy chain. With the right preparation and research, including getting your finances in order prior to making an offer, you can avoid complicated chains and improve your chances of success.”

You don’t get a second opportunity at making that important first impression. Give your garden a pre-sale maintenance makeover. Mount & Minster have a simple six-step plan to help maximise the impact of outside space when selling your property.

Lincolnshire Estate AgentsWhen you’re preparing a property for sale it’s important to ensure that your pre-marketing assessment is as diligently applied to the outside of the property as it is to the inside. It’s very easy to forget the importance of the gardens and any external buildings but they can directly affect both a property’s appeal and its value potential.

1. Neat, tidy and trim

Overgrown gardens will be visually underwhelming to prospective purchasers, so it’s important to ensure your outside space is neat, tidy and trim.

Make sure overgrown foliage is cut back, paying particular attention to oversized trees and shrubs that can dominate the space. Likewise, trim back overgrown hedges so they look their best.

Win the war on weeds too. An abundance of weeds will reflect badly on the property (and its owner) and give the impression of a lack of commitment and care.

2. Front of house

You don’t get a second opportunity at making that important first impression so pay particular attention to front gardens, pathways and driveways.

These are the gateway to the property and will be the opening scenes that greet potential buyers when they arrive for a viewing. Remember, too, that external shots of the property are the first things buyers will see in your marketing material.

3. Lovely lawns

A luscious lawn can really lift the look of an outside space. And the larger it is the more impact it will have, whether that be good or bad.

Whatever its size, however, before marketing your property all lawns should be mown, re-sown if necessary, plus de-thatched. If you have particularly damp soil with poor drainage there is a higher chance that you will have moss growing within the lawn but there are many topical treatments available to help remedy this.

4. Flower power

Don’t undervalue the power of flowers. They add interest, colour and texture to a garden, as well as fragrance and height. Colourful flowers, shrubs, plants and climbers paint a vibrant picture, both for the buyer during the viewing and, on a practical level, for your marketing material.

If you haven’t got borders or beds, consider adding splashes of colour through the clever use of pots and containers in order to create the same pictorial effect.

5. Fenced and framed

One of the most commonly overlooked areas when giving gardens a pre-sale makeover are the boundaries, yet they are probably one of the most important aspects. They frame your outside space and are vital to its overall appearance, plus they offer added security to your home too.

Poorly defined boundaries can also raise questions about the neighbours, your relationship with them, whether they’ve got any pets and who is responsible for what. They can also make a potential buyer question what other aspects of your property aren’t being looked after either!

Assess your boundaries now, ensuring that any trellis, fence panels or posts are secure, wood is appropriately treated and stonewalls are sufficiently pointed and structurally sound.

6. Maintenance matters

Many purchasers will want to see that an outside space will be cost-effective for them moving forward and low maintenance for their tenants too, but always be mindful of the type of property you’re selling and the target tenancy. Not all tenants will have green fingers but not all properties will lend themselves to a low maintenance outside space either. This will be driven entirely by the size of the property and its number of bedrooms.

Established gardens, for instance, are likely to be attractive to the family market, yet smaller two-bed properties usually benefit from low maintenance spaces where the tenant has to commit less time to the garden.

For further advice on marketing your property to its best potential, please contact James Ward on 01522 716204.