What's happening this month?

What's happening this month?




<span style="font-family: 'Century Gothic', AppleGothic, Helvetica, Arial, sans-serif; font-weight: bold;"><strong>Surge in homeowners keen to move this year</strong></span>

 

 
COVID-19 has caused a major shift within the property market regarding buyers’ and sellers’ attitudes.

According to a recent survey of 1,000 homeowners, as many as 26% are considering moving within the next year.*

So, what are the reasons for homeowners wanting to move?

After a year of restrictions and confinement, we've all had more time to reflect on the way we live and use our homes.

Considering that 55% of respondents directly linked their reason for moving to COVID-19, we can see just how extensive the situation is, with many households finding that their property no longer fits their lifestyle or needs.

As well as desiring a bigger garden space, other important factors include finding somewhere with:
 
 
Natural light (15.8%): introducing natural light into your home reduces stress and anxiety, boosts immune systems and increases happiness through the production of serotonin – the feel-good hormone.
 
Whilst these are just some of the core benefits, they are the most relative as to why homeowners are seeking homes with plenty of natural light.
 
 
A home office (13%): working from home has given many of us the opportunity to see remote working as a long-term norm.
 
By working at home, families are able to share the responsibility of childcare and spend more time together that would have otherwise been spent separate.
 
 
 
A home gym (11.9%): the initial lockdown caused a rift in the country's health and wellbeing, pushing many to implement home workout measures in order to stay fit, active and fulfilled.
 
The reality is that a lot of people won’t feel comfortable returning to their regular routines for some time, minimising possibly high risk locations such as gyms for a safer alternative, choosing to exercise from home instead.
 
 
 
 
Chief Executive of IDSystems concluded that: “2020 has been a year of frustration and uncertainty for homeowners, with many now feeling the need to make big changes, either by moving out of the city or maximising their existing spaces.
 
Through the challenges and restrictions people have faced, it is clear that British homeowners are not afraid to make big decisions to ensure their homes are providing the best possible environment for work, study and relaxation.”
 
 
If you're feeling fed up and in need of a change, we'd invite you to browse our range of stunning local properties. Contact us today for more information.
 
 
*IDSystems
 



<span style="font-family: 'Century Gothic', AppleGothic, Helvetica, Arial, sans-serif; font-weight: bold;">Your guide to understanding your property's value</span>

 
If you are planning to sell or rent your property, then it’s important to get an accurate estimate of how much the property could be worth.

To give you an agent's perspective of what that involves, we've provided some of the key take-away points below.


Market value

Firstly, knowing how much your property is worth is more commonly known as its 'market value', which relates to the price a buyer is willing to pay when considering local and national market conditions.
 

What impacts the value of your property?

The value of your house can be determined by a variety of factors, such as any recent changes to the property or your neighbourhood.

Some of these factors may also include the size, location, amenities, condition and the asking price of similar houses nearby, so it's always beneficial to talk to a local agent with familiarity selling in your area.


The difference between market value and asking price

Valuing your house accurately is one of the most important parts of the process.
 
Bringing your home onto the market with an asking price that is too low could mean you receive offers below market value.

Whereas if the asking price is too high, you may not receive any offers at all, causing time delays and market stagnation as the ideal buyers are put off a home that falls outside of their price bracket.
 
So, whilst it can be tempting to instruct an agent based on who is offering the highest value, the risk of this is that you may need to gradually reduce your price anyway to reflect the property's actual market value.
 

How much could your house really be worth?

The best way to see how much your house is worth is through a combination of tried-and-tested
methods.
 
Over lockdown, it would be advisable to begin by referring to online house price calculators and valuation tools, as these will provide a guide based on Land Registry Data. 
 
However, it's important to bear in mind that for the most accurate and up-to-date valuation, you should organise time with an agent, as an in-person appraisal will guarantee any recent developments to your home are taken into consideration.


If you’re thinking about putting your property on the market, book a valuation with our team today.
 
 
 



Durrants announce £20,000 funding for local charities

Durrants Announces £20,000 Funding for
Local Charities

Leading Norfolk and Suffolk property and consultancy firm Durrants is delighted to announced new funding of £20,000 available for local charities and community projects.  Grants of up to £2,000 are available and applications must be submitted by 31st March 2021.

George Durrant & Sons Limited provides a range of agency, professional and consultancy services across the residential, commercial and agricultural property sectors and has played its part in the community since it was established back in 1853.  Over the years Durrants has supported many local events and community projects including the work of East Anglian Air Ambulance; YANA, a rural mental health charity and Clinks Care Farm near Beccles, which provides disadvantaged people the opportunities to work and learn a variety of agricultural roles including working with livestock, carpentry, market gardening and more.

 

The Durrants Charitable Foundation has been set up to formalise the company’s support for local community and charity projects and this year a fund of £20,000 is available with applications for grants of up to £2,000 being accepted until 31st March 2021. 

 

Dominic Parravani, Managing Director for Durrants said, “Being an active part of the community in which we do business is very important to us, and in these unprecedented times, it is more important than ever to show our support.

 

The Foundation aims to support projects in the areas of Beccles, Diss, Halesworth, Harleston and Southwold, where we have offices.  Perhaps a local school needs devices for remote learning, a sports club needs new equipment, or a new community event needs financial support getting off the ground.  These are all examples we would consider supporting through the Foundation.”

 

A recent beneficiary of Durrants funding is Baby Basics, a Lowestoft based organisation that works with midwives, health visitors and other professionals to provide moses baskets and starter kits to vulnerable families in Lowestoft and the surrounding area. Leah Smith, Durrants employee and volunteer for Baby Basics commented, “We are delighted to have received the support of Durrants.  This will make such a big difference to many vulnerable families in the area.”

Full details of how to apply for funding and terms and conditions are available here.



Our latest interactive property magazine

This edition of our property magazine contains a selection of our properties. There are 104 homes for you to look at, and one of them may be the home you've been searching for.
 
To view full the full e-zine, click the front cover or the button below.

Click here to read Our latest interactive property magazine.



Keep the home fires burning

In his spring 2021 Budget the Chancellor of the Exchequer, Rishi Sunak, has chosen to keep the fire under the property market well and truly alight.  Read the views of our Managing Director and Head of Residential Sales, Dominic Parravani.

Click here to read Keep the home fires burning.



Bedroom presentation to sell your home

Bedrooms are meant to be a place of tranquillity, calm and most importantly, a good night's sleep. This may not be the reality for everyone, especially in these times when more of us are working from home and having to hide ourselves away in our bedrooms for important and uninterrupted calls and Zoom meetings, but if you're trying to sell your home, presenting it in the right way is an absolute must.

Click here to read Bedroom presentation to sell your home.



Your quick guide to re-mortgaging

Durrants is proud to partner with the Mortgage Advice Bureau to offer you the best advice on mortgages and the financial aspects of buying and selling your home. Here’s their very useful guide to re-mortgaging and product transfers

Click here to read Your quick guide to re-mortgaging.



<span style="font-family: 'Century Gothic', AppleGothic, Helvetica, Arial, sans-serif; font-weight: bold;">Landlords urged to comply with electrical safety regulation or risk fines</span>

What are the new electrical safety standards?

The new electrical safety standards require landlords to ensure the safety of all electrical wiring and fixed electrical installations are tested and signed off for each of their properties.
 
If the test highlights any investigative or corrective work, the landlord has 28 days to rectify the issue.

What exactly needs to be tested?

The fixed electrical parts of the property.

• Wiring
• Socket outlets
• Light fittings
• Fuse box
• Showers
• Extractor fans

What does not need to be tested?

The new regulations state that the tenant is responsible for portable electrical appliances and therefore tests on these items are not required.
 
However, it is recommended that the landlord carries out tests on the portable appliance items they provide for good practice.*

When will the new standards be enforced?

For existing tenancies, an electrical safety test will need to be carried out by 1st April 2021.

For new tenancies, all electrical installations must be tested before the tenancy begins.

Who can carry out the electrical safety test?

Only a qualified electrician can carry out the test. Guidance for choosing a competent tester:

- Electrical Safety Roundtable
- Registered Competent Person Electrical single mark and register

What do you need to do as a landlord once the test has been completed?

- Provide a copy of the electrical safety report to each tenant in their existing properties within 28 days of the inspection.

- If requested, provide the local authority with a copy within seven days.

- Supply a copy of the safety report carried out to the electrician conducting the next safety report.

- Provide a copy of the most recent report to any new tenants.

- If requested, provide a copy of the most recent report to any new prospective tenants within 28 days.

- Electrical installations must then be tested every five years.

What happens if landlords do not carry out corrective work highlighted by the report?

The local authority has the right to enter the property (with the tenant's permission) to rectify the problem and will notify the landlord of this action.
 
The local authority can then bill landlords for the cost of any work completed by them.
 
If any issues highlighted within the report are not rectified within 28 days, landlords will potentially be faced with a fine of up to £30,000.

Landlords have the right to appeal to the First-tier Tribunal against any decision of the local authority.
 
Due to current restrictions with the pandemic, many within the sector are concerned about ensuring their compliance in time with qualified help.
 
If you'd like to talk about this in more detail, visit our website or learn more about our services for landlords.

*GOV.UK