On 26th March 2020 the UK government released official guidelines for those buying/selling a property or moving home during these unprecedented times. Below are answers to some of your frequently asked questions.

If you have any specific enquiries please email info@nppresidential.co.uk

Have property transactions been banned?

Absolutely not. In line with wider guidance, the government has urged everyone involved in a property sale to work within and adapt to new restrictions around social distancing and self-isolation. So much of our business can be done online, though, and we actively encourage you to enquire as normal during this time.

Do I need to pull out of an existing transaction?

There is no need to pull out of transactions, we all need to ensure we are following guidance to stay at home and away from others at all times, including the specific measures for those who are presenting symptoms, self-isolating or shielding.

Can I still exchange contracts?

Yes.

If the property you are purchasing is unoccupied you can continue with the transaction. This will be the case with our new homes and off-plan properties.

If the property you are purchasing is currently occupied, it is recommended that all parties should work to either delay the exchange of contracts until after the period where stay-at-home measures to fight coronavirus (COVID-19) are in place, or include explicit contractual provisions to take account of the risks presented by the virus.

Are mortgage offers still valid if completion is delayed?

UK Finance have confirmed that, to support customers who have already exchanged contracts for house purchases and set dates for completion, all mortgage lenders are working to find ways to enable customers who have exchanged contracts to extend their mortgage offer for up to 3 months to enable them to move at a later date.

If a customer’s circumstances change during this 3 month period or the terms of the house purchase change significantly and continuing with the mortgage would cause house buyers to face financial hardship, lenders will work with customers to help them manage their finances as a matter of urgency.

Can I put my property on the market?

You can prepare your property for the market. If the property is unoccupied we can still photograph and list online. However, physical inspections or viewings should not take place or visits from photographers or surveyors if the property is occupied.

What about viewings / virtual viewings?

Whilst Physical viewings are not permitted at this time, our virtual viewings have been extremely popular with buyers and renters alike. We are able to offer virtual tours and video footage on a number of our properties.

Can I move house?

Moving house should only be considered if absolutely necessary. If moving is unavoidable for contractual reasons and the parties are unable to reach an agreement to delay, people must follow advice on staying away from others to minimise the spread of the virus.

Accepting offers

The buying and selling process can continue during this period but you should be aware that the process is likely to take longer than normal.

You are free to continue to accept offers on your property, however the selling process may take longer.

Advice for people to stay at home and away from others means you should not invite visitors into your home, including prospective buyers or advisors.

See further advice

To speak to someone today about your property requirements, call 0161 639 0050

Email info@nppresidential.co.uk

 

 

2020 has already started with a bang at NPP Residential! We’ve had triple the amount of property enquiries in the first 5 days of January than we had in December as a whole.

Tenants are setting new goals for the year which include moving in with partners, increasing their living space or treating themselves to the property with the south facing balcony that they’ve had their eye on. Sellers are motivated to off load their assets to free up finance for further opportunities and buyers are looking for quick completions to ensure they’re in their new home for Spring. Overall, it’s resulting in waves of activity across both sales and lettings.

Looking ahead, it’s likely we’ll see rents on the increase. A surge in quality stock completing across Manchester will provide tenants with a range of amenities, high end shared spaces and stunning furniture packs – of which tenants are happy to pay a premium for. Landlords of more mature stock will need to ensure their properties are freshened up in order to minimise voids.

Businesses are relocating their head offices to Manchester and leasing large areas of commercial space for expansion – resulting in increased employment opportunities for skilled professionals with high end salaries. Ultimately this will result in an influx of highly paid tenants entering the market looking for quality living accommodation close to their workspace.

Property owners looking to sell will see fast paced completions as motivated buyers enter the market after an uncertain 2019. The yearly ‘Spring surge’ will ensure sellers achieve strong offers as properties can be showcased better in the warmer weather and viewers can appreciate spaces in natural light. Price per sq ft in the city will be positively impacted by exciting development plans in transport and leisure.

2020 will certainly need to be the year that we actively trade out of any recession that we saw in the Brexit turmoil of 2019. Property professionals will need to ensure their positivity is translated into realistic offers and quick completions in order to keep the market buoyant and moving in the right direction.

If you’re thinking of selling or letting your property – get in touch today for a FREE valuation!
0161 639 0050
info@nppresidential.co.uk

The busy world of Lettings is at an all time high and at NPP Sales & Lettings, our lettings department and Manchester itself is as busy as ever.

Home.co.uk reports 1051 new rental listings in the last 14 days within Manchester resulting in fierce competition between landlords to ensure their property is let quickly and for the correct price.

Throughout November we are currently averaging 2.2 viewings per let, which reflects our quality stock as well as our strict vetting procedure when it comes to registering tenants.  We will ask if a tenant is in full time employment, what their current living situation is, and when they are looking to move.  By ensuring our viewers are suitable we can avoid time wasters and secure quicker lets.

The average age of our tenants in October was 35 years old earning an average wage of £30,000 per year.   The average length of tenancy in the North West for October, was 8 months (Goodlord.co.uk) but at NPP Sales & Lettings our average tenancy length is 12 months as we understand the detrimental effect a void period can have on a Landlord’s investment.  We also attract tenants who wish to make their rental property more like a home and settle long term into their property.  Our inspection reports showed an average score of excellent across the board resulting in happy tenants and happy landlords.

Home.co.uk currently reports the average market rent in Manchester as being approximately £995 PCM.  With an influx of 1 bedroom apartments across the city this is a healthy ROI for investors.  At NPP Sales & Lettings our average rent for November’s new move ins is £1275 which reflects our excellent track record of achieving solid rents for our landlord clients.

December will see our record letting figures slightly tail off as our target tenants bunker down for the festive period.  But in previous years we have seen a spike in lets in January – so it’s important if you’re considering listing your rental property to ensure you speak to your agent now in preparation.