SIMPLE WAYS TO SHOW TUNBRIDGE WELLS FOODBANKS MUCH-NEEDED SUPPORT

As the Eat Out to Help Out scheme happens across the country next week, spare a thought for local foodbanks in TUNBRIDGE WELLS. 

People have experienced varying levels of hardship and distress, both emotionally and financially, since the Covid-19 outbreak began.

Someone summed it up wonderfully when they said: “We are all in the same storm, but some of us are in different boats.”

Every aspect of our lives has been touched in some way by the lockdown and foodbanks are reporting a shortage in donations as people’s minds are understandably elsewhere.

August is traditionally a slow month for donations to foodbanks, which tend to receive a flurry of items in the run-up to Christmas.

Covid-19 has exacerbated this seasonal issue because a lot more people have sadly fallen on tough times, increasing demand at a time when donations decline.

But the good news, is that we can all do something to help.

How you can help

Some of the essential, everyday goods that are most popular with foodbanks are:

Tinned soup.

Tinned fruit.

Tinned vegetables.

Pasta, rice, and sauces.

Cereals.

Long-life products.

Tea, coffee, cordial, and biscuits.

Even the smallest donations add up when people pull together to help their neighbours and their community.

Many foodbank websites have regularly updated sections asking for specific items if they are running low. So, it’s worth visiting their sites and seeing what is most needed.

Certain products should ideally be avoided, including dairy, dented tins, perishable items like fresh fruit, and homemade cooking or baking.

And it’s not just donations of food that are welcomed. Many foodbanks need financial support to keep their operation running. So, another way of helping could be to make a monetary donation.

At Martin & Co Tunbridge Wells, we feel fortunate that we can support our local foodbanks in any way we can, including publicising the excellent work they do and saluting their amazing volunteers who make it all happen.

Thanks for reading.

Dave R     MARLA MNAEA 

OPPORTUNITY IS KNOCKING IN TUNBRIDGE WELLS – WILL YOU BE OPENING THE DOOR?

The clock is ticking for buyers and sellers in TUNBRIDGE WELLS who want to get moving

We discover why the opportunity clocks are ticking for people wanting to make the most of the Stamp Duty holiday.

“Life is a Game” is a quote attributed to Mother Teresa, but it could be easily applied to property.

And as with all games, there are winners and losers when it comes to selling a home.

Timing always plays a part in how successful you are, as does having a talented estate agency working on your behalf to get you a winning result.

The announcement earlier this month that Stamp Duty for properties under £500,000 is eliminated until March 31, 2021, means there’s now plenty of opportunity knocking on the doors of homeowners in TUNBRIDGE WELLS. Buyers can save up to £15,000 during this window.

Opportunity Clocks

Depending on what source you look at, it takes on average (from a cold start) between 176 to 200 days to sell a home.

This means the opportunity clock is now ticking before that March 31 deadline.

The Stamp Duty holiday means:

·       Deals that were dead in the water over a difference in the value buyers and sellers were prepared to accept (especially between £15-30,000) are now potentially resurrected.

·       Having more to put down as a deposit is opening more of the mortgage market to buyers.

·       As is the decision by several lenders to reintroduce 90% Loan to Value mortgages.

·       If you’re thinking of selling, you’ll also benefit from the Stamp Duty removal if the place you’re buying is under the £500,000 bracket.

But it’s not enough to put your most valuable tax-free asset up for sale and hope the rising tide of a buoyant market in TUNBRIDGE WELLS helps you achieve the premium price for your property.

You also need to remember the following five things, which we’ve related to classic game shows to help you remember.

Blankety Blank – Watch out for cheap and not so cheerful agents or agencies that promise the earth but can’t back it up with evidence and case studies.

The Price is Right – Overvaluing a property will mean it sticks, no matter what the market is doing or if stamp duty has been put on hold. Pricing it correctly to sell at a premium price is a skill experienced agents like us have.

Through the Keyhole – When you are on the market, your property gets put under the microscope so prepare it thoroughly so that viewers will feel like it’s a place they’d love to call home.

Countdown – Remember that date – March 31, 2021 – The sooner you start marketing your property, the better. The clock is ticking.

Bullseye – When you choose an agent with an excellent track record and fair fees who values your property correctly and can guide you on every aspect of the selling process, you’ve hit the bullseye. And you won’t be left thinking about what you could’ve ‘won.’

At Martin & Co Tunbridge Wells,  we see working with a client to sell their home as a team effort. So, if you like the sound of our approach and are interested to know how we’d help you make the most of the Stamp Duty window of opportunity, let’s talk.

Thanks for reading.

Dave R

THE COURT RULING THAT ALL LANDLORDS IN TUNBRIDGE WELLS NEED TO KNOW ABOUT

We look at what a recent court ruling that found a “no DSS” letting ban was unlawful means for landlords.

A disabled mum-of-two emerged victorious from York County Court earlier this month after winning a case that sent ripples through the lettings industry.

The woman, who was on housing benefit, had been blocked from renting a property by a blanket “no DSS” lettings policy.

The court heard the woman, who had a part-time job, good references from two previous landlords and a reliable guarantor, had been treated unfairly. The judge agreed and awarded her £3,500 in damages and costs.

Legal implications

The ruling is significant because, despite lots of rumblings over “no DSS”, it is the first time a judge has ruled it is unlawful and discriminatory. 

Homeless charity Shelter says the case sends a clear warning to landlords “that they risk legal action if they continue to bar housing benefit tenants from renting”.

Now some legal eagles have noted that as the ruling was made in a county court, it is not binding on other courts. But we think this is splitting hairs. 

Even before the York court case, some tenants had won out-of-court settlements after challenging adverts which openly banned benefit claimants.

The direction of traffic is clear: blanket bans that take no account of an individual’s circumstances are increasingly risky. A one-size-fits-all approach can leave a landlord exposed to the threat of legal action and one big headache.

Push to end “no DSS”

The term “no DSS” has been used in property listings for years to make it clear benefit recipients will not be considered for a tenancy.

It’s loathed by welfare charities who argue it should be a relic of the past. (History buffs take note, the DSS – the Department for Social Security – ceased to exist back in 2001!).

There are many reasons why historically some landlords have not rented to people on benefits. One is that some mortgages and insurance policies were invalidated if the tenant was on benefits. 

But things have changed. Many lenders, including the Co-operative, Nationwide and NatWest, have loosened buy-to-let mortgage restrictions that relate to benefits tenants. And the phrase “no DSS” has been banned by property portals Zoopla and Rightmove. 

Finding the right tenant for your property

Understandably, a landlord wants to find a reliable and respectful tenant.

But slapping “no DSS” at the end of a property listing can be like hitting a walnut with a sledgehammer.

Landlords need a more nuanced strategy which considers applicants on a case by case basis.

This legwork might take a little more time, and involve more admin, but in the long run, it is worth it.  This is where we come into our own as experienced, ethical letting agents.

Who – other than a lawyer, of course – wants to get caught up in a legal dispute over the fine-print of the Equality Act 2010? We can think of about 5,000 other things we’d rather do with our time.

If you’d like more advice about how to find a good tenant and protect your investment, contact us.

We’ll take the stress out of the rental process and give you back time to focus on other priorities you have.

At Martin & Co Tunbridge Wells we’re here to help landlords navigate the TUNBRIDGE WELLS lettings market. If you have any questions about the issues raised in this article, please get in touch.

Are Buy to Let Landlords to Blame for Royal Tunbridge Wells’ Housing Crisis?

Isn’t it funny that nobody boasts they are a buy to let landlord anymore? Roll the clock back to the early millennium and you couldn’t go to the local golf club or shop at a Waitrose without someone dropping buy to let into the conversation as easily and as often as the weather. 

Yet now, Royal Tunbridge Wells buy to let landlords have almost pariah status, as they place a brown paper bag over their head when they enter a letting agency, lest they be recognised as such. They can easily be recognised though, as the average age of a UK tenant is 32 years old, whilst the average age of a UK landlord is between 40 and 61 years old.

Joking aside, if it wasn’t for buy to let landlords – Royal Tunbridge Wells and the UK would be in a rather difficult position when it comes to housing our local people. Many people believe that if you take buy to let landlords out of the loop of the UK property network, then it would be the land of milk and honey for first-time buyers priced out of the market. Those Royal Tunbridge Wells landlords provide those tenants with a mixture of homes to live in and using market forces, ensure the right number of Royal Tunbridge Wells homes are available. In fact, the stats show that…

Royal Tunbridge Wells buy to let landlords provide 5,353 homes

for 10,874 Royal Tunbridge Wells tenants

Yet the retort from many tenant organisations would be that Royal Tunbridge Wells landlords are wealthy middle -lass people, voraciously exploiting the failing Royal Tunbridge Wells property market for their profit and greed. Of course, the demographic of an average Royal Tunbridge Wells landlord is they tend to come from more fortunate backgrounds, with 3 in 4 landlords aged between their late 40’s to late 60’s and 4 in 10 having a degree level qualification.

It also wouldn’t surprise anyone to learn that those who invest in buy to let Royal Tunbridge Wells property are likely to be better off than those who have not yet been able to buy a home. Yet, that is the nature of the country we live in and it’s a consequence of a competitive free market economy (the alternative didn’t go too well in Soviet bloc). Indeed, asserting that the buy to let landlords represent a transfer of wealth and money from tenants to landlords is like saying that the pub represents a transfer of wealth from drinkers to the pub landlord.

Don’t get me wrong, the tax loopholes for landlords up until 3 or 4 years ago were a little ‘too’ generous, still these were closed by the Tory’s themselves. However, should the Government try to place even more burden on landlords like some are suggesting, forcing them to sell, I am certain some Royal Tunbridge Wells first time buyers would find it cheaper to buy their first home. This is because they wouldn’t be in competition with Royal Tunbridge Wells landlords to buy the starter homes both types of buyers crave, meaning house prices would drop (simple economics would dictate that). 

Yet, if the supply of Royal Tunbridge Wells privately rented homes contracted at a greater rate (because landlords were selling up) than demand, this would make renting more expensive (again simple economics) for the vast majority of Royal Tunbridge Wells tenants who were still renting a local home. Irrespective of whether property values dropped, it might take years for a tenant to save for a deposit, whilst for the rental properties the landlords wants to sell, the tenants only need to be given two months’ notice to leave so the property can be put on the market. 

One might ask why don’t the local authorities build more council houses?

Well, Government funding has been tight because of the Credit Crunch deficit since 2009 and going forward because of the current situation with Covid-19, it will get even worse. In fact, of the 617,230 new homes built in the country over the last 4 years, only 8,270 or 1.33% were built by local authorities, meaning only just over 1 in 100 of all new properties built in the last 4 years were built by the local authorities.

This is important as the number of people in rented property has been growing over the last 20 years. In fact, when you look at all the tenants in council and private rented accommodation locally…

34.3% of Royal Tunbridge Wells people live in a rented property

Interestingly, the demographic of a council house tenant is totally different to that of a tenant in a private rented home. The average age of a council house tenant is 52 years old (compared to 32 years for a private rented tenant), so it appears the older generation have the upper hand on council houses. So again, who exactly is going to house the people of Royal Tunbridge Wells, especially the younger generation that can’t afford to buy?

Local authorities haven’t got the money, housing associations get their money from central Government, so the only other source of housing is private landlords. The problem existed before private landlords filled the gap. No doubt many Royal Tunbridge Wells landlords have certainly gained from the problem, especially between 2000 and 2007, yet at the same time, they have helped home millions of people. 

Consequently, are Royal Tunbridge Wells landlords greedy and selfish?  For most law abiding Royal Tunbridge Wells landlords, who look after their tenants and their properties really well, nothing could be further from the truth… and yes they have made some money – yet if you take into account property maintenance, mortgage finance, taxation, agent fees, surveys and inspections – it’s really not the gold mine many think it is. 

Not until all the political parties stop using the housing issue as a political football will this issue be sorted. For example, it makes sense to allow mass building in the South East, again driving up supply and making property more affordable, yet that would wind up the Tory voting home county heartlands. It’s a shame because we do have the room to build more homes, in fact…

Only 1.2% of the country has houses built on it

The country needs a massive root and branch change to sort things out, yet I have grave misgivings that any politician has the stomach or the political resolve to do anything about it. 

If Covid-19 does affect the confidence in the property market that will in fact be good news for Royal Tunbridge Wells landlords, as long as the Government doesn’t put its big ‘size 9’s in to the rental market by taking even more money out landlords pockets.

Historically, ambiguity in the property market typically results in an expansion in activity in the private rental market. Prospective home movers will rent in between selling their home and buying the next one, while budding first time buyers typically postpone their purchase and stay in the private rental market for marginally longer … which all increases demand for rental property.

GREAT NEWS FOR FIRST-TIME BUYERS IN TUNBRIDGE WELLS AS POPULAR MORTGAGES RETURN

We look at the return of 90% loan to value mortgages (LTV) and the flurry of activity in the housing market.

The property market has received a shot in the arm with some lenders including Nationwide reintroducing 90% LTV mortgages for first-time buyers.

As Nationwide is Britain’s second-biggest lender, the decision is another piece of good news for the sector which has roared back into action in recent weeks.

Metro Bank, Coventry for Intermediaries and Platform, the intermediary arm of the Co-operative Bank, have also brought back 90% LTV products.

Why are 90% LTV mortgages such a big deal?

For many first-time buyers, the most significant barrier to purchasing their own place is getting the deposit together.

With their 10% deposit requirement, 90% LTV mortgages are the most accessible option for those striving to buy their first home.

So, when lenders pulled their 90% LTV deals in June due to uncertainty over the economy, first-time buyers felt the squeeze. This was a broader concern for the industry because if property newbies can’t enter the market, it affects all the other players in the property chain.

First-time buyers are a driving force in the housing market, responsible for more than a third of all sales (according to property portal Zoopla). But now good mortgage deals are back on the table, things are looking up.

Back on track – big-time

After months in the doldrums due to lockdown, there has been a flurry of activity in the TUNBRIDGE WELLS housing market.

Miles Shipside, commercial director, and housing market analyst at Rightmove, said: “There’s been record demand for property on Rightmove since the market reopened.”

*IN ENGLAND AND NORTHERN IRELAND ONLY 

The big-ticket decision in the Chancellor, Rishi Sunak’s recent mini-budget, was a Stamp Duty holiday on the first £500,000 of a property – a move that could save buyers up to £15,000.

The special measure is only available until the end of March 2021 but is a double whammy of good news for first-time buyers when combined with the 90 % LTV announcement.

The Perfect Time to Move in TUNBRIDGE WELLS

Crucially, it’s not just buyers who have returned to the TUNBRIDGE WELLS market. Sellers, many of whom were forced to sit tight during the lockdown, are now ready to move.

It’s estimated that lockdown prevented about 175,000 sellers across the UK bringing their property to market. Many of those are now making up for lost time.

With so many sellers keen to move after being held up by lockdown, the stamp duty holiday and the mortgage news now is the perfect time for first-time buyers to get onto the ladder.

If you know someone who might find this article of interest, please share it with them or tag them below.

Here at Martin & Co Tunbridge wells, we’re here to help you make your move. Whether you’re a first-time buyer, or someone looking for pastures new, we can make it happen.

What Rishi Sunak’s latest pledges mean for landlords in TUNBRIDGE WELLS

WHAT LANDLORDS IN TUNBRIDGE WELLS NEED TO KNOW ABOUT STAMP DUTY AND THE GREEN HOMES GRANT

In this three-minute read, we look at what the Stamp Duty holiday and a new grant scheme for green home improvements mean for landlords.

Chancellor Rishi Sunak made two big announcements about the property market last week and triggered a flurry of activity.

Both initiatives represent attractive propositions for savvy landlords. But, as always, it pays to do your homework first.

Stamp Duty holiday

The Chancellor’s headline-grabbing announcement was a Stamp Duty holiday. He raised the threshold to £500,000, a move that means a potential Stamp Duty saving of up to £15,000, depending on the price of the property. 

But all holidays must come to an end, and this one runs out at the end of March 2021. So, buyers will have to move relatively quickly, given the time it takes to complete on transactions. As they say, you snooze, you lose.

What it means for landlords

For buy-to-let investors who wish to expand their portfolio, this is a significant opportunity even though the current 3% surcharge that applies to second homeowners still stands.

But - and sorry to state the obvious here - it only represents a saving if you buy at the right price. Landlords also need to weigh up the state of the lettings market to gauge their rental returns. 

While most rental markets are holding firm, given how much has happened in recent months, it’s worth getting expert advice first. Talk to us about where the TUNBRIDGE WELLS rental market is heading before you make any big decisions.

Green Homes Grant

The second big announcement was the Green Homes Grant scheme which aims to encourage property owners to make their homes more sustainable. 

Full details on the scheme are still to come but, in essence, landlords can get a grant that covers two-thirds of the cost of energy efficiency improvements up to the value of £5,000. The scheme covers insulation, eco-friendly boilers, double glazing, draught-proofing, solar panels, and heat pumps.

To be eligible landlords will need to make an online application (the government promises the website will be up and running from September). Local suppliers will then quote on the work, and if the government approves the submission, it will issue a voucher.

So, if you’ve been thinking about replacing the rattling single-glazed windows at your property, or installing solar panels, now is an excellent time to take the plunge (once you’ve received the nod from the government, of course).

 

Providing the work is carried out to a high standard, this will be a good move for the environment and your pocket.

It’s also an opportunity to make a property more appealing to tenants (who doesn’t want to live in a home with low running costs?).

And should you wish to sell further down the line, it makes the property more marketable.

For advice about how best to make your property energy efficient, speak to us.

We’re used to advising clients about energy efficiency standards and can provide feedback about the most effective green measures. 

For up-to-date analysis of the lettings market or advice about making a property more energy-efficient, contact us here at Martin & CO.

We’re here to help landlords realise the full potential of their investments.

The Royal Tunbridge Wells Post Lockdown Property Market - What have we learned in the first month?

From talking to most of the Royal Tunbridge Wells estate and letting agents and our own findings, it might surprise many of you that new enquiries from homebuyers, tenants, landlords and home sellers have been at record levels since lockdown was lifted from the property market in mid-May.

There are a number of reasons for this. Firstly, we had the pent-up demand for Royal Tunbridge Wells property from the Boris Bounce in January and February. Next, many Royal Tunbridge Wells people were planning to move this spring yet were prevented doing so because of lockdown, and finally, surprisingly, an advance wave of home movers seeking to bring their Royal Tunbridge Wells moving plans forward because of a fear of a second Covid-19 wave later in the year.

So, what does all that look like and how does it compare to the last 12/18 months?

Data from Yomdel, the live chat and telephone answering service for a quarter of UK estate and letting agents, is able to track objective and more current information from across the UK on what is really happening. Each week, they are dealing with thousands of enquiries including: 

·       Seller enquiries (i.e. house sellers looking to put their property on the market) 

·       Buyer enquiries (i.e. people looking to view a property on the market with the intention of buying it) 

·       Landlords enquiries (i.e. landlords looking for tenants for their rental property) 

·       Tenant enquiries (i.e. people looking to view a property on the market with the intention of renting it) 

They have created a rolling weekly average of those enquiries for the whole of the UK for the 62 weeks before the country went into lockdown. Then they compared that 62 week average with specific time frames, namely the 10 weeks of the run up to the General Election, the 8 weeks of Post Boris Bounce in January and February 2020, the weeks of lockdown in March, April and early May and then finally, from mid-May, the post lockdown. 

You might ask why tracking estate and letting agency enquiries is so important? 

Enquiries in letting and estate agencies are the beating heart of the property market – they are the ECG machine of the estate and letting agency. Of course, house price data has its place and is lauded by the national press as the bellwether of the property market, yet it takes 6 to 9 months for the effects of what is happening today to show in those house price indexes, whilst these enquiries are what is happening now. 

Have a look at the data in the graph and table, it can be seen in the 8 weeks up to the General Election, every metric was down. Next, the post Boris Bounce saw house seller and house buyer leads increase yet note how low tenant enquiries were (hardly any change from the run up to the election), everything dipped during lockdown as expected, yet look at all the metrics post lockdown … amazing! (e.g. if a number in the graph/table below is say -25%, that means its 25% below the rolling 62 week average, yet if it were +20%, then that would mean it would be 20% more than the rolling 62 week average)

	General Election Run Up	Post Boris Bounce	Lockdown	Post Lockdown
Seller Enquiries	-27.0%	20.6%	-41.9%	94.3%
Buyer Enquiries	-19.9%	12.9%	-9.3%	163.7%
Landlord Enquiries	-10.9%	1.0%	-27.6%	78.5%
Tenant Enquiries	-34.9%	-27.2%	-23.1%	92.5%

The numbers speak for themselves! 

So, what is happening in the Royal Tunbridge Wells property market? Well, there is plenty of activity in the Royal Tunbridge Wells property market, yet that doesn’t mean everything is back to normal. Enquiries are an important metric, yet another way to judge the health of the property market is to look at the number of property transactions (i.e. people moving). 

Now the Land Registry data isn’t quite as exhilarating, yet it is less volatile. Nationally, it shows that property transactions were at their lowest level since its records began in April 2005. The seasonally adjusted estimate of UK residential property transactions in April and May 2020 was 90,210, 53.4% lower than the 193,500 transactions of May & April 2019. Again though, this was because of the restrictions on moving during Covid-19. The stats for Royal Tunbridge Wells are still to be released, yet rest assured I will share them in due course.

Looking again at what is happening now, when I look at the number of properties for sale…

219 Royal Tunbridge Wells properties have come onto the property market in the last 30 days alone, and of those, 33 are already sold subject to contract

So, what of the future of the post-lockdown Royal Tunbridge Wells housing market? While a stern recession seems almost guaranteed, a housing market crash is not. Many newspapers are predicting property values to fall in 2020, then rise reticently from the ashes in 2021. The fact is, nobody knows. The property market is driven a lot by sentiment. Buying a home is not like buying stocks and shares - it’s a home to live in … and those Royal Tunbridge Wells landlords who are looking for an investment opportunity, often let their heart rule the head (again sentiment) when investing in property.

Property always has, and always will be, a long-term investment. Many of you Royal Tunbridge Wells people reading this, especially potential Royal Tunbridge Wells first time buyers, have been putting off buying your first home because of Brexit, now its Covid-19, and in a few years, it will be something else. There will always be ‘something else’… and you could get to your 50’s and 60’s, still renting, waiting for the ‘next thing’ to pass before you buy … and end up buying nothing.

Nobody knows what the months or years ahead will bring ... yet what I do know is, people will always need a place to live. Please let me know your thoughts in the comments. Tell us what your experiences are as a Royal Tunbridge Wells landlord or homeowner, tenant or buyer so we can all learn from each other.