Welcome to the March edition of our Brookings newsletter.Last month, some of the team headed up to the QEII Centre for our annual conference with The Guild of Property Professionals and we had the privilege of listening to an inspirational speech by none other than SAS: Who Dares Wins star, Ant Middleton.

Love was also in the air recently and we hope you had a chance to enter our Valentine’s competitions. If you didn’t, make sure you are following us on social media so you never miss out again!

If there is something in particular that would be of interest for us to feature, please do not hesitate to get in touch.

Get in touch with me by emailing emma@brookings.co.uk or call me on 020 8591 9088.

Brookings newsletter

March 2020

Landlords – don’t risk a £5,000 fine by renting low energy-rated propertiesDid you know that thousands of landlords could soon be facing a £5,000 fine if their rental properties fail to meet new energy efficiency rules?

The new law, which comes into force in April this year, means that it will soon be illegal to rent out the most poorly performing energy-rated properties.

Which properties will be affected?

If you have properties which currently have an energy performance certificate (EPC) rated ‘F’ or ‘G’ – you need to take action now or risk a hefty fine.

From April, with only a few exceptions, the majority of privately rented properties will need to have an energy rating of at least ‘E’.

The new rules – known as the Domestic Minimum Energy Efficiency Standard (MEES) apply to all privately rented properties let within the past 10 years.

What are the deadlines for completing upgrade work?

The date for completing upgrades to meet at least an ‘E’ rating – or applying for an exemption – depends on your tenancy agreement:

• For tenancies which began before April 2018 and continue until at least April 2020 you have until 1st April to take action .

• If the tenancy began before April 2018 and a new tenancy is due to begin before April this year,

upgrades must be completed before the new tenancy commences.

• If the tenancy began after April 2018, you must take immediate action.

What if the upgrade costs are too high?

Costs are capped at £3,500. If you find that the cost of upgrading a property is likely to exceed this, you can apply for a partial exemption.

Don’t get caught out by the new rules. Contact us today for more information and we’ll be happy to explain how the new rules affect your lettings portfolio and to confirm the ratings on your EPC.

Need inspiration for a great day out in our local area?If you are a local history buff – or you’d like to teach the children about how we used to get around in days gone by, here’s a suggestion for a great day out – and best of all it’s FREE!

The Trains, Trams and Trolleybuses temporary exhibition is being held at Valence House Museum, Becontree Ave, Dagenham, RM8 3HT from now until 23rd May 2020.

This fascinating exhibition looks at the history of transport in the borough and is open daily from 10am to 4pm.

Boris Bounce is not just in LondonRecent reports from London based estate agents have said that buyers are flocking back to the capital in record numbers since the decisive election result.

Over the past three years, political uncertainty and the Brexit stand-off were keeping buyers at bay, however, it seems the market freeze has thawed, and confidence is coming back.

“As expected,” says Iain McKenzie, CEO of The Guild of Property Professionals, “buyers and sellers who had adopted a ‘wait-and-see’ approach to the market are now back and ready to move on with their lives. It is clear from recent figures that people were eager to get into the market, but the uncertainty was making them apprehensive. Now that there is more clarity and increased optimism, activity in the market is once again on an upward trajectory.”

Outside The Capital

Nick Goldsworthy, Co-Owner of Logic Estates in Liverpool, says that the ‘Boris Bounce’ has definitely improved the market conditions. “In our market, there is more confidence, more activity and increased sales. Already for the first two weeks in January, we have had 10 sales agreed per week which is approximately a 30% increase on the 2019 average. New valuation numbers are strong again, as pent up demand begins to be released, which in turn will increase new stock to the market,” he says.

According to Simon Miller from Holroyd Miller, Wakefield has seen a huge change in the housing market since the election in December. “To start with Wakefield has a Conservative MP for the first time in 88 years, a traditional Labour heartland due to its former Mining roots.

“The Boris Bounce hasn’t taken long to reach the north of England, there has been a massive increase in the

level of viewings being arranged on the sales side of the business and new instructions are quickly coming to the market.

“The properties over £500,000 are also seeing interest they weren’t getting for the second half of 2019. There feels a lot more confidence in the air buoyed by the prospect of a cut in interest rates making borrowing even cheaper,” says Miller, “There is finally certainty that decisions are being made by a majority government who can now govern and implement their policies, let’s hope the positivity continues.”

Investment Activity Is Also Up

Goldsworthy points out that as far as the investment market is concerned activity again is bouncing. However, now in real volume for the ‘real’ investment deals such as sustainable, quality houses and apartments that are built off-plan and will re-sell and rent out at sensible yields – not over-egged, false rental values or rental guarantees that fail to transpire.

Investment Growth

He adds: “The exponential growth in our cities is now a key factor in deciding where to purchase a ‘quality apartment’. The conditions right now with low-interest rates and no immediate sign of any increase, coupled with lots of potential growth in values, specifically in some Northern cities and the sustained inadequate pension planning problem for many, is resulting in continuous desire to acquire a tangible asset that will provide income, capital growth and future flexibility.”

McKenzie says that irrespective of political persuasion, the election result has provided us with a clear path ahead, which in turn has improved market sentiment. “With signs of stability returning to the market, even if ever so slight, we are seeing the fires of the property market reignite. Long may it last,” he concludes.

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Top tips to sell a home with petsCan having a pet impact your chances of selling your property? In a word – yes. With the often cold and wet weather in the UK, most homeowners allow their pets to live inside their homes as a furry family member. While a pet can make a welcomed addition to a family and one’s emotional well-being, they can put some buyers off when your home is on the market.

That said, while selling a property with pets can be a little more challenging, it isn’t impossible and there are things that homeowners can do to get the best possible result from the sale by being prepared. Here are a few tips that could assist with selling a home with pets:

1 Talk To Your Vet

Although the objective is to sell the home, keep in mind that your pet has its own needs that should be taken into account. Having buyers in and out of the house during the sales process and moving to a new environment can all be extremely stressful for pets. Consult your vet regarding the plan you have in mind and how it could work with your specific animal. This is particularly important if the pet is older and may not adjust that well to any changes.

2 A Temporary Relocation

Having your pets stay with a friend your family member during the sales process will help eliminate some of the stress of them seeing strangers in the home and will make it easier to keep the property clean. You’ll need to ensure it’s someone your pets know and are comfortable with. There is also the matter of the pet needing to adjust to living with someone temporarily and then adjust again to the new home – this could be added unnecessary stress for the animal.

3 Away During Viewings

If relocation during the entire sales process is not something that appeals to you, perhaps consider just having the pets stay away during viewings. In an ideal situation, it is best for the seller not to be home during viewings and leave the viewings to the estate agent.

If taking your pet somewhere during viewings is not a viable option, then it’s better to be home with them. Consider having a contained area of the home for your pet and let the estate agent know.

4 Repair Pet DamageAs lovable as animals can be, pet damage is never endearing when trying to sell your home. It is best to get any damage caused by your pets repaired before the home is listed. This might mean an initial investment, but money spent will be recouped by the value added to the property.

5 Dispel Odours and StainsAn unpleasant smell can put a potential buyer off, so get rid of any bad odours and stains left behind by pets. A strong odour is among the top reasons a buyer will pass on a property. This is because smells can evoke an emotional response that will linger in the buyer’s mind.

While selling a home with a pet can take a little more effort, the extra work will pay off in the end. Although it is not always easy to hide all evidence that a pet lives in the home, buyers will appreciate the fact that every effort has been made to ensure that the property looks and smells as good as it would pet-free.