It’s likely you will have heard reports that house prices have dropped over the last few months. Although this is true in some areas, prices are beginning to rise once more according to Halifax. This is of course good news for home owners looking to sell or those looking to release some equity. But there’s one particular property type with prices rising faster than anything else – flats. With borrowing costs higher than they have been for a number of years, buyers are struggling to find affordable properties. This means they are now turning to smaller properties in an attempt to keep their mon ..read more

Benwell Daykin’s annual colouring competition is back! Every year, Benwell Daykin Estate Agents runs a competition in line with Easter. The competition has several different age categories, with a simple Easter design for children and a more complex design for adults. Whether you have children who would like to take part, or if you simply want to put your adult colouring skills to the test, download our 2024 Easter designs here. Please return entries to the office on High Street in Ruddington by 29th March 2024. And if you’d like to find out how much your property is worth with a free valuatio ..read more

Many people across the UK are asking when will mortgage rates will drop? For those who already own a property, the prospect of remortgaging may seem daunting since rates increased in 2023. Those looking to move to a new property may also be waiting for mortgage rates to drop to make their next purchase just that bit more affordable. When will mortgage rates drop? The good news is that they are starting to drop already. It was reported this week that rates dropped below 4% at Nationwide, the UK’s largest building society. The rate is 3.84% at the time of writing. This is the cheapest deal provi ..read more

2023 saw a huge hike in mortgage rates, largely due to the Bank of England increasing the base interest rate to 5.25%. According to Zoopla, fixed mortgage rates peaked at 6.44% which was a stark contrast to the historic lows. But will mortgage rates continue to rise in 2024 or will they begin to drop? The good news is that mortgage rates are already starting to come down. News reports in early January 2024 suggest that mortgage lenders are already cutting rates. One of the biggest UK lenders, Halifax, has cut their mortgage interest rates by close to one percentage point and mortgage brokers a ..read more

After COVID-19 and following the sharp inflation rate rise, many were expecting house prices to crash. The reality is that house prices did indeed dip, but not by a huge amount.  According to Nationwide, prices have dropped just 2% in 2023. What’s more, other reports have suggested that although there is an overall drop for the year, prices are actually on the up since the Autumn. So why haven’t prices dropped significantly? The team at Benwell Daykin list some of their thoughts. Interest rates have remained stable When the Bank of England began to raise interest rates, many took a step b ..read more

You may have heard recently that there’s been another change to gas boiler policies in the UK. Until recently, the UK was to phase out gas boilers in new build homes by 2025 and ban them completely from new homes by 2033. This, however, has now been extended to 2035. What was the original gas boiler ban plan? The UK government has been asking homeowners to switch their traditional gas boilers to heat pumps as a more environmentally friendly option. Originally they were offering a grant of £5,000 although this has now been increased to £6,500. The uptake for this has apparently been fairly slow ..read more

A property price increase Today Nationwide have stated that property prices are on the rise once again. Prices had dipped marginally in most areas of the country and many experts predicted there would be a further decline throughout the remainder of the year. Thankfully, this now appears not to be the case. What about Nottingham property? Nottingham has always remained one of the strongest area for housing price growth across the country. This year is no exception. Despite decreases in almost every area of the UK, Nottingham hasn’t really been hit. Prices remain strong and growth has actually ..read more

On Thursday 3rd August 2023, the Bank of England raised interest rates by another quarter of a percent. This has now taken the base rate to 5.25 per cent and is the 14th consecutive hike. This is also the highest interest rate since March 2008, the year of the financial crisis. So what does this mean for you? Why are interest rate rises happening? By rising interest rates, the Bank of England is hoping to bring down inflation. Inflation is very high right now which is contributing to our cost of living crisis. By increasing interest rates, the BoE are hoping that many will stop spending and sa ..read more

October 2023 and the Nottingham lettings market is booming. According to the BBC, landlords are now seeing at least 25 interested parties looking at every individual property. Looking back at the rental market in 2019, this was down to an average of just 6 parties looking at the same house or flat. Rental price rises This news now comes at the time when the average rental price outside of London has hit £1,278 – a new record. This alone is a 10 per cent increase since July. Looking specifically at Nottingham, the average rental price for those letting their property is £1502 pcm (Homes.co.uk ..read more

The UK rental market has been a dynamic and ever-evolving sector, influenced by various factors such as economic conditions, demographic changes, and government policies. As we delve into June 2023, it is essential to analyse the current state of the rental market, shedding light on the prevailing trends, challenges, and opportunities. This article aims to provide insights into the rental market and discuss the factors shaping its landscape right now. Continued Demand for Rental Properties Despite the unprecedented challenges posed by the COVID-19 pandemic, the demand for rental properties in ..read more