Pontcanna Market Insight Magazine - Issue #1

AREAS WE COVER PONTCANNA, CANTON, LLANDAFF, FAIRWATER, GRANGETOWN, RIVERSIDE & THE CITY CENTRE.

Pontcanna Street, Pontcanna

EDITOR'S INTRODUCTION

MARKET INSIGHTS EXPLAINED

At JeffreyRoss we believe in getting the important things right which is why we look at property value very differently to our competitors. We have put together our area market insight for each branch across Cardiff and the key areas that we cover to enable you to get a full understanding of what is happening in your area for both sales and rental.

Our market insights will help you to make informed decisions on your next property transaction, whether that be buying, selling, renting or letting. It may even make you question the extension you might be considering.

We have teamed up with the industry leader Dataloft Inform to provide these insights. Dataloft compile comprehensive data sets based on property transactions, size, type as well as comparisons that date back to the early 90s!

Dataloft use resources from the ONS and Land Registry to compile this data, updated every 4 weeks allowing us to have our fingers on the pulse when

Elliott Hooper-Nash

it comes to property transactions in all of the areas we cover. Most importantly, it empowers us to not only justify the values we set, but to help clients understand where the valuations come from and how the market is reacting.

These insights will be released every 6 months, and will focus on both the sales and lettings market in Cardiff, along with featured properties, expert commentary from the fields of conveyancing, construction, finance and project management.

We hope you find this information both insightful and useful when considering your next move.

Elliott Hooper-Nash Director

Pontcanna Fields, Pontcanna

AREAS WE COVER

PONTCANNA BRANCH

Pontcanna CF11 9

The leafy suburb of the City Centre which is known to the majority as Pontcanna, has long been recognised as one of the most popular and expensive areas to live in South Wales, despite still not being recognised by Cardiff Council as an official area.

CF11 9 is postcode that covers the entire territory and the postcode data we base our findings on.

The area runs from Llandaff Road, Severn Road, one side of Cowbridge Road East and back up Cathedral Road with everything in between.

www.jeffreyross.co.uk/we-know-pontcanna

Canton CF5 1

The Canton postcode has seen increasing popularity through lockdown and post-covid thanks to the size of the gardens in the area.

The area covers everything from Llandaff Road, Cowbridge Road West, Aldsworth Road and joins back along one side of Pencisely Road back to the top of Llandaff Road.

The area features a mix of traditional terraced and semidetached homes, all within walking distance to Victoria Park and Thompson Park.

www.jeffreyross.co.uk/we-know-canton

Llandaff CF5 2

The Llandaff and Danescourt official postcodes feature a real mix of terraced, semi-detached and detached family homes.

The area spans from Pencisely Road and past Danescourt with everything in between.

The New BBC development will also fall into this postcode catchment once finished.

This area offers great access to the Taff Trail and all amenities that Llandaff has to offer.

www.jeffreyross.co.uk/we-know-llandaff

Fairwater CF5 3

Fairwater has seen the highest increase in terms of % changes for both rental value and sales prices in the last 12 months.

It is definitely an area to look out for due to its village feel with local amenities, public house as well as being a short travel distance to Llandaff, Pontcanna and St Fagans. Not forgetting the dry ski slopes located in Fairwater Park.

www.jeffreyross.co.uk/we-know-fairwater

Grangetown CF11 6,7

The Grangetown and Riverside postcodes have seen impressive growth in the last 12 months and has 'piggy backed' the popularity of the City Centre and Pontcanna areas that surround it.

The area boasts predominantly Victorian terraces, with more traditional semi-detached properties on Avondale Road within close proximity to Cardiff Bay.

A hidden gem in this area is the Riverside Market which takes place every Sunday and typifies the changes happening in this area in recent times.

www.jeffreyross.co.uk/we-know-grangetown

City Centre CF10 1,2,3

Cardiff City Centre features a mix of apartments of all shapes and sizes with a varying price difference.

The City Centre values have seen a marked improvement in the last 12 months which is thankful to both Central Quay and Central Square developments, as well as the electrification of the train line meaning shorter travel times to Bristol and London.

This has seen more and more migration from 'over the bridge' to Cardiff's capital.

www.jeffreyross.co.uk/we-know-city-centre

HIGHEST SALES PRICE ACHIEVED IN THE LAST 12 MONTHS

£876,000

AVERAGE HOUSE RENT ACHIEVED IN THE LAST 12 MONTHS

£1,079 PCM

Source: Dataloft

Pontcanna Fields, Pontcanna

PONTCANNA STATISTICS

Sales Values

Lettings Values

CANTON STATISTICS

BASED

Sales Values

Lettings Values

£729

Gwyn Davies

HIGHEST SALES PRICE ACHIEVED IN THE LAST 12 MONTHS

£915,000

AVERAGE HOUSE RENT ACHIEVED IN THE LAST 12 MONTHS

£1,120 PCM

Source: Dataloft

Victoria Park, Canton

HIGHEST SALES PRICE ACHIEVED IN THE LAST 12 MONTHS

£1,350,000

AVERAGE HOUSE RENT ACHIEVED IN THE LAST 12 MONTHS

£899 PCM

Source: Dataloft

Llandaff Playing Fields, Llandaff

LLANDAFF STATISTICS

BASED

Sales Values

Lettings Values

FEATURED PROPERTY

CATHEDRAL ROAD, PONTCANNA - £1,250,000

We wanted to take a look back at one of our most talked about properties of 2022! This contemporary twist on a traditional Pontcanna Victorian terrace is one of the best we have seen in terms of attention to detail and standard of finish. The previous owners really did put their stamp on this unique home and we were not at all surprised that it had the whole of Pontcanna talking about it.

Since listing at the start of the year it appears that everyone now has a new found love and respect for their basements, especially if you can achieve what our clients managed.

The property was on the market for less than 14 days, which is testament again to the property's standard. The brief details were as follows:

'We are very pleased to offer for sale this handsome Victorian terraced Villa which has been comprehensively refurbished and modernised to an exceptional standard by the present owners to create an extraordinary family home on one of Cardiff's most sought after tree lined roads in the vibrant Pontcanna area.

The stylishly finished accommodation briefly comprises: Entrance hall finished in Carrera marble, two reception rooms, W.C, stunning fitted kitchen which flows through to a dining area and day room which opens to a glass canopied Al fresco dining area. For the wine connoisseur there is a splendid wine cellar and tasting room. On the first and second floors there are five double bedrooms all with high quality en-suite bathrooms or shower rooms, the principle bedroom also has a walk-in dressing room and extensive fitted wardrobes. There is a laundry room and a kitchenette on the top floor.

Underfloor heating throughout. The internal walls have been insulated and padded with noise reducing boarding. The rear garden is hard landscaped and there is a large double garage with electric doors. This property boasts many beautiful quality features which will only be appreciated upon internal viewing.' Our virtual tour of this special property is still one of the highest viewed in our database, with interest from South Africa, Australia, Dubai and the United States.

Our area specialist Jeff commented: "At JeffreyRoss we are privileged to handle the sale of many wonderful homes, but every now and then we are asked to sell something very special. From the moment I stepped into the Carrera marble entrance hall of this glorious Victorian Villa I knew we were dealing something exceptional. Located on tree lined Cathedral Road in the highly sought after Pontcanna area, this handsome Victorian building had been comprehensively and lovingly refurbished and remodelled (by the owners) to provide a modern living environment. Even though the building itself is over a 100 years old, the interior is very contemporary and features five bedroom suites, a stunning fitted kitchen as well as a wine cellar and a double garage. It was an absolute joy to show the property to prospective buyers and to see the delight of the new owner when they moved in".

If you have something special to sell in Pontcanna, Canton, Llandaff and other surrounding areas, please contact our area specialist Jeff on:

Telephone: 02920 499 680

Direct Dial: 02922 744 480

Email: jeff@jeffreyross.co.uk

Instagram: @jeff_jeffreyross

Jeff Hopkins

Cathedral Road, Pontcanna

"From the moment I stepped into the Carrera marble entrance hall of this glorious Victorian Villa, I knew we were dealing with something truly exceptional."

Jeff Hopkins

"For the wine connoisseur, the property featured a splendid wine cellar and tasting room. A hidden gem for any property."

Jeff Hopkins

FAIRWATER STATISTICS

BASED

Sales Values

Lettings Values

Gwyn Davies

HIGHEST SALES PRICE ACHIEVED IN THE LAST 12 MONTHS

£500,000

AVERAGE HOUSE RENT ACHIEVED IN THE LAST 12 MONTHS

£1,022 PCM

Cardiff Ski Centre, Fairwater Park, Fairwater

Source: Dataloft

HIGHEST SALES PRICE ACHIEVED IN THE LAST 12 MONTHS

£535,000

AVERAGE HOUSE RENT ACHIEVED IN THE LAST 12 MONTHS

£830 PCM

Tramshed, Grangetown

Source: Dataloft

GRANGETOWN STATISTICS

Sales Values

Lettings Values

CITY CENTRE STATISTICS

Sales Values

Lettings Values

HIGHEST SALES PRICE ACHIEVED IN THE LAST 12 MONTHS

£435,000

AVERAGE HOUSE RENT ACHIEVED IN THE LAST 12 MONTHS

£714 PCM

The Hayes, Cardiff City Centre

Source: Dataloft

ACCURATE VALUATIONS

JUSTIFICATION OF VALUE IN A STRONG MARKET

Lee Bryce

The property market across Cardiff & The Vale is booming and has seen unprecedented growth. An increase in out-of-town buyers has also driven the demand. When a property is marketed at the right price, it should only take a few weeks to sell.

Some agents have a tendency to overvalue properties in order to secure your business. This can have a catastrophic effect, not only to your own sale time but to the property market as well.

Time is vital when selling a property. An overvalued property will not get the traction it deserves and this can also create the impression that something is wrong with the property if it remains on the market too long. Your agent will more than likely then ask you to reduce your price as a form of resolution.

Survey is a crucial stage of the selling/buying process. When a property falls through due to a down valuation the property may need to be re-marketed, and this means starting the selling process again.

In our experience, more properties fall through due to down valuation than any other issue.

At JeffreyRoss we utilise the same valuation research a surveyor does and do not tie our clients into lengthy contracts.

If you would like to arrange an accurate valuation for your property, please contact our RICS Registered Valuer Lee on:

Telephone: 02920 499 680

Email: lee.bryce@jeffreyross.co.uk

Hot desking available from £20 + VAT per day which includes free use of the facilities (Gym/lounge area) and unlimited tea & co ee.

www.desg.co.uk

FEATURED SALES PROPERTY

JeffreyRoss are proud to bring to the market these exceptional and unique town houses located on phase two of Cathedral Gardens, Pontcanna.

The contemporary design and layout are what set these properties apart from the traditional competition that surrounds them, as well as benefiting from off road parking.

Register your interest today as these properties will be fully released at the end of the year with expected completion in March 2023.

You are also able to book for an interactive Virtual viewing and full details are available on request.

Townhouse 1 - £925,000

4 bedroom, 3 storey, end terrace, open-plan with bifold to rear Garden, principal & guest suites, front & rear balconies and allocated parking. 2303 sq.ft.

Townhouse 2 - £925,000

4 bed, 3 storey, end terrace, open-plan with bi-fold to rear Garden, principal & guest suites, front & rear balconies and allocated parking. 2303 sq.ft.

Townhouse 3 - £950,000

4 bed, 3 storey, end terrace, open-plan with bi-fold to rear Garden, principal & guest suites, front & rear balconies and allocated parking. 2271 sq.ft.

FEATURED SALES PROPERTIES

FEATURED RENTAL PROPERTY

FIRST FLOOR FLAT, 21 MALDWYN STREET, PONTCANNA - £1,300 PCM

Gwyn Davies

JeffreyRoss were delighted to market this stunning first floor, two bedroom apartment on Maldwyn Street in the Heart of Pontcanna.

The property is ideally located less than 100m from the Bars and Cafes of Cathedral Road and also a minute walk from Pontcanna Fields.

This uniquely decorated apartment certainly stands out from the crowd with exposed brickwork and hard wood flooring throughout.

The property briefly comprises of two spacious double bedrooms with the largest at the front of the property overlooking Maldwyn Street, large living area, open

plan kitchen with built in appliances and a stylish bathroom with separate bath and shower.

The property is offered unfurnished with the potential for the sofa and a wardrobe to stay.

EPC Rating: C Council Tax Band: C

A holding fee of one weeks’ rent will be payable to secure a property. This will be deducted from the final balance payable upon moving into the property, subject to a successful application.

Contact our area specialist Gwyn on 02920 499680 for more information on our rental properties in the area.

FEATURED RENTAL PROPERTIES

48 ENQUIRIES

8 OFFERS AND LET FOR £100 OVER ASKING PRICE.

50+ ENQUIRIES AND LET FOR £250 OVER THE ASKING PRICE.

JR GROUP OF COMPANIES

INTRODUCING JEFFREYROSS, SEEL & CO AND DESG

Ross Hooper-Nash

JeffreyRoss was originally founded in 2008 as ‘City Abode’, a start up lettings business that sub-let the rear office from Jeff Hopkins of Abobe on Pontcanna Street.

Founded by Ross Hooper-Nash who wanted to take a different, more effective approach to the rental market. The lettings industry in 2006-2007 was totally eclipsed by one of the best performing sales years in terms of growth, units sold, and sales prices achieved. For the majority of regional businesses, lettings was seen as an add on and not something that brought the fees that the sales divisions did, with other agencies having little to no lettings stock at all.

Ross identified a gap in the market for high end lettings across the city centre and ear marked Pontcanna as the first area to target. Given his success at the regional level, he had plenty of clients prepared to follow him when he set up on his own.

What he couldn’t have foreseen was the financial crash of the sales market in 2008 due to over valuation and 110% mortgages which ultimately lead to the increase in rental properties coming to the market. People still had to move, but weren't prepared to do so at a loss by selling.

Due to an uptake in the names 'Abode' and 'City Abode' being used by many other businesses nationwide, the need for a name change was triggered. After weeks if deliberating, it was decided that even though they weren't business partners, it would be mutually beneficial to use both the names of Jeffrey and Ross to create 'JeffreyRoss Limited' as one upmarket brand.

Shortly after, Ross had the opportunity to expand to an equally sought after location the other side of the Centre, giving him his first shop front and a foot into another key demographic in Cardiff.

After establishing the brand and reputation in Roath, it was time to expand further and create a base in Llanishen, allowing us to move our presence to all corners of the Cardiff market.

The acquisition of one of Cardiff's oldest auctioneers and estate managers Seel & Co in 2019 helped create synergy between the two companies for auction and surveying.

It also created a second avenue for clients to sell their homes and have them valued for probate, matrimonial disputes and red book with the Seel & Co RICs accredited surveyors.

Lockdown 2020 saw Ross expand the group further into commercial rentals via a new office and hot desking company called 'Desg'. Once Covid restrictions were lifted, the commercial office space company quickly filled and includes Tenants that could further bolster the industry, from major construction companies, planning to PR, Quantity Surveyors and Architects.

By surrounding themselves with market experts, this has allowed JeffreyRoss to branch out further into development appraisals, new homes, as well as creating our own design and marketing team to support all brands in the group.

The future is exciting with further planned expansion, but ensuring we retain the core goals at heart, which is providing excellent customer service maintaining our fundamental values, justified valuations, exceptional marketing and honest advice. To this day we do not believe in tie in contract periods or getting paid until we have fulfilled our obligation to our clients, allowing us to retain some extremely loyal clients over the last 14 years and how we will endeavour to continue as we develop and evolve.

Desg, Penhill Road, Pontcanna

TOTAL RAISED FROM AUCTION LOTS IN THE LAST 12 MONTHS

£20,000,000

AVERAGE % OF LOTS SOLD IN THE LAST 12 MONTHS 75.3%

Source: EIG Auctions

SPECIALISTS IN AUCTIONS, BLOCK MANAGEMENT AND SURVEYING

Seel & Co are a long established firm of Chartered Surveyors, Auctioneers, Management and Letting Agents based in the capital city of Cardiff, providing expert advice on all land and property matters throughout South Wales.

Established in 1898, the business was built on traditional values delivered with a modern approach and great service.

Whether you are a seller or buyer, renting or a landlord, leasehold owner or management company, we offer all the advice and services you could need under one roof.

Acquired by the JeffreyRoss Group in 2019, the company has gone through significant changes to become one of the most experienced and forward thinking property firms in the UK.

Seel & Co Ltd is a member of and regulated by RICS and is governed by its professional code of conduct and strict rules on handling Client monies. They are also authorised and regulated by the FCA and can arrange general insurances for Clients at very competitive rates.

Seel & Co pride themselves on the high quality service they provide to their clients which they deliver in a professional and personal way.

For more information about any of the professional services Seel & Co provide, please contact:

Telephone: 02920 370 100

Email: info@seelandco.com

Website: www.seelandco.com

BESPOKE SERVICED OFFICES, HOT DESKING & EVENT HIRE

Desg™ invites you to re-imagine what a workplace can be. Combining design principles with curiosity, we aim to be a model for stylish, balanced and mindful environments where companies and individuals can work, meet and share ideas in a safe, considered way.

Their Pontcanna building is lined with picture windows. By day, they create a visual gateway out to Llandaff Fields, connecting you with one of Cardiff’s most expansive green spaces. It’s just a few steps away for easy screen breaks, runs or strolls.

At dusk, the windows glow with interior life beyond the 9-5, including wellbeing activities, socialising or the option to work into the night with 24-hour access for members.

Inside you’ll find two storeys of hot-desks, co-working spaces and private offices, bookable meeting rooms and our large events space.

Sound-proofed pods have been beautifully crafted with wood strip decorative Acupanels, and nodistraction phone booths offer an extra quiet option.

Terracotta tiled floors pave a bright and sunny path throughout the building, while beautiful Foresso® recycled worktops and plant-filled centrepieces are among the many appealing details. Gym and showers, members-only lounge, large kitchen, and seating areas for relaxing, are all integral to the setting that has been created to help you feel your best and be your most productive.

For more information about Desg or to arrange a tour, please contact Ollie on:

Telephone: 07743 394 461

Email: info@desg.co.uk

Website: www.desg.co.uk

LEGISLATION UPDATE

CHANGES TO THE RENTING HOME (WALES) ACT

From 1st December 2022 (originally 15 July 2022), the Renting Homes (Wales) Act 2016 will change the way Landlords in Wales rent their properties. The Act simplifies how all Landlords rent their properties. Whether you are a Landlord or a letting/managing agent, these changes will affect you. Key areas affected by the Act include:

1. TENANCY AGREEMENTS

Tenants and licensees will be known as ‘ContractHolders’ under the Act. Contract-Holders are required to have an ‘Occupation Contract’ (which replaces tenancy and licence arrangements).

There are two types of Occupation Contract:

Standard Contract: This is the default contract for the private rented sector (PRS)

Secure Contract: For use by community landlords.

Landlords will be required to issue a ‘Written Statement’ to all Contract Holders. The Written Statement must contain all the terms of the contract.

2. INCREASED SECURITY

Where a ‘no fault’ notice is issued, the minimum notice period that must be given is 6 months.

A Landlord will not be able to give such a notice until after the initial fixed term has expired.

Notice cannot be served unless the Landlord has complied with certain obligations, including registration and licensing with Rent Smart Wales, deposit protection rules and the Dwelling meets the Fit For Human Habitation (FFHH) standards.

Landlord break clauses will only be able to be incorporated into a fixed term Occupation Contract

if the contract has a fixed term of 2 years or more. A Landlord will not be able to exercise a break clause until 18 months into occupation.

3. ALL PROPERTIES MUST BE SAFE

You must ensure Dwellings are fit for human habitation (FFHH). This includes electrical safety testing and ensuring working mains wired smoke alarms and carbon monoxide detectors are fitted.

The obligations on Landlords relating to FFHH can be found online at: www.gov.wales/fitness-homeshuman-habitation-guidance-landlords-html

In addition, rent will not be payable for any period during which the Dwelling is not fit for human habitation. Failure to comply with fundamental terms of the contract can result in the Landlord having to refund two months rent, which the court can increase 100%.

4. ANTI-SOCIAL BEHAVIOUR

Where the Contract-Holder has breached the Occupation Contract the minimum notice period that must be given is one month.

This notice period can be shorter where it relates to a breach of the anti-social behaviour or the serious rent arrears terms.

5. SUCCESSION

Enables both a ‘Priority’ and ‘Reserve’ successor to succeed to the Occupation Contract. This allows two successions to the contract to take place. For example, a spouse followed by another family member. In addition, a new succession right for carers is created.

Jodie Hopkins

CONTACT OUR LETTINGS TEAM TO MAKE SURE YOU ARE READY FOR THE CHANGES ON 1ST DECEMBER '22.

6. ABANDONED PROPERTY

Landlords are able to repossess an abandoned Dwelling without a court order, after serving a four week warning notice and carrying out investigations to satisfy your concerns that the Dwelling has been abandoned.

7. JOINT CONTRACTS

A joint Contract-Holder will be able to leave a contract without ending the contract entirely. New joint ContractHolders can be added without having to end the current contract and start another one.

ANY QUESTIONS?

Do you have a question about the changes coming in December 2022? Or are you looking for an up-to-date rental assessment or sales valuation of your property?

Contact our award winning lettings team on:

Telephone: 02920 499680

Email: info@jeffreyross.co.uk

BLOCK & ESTATE MANAGEMENT

KEEPING THINGS RUNNING SMOOTHLY FOR YOUR PROPERTY

PROPERTY BLOCK MANAGEMENT SERVICES

Seel & Co Ltd is a long established family firm of Chartered Surveyors providing bespoke Apartment Block Management and Estate Management services to our clients using a dedicated team of professionals.

Using specialist software geared to the management of service charge accounts we work with you to ensure that all your responsibilities under your Lease and Statutory Legislation are properly met.

We provide a personal, efficient and comprehensive service to our clients and it is the quality of that service that is one of the most important criteria for us to achieve.

ASK US ANYTHING

Excellent communication, careful selection of service providers and regular monitoring of your property provides quality of service and value for money, as well as allowing us to understand your individual needs.

Providing expert advice regarding future budgeting, planning maintenance projects and providing adequate levels of reserves for a site are essential aspects of estate or block management.

Strictly governed by both the Royal Institution of Chartered Surveyors, ARMA and the Financial Conduct Authority, all client money is held under the Clients Protection Scheme and accounted for daily.

MANAGEMENT FEES

Our fee for administering the management of a block of flats would vary with the complexity of the site and number of units to be managed.

Please be advised that some services fall outside day-to-day management of the site and may incur additional charges as and when necessary and in agreement with the Client. Any additional charges may be negotiable.

Contact us for a bespoke management fee, tailored to your property and needs.

Telephone: 02920 370 100

Email: karl.reid@seelandco.com

Website: www.seelandco.com/block-management

Karl Reid

NEW DEVELOPMENT

ST JAMES CHURCH, GLOSSOP ROAD, CARDIFF

ABOUT ST JAMES CHURCH

The most prestigious Cardiff Church residential development demands a specification to equal its importance, with no compromise on materials, detail or design to create an elegant quality finish.

St James Church offers an impressive and remarkable collection of generously proportioned, luxurious bedrooms for sleeping and dressing, creating a haven of peace for relaxing and unwinding at the end of a busy day.

Architecturally designed to create unique environments within this beautiful building, the combination of traditional features, contemporary glazing and exposed beams in the upper floors make this a special place to live.

For many people the kitchen is the true heart of the home. That’s why every magnificent contemporary kitchen in St James Church is individually designed and fitted with modern appliances.

Elliott Hooper-Nash

St James Church is set in a vibrant location in the heart of Cardiff City Centre which makes the development perfect for culture, business, education, dining, shopping and everything else Cardiff has to offer.

ARRANGE A VIEWING

Visit our magnificent collection of luxury apartments and townhouses to experience for yourself how location, design, material and expert craftmanship can combine for the ultimate lifestyle.

To arrange a viewing, visit www.stjamescardiff.co.uk and register your interest.

St James Church, Glossop Road

"At St James Church, there is no compromise on materials, detail or design to create an elegant quality finish throughout the entire development."

Elliott Hooper-Nash

"Book a viewing today to experience for yourself how location, design, material and expert craftmanship can combine for the ultimate lifestyle."

Elliott Hooper-Nash

AVERAGE TIME FROM INSTRUCTING A CONVEYANCER TO MOVING IN 12-16 WEEKS

SOLICITOR / CONVEYANCING INSIGHT

CONVEYANCER TIPS FOR SELLERS & BUYERS

The recent boom in the property market has continued since the initial increase in demand brought about by the temporary Land Transaction Tax and Stamp Duty Land Tax reductions at the end of the first lockdown.

This has resulted in unprecedented levels of new instructions to Conveyancers and these instructions have not shown signs of slowing since these incentives expired.

The rise in new instructions has inevitably increased the average Conveyancer’s workload pushing those Conveyancers who want to stay on top of the trend into modernising their approaches and working smarter, with a more streamlined and efficient service being offered to Clients.

Here at Spencer Skuse & Potter client satisfaction is our top priority. In order to achieve this target, there are a number of things that Sellers and Buyers can do to help us and to help themselves get ahead of the game.

For Sellers, preparation is key. All relevant documentation relating to the property should be made available to their solicitors (and therefore to their buyers) from the outset to avoid unnecessary enquiries being raised or delays locating the documents once requested.

Andrew Oakley

For Buyers, again, acting early and decisively is key. The funds for searches should be provided and the mortgage application process should be started as soon as possible.

Timeframes for search results and mortgage offers have increased following the start of the boom, which has inevitably impacted the average Conveyancing timeframe. Therefore, it is more important than ever to commence these processes at the earliest possible stage.

Above all, it is important as a seller or buyer that you instruct a Conveyancer you trust will represent your interests in a way that helps remove as much stress as possible from the process.

FINANCIAL / MORTGAGE INSIGHT

3 TIPS FOR BUYING YOUR FIRST HOME IN 2022

It’s no secret that rising interest rates, fluctuating house prices and the looming cost of living crisis is making the mortgage market an increasingly challenging territory for first time buyers.

Tom Willis, an experienced mortgage advisor from Cardiff-based firm Eden Hawk Financial Solutions, shares three tips for mortgage-seekers navigating the market in the current economic climate.

1.SAVE THE DEPOSIT YOU REALLY NEED

Saving a big enough deposit is one of the greatest challenges for first-time buyers because putting money aside whilst renting, studying, raising a family or managing monthly outgoings can feel almost impossible.

Rising house prices haven’t helped the situation and how much deposit you’ll need to save to secure your first home will depend on the cost of house you’re hoping to buy.

The good news is, 95% mortgages are available again having practically disappeared during the pandemic. To give yourself the best chance of success, seek early advice from your mortgage advisor so you have a realistic understanding of how much you really need to save.

2. ESTABLISH HOW MUCH YOU CAN BORROW

When you come to apply for a mortgage, lenders will analyse your finances before deciding whether they’re happy to approve your loan request.

When it comes to calculating affordability, most lenders will allow you to borrow up to four and a half times your annual household income.

Tom Willis

It is worth bearing in mind that this is a rough guide. Some banks will have stricter guidelines whilst others may lend more than five times your income so long as you meet other criteria.

Mortgage criteria varies from lender to lender and applying for a mortgage impacts your credit score, so it’s worth getting advice from your mortgage advisor on which lender might have a suitable deal for you. This will be particularly helpful if you need additional evidence to support you application.

3. UNDERSTAND WHAT YOU CAN AFFORD

When it comes to buying a home, the purchase price is just the beginning.

You’ll need to factor in the additional costs of moving, including Land Transaction Tax (Stamp Duty), legal work and an independent survey.

PREPARATION IS KEY

In summary, the best thing you can do is be prepared. It’s difficult to predict what will happen next in the UK property market but mortgage options look set to remain positive.

It could still be a challenging time to buy your first home but take your time and equip yourself with the relevant information when it comes to your deposit, borrowing capacity and affordability. Good luck!

AVERAGE TIME FROM APPLICATION TO MORTGAGE OFFER 2-4 WEEKS

Source: Eden Hawk

COST OF DOMESTIC PROJECTS HAVE INCREASED BY 61%

Source: Checkatrade

DESIGN & BUILDING INSIGHT

INCREASE IN BUILDING COSTS SINCE COVID-19

Since the COVID out break the domestic construction market has seen a boom in work, which if you took advantage of has no doubt led to you gaining further sqft on your property and an increase in your house value. However, since the Summer of 2021 the UK construction market has seen an unprecedented uplift in construction material costs. Coupled with the boom in the domestic construction markets, building is now more expensive than ever!

It is generally accepted across the Construction market that the cost of materials have now increased by some 25-30% since last summer, with some key construction materials (concrete, steel and timber) increasing by more than 50%. This incredible acceleration in material costs has not been seen for some 40 years in the UK market and is putting severe pressure on an already fragile sector.

While the acceleration of the cost of materials is now starting to slow, the current energy crisis will now start to play its part in passing further costs through the supply chain further increasing costs.

This all impacts on local builders and trades persons who now find themselves having to increase their costs to ensure they maintain a margin of profit. Checkatrade note that the cost of domestic projects have increased by some 61% from January 2021 to January 2022.

This may lead to you wondering whether undertaking home improvements is the best of ideas, or whether moving is the better option? I’ll leave far more qualified individuals to advise on the housing market, but from a construction point of view it is fair to say that the market is definitely in a challenging place and waiting 6 to 12 months may well see the market in a far more settled position.

That being said, if getting works undertaken on your house cannot wait, there are a number of things you can do to try and ensure that your dream extension doesn’t run away in cost, leaving you with a bitter taste. Our advice would be;

PLAN

Take time to Plan and Design the works before you start; Its an old adage but “failing to plan is planning to fail”. Ensure that you have agreed on all aspects of the build, from the exact size of the project, the location of key services (bathrooms etc.), right down

Ben Smith

to the proposed finishes and number of plug sockets! The fastest way to blow a construction budget is to start making changes half way through the project.

SHOP AROUND

Ensure that the builder you are going to use is reputable and gives you the confidence that they can deliver what you want. Undertaking work in your house is a deeply personal thing, so you need to ensure that whoever you are entrusting to carry out the works gives you the confidence that they are the right ‘fit’. Simple things are to ask for references, check out their social media, ask if they have any affiliations (FMB etc.)

Shopping around also relates to materials and large items. There are still some bargains out there so don’t be afraid of scouring the market place for similar (but cheaper) products.

THE CONTRACT

If the builder tells you not to worry about a contract then I would walk away there and then! Having an agreed starting point (both in reference to works and cost) is essential to avoid costly disputes and fallings out. It doesn’t need to be war and peace, but referencing the agreed drawings, the contractors schedule of works and the price is a minimum. Ensure that you agree who is going to be responsible for planning / building control sign off / gaining relevant details and calculations from the Engineer / Architect.

CONTROL

During the build ensure that you keep an eye on progress, and ask for programmes and input into decisions regarding the location of key items. If the contractor is well organised they should be able to provide this level of information easily. This also relates to the money. Don’t pay up front and ensure that you don’t pay 100% of the cost until you are happy all the works are completed to your satisfaction.

So whether your looking at a simple extension, or planning the next annex of your property the above is as good a starting point as any.

JR CLIENT EXPERIENCE

KEY FEATURES TO HELP SELL, LET & MANAGE YOUR PROPERTY

JEFFREYROSS PROPERTYFILE

Transparency and customer service are the fundamentals that have made us successful to date. As we constantly strive to improve the customer and client experience, we have introduced several key services that give greater transparency on what we are doing for our Sellers, Landlords, Tenants and Buyers via their very own web log in known as PropertyFile.

This innovative software updates in real time and highlights online property performance, from viewings booked / feedback / offers made to even reporting maintenance, checking updates and downloading landlord statements. All of which can be accessed 24 hours a day, 7 days a week.

JEFFREYROSS PRIORITY

Registered applicants will receive property listings up to 48 hours before they go on to the open property market. Applicants need to pre-qualify on affordability before being granted access to our priority list, where they will be able to gain instant access book viewing times for each available property (predetermined by our clients).

JEFFREYROSS PROPERTY FINDER

We know how competitive the property market is right now particularly in key locations where you are often competing with multiple parties for each property.

Elliott Hooper-Nash

This is why we now assist our clients with their search and utilise off market campaigns and target marketing techniques to get you access before anyone else.

RELOCATION ADVICE

Moving out of Cardiff with work and unsure of the new area you are moving to? We can give advice on the postcode territory values across the UK for the majority of property types.

UNRIVALLED MARKETING

We offer professional photography, virtual reality, accurate floorplans, online marketing via the key property portals (Rightmove, Zoopla, OnTheMarket, Boomin) as standard.

We also promote our properties through our social media channels to target potential buyers and tenants before the property goes to market.

To discuss our unrivalled client experience further, please contact Elliott on:

Telephone: 02920 499 680

Direct Dial: 02922 744 470

Email: elliott@jeffreyross.co.uk

Instagram: @elliott_jeffreyross