Property in Surrey, Estate Agents, Letting Agents

Feb
22

Low Interest Rate for the Next Two Years? Peter Gordon comments..

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Market participants expect the Bank Rate to remain unchanged for around two years says the Bank of England’s Monetary Policy Committee.
The minutes of the last meeting held by the MPC earlier this month revealed that market participants expected the committee to vote to increase the amount of Quantitative Easing at the meeting. The MPC said that strains in bank funding during the second half of 2011 had begun to feed through into further increases in the cost of credit for some borrowers.
However, the Committee also said that this had improved since the turn of the year and, in time, it would allow spreads of interest rates paid by UK households and businesses to decline somewhat. Seven members voted for an increase in QE by £50bn to £325bn whilst David Miles and Adam Posen voted in favour of an increase by £75bn to £350bn. The members say that the introduction of an additional round of QE was driven by the most recent projections in February’s inflation report that would undershoot the 2% target in the medium term without further monetary stimulus.
With the general consensus agreeing that Bank Rate will remain low for the next two years, we are recommending Bank Rate tracker mortgages for the adventurous borrower. For the more cautious borrower longer term fixed rates may be more suitable.
Other reports in today show that the first time buyers have increased again last month before the Stamp Duty holiday ceases at the beginning of April.
On a final note, we are receiving calls from some of the banks this week who are reducing their product fees to sensible levels in order to attract business. These fees should be taken into consideration when calculating the cost of borrowing together with the interest rate charged. If prospective buyers are being put off by large loan fees they can speak with me to see what competitors are prepared to offer.
Peter Gordon, A.J.Buckley. 01483 426300. www.ajbuckley.com

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Feb
20

House Prices See Sharpest Rise In A Decade

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Asking prices for property in the U.K. rose at the sharpest pace for almost 10 years in February, boosted by a pickup in confidence and an increase in demand from first-time buyers seeking to take advantage of the government’s sales-tax holiday which ends next month, a survey by Rightmove indicated today.

According to Rightmove’s latest index, which measures the price at which a property is advertised for sale and not the achieved price, house prices in mid-February rose 4.1% on the month and were 1.4% higher than a year earlier.

Built in approximately 2005, Chestnut House is a luxuriously appointed and highly specified family house set in an idyllic and quiet location yet within easy reach of the village centre. Thoughtfully laid out, all rooms have a spacious and airy feel and the whole is presented in superb decorative order throughout. The principle reception rooms have French doors overlooking the south facing rear gardens as well as the magnificent kitchen/breakfast room which is a great space for contemporary family living.

The monthly increase was the biggest rise since April 2002 and compares with a 0.8% monthly decline and a 0.4% annual gain in January.

“The biggest jump in new sellers’ asking prices for nearly ten years indicates there is pricing power if you are selling the right type of property in the right place,” said Rightmove director Miles Shipside.

“There are also indications that those who are able to buy but had previously lacked the confidence to take the plunge are of a more positive mindset this year.”

Rightmove also noted that the government’s stamp-duty sales tax holiday for first-time buyers purchasing a home costing less than GBP250,000 comes to an end March 24, and there is an increasing number of buyers seeking to take advantage of the tax break.

From March 25, first-time buyers will have to pay the government 1% of the cost of any property they purchase priced up to GBP250,000.

House prices are expected to remain stable over the course of this year, but monthly changes are often volatile, suggesting this month’s big rise isn’t indicative of any sustainable house-price increase.

While consumer confidence is showing signs of improvement, it likely reflects the slower pace of inflation and cheaper energy costs rather than any real expectations for a strong economic performance this year.

The survey also shows that mortgage financing advertising has increased in recent weeks, as has the availability of products requiring only a 10% deposit–something which has been in scarce supply since the beginning of the global credit crunch in 2007.

The details of the survey show that activity is increasing. The length of time to sell a property fell to around 91 days by mid-February from 100 in December.

Prices rose in all regions covered by the survey, the largest was a 6.9% rise in south-east England, followed by a 5.6% increase in northern England over the same period.

Rightmove measured 122,030 asking prices of properties put on sale by estate agents between Jan. 8 and Feb. 11, which Rightmove estimates represents approximately 90% of the total number of residential property advertised for sale over that period.

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Feb
17

Another Ascot weekend

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The Grade 1 Betfair Ascot Chase, worth £150,000, is one of Ascot’s best established Jumps races. Run over two miles and five furlongs, it often acts as a final outing before the Cheltenham Festival for horses contesting the Champion Chase, the Ryanair Chase or sometimes the Gold Cup.

The Grade 2 Sodexo Prestige Reynoldstown Chase, for elite novice chasers, supports the feature race along with a competitive £40,000 Handicap Hurdle.

Special offers for this raceday can be found below:

Start your day in style with a delicious gourmet breakfast of Salmon, Scrambled Eggs and a Bagel or Eggs Benedict along with a speciality coffee for just £8.50 in the Bandstand Restaurant.

Dine in style at the Ascot Grill – Brand New Winter Menu
£25 for a delicious two course menu and a wine list including 15 wines priced at just £15 per bottle. Located at the West End of the Concourse and open to all racegoers.

Refuel after the fourth race with Afternoon Tea for two in the Bandstand Restaurant for £15 saving yourself over £10! Vouchers for this fantastic offer can be found in the Racecard on the day.

Enjoy a free mini muffin* with any hot drink purchase from all delis within the Grandstand! *While stocks last.

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Feb
15

Rented properties see longer tenancies

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Private tenants are typically renting their homes for the record duration of 19 months, lettings agents have said. The average length of a tenancy has risen by 17% in two years, from 16 months and two weeks at the end of 2009 to around 19 months and a week by the end of 2011, the Association of Residential Letting Agents (Arla) said.

The Chase is a small exclusive gated community of just 9 houses not far from Ascot and ideal for ACS or TASIS schools. The property is in truly immaculate condition having been owned by the same owner since new. The spacious accommodation is very versatile and currently one of the top floor bedrooms is used as a playroom.The accommodation comprises; 6 bedroom suites * grand reception hall with fireplace * drawing room * large dining room * fitted study * impressive kitchen/breakfast/family room with conservatory * laundry room * wc * double garage * huge patio overlooking the gardens.

Would-be first-time buyers unable to raise a deposit or meet borrowing criteria have remained trapped in their current homes, meaning the rental sector boomed last year as the housing market remained flat.

Arla said the increased tenancy lengths meant more wear and tear and therefore a greater danger of disputes arising. The body urged landlords and tenants to make sure inventories were thorough and said photographs taken at the start of a tenancy could also help to avoid disagreements.

Ian Potter, operations manager at Arla, said: “Possibly as a reaction to tough financial times, tenants seem to be spending longer in their rented properties and the average tenancy is in excess of 19 months.

“This increase in the length of tenancies will inevitably lead to greater wear and tear in rented accommodation and fewer opportunities for downtime between tenancies for landlords to make improvements.”

Mr Potter said renters should ensure inventories listed not only the contents of a property but their condition and the condition of the property itself. Fixtures and fittings like carpets, curtains and light fittings should also be included, he said.

Arla’s research was based on responses from 1,390 landlords across the UK and the figures go back to the beginning of 2005, when the average tenancy length was just under 15 months.

LSL Property Services, which owns chains Your Move and Reeds Rains, recently reported that average monthly rents dipped slightly to £711 in December 2011.

But the lettings network predicted rents would continue their “upward march” this year as people continued to struggle to get on the property ladder.

Copyright © 2012 The Press Association

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Feb
14

Home sales expected to rise, says Rics

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Surveyors expect sales of homes in England and Wales to rise in the final weeks of a stamp duty holiday. Sales expectations for the next three months were at their highest level since May 2010, the Royal Institution of Chartered Surveyors’ (Rics) said. The 1% stamp duty rate for first-time buyers, on properties worth between £125,000 and £250,000, is being reintroduced on 24 March.

Arundel was built to a superb specification of finish and completed in 2007. The property has exceptionally spacious accommodation set over three floors with luxurious bathroom suites and contemporary kitchen. The property has concrete floors on all levels with under floor heating. Other features in the property include Lutron programmable mood lighting, pre wiring for Linn multi room audio system, BPT gate entry system with video monitor panels inside the house, NACOS approved alarm system, Miele appliances in the kitchen, Villeroy & Boch, duravit, Laufen and Hans Grohe bathroom fittings, Anderson windows and doors with multi point security locking. The house is also covered by a 10 year NHBC warranty.

Surveyors said that the mild winter had also helped activity.

Fewer surveyors than before expect prices to fall in the coming months, although more still expect prices to fall than to increase.

‘Improved tone’

Chancellor George Osborne took the decision to reintroduce the stamp duty rate in last November’s Autumn Statement, pointing out that the policy – introduced in March 2010 by the previous Labour government – had not helped many more people buy a home.

On Monday, the Council of Mortgage Lenders (CML) said that a pick-up in first-time buyer numbers at the end of 2011 could be the result of people trying to get on the property ladder before the concession expired.

And now the Rics survey has suggested that the “improved tone” among surveyors about activity in the market and price expectations could be at least partially due to the same reason.

“With first-time buyers no longer exempt from stamp duty as of the end of March, it seems that some are looking to purchase homes before the deadline and, as a result, surveyors are relatively optimistic for the coming months,” said Michael Newey, Rics’ housing spokesman.

He pointed out that first-time buyers still faced difficulties securing a mortgage.

Following the end of March, the end of the stamp duty concession could partially unwind this extra activity of the coming weeks, the Rics report suggested.

Prices

The government’s own house price survey – compiled by the Department for Communities and Local Government (DCLG) – confirms that UK house prices stagnated last year.

It says they rose by 0.1% in 2011 to take the average house price to £205,269, leaving them 5% below the peak recorded in April 2008.

The trend in prices was far from uniform. Values fell by 1.6% in Wales, 4.6% in Scotland and 8.1% in Northern Ireland.

But in England they rose by 0.5%, with London prices rising the most – up by 4.4%.

Other recent surveys have shown a similar picture for last year.

The Nationwide said prices rose by 1% in 2011.
The Halifax said they fell by 1.3%.
The Land Registry said prices fell by 1.3% in 2011 in England and Wales.

‘Surprisingly brisk’

The Rics survey said the weather was a significant factor in the recent pick-up in activity which had been noted, primarily, by surveyors in the north of England.

Before the cold snap in February, the winter had been mild, and that had encouraged more people than a year earlier to go house-hunting, some said.

“It has been a reasonably busy start to the year. The kind weather has meant that viewers can travel some distance,” said surveyor Francis Brown, of Richmond, North Yorkshire.

Edward Waterson, a surveyor in York, said: “There has been a surprisingly brisk start to the year, despite the economy.

“Buyers have appeared to get the bit between their teeth and a shortage of stock is forcing them to make decisions and stick to them.”

 

Source : BBC News

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Feb
13

Virginia Water car park redevelopment fears

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FRUSTRATED villagers claim their council has left them in the dark over its plans to redevelop a car park. Proposals for the Bourne car park, in Virginia Water, look closer to completion after Runnymede Borough Council acknowledged it was in final negotiations with a bidder.

Businessman Sonny Jafri, who owns The Wine Circle restaurant in Station Parade, said villagers felt uncertain about what was going on, and called plans to build a supermarket on the site “nuts”, stating that the village’s infrastructure would not cope. He said: “Our fear, and there are growing fears among the villagers, is the lack of communication with us that the council promised when it last put this proposal forward.

“We fear a public consultation will just involve a leaflet drop or a presentation and then it will just push it through.

“We want clarity now. Why is this being kept from us?”

James Wyatt, of Barton Wyatt estate agents in Christchurch Road, said: “The council has been very cagey about plans for the Bourne car park. “It isn’t so long ago that it denied to me it had any plans for it at all, despite me knowing who the council was talking to.”

The car park was first considered for development by the borough council in 1998. However, a contract agreed eight years later for the Virginia Water Development Company to build a 12,000sq-ft supermarket, an 80-room hotel, extra care housing, a health centre and underground car park, was terminated by the borough council in June 2010 due to a “lack of progress”.

Residents who feared it would have scarred the village were at the time relieved. The council’s chief executive, Paul Turrell, confirmed the authority was now in final negotiations with an unnamed bidder. He said: “We do now have a preferred bidder but as such, no deal has been concluded. “As part of the deal and discussion that was made by the corporate management committee, it must go out and conduct a satisfactory public consultation exercise.”

Speaking of timescales, Mr Turrell added: “We’re working pretty quickly at the moment so I would hope to bring it to a conclusion in about four weeks but that is if it is agreed in the first place.” Local sources believe the new development, if approved, will be a mini-supermarket. Mr Turrell added: “The Virginia Water Development Company project was much more ambitious. This is a more scaled-down development proposal.”

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Feb
09

Getting rent paid on time, James Wyatt comments.

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When letting a property, Landlords are interested in very little. They want their property occupied – by someone who looks after the
place and doesn’t moan about irrelevant things. And they want the rent paid on time.

Late rent is every Landlords greatest irritation. Loan repayments may rely on the rent coming in on time, or in many cases, the rent
forms a large part of the Landlords income. For the Landlords Agent too, late rent is a constant downside of the business. Chasing errant tenants isn’t much fun, and neither is it pleasant having a Landlord haranguing you on how to do your job better.

My accounts lady Julia, is masterful at chasing late rent. Phoning every day to listen to the latest excuse – “it’s in the post”, which
invariably means it certainly is not. “I’ll go to the bank today” – they won’t. “I’ve had a family bereavement” – Virginia Water seems to mirror TV’s Eastenders for the staggering number of ‘family bereavements’. “I’ve got friends staying” – so what!

What I have learned over the years is to choose tenants very carefully. The very occasional hunch that something doesn’t seem right with a
potential tenant has usually proves correct. Rigorous referencing is helpful but it is just a part of an important decision. We continually aim for corporate tenants – the likes of Coca Cola aren’t going to run out of money any time soon.

Sometimes though, it all comes right. At this very moment, Barton Wyatt has every rent paid up to date with not a single rent even one day overdue. I wonder how many letting agents are in that smug position? jw@bartonwyatt.co.uk

01344 843000.
www.bartonwyatt.co.uk

A very spacious character family house located on the Wentworth Estate and backing onto the 13th and 16th holes of the East Course. The property has undergone complete renovation to including the kitchen and bathrooms.The accommodation comprises: entrance hall * drawing room * dining room * study * kitchen/breakfast room * family room * utility room * cloakroom * downstairs bedroom suite with bathroom * master bedroom with en-suite bathroom * four further bedrooms * staff room with en-suite bathroom * snooker room * large private gardens * outdoor swimming pool * triple garage and gated driveway.

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Feb
09

Home is where the heart is. Celebrate St Valentine’s Day in style

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As they say, home is where the heart is and so, in celebration of St Valentine’s Day we have selected the very best properties bound to make you feel the love:

Pine Acre with its very own Massage parlour on the lower ground floor, this property certainly sounds like it’ll be fun for 2!

Pine Acre extends to just less than 9,000 square feet. The well proportioned and spacious accommodation is laid out to suit a contemporary lifestyle with the principal reception rooms leading off the very spacious entrance hall. The large kitchen / breakfast / family room leads to a stunning garden room with an impressive vaulted ceiling with thermostatically operated roof lantern.

On the first floor there are four bedrooms with en-suite bathrooms. A particularly impressive master suite stretches across the rear of the property with fabulous dressing room and balcony overlooking the mature landscaped gardens.

The second floor includes a further bedroom suite and open plan games room, separate bathroom and gym. Approached from the rear entrance is a one bedroom staff apartment with lounge, bathroom and kitchenette.

Pine Acre priced at £4,975,000

Heather Ridge – This house boasts a master suite complete with four poster bed with a mirrored ceiling – naughty but nice!

Master suite with balcony, 5 further bedroom suites over 2 floors, second floor exercise/storage room, galleried reception hall, two cloakrooms, wine store, drawing room, sitting room, dining room, kitchen/family/breakfast room, study/library, study, utility room, garaging for 3 cars with a well appointed staff flat over, south facing landscaped gardens overlooking the 17th fairway and green of the championship west course.

Heather Ridge priced at £6,750,000

Birdsong - just the name alone sounds romantic. The house comprises: master bedroom suite, 3 further bedroom suites, 2 further bedrooms, family bathroom, entrance hall, drawing room, dining room, family room, study, kitchen/breakfast room, garage with room over, gardens

The master bedroom has a fabulous Juliet balcony opening onto the stunning landscaped gardens, perfect for your Romeo to woo you.

Birdsong priced at £2,150,000

 

 

If you’ve got that loving feeling and are in search of the perfect romantic home, contact the experts at Barton Wyatt on 01344 843 000 or visit www.bartonwyatt.co.uk.

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Feb
07

UK rental market likely to be more realistic in 2012, experts believe

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Price hikes in London’s residential rental property market appear to have peaked and in some locations, are entering a period of adjustment with rents slightly reduced, it is claimed. According to Caroline Kavanagh, managing director of Townends Lettings and Management, in order to keep hold of the best tenants, landlords must realise that the market has stabilised and re-assess their rents accordingly.

A good family home in a lovely quiet location yet within walking distance of Sunningdale mainline station, restaurants and shops.The accommodation comprises: master bedroom with modern ensuite shower room with large walk-in shower * guest bedroom with ensuite bath/shower room * three further bedrooms * family bathroom * large entrance hall * family room * study * TV room * sitting room with feature fireplace * cloakroom * kitchen/breakfast room * large drive with double garage with office/games room attached * lovely secluded garden *

The buy to let market has grown at a substantial rate over the last two years with rents hitting an all time high, especially in many London boroughs and commutable areas such as Staines and Sunbury, but the rate at which rents have risen is simply not sustainable for tenants.

‘For a long time, landlords have been in the driving seat but the start of the new year seems to have brought about a change in tenant attitude, one that is no longer willing to just accept price rises, but that is prepared to look for an alternative in order to take back an element of control,’ said Kavanagh.

Many tenants are spending two thirds of their income on rent making saving of any kind nearly impossible. Applicant numbers are equal or marginally above the same period last year demonstrating that demand remains high, so a period of price adjustment does not suggest that the buy to let bubble has burst, but simply reflects a more stable market.

‘What landlords must realise is their income is still well above what was being achieved two years ago and savvy landlords will take this on board and adjust their expectations and prices accordingly to maintain their competitive edge,’ Kavanagh explained.

‘Similarly, landlords should also review the facilities they are providing to ensure it warrants the asking price, thus attracting the best calibre of tenant and avoiding voids. Optimising rents at varying points in the market by not forgetting about what makes a property so attractive is essential,’ she added.

A realistic approach to rents is vital in the year ahead in the UK market as many regional locations have not recovered to the levels achieved in 2008, according to Belvoir managing director Dorian Gonsalves.

 

The Belvoir Lettings Index, which has been running since March2008, shows there is considerable variation on rent levels according to locations.

‘During 2011 there were frequent reports in the national press about the stratospheric rise of UK rents. However, although the Belvoir Index reveals rental increases in 2011 versus 2010, many regions have still not recovered to the rents achieved in 2008,’ said Gonsalves.

The index shows that just five areas across the UK have overtaken the rental heights of 2008. These regions are London where rents are up 5%, the North East up 6%, Yorkshire up 2% and the South West and West Midlands, both up 1%.

Other regions were up in 2011 compared to 2010, but were still down compared to 2008 heights. The North West is down 3% compared with 2008, the East Midlands down 6% and East Anglia down 5%.

‘We are predicting that this regional rental fluctuation is likely to continue throughout the year, although some areas such as the South East are likely to see a higher increase as rental prices force people out of London into the Home Counties. With regard to other areas I think rents will be relatively stable and any increases are likely to be very modest,’ explained Gonsalves.

‘I believe that increased rents and stable or decreasing house prices will result in increased rental yields in 2012. However, this will clearly be very dependent on the outcome of the eurozone crisis and its impact on credit and borrowing. The UK rental market is strong, but landlords should be realistic about the rents that can achieved in their area and talk to specialists who understand the local market, as buying in the wrong area can be very costly,’ he added.

Source : propertycommunity.com
by Ray Clancy

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Feb
06

House prices up 0.6% in January

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The average price of a home rose by £844 in January, according to the latest Halifax House Price Index, as record low interest rates continued to support demand. Halifax reported a 0.6 per cent increase in prices, taking the average property value to £160,907 in January compared to £160,063 in December.

Offering over 3,700 square feet of accommodation the house has well proportioned rooms including the magnificent kitchen/breakfast room which is open plan into the conservatory overlooking the rear garden. The drawing room has French doors opening onto the rear patio and is complimented by a large dining room and study to the front of the house. On the first floor, the master bedroom has a comprehensive range of wardrobes and a luxuriously appointed en-suite bathroom. Bedrooms two and three also have en-suite shower rooms. The well appointed family bathroom serves bedrooms four and five. The house is located in this very popular residential cul-de-sac and is only a short distance from local shops and Virginia Water Village Centre with further shopping and mainline railway station. The house itself it approached over a block paved driveway behind electric wrought iron gates on brick piers. There is ample parking for a number of vehicles and access to the garage with electric up and over door. Pleasantly landscaped to the front, the house has superb south facing gardens laid primarily to lawn but bounded on all sides with fencing, shrubs and trees giving a good degree of privacy.

The Halifax’s rolling three-month measure – used to give a more stable picture of house price trends – showed prices down 0.9 per cent since October.Overall, house prices have changed little in the past eight months, Halifax said. The average price in January, at £160,907, was very similar to that in May 2011 – £161,039.

Halifax said record low interest rates of 0.5 per cent, unmoved since March 2009, continued to underpin demand, and offset negative developments in the economy that would otherwise push prices lower.Low interest rates have seen mortgage payments fall to their lowest level as a proportion of household earnings for a new borrower for 14 years, Halifax added.

Looking ahead, Martin Ellis, housing economist at Halifax, said: ‘If the UK can avoid a prolonged recession, we expect broad stability in house prices in 2012.’Prospects for house prices over the coming months will depend on events in the eurozone and the repercussions of developments there for the UK economy, Halifax added.

Catch 22: Nationwide said in its report last week that as a percentage of salary the mortgage costs for owning a first home were near the lowest they had been for ten years – but most first-time buyers remain locked out by big deposit demands.The Halifax report follows Nationwide’s house price index last week, which showed prices dipping slightly in January, with a 0.2 per cent fall. Nationwide said that as a percentage of salary, first-time buyers were benefitting from monthly mortgage payments costing the lowest amount for almost ten years. However, it added that many first-time buyers found themselves locked out by big deposit demands and tight credit scoring.

The Halifax figures come as the industry-wide number of mortgages approved to finance house purchases – a leading indicator of completed house sales – held steady at close to 53,000 for the third successive month in December.Overall, approvals in the final three months of 2011 were 3 per cent higher than in the previous quarter and 16 per cent higher than in the same period of 2010, according to the Bank of England. But mortgages for house purchase are still running at about two-thirds below long-term average levels.Housing demand may have been helped by a slight improvement in the number of people in employment in the three months to November, which was 18,000 higher than in the preceding three months.

Elsewhere, Halifax said typical mortgage payments for a new borrower – both first-time buyers and home-movers – at the long-term average loan to value ratio stood at 27 per cent of disposable earnings in the fourth quarter of 2011. This was well below the average of 37 per cent recorded over the past 27 years.

Howard Archer, chief UK and eurozone economist at IHS Global Insight, said the monthly increase in January did not alter his view that house prices were likely to decline by 5 per cent this year. He said: ‘We suspect that low wage growth, rising unemployment and persistent concerns over the economic situation and outlook will limit potential buyers and weigh down on house prices.’

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