Lights, Camera, Action

Nick Churton of our global Mayfair Group Network looks at estate agency in the media.

Once again the television cameras have been peeking into the working lives of estate agents.  The latest BBC 2 fly-on-the-wall series called Under Offer (Wednesdays, 8.00-9.00pm until 7^th May) has become required watching for many. So how are the estate agents in the programme doing?

Many documentary and reality TV programmes covering matters like this do look for the worst side of the story – and find it. But it is rarely the whole story. It might be a difficult truth about an occupation that the public loves to hate but the vast majority of people in estate agency are not on the side of the baddies. It’s just that it never comes over very well on TV.

As we can see in the programme agents differ greatly depending on which community they reflect. They can also be rather brash and overbearing, and one or two you might prefer not to have round to dinner. But that goes with this territory. Some agents can be indescribably arrogant, base and blunt to the point of rudeness, for which there is no excuse whatsoever. But others are not. Others are charming.

This fly-on-the-wall notices the other side. No matter in what price range the agents are dealing, and how many times their behaviour may make the viewer cringe, the camera also sees them trying to do their best for clients - who can, by deed of happenstance or nature, be very demanding.

We expect our vicars to be humble and our doctors to be painstaking and honestly sympathetic. We expect our teachers to be ideal role models and our policemen to uphold the law and not pervert it. What do we expect of estate agents? Well they are not Mother Teresa or rocket scientists. Their stock is not as high as they would like and they are often seen as brash and pushy. But that is the job. It needs push. The trouble is that many people don’t like pushy agents - until those agents are working for them. At which point the agent can be as pushy as he or she likes as long as the property gets sold at the right price and in short order.

So what we are seeing in the TV series are people genuinely trying their best for their clients – whether it is for £50,000 or £50 million. When a house is sold against the seemingly impossible odds presented by highly constrained lenders, ultra-careful surveyors, over-worked and under-manned solicitors, interlinked chains of other precarious deals, demanding sellers and, all too often, fickle buyers, it seems a miracle that any deals are ever done at all. But these people in the TV programme, just like thousands of agents across the country, do care. Which is why, in the main, people do get to move when and where they want to.

Call agents brash. Call them pushy and overbearing. But when all is said and done these estate agents are not merely pushy negotiators. They are closers. And what anyone wants when selling or buying a property in the UK today is a closer – and a pushy one at that.

Your estate agent should be able to answer any of your home moving questions. We are proud to represent this area and convey that passion to anyone looking to move here.

Please contact us on 020 8643 7777 or email at sales@christiesworld.com

www.christiesworld.com

Christies House Price Index - Prices now more than 3% above previous 2008 peak

The latest Christies House Price Index, uses the most up to date reliable data from the Land Registry, and also confirms that property in the local area continues to represent an outstanding investment.

Medium and long term gains are still exceptional. Based on past performance potential buyers will be very encouraged to see that prices have risen by 32% over the previous ten years and by an astonishing 160% over the previous 15 years.

 

What is perhaps even more impressive is that prices are now 24% higher than they were five years ago and are now more than 3% higher than at the previous peak of the market in March 2008.

 

The comparison is based on the average price of all local properties sold including flats, maisonettes, all types of houses and bungalows. Figures for April onwards are not yet available - the Index will be revised as soon as the data is released so please check this page regularly for any updates.

 

Date..............Average Price.........Average Price March 2014.......YEARS............INCREASE 

 

Mar-99..............£107,219.............................£279,192..............................15.....................160%

 

Mar-04..............£212,259.............................£270,245..............................10.......................32%

 

Mar-09..............£225,199.............................£270,245...............................5.........................24%

 

Over the years, and particularly in recent times, demand for properties in Cheam, Sutton, Carshalton, Worcester Park, Ewell, Epsom, Banstead, Kingswood, Leatherhead and surrounding towns and villages has increased dramatically. Much of this demand is due to the location of the properties we sell, which are ideally situated on the fringes of London, bordering rural Surrey greenbelt countryside with picture postcard villages and market towns full of rich heritage and character.

Buyers flood into the area to take advantage of a wide range of leisure and shopping amenities. The local schools are nationally renowned and attract large numbers of enquiries, ensuring that property sale levels and prices have remained well above quoted national averages.

Cheam, North Cheam, Sutton, Carshalton, Worcester Park, Ewell, Epsom, Banstead, Kingswood all enjoy flourishing local communities with many popular cafés, restaurants and varied independent shops and businesses; this, coupled with many high street names, creates an enviable mix of retail and food outlets. Combined with excellent road and rail links, demand for property remains constant and represents an exceptional investment.

Christies have an unparalleled understanding of the area and are dedicated to ensuring customers are always informed – not just on the property market and prices, but also the area and amenities. When looking at buying a new home, we believe it is imperative that our purchasers are fully informed about all aspects of the potential move.

Your estate agent should be able to answer any of your questions regarding this. We are proud to represent this area and convey that passion to anyone looking to move here.

Please contact either Andrew Richardson, Jeremy Richardson or Richard Killoughery on 020 8643 7777 to get moving or email us at sales@christiesworld.com.

www.christiesworld.com

A Right Royal Result?

Nick Churton of our London 'Mayfair Office' looks back to 30 years ago and compares the property market then and now.

The impending royal visit to Australia by the Duke and Duchess of Cambridge and young Prince George reminds us of another royal visit made by Prince William in 1983 when he was eight months old. On that occasion his parents, the Prince and Princess of Wales, accompanied him. Back then the UK property market was in much the same state as it is now – climbing out of a recession. The boom years of the late 1980s and the full significance of Mrs Thatcher’s Right to Buy policy were yet to come.

A great deal has happened in the property market over the past thirty years. Quite apart from two recessions - including the banking crisis of 2007 and its aftermath - the picture has changed dramatically.  Back then the average price for a home was just under £50,000. Today Land Registry figures show that the average price in the UK is £168,356 - up by 4.2 per cent in a year. Figures just released also show that last month alone house prices saw their biggest monthly rise for more than four years.

According to the Nationwide building society average prices increased by 8.4% last year and some forecasters expect an increase of 8% in 2014.

Halifax has the longest running survey, going back more than 30 years. The bank estimates that over that period the increase in prices means that homeowners have been making the equivalent of 5.84 per cent a year – tax free. 

If ever there was good news for buyers it was the Bank of England governor Mark Carney signaling recently that interest rates won’t rise for a year and even after that they will rise only slowly. It is difficult to think of another occasion when homebuyers had such advance warning that the mortgage rate won’t increase substantially for several years to come. 

But another reason to think seriously about buying now is this: Should Prince George and his young family visit Australia in 2044 the average price of a UK home – if house price inflation remains the same – could be over £950,000. Now that would be a right royal result!
Please contact us on 020 8643 7777 or email at sales@christiesworld.com

www.christiesworld.com

Business as Usual

Nick Churton of our London 'Mayfair Office' takes a look at the 2014 Budget and considers how it may affect the property market.

Blame or applaud whomever you like for the surge in the property market across most of the UK - but a surge is what we have. 

Whether it is foreign investors in London, the government's help-to-buy scheme or greater confidence following month after month of lower unemployment and higher growth, the property market is following its familiar path of post-bust recovery with the ripples radiating from London. 

Of course there are those who still manage to blame estate agents for rising prices - but even these people must concede by now that greater forces are at work than just the aim of estate agents to get the best for their clients.

The 2014 Budget did nothing to derail this recovery but did little to accelerate it either. The new homes sector will receive support for building more than 200,000 homes. The help-to-buy scheme extended now to 2020 indicates that both Treasury and the Bank of England have little fear of this measure helping to cause a housing bubble. 

Nor will a new 15,000 home garden city at Ebbsfleet do much to alter the housing picture overall - however exciting the first of these cities in 100 years may be. Some people may rue the closing of the loophole that made it advantageous to buy property over £500,000 through a company. These properties will now be liable for 15 per cent stamp duty. 

Finally, those that face the uncertainty of flooding may take a little consolation from the extra £140m for flood defence repairs made in this Budget - although that figure might not seem very much when weighed against such an intractable foe.

So the Budget will be pored over by many more than just those in the property industry this time round. Property has been left to find its own way and by-and-large that is how it usually is.

Please contact us on 020 8643 7777 or email at sales@christiesworld.com

www.christiesworld.com

First Love

Nick Churton of our  London Mayfair Office looks at one of the challenges of buying property in this buoyant market.

The big challenge with this property market is that there is less time to make a decision to buy. The fewer properties on the market the more pressure there is for buyers to make a choice quickly. Figures show that in London alone there are sixty buyers for every property for sale.

So gone are the days of casually inspecting property after property over a number of months and then taking weeks to make up your mind. In this market blink and you will miss the good ones.

The trick in this market is to know what you want and be in a position to move rapidly having a mortgage offer in principle and any property you need to sell sold or at least under offer. But how do you know at which point to make a choice? The curse of the home buyer is when the first property seen ticks all the boxes but there is the temptation to pass in the hope that something better turns up. Very often it doesn't and all that will remain is regret.

The thing about choosing a property is that because all our individual needs are unique to us alone, no property will be faultless, a ten out of ten, and few will be a nine. So seven or eight out of ten is all most can expect at best. That is why so many buyers go on to improve, extend and alter. If you demand the ten out of ten property from the start you are in for a long wait.

So the knack in this market is to recognise what you want in the things you can't change - location, garden size, etc - and be flexible with the things you might be able to change such as appearance, kitchens, bathrooms, and even overall size by extension. It is possible to turn a seven out of ten into a nine out of ten to suit your particular needs.

As anyone who has missed a great chance through holding out for a perfect ten will tell you, it is better to be pragmatic and flexible. In this market decisive and quick action is required to avoid disappointment after disappointment.

Please contact us on 020 8643 7777 or email at sales@christiesworld.com

www.christiesworld.com

Christies House Price Index - the market continues to steadily improve

The latest Christies House Price Index, uses the most up to date reliable data from the Land Registry, and also confirms that property in the local area continues to represent an outstanding investment.

Medium and long term gains are still exceptional. Based on past performance potential buyers will be very encouraged to see that prices have risen by 29% over the previous ten years and by an astonishing 151% over the previous 15 years.

What is perhaps even more impressive is that in spite of the much publicized down turn in the property market in 2008 prices are now 13% higher than they were five years ago.

The comparison is based on the average price of all local properties sold including flats, maisonettes, all types of houses and bungalows. Figures for January onwards are not yet available - the Index will be revised as soon as the data is released so please check this page regularly for any updates.

Date..............Average Price.........Average Price Dec 2013.......YEARS............INCREASE 

Dec-98..............£106,315..........................£266,671.........................15.....................151%

Dec-03..............£207,032..........................£266,671.........................10.......................29%

Dec-08..............£235,669..........................£266,671..........................5.........................13%

Over the years, and particularly in recent times, demand for properties in Cheam, Sutton, Carshalton, Worcester Park, Ewell, Epsom, Banstead, Kingswood, Leatherhead and surrounding towns and villages has increased dramatically. Much of this demand is due to the location of the properties we sell, which are ideally situated on the fringes of London, bordering rural Surrey greenbelt countryside with picture postcard villages and market towns full of rich heritage and character.

Buyers flood into the area to take advantage of a wide range of leisure and shopping amenities. The local schools are nationally renowned and attract large numbers of enquiries, ensuring that property sale levels and prices have remained well above quoted national averages.

Cheam, North Cheam, Sutton, Carshalton, Worcester Park, Ewell, Epsom, Banstead, Kingswood all enjoy flourishing local communities with many popular cafés, restaurants and varied independent shops and businesses; this, coupled with many high street names, creates an enviable mix of retail and food outlets. Combined with excellent road and rail links, demand for property remains constant and represents an exceptional investment.

Christies have an unparalleled understanding of the area and are dedicated to ensuring customers are always informed – not just on the property market and prices, but also the area and amenities. When looking at buying a new home, we believe it is imperative that our purchasers are fully informed about all aspects of the potential move.

Your estate agent should be able to answer any of your questions regarding this. We are proud to represent this area and convey that passion to anyone looking to move here.

Please contact us on 020 8643 7777 or email at sales@christiesworld.com

www.christiesworld.com

The Wolf of Benefit Street

Has the market turned all in favour of sellers? Nick Churton of our Mayfair Office with a global network of around 500 offices looks at the pros and cons of the market and offers some balanced words of advice.

Could future Conservative policies create a house price bubble? Would a Lib Dem administration levy higher taxes for owners of homes worth over £2m and even more over £5m? Could Ed Balls become the Wolf of Benefit Street? These are all property market questions for the future.

 Meanwhile - scream the newspaper headlines - property prices are going through the roof. The BBC's Robert Peston opines nightly on the market, estate agents are short of stock, a flat the size of a sentry box sells in Chelsea for £1m and everyone from the Governor of the Bank of England to the man in the street seems to be talking about the housing market - again. Sellers are crying out 'happy days' as their properties are once again popular with buyers now fearful of missing the boat and being forced to pay more the following month, and even more the month after that.

But are happy days really here again for sellers? Whichever side of the fence you sit - buyer or seller - the market has its checks and balances. If you sell for more you buy for more – sell for less buy for less. It is the way of things. The problem now facing most sellers is not selling but finding a property to buy at an acceptable price.

This is a tricky time in the market. You have to have sold in order to buy, but you can't sell unless you have somewhere to go. Sell early and you might not get as much as you could. Wait until you find somewhere else and the seller isn't interested in you because he or she can find another buyer in a better position.

It seems only a few short months ago we were advising clients how to sell in a moribund market beset with difficulties brought on by impossible lending criteria, high unemployment, buyer inertia and rock bottom confidence. Now we are advising sellers in a buoyant market driven by eager lenders, government schemes, rising employment, busy builders, more first time buyers, canny downsizers, greater GDP and surging confidence.

So it is not all over for sellers. Happy days are not necessarily back because buyers are plentiful. Sellers do not have the whip hand because most sellers are also buyers. Checks and balances, swings and roundabouts - that is what the market is about.

For estate agents who have seen it all before it is just another day in the office. So do yourself a favour. Find an agent who has seen it all before and benefit from all that experience. It will save you a lot of money and a great deal of time. Moving home can and should be an exciting event - but it is far from easy and never cheap! Swings and roundabouts, checks and balances.

Please contact us on 020 8643 7777 or email at sales@christiesworld.com

www.christiesworld.com