Christies Network Auctions: Bucking the Brexit trend

NAVA Auction House of the year, Christies Network Auctions, has demonstrated that any rumours of the death of the UK property market post Brexit, have proven to be unfounded, with superb results posted at our two day July sale.

At our London sale on 7th July a total of £4.2 million was raised with 80% of the catalogue successfully selling. At the Birmingham sale held in conjunction with Pennycuick Collins on 13th July the outcome was even better with a sales success rate of 86% and a total of £1.55m being raised.

The two day combined sale saw thirty seven of forty five lots sell, an impressive 83% and a total sales value of £5.75 million achieved.

Auctioneer, Guy Charrison was delighted with the results admitting that he was understandably a little nervous as to whether buyers would commit to purchases post the Brexit announcement.

He said: “Despite the current political turmoil in the country and the potential uncertainty of the Brexit vote, good old bricks and mortar has, once again, proven to be a safe haven and buyers have taken a positive view and committed to purchasing.

The Christies Network Auctions approach gives us the edge over our competitors as we combine local knowledge and marketing with the national and international exposure of big city auctions and access to large numbers of buyers and investors.”

Christies Network Auctions next sale will take place in London on 14th September with another two day sale in London and Birmingham in October.

Lots are now being taken for inclusion in the catalogues and anyone thinking of selling property is invited to contact Jeremy Richardson on 020 8643 7777 or email at info@christiesworld.com

More information can be found at www.christiesworld.com/auctions.

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A guide to downsizing

Are you thinking about packing up your family home and finding somewhere smaller to live? Here, the NAEA offers advice to make the process a little easier.

Planning is key – Packing your home into boxes can be a real chore, particularly when you are moving to a smaller property, but planning well in advance can make it easier. Think about where you will unpack your belongings and in which room each box should be placed. If you haven’t got it all sorted ahead of the move then just make sure you label all your boxes clearly.

Be realistic about what you can take – Downsizing is your chance to have a spring clean and focus on exactly what you want in your new home, as well as what you don’t. You may have furniture which is too big for your new home. Think ahead and make sure you have taken proper measurements of your new property.

Maximise space – Your new home might have less elbow room, but think carefully about the layout and look at ways you can get the most out of the space available. Often if a house has been occupied for some time, the owners may have used a bedroom for storage or a study.

Set up your utilities – For any move, check with the estate agent and get the details of the previous utility providers so you can call them to set up new accounts. Also, make sure that your phone and broadband services are ordered prior to moving in because these often take a number of weeks to become active.

Ask a professional – Often the easiest way of getting the most up-to-date information that you need about moving home is to consult a respected, local professional. Agents who are members of the NAEA, which means they are experienced, qualified and licensed, can be found here. A professional agent can be invaluable during the moving process.

Source: OntheMarket.com

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

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Top tips to prepare for an open house

In an age of online house hunting, don’t be misled into thinking buyers won’t take up an open house day opportunity. From looking online, to viewing a property in person and making an offer, open house days are a modern approach to house selling which aims to make the process easier and more accessible for buyers.

It’s also worth remembering that hosting an open house day can encourage new buyers and sellers to register and prompt many to view properties they might have otherwise ignored.

Do... prepare your house in advance

Declutter. Put items in storage, clean and add personal touches such as fresh flowers and scented candles. Keep décor neutral and the lights on to ensure there are no awkward or dark corners.

Do... groom your garden

The front garden is often the first thing a potential viewer will see and one of the most underrated selling tools. Mow the lawn, keep plants looking fresh and colourful and put out any garden furniture for an added lifestyle touch in the back garden.

Do... hide your pets on the day

Respect the fact that many people might not be dog or cat lovers like you. What’s more, you don’t want to put off any potential buyers with a bad smell.

Don't... get too involved with viewers

You are there to help potential buyers navigate their way around the house, offer tea and coffee and answer any questions they might have. Don’t tell them your life story such as how the cat died and where it’s now buried!

Don't... get carried away with demand

Remember buyers won’t say what they are truly thinking if the seller is present on the day. Most viewers will be polite and pleasant and that could encourage a presuming seller to raise the price. Beware of falling into this trap! All your hard work could be undone if a buyer is not prepared to pay what you’re asking.

Don't... prevent access from certain parts of the home

This will only set alarm bells ringing. If it’s clutter you’re hiding, rent out storage space. It’s unrealistic to expect buyers to commit to purchasing your home when they can’t see all of it.

Source: OntheMarket.com

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Will Brexit affect UK house prices and interest rates?

It is the question many of us are asking, some of us quite anxiously. How will the vote for Brexit affect the UK property market and, in particular, house prices and interest rates?
In the immediate aftermath of the referendum result, shares fell sharply, only to rally within days. Then this week, the pound dropped again, reaching a 31 year low against the dollar. At this stage, it is impossible to foresee the long-term impact of the Brexit vote, but it could be that the effects on the general economy are likely to be gradual rather than seismic.

Depending on which way you look at the situation, perhaps there will be a welcome change for some, including first time buyers trying to get a foothold on the housing ladder. But worries about the property markets have been reflected in the share prices of UK housebuilders, with some stocks down as much as 37 per cent. Estate agents and publicly listed property portals have also seen a downturn in their share price since the referendum.

The first thing to factor in is a possible cut in interest rates. On 30 June, a week after the shock referendum result, Mark Carney, the Governor of the Bank of England, signalled that such a cut might be necessary to tackle the economic fallout from Brexit. For homeowners who earlier in the year had been bracing themselves for a rise in interest rates, it is both good news and bad news. Good news because such a cut, if implemented, would reduce their monthly mortgage payments even further. Bad news because when the Bank of England feels the need to reduce interest rates, it is usually the harbinger of a downturn in the general economy.

Last week, Mr Carney’s message to families was clear. “We are advising people to be prudent,” he said. “Certainly, if you are taking out a mortgage, at some point over the life of that mortgage, times will be difficult. You want to make sure as a family or as an individual you can service that mortgage when times are difficult. You don’t want to lose your house or flat,” he said.

As for house prices, it would be a brave expert to make long-term predictions but there is a near-universal expectation that they are likely to fall in the period before Christmas.

Dr Howard Archer, Chief UK Economist at research group IHS Global Insight, said he expected house prices to fall by five per cent in the second half of this year and between five per cent and seven per cent next year.

“Housing market activity and prices now look to be at very serious risk of an extended, marked downturn,” he said. But he added that a number of factors “should help to limit the downside for house prices”, including a likely cut in interest rates and the shortage of properties on the market.

In the immediate aftermath of the referendum result, some sellers in central London dropped their asking prices by 30 per cent or more. A flat in Whitechapel which had been listed at £1.1million in January was re-listed at £720,000. A flat in Notting Hill which had been listed at £1.6million in February was slashed to £1.35 million. As the turbulence in the Stock Market eased, so did the panic in the property market.

But with a prolonged period of uncertainty, sellers keen to shift their properties in 2016 seem resigned to the fact they will have to settle for less than a year ago. “Sellers have generally taken a pragmatic approach to pricing without having to slash their expectations,” says Lucian Cook, Head of UK Residential Research at Savills.

Savills predict a ‘low transaction market’ this summer, with buyers and sellers alike sitting on their hands until there is greater clarity about the exact form Brexit will take. Experts who predicted that property prices would rise by around five per cent are now singing a different tune. KPMG is predicting a fall of five per cent in UK house prices over the next 12 months. The National Association of Estate Agents, more bullishly, is expecting prices to inch upwards, but to be £1,000 lower, on average, by the end of the year than if Britain had voted to remain.

Paul Smith, CEO of Spicerhaart, remains optimistic and said: “House prices may go up and down as they always have, but demand pressures will sustain prices over the long-term. We’re on course to see the greatest investment since the war, and residential property continues to pay off for home owners.

“Britain should be confident. We are an economic powerhouse and we will continue to be a magnet for international investment.”

The Association of Residential Letting Agents also said that demand would fall in the rental market – but prices would stay the same: “Almost half of agents expect the number of prospective tenants per property to fall as international demand weakens. Just over a quarter of agents expect the Brexit result will cause upward pressure on rental costs.”

But if that is the downside of Brexit, there are positives too. For overseas investors, the fall in the value of the pound makes property in central London significantly more attractive than a year ago. Demand will continue to outstrip supply and, with government targets for new homes likely to be knocked off course by Brexit, property assets will retain their intrinsic value. And first time buyers, for obvious reasons, will not be too upset if house prices do fall in the medium term.

With a fresh twist almost daily in the Westminster soap opera, it would be foolish to predict anything with any confidence. But early jitters in the market do seem to have settled and the advantages of buying and owning property in one of the most successful economies in the world are as obvious as ever.

Source: OntheMarket.com

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

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Brexit Special

Nick Churton of our London Mayfair Global Network looks at how the referendum result could affect the UK property market.

Well now we know. Britain is leaving the European Union. All the scaremongering is over and we will learn in the coming years which of the two sides was right after all.

But what will this decision mean for the property market in the UK? In the short term perhaps not so much as one might imagine. Those people who put off a house move until after the referendum will in time trickle into the market, driven in the most part by need. But it might not actually be the referendum which will turn out to have had the greatest effect on the property market this year. The real game changer might be tax - the extra stamp duty on second homes and buy-to-let properties, and the new tax burden for foreign buyers.

These Treasury measures are profound and have the potential to shift opinion and practice - if they haven't already done so. It is hard to pinpoint exactly when the UK property market became so driven by overseas investors - many of whom may never set foot in the properties they own - and domestic buy-to-let investors benefiting from low interest rates and rising property values.
But now however there appears to be a slight move away from an investment led property market to one more driven by buyers needing affordable homes for themselves and their families.

We seem to be in a particular period of opinion change in the property market right now. Tastes are different. The growing numbers of retirees want youthful urban living with all the convenience it can bring. New building materials bring cost savings and help the environment so there is an increasing demand for homes made from these materials and fitted with labour-saving technology. Younger buyers are in general more reluctant to renovate houses than their parents were at the same age, wanting instead ready-to-move-into properties which give them more time to pursue their careers and leisure interests.

Of course our economy is the prime driver of the property market. But all things being equal we may come to see that the European question was not quite so influential on housing in the UK as buyers' desire to buy, builders' desire to build, lenders' desire to lend and - ultimately - politicians', planners' and the public's desire to make available suitable land. In or out of the EU those desires have always had less to do with Brussels and more to do with us.

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8 Home Improvements To Add Value To Your Property

Whether you are selling now or maintaining your home to sell in the future, there are many small home improvements you can address to keep your home in best shape for when the time comes to sell-up, advises the National Association of Estate Agents (NAEA).

“Updating and improving your home can seem a daunting task for many, and while a new kitchen or fully fitted bathroom can add considerable value to a home, a lot of home owners simply don’t have a lump sum to spend – nor feel that it’s necessary," says Martyn Baum, president.

"In the absence of any pressing structural repairs, there’s a huge variety of more manageable home improvements that home owners can carry out to increase the value of their home,” he adds.

NAEA’s top 8 home improvement tips to increase the value of your home are as follows:

1. The illusion of space

Spend some time reorganising your rooms to make the best possible use of the space. This can involve reorganising the furniture or building shelves to help tidy away clutter. Also be ruthless and do throw clutter away.

2. Be your own gardener

You don’t need to employ a gardener or landscaper to spruce up your garden. Simply mowing the lawn, tidying up the patio or planting some flowers brightens up your garden, and this is always a draw for buyers.

3. Be energy efficient

Fitting your home with energy efficient appliances can add value to your home by promising to knock the costs of bills. With a huge variety of new products on the market for this, it’s increasingly becoming a key feature for new homes

4. Deep clean

Fixtures and fittings that look tired and in need of replacing can be brought to life again with a deep clean. Even the tidiest of home owners face inevitable wear and tear over the years so it is important to address this.

5. Letting in the light

Fitting windows in dark rooms is an easy and cost-efficient way to expand the space in your home without spending a fortune.

6. Small kitchen improvements

Fully refurbishing your kitchen is pricey and can take time. But small things can make a big difference. Pick out the most notable places to improve your kitchen, whether it is a new floor, cooker or cupboard doors, and replace these, rather than the full unit.

7. Take on your own handy-work

There is a huge amount of DIY advice online or in guide-books. Don’t be afraid to pick up the tools yourself to fix small damages around the house – but be careful, anything too heavy or difficult should require a professional.

8. Lick of paint

Painting the walls in your home really does give a fresh and clean feeling and will reduce the appearance of wear and tear. A tired home gives the impression that a new buyer is likely to spend a lot of their own time and money bringing it up to scratch so may encourage them to lower their offer.

Source: NAEA, May 2016

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Buying or selling a property? How do you choose the right solicitor?

How do you go about picking the right solicitor to carry out the “conveyancing” for your property transaction? Here is our mini-guide to help ensure that the process runs as smoothly as possible.

* Phone a friend

Get recommendations from people you know. People are often very happy to suggest a good solicitor and just as ready to steer you away from one who caused them problems.

* Find a solicitor who is CQS-accredited

What’s CQS? It’s the Law Society’s Conveyancing Quality Scheme, a register of solicitors who are authorised and regulated by the Solicitors Regulation Authority when it comes to conveyancing (i.e. the buying and selling of houses). Read up on it at the Law Society website, www.lawsociety.org.uk, 020 7320 5650.

* Is there a full list of solicitors?

Yes. Visit the Law Society’s free-to-use Find a Solicitor search facility, at www.lawsociety.org.uk/for-the-public/using-a-solicitor/find-a-solicitor. However, at the last count, there were 145,781 names on the official Law Society database of legal professionals.

* Shop locally

Yes, you are free to choose a solicitor who is in the Outer Hebrides but it will be easier to choose a nearby firm, so you can drop into their offices and deal face-to-face if the need arises. Solicitors in the area will also have a good grasp on local issues and potential problems. Your estate agent might be able to point you in the right direction (if they recommend only one, you can always ask if they earn commission for referrals). This is an added benefit of using a traditional, locally based estate agency firm over an internet-only agent. The main thing is to check in advance that the firm you choose is experienced in handling conveyancing and has a clearly-identifiable conveyancer.

* Avoid relatives

Even if your cousin is a solicitor and giving you “mates’ rates,” don’t give in to family pressure. Conveyancing is not a social engagement, it’s a business. And when you’re in a contract race, you need a solicitor who is on the ball and not doing your conveyancing in between more lucrative jobs.

* Ask how much it will cost

A crucial question. If a firm is vague about its charges, don’t hesitate to get quotes from other solicitors. Some solicitors have their own in-house conveyancing departments, which charge lower fees than the firm’s senior partner. There’s nothing worse than, at the end of the process, getting a surprisingly large bill for “disbursements”, i.e. expenses the solicitor has incurred making enquiries on your behalf. Sometimes this is inevitable if problems arise, but at least get a written quote that will give you an upper and a lower figure.

* Ring round two or three firms

When you are getting quotes, listen if one firm sounds more helpful, or keener on getting your business than the others.

* Keep nagging

Silence from your solicitor isn’t always a good sign. It might mean a rival bid is being pushed through, without your knowledge. Keep in constant contact – by email and by phone. Before exchanging contracts, check that any agreed remedial works have been done. And once you’ve exchanged contracts, get buildings insurance straight away.

* There are winners and losers

By no fault of your solicitor, you could lose out to a rival bid (perhaps they put in a higher offer). At the same time, though, you will have to pay your solicitor for their work.

* Chapter and verse

The Government website www.gov.uk/buy-sell-your-home/transferring-ownership-conveyancing makes it very clear what the vendor and the buyer is each responsible for.

* Don’t delay

If you find a house you like, put in your offer, insisting on exclusivity and requesting that the property be taken off the market. Make sure you have your finance in place beforehand.

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

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