Tulse Hill Community Market

On 25th January 2014, the Tulse Hill Community Market opened its doors in the Scout Hut in Upper Tulse Hill. The market opens fortnightly on Saturdays between 11am and 4pm. The market is now located at the James Wilson Coffee Shop, 357 Norwood Road, London SE27 9BQ.

Local young ladies aged between 13-17 years old set up the market to showcase their skills and products as budding business people and to help others locally to sell their wares. Everyone is welcome who can pay the modest table fee. 

Edward Ashdale estate agents have helped to publicise and fund the market. John Adamthwaite said, "It's a pleasure to be associated with the young ladies and their new market."

Tulse Hill Community Market upcoming dates in full:

• October    11th and 25th
• November    8th and 22nd
• December    13th and 20th

Please add this post to your Favourites, as we expect to add more information and updates including dates of the markets. 

Contact

If you'd like to get in touch with the market organisers, their contact details are:
 
Email: waistknotwantknot@live.com

Mobile numbers: Nicole on 07904 662306

Jennyfer on 07539 232992

You can browse our other blog topics in the Index here. 

Can Get Satisfaction in Bromley

The Rolling Stones famously sing a song titled Can't Get No Satisfaction. Bromley, on the other hand, can get satisfaction, even well-being and 
happiness, as has been newly revealed.

One of the Bromley homes we're currently selling - here

Recently, an Office of National Statistics (ONS) report showed that the wellbeing of people living in Bromley is above the national average and indeed much of the rest of London.

The Personal Well-Being Across the UK report - here - revealed some interesting facts. Bromley came out rather well. The detailed tables which can be accessed in the report are, perhaps unsurprisingly, somewhat detailed and complex. However, here are a few highlights, courtesy of an article in the Bromley News Shopper which ran a story about the report titled "Satisfied with your lot in life?" on 30th October 2013.

Life satisfaction

UK - 7.41
London - 7.25
Kent - 7.51
Bromley - 7.54

Happiness


UK - 7.28
London - 7.19
Kent - 7.37
Bromley - 7.53

Worthwhile


UK - 7.66
London - 7.51
Kent - 7.81
Bromley - 7.90

Anxiety


UK - 3.14
London - 3.43
Kent - 3.03
Bromley - 3.21 (well, no one's perfect)

What can we conclude? If you're already living in Bromley, you might want to stay put. It's nice here. If you're in a less happy place, consider moving here (with help from Edward Ashdale!). Of course, the statistics may not be reliable and certainly don't apply to everyone, but it is still good that one of our offices is based somewhere that does get some satisfaction.


Key points of the over all report:

• Personal well-being improved in the UK between 2011/12 and 2012/13. Ratings for life satisfaction and the feeling that the things we do in life are worthwhile increased on average, whilst anxiety levels fell.
• The proportions rating their personal well-being as very high or very low fell between 2011/12 and 2012/13 in the UK, while the proportion rating their well-being around 7 or 8 out of 10 increased.
• Among the countries of the UK, Northern Ireland had the highest average ratings for life satisfaction, worthwhile and happiness in 2012/13. A greater proportion of people in Northern Ireland rated their life satisfaction, worthwhile and happiness as very high (9 or 10 out of 10) than in any other country.
• Among the English regions, the South West and the South East had some of the highest levels of average life satisfaction and worthwhile ratings in 2012/13. The South West also had proportionately more people than any other region rating life satisfaction, worthwhile and happiness as 9 or 10 out of 10.
• The relationship between personal well-being and local circumstances is complex and the reasons why different areas of the UK have different levels of personal well-being is not yet fully understood. ONS plan to publish further analysis later this year looking in detail at how different aspects of where we live contribute to personal well-being.

 Read our earlier posts in our Index, here.
 

Sam's Word 6: Going nuclear and keeping calm and carrying on

It was interesting to see this week that the UK government has committed itself to a new

nuclear facility as a future electricity source. There are many issues involved - many existing power plants coming the the end of their lives and needing to be decommissioned; the cost of the electricity set in order to attract overseas investment; reliance on overseas investors who are bound up with other governments; safety; waste; positive investment in Britain and creation of employment; and finally the fact that some other nations, notably Germany, are firmly committed to electricity production without a nuclear component. Not an easy issue at all and among our staff and the wider public there is sure to be quite a range of views.

One definite plus is that, whatever the source, the future national electricity supply is being secured. We don't want power outages. Among our staff are a few very experienced estate agents (mentioning no names) who remember the last ones! In those days there were no computers smaller than would fill a room, not all TV's had colour, mobile phones were (probably) on TV's Tomorrow's World and seemed as futuristic as the robotic space aliens who were in the Cadbury's Smash advert laughing about old-fashioned potato peeling.  

We had our broadband go down recently for a few days in one of our offices. We managed and we kept our clients happy, but just imagine outages that would take out and offline internet, smart devices, unsmart devices, anything needing electricity? It's probably best not to. Though, for all the advances in technology, and online property portals and so on, estate agency remains very much a people business. 

It is our people you see when we first value your home if you're looking to move, or take you on our 100% accompanied viewings to properties for sale or let. It is our people who put through the paper (and electronic) work that moves transactions from offer to completion. It is our people and the people and the services we work with who ensure our landlords and tenants are happy with the properties they rent if an issue arises, say a boiler going wrong (yes, they need electricity too). It is our people who live our values and have the passion and friendliness and professionalism we cherish and who help us to innovate and to grow. Also, our people ensured that the loss of broadband is, to use a familiar phrase, a drama not a crisis. As one of our people myself, who you could quite likely meet, I enjoy the range of things we do and being hands-on. Often hands-on the steering wheel of my car as I go to and from meetings and viewings, in fact.

The strength of our team is a great comfort as we look forward to occupying our new office. Once we move in, there may be a teething problem or two. A washing machine upstairs may go wrong and produce a flood (fingers crossed as I write this)! Whatever happens, I know we have a great team and with them we will be able to keep calm and carry on. In fact, like the national grid, we're rather looking forward to our own bit of increased capacity.

Sam Samuel, MNAEA CRLM,  October 2013

You can check out our earlier posts in our blog index.

Cheese biscuits and the Met police...

A while ago we ran a My Dream Home art competition with a local school and we've blogged about local schools in case it is helpful to people moving to the area. Now we've done something a little different.

Some of what schools do as they educate chiildren can be very earnest. For example, some people might view maths or science as unexciting (though pretty much anything, taught well, can be fun). However, some things are very interesting to children and as any parent knows, food - and cookery lessons - are popular.

We are, then, pleased to be able to share a recipe for cheese biscuits, by the kind courtesy of the Cookery Club at Worsley Bridge Junior School in Beckenham. Do try the recipe and enjoy it (and feel free to bring a sample round to one of our offices!).

Cheese Twigs/biscuits recipe

Ingredients

130g plain flour
50g margarine or butter
80g coarsely grated cheese (strength according to taste)
1 egg yolk
1-2 teaspoons of water

Method

1. put on apron
2. tie back long hair
3. wash hands thoroughly with soap
4. put flour and marg into bowl and mix together with a fork
5. add cheese and stir
6. mix together with egg and add enough water to bind mixture together
7. put mix onto floured board and roll out thinly
8. cut into strips or shapes using a cutter
9. makes approx 30 – 40 twigs or 20 – 30 biscuits, depending how thin you roll them and what size cutter you use
10. place in oven until golden approx 8 – 10 mins

On a slightly less tasty note, our Tulse Hill office recently sponsored a police talk in Hitherfield Primary School in Streatham. Pupils need to know things that are good for their future safety and good citizenship and we were glad to help with that too.

Please view our Index blog post here to read earlier our blog posts.

Our Blog A-Z Index

If you're viewing our latest blog post, we think it's nice to have an easy way to browse our earlier posts. 

So, this is an A-Z Index of our blog posts. Probably the most important post we've published is the one talking about our Values and our Testimonials post - which between them show why we're worth choosing. You may also find our recommendations on reliable property related services handy too. Onto the Index:

A

A baptism of fire for my first lettings agreement (2015) A successful first year of Edward Ashdale estate agents (2013)

B

C

Calling Tulse Hill Businesses! (2014)

D

E

Estate Agent on the radio (2015)

F

Fifty posts, Cake, and a Manifesto for an Estate Agent (2014)
Football that means something (2014)
Front page news (2012)

G

Great estate agents blend the old and the new (2012)

H
  
Happy days for Bromley (2013)
Historic posts 1 - Ashdale's first newsletter before the merger that created Edward Ashdale Estate Agent (2008) 
Historic Posts 2 - Testimonials (2008)
House price reports (2012)

 I

In the news again (2012) 
It's a Selhurst Thing (August 2014)

J

K

Kevin's Property Blog (December 2015)
Kevin's Property Blog (February 2016)

L

Lambeth Country Show-n off at its best (2015)
Landlord and letting agents advice 1 -  Gas Safety FAQ (2012)
Local and national events calendar 2013 (2012)
Location! Location! Location! and the headlines (2013)

M

Market reflections 1 - house sale reasons and lettings cowboys (2013)
Moving in... with the Queen of Clean (2015)
My Dream Home art competition (2012)

N

New partnership, new newsletter for Edward Ashdale Estate Agents (2012)
Nostalgia Corner - posts from pre-Edward Ashdale days (2012)
New landlord? Don't be nervous (2016)

O

On The Market.com is on the market (2015)
Our community - St Christopher's Hospice (2012) 
Our new eBook and a hat-trick for landlords (2016)
Our team - John Campolini (2012) 
Our team - Derrick Boyce (2012)
Our team - Sam Samuel (2012)
Our team - Hayley Mortimer (2012)

P

Professional photography - an essential part of our service (2012)

Q

QR Codes and you (2012)

R

Rising Prices and Signs of the Times - thank you, Bromley Times (2015)
Rolling Stone says it will be a great 2015... so do we (2015)

S

Sam's Word 1 - Beware inflated expectations and valuations (2013) 
Sam's Word 2 - Don't always go with the big dogs (2013)
Sam's Word 3 - Current issues concerning the London residential property market (2013)
Sam's Word 4 - The look of Estate Agents and working in different areas and markets (2013)
Sam's Word 5 - Barnstorming (2013)
Sam's Word 6: Going nuclear and keeping calm and carrying on (2013)
Sam's Word 7: Over the hill (2014)
Sam's Word 8: Trick or Treat? (2014)
Sam's Word 9: OTM and the Estate Agents Markets (2015)
Sam's Word 10: Doing anything for a sale (2015)
Sam's Word 11: In the news again: and why shouldn't you be? (2016)
Schools In Focus 1 - Highfield Junior School, Beckenham (2012)
Schools In Focus 2 - Valley Primary School, Bromley (2012)
Schools In Focus 3 - St Marks Church of England Primary School (2012) 
Schools In Focus 4 - Clare House Primary School (2012) 
Schools In Focus 5 - Highfields Infants School, BR2 (2012)
Schools In Focus 6 - Worsley Bridge Junior School, Beckenham (2012)
#Sharethelove (2014)
Some property related services to consider (2012) 
Spring News 2013 (2013)
Stripes and Strypes (2015) 
St Matthews Project gains an outstanding award (2014)

T

Take comfort in accompanied viewings (2012)
The Great British Bake-On (2015)
Tips for landlords 1 - new energy regulation is coming (2015)
Tulse Hill Ladies Market (2013)
Tulse Hill Community Market Takes Off! (2014)

U

Useful post - South London local online (2012)

V

W

Ways to make housing affordable (2014)
Welcome to the new Edward Ashdale blog - 21st century estate agents with traditional values (2012)
We value being friendly (2012)
What gets an estate agent out of the bed in the morning (2012)
Whisky Galore (2015)

X

Y

Your moving people are moving - a bit (2013)

Z

Your moving people are moving... a bit

We're a 21st century estate agents with traditional values, not a removals company. That said, we are employing some removals skills of our own at the moment as our Bromley office is moving to larger premises.This is a great development, as we've been doing very well and growing mainly on the basis of being recommended to new people by happy clients.

 
Our move is a little one, in fact, not requiring the services of a fleet of vehicles or indeed any vehicles, as our new home in Bromley is a few feet away from the current office! It has been interesting working on sorting out billing for utilities and packing and inventory and fitting out for ourselves, but we're nearly there and the new office should open in September. A cake or two is likely to be involved. 

What has also been involved are the pictures created by local children from Valley Primary School, as part of our My Dream Home art competition. Having those pictures in the windows is so much better than plain whitewash or adverts. We'll be sad when they are retired, to be replaced by homes for sale or for let. In the meantime, mothers and children are drawn to our windows and we're delighted to have the display up.

Once we've "moved", come and say hello. If you pass by before then, take a look at the pictures, and we're still nearby if you want to say that "hello".

Location! Location! Location! and the headlines

In a recent post we talked about the areas of Bromley and Tulse Hill and the expectations of estate agents in each location. They are certainly very different areas, and two of the things they obviously have in common are being in London Boroughs - Bromley is one itself - and each having an Edward Ashdale office.

Don't believe an area is a wash-out till you speak with us

One of the things that has happened in Bromley recently is focused on Orpington. Orpington got into the national press when journalists picked up on the high number of charity shops in the high street there (12) and the relatively high proportion to the shops in general this represented.  The arguments and facts about the rumoured death of the high street are complex, and this local blog for one took a step back and talked about some of the positives in Orpington.

Certainly, seeing a Daily Telegraph headline of "Austerity Street" citing Orpington provides one of those rare rub-your-eyes-and-look-again-moments. Yet you can see where they're coming from. A loss of independent retail shops in favour of, for instance, charity shops isn't perhaps ideal.Yet Orpington is a long way off having tumbleweed rolling down the high street past ranks of boarded up shops. There is a lot to praise in Orpington and the initiative "Orpington1st" appears to be gearing itself  up ready to showcase it.

From an estate agents point of view, we see currently that pretty much all types of property, rented or for purchase, are gaining higher values and rental charges in the current market. In what is something of a scrum to compete for a good quality, good value home in a suitable location a superficial view of an area is unhelpful. So while we reflected on the different sights and behaviours in Bromley and Tulse Hill, our local knowledge reaches beyond the headlines. Thus, we can say to people who ask us about moving to Orpington - "No, that austerity street label is unfair. It's not all gloom and doom and austerity. There's a lot of plusses too."

What are they? Here are just a few examples. 

Orpington has a 7 screen cinema pencilled in for the town centre and a redevelopment of the old library by Bromley Museum due to revive that asset in what are the lovely Priory Gardens. We can point out that the transport links for central London and the South East are great - just as they are in Tulse Hill. We can mention one of the country's few grammar schools in Newstead Wood, that is always very high in national educational league tables, and there other top local schools, primary and senior, in and around Orpington. We can talk about The Walnuts Leisure Centre. We can mention a recently award-winning bakery and an award-winning tea room, and the latest excellent Cray Festival. We can mention the Nugent shopping centre, the Foodbank that was set up in Orpington and that now serves Bromley; we can mention how green a place it is and that there are numerous sporting facilities including the Bromley Tennis Centre. We could talk about the great number of local social, faith, and community groups and charities. Then there are the new hardware store, the new guitar makers and the new American diner all in "Austerity Street".

If asked, we could talk about Tulse Hill in a similar way.  People need to read beyond the headlines. That is an area in which a good estate agent (like us!) can help people gain valuable insights that make for better decisions on where to make the location of their future homes.

Don't believe all you read. Unless we write it.

 

Sam's Word 5: Barnstorming

I have addressed a couple of interesting themes in my blog posts recently, most recently The look of estate agents and working in different areas and markets, and before that Current issues concerning the London property market.

For this blog post, a property is the star. We recently took on something uniquely big, which is rather nice for an independent, non-chain estate agents. This was the valuation of a very big barn, perhaps the biggest in the United Kingdom, as this photo shows. The property is very atmospheric in this picture, looking like a picture taken (via i-phone) for an on location shoot for the Hound Of The Baskervilles, but it us a very impressive property.

I can't, therefore, resist the pun that if you're good enough, you're big enough. As the Edward Ashdale Estate Agent success story (and it is) continues, we are dealing with more and more high value properties. This is despite being in a very competitive and brisk market with longer established "high marque" players. However, we know success is about delivering an outstanding service that people appreciate and tell others about, and that is what we do. That is probably exactly how many of the high marque players started to succeed and grow as well, and they earned it. Whether they all managed to keep those levels of service once they're big is another question, but we aim to keep delivering to the same high standards we cherish - or better - however much bigger we grow.

Talking of the market, as I've said before, a number of factors affecting the residential market in an upward direction throughout London from Prime Central London to suburbs; foreign investment, mortgage lending constraints, a general shortage of property and in the suburbs the costs of moving e.g., stamp duty. This shows no sign of abating, and while the remarkably low levels of interest rates we are experiencing cannot be relived on indefinitely, those pressures are continuing to mean a bouyant market.

We look forward to more barnstorming successes in 2013-14. On a final note, congratulations to the Royal couple on the birth of their son, perhaps by my next blog post we'll know his name.


Sam Samuel, MNAEA CRLM,  July 2013

Sam's Word 4: The look of Estate Agents and working in different areas and markets

I’ve felt the need to do a short piece about estate agents working in different areas and markets. There is a noticeable difference in working environment and approach between our two branches, one in a busy South London street (Tulse Hill) and the other in a leafy suburb of Kent (Bromley).

The view from the respective branch windows reflects the change in local population type and makes for an interesting experience. The view from the window in Tulse Hill has a typically London, cosmopolitan feel. There is never a dull moment all year round. Characters appear with Lucozade bottles disguising alcoholic concoctions inside; men or women have been seen dancing a jig in the centre of the road; the occasional beggar passes by; and men choose to urinate in the alley opposite, all under the watchful eye of our colleagues in Tulse Hill. Ostensibly, it’s frequently the same characters, which I believe will captivate any curious soul and could make for an ideal documentary series. You can see a couple of examples below.

Footfall in Tulse Hill is much greater, whilst in Bromley the view and footfall are more sedate. Periodically in Bromley there are shoplifter’s that can be seen escaping the town centre, avoiding the larger Bromley South Station to get to the quiet Shortlands Station. There are the pesky school kids at school finish time impressing noses on the window and using the signs outside to swing on or play tag around. We should say we don’t regard all schoolchildren as pesky! We’re parents ourselves and help out local schools regularly with donations and prizes. Perhaps some of the nose-pressers know us already from this!

There are also the image-conscious who make up their faces or hair in the reflection from the window, not realising there are teams of agents inside, and we see the random road rage incident or car bump. Sometimes it can be distracting when you’re trying to negotiate a sale for a client, but otherwise during the course of doing paperwork it can offer respite to a hectic day!
There is also a difference in the presentation and image of estate agents between firms based in Tulse Hill and those based in Bromley. In the Tulse Hill area, there is a less formal approach by agents. There is a trend to wear shirts with open collars, excluding ties, and the customer expectations of estate agents to appear in formal attire seem less demanding. This is in stark contrast to the estate agents of Bromley. Here, the predominantly mature agents are fully suited, and wear ties and shiny shoes. Customer expectations are higher and more demanding. The older money, for which Bromley is reputed, is usually drawn towards the more established agencies. 

 

The images of estate agents probably change throughout all areas. Take, for instance, the Prime London’s agent image of pin stripe suits, shiny shoes, tans and quiffs or the rural country agent in his Tweed jacket, cords, and brown brogues. This is generalising of course, but evident nevertheless.  Our business, like most, is all about image. Sure, you want the people selling your property to be smart, equivalent to the marketing of your property, but really, can we drop the pretension? It’s the knowledge, values and experience that are paramount in delivering a service in the estate agents industry. So, whenever you see an Edward Ashdale estate agent, you can be sure that however we look, as regards those qualities, we’re Sharp Dressed Men (and women).
 
Sam Samuel, MNAEA CRLM,  June 2013

Sam's Word 3: Current issues concerning the London residential property market

Working in South East London and the suburbs of Kent, the thread of rising demand for property is a common one throughout the regions. The biggest thing we have found since certainly the turn of the year is the growing demand for property of all types and sizes. Ostensibly when there are no properties of a certain type or size within an area, premium prices can be asked and more often than not achieved if the specification is good enough.

There are a number of factors affecting the residential market in an upward direction throughout London from Prime Central London to suburbs; foreign investment, mortgage lending constraints, a general shortage of property and in the suburbs the costs of moving eg stamp duty. All of these factors contribute to an inevitable price rise, but most importantly, or the root cause is the inexplicable rise in population and overseas investment against the shortage of property. London as a City continues to expand outwards and as the square mile grows and foreigners invest, it ripples to areas that surround it. So price increases are an issue and the need of low paid workers to find affordable accommodation nearby to the City Centre is a desperate one. I’m fortunate enough to live in a leafy suburb near to the M25, where there is still room for planning authorities to consider new residential buildings. Although when driving through Central London the number of residential buildings squeezed and crammed in to the most ludicrous of places in an attempt to facilitate access to central areas and feed demand is quite staggering. Interestingly the same is now beginning to occur in the suburbs, which can be seen as a result of the ‘ripple effect’. Some prices are inflated by Estate Agents as a result because of this demand or unrealistic vendors use it as an opportunity to command ridiculous asking prices. I have referred to this in an earlier post here.

Compared to other Cities London is an attraction for many foreign investors, Russian, Middle Eastern and European given the weak £1. Although growth in prime Central London property has a correlation with other major cities globally such as New York, Beijing, Hong Kong etc, so it’s not as though the rest of the worlds major cities in business are immune to similar property price rise levels. The outlook for the economy is steady and there will always be stable levels of employment bar another financial crash of gigantic proportions, which in my opinion is unlikely to happen given the damage the last banking crisis caused. The City is now well on the road to recovery and foreign investors recognise that. There are solid investment opportunities to be had with healthy year on year yields, plus a handy place to enjoy a short visit when the property is vacant.

I’ve been predicting this since before the financial market crash of February 2008, which was the only blip in a fast rising property market over the preceding 10 years.

Sam Samuel, MNAEA CRLM,  June 2013

Happy Days for Bromley

We like to brighten the place up too

A Rightmove survey recently found that Bromley came ninth in a national poll of the happiest places to live across Britain. As one of our branches is in the heart of Bromley, we were rather chuffed at this result. The survey assessed twelve factors about how people felt about where they live, including their homes and communities. 

The local News Shopper newspaper quoted local people like 20 year old Catherine of The Avenue, who said "There's a lot for people to do, lots of restaurants, shops, pubs and bars... People are always about so it's never quiet." At the other end of the age scale, 79 year old Jean of Oaklands Road said, It makes me happy because there's a warm feeling to the area... There are a variety of shops, even though they're closing every week."

As we started this as a happy blog post, we'd like to keep it that way and reflect on the fact that shops may be closing, but new ones are coming as well. We've seen a couple of new shops opening very recently, and would like to share links to them and wish them well - Shabby But Chic in Homesdale Road and Hurley Guitars on Orpington High Street.  Shabby But Chic particularly is an interesting place to look for indoor and outdoor furniture and ornaments. The shop can also revitalise something ythat you might want to have a new look for at home, like a shabby chair that isn't chic at all.

Finally, in case you're asking who came top of the poll? Harrogate. More here.

Sam's Word 2: Don't always go with the big dogs...

I recently posted a blog called "Beware inflated valuations and expectations" - here - about sharp practices by some estate agents who tell potential clients that their properties are worth more than is realistic, in order to gain a competitive advantage.  

Smaller can be beautiful

I find that I am now in good company, as a local paper has now published an advertorial article (some writing, which is in fact a paid advertisement) written along the same lines by a reputable big chain.  

In estate agency, to use an old phrase, size isn't everything. There really isn't a great gap between what a smaller estate agency and what a regional or national chain can offer. All three pretty much advertise in the same way, through online property portals, and in one or more local newspaper and sometimes in magazines, and use flyers and a few other approaches. 

We know that we cannot rely on gaining customers simply because we have branches everywhere, so we are driven by our values to stand out for our passion, our professionalism, our friendliness, and our determination to be innovative.  We have outstanding local knowledge and contacts, and get on our bikes and get out there and talk to people locally to continually learn local "market conditions" and information of value to our clients.  We take our time to work for our clients, even starting before they are actually clients. Some agents, strangely, claim to be able to value a home in just a few minutes. We know that clients deserve proper attention and respect and we take whatever time the home needs, at the very least thirty minutes at the property to learn about it and the seller. In fact, we only do that after we've done some research before we come out.

All this does make us stand out from many other estate agents, of all sizes. We have enjoyed a very successful period over the last fifteen months. Our diary pages are full and the phone is continuously buzzing.  

So, if you are thinking about moving home - selling, buying, or renting -, talk to us first, because, big dog or not, we're worth talking to. 

Sam Samuel, MNAEA CRLM,  April 2013

Sam's Word 1: Beware inflated expectations and valuations

Sam's Word

One of the most frustrating parts of an Estate Agents’ work is losing an instruction to market a property due to a competitor misleading the prospective vendor on price. As the market becomes more competitive, particularly with low levels of stock and activity, this practise is becoming more prevalent. Often the same old brands are responsible. Over valuing a property, or inflating the price, usually serves to have an adverse affect on the successful marketing, as opposed to achieving the strongest possible price. Furthermore, it can lead to inflation in the road where the property is situated, meaning prices are mixed, which can confuse property owners and buyers. It also leads to closer scrutiny from surveyors working on behalf of mortgage companies. This is likely to weaken actually achieved prices.

Buyers are savvy

In some cases with properties in sought after areas or those that have unique features, it is possible to fetch ‘what somebody is prepared to pay for it’, but those occasions are rare, particularly in a choked market. Most buyers now have access to land registry ‘sold prices’, plus a wealth of supplemental information from the web. To put it simply, buyers are more ‘savvy’. Valuations correctly provided should be based on actual sold prices within the proximity of a quarter to a half a mile in a built up location, taking into account any additional features; such as configuration, extensions and quality of specification. This is, incidentally, how surveyors reach their conclusions in reporting back to mortgage companies, so it’s likely the property will be down valued if ridiculously inflated anyway. This is half the reason why surveyors and Estate Agent opinions are so far apart and they’re two separate professions that often will not share the same view.

Reputable Estate Agents provide realistic valuations

Reputable agents that act professionally will prove the validity of the prices they estimate, but in some cases, no matter how much evidence is produced to a prospective vendor in support of a valuation, that prospective vendor is more than likely to vote instructions with their wallet first. They will instruct the company that tells them what they want to hear, that their property will achieve the high price they desire, rather than that something lower is in fact realistic to achieve a sale. The experienced, knowledgeable and honest Estate Agent is losing ground to competitors unfairly on this basis. Corporate Estate Agents are often blamed for encouraging vendors to sign up to sell properties at an unachievable price, due to targets set or commissions paid for achieving volume of instruction.

Waste of time

Usually once the instruction is made and the contract is signed for the agent promising a high and , there is no chance of getting the opportunity to sell the property as it should have done without lost time. The agent who has won the instruction can spend wasted viewings during the early process and weeks then even months later suggest a price reduction to achieve the sale. It happens week in and week out. The party that truly suffers is the vendor, who can experience delays that can seriously hamper their own progress. They could lose a dream property they are pursuing and it can cause miscalculation of finances, which can affect their personal financial position.

Time to share

The practise has been annoying throughout my career, which has compelled me to write this blog. Whilst recently the topic has come to mind due to working on a property we valued strongly at £1.1m. The actual value that might have been achieved with reasonable negotiation was around £995k, but £1.1m was still a distinct possibility. It was a fair valuation and we set it to win the instruction. Another agent quoted a far less realistic £1.4m, whilst slating our agency in the process for being independent and not having the specific tools to find the buyer in any event. Well, I don’t see any difference in our capacity to market the property, although they have 20+ branches throughout London. We use the same, if not more, number of Internet property search portals and it’s rare that multi-branch, inter-linked offices share applicants/buyers! We also happen to be very good at what we do and have excellent local knowledge and connections, and we know how to pitch a property to suitable potential buyers.

Mystified

Recently, I was left mystified when our Sales Manager received a telephone call from a vendor that he had visited two weeks before requesting a viewing. He presumed she was not on the market, but she was, with another agent. Enquiring as to why he was not instructed, he was told the vendor had received three valuations, but she had decided to go for the middle one. Ours was the highest, by an additional £5000.00. The vendor received an asking price offer on the second day of marketing and regretted instructing the middle agent.

Help yourself, before we help you

Ultimately there is enough information now available to give you a grasp on the value of a property on-line. Allow an hour to research it before inviting the (experienced, knowledgeable and honest) agents in, to ensure you maximise the price and save valuable time.

**New Office of Fair Trading guidelines are being introduced to govern the aggressive marketing tactics of Estate Agents, which will hopefully arrest misleading practises experienced by the general public. This is another step towards cleaning up our industry, which we hope will make for an altogether more pleasant experience when it comes to selling your home.

Sam Samuel, MNAEA CRLM,  March 2013

Spring News 2013

Introduction

Spring? Sorry it doesn’t actually feel like the season of spring and whilst we are experiencing seasonal activity, it’s not enjoyed the same without the sun. The elongated winter season is probably affecting most activities in commerce, but I’m pretty sure we’ll all be enjoying warmer conditions soon. Look at it positively, that sun is up there behind the overcast clouds, so technically the rays are still there, albeit weak. Frozen in fact!

During this quarter we take a brief look at the budget, not wanting to overload you with information you will doubtless be aware of. We also consider the lack of stock available for an increasing list of buyers and the impact on house prices and how mortgage lending is being eased. In lettings we ask have rents have finally reached the top?  Our property of the week is a refurbishment project for a property in Chislehurst.

Enjoy your read and Happy Easter.

News in Brief

Rightmove said the average new asking price is £239,710 – 1.7% higher than last month and just beating the previous record in March 2008 of £239,655.

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Featured property

We are delighted to present this 3 bedroom 1950's semi detached property. The property is in a fantastic location in Chislehurst and requires updating throughout, offering great potential. 

The property is of a generous size and has a large garden. There is a garage and conservatory to the rear of the property. On the market to buy ‘offers in the region’ £350k.

Property News

•  Asking prices are now 1.2% higher than this time last year, and compared with the lowest March asking price of £218,081 in 2009. London, as usual, tells a slightly different story. Although seeing an astonishing 9% rise since this time a year ago, sellers are dwindling, down 12% on March 2012. Asking prices for properties new to the market have shot up to hit an all-time record high for March as a result, further boosted by buy-to-let investors “piling into the market”. Most of these investors are from overseas and some would argue they are creating an artificial bubble. Most recently the London Assembly requested that Boris Johnson investigate the impact of development by overseas investors, which caused an angry response from property developers asking the London Mayor to ‘butt out’. Whilst we are short of affordable properties for low paid workers and many are priced out of London, any interference by the London Assembly to control the situation is likely to handicap the housing market and economy. Already Local Authorities already have planning laws in place to control development from overseas investors and in most cases a percentage of any new housing developments has to be set aside for social housing anyway.

• 2013 started with the best figures for mortgage lending in five years. According to the Council of Mortgage Lenders, a total of 38,300 loans were advanced for house purchase in January – the highest for the month since 2008 when 47,800 loans were advanced. The January performance came despite a marked drop from the month before when 45,900 loans were advanced. However, it was up 11% compared with January last year when there were 34,600 loans for house purchases. First-time buyers and home mover activity both rose. However, remortgage lending was 23% lower than the year before, and despite the rise in first-time buyer mortgages, these were still less than half their 2007 level.

• There were 15,900 loans for first-time buyers – 18% down from December but 24% up from the previous January, and the largest January total since January 2008, when there were 17,700 first-time buyer loans. It means that in January, first-time buyer loans accounted for 42% of all house purchase mortgages. Notably, they were still having to find large deposits, with 80% LTV loans the norm, but were buying cheaper properties. Home mover activity rose only slightly year on year in comparison, up 3%, but a 16% fall from December.

• Rents are nudging up across England and Wales by just 0.1% in February according to LSL Property Services, the company behind a couple of national chains – but they were still 3.3% higher than the previous year. Despite the monthly drop at a national level, rents grew on a monthly basis in half the UK’s regions. The strongest monthly rental inflation was a 1.8% rise in Wales, followed by the North-East where rents were 0.9% higher than in January. London’s rents also returned to growth – rising by 0.5%.  The fastest falls were in the North-West at 1.3%, followed by a 1.1% drop in the East of England and a monthly fall of 0.7% in the South-West. Only one region saw rents fall on an annual basis: the average rent in the South-West is now 1.2% less than a year ago. Rents in London showed by far the fastest annual growth, rising by 6.2%. The South-East saw the next biggest year-on-year rise of 3.3%, while in Wales rents were 2.9% higher than last February.

Sales

Following a strong end to 2012, expectations in sales have been curtailed by the lack of property available to the market, a common observation by applicants registered looking for property.  Our rankings have moved out slightly to 23rd out of 99 agents for new instructions, but we remain within the top 10 for our ‘click through rate,’ which is testament to our high standard of presentation for properties, mainly thanks to our professional photographer.

We continue to drive for more stock and believe we offer a highly competitive service at a competitive rate. What’s more, the level service is on a par with some of our larger competitors.

We have a structured and consistent marketing campaign that will attract more sellers and we will continue to strive for excellence in our service delivery.

There are a lot of regulations, you’ll be pleased to learn, mainly already part of The Property Ombudsman (TPO) guidelines, designed to apply pressure on the ‘rogue agents’ of our industry. The Office of Fair Trading and Advertising Standards Authority are now going to closely police Estate Agents ‘aggressive and unfair practices’. During our quarterly Regional Meeting with the West Kent National Association of Estate Agents branch, we learnt of these practises about to be heavily outlawed. The strongest sign yet of an attempt to clean up the industry, which will only improve the reputation of Estate Agents, smeared by a few. A bit like the reputation of a certain football club (see our Twitter profile @edwardashdale if you’re in any doubt who we mean), but that’s another story! The regulation compels agents to seek as much information as possible about the property to be marketed. For instance if a flat is available in a block 80% buy-to-let or social housing, this detail must be divulged to the buyer. There are several other regulations placed on agents, but the most cumbersome and controversial is being aware of the lease covenants or restrictions when marketing leasehold properties. The new regulations compel agents not to mislead potential buyers or omit detrimental information about a property, which will promote total transparency for buyers and tenants. New focus will also be put on the aggressive canvassing tactics used by agents, in the form of door knocking or ‘call me urgently’ compliment slips. Customers of Estate Agency services may finally begin to have a better experience. It was encouraging to learn in our usual Director’s meeting that plans required to ensure we meet with new regulations were minimal.

Estate Agents inflating valuations to win vendor instructions remain an issue, as noted in our recent blog post in edwardashdale.blogspot1.co.uk. We always want to achieve the strongest price and the view that agents value low to achieve a quick sale is a myth, it’s simply not true. To get a decent overview, three valuations should be obtained and always spend a couple of hours researching house prices within the vicinity before inviting agents in for valuations.

Our mortgage broker has been able to place 100% of the potential buyers we have introduced with excellent mortgage deals, including a Buy-To-Let investor who has now re-financed an entire portfolio as a result of the favourable rates obtained.

Lettings

Overall, since 2007 rents have increased significantly and, in most cases, up to 23%. Food for thought if you have a tenant that has occupied a property for five or more years, but with a decent tenant looking after the property as if it was their own home and rental payments regularly on time it really is ‘better the devil you know’. However, I get the feeling we have reached a ceiling based on affordability. Whilst demand levels remain unprecedented with most properties still having ‘block viewings’ at the first available opportunity for access, tenants are already spending two thirds of their income on paying rent.  Ultimately more residential property fit for letting of all types and sizes is urgently required, otherwise we may continue to see rent rises.

Part of the OFT and ASA’s new remit, which similar to the regulations highlighted in sales is designed to sheriff the cowboys and unfair practises letting agents get a bad reputation for. Now, letting agents have to disclose full charges to tenants for administration and references. So they are unlikely to be charged the extortionate rates many letting agents have got away with in the past. Or at the very least tenants can decide if to view that property or not with that agent. We wonder how some landlords would react if they were aware of what their letting agent was charging tenants?

Landlords Feature – Inventories

Landlords are still attempting to include ‘additional damage’ to check-out reports without any photographic or written evidence to support it, according to the Association of Independent Inventory Clerks (AIIC). Landlords are keen to keep part or all of the deposit and charge tenants for additional costs to repair or decorate a property and are looking to add new damage to check-out reports, which were never recorded at the check-in.  In one case, there was a landlord requesting a balustrade on a long sweeping staircase be treated with a new French polish because it had just a couple of light scratches.  Whilst this had been French polished before check in, the balustrade in a house with four sharers inevitably shows wear after a 12 months tenancy.  The landlord requested the inventory clerk change the check-out report to enable the tenants to be charged, when this was clearly a normal wear and tear issue.

Landlords, agents and tenants have different expectations when it comes to fair wear and tear issues. There is a distinct difference between fair wear and tear and actual damage – for example; carpet tread will flatten over time where there has been foot fall, but cigarette burns, stains or soiling is actual damage and requires charge, not necessarily the full amount of replacing the carpet either! Wear and tear is part and parcel with rental properties, just as it would be with any property. The best way landlords and agents can ensure that the property’s condition is fully recorded, is by having a comprehensive inventory in place at the start of any new tenancy, and have a thorough check-in and check-out report completed. The most common damage found in rental properties includes iron burns on carpets; cigarette burns; soiled marks on baths and UPVC window sills and frames; heat damage to polished wooden furniture; and stiletto heel imprints on wooden floors and vinyl. For more detailed advice you can contact Marie – Luminous Inventory Services on 07792 383 929 or email marie@luminousinventory.co.uk
 
Budget

The Chancellor of the Exchequer, George Osborne MP, delivered his annual Budget Statement in March. There were no shock announcements for the landlord community. Unfortunately, the speech didn’t grant the reform of Capital Gains Tax (CGT), Stamp Duty Land Tax or Energy Saving Allowance that we were hoping for, but there was good news for home buyers as George Osborne took the Budget as an opportunity to unveil a Help-to-Buy Scheme. The scheme will be available to all buyers of new build properties, including first time buyers and those looking for support to step up the property ladder. It offers two levels of support. The first offers an equity loan for those who can afford a mortgage and who can provide five per cent of the deposit. The government will offer the remaining 20 per cent contribution to the deposit. This loan will be interest free for 5 years and can be repaid when the property is sold and the only constraint is that the property cannot be worth more than £600,000. There is an argument that those more ‘well off’ may take advantage of the scheme in order to gain another property.

The second level of support is the Mortgage Guarantee in which buyers will have access to high loan to value mortgages to help more tenants to buy their own homes. Help-to-Buy will launch in April 2014 and will be available for an initial period of three years. The National Landlords Association has welcomed the new scheme and hopes that it will encourage a fair and balanced housing market. Ultimately, increasing the supply of property is imperative to getting the country’s finances moving. Encouraging a diverse housing stock is central to this and the Government’s Help-to-Buy scheme should free up some of those trapped in rented property towards the owner occupied market. However, more targeted measures are needed to address the chronic shortage of housing across all tenures. Had the Government decided to offer Capital Gains Tax Rollover Relief for landlords, they would have enabled capital gains reinvestment that could have provided more housing for rent in an increasingly pressured market. They should have also agreed a stamp duty holiday for lower end properties, which is also hampering the evolving nature of the property market.

On a positive note for the rental market, the significant increase in funding for Build to Rent will be welcome. This is an acknowledgement of the evolving and increasingly important role of the private-rented sector in the UK’s housing market and this should prove a decent initiative to providing more good quality affordable accommodation for rent.

Recent Testimonial

GD (vendor) “Wow! You have arranged so many viewers you must be paying people to view my home. You have sent more people to view my house than all of the other agents”

Property Tip

When conducting a viewing ensure that the curtains and blinds are open throughout the property, or where necessary turn on the lights to ensure maximum brightness, and ensuring any other occupants are out of bed!