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
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
