Category Archives: Property

Property, Property Buyer News

Lyons Place in Maida Vale attracts attention with bold, contemporary interior design from Alexander James Interiors

The ultra-contemporary new collection of apartments and townhouses at Almacantar’s boutique development, Lyons Place, in Maida Vale is attracting interest from homebuyers and investors alike. The five townhouses, 22 apartments and two duplex penthouses have been designed with modern living in mind and with style bursting from every angle.

Lyons Place is the work of renowned architect and long-term local resident Sir Terry Farrell. His striking exterior, complete with petrol pump art installation and quirky blue tiling, flows through to the interior of the homes thanks to the multi award-winning interiors team at Alexander James Interiors. The team’s brief was simple: carefully consider every element of the design in order to deliver homes packed with personality.

“A development as exciting as Lyons Place provides a superb opportunity to showcase how well bold colours, artisan pieces and layers of texture can work together to create a vision for contemporary living. From the inverted layout of the townhouses, with the kitchen and living spaces at the top, to the flowing space in the apartments, we knew instantly that Lyons Place was going to deliver something special.”

Ben Axton, Show Home Sales Director, Alexander James Interiors

For the show apartment, the Alexander James team used colour and texture to add some real roar to Lyon’s Place. The main reception room exudes warmth, with soft whites and blush pinks evoking a sense of relaxation and calm, while playful splashes of mauve and crimson add depth and interest.

This bold expression of colour continues throughout the apartment. In the main bedroom, for example, the serenity of the wall coverings is complemented by the warmth of rich bronze tones.

Texture is also a major theme, with different rooms showcasing beautiful combinations of materials to ignite the senses. Artisan weaves and sculpted wood provide plenty of textural interest throughout, with natural materials complementing the flow of light into the homes and the elegant landscaped courtyard around which they are set. The kitchen and dining area, meanwhile, feature the cool smoothness of a marble table, offset by plush velvet chairs.

“The ability to play with texture so artfully in the Lyons Place show apartment was exciting. We’ve used layering of differing fabrics and materials to add interest in every room, making each space unique while also telling a story as you move through the apartment.”

Laura Leadbetter, Senior Interior Designer, Alexander James Interiors

The Alexander James team also dressed one of the five three-storey townhouses at Lyons Place, highlighting the incredible potential that the spacious homes hold. The timber and natural stone elements of the townhouses’ exterior have been drawn into the interior, while the gentle olive that flows through the hallways and dining room is reminiscent of the leafy pathways of Maida Vale.

As with the apartments, the townhouses are bursting with character. The living spaces, in particular, feature exciting touches such as handmade tubular lamps, statement coffee tables and multicoloured wall coverings by Pop Art movement innovator Roy Lichtenstein. Vintage items pair with contemporary lighting to create a bold statement of stylish living.

The lower floor bedrooms play with light and dark, earthy tones and metallic warmth to deliver a cosy, indulgent effect that feels both welcoming and restful. Aged glass plays beautifully with the natural light with which the homes are flooded, while ornate sateen fabrics and rich velvet deliver a richly luxurious experience.

Window treatments throughout the townhouse pair light, watery linens and voile curtains with warm metals, binding together these elements and enhancing the overall flow of colour and texture throughout the space.

In texture terms, boucle woods contrast with shortcut velvets, while the rich timber is complemented by the in-depth, layered marble offering warm tones. Fabrics, meanwhile, range from soft mohair, silk jacquards and softly woven carpets to wool fringing and faux leather with crisp piping.

The homes at Lyons Place ooze personality, elegance and sophistication. They have been designed and dressed to bring light, space and tranquillity into every room, delighting the senses at every turn.

For more information on the interior design visit Alexander James Interiors at www.aji.co.uk or call 020 7887 7604. 

For more information on Lyons Place, please contact Dawid Dziegielewski, Sales Manager/Sales Analyst on 07384810437 and dawid.dziegielewski@almacantar.com

Home Improvements, Homeowner Advice, News, Property

Changes that will really add value to your home after COVID-19

In these uncertain times, what can homeowners do to shore up the value of their properties? David Knight, Digital Manager at Roof Windows 4 You, shares changes that can increase the potential asking price of your home.

The COVID-19 outbreak and resulting lockdown has brought about huge shake-ups in the housing market, and many homeowners are becoming concerned that house prices could be the next victim of the virus. Last month, The Centre for Economics and Business Research predicted that house prices will fall by 5% this year and a further 10.6% in 2021. The CEBR also warned that prices might not bounce back until at least 2023 (This Is Money). So, if you were hoping to sell your home at some point in the next few years, you might be looking for ways to help boost the value, so you can achieve a higher asking price. In this article, I’ll share four effective ways you can help to increase the value of your property.

Increase your kerb appeal

It’s a cliché, but it’s true: first impressions count. The exterior of your home is the first sight that will greet prospective buyers when they come for a viewing, so it pays to make it look as welcoming as possible. Ideally, your front door and any pathways or garden areas should look better than those of your neighbours — this will make your home seem like it’s worth more than the other houses on the street, which can help push up the asking price.

You don’t need to spend a fortune to make this happen, either. If you can’t afford to fully replace the door, then simply adding a lick of new paint and a new handle and knocker can make a big difference. Then, you should clear any weeds, disguise cracked paving with some gravel or slate chips, and add a few potted plants — before you know it, your home will be the pride of the street. These changes are very cost-effective to implement, but they can really create the impression that your home is one of the best in the neighbourhood.

Extend your home to add an extra room

Homes in the UK are getting smaller. Modern new builds are now almost 10 square metres smaller than those built in the 1950s, meaning that space is becoming a real luxury for today’s homebuyers (LABC). So, if you want to increase the value of your home, one thing which could make it much more desirable to potential buyers is adding an extra room.

Remember, the increase in value should outweigh the costs of the project, so you’ll need to budget carefully. Do some research on similar homes then crunch the numbers to see if an extra bedroom or reception room is profitable.

If homes in your area with an extra bedroom are selling for more, then the most cost-effective option is likely to be converting the loft space. When designing your loft conversion, be sure to prioritise adding lots of natural light using roof windows or a dormer, as this will appeal to buyers. Or, if you think that a reception room will add the most value to your home, you could convert a garage into a cosy living space. If neither is an option, you could also consider merging two existing rooms — like a kitchen and dining room — to create a spacious, airy living area.

Give a dated kitchen a facelift

A dated kitchen can be very off-putting to buyers, and this can seriously affect your potential asking price. But, fitting an entirely new kitchen often isn’t the most cost-effective solution, because the price of a complete refurbishment can be more than you’ll gain in terms of real value. So, how can you improve the look of the space without spending a fortune?

The answer is to find clever shortcuts that look expensive but aren’t, so you don’t need to get entirely new units and white goods. For example, tired old cabinets can be updated with a fresh coat of paint and some modern knobs or handles, while installing a shiny new tap can transform an old sink. Re-tiling splashbacks — or even using inexpensive tile stickers — can change the look of your kitchen, but they don’t cost too much to install. You can also add new countertop appliances, like kettles and toasters, to give the space a more “premium” feel (plus, you can take them with you when you move). All of these little changes are fairly inexpensive compared to getting a new kitchen, but they can make it seem much more expensive that it actually is!

Make your home more energy efficient and eco-friendly

Today’s homebuyers are increasingly eco-savvy, so they’re more likely to notice if your home isn’t energy efficient. So, if your home is a few years old and the EPC rating isn’t great, it’s well worth finding ways to improve it. Adding insulation, draught-proofing, an energy efficient boiler, and a smart meter can all help to increase the value.

You could even consider installing an electric vehicle charging point—while the upfront cost can be pricy, they could add as much as 2% to your asking price, according to GoCompare. Given that there are plans to phase out the sale of new traditional fuel vehicles by 2035, this could become a massive selling point in years to come.

Plus, there are various grants and allowances you can take advantage of that will make these changes all the more cost-effective. The recently announced COVID-19 recovery package will see up to £5,000 in vouchers made available to homeowners that can be used to cover the cost of various energy efficient updates.

With the forecast for house prices looking bleak, it’s well worth finding ways to shore up the value of your home. Consider implementing some of the changes I’ve outlined here, and you could be able to make up some of the expected shortfall.

News, Property

Is Now a Good Time to Remortgage Your Home?

2020 has been a year no one could have predicted, and despite much financial uncertainty, now could still be a great time to remortgage your home. The Bank of England cut their interest rates to a record breaking low of just 0.10% back in March, which may see many mortgage payments lower drastically for many. If you are not sure what type of mortgage you currently have, be it SVR, tracker, fixed rate or variable, or are simply unsure of the best ways to look for a better deal, here are a few key factors to keep in mind when looking to remortgage your home in 2020.

Know Your Current Rate

More than 70% of home owners are current on the SVR or standard variable rate mortgage offered by their lender. This means that if the Bank of England’s interest rate rises, then that will be reflected on your mortgage repayments too. Some standard variable rate mortgages are more competitive than others, ensuring to never rise more than 2% above the base interest rate, but this is not the case for all lenders, so be sure to check the terms and conditions of your current mortgage if you are unsure. If you are on a fixed rate mortgage, you will be used to the peace of mind obtained by knowing exactly what is due to be paid every month. However, just because your rate is fixed, that doesn’t mean that you couldn’t still be taking advantage of a better deal. After all, when the fixed rate comes to an end, your lender will most likely switch you to their standard variable rate. Tracker mortgages will always follow the Bank of England base rate, as will variable mortgages, so be sure to check which kind of mortgage you currently have before deciding on your best remortgage options.

Early Exit Fees and Penalties

Before starting to shop around for remortgage options, it is first and foremost important that you check with your current lender that leaving your current deal with them will not incur any early exit fees or other penalties. Although this does not necessarily mean you cannot decide to remortgage if you want to, it just may mean that you suffer a financial blow in order to be released from the mortgage with your current provider. This may see you losing money, so always check this first as it may mean remortgaging is not the best option for you.

Remortgaging Calculators

Once you have ascertained the pros and cons of leaving your current provider, the best step is to use a remortgage calculator. There are plenty available online, and these simple and easy to use sites enable you to see at a glance how much money you could be saving by remortgaging. All you need to do to see how much less you could be paying a month is provide a few key details. Input the current property price, amount left on your mortgage, your monthly payments and how many years are left on the mortgage and sites such as propertypriceadvice.co.uk/remortgaging-calculator can instantly show you what better deals are out there for you to explore. Best of all, the whole process can be done online, making it particularly convenient during the current coronavirus restrictions.

Why Remortgage Now?

With so much financial uncertainty, many may be worried about the long term impact on their ability to keep up with mortgage repayments. As the Bank of England’s interest rate is currently so low due to emergency coronavirus measures, now is in fact the perfect time to take advantage of these lowered rates. By remortgaging now, you can choose a fixed term mortgage rate that allows you to take advantage of this lowered rate before it will inevitability rise again. Remortgaging to a lower rate for a fixed term also gives you peace of mind, knowing exactly what your payments with be each month for a fixed period. This can be anything from one year to up to ten years, depending on what rates your lender is able to offer. However, a word of caution. With so many people rushing to take up these drastically lowered interest rate mortgages, each lender will only be able to offer a specific amount before it is no longer tenable for them to do so. Therefore, if you are thinking about remortgaging, now is the time to do it, as if you leave it too long, you may be one of the unlucky ones who misses out on a potentially great deal.

 

News, Property

Six must-have home improvements now that lockdown is easing

As lockdown restrictions begin to ease gradually, homeowners seeking new ways to upgrade their properties can look to these six must-have improvements suggested by home experts.

Due to the COVID-19 pandemic, lockdown has provided an ideal time for many to contemplate potential ways to improve their homes so they can add value to their properties.

From brand new conservatories, to replacing existing door styles and windows, the team at leading home improvement company Stormclad have highlighted the surest ways homeowners can upgrade properties now that it’s finally possible.

Managing director of Stormclad, John Evans, said: “With everyone spending more and more time in the comfort of their own homes during lockdown, now is the ideal time to make new and exciting home improvements.

“Here at Stormclad, we have over 20 years’ experience in helping our customers transform their houses into their dream homes. “We’ve highlighted a range of home improvements to help you make the most of your space and add extra value to your existing properties.

“When making adjustments to your home, it is important to ensure that improvements are carried out at the highest standard and with top quality service. All of our products are manufactured in the UK and come with a comprehensive suite of guarantees, to give you complete peace of mind.”

Here is the list of six must-have home improvements:

1. A new front door
In terms of kerb appeal, a front door is one of the first things that guests will notice, so it is important that the one you choose makes a good first impression. Opting to upgrade your front door will not only add the wow-factor to your property, but it will also significantly improve your home’s performance. Our doors, made using high-quality materials, ensure to heighten security, insulation and reduce noise. At Stormclad, we offer a wide variety of made-to-measure front door styles to meet even the most niche preferences.

2. Replace windows
Replacing windows can really give properties a new lease of life and there are a range of styles on the market to give homes a unique and enhanced look. From aluminium windows, to high-performance casement windows, flush sash windows, sliding sash windows in uPVC and timber profiles, and bay windows, there are many options to choose from and Stormclad has a range of flexible finance options for payment. At Stormclad, our wide variety of window styles not only upgrade the look of your home, but also provide outstanding security and low energy ratings.

3. A brand-new conservatory
A brand-new conservatory extension is a great way to add space to your home and bring in natural light. The versatile space is ideal for a whole host of uses, including dining rooms, playrooms, living areas and home offices. Stormclad have made-to-measure designs to ensure that your conservatory will fit your exact requirements and be perfect for you.

4. Refurbish your existing conservatory
Over the years conservatories that don’t benefit from modern materials can quickly encounter problems. They may be suffering with temperature control and be too hot in the summer or too cold in the winter. Perhaps the doors don’t close properly, there is damp or the roof is beginning to leak? Refurbishing your old conservatory is a great and cost-effective way to improve your home. In many cases, we are able to utilise some of the old components or rebuild a new structure on your old conservatory’s base to provide a refreshed space.

5. Replace existing patio doors
A new patio door can breathe new life into the interior and exterior of any property, adding unique character to all architectural home styles, from contemporary builds to period pieces and often maximising natural light in any property. Stormclad offer an array of patio door styles including french doors, bi-folding doors and sliding doors, making the search for the perfect style easy.

6. Add a veranda
If you want a dry outdoor space for your summer BBQ’s or an outdoor shelter for alfresco dining, then adding a veranda to your property is an ideal solution. Adding a veranda to the exterior of your property is a great way to make the most of your outdoor space whatever the British weather has to offer! Our range of verandas provide elegant posts, optional glass roofing and a projection of up to 3.2m, making us one of the best product providers on the market today. All Stormclad verandas come with a 10-year guarantee and have a life expectancy of up to 25 years.

For more information or to speak to the Stormclad team, visit the Stormclad website.

News, Property, Property Buyer News

House prices increase by 300% in 20 years

The team at Coulters Property have looked into the housing landscape for first-time buyers to discover how much you would need to be able to afford a 10% deposit around the country, how much this is as a percentage of average annual income, and how this has changed over the last 20 years: https://www.coultersproperty.co.uk/first-time-buyer-changes

First Time Buyer Landscape in UK (1999-2000)

 

1999 2020 Difference £ Difference %
House Price £77,961 £230,735 £152,774 195.96%
Deposit £7,796 £23,074 £15,278 195.97%
Earnings £17,803 £30,353* 12,550 70.49%
Deposit % Earnings 43.80% 76.00% 32.20%

*2019 earnings data used

 

You can see the full research here.

 

Mike Fitzgerald, Executive Chairman, at Coulters Property commented saying:

“More than ever, there is a disparity between personal income and property prices, which these stats reiterate.

“Buying a home in the UK is a defining tradition and a goal for many young people. Although being a first-time buyer is exciting, over recent years, the affordability gap has stretched and continued to do so every year, making it difficult to make the first step onto the property ladder. In these uncertain times, these inequalities have been made much more apparent, The recent raising of the trigger rates on stamp duty (and LBTT in Scotland) to help combat the economic consequences of the C-19 pandemic and lock down, will undoubtedly particularly help first time buyers and add valuable extra cash to be applied towards their deposit or other transaction costs such as legal fees. This is especially so in high value urban areas where many first-time buyer properties would have otherwise been subject to stamp duty.

“There’s no questioning that wages have increased with the rate of inflation, but have they increased enough? Despite recent schemes such as Help to Buy or part-ownership, house prices are expected to increase, with the possibility of a 15% increase over the next five years or so.

“The aspiration and importance of homeownership resonates with many in the UK. While many other countries don’t share this attachment, we seem to value it highly as a vital part of getting onto the property ladder to tap into capital growth (something which the UK has demonstrated over many decades unlike some other countries), settling down or kickstarting a potential investment portfolio. It’s important to seek all the information you can when considering getting a foot on the property ladder and not let the numbers put you off. There is so much support and often a price bracket to meet first-time buyers’ needs.

“Capital returns on property are traditionally strong, but like all investments the returns need to be measured over a sufficiently long period of time to flatten out short term spikes and dips in values. If done sensibly the outcome and rewards are certainly worth it, not only in financial terms but also in the pleasure that home ownership can bring.”

Awards, News, Property

Brampton building site manager secures a top industry accolade

A senior site manager, who is building new homes in Brampton, has won a prestigious national award for his work at a local housing development.

Senior site manager at Bellway’s Brampton Gate development, Paul Lawrence, has been named as the winner of a National House-Building Council (NHBC) Pride in the Job Quality Award for his ‘excellence in site management’.

Paul, 44, who began working as a site manager at Bellway two and a half years ago, has now secured his second NHBC award.

Winners of NHBC’s Pride in the Job awards were announced on Friday 19 June, with fewer than 450 site managers out of 11,000 across the UK being honoured with the prestigious industry accolade.

The awards scheme, which celebrates its 40th anniversary this year, recognises site managers who demonstrate excellence and commitment to producing homes of outstanding quality.

Paul said: “After hearing that I’d won my second Pride in the Job award for my work at Brampton Gate, I was over the moon and have been ever since!

“I was promoted to senior site manager in March this year, as my previous Pride in the Job award enabled me to secure a Seal of Excellence award during the final stage of judging.

“Brampton Gate is a cracking site, the development is beautiful on entry and it’s clear to see that a lot of planning and teamwork has gone into creating the homes here.

“Winning the award is a massive achievement, and it really shows just how well we’ve been able to maintain the site and build homes here of the highest quality.

“The sales and construction team here are very experienced overall, and I think what makes the team here great is seeing just how helpful they are – they’re are always there for you.

“As a site manager, I believe that communication skills are hugely important for managing and building a successful site. We’ve been able to gain lots of knowledge and advice from our subcontractors too, which has enabled us to ensure that we’re building the best homes that we can.

“Following lockdown restrictions, the team here have been working hard to get the site back up and running quickly and efficiently. We’re very proud of Brampton Gate and we are excited to be welcoming customers here again now that the correct safety measures are in place.”

Over the course of nearly a year, site managers across the UK have been observed and judged by NHBC officials.

The judging process for the Pride in the Job awards takes in a multitude of criteria, including consistency, leadership skills, attention to detail, interpretation, technical skills and health and safety.

Paul, along with other Quality Award winners, will now be put forward for a Seal of Excellence award, with winners being announced at NHBC’s Regional Awards events in Autumn 2020.

Dean Takkou, Head of Construction for Bellway Northern Home Counties, said: “Winning an NHBC Pride in the Job award is a huge accomplishment in this industry, and we are very proud of Paul and his team, as we feel they are truly deserving of this honour.

“It is our mission at Bellway to build high-quality homes which are delivered on time and which withstand the test of time, while also providing exceptional customer service for our buyers, and Paul exemplifies this commitment to quality.

“His dedication to the job is part of the reason that we’ve consistently retained our five-star status with the Home Builders Federation, based on the fact that more than nine out of ten of our customers say they would recommend Bellway to a friend.

“On behalf of myself and the rest of the team here, we would like to congratulate Paul and wish him the best of luck in the next stage of judging.”
For more information on the homes being built by Bellway, visit bellway.co.uk.

Charity & CSR, News, Property

Lettings specialist Towngate donates £1,000 to West Yorkshie Foodbank – helping to feed 19 families for a week

Brighouse-based commercial and industrial lettings specialist, Towngate PLC, has donated £1,000 to a West Yorkshire food bank – a contribution which will feed 55 people, or 19 families, for a week.

The Welcome Centre, which is based in Huddersfield, has maintained the same objective over its 25 years of service – to support local people in crisis and provide individuals and families with food and other essential items in their time of need.

In April this year, the charity saw its busiest month on record – supporting over 1,114 individuals and providing 1,683 crisis packs of food and toiletries to those who needed them most. And, in 2019 alone, the centre distributed the equivalent of 239,611 meals in the South Kirklees area.

The Welcome Centre, which has remained open throughout the crisis, has been required to adapt to a new delivery system for clients, made possible by the support of Kirklees Council and Kirklees Neighbourhood Housing.

Despite the turbulent and uncertain times that the pandemic has brought on, the centre has seen a surge in generosity from the local community, with businesses, families and individuals extending a hand to help those who are struggling due to COVID-19.

Towngate is no stranger to charitable donations, and, in 2020 alone has donated over £16,000 to various beneficiaries, including Kirkwood Hospice, Marie Curie, and Forget Me Not Children’s Hospice.

Emma Greenough, fundraising manager at The Welcome Centre, commented on Towngate’s charitable offering: “We have thankfully seen a significant increase in donations and volunteering from the business community in recent months. We’re very grateful to Towngate, which made its first donation to us back in December, it’s so humbling to know we stuck in the firm’s mind for a second donation in support of the work we do.”

Commenting further, Towngate’s managing director, Robert Smith noted: “It’s been a difficult start to the year all round and we thought it was important to support those who are struggling during COVID-19. We really appreciate all the amazing work The Welcome Centre does, and hope to be of assistance to the charity in the future.”

To find out how you can support The Welcome Centre, visit: https://www.thewelcomecentre.org/pages/31-donate

Construction, News, Property

Works start on £7.5m mixed-use residential development in Solihull

Construction works have started to create a new neighbourhood centre and residential apartments at Blythe Valley Park in Solihull.

Led by Midlands contractor G F Tomlinson, the works will involve the construction of four new mixed-use high quality apartment buildings at Blythe Valley Park – as part of client IM Properties’ strategic vision to create a sustainable, mixed-use community in this area of the West Midlands where people can live and work.

Blythe Valley Park is a 1.2 million sq. ft development, surrounded by 122 acres of scenic parkland, and the addition of the neighbourhood centre will create a new focal point and seamlessly connect the growing residential and commercial community.

The business park employs 3,500 people and is home to many leading businesses including a range of high-profile brands such as Gymshark, Lounge, Cooper Parry, Siemens and Zenith.

The £7.5m development is expected to complete in spring 2021 and the new mixed-use buildings will feature 48 one and two-bedroom apartments, 25 per cent of which will be managed in partnership with Bromford Homes to offer affordable housing at the location.

Two of the ground floor buildings will become modern retail spaces and will include an eatery and community convenience store, as well as a further retail unit, creating additional jobs in the area.

There will also be level access to all four buildings, to accommodate disabled members of the community.

Andy Sewards, managing director at G F Tomlinson said: “We’re thrilled to be working with IM Properties to create an integral new element of the sustainable, mixed-use scheme at Blythe Valley Park, which is delivering a significant number of new homes and jobs to boost the local economy.”

“This is an exciting project to add to our residential portfolio and we’re looking forward to handing over in 2021.”

Richard Knight, technical director of IM Properties strategic land division, IM Land said: “The new neighbourhood centre is a significant investment for IM Properties and will help further cement the strong community feel at Blythe Valley Park. We are very happy to have G F Tomlinson on board working with us to deliver this scheme.”

Crest Homes and Bloor Homes have also been working on the residential phase since 2018 and continue to progress at the site, with the delivery of up to 750 new homes.

News, Property

State of the market –the residential property sector and the COVID pandemic

The economy and the property sector are inextricably linked. Buyer-behaviour, investor appetite and lender/landlord confidence are most commonly examined and referenced when there is significant damage to or speculation about the economy.

Interest rates are at a record low, demand for housing is high and the press have been reporting a rebound in the market due to ‘pent up demand’ from the UK population who have been in lockdown for the last 14 weeks. Rishi Sunak has announced a temporary raise of Stamp Duty to £500,000 until March 2021 to boost the property market and help buyers struggling because of the coronavirus crisis.

We spoke to a selection of property professionals from Oxford and London to ask about their experiences since lockdown easing measures have started to be announced and their projections for the future of the market.

The residential property market opened its doors again on 12 May after six and a half weeks of restrictions which included a ban on viewings and valuations. Zoopla, who provide property market statistics and trends, estimate that 373,000 transactions were put on hold during this period at an estimated value of £82bn. Since lockdown easing has come into effect, house listing sites such as Rightmove are recording record amounts of visits and press reports are rife about a spike in residential sales and rentals.

Chris Dixey, Director of Sales for Oxfordshire based estate and letting agent Breckon & Breckon says that the few weeks since they opened their doors again have been ‘busier than anyone thought they would be’. Despite holding the business and client-service levels together during the lockdown by completing on sales which had already been agreed, they were apprehensive about opening again. This was not just because of the concern about the level of business that may (or may not) come through the door but, how this might be perceived by the local community and the worry that agents might be seen to be spreading the coronavirus. So far, their experience has been ‘oddly encouraging’ says Dixey although, he points out that he would be irresponsible not to be wary or have any concern about what might happen moving forward

Middleton Advisors who source prime property on behalf of clients wanting to purchase or rent have had a similar experience in that their client enquiries for June are so far quadruple what they were last year. Tom Hudson, Founder and Head of Country Business says that there are plenty of interested clients in the market and supply is starting to pick up, they have also seen sales of stock which has been on the market for some time. Tom’s clients are predominately cash-buyers, many of whom have been planning to move for a while brought their purchases forward. Although it is hard to know whether buyers are serious or are window-shopping, a long period of down-time does tend to have this effect, with decisions about moving to a new house most commonly made over the Christmas period.

Prior to the COVID-19 pandemic, Hudson predicted that there would be a rise in the country market in 2020 and he still thinks there will be an increase in prices for good quality properties. Dixey has also seen that the demand for country homes with gardens massively increase with buyers looking for ‘the kind of place that you would want to be locked down in’. Some buyers who have been looking at the same four-walls for 14 weeks have realised that their home is no longer fit-for-purpose whereas others are looking to be closer to their relatives, with family now being deemed more important than ever.

‘The home has now become more of the castle’ according to Marcus Gunn, Mortgage Advisor for Carbon FC and this has led to people revaluating their needs. In several situations, decisions have been accelerated. For example, some who would typically be city-dwellers for a few more years are now looking for their country home earlier in the property ownership life-cycle with half a mind on the fact that they will no longer need to commute due to successes achieved working from home and the notion that the physical office will forever be changed. Others have realised that they are happy in their current home having lived and worked (and in some instances schooled) in it. They are simply making some adjustments to make their working-from-home experience more comfortable, for example says Marcus ‘Log cabin sales have gone through the roof so that people can have an office in the garden’.

Carbon have seen houses going above the asking price since lockdown easing, with some clients having to put in sealed bids – often the sign of a buoyant market. Marcus is however cautious in predicting whether this will fizzle out or become a systemic change. Lenders are fearful of being over generous, some have withdrawn the 90 and 95% mortgages and there is caution over loan-to-value multiples. It is rare for banks to grant loans to those who are furloughed from employment and there is a reluctance to provide mortgages for those employed in certain sectors such as travel, leisure and hospitality. This means that the highly-regulated mortgage market in which he operates has become more complex and mortgage applications have ‘become more like a research project than ever before’. It is exceptionally cheap to borrow money for those that can afford to so those with stable jobs who are looking at the long-game are in a good position. Property owners looking to sell are also faring well as there are fewer properties on the market, so competition is high. Low interest rates have also resulted in an uptick in interest in the buy-to-let space, an area which had fallen by the wayside due to the increasing obligations on the private landlord. Like many, Marcus likens the current market to the financial crisis of 2007 ‘it is comparable in a way, but the difference is that people are still confident in property’.

Investments

Stuart Bradney who runs the property development and investment side of Carbon FC says that ‘a lot of business being done, but by fewer people’, most of his investor clients are ‘sitting on their hands’ and waiting to see how the market unfolds but those who are active are using cash and low interest rates to their advantage. Bradney believes that the Investment economic-cycle will change with private landlords looking to ‘dump’ property due to tax disadvantages and the over-regulation of the sector.

‘Any change in the economy provides opportunity in the property market as there is movement’ says Sarah Gardener, Partner and Head of Real Estate & Construction for Shaw Gibbs. This is an opportunistic time, with some being in a very strong position because they can leverage the competitive environment that Marcus and Stuart have covered. Sarah has in fact experienced more property enquiries since lockdown-easing from her clients who are looking to diversify their family wealth or income streams by investing further into the market. The stock market has taken a hit, and although the UK stock market has partially recovered, there is still a lack of confidence in some investments. This coupled with questions around sustainability of some sectors has meant that these clients are interested in generating additional income through property rentals as another layer of security should this (or another) pandemic hit the business-world or their personal finances again with force.

Although standalone property has a higher cost to entry than the investment market, it is ‘still tangible’ says Gardener and the confidence in the likely return-on-investment in bricks and mortar is still in evident. However, it remains to be seen whether the traditional yield of capital returns being higher in the South and income returns usually being higher in the North will continue. The tax on residential property has undoubtably become more stringent over the years, prior to today’s announcement on the increase in the threshold on Stamp Duty only tax change which has been announced since the COVID-19 pandemic has been the relaxation of higher rate stamp duty surcharge reclaims if a sale of a previous main residence has been prevented. ‘As a rule of thumb, any movement of property ownership has a tax consequence’ warns Sarah and therefore she urges those who are looking for property investment opportunities or to make significant changes to their existing portfolio to think about the structure of this before making any decisions in order not to incur unnecessary tax charges.

Despite the huge shock the sector has suffered as a result of the suspension of trading during the COVID-19 lockdown, these early weeks indicate that the residential property market is making a steady recovery. There is a quiet optimism amongst those in the profession and whilst press reports fuel opportunistic offers in the market, there is no evidence yet to suggest that prices are falling. Whether this is a spike as a result of an ‘collective exhale of people who were desperate to do something’ (Marcus Gunn, Carbon FC) or the sign of longer-term return to growth remains to be seen. The overarching message from those we interviewed was that it is too early to tell, six-nine months will give us a clearer indication of market stability. Meanwhile, those with cash, low Loan-to-Value assets and borrowing potential are in a strong position now to take advantage of the interests rates, competitive market and Stamp Duty holiday, perhaps stronger now than they were pre-lockdown.

Commercial Property, News, North of England, Property

High-Profile Commercial Property Wins Boost Landwood Group

Landwood Group’s Commercial Asset Management division in Manchester has bucked the trend of a Covid-19 downturn with a raft of high profile new instructions.

The new business wins stretch across the team’s full range of property management disciplines, including service charge work, rent reviews, lease renewals and facilities management.

Highlights include a new instruction with Landwood appointed by Cervidae to manage its One Didsbury Point development. The 60,000 sq. ft, four storey, Grade A office development sits on Princess Parkway, one of the main arterial routes into Manchester, with close links to Manchester Airport, M56 and M60.

At present, it is occupied by Optegra, Carrier Travel, Bouygues and IBI Group.

Landwood Group’s Commercial Asset Management team, led by Director Anna Main, will deliver a full facilities and property management service to the building.

At the same time, a North West-based high net worth individual has instructed Landwood to manage his portfolio of six property assets across the UK, with a total footprint of 150,000 sq. ft.

In London, the Cashlong Group has instructed Landwood to carry out rent reviews and lease renewals on its properties.

Anna Main says: “At this time more than ever, businesses are looking for hands on property management services, from experienced, director-led teams. It’s been particularly pleasing that even in a period of unprecedented uncertainty, demand remains high.

“Like every business, we’ve had to pivot and think what we can offer over and above our usual service. The focus is on minimising risk and maximising revenues in the short term, before we assess what the ‘new normal’ looks like later in the year.

“The Landwood Group goes further for our clients and that’s why our client base of high-net worths, property trusts and property owners appreciate a higher level of service.”

Landwood Group’s Manchester-based Commercial Asset Management team enjoyed a strong start to the year before the disruption caused by Coronavirus, with a number of new instructions from clients including Grant Thornton, FRP and Nikal.