Agents are currently only permitted to carry out “virtual viewings” on vacant properties, and mortgage lenders are putting a temporary stop to new mortgage applications whilst restrictions prevent their surveyors from valuing properties with usual accuracy, given that they cannot physically visit the vast majority of properties at present.
The only ones that are still moving home, are those that are well progressed with their sale or purchase and are contractually bound to move. The same more or less applies to those renting as well, with virtual viewings applicable to vacant properties only, and only those that absolutely have to move are able to do so.
Prior to the outbreak of COVID-19, the property market was doing extremely well, and there was already strong evidence that the so called Boris Bounce was having a positive impact on the property market.
Our own data showed a 14% increase in the number of property viewings immediately following the election, and an overall increase of 32% when compared with the same period in 2019. This was also evident in the most recent property transactions for 2020, showing an increase in the average price paid for a property in Thames DItton, Esher, Claygate, Hinchley Wood and Molesey of £25,000.
Right now, we should be experiencing one of the busiest seasons for the property market, commonly known as the Spring Market, but restrictions are preventing people from bringing their property to market, causing a back log of people that were planning to move at this time.
Can you think of another recent event that was talked about in the news every day that may have also had a bottleneck effect, and created a back log of people that were waiting for more certainty before putting their property on the market…?
The EU referendum in the UK along with amendments to how stamp duty land tax is calculated, reduced transactions in Molesey, Esher, Thames Ditton, Claygate and Hinchley Wood by around 30% and as a result, 2020 was expected to be a busy year for the UK Property market with pent up demand reaching critical mass.
We now have one bottle neck on top of another bottle neck, and if the data tracking property transactions in South Korea and China is anything to go buy, we can expect transaction levels and the health of the property market to snap back at an exceptional pace.
With the UK’s own specific set of circumstances leading up to this point, we are expecting a wave of new properties coming to market in the second half of 2020.
If you are one of those people that are planning to sell your property once life begins to return to normality, is there anything that you can do to beat the crowd?
You may or may not already know that you can instruct a solicitor before you find a buyer. Our panel of solicitors work just like our estate agents do, on a No Sale, No Fee basis.
Why does this matter? The initial process of setting up the sale of your home with a solicitor takes anywhere from 2-3 weeks. Most people wait until they have a buyer to begin this process, but if everyone is trying to do this at the same time, it will likely take longer than usual for the initial steps to be completed.
If you are serious about moving, why not put yourself in a position where you are up to 3 weeks further ahead than other properties that launch to market? There’s no catch, and you don’t even have to use Newton Huxley Estate Agents to sell your property to get access to this service. However, if you decide to take advantage of our award winning estate agency services, your solicitor fee payable upon the completed sale of your home will be absorbed into the commission we charge, saving you an average of at least £1000.00
For more information please contact our team on 01372 631 622 or email firstname.lastname@example.org
We are proud to announce that we have started 2020 the best way we could have imagined, with the acquisition of one of the longest standing and locally renowned businesses in Claygate Village. The team at Catling & Co, along with an extensive portfolio of managed rental properties is a welcomed addition to our business, and we look forward to building upon their local reputation and the service they have provided to the Claygate community over the last 25 years.
Although we will be converting the high street office at 15 The Parade, Claygate, KT10 0PD into a Newton Huxley branch at the begining of February 2020, the Catling team will remain in this branch and we welcome their continued support in maintaining the proactive, professional and approachable reputation that Newton Huxley has built since our launch in 2015.
John Catling, who will remain as a consultant for a period of time during the transition has released an open letter to clients past and present:
As Catling & Company enters its 26th year of trading, it is with a heavy heart that I have finally made the decision to spend more time with my family and retire.
I have taken careful consideration to ensure that my loyal clients remain in good hands, and at the end of 2019 I officially handed over the reins to Len Taylor & Sam Kamali at Newton Huxley, who are another local, bespoke agency just like Catling & Co. I have no doubt in my mind that Newton Huxley, together with my team at Catling can at the very least maintain the standards we have upheld over the last 25 years, and will work to improve upon them.
Sarah Wren and the rest of the existing Catling & Company team will remain indefinetely, I will also be retained as a consultant to assist with the transition for a period of time.
I would like to thank you for your continued loyalty and custom and very much look forward to the next chapter.
One of the Managing Directors at Newton Huxley, and local Claygate resident Len Taylor had this to say about the recent aqcuisition of Catling & Co:
We are delighted and feel priveleged to have been given this opportunity to work for the clients that John and his team have taken such good care of over the years.
As a Claygate resident myself I feel very fortunate that we have such an active community and have experienced first hand the positive impact this has on local residents, and I hope we will be able to contribute for many years to come.
As estate agents we also know that this is part of what makes the area a number one choice for young families moving from South West London which is why we opened here in the first place. I hope that we can rely upon the support of the local Claygate community, and in return we will continue to provide a reliable, trustworthy service that we are immensely proud of.
The team at Newton Huxley are already experiencing increased interest in our available properties both for sale and to let for January. 2020 is widely anticipated to be a positive year for the housing market, and we invite you to pop into the newly refurbished branch from 1st February should you wish to discuss the local market or any property plans you may have.
Tenants will stay for longer and your property will let much faster if you correctly maintain kitchens and bathrooms, you don't have to install a new kitchen for every tenancy but if your kitchen or bathroom(s) are more than 10 years old you may want to consider having some improvement works carried out such as replacing cupboard doors or worktops. Make sure any dripping taps are fixed, under cupboard lightbulbs are all working and appliances are sparkling clean before you start marketing the property. Good tenants hold these things in very high regard.
Many landlords have heard horror stories about being caught on on missed legal obligations, and some landlords just assume they are legally compliant becuase they have a gas safety certificate and have put the tenants deposit into a recognised scheme. This gives us horrendous anxiety as there is so much more to it and there will be more to come as legislation continues to evolve!
Depending on your own circumstances and the type of tenancy you have, your legal obligations can vary drastically and fines for non compliance can range from hundreds to thousands of pounds, and some even carry prison sentences. If your property is already let and you would like to know if you are legally compliant, we offer a free tenancy health check to landlords in the KT postcode area, just email email@example.com with your name and the address of the property and we will guide you through our checklist.
Many landlords will know the pain of having an empty property, and this can quickly turn your year from a profitable one to a loss. For example a property with a typical rental value of £3000pcm will lose £692 per week if left without a tenant, and that's not including council tax, gas, electric, water rates and any service charges (if you own a leasehold property). If for example you previously let your property for £3000pcm in a more buoyant market and your tenant is leaving during a more competitive season or less buoyant market, you are better off discounting your rent by £100pcm to secure a tenant quickly, and avoid having the property empty, leaving you with lost income and footing the bill of running costs for an empty property.
When you do need to find tenants, how will you market your property? Tenants are more likely to enquire about a property that clearly lists key benefits, has good photography and most importantly, a floor plan. Taking a few quick shots, adding a brief description and an asking rent will just about get the job done most of the time, but is that the right attitued to have towards such a valuable asset? Wouldn't you rather attract a tenant who appreciates good presentation and communication? Reliable tenants mean less stress and less risk, a good letting agent will sense an ideal match, and ensure they secure the best tenants for their clients property.
If you are a landlord with a buy to let mortgage you may want to look at available rates if you are approaching the end of a fixed term. In some instances you could save hundreds of pounds per month just by switching lender. This can be done with a quick search on one of the various comparison sites, but if you want to be extremely thorough, we can put you in touch with our own financial advisors who would be happy to search the market for you as they often have rates available to them that are not available on the open market. Just email firstname.lastname@example.org if you would like to discuss this in greater detail.
Do you have a property that always seems to attract professional sharers? You may be able to get a better return by letting each room rather than under one tenancy. In most cases this can increase monthly return by 20%-30%, but it does come with its own set of legal requirements and associated risks, however when managed correctly it can boost income signficantly which will not only give you better cash flow each month, but can give you options to borrow against your increased rental income to expand your portfolio. Contact our lettings team at email@example.com or call Len Taylor on 01372 631 622 for more information.
If you are letting a house that attracts family tenants and you are looking for a long term let, it may be worth allowing pets into your property if you are not already doing so. It is exceptionally rare that they cause problems, and its worth making allowances in return for a long tenancy with a reliable and usually hassle free tenant. As long as your tenancy agreement reflects the additional responsibilities to the tenant and their furry friend.
Where market trends are on the rise, request an increase in monthly rent to keep in line with market values. A small incrase of just £25 per month equates to £300 per year which will cover most if not all of your maintenance costs for any repairs at the property over a 12 month period. If the market value reflects this there is no reason why you should miss out! If you would like to get an idea on the current rental value of your property quickly, you can use this free instant valution tool here.
This really only applies to those letting houses as opposed to apartments. Many landlords forget that tenants are buying a product, and they can make their decision before they even enter the property. Keep your windows clean, driveways free of weeds, brickwork, gates and paving all in good shape to make a good first impression that will go a long way to helping your property stand out against the competition, helping you to secure a better tenant and command a market leading monthly rent.
It isnt pure luck that some landlords enjoy long term tenancies with minimal fuss and some seem to have to replace tenants every year with non stop maintenance issues. Responding to maintenance requests quickly are not only part of your obligations as a landlord, but it keeps tenants happy, which will likely mean they stay in your property for longer, and are more likely to agree to rent increases. Most long term renters have had a bad experience with a badly maintained property, they will see the value in being looked after and will want to stay with you as much as you want to keep them.
We understand that some landlords do not have the time or experience to correctly maintain proeprties and their obligations, which is why we offer a full tenancy management package so you can forget about the day to day running of your investment and get on with your day to day life with peace of mind. Even if we did not palce your tenant we can take over the management of your property, if you would like to discuss this further please email firstname.lastname@example.org or call 013720631 622 and ask to speak to our Managing Director, Len Taylor.
There are always many schools of thought when it comes to letting, and it really depends on what type of tenant you want to attract. We hope that you have found the above useful and if you would like to discuss the local lettings market or recent changes in lettings legislation that may affect you or your investment, please contact our lettings team on 01372 631 622 or email email@example.com.
As always, if you have a property to let and would like us to visit your property for a market appraisal, you can book your appointment here.
Are you considering selling or letting in Esher, Claygate or Hinchley Wood this spring? Our new KT10 branch is here to help!
Since Newton Huxley first opened its doors in East Molesey in January 2015, our model of "off the high street" estate agency has proven an effective one, leading us to become the areas most recommended estate agent in KT8 on Google. We now plan to achieve the same with our new KT10 office and would like to invite those looking to sell or let, to try our highly recommended sales and lettings services at a discounted rate, with potential savings for sellers of over £6000 and 30% off letting fees for a limited time only.
Our innovative marketing strategies, proactive culture and friendly staff all come together to give you the best experience whilst achieving the best possible result for your sale or let.
If you would like to arrange a FREE sales or lettings valuation of your property, please contact our KT10 office on 01372 631 622 or email firstname.lastname@example.org.
Recent Rightmove data shows that more homeowners in East & West Molesey are choosing Newton Huxley Estate Agents to sell their home over any other Molesey Estate Agent.
It really is great to see how recommendations spread fast. The team has worked tirelessly to provide all of our customers with a friendly, straight forward and diligent service. In such a competitive market and at a time when stock levels are lower than usual (a.k.a "a sellers market") we see our commitment to providing the best service available in estate agency really working wonders.
A sellers’ market is something that many home owners will welcome (especially if you're not making an onward purchase), as this inherently pushes property values upwards. However, the dangers of over pricing can also increase as agents "starved" of new instructions seek to impress potential clients with over inflated valuations. Not only can this throw a real spanner in the works in terms of the time it takes to sell your property, but it can also encourage low offers if your property remains on the market for a prolonged period of time.
Here are three ways we think sellers in the Molesey area can avoid the aggravation of price inflation:
1. GET A ROUGH IDEA ON THE VALUE OF YOUR HOME.
Simply having 2 or 3 estate agents out to value your property may not be enough, it may seem obvious but looking at other properties that are currently on the market, or that have recently sold will give you a very good idea of what your property is worth. A simply way to judge another property by comparison to yours is to check photographs for condition and floor plans for size. If the property is not under offer, check the listing history to see how long the property has been on the market. The internet is overflowing with local property price information and we have access to archive data on literally 1000's of properties. (contact us for more information 0208 396 6717 | email@example.com)
2. BROWSE THE WEBSITES OF POTENTIAL AGENTS.
We are surprised to learn that many of our clients ONLY call us because they have noticed "sold" boards or have received a letter from us, you can easily tell if an agent is proactive and a consistent performer by the presentation of their website, and the quality of their property photography. If you want to achieve the best possible price for your home you need to attract as many buyers as possible, presenting your home to the market with great photos on an easy to use website will make all the difference. After all, there is a reason that Waitrose can charge more for a bag of sugar than ASDA. It’s all in the presentation!
3. AVOID ON LINE INSTANT VALUATION TOOLS.
Some property and estate agent websites offer an instant valuation. The algorithms used in these apps are nowhere near detailed enough to provide a reliable valuation of your property. In some cases, we have seen these provide valuations that are off by over 25%! Until additional data can be stored within these applications such as square footage and internal condition we recommend you avoid the temptation to use them.
The first two weeks of marketing your property are crucial, and an unrealistic asking price can not only put potential buyers off, but will encourage "low ball" offers if your property remains on the market for too long.
Interpreting the market correctly and setting your asking price at just the right level will help you achieve the best result possible. We are proud to report that more than 70% of the properties we have sold are at record prices when compared with similar properties in the immediate area, whilst achieving more than 98% of asking prices throughout 2015, many of which were previously on the market without success. Further proving that our model for selling property is highly effective.
If you are considering selling in East or West Molesey and the surrounding areas, and would like an independent valuation of your home without obligation and free of charge. Please call our team on 0208 396 6717 or email firstname.lastname@example.org
So why are buyers queuing up to see properties in East and West Molesey? Truthfuly, no-one really knows as there are many factors to consider; the general election, mortgage rates, budget cuts and so on.
Property markets have "boomed" after general elections in the past, and there have been a long list of additional factors that prevented this from happeneing earlier in the year. Our opinion is that buyers that would have made their purchase in the summer delayed their move, causing a bottleneck effect as they begin to start up their search in the East and West Molesey areas for the final quarter of the year.
Does this mean that the winter period will be unusually busy as well? Only time will tell. All we have to go by is that every season this year has acted out of character from what we are used to, our bet is on a strong market in Molesey right up until Christmas, but of course this is our totally bias opinion!
If you are planning a move, our property valuations and market appraisals are offered free of charge. Why not find out the value of your home so that you can make an informed decision on whether or not now is the right time to move!
T: 0208 396 6717
Request a valuation, click the box below!
Figures from August show UK mortgage borrowing increased by the largest amount since the economic crash and should be taken as another sign that the housing market is heating up.
According to the Financial Times mortgage lending rose £3.4bn. The amount of new mortgage approvals for house purchases have reached an 18-month high of 71,000, according to figures released last Tuesday by the Bank of England.
Approvals for mortgaging also rose in August from the previous month as home owners sought to lock in current low interest rates deals.
Expert analysts are constantly warning that a shortage of supply on the market has been driving up values, especially in the London and Greater London Area.
With this in mind, if you are thinking of selling now is the perfect time to come to market before the Christmas market hits and buyers slow down. If you are about to come to market or already selling and you are without a buyer, call us to find out more about these findings and how our results back this information.
Sam Kamali | Diretor of Residential Sales
0208 396 6717 (option 1) | email@example.com
It is vital you instruct an agent who understands what lies ahead and has the necessary measures in place to see you through to the finish line. With the increase in sales activity the legal process is not likely to be in a position to keep up. With the land registry preparing to take over the property search process, local authorities are refusing to invest in the technology and resources required to improve the current system and as staff are leaving not a lot seems to be going ahead in terms of replacing them.
It is because of this that our team at Newton Huxley deal with recommended and approved solicitors, take extra care when agreeing sales, and stay on top of the progression as this is the most vital part of the process that needs an agent to deliver and work effectively.
The average national fall through rate for 2015 is reported to be as high as 27.5% to date, to find out more about how we operate differently from other agents, achieving a fall through rate of just 12.5%, please contact us on 0208 396 6717 or click this link to go to our valuation page and book your appointment today.
We are about to enter a sellers’ market, Halifax has put the average house price at £200,280, 3.3% higher than three months ago and up 9.6% from 12 months ago.
Martin Ellis, Halifax economist has said that the shortage of new properties coming onto the market has been a major factor in house price growth this year.
In a recent report from RICS (Royal Institute of Chartered Surveyors) confirms that the average number of properties on the market per estate agency is at a record low since 1978.
RICS said that both house prices and rents are likely to grow at a rate exceeding growth in wages.
Corporate Estate Agency LSL have also reported a 15% increase in sales last month. Signifying the start of the anticipated post-election boom.
Is it really a sellers’ market? We think so. Having reviewed transactions throughout the first six months of 2015 we can confirm there has been a steady increase in buyer activity. We can also see evidence that properties will begin securing buyers that have previously struggled to sell. Here are our reasons why:
Tory Victory In General Election
Many believed the post-election market would immediately take off, however confidence in the market that was anticipated did not arrive. Homeowners that were expected to put their property on to the market post-election delayed their move creating a shortfall in property stock for proceedable buyers, which has increased demand to supply ratio significantly. This is the main factor in our achieving over 98% of asking prices throughout 2015.
Low Interest Rates
Attractive interest rates have not just increased activity from buyers, many homeowners have opted for a remortgage and to stay put, further exasperating the current market. Recent media reports suggest that interest rates are set to remain low for the foreseeable future. In some cases remortgages are saving homeowners £100's of pounds a month on repayments – if you would like us to put you in touch with a broker to explore potential savings please call us on 0208 396 6717.
Increase In Buy To Let Activity
Partly due the lower interest rates available, there has been a jump in the number of investors registering for buy to let opportunities, increasing competition for property even further.
So what is the right choice for you?
For a confidential discussion, whether or not you are looking to Sell or Buy in the East Molesey, West Molesey, Thames Ditton, Esher or Walton On Thames area please get in touch on 0208 396 6717, email firstname.lastname@example.org or request a valuation.