Manse & Garret Property Search

There have been mixed reports about the state of the property market this summer; and when you stop to consider the sheer number of different indices from which you can base your opinion; it’s somewhat unsurprising that reports range from the optimistic to the downright depressing.

Primelocation and Zoopla for example, track the asking price, not the sales price, which provides a current, if rather an inaccurate and negative view of the market. The Land Registry House Price Index (HPI) on the other hand is based on the sold price. Although perhaps not as up to date as other reports, the HPI does have the benefit of being the most accurate indicator of the state of the housing market.

So, how is property faring in the summer of 2010? According to the HPI, house prices in London at least are at the same levels they were in 2007.

In England and Wales there has been a significant growth in the volume of properties on the market that have sold at over £250,000; this growth more than doubles at the highest end of the market.  In London the number of properties sold for more than £2,000,000 in April 2010 has almost quadrupled compared to the same time last year.

As Manse & Garret predicted three years ago, the high end prime central London market is flourishing, in particular in Kensington & Chelsea, where the average price of a property has increased by more than £6,000 since May. There will continue to be demand for high end property in prime central London, where property tempts buyers not only from the capital and the UK, but from the rest of the world.  The UK property market, like the UK economy may still be on shaky ground, but for overseas investors prime central London real estate will always be a fairly safe haven for cash.

Musings of the Mayfair London Property Finders

A tenant has successully complained about  her Lettings Agents for failing to ensure the Landlord of her flat was registered under an appropriate Tenancy deposit scheme, before handing over her deposit.  This meant that the Tenant has had to pursue the Landlord, so far unsuccessfully, to return her deposit

The agents, Global Realty who have 2 offices in London have been ordered to pay the Tenant’s deposit plus £200 for aggravation by the Property Ombudsman, Christopher Hamer.

Whilst the Ombudsman agreed with the agents that the Landlords actions were not the fault of the agents,  in failing to properly protect the deposit, the agents had disadvantaged the Tenants and led to a situation which could have been avoidable.

In our capacity as residential property finders dealing with both sales and lettings, our contracts include a requirement for Lettings Agents to lodge the deposit with an appropriate scheme and prove they have done so, regardless of the rental value.  At present only rents under £25,000 per year are covered however we insist that Agents acting for our Clients lodge all deposits with such schemes.

After all, no-matter if you’ve paid £6,000 in deposit or £60,000 - all Tenants want their deposits back don’t they?!  

For more information contact the best London Property Finders here

or look online here.

Technorati Tags: London property finders, Mayfair Lettings Agents, Mayfair Property Finders, Property Ombudsman, Tenacy Deposit Scheme

Tags: London property finders, Mayfair Lettings Agents, Mayfair Property Finders, Property Ombudsman, Tenacy Deposit Scheme

Musings of the Mayfair London Property Finders

With the plethora of Winter auctions upon us with another company releasing their catalogue day by day, we were expecting to have seen more larger ticket  houses on the auction market by now, but what there is is few and far between.

Barnard Marcus have a terraced family house in Hurlingham Road just north of Putney Bridge next week and it may be of interest to some.   Houses in that road generally go for £1.1 - £1.2m but the guide on this one is £900K however it needs to be totally refurbished, so there isn’t much room for manoeuvre or profit if it makes it’s guide.

Other than that there is nothing whatsoever in the November auctions for more affluent owner occupiers or developers wanting a bigger ticket project. 

It is however investor and first-time buyer city, with many lots not quite reaching their reserve prices in the room but being snapped up afterwards.  Everything from little flats in St Leonards for £38K to Hampstead period wonders for £500K and in need of work are going and there has been a good supply of stock between £200,000 and £350,000.

In our view as Property Finders, it seems that the big ticket properties are again being offered privately rather than suffering the ignominy of being offered to the world at auction.  Rather like the market as a whole really.  And while some parts of London and the South East are still in the doldrums, other parts are flourishing - and it’s all due to lack of stock.

Technorati Tags: London Property Auctions, London property finders, property auctions

Tags: London Property Auctions, London property finders, property auctions