Musings of a London Property Search Agent

London bargain-hunters should make their way to the Royal Garden Hotel in Kensington on Monday 11th of May for the next residential auction as a few corkers are up for grabs, albeit with optimistic guide-prices in the view of this London Property Search Agent.

Our picks of the bunch include a 2 bedroom cottage in Notting Hill on the infamous Portobello Road.  It’s at the Notting Hill Gate end so not too busy but the new tenants need to be prepared for the hordes walking past the window to attend the market on Saturdays.  Savills are hoping to get over £700,000 for it, which is probably realistic but not really a bargain in this market. 

First-time buyers without the thick end of 3/4 of a million to spend might consider 2 Brayfield Terrace in Islington.  Again it needs work but with a guide price of £390,000, it offers value for someone prepared to roll up their sleeves who would otherwise be in a flat.  It’s in the heart of Barnsbury, one of the best parts of Islington for public transport as it is within 10 minutes walk of Caledonian Road tube on the Piccadilly line and 15 minutes of Highbury and Islington on the Victoria line.

Investors might consider 119 Ashfield Street Whitechapel which is currently laid out as an HMO with 7 letting rooms available, possibly 8.  It’s up for £390,000+ and since it has a history as an HMO is unlikely to make much more than that in our opinion, giving a 9% yield.  It’s not necessarily a bargain however:  there is work to be done and is a small number of period houses among many new-builds so those looking for certain short-term capital appreciation shouldn’t be willing to pay much over £350,000.  It does look fabulous though and in an area such as Whitechapel, which has been up and coming for a while, it may go for alot more.

Lastly there is a flat with no reserve in Harbut Road in Battersea, where I lived many moons ago.  The flat has no reserve but flats in this road close to Clapham Junction used to make £300,000 to £400,000 at the top of the market so given that work needs to be done, a number starting with a two would probably be good value.

Of course if you fancy buying a property at auction yourself, but aren’t sure how to go about it without regretting it forever then don’t hesitate to call this Property Search Agent on 020 7923 7564 and we will bid on your behalf or subscribe to our newsletter for some hints and tips.

Technorati Tags: London property, London Property Auction, London Property Search Agent

Tags: London property, London Property Auction, London Property Search Agent

Musings of a London Property Finder

Given my career as a London Property Finder I have to work with Estate Agents on a daily basis so frequently meet the over-bearing ones, the brainless ones and the really great, knowledgeable, if perhaps optimistic property aficionados.  Yes – as a Property Finder – I’ve met them all and just which camp Philip Taylor would fall into, I don’t know but we loved him and now he’s gone!!   But all is not lost – inevitably he’ll be back to help the finalists win the last task – will Kate be one of the final two, I ask myself?  But until then perhaps I will run into him in the flesh.   Many Estate Agents employ casual staff, including actors, musicians, comedians and wannabe TV stars just waiting for their big break, so we will watch with interest and let you know if we meet Philip from The Apprentice any time soon. 

Which leads me to Kirsty.  She’s probably not the first person to buy next door to dodgy neighbours and she won’t be the last!  But if you’re looking to buy in London and you want to know who’s next door then talk to us as we do a huge number of checks not only on the property purchased but also on them next door, or the next few doors, to be precise!

To the more mundane – the Bank of England has maintained interest rates at 0.5% as predicted, as they wait to see if the quantitative easing measures announced earlier this year have worked as planned.  Certainly the country seems a happier place than it has done for a while – clearly we are all fed up of doom and gloom, however given the house price indices published yesterday (see yesterday’s post for more), house prices are continuing to go down in the capital.  So it’s still a Buyer’s market and since we’re doing so much off-market at the moment – a London Property Finder’s dream!

Technorati Tags: Interest Rates, Kirsty Allsop, London Property Finder, Philip from the Apprentice, S&M neighbours

Tags: Interest Rates, Kirsty Allsop, London Property Finder, Philip from the Apprentice, S&M neighbours

Musings of a London Home Search Agent

The Times led this morning with the story that the government is considering introducing a £50 licencing fee for all buy-to-let landlords.  The proposal follows and independent review last year for the government, in which leader Julie Rudd, a research fellow into Housing Policy recommended a ‘light touch licencing system’.

Searching, as we are, for fabulous homes available for short lets in W11, W8 and W1 at present, this seems like yet another piece of red tape which will dissuade people from letting to us.  Since we work predominantly in the £3,000 a week plus bracket, we have top-notch Clients who expect breath-taking homes.  Frequently we are finding that the homes which really suit them are just developed properties which the developers had intended to sell but who let to our lovely tenants for a short time, to take a breather from the market.

We’ve also been known to approach Clients or contacts we know with suitable second homes in the capital, on the off-chance that they will be happy to let to named Clients.  So for us personally, this is just one more piece of red tape which will make our job on the lettings search side, more difficult.

The licence was conceived to protect tenants from unscrupulous landlords, given problems in some areas in the private sector such as over-crowding.  However well-intentioned I can’t imagine this is going to make much difference.  I’m sure I’m not the only impoverished graduate who signed up for a 3 bedroom flat with 2 mates and immediately sublet our lounge and TV room to other friends.  The kitchen was large enough to hold a ceilidh, so would have definitely made up for the lack of living space as from memory I think we would have all ended up paying about £60 a week in Pimlico, when all of us were paying £100 – £150 separately.

Unfortunately, the whole thing fell apart because the landlord suddenly realised what a goldmine he had, so renegued on the deal to refurbish and develop.

Anyway, I digress.  People with little disposable income will frequently put up with sharing with many people rather than pay more for personal space.  A friend’s Polish ex-lover springs instantly to mind.  When she met him, he shared his bedroom in a 3 bedroom house with 3 other people.  Presumably there could have been 12 housemates altogether, but he was happy as the rent split a dozen ways doesn’t add up to much.

However well-intentioned the planned licence is, it will hinder more than help.  And with the dearth of short-let supply in Holland Park, Notting Hill and St John’s Wood at the moment, it’s another thing this Home Search Agent could really do without.

Technorati Tags: Buy-to-let, buy-to-let licence, Home Search Agent, top end buy-to-let

Tags: Buy-to-let, buy-to-let licence, Home Search Agent, top end buy-to-let