As property search agents we regularly instruct surveyors on behalf of our clients to carry out full building surveys and valuations – whatever the value of the property in question,  and we were therefore very interested in a story in The Telegraph this week about the increase in litigation from homebuyers against surveyors.

According to some solicitors there has been a 20 per cent increase in the number of people attempting to sue their surveyors. Falling house prices have led home-owners to launch proceedings against surveyors for over valuing their properties in the first place.

For most buyers, a valuation for mortgage purposes is for the bank – not the buyer.  This means that there is no recourse for the buyer if the valuation is incorrect, even though it is the buyer who has to pay for something that is essentially worthless!

Although we are property search agents, our job does not end once we have found the client their perfect property – and we always recommend that our clients pay that little bit extra for a full structural survey and valuation, whether they are buying a pied a terre in the city or a mansion in the countryside. Without a good survey you don’t know what you’re investing your money in, and although obvious warning signs such as subsidence cracks and damp can be readily spotted, more serious structural issues are often not as obvious.

If your dream home should be hiding any problems then you can decide whether to walk away, or re-negotiate the deal to compensate for any work that is recommended by your surveyor. At Manse & Garret Property Search we do everything within our reach to ensure that our client is buying at the right price.

Technorati Tags: House prices in London, London Buyer's Agent, surveyors

Tags: House prices in London, London Buyer's Agent, surveyors

Musings of a team of London Property Buyers Agents

Normally at this time of year, London Property Buyers Agents are bemoaning the summer lull and wishing everyone would hurry up and get back from holiday so that we can show our Clients the fabulous properties we have found for them.  Estate Agents have similar feelings, often suffering from lack of stock and struggling to get their buyers out of the sun and down to viewings.  Indeed, post heatwave, many estate agents had a slow week, while the London populace basked in the misplaced belief that the summer sun was here to stay after years of horrid weather.  But after a week of rain, everyone remembered why people go abroad for their holidays and got back on the property hunt.

Now the schools are out we would expect things to quieten down again, but estate agents are reporting an influx of new buyers.  Cluttons says it has had a 75% increase in buyer registrations compared with this time a year ago, and a 35% rise since May.   Rightmove have also said that a record number of people are continuing to download property details using their site and that summer traffic to date has amounted to 97% of Spring levels, compared with 79% last year – see here for more.

Having forecast a surge in property for sale late in the summer a few weeks ago, Cluttons seem to have back-tracked, describing the London property market as ‘deluged’ with buyers. 

Speaking to Estate Agent Today, Residential Partner James Hyman said, €œWe are seeing the complete opposite of a summer slowdown this year, as buyers start to panic that they have missed the chance to buy at the lowest prices. There is a huge pent-up demand, with buyers having waited for the last 18 months for the market to bottom.

€œOnly the lack of stock is currently preventing activity in the Central London market from returning to 2007 levels.€

He added that selling up to rent is no-longer popular with buyers, fearful of selling for less than they have to pay in a few months time. 

As for us, we’re sticking to our guns that this Winter should be a good time to pick up the odd bargain and as for a return to 2007, well I would suggest that the lack of supply is exactly what is bolstering the market.  If vendors suddenly swamp the market which I still think is unlikely this year, the market will return to the early nineties nightmare.  Everyone is talking the market up at the moment and that may continue until after the election. 

Re the long term outlook for the property market,  eventually the government debt will have to be paid back and interest rates will have to rise again and those who have been lulled into a false sense of security on low interest or interest only loans will get a sharp shock.  If the market is back to booming by that point, the government are unlikely to be as concerned about repossessions as they have been this time.

However in our view as London Property Buyers Agents, it’s always possible to bag a bargain, you just need to know where to look!

Technorati Tags: Buyers agents, London Buyer's Agent, London Buyer's Agents, London House Prices, London Property Buyers Agent, London Property Buyers Agents, London property market

Tags: Buyers agents, London Buyer's Agent, London Buyer's Agents, London House Prices, London Property Buyers Agent, London Property Buyers Agents, London property market

Musings of a London Buyers Agent

Am I the only one to have noticed that across London the only ‘good’ flats which stay on the market for any length of time these days are ‘garden flats’, be that basement, sorry, ‘lower ground’ or ‘garden’ level, ground or upper ground floors?  Well maybe so, but if any readers are seeking outside space this summer and don’t mind or even relish the thought of living ‘below stairs’, then you should be negotiating very hard indeed!

At this time of year, estate agents talk up any outside space at all, or at least most of the good ones do.  That said, I recently showed some Clients a top floor flat with a fabulous balcony, conveniently off the open plan kitchen/lounge diner and big enough for a table and chairs for 2 – or 4 with a small table.  And when we arrived the doors were wide open.  After all, who is going to burgle you if you are 3 floors up?

A downside of the flat was it was built for the vertically challenged, possibly a little harsh, but with the existing configuration, a shower would be a struggle for anyone over 5’6.  But I digress. 

Most well-priced flats on the first floor or above are selling quickly.  It is only the burglary-sensitive ones which are lingering and a lingering flat essentially means a bargain – garden or not!  And there are loads of them, in every corner of London and Brighton at the moment.  So forget the estate agents guff and get bargaining, or leave it to the experts and hire a fabulous London Buyers Agent instead!

Technorati Tags: Brighton, Buyers Agent, garden flats, London Buyer's Agent, London garden flats

Tags: Brighton, Buyers Agent, garden flats, London Buyer's Agent, London garden flats