Musings of a London Property Search Agent

News has reached us that the Conservatives promise to scrap HIPS immediately they win the next general election is to be published in their manifesto this Autumn.

According to Estate Agent Today, Shadow Housing Minister Grant Schapps gave the news during a meeting with Peter Bolton King, the Chief Executive of the NAEA and President Gary Smith.  The energy performance certificate will be retained, in accordance with European legistation encouraging eco-friendly housing targets.

Now we weren’t the biggest supporters of HIPS when they were first mooted but they have undoubtedly assisted the lack of supply in the housing market at the moment, which has in our view supported pricing in the London property market.  This news will mean two things.

Firstly, if Brown waits till next June to go to the polls, the usually busy Spring season will be marred by a chronic lack of property, particularly at the bottom end, as people wait for the Tories to get in and for the scheme to be scrapped.

Secondly, less serious vendors are more likely to return to the marketplace, increasing supply of London property for sale, which in a difficult economic climate could exert downward pressure on pricing.

Conclusions?  Next summer will be interesting for buyers, vendors and London Property Search Agents like us.  Vendors who take the plunge early next year are likely to be few and far between at the bottom end.  There will be a lack of supply until June  and then we could have a slightly crazy month or two before the summer holidays, when buyers suddenly have more properties to choose from and vendors find themselves with more competition.

Don’t you just love politicians?  This London Property Search Agent thinks they can do better

Technorati Tags: Conservatives, Hips, London Property Search Agent, the housing market

Tags: Conservatives, Hips, London Property Search Agent, the housing market

Musings of a London Property Search Agent

Regular readers know that we have commented on the mini-boom in the London residential property market in recent weeks and the big question on all agents lips is whether or not it will continue.  The summer months usually mean buyers and sellers take a break from the property hunt while the kids are off school, but the heat wave this year has put a dampener on things as Londoners put off the big move in favour of relaxing in the sun.

For 5 or 6 weeks now, agents have been bemoaning the lack of property they have to sell and complaining about the ‘tens of buyers’ they have for every property.  Likewise, London Property Search Agents like ourselves have been predominantly doing off-market property deals for over a year now, but those who normally rely almost exclusively on estate agents have had to play catch up and try to adopt alternative means of finding property, as we do.

However with the heat wave predicted by many to continue into the weekend, viewings across London are down as would-be buyers ditch the property search for the pool, despite some forecasts predicting heavy showers again this weekend.   With a hot summer on the cards this year, agents and London Property Search Agents are wondering if the traditional summer lull will come early.

As for us, your friendly London Property Search Agents in the know, are thinking it may have already begun – which is great news for property hunters, hungry for a bargain unafraid of the heat.  Incidentally, all our cars have air-con, so no excuses then!

Technorati Tags: heatwave, London property, london property hunt, London Property Search Agent, London Property Search Agents, property hunt

Tags: heatwave, London property, london property hunt, London Property Search Agent, London Property Search Agents, property hunt

Musings of a London Property Search Agent

Of the property searches we have undertaken so far this year, all have involved an off-market property search, because supply is so low in all sectors of the market.  In Prime Central London, the situation is particularly acute, with many properties sitting around for ages and the gems being snapped up, in some cases before vendors have selected an estate agent and signed up.  And you know what?  That suits us down to the ground! 

We can really display our talents when there is little stock.  We advertise, phone all our contacts, speak to all the home owners we know with suitable property and inevitably an estate agent will be able to bring a reluctant vendor to market and we will find a few vendors keen to talk since we have serious buyers and before we know it, it’s all systems go.

Interestingly, advertising hasn’t borne fruit this year.  It always impresses our Clients, but we’ve not had a good response rate this year at all when advertising for property.

I digress.   Anyway, regular readers will know that we have seen gazumping coming back to the market and that as Property Search Agents who know what we are doing and what vendors will accept – we have also been very critical of predominantly overseas buyers who confuse property deflation with the collapse of sterling against some currencies, and pay far more than they would if they were buying through us.    It seems Knight Frank, who act for vendors are also seeing a return to gazumping and are yet another estate agent reporting rising prices achieved in the capital in May and a bumper crop of sales agreed.  Knight Frank have house prices in prime Central London up 1.6% in May, following a rise of 0.4% in April and we would expect other house price indices to reflect similar gains.

Another piece of anecdotal good news is the increase of first time buyers and buy-to-letters  to the market.. Enquiries are up tenfold on a year ago and with the bargains on offer we are really not surprised – for those who can get finance that is anyone with a deposit of 10% or more and a good credit record, it’s a great time to buy. 

So are the green shoots starting to flower?  It’s a bit close to call but with top accountants and business people predicting positive GDP from Q4 this year and those who lose their jobs often finding alternative work within a few weeks, fingers crossed normality is not far round the corner.

This London Property Search Agent has her fingers crossed!

Technorati Tags: green shoots, house prices rising, London House Prices, London property prices, London Property Search Agent, property

Tags: green shoots, house prices rising, London House Prices, London property prices, London Property Search Agent, property