Musings of a London Property Search Agent

Oh the joy of the British legal system!  While on the one hand everyone I know is rejoicing at the judgement published on Friday, ruling that certain terms in Foxtons terms and conditions are unfair, the ensuing press coverage over the weekend implies that arguments over what does and what doesn’t constitute an unfair contract term for the lettings industry, will run and run.

Many consumer landlords have been stung over the years over the following terms in the Foxtons contract:

• requiring landlords to pay further commission after the initial one year period where the tenant stays in the property even if Foxtons have had nothing to do with persuading tenants to stay;
• requiring landlords to pay further commission even if the landlord has sold the property;
• claiming a full estate agents commission if the tenant decides to buy the property. 

The problem is that the Foxtons contract for both sales and lettings is a one page document with the terms and conditions written in tiny print, which the average consumer wouldn’t bother to read.  Looking at the judgement closely, the Judge, Mr Justice Mann makes clear that he wasn’t asked to judge whether renewal clauses of this type are always unfair.  He seems to imply that as long as letting agents have their terms and conditions in a reasonable typeface, they can carry on charging what they like.

Foxtons lost this case because the charges weren’t clear, the charges were excessive and a potential landlord would be ‘astonished’ about the size of the commission due.

ARLA, the Association of Residential Lettings Agents immediately issued a press release on Friday, clarifying that the judgement in no way opens its members to issuing refunds in light of the judgement.

If you would like a property manager who will ensure you are not tied into ridiculous contracts and who will manage your buy-to-let portfolio in a very cost effective way then try Diana Machin of Personal Property Management on 020 7607 1712.

If you want a good buy-to-let which should hold it’s value or appreciate, call us, arguably the best Buy-to-let Property Search Agents in London and Brighton and we may even find you a tenant for free!

Technorati Tags: ARLA, Foxtons, London Property Search Agents, Mr Justice Mann, OFT vs Foxtons [2009], Unfair Contract Terms

Tags: ARLA, Foxtons, London Property Search Agents, Mr Justice Mann, OFT vs Foxtons [2009], Unfair Contract Terms

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

Property Search Agents like us have felt the soft bounce as well-priced property goes to sealed bids and we remember the heady days of 2007 when a good part of every day was spent ensuring we were given first refusal on new properties to the market.  So it is no surprise that Hometrack have produced the figures to support the anecdotes. 

A further 9.4% increase in sales agreed in May brings the 3 month increase to over 43% according to Hometrack.  The renewed market confidence is without doubt due to increased confidence and lack of supply.  The volume of property for sale has risen by 2.5% over the last 3 months but the number of would-be buyers has significantly increased as first-time buyers look to get their foot on the ladder, investors increase their portfolios and families needing more space just don’t want to wait any longer.

Hometrack report that the average agreed sale price is over 90% of the asking price for the first time since August 2008 a statistic which is in itself interesting.  Given the rather dire state of the property market last year, I am amazed that anyone paid 90% of the asking price in March 2008, never mind August.  Having said that, I am aware of two propertiesin Belgravia, which have been sold for several million over the price we discussed with vendors between March and August 2008.  In both cases the buyers were overseas property hunters mistaking additional value caused by a deflating pound for realistic prices at the time of purchase. 

 If any readers know any such people - please send them our way as this London Property Search Agency will undoubtedly save them a great deal of money!

Technorati Tags: House Prices, housing market news, London Property Search Agents, property market news

Tags: House Prices, housing market news, London Property Search Agents, property market news