Written By Em

Em Morley

Why You Should Use an Online Letting Agent

Published On: May 29, 2015 at 10:02 am

Tags: buy to let landlord,full property management,online letting agent

Letting agents can be a costly part of the buy-to-let process, but they can also take some of the responsibility off your shoulders and help keep your properties in check.

Why You Should Use an Online Letting Agent

Many landlords are now looking to online letting agents for the best deals and easier working relationships. Read through the following reasons why this could be a good option for you:

High street letting agents usually keep ordinary office working times, which can cause difficulty if you need their services at unsociable hours, if you need to contact them urgently or if any quick changes need to be made. Online agents are more flexible and aren’t closed during bank holidays or seasonal holidays. You will have contact 24 hours a day, seven days a week.

Over 80% of tenants searching for a rental home start online. An online agent will have all the skills and expertise in online marketing to push your property to all the best portals and find a suitable tenant quickly.

Some online agents offer free tenant referencing services, charging the tenant rather than the landlord.

Using online agents can save you time and provide more choice. These services can offer a wider range of buy-to-let products, from one-off packages to full property management.

Online agents often have more time and resources to keep you up-to-date with everything you need to know, meaning that you are always aware of your duties and rights.

By using fixed fees rather than being commission-based, online agents make all charges clear and ensure you always know where you stand.

London’s Latest Tower with Homes up to £10m

Published On: May 29, 2015 at 8:51 am

Author: Em Morley

Categories: Property News

Tags: London housing,London property developments,luxury apartments,luxury homes London

The Wanda Vista River Tower is London’s latest luxury tower, which will be built on the Nine Elms site in Battersea.

The one-bedroom apartments above the Wanda Vista hotel start at £1.3m and go up to £10m.

The apartment block will have 42 floors and will stand 161m above the ground.

The Chinese development and hospitality firm Wanda will build and operate the tower, where private residents can use all of the hotel’s facilities and services, such as maid service, turn down service and room service.

The hotel will feature a banqueting suite, restaurants and a luxury karaoke bar.

Residents can also enjoy a private lounge below the observation deck.

The tower will have two entrances, one for the hotel and one for private residents.

There will be two Wanda towers in the development, the City Tower and River Tower. This is the first time the firm has launched an own-brand hotel outside China.

Take a look at some of the imagery:

The towers

An apartment

Private residents’ lounge

View across the Thames

Boris Johnson Believes Right to Buy Could Work in London

Published On: May 28, 2015 at 4:32 pm

Author: Em Morley

Categories: Landlord News

Tags: Boris Johnson,housing crisis London,London homes,Right to Buy extension

Now that the Right to Buy extension has been confirmed, the policy and its consequences have become a huge talking point. London in particular is picking up on the issue and Boris Johnson has given his views.

When the policy was originally announced in the election campaign, Johnson said there was a “basic unfairness” for housing association tenants wanting to become homeowners. He also claimed the plan could be “extremely effective and advantageous for London.”¹

Boris Johnson Believes Right to Buy Could Work in London

But now, concerns are rising over whether the scheme will cause a further shortage of housing, especially in the capital where the housing crisis is at its worst.

Right to Buy should involve the replacement of sold homes with new affordable ones. But under the existing system, just one in ten have been replaced in the last few years, according to the Institute for Fiscal Studies.

Liberal Democrat London Assembly member, Stephen Knight, says: “The evidence is that Right to Buy strips the country of affordable housing rather than producing more.”¹

But Johnson retaliated, noting that more council houses were built under the coalition government than when Labour was in power.

Now, he has brought London into the mix, stating: “I certainly wouldn’t want to see councils in London deprived at a rapid rate of housing stock that is one of their fundamental assets.

“Nor would I want to see housing associations deprived too rapidly of their homes, which are after all fundamental to their credit-worthiness to their ability to borrow and to build new homes.

“It’s very, very important that this policy delivers more low cost homes. It will only work for London if it delivers more cash, more homes, more low cost homes, if it makes sure that the cash from the sale of any council homes stays firmly in London and is used to build more homes for Londoners.

“It would be the height of insanity to use the proceeds of council house sales in London to help build more homes away from London, because it is in London where we have a housing crisis.”

He also hopes that the policy will not cause a social shift in the capital: “The joy and beauty of London is its mixture of socio-economic groups. That’s what we all want and I don’t want to see that eroded by this policy.”¹

¹http://www.theguardian.com/uk-news/davehillblog/2015/may/21/boris-johnson-tory-unelaborated-new-right-to-buy-can-work-in-london

Lending dropped across UK pre-election

Published On: May 28, 2015 at 4:02 pm

Author: Em Morley

Categories: Landlord News

Tags: Mortgage lending,pre election slowdown,UK lending figures

Figures from the Council of Mortgage Lenders have confirmed just how much election uncertainty affected the housing market.

In the capital, lending for home purchase fell drastically in the first, pre-election quarter of this year. However, figures released from the CML suggested that figures fell across all UK countries during the same time period.

Pre-election dip

In the first quarter of 2015, there were 17,300 house purchase loans recorded in London. This was down 16% year-on-year. By total value, loans came to £4.9bn, a drop of 11%.

Within Wales, 5,100 loans for house buyers were recorded, down 9% year-on-year and by 2% in value during the same period. Northern Ireland showed a 11% drop in house purchase loan numbers, with a total value dip of 4%.

Lending dropped across UK pre-election

Finally, north of the border, the total of loans for house purchase lending was down by just 1%. However, value did increase by a notable 15% to £1.7bn.[1]

[1] http://www.propertyindustryeye.com/lending-really-did-drop-off-as-buyers-shied-away-before-election/?utm_campaign=Xperience&utm_content=15593561&utm_medium=social&utm_source=twitter

Estate Agent Hosts World’s First Virtual Open House

Published On: May 28, 2015 at 3:57 pm

Author: Em Morley

Categories: Landlord News

Tags: estate agent in Cambridgeshire,Periscope app,property viewing,virtual open house

An estate agent firm in Cambridgeshire has become the first to host a virtual open house.

Thomas Morris estate agents used the app Periscope – recently bought by Twitter – to show potential buyers around a property. The social media platform allows users to broadcast live streams around the world.

A director at Thomas Morris, Simon Bradbury, hosted the event from the home in St Neots, Cambridgeshire. An impressive 54 viewers tuned in and ten watched replays. A traditional open house was held after the virtual viewing, bringing five attendees.

Estate Agent Hosts World’s First Virtual Open House

Bradbury was “blown away” by the response and said that not only was the amount of virtual viewers positive, but so was the level of interaction from those watching.

Viewers of the virtual open house can text through using Periscope, asking questions about the property or requesting features that they would like to see. Bradbury believes the value sits with the immediate response of these wishes.

However, he does not believe these experiences will replace traditional viewings and that the virtual event should be a “trailer” for the open house itself.

Bradbury says: “There is still a need for a person to physically view a property before buying it. In 30 years, I have only been involved in one sale where the buyer did not see the property in the flesh beforehand.”¹

In March, online estate agent SellMyHome used Facebook to virtually walk prospective buyers through a property. But Thomas Morris is still claiming to have the world’s first virtual open house as the event was streamed live and the agent took questions there and then.

Thomas Morris will be using Periscope again for further virtual events on rental properties. Bradbury would also like to have the vendor present at one virtual open house to take questions directly from viewers.

The firm is also using the app to connect with and promote local businesses. They recently used Periscope to broadcast a charity bet at Huntingdon Racecourse.

Bradbury adds: “By showing support for our local communities, giving them a voice and an opportunity to publicise their services, products or good causes, all at no charge, we are able to demonstrate real integration with the local area.

“I really do think that Periscope has a massive future in our business. This is where the future of estate agency is – the very latest technology allowing us to connect directly with local people.”¹

¹http://www.estateagenttoday.co.uk/breaking-news/2015/5/cambridgeshire-agency-claims-‘world’s-first-virtual-open-house’

Will retail growth help commercial property market?

Published On: May 28, 2015 at 3:44 pm

Author: Em Morley

Categories: Landlord News

Tags: commercial investors,commercial property market,retail performance

Forecasts have suggested that retailers could well be in for their greatest performance in 27 years, which in turn could be good news for the commercial property industry.

A survey from the Confederation of British Industry (CBI) suggests that the mix of low inflation and a surging labour market has increased the average household’s spending power. In their survey of 63 retailers, the CBI found that this had increased growth in both retail and sales orders. According to the report, retail is experiencing its best performance since 2007.

Commercial gains?

Director of economics at the CBI, Rain Newton-Smith, said that this would be of benefit to national chains on the lookout to stable their financial ships following the recession. She said, ‘retailers will be encouraged to see growth in sales and orders on the high street bounding ahead.’[1]

‘Low inflation, which we expect to remain below 1% for the rest of the year, has given household incomes a much-needed boost and greater spending power.’[1]

‘Overall the outlook is bright for firms on the high street, but challenges still remain, especially for food retailers, who are still feeling the heat of stiff price competition from new entrants to the sector.’[1]

Will retail growth help commercial property market?

Investment

The last point made by Newton-Smith could be of particular interest to the commercial property market. Supermarkets for example have struggled with the new influx of discounted brands being imported from abroad, and some have been forced to abandon plans to open new stores.

Data from the CBI’s report shows that brands with intentions to invest in business growth within the retail sector are still in negative figures. Obviously, this could be taken as very bad news, but a lot depends on the plans of outside investors and developers. Land previously set aside for supermarkets will eventually find its way back on to the market, meaning that it could be used instead for leisure or retail purposes. If this proves to be the case, strong regional growth will be expected, with any surge in retail sales benefiting investors with similar property elsewhere.

As a result, demand for strong retail destinations from domestic and overseas investors alike could rise further. This is turn will lead to an increase in activity in the retail property sector, in addition to allowing established investment firms the change to make further gains on their existing assets.

[1] http://www.movehut.co.uk/news/strong-retail-performance-set-to-boost-market-activity-29984/