House prices look set to fall next year, housing minister Grant Shapps has said.
Meanwhile, the Council of Mortgage Lenders this morning warned that a critical new era of even tighter lending would be ramped up from spring onwards.It is forecasting the lowest levels in lending for 30 years in 2011.
In an unusual break with tradition – housing ministers do not normally predict markets – Shapps said in the House of Commons: “House prices have doubled in the last ten years, putting home ownership beyond the reach of many potential first-time buyers.
“This Government believe that what is needed now is not a return to rapid house price growth but a period of house price stability.”
He said that house price forecasts from the Office of Budget Responsibility and the Treasure “suggest there will be modest falls in house prices in 2011 and rises beyond”.
Shapps did not address the crucial issue, as to whether lenders would actually start lending again.
This is, however, confronted head-on in forecasts published today by the CML.
The CML warned: “From April next year onwards, lenders will begin to have to repay the funding advanced through official support schemes. This is likely to limit the availability of credit to support mortgage lending next year and beyond.”
The CML also took another swipe at the Financial Services Authority, saying that its ongoing Mortgage Market Review – intended to herald an era of ‘sensible lending’ (which some fear will mean ‘no lending’) – “continues to be a major and unhelpful source of uncertainty for the lending industry”.
It went on: “Firms do not know when the FSA will issue firm rules or whether it will modify its current excessively risk-averse approach. This uncertainty will itself reinforce lenders’ caution.”
The CML is predicting 0.86 million housing transactions next year, down from this year’s estimate of 0.89 million. It thinks the number of loans will shrink to £6bn, down from an estimated £9bn this year. It also thinks that arrears will climb from 175,000 to 180,000 and that possessions next year will creep up from 36,000 to 40,000. It has also forecast that remortgaging will remain subdued.
The CML’s forecasts are in line with what the RICS is saying. It said that in November, the number of first-time buyer inquiries fell for a sixth month, with some individual surveyors predicting that the flat picture will continue into next year.
Source:estate agency today
Friday, 17 December 2010
Monday, 13 December 2010
Intercounty annual conference, hits the cat walk
As I mentioned in a previous blog, we held our first ever Intercounty conference last month, here are some photos of some of the creations our team made on the day. Go JC!
Finding hard to sell your property? We've got some invaluable tips
As estate agents, we know and understand the issues involved in selling houses - not just the marketing issues, the market trends, facts and figures but also, and as important, the emotive issues that inevitably occur during the process of moving house.
We always remain calm, cool, professional and analytical in our approach allowing us, on your behalf, to exercise maximum control over the entire sales process.
Adopting a similar approach as a vendor, the factors you can control are firstly your choice of estate agency, secondly your selling price and thirdly the condition of your property.
By choosing the right estate agent, pricing your home correctly and ensuring you present your property in the best possible condition, you help us achieve the best possible price for your home.
In essence, the primary role of your estate agent is to:
Carefully and correctly position your property on the market place whilst presenting it to the widest audience possible.
To work with you, our client, to ensure your property is presented in the best possible light thus enhancing it's saleability and attracting serious buyers from the market place.
Negotiate the sale on the best possible terms for you, our client.
Progress the sale smoothly through to a successful conclusion.
...sounds simple enough but not all estate agents are the same!
Intercounty provide professional advice, experience, in-depth local knowledge and a commitment to providing personal service at its highest standards.
Choosing the Right Estate Agent
In Britain, unlike anywhere else in the world, anybody can set up as an estate agent - no licence or qualifications are required and some estate agents have little skill or expertise.
Being a large well-known national is no guarantee of good service either. Unlike supermarkets which sell exactly the same products throughout the country, the service you get from any estate agent is only as good as the people staffing that particular branch.
At Intercounty, we pride ourselves on having an unrivalled team of professionals who have lived and worked in the area we serve for many years.
The selection of your advisors is critical - and you will be particularly reliant upon your estate agent. You will need sound advice as to values, you will need to be sure of the presentation and the marketing of your property and you will need to be assured that, once sold, your sale and any related purchase will be progressed efficiently to a successful conclusion.
It really is not as simple as choosing the agent who offers the lowest rate - this almost automatically leads to the lowest rate of marketing - or picking the agent who says he will achieve the highest price - this will almost certainly cost you time and money and cause you disappointment and anxiety.
Reputation and Standing
Is this a company of serious reputation and standing?
Does this estate agency adhere to the highest standards of professional conduct?
Do they have a code of conduct and carry professional insurance? .. Or do they just look and sound good?
Our reputation is second to none and we believe we are recognized as our area's leading estate agent.
As members of The National Association of Estate Agents, The Guild of Professional Estate Agents and the Ombudsman scheme, we have agreed to adhere to the highest standards of professional conduct. These organisations operate to a strict Code of Conduct in residential estate agency and are all committed to raising the standards of estate agents throughout the UK.
Trust and confidence
How do you know you can trust and have confidence in the estate agency you have chosen? As members of the three organisations described above, you can be assured that you are dealing with professionals.
Where will my buyer come from?
These days the mobility of the market is not only local, but regional, national and international - your buyer could come from anywhere. By being a Member of the Guild your estate agency is demonstrating a real commitment to local, regional and national and international marketing.
National network
You will need to ensure your property benefits from the widest exposure - does your estate agent belong to an established and extensive network of sales offices to generate enquiries from a wider market place?
Guild Members are part of a 700-office b national network, with over 4000 professionals working together to serve you better. The Guild is based in showrooms on Park Lane, in Mayfair, London, providing you with access to the lucrative London and international investor markets.
Marketing ability
Does your estate agency present a marketing strategy that convinces you your property is presented to the widest pool of potential buyers and, thus, achieve the best possible price?
A little local advertising is of some use but a small part of a much larger picture. With their own monthly national magazine, a network of professional photographers and floor plan surveyors and dedicated publishing studios, Intercounty and other members of the Guild are able to present your property professionally ensuring it reaches the widest pool of potential buyers, thereby creating the best opportunity to achieve the highest possible price for your property.
Internet marketing
Did you know that over 87% of purchasers start their property search on the internet - the probability is that you did it yourself.
In addition to our own superb website, which you are using at this moment, Intercounty as Guild members has its own dedicated website and in addition they have created a combined national site - property-platform.com.
This site presents a selection of over 30,000 properties nationally, is updated daily, provides location maps for every property and very useful local information.
Property-platform.com is promoted by Guild Members, advertised in the national press and is, increasingly, well placed on all the search engines that matter.
You could achieve a far better result buying or selling your home through a Guild Member .
The Guild of Professional Estate Agents is a body of over 600 independent estate agency offices, with over 4000 professional estate agents whose combined strength and experience helps in selling houses.
Each is carefully selected, are leaders in their local marketplace and are committed to the highest industry standards. You could achieve a far better result buying or selling through a Guild Member.
Risk of Over Pricing
With consumer confidence at an all time low this is one of the most important factors in selling your house. We all want to get the very best price for our home, and so it's always tempting to ask just a little bit more for it. Unfortunately some less scrupulous estate agents are only too well aware of this and will deliberately over-value your home in order to get your instruction.
This does not mean, however, that you will end up with more money! Remember, buyers often spend months looking for the right property. They know an overpriced home when they see one, and will simply walk away.
Think about it - would you pay thousands of pounds more for something that you know is not worth it? No, we didn't think so!
All that happens, should you put your house on the market at far too high an asking price, is that it will languish there while other, more sensibly priced properties sell all around you.
In the end, you will have to bring the price down to where it should have been in the first place. Meanwhile, of course, you will have missed out on all that initial market interest.
Beware the estate agent who gives you a price on the basis of little more than a casual glance round your home!
A house is viewed most during the first four to five weeks it is on the market. So, getting the price right - right from the start, enables you to take full advantage of this initial burst of market interest, and gives you your best chance of getting the best price, in the shortest possible time.
There are a number of other risks associated with over-pricing:
Buyers notice the amount of time a property is on the market, and may wonder if something is wrong with it.
The huge amount of property information available on the Internet makes it much easier for buyers to become 'experts' on asking prices.
Having your home on the market for an extended period can be very stressful because it can mean your life is on hold. Also, constantly trying to keep it in a suitable condition to be inspected by complete strangers can be inconvenient, to say the least!
Some buyers won't make a low offer for fear of insulting the seller - so they just go away without even giving you the chance to negotiate.
Missing out on a sale may mean losing the dream home you want to buy. Or, it could mean you end up trying to pay two mortgages for a while!
The longer your property is on the market, the greater the chance that something will need repairing leading to expense that could have been avoided.
Last, but by no means least, mortgage lenders are not impressed by over-priced properties - so even if you do find someone willing to pay your asking price, there is more than a good chance that your house will then be down valued by the survey.
Your best chance for achieving the highest price for your home is to have it valued by an experienced local independent estate agent who can set a fair market price for it. Your home will compete successfully with other houses on the market and give you the best chance of achieving the best price for you.
Presenting Your Home
It is amazing just how much first impressions do count - many a property has been sold and many not before the prospective purchaser has even set foot inside the front door.
So take a little time - step outside your own front door and approach your own house as if for the first time .. critically! Try to look for things you have learned to live with, but which for some buyers are really negative distractions . the front garden should be neat and tidy, any rubbish etc stored out of sight, the path weed-free, a newly painted fence or freshly clipped hedge is welcoming and gives the distinct impression of someone caring!
As the for exterior of the house, a lick of fresh paint costs next to nothing but is proven as one of the most important factors in creating a good impression - clean windows with neatly painted frames also add a little sparkle. The front door is worth particular attention - we have seen property transformed by a new front door, it is what your potential buyers concentrate on whilst waiting for you to let them in.
Obviously in presenting your property, internally, it should be neat and tidy, all paintwork should be clean and free from cracks, stains and chips and should be touched up - but, in addition to the obvious, there are a number of simple but highly effective sensory tools you can use to create a pleasant ambiance .
Creating an exciting and enticing interior can be accomplished at surprisingly little cost
...a little light on the subject
Studies have shown people react positively to properties shown under bright light. Even during the day leave as many lights on as you can, keep the curtains wide open and windows clean. At night switch on all lights, replacing any blown bulbs and dingy fluorescent tubes.
...the sound of selling
Classical music playing softly in the background can create an atmosphere of calm serenity - otherwise go for peace and quiet, avoiding loud noises, barking dogs, your children and the TV.
...the sweet smell of success
Smell has more impact than you might think. It can work either for you or against you. So if at all possible .
Scour kitchens and bathrooms with bleach, and use lemon oil or fine polish on your furniture to add richness.
Place fresh flowers strategically throughout the house.
For a delicious, homely feel, place a dish of vanilla in a warm oven to create the aroma of freshly baked cakes or bread. Freshly-brewed coffee has a similar effect
...don't colour their judgement
Colours should be kept light and neutral when selling your home.
The condition of your property
In our experience, a few small cosmetic improvements can have a big impact on the way buyers react to your home. You may not actually get more money, but a little effort can make all the difference in terms of attracting buyers - particularly in a very competitive market, or if you need to sell quickly.
Of course, there is no substitute for careful regular maintenance to ensure that a home looks at - or near - its best. Trying to make up for years of neglect can be very expensive! Nevertheless, small things can make a big difference in creating the right "feel."
Remember, first impressions really do count. Potential buyers will form an opinion about your home in the first 15 seconds - so it's important to ensure that it's a favourable one. The fact is, a house that suffers from an unmowed lawn, grubby peeling paint or stale, damp odours feels unloved and uncared for. Prospective buyers will be put off - which could end up costing you valuable time and money.
The key is not to try anything too big - otherwise you're almost certain to lose money. If your home needs a completely new roof, for example, then the most sensible option is simply to adjust the asking price accordingly. No buyer will pay £10,000 more for your house simply because that's what it cost you to re-roof it!
The show home effect
Show homes are designed to make a buyer "feel at home." To recreate the feeling of a perfect display home is almost impossible unless you are starting from scratch, but there are valuable techniques you can apply that will help create a similar atmosphere. When you enter a show home, an interior decorator has made sure of the following details:
• The colours are neutral
• The small is fresh and clean
• The decorations enhance the home's features
• The only sounds are peaceful
• The details are perfect from the manicured lawn to the flowers in the entrance hall.
• Creating a lifestyle that sells!
• You can dramatically increase your property's market potential by paying attention to detail, potential buyers need to visualise themselves living in your house. You are selling
a lifestyle as well as a home.
Pets
In the case of pets, take particular care to clean and deodorise the areas they inhabit - potential purchasers may not love your pet as much as you do!
And finally...
When showing your home to a prospective buyer, avoid having too many people present. Friends and family may be very well meaning but, in this case, less is definitely more!
Be polite, but don't try to entertain your buyers. They want to inspect your home - not pay a social call. Never apologise for the appearance of your home. After all, it is your home! Finally if you are asked questions, answer them truthfully and to the best of your knowledge, and never give people a hard sell - it simply won't help you.
Let Intercounty do the selling - that's what we're here for !!
We always remain calm, cool, professional and analytical in our approach allowing us, on your behalf, to exercise maximum control over the entire sales process.
Adopting a similar approach as a vendor, the factors you can control are firstly your choice of estate agency, secondly your selling price and thirdly the condition of your property.
By choosing the right estate agent, pricing your home correctly and ensuring you present your property in the best possible condition, you help us achieve the best possible price for your home.
In essence, the primary role of your estate agent is to:
Carefully and correctly position your property on the market place whilst presenting it to the widest audience possible.
To work with you, our client, to ensure your property is presented in the best possible light thus enhancing it's saleability and attracting serious buyers from the market place.
Negotiate the sale on the best possible terms for you, our client.
Progress the sale smoothly through to a successful conclusion.
...sounds simple enough but not all estate agents are the same!
Intercounty provide professional advice, experience, in-depth local knowledge and a commitment to providing personal service at its highest standards.
Choosing the Right Estate Agent
In Britain, unlike anywhere else in the world, anybody can set up as an estate agent - no licence or qualifications are required and some estate agents have little skill or expertise.
Being a large well-known national is no guarantee of good service either. Unlike supermarkets which sell exactly the same products throughout the country, the service you get from any estate agent is only as good as the people staffing that particular branch.
At Intercounty, we pride ourselves on having an unrivalled team of professionals who have lived and worked in the area we serve for many years.
The selection of your advisors is critical - and you will be particularly reliant upon your estate agent. You will need sound advice as to values, you will need to be sure of the presentation and the marketing of your property and you will need to be assured that, once sold, your sale and any related purchase will be progressed efficiently to a successful conclusion.
It really is not as simple as choosing the agent who offers the lowest rate - this almost automatically leads to the lowest rate of marketing - or picking the agent who says he will achieve the highest price - this will almost certainly cost you time and money and cause you disappointment and anxiety.
Reputation and Standing
Is this a company of serious reputation and standing?
Does this estate agency adhere to the highest standards of professional conduct?
Do they have a code of conduct and carry professional insurance? .. Or do they just look and sound good?
Our reputation is second to none and we believe we are recognized as our area's leading estate agent.
As members of The National Association of Estate Agents, The Guild of Professional Estate Agents and the Ombudsman scheme, we have agreed to adhere to the highest standards of professional conduct. These organisations operate to a strict Code of Conduct in residential estate agency and are all committed to raising the standards of estate agents throughout the UK.
Trust and confidence
How do you know you can trust and have confidence in the estate agency you have chosen? As members of the three organisations described above, you can be assured that you are dealing with professionals.
Where will my buyer come from?
These days the mobility of the market is not only local, but regional, national and international - your buyer could come from anywhere. By being a Member of the Guild your estate agency is demonstrating a real commitment to local, regional and national and international marketing.
National network
You will need to ensure your property benefits from the widest exposure - does your estate agent belong to an established and extensive network of sales offices to generate enquiries from a wider market place?
Guild Members are part of a 700-office b national network, with over 4000 professionals working together to serve you better. The Guild is based in showrooms on Park Lane, in Mayfair, London, providing you with access to the lucrative London and international investor markets.
Marketing ability
Does your estate agency present a marketing strategy that convinces you your property is presented to the widest pool of potential buyers and, thus, achieve the best possible price?
A little local advertising is of some use but a small part of a much larger picture. With their own monthly national magazine, a network of professional photographers and floor plan surveyors and dedicated publishing studios, Intercounty and other members of the Guild are able to present your property professionally ensuring it reaches the widest pool of potential buyers, thereby creating the best opportunity to achieve the highest possible price for your property.
Internet marketing
Did you know that over 87% of purchasers start their property search on the internet - the probability is that you did it yourself.
In addition to our own superb website, which you are using at this moment, Intercounty as Guild members has its own dedicated website and in addition they have created a combined national site - property-platform.com.
This site presents a selection of over 30,000 properties nationally, is updated daily, provides location maps for every property and very useful local information.
Property-platform.com is promoted by Guild Members, advertised in the national press and is, increasingly, well placed on all the search engines that matter.
You could achieve a far better result buying or selling your home through a Guild Member .
The Guild of Professional Estate Agents is a body of over 600 independent estate agency offices, with over 4000 professional estate agents whose combined strength and experience helps in selling houses.
Each is carefully selected, are leaders in their local marketplace and are committed to the highest industry standards. You could achieve a far better result buying or selling through a Guild Member.
Risk of Over Pricing
With consumer confidence at an all time low this is one of the most important factors in selling your house. We all want to get the very best price for our home, and so it's always tempting to ask just a little bit more for it. Unfortunately some less scrupulous estate agents are only too well aware of this and will deliberately over-value your home in order to get your instruction.
This does not mean, however, that you will end up with more money! Remember, buyers often spend months looking for the right property. They know an overpriced home when they see one, and will simply walk away.
Think about it - would you pay thousands of pounds more for something that you know is not worth it? No, we didn't think so!
All that happens, should you put your house on the market at far too high an asking price, is that it will languish there while other, more sensibly priced properties sell all around you.
In the end, you will have to bring the price down to where it should have been in the first place. Meanwhile, of course, you will have missed out on all that initial market interest.
Beware the estate agent who gives you a price on the basis of little more than a casual glance round your home!
A house is viewed most during the first four to five weeks it is on the market. So, getting the price right - right from the start, enables you to take full advantage of this initial burst of market interest, and gives you your best chance of getting the best price, in the shortest possible time.
There are a number of other risks associated with over-pricing:
Buyers notice the amount of time a property is on the market, and may wonder if something is wrong with it.
The huge amount of property information available on the Internet makes it much easier for buyers to become 'experts' on asking prices.
Having your home on the market for an extended period can be very stressful because it can mean your life is on hold. Also, constantly trying to keep it in a suitable condition to be inspected by complete strangers can be inconvenient, to say the least!
Some buyers won't make a low offer for fear of insulting the seller - so they just go away without even giving you the chance to negotiate.
Missing out on a sale may mean losing the dream home you want to buy. Or, it could mean you end up trying to pay two mortgages for a while!
The longer your property is on the market, the greater the chance that something will need repairing leading to expense that could have been avoided.
Last, but by no means least, mortgage lenders are not impressed by over-priced properties - so even if you do find someone willing to pay your asking price, there is more than a good chance that your house will then be down valued by the survey.
Your best chance for achieving the highest price for your home is to have it valued by an experienced local independent estate agent who can set a fair market price for it. Your home will compete successfully with other houses on the market and give you the best chance of achieving the best price for you.
Presenting Your Home
It is amazing just how much first impressions do count - many a property has been sold and many not before the prospective purchaser has even set foot inside the front door.
So take a little time - step outside your own front door and approach your own house as if for the first time .. critically! Try to look for things you have learned to live with, but which for some buyers are really negative distractions . the front garden should be neat and tidy, any rubbish etc stored out of sight, the path weed-free, a newly painted fence or freshly clipped hedge is welcoming and gives the distinct impression of someone caring!
As the for exterior of the house, a lick of fresh paint costs next to nothing but is proven as one of the most important factors in creating a good impression - clean windows with neatly painted frames also add a little sparkle. The front door is worth particular attention - we have seen property transformed by a new front door, it is what your potential buyers concentrate on whilst waiting for you to let them in.
Obviously in presenting your property, internally, it should be neat and tidy, all paintwork should be clean and free from cracks, stains and chips and should be touched up - but, in addition to the obvious, there are a number of simple but highly effective sensory tools you can use to create a pleasant ambiance .
Creating an exciting and enticing interior can be accomplished at surprisingly little cost
...a little light on the subject
Studies have shown people react positively to properties shown under bright light. Even during the day leave as many lights on as you can, keep the curtains wide open and windows clean. At night switch on all lights, replacing any blown bulbs and dingy fluorescent tubes.
...the sound of selling
Classical music playing softly in the background can create an atmosphere of calm serenity - otherwise go for peace and quiet, avoiding loud noises, barking dogs, your children and the TV.
...the sweet smell of success
Smell has more impact than you might think. It can work either for you or against you. So if at all possible .
Scour kitchens and bathrooms with bleach, and use lemon oil or fine polish on your furniture to add richness.
Place fresh flowers strategically throughout the house.
For a delicious, homely feel, place a dish of vanilla in a warm oven to create the aroma of freshly baked cakes or bread. Freshly-brewed coffee has a similar effect
...don't colour their judgement
Colours should be kept light and neutral when selling your home.
The condition of your property
In our experience, a few small cosmetic improvements can have a big impact on the way buyers react to your home. You may not actually get more money, but a little effort can make all the difference in terms of attracting buyers - particularly in a very competitive market, or if you need to sell quickly.
Of course, there is no substitute for careful regular maintenance to ensure that a home looks at - or near - its best. Trying to make up for years of neglect can be very expensive! Nevertheless, small things can make a big difference in creating the right "feel."
Remember, first impressions really do count. Potential buyers will form an opinion about your home in the first 15 seconds - so it's important to ensure that it's a favourable one. The fact is, a house that suffers from an unmowed lawn, grubby peeling paint or stale, damp odours feels unloved and uncared for. Prospective buyers will be put off - which could end up costing you valuable time and money.
The key is not to try anything too big - otherwise you're almost certain to lose money. If your home needs a completely new roof, for example, then the most sensible option is simply to adjust the asking price accordingly. No buyer will pay £10,000 more for your house simply because that's what it cost you to re-roof it!
The show home effect
Show homes are designed to make a buyer "feel at home." To recreate the feeling of a perfect display home is almost impossible unless you are starting from scratch, but there are valuable techniques you can apply that will help create a similar atmosphere. When you enter a show home, an interior decorator has made sure of the following details:
• The colours are neutral
• The small is fresh and clean
• The decorations enhance the home's features
• The only sounds are peaceful
• The details are perfect from the manicured lawn to the flowers in the entrance hall.
• Creating a lifestyle that sells!
• You can dramatically increase your property's market potential by paying attention to detail, potential buyers need to visualise themselves living in your house. You are selling
a lifestyle as well as a home.Pets
In the case of pets, take particular care to clean and deodorise the areas they inhabit - potential purchasers may not love your pet as much as you do!
And finally...
When showing your home to a prospective buyer, avoid having too many people present. Friends and family may be very well meaning but, in this case, less is definitely more!
Be polite, but don't try to entertain your buyers. They want to inspect your home - not pay a social call. Never apologise for the appearance of your home. After all, it is your home! Finally if you are asked questions, answer them truthfully and to the best of your knowledge, and never give people a hard sell - it simply won't help you.
Let Intercounty do the selling - that's what we're here for !!
Landlords - how to prepare and maintain your property
Rental laws have changed drastically over the past few years, which is fantastic news for tenants, but it can be a bit of a mind field for landlords, so therefore I have provided a brief list of how you can prepare your home.
I suggest that all properties are professionally cleaned, including carpets (where applicable) at the start of the rental process. This will allow you to insist on the same conditions at the end of each tenancy.
Properties in good decorative order will always have an advantage, I advise neutral colours and suggest decoration expectancy as follows:
Halls stairs and landing - 2/3 years, as these get a lot of through traffic
Reception rooms - 4/6 years
Kitchen and bathrooms - 2/3 years
Bedrooms - 5 years
Do you need to rent your property furnished or unfurnished?
This is often dependent on the location and individual needs of landlords. An important factor to take into consideration if you are going to rent it out furnished, is that all of your furniture is compliant and kept to a minimum.
If you decide to rent it out furnished it is essential to provide kitchen appliances, a comfortable sofa and or chairs, dining table and chairs (where viable), bed/s, wardrobe/s, and a lawn mower where applicable. Audio/visual equipment is not advisable and towels/bed linen, pots/crockery/cutlery and kitchen utensils together with personal belongings are actively discouraged.
There are a number of important landlord obligations at the start of and periodically during the tenancy concerning the supply of gas and electricity and various other safety issues. I will tell you about these in more detail next time.
Gardens - in most cases a low maintenance garden is preferred. The tenant will be expected to cut the lawn and tend to the boarders. However it is the responsibility to maintain shrubs and trees over a height of 1.5 metres.
However if you have read this and you would still like some more detailed advice then contact us today, we are experts in residential lettings.
I suggest that all properties are professionally cleaned, including carpets (where applicable) at the start of the rental process. This will allow you to insist on the same conditions at the end of each tenancy.
Properties in good decorative order will always have an advantage, I advise neutral colours and suggest decoration expectancy as follows:
Halls stairs and landing - 2/3 years, as these get a lot of through traffic
Reception rooms - 4/6 years
Kitchen and bathrooms - 2/3 years
Bedrooms - 5 years
Do you need to rent your property furnished or unfurnished?
This is often dependent on the location and individual needs of landlords. An important factor to take into consideration if you are going to rent it out furnished, is that all of your furniture is compliant and kept to a minimum.
If you decide to rent it out furnished it is essential to provide kitchen appliances, a comfortable sofa and or chairs, dining table and chairs (where viable), bed/s, wardrobe/s, and a lawn mower where applicable. Audio/visual equipment is not advisable and towels/bed linen, pots/crockery/cutlery and kitchen utensils together with personal belongings are actively discouraged.
There are a number of important landlord obligations at the start of and periodically during the tenancy concerning the supply of gas and electricity and various other safety issues. I will tell you about these in more detail next time.
Gardens - in most cases a low maintenance garden is preferred. The tenant will be expected to cut the lawn and tend to the boarders. However it is the responsibility to maintain shrubs and trees over a height of 1.5 metres.
However if you have read this and you would still like some more detailed advice then contact us today, we are experts in residential lettings.
Economic growth in the lettings sector is great news for landlords
Recent economic growth in the lettings sector has been great news for landlords. Six out of 10 residential landlords are more confident than last month, up from 54% in November, the December Upad Landlord Confidence Index shows.
Key reasons for confidence included stronger and quality rental demand with more opportunity to negotiate on house prices, high demand and low interest rates and low void periods.Those landlords who said that they were less confident, included those who had experienced increases in arrears and unpaid rent by their tenants.
However lack of available finance continues to hamper our investors. The market is currently being held back by banks who just don't want to lend out money to the buy-to-let sector.
In a time of boom in the lettings sector landlords still need to be careful to vet their tenants carefully, as government cuts begin to have more impact, landlords more than ever need to be vigilant about their cash flow and ensure that – if the worst happens and their tenant does stop paying – they have enough available cash to service a mortgage without their rental income.
At Intercounty we make sure that rental applicants are carefully checked, which lowers the risk of finding yourself with clients unable to pay their rent. We have a comprehensive agreement applicable to property, term and tenant, and we use an ARLA approved document, which can be legally enforced. For more information go to www.intercounty.co.uk. Better let through us.
Tuesday, 7 December 2010
Why it's vital not to over value your property
'House prices could drop 10% next year, Capital Economics forecasts'. This is the headline that dominated the press last week.
So how could this impact the housing market?
At a time of house price adjustments, it is vital to make sure sellers price their homes correctly from the outset, as getting it wrong could mean that their home could stay on the market for a long time, which could have a massive impact on the final sale price.
For example if you put your house on the market for £280,000 now, and it was an over inflated price, then for each month your house stays on the market it could loose an additional 1% per month. If house prices do fall by 10% over the next year as forecast by Capital Economics, and you don't manage to sell your house, then you could potentially loose that amount from your sale price.
If you are buying into an identical market, then it's possible that another house you are looking to buy could drop too. However if you are in a hurry to move, or if you are moving out of the area then it would be a good idea to make sure that your house is correctly priced from the offset.
It's true that prices in certain geographical areas can be effected less than others. For example houses closer to London, where demand outstrips available houses, will always stay higher. Houses in more sought after locations will always demand a slightly higher premium than some others.
Sellers may also wish to sell now and take advantage of buying back in at a lower level if prices do fall.
If you are a first-time buyer, currently renting a property and waiting to see if house prices might fall by 10% over 2011, this could also have its risks. House rental prices are set to soar in 2011, as demand outstrips supply, plus with interest rates being at an all time low you could be putting your money into buying your own home, and not your landlords. However if you wait you might be able buy in at a lower price.
Buying and selling a property can be a bit of a mind field, so why not ask us, the property specialists. Contact us today @ http://www.intercounty.co.uk
So how could this impact the housing market?
At a time of house price adjustments, it is vital to make sure sellers price their homes correctly from the outset, as getting it wrong could mean that their home could stay on the market for a long time, which could have a massive impact on the final sale price.
For example if you put your house on the market for £280,000 now, and it was an over inflated price, then for each month your house stays on the market it could loose an additional 1% per month. If house prices do fall by 10% over the next year as forecast by Capital Economics, and you don't manage to sell your house, then you could potentially loose that amount from your sale price.
If you are buying into an identical market, then it's possible that another house you are looking to buy could drop too. However if you are in a hurry to move, or if you are moving out of the area then it would be a good idea to make sure that your house is correctly priced from the offset.
It's true that prices in certain geographical areas can be effected less than others. For example houses closer to London, where demand outstrips available houses, will always stay higher. Houses in more sought after locations will always demand a slightly higher premium than some others.
Sellers may also wish to sell now and take advantage of buying back in at a lower level if prices do fall.
If you are a first-time buyer, currently renting a property and waiting to see if house prices might fall by 10% over 2011, this could also have its risks. House rental prices are set to soar in 2011, as demand outstrips supply, plus with interest rates being at an all time low you could be putting your money into buying your own home, and not your landlords. However if you wait you might be able buy in at a lower price.
Buying and selling a property can be a bit of a mind field, so why not ask us, the property specialists. Contact us today @ http://www.intercounty.co.uk
Friday, 3 December 2010
Intecounty 2 day staff conference builds our group
Last week we held our first ever Intercounty Conference for all of our personnel, which was organised by myself and Jon Cooke. The conference was held in Grantham which was chosen as it is situated half way between all of the Intercounty branches. The team building event was run over a two day period and was aimed at bringing all of the group together.
Every branch member had to split up and mix with other people from other branches to achieve the goals and tasks that we had set. On the first day we set up a work shop based on a real life scenario, where each group had to create a business marketing campaign. The teams came up with some fantastic ideas.
We also had a graffiti board, where everyone had to draw their thought about the company, we then talked about them and expanded them into great business ideas.
We posted pictures of the key personnel on to a board with various history quotes such as "my great, great grandmother was the daughter of a King' and everyone had to put the quote next to the photo of the person they thought this was relevant to. This was incredibly funny.
We wanted to gain feedback from all of the members so we had a post box where people could post their thoughts and opinions anonymously if they wanted to.
On the last day we split the groups up into small teams and we asked them to design and create costumes, which were then modeled by some of the group members.
We also had various guest speakers on the day, such as a representative from the website Zoopla, one of UK's leading market resource for a property finder to search property for sale, find houses and flats to rent.
Everyone loved the day so much that we have decided to make this an annual event, it was a really good way of bringing the whole group together. The feedback and ideas we received were very interesting and positive and we are going to take these on board and incorporate them into our future business strategies.
It also reiterated to myself and Jon how fantastic and professional our staff are across the whole of our 28 Intercounty branches.
Every branch member had to split up and mix with other people from other branches to achieve the goals and tasks that we had set. On the first day we set up a work shop based on a real life scenario, where each group had to create a business marketing campaign. The teams came up with some fantastic ideas.
We also had a graffiti board, where everyone had to draw their thought about the company, we then talked about them and expanded them into great business ideas.
We posted pictures of the key personnel on to a board with various history quotes such as "my great, great grandmother was the daughter of a King' and everyone had to put the quote next to the photo of the person they thought this was relevant to. This was incredibly funny.
We wanted to gain feedback from all of the members so we had a post box where people could post their thoughts and opinions anonymously if they wanted to.
On the last day we split the groups up into small teams and we asked them to design and create costumes, which were then modeled by some of the group members.
We also had various guest speakers on the day, such as a representative from the website Zoopla, one of UK's leading market resource for a property finder to search property for sale, find houses and flats to rent.
Everyone loved the day so much that we have decided to make this an annual event, it was a really good way of bringing the whole group together. The feedback and ideas we received were very interesting and positive and we are going to take these on board and incorporate them into our future business strategies.
It also reiterated to myself and Jon how fantastic and professional our staff are across the whole of our 28 Intercounty branches.
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