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November 23, 2016

Jackson-Stops & Staff comments on the Autumn Statement

Filed under: Latest News — Tags: , , — JSS London @ 2:37 pm

Nicholas Leeming - BW

Nicholas Leeming, Chairman

Nick Leeming, Chairman at Jackson-Stops & Staff, comments: “Today’s Autumn Statement announcement was good news for the new homes sector, with the Government showing that they are now prioritising housing for those who need it most with huge funding boosts given to support the building of more new homes.

“The statement didn’t go far enough however and it was disappointing that there was no reform to stamp duty, despite industrywide concerns, with our recent research showing a 14% reduction in housing transactions year on year and a £400 million shortfall in stamp duty revenue from residential property transactions against predicted revenue this financial year. A cut in current prohibitive stamp duty levels would get the market moving at all levels and give welcome relief to first-time buyers, who are having to grapple with a multitude of costs including saving for a deposit. This reform would have resulted in a chain reaction up the housing ladder, spurring current home owners to take their next step and freeing up housing suitable for first-time buyers and second steppers.

“While the announcement of the abolishment of lettings fees appears to be good news for renters, experience shows that any savings to the tenant will likely be passed on to the landlord who in turn could then pass them back on to the tenant through increased rent as they seek to cover their costs. This legislation is short sighted and is yet a further challenge to landlords who have faced a barrage of increased costs over recent months, including the additional 3% SDLT levied when they purchase a rental property and also the abolishment of mortgage interest rate relief which is set to commence in April next year.

“Although the ban on lettings fees still requires a Government consultation before it is implemented, its impact on the UK housing market could be far reaching. Affordability issues which surround purchasing homes means that for many, the only option is to rent. We’ve seen a consistent reduction in the number of landlords buying investment properties since April this year which means that fewer rental properties are now coming on to the market to serve the growing rental population. A better solution would have been to create a more competitive fee environment and ensuring that landlords are not further discouraged from the market.”

“We look forward to seeing further measures announced in the upcoming Housing White Paper in a few weeks’ time.”

November 4, 2016

‘There is more to life than simply increasing its speed’ – Mahatma Gandhi

Filed under: Latest News — Tags: , , , — JSS London @ 2:27 pm

antiqued-image-1036665_1920This Sunday,6th November, the road leading from Mayfair to Brighton will be awash with 650 fabulous veteran cars, all participating in the annual Bonhams London to Brighton Veteran Car Run. Motoring enthusiasts will begin their journeys early on from London’s Hyde Park and continue their sixty-mile adventure through south London and Surrey, eventually completing the route in Brighton.

Speed is not the main objective of this wonderful spectacle; instead it’s more about enthusiasts enjoying the motoring experience – and, of course, attempting to complete the course with their beloved vehicles still in one piece.

If you are planning to attend an exciting fireworks display the night before, this would be the perfect way to slow down the pace and enjoy a wonderful day out with all the family.

Established in 1910, we at Jackson-Stops & Staff consider ourselves to be experienced veterans within the property industry, combining traditional values with modern technology and forward thinking ideas in today’s changing market.

If you are lucky enough to own your own pride and joy in the form of a veteran car, or simply just in need of some extra storage for the bikes, we have a number of properties with garages to rent or sell; these range from grand period properties through to 1970’s apartments…something for everybody. Do get in touch with your local office to find out more.

Jackson-Stops & Staff: a well-established company with a fine vintage of properties

November 3, 2016

Proud to Remember

Filed under: Latest News — Tags: , , — JSS London @ 4:59 pm

rob-and-nickWe wanted to share this photograph, which was taken just outside City Thameslink station earlier on today.

The image is of our very own Sub-Lieutenant Robert Butterworth RNR, collecting from his father Nicholas, Chief Executive of Jackson-Stops & Staff; Robert was taking part in London Poppy Day where 2000 volunteers, including members of the Armed Forces, were deployed across Central London, with the aim of raising £1 million for The Royal British Legion’s Poppy Day Appeal 2016.

You can make your own donation to this hugely worthwhile cause by clicking here

Proud sponsors of the 2016 WhatHouse? Awards

whathouse_awards_sponsor_logo_mediumOur Jackson-Stops & Staff Residential Development team is extremely proud to be sponsoring this year’s highly prestigious WhatHouse? Awards, which are taking place on 18th November at the Grosvenor House Hotel in London’s Park Lane.

The Awards are widely regarded as being the ‘Oscars of the housebuilding industry’ and provide a glittering showcase of the very best on offer within this competitive arena. Gold, Silver and Bronze awards will be presented across a total of twenty different categories, in front of a 1700-strong audience and will culminate in the announcement of the highly coveted Housebuilder of the Year award.

The event will begin with a champagne reception in the Ballroom at midday, followed by lunch and the Awards presentation and, finally, plenty of mingling and dancing into the evening. Members of our Residential Development team will be there on the what-houseday and look forward to keeping you fully updated with events as they unfold, including backstage photos with the yet-to-be-announced famous host…watch this space!

Please do get in touch with the team @jssnewhomes if you’re attending on the day, they would be delighted to see you there.  #WhatHouseAwards

 

October 12, 2016

Secrets, Gossip and Intrigue in Belgravia…

Filed under: Latest News — Tags: , , , , — JSS London @ 3:31 pm

georgie-clarke-bw

Georgina Clarke, Director, Pimlico Lettings

Our wonderful Pimlico & Westminster Lettings Director, Georgina Clarke, is so passionate about the area in which she works that she likes to read up about its history during her spare time. Georgina recently enjoyed the novel ‘Belgravia’ by Julian Fellowes, of Downton Abbey fame. The book, which was released episode by episode, is set in 1840’s Belgravia, a time when Thomas Cubitt’s London architecture was on the rise. Cubitt, of course, is famed for the stunning white stucco buildings that grace Pimlico and which remain so enduringly popular with local residents to this day.

 

 

To whet your appetite for the book, which Georgina thoroughly enjoyed, here is the synopsis given on the  website:

THE STORY

It’s the eve of the Battle of Waterloo, 15th June 1815. The Duchess of Richmond throws a magnificent ball in Brussels for the Duke of Wellington.

The guests include James and Anne Trenchard, who have made their money in trade.  Their beautiful daughter Sophia has caught the eye of Edmund Bellasis, the son and heir of one of Britain’s most prominent families.jss-pimlico-location-shots-001

Twenty-five years later, when the two families are settled in the newly developed area of Belgravia, the events of the ball still resonate.

Because behind Belgravia’s magnificent doors is a world of secrets, gossip and intrigue…’’

Georgina and her team have a variety of architecturally-styled properties to rent from their Pimlico office on Sussex Street. Do get in touch to discuss your requirements, they would be delighted to help.

September 26, 2016

You’re in safe hands with us

Filed under: Latest News — JSS London @ 12:10 pm

youre-in-safe-hands-tenant-email-article-and-blogWhen you register with our Lettings teams across the Jackson-Stops & Staff London and Surrey network you can rest assured that you’re in safe hands. Our experienced staff are trained regularly and kept fully updated on the latest regulations and best practices within the industry.

We pride ourselves on providing a professional, personal service to our tenants that goes the extra mile, taking time to understand those important individual requirements and preferences when searching for a rental property. Our offices market a range of stunning properties on behalf of our landlords, which range from contemporary, centrally-located studio apartments through to substantial family houses with beautiful gardens. Our tenants range from single, professionals in search of convenient transport links and great local nightlife through to families looking to rent within catchment of specified well-regarded schools; rest assured, we have plenty experience of helping tenants who are at all stages of life.

Once you have registered your details with us, you will begin to receive emails or phone calls about suitable properties we are marketing that match your criteria. It’s important that you let us know if your search requirements change at any time during your search so we can update your records and be sure to send you details of all suitable properties we are marketing on behalf of our landlords.

We understand that there’s a lot to think about when looking for a new home and we will make sure you are given as many opportunities as possible to view a range of suitable properties. A member of our local lettings team will accompany you on the viewing and will be able to answer any questions you may have; if they are unable to answer your query at the time, they will act as your liaison with the landlord and get back to you as soon as possible. Our teams are very familiar with the areas in which they work and will happily answer any questions regarding transport, schools, nightlife, shopping amenities and so on.

If you find a property and would like to make an offer, please ask us any questions at any stage, we are here to help make the rental process as simple for you as possible. Here’s what some of our tenants have said about us:

chelsea-review 

weybridge-reviewmayfair-review 

 

 

September 22, 2016

The arrival of autumn: our top ten tips for maintaining your rental property during the cooler months

Filed under: Latest News — Tags: , , , — JSS London @ 2:15 pm

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Autumn in the Park

There are a number of warning signs before maintenance issues become expensive and difficult to repair. Take a look through the guide below to make sure you know the signs to look for in order to prevent a small issue becoming a bigger, expensive problem:

  1. During the cooler months, it’s important to have the heating on for at least an hour in the morning and an hour in the evening, even if you are away on holiday somewhere warmer and more exotic. Some people keep their heating on in the background at around 15 degrees at all times, as this keeps warmer water flowing through the pipes. Doing this prevents the pipes from freezing and therefore limits the risk of major leaks.
  2. If you find that your radiators only heat half way up, bleed them with a standard key that you can purchase from most DIY shops. This will eliminate the air in your heating system and will ensure that your radiators heat all the way to the top. This will help maximise the efficiency of your system and help keep those toes toasty. There are a number of guides on the internet on how to bleed radiators.
  3. Be sure to keep your property’s gutters clear. During the autumn/winter months, it is likely that leaves and debris will clog your gutters and potentially causing leaks due to over-spillage. If you notice a blocked gutter and it is difficult to reach, be sure to bring this to your Landlord’s or Property Manager’s attention as quickly as possible.
  4. A combination of cold weather outside and a warm property inside is more likely to cause condensation-related issues. To avoid damage from this, try to dry any surfaces that have become wet overnight such as windows, sills, kitchen worktops and so on. To help further, try opening a couple of windows for at least 15 minutes in the morning and 15 minutes in the evening (this is not ideal on a bitterly cold winter’s morning but just a quick blast of fresh air does help). The open windows should be opposite sides of the property and preferably opposite sides of their respective rooms. Don’t forget to close the windows when you leave the property for security purposes.
  5. Always try to use your extractor fans when cooking, using your bath or shower. If you do not have an extractor fan, try opening a window slightly for the duration of use and for 20 minutes after use. At the same time, make sure the door of the kitchen or bathroom is closed to prevent steam filtering through the rest of the property. It is always a good idea to cook with the saucepan lids on to keep steam to a minimum.
  6. Try to avoid drying your clothes on radiators, which can also cause unwanted steam.
  7. When using the sink or bath, firstly run the cold tap and then slowly introduce the hot tap. This will significantly reduce the occurrence of steam.
  8. Avoid blocking ventilation systems, airbricks or trickle ventilation, as this is likely to cause unwanted damp patches throughout the property.
  9. If you do find yourself with mould growth in the property, manage this by wiping it down with a bleach-based cleaning product until the source of the issue can be rectified. Products are available from most supermarkets or DIY shops. If you need assistance to rectify the cause, please report this to your Landlord or Property Manager as soon as possible.
  10. To prevent flooding, clear any debris surrounding the property and any near-ground windows or patio doors e.g. leaves or snow. If you notice a rainwater drain not draining quickly enough, it is best to get this cleared before the wet winter months, as it will only worsen if left to its own devices. If you need assistance with this please contact your Landlord or Property Manager as soon as possible. If preventative measures have been taken and there is still a threat of flood, it is a good idea to move valuable items to the higher floors of your property.

If there are any other aspects of caring for your rental property that you would like advice about, please do get in touch with our dedicated Property Management Department at Jackson-Stops & Staff, we are here to help.

 

September 21, 2016

Our Richmond Branch wins best UK Estate Agent Award

Filed under: Latest News — Tags: , , , — JSS London @ 1:21 pm

Oliver Griffiths, Philip Harrison & Martin Roberts

Oliver Griffiths, Philip Harrison & Martin Roberts

We are delighted to share the news that our Richmond office won the title of Best UK Estate Agent at this year’s highly competitive British Property Awards. This follows on from the team’s recent win in the category for Best Agent in the Royal Borough of Richmond upon Thames. The office’s success was announced at a lavish regional and national award ceremony in central London, a black-tie affair presented by Martin Roberts from the popular television programme, Homes Under The Hammer.

The British Property Awards provide agents throughout the UK with an invaluable opportunity to compare the service they provide against the service provided by their local, as well as regional and national, competition. Our Richmond office proved that they always go that extra mile and are committed to providing the highest standards of client service.

Oliver Griffiths, Sales Manager

Oliver Griffiths, Sales Manager

Philip Harrison, Assistant Sales Manager

Philip Harrison, Assistant Sales Manager

Oliver Griffiths, our Richmond Sales Manager, and Philip Harrison, our Richmond Assistant Sales Manager, were ‘mystery shopped’ by the awards’ team against a set of twenty-five criteria to obtain a balanced overview of their client service levels at every stage of the sales process. The judging criteria was both comprehensive and detailed, exploring different mediums, scenarios and time periods to ensure that agents had been rigorously and fairly judged.

Oliver Griffiths and Philip Harrison

Oliver Griffiths and Philip Harrison

Speaking after the win, Oliver said he was ‘absolutely delighted that all the hard work has been recognised in this way. We consider it a great privilege to work in a town as wonderful as Richmond and we always work as hard as possible to achieve the best results possible for our Clients. Philip and I have many years of local property experience and we just love doing what we do. We are absolutely thrilled.’

If you are considering your next move in the Richmond area, do get in touch to see how Oliver and Philip can achieve success with your property sale, they would be delighted to be of service.

September 17, 2016

London throws its doors open to the public once again

Filed under: Latest News — JSS London @ 10:16 am

It’s that time of year again, the weekend when inquisitive Londoners get to sneak a peek beyond the doors of some of the most beautiful spaces and architecturally important buildings in the capital. London Open House has once again given us the opportunity to explore 750 buildings and open areas in more detail than we would usually be afforded.

In essence, Open House is more about people and their stories than the buildings and places themselves. For this one weekend of the year, you can be one of the 250,000 annual visitors who takes time out to explore a wide range of hidden gems

Close by to our Jackson-Stops & Staff Teddington office, Garrick’s Temple and Sir Richard Burton’s Mausoleum are available to view; on a slightly larger scale, 147 Fairfax Road is opening its doors as an example of a contemporary family home. If you’re looking for something on an altogether larger scale, Langdon Downs Centre and Hampton Court Palace gardens will be available to visit, too. In essence, something for everyone

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Garricks Villa, Hampton Court

Our team at Jackson-Stops & Staff is passionate about London architecture and buildings of local interest. We also sell and rent properties close by to these stunning spaces. If you’re left feeling inspired by Garrick’s Temple, why not arrange to view this stunning apartment, set within Garrick’s Villa, located opposite the Temple itself.

If the grandeur of Hampton Court Palace leaves you wanting more, why not rent this stunning apartment overlooking Bushy Park, situated adjacent to Hampton Court gardens.
People, Property, Places…do get in touch with your local Teddington team, they would be delighted to help with all your property requirements.

September 16, 2016

Handcrafted near Hampton Court

Filed under: Latest News — JSS London @ 1:31 pm

V&A's Inspired by exhibition

V&A’s Inspired by exhibition

Now that the summer appears to have come to a rather sudden, soggy end, it feels like the perfect time of year to begin thinking about different ways to fill the colder, darker evenings at home…in a nutshell, fewer BBQs, more home crafting!

Why not pop along this weekend to Kirsty Allsopp’s Handmade Show, which is taking place opposite the wonderful, historic Hampton Court Palace.

The show provides a perfect showcase for a host of craft designers and also gives you the opportunity to try your hand at new arts and crafts techniques.  The show is always a wonderful source of inspiration for young and old alike and could be the start of a lifelong hobby! Click here for further details about the event.

If Kirsty’s show leaves you feeling inspired, then there are many adult college courses starting next week in and around the Teddington area, which offer courses ranging from ceramics to jewellery making. Click here for further details.

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House for sale Church Road, Teddington, TW11

If you’re looking for a bespoke, carefully crafted, individual service, or that special place to show off your newly created masterpiece, Jackson-Stops & Staff will happily open all the right doors for you! For some inspiration to get you started, why not pop into our Teddington office on the high street to talk to Mark Birch, Lettings Director, who enjoys sculpting various pieces in his spare time. Mark’s works have been displayed at the V&A’s Inspired by competition; his latest project will be based on the ‘flights of fancy’ theme and will concentrate on birds landing on garden implements, such as spades and rakes.

Our Teddington office is currently marketing a beautiful property for sale with high ceilings, large windows and plenty of natural light – the perfect place to hang your very own masterpiece. Click here for further details or contact the team, they would be delighted to help. 

 

September 8, 2016

Buy to let of the month

Filed under: Latest News — JSS London @ 9:06 am

If you’re looking to expand your existing portfolio, we have a large number of exciting opportunities across our network of offices. Please do get in touch to find out further details. In the meantime, take a look at our ‘buy to let of the month’ below:

11 Embassy Works6 - CopyEmbassy Works, Vauxhall, SW8 – unexpectedly re-available
This scheme attracted a number of early reservations from investors from Malaysia. However, because of the erosion of the currency advantage they have unexpectedly come back onto the market and offer a great opportunity to invest in a highly convenient, zone 1 location from just £450,000.

As you are no doubt aware, investors often have to reserve early to secure the best apartments, but in this case, some of the best can be purchased right at the point of practical completion. This completely refurbished warehouse used to be the laundry for The Ritz Hotel and the developers have retained a huge amount of the period charm, whilst specifying cutting edge interior design and technology

 

August 30, 2016

Going for GOLD!

BPA logo

Following on from GB’s spectacular performance at this year’s Rio Olympics, we were absolutely thrilled to learn last week that our Richmond team has won a gold award of their own, too. We are pleased to announce that Oliver Griffiths and Philip Harrison from our Sales team have won in the category for Best Agent in the Royal Borough of Richmond upon Thames, a prestigious title awarded by the British Estate Agency Awards. The pair also finished in the top three agents for West London and now move on to the National Award for Best Office in London and the UK.

 

Philip Harrison, Assistant Sales Manager

Philip Harrison, Assistant Sales Manager

Oliver Griffiths, Sales Manager

Oliver Griffiths, Sales Manager

Over the last six weeks, the Richmond branch has been ‘mystery shopped’ by judges looking at a variety of areas within our business, which included registering buyers and sellers in the office; dealing with telephone and email enquiries; assessing how property viewings were carried out; dealing with follow-up queries; providing local knowledge of the area and – most importantly to us – judging our levels of client service. Oliver and Philip pride themselves on providing the highest levels of service to their clients at all times and are both delighted to be recognised in this way.

If you are considering your next move in the Richmond area, do get in touch to see how we can help, we would be delighted to be of service.

August 26, 2016

‘A Word From’ Harry Buchanan, Director, Pimlico Sales

Filed under: Latest News — Tags: , , , — JSS London @ 1:16 pm

Harry-Buchanan Colour

Harry Buchanan, Director, Pimlico Sales

Good afternoon and HAPPY BANK HOLIDAY WEEKEND, I hope the sun is shining where you are!

I thought I would just send you a quick update about some recent happenings in the local area. The property market has continued to feature heavily in the headlines, but it will not come as a surprise to learn that most of what I hear and read is not wildly accurate, or indeed relevant, to our little micro-climate, otherwise known as Pimlico and Westminster!

Since Brexit we have heard all sorts of different ideas, suggestions and predictions about what the future holds, but the truth of it is, nobody knows at this early stage of the proceedings. It is also fair to say that Brexit happened in June, a time when our market traditionally begins to slow down ahead of the summer break. Comment suggesting that the market has slowed already as a direct result of the (rather surprising) outcome of the vote simply does not ring true; from our point of view, any signs of a ‘slowdown’ do not reflect anything more than the usual seasonal ebb and flow of a year in agency.

What we have witnessed over the last two or three months, however, is a change in the type of buyer. By this, I mean we have focused heavily on making sure that the people we spend time with are not mere window shoppers or speculators but are genuine buyers who have tangible, pressing reasons to move. No seller deserves anything but a fully committed buyer and in uncertain times it is even more important that they, to quote Kipling, ‘keep their head when all round are losing theirs.’ This approach, combined with consistent evidence-based pricing/appraisals has begun to reap real rewards. It has not been an overnight turnaround and I will admit we have enjoyed easier June and July trading in previous years; however, looking back on the last few weeks, the results speak for themselves – this August has seen a four-fold increase of agreed deals compared with June and July. We now expect this trend to continue into the autumn months, which is traditionally our busiest period of the year.

If there is anything you might wish to discuss then please do not hesitate to get in contact.

 

August 25, 2016

Local Knowledge is Key

Filed under: Latest News — Tags: , , , , — JSS London @ 10:44 am

Amelia Redington, Head of our Residential Corporate Services department, explains how it’s the local, on the ground experience of our team that’s key to finding the perfect property for individuals and corporate relocation departments alike.

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Your London & Surrey Lettings Team

We can probably all think of certain times in life when a chance conversation with somebody contrived to make life seem just that little bit better: meeting somebody whose best friend happened to be the perfect interior designer you’d been searching for; hearing from a colleague about a fabulous local caterer just before you sent out the housewarming invites. Small things, perhaps, but helpful nonetheless.

However, what if you needed to know about the much more significant details about an area and had no colleagues or friends nearby who could help? What if you’d just been offered a fantastic new job abroad and were right at the beginning of your relocation journey, not sure which way to turn or where to begin?

That’s where the Jackson-Stops & Staff Residential Corporate Services department comes in. Our established, friendly team covers the areas of central and south west London and Surrey and is here to guide you through every step of the relocation process. If you are moving with your young family as well as yourself, then clearly there is a lot more for you to consider, in terms of the area you choose to settle in. What is the catchment criteria for that well-regarded school you’ve heard about and just how close would you need to live to be offered a place there? Will you be able to walk to local shops and a park? Is the train service to London regular and reliable from that location? Is there a good local nursery for your pre-school daughter? Will you be able to join the local tennis club easily? Is there a local youth football club your son can start playing with? We understand how many different important ‘lifestyle’ aspects help to inform your overall decision and there’s no such thing as a silly question as far as we’re concerned. We pride ourselves on the service we provide to our clients before, during and after they’ve settled into their new home.

When you ask us to assist with finding a property to rent, you can rest assured that our professional and highly experienced team will guide you through every administrative and contractual stage of the tenancy. But you can also relax in the knowledge that we are always happy to go the extra mile and answer all those seemingly small queries that all add up to a settled and happy new life in your carefully chosen new area. Please do get in touch to find out how we can be of service or email corporateservices@jackson-stops.com or call 020 7590 7109

August 10, 2016

Rowing in Rio

Filed under: Latest News — Tags: , , , , — JSS London @ 10:38 am

It’s hard to believe that four years have passed since London played host to the last Olympic games back in 2012. Despite the various controversies that have threatened to engulf this year’s spectacle at times, the games are now fully underway in Rio and the world’s finest athletes are putting four years of gruelling preparation to the ultimate test, in front of an admiring global audience. One spectator who is paying particularly close attention is our very own Lettings Negotiator, Elouisa Jones-Gray, who is eagerly awaiting the chance to watch her friend since childhood, John Collins, competing in the Rowing Double Scull in Rio.

Terraced House to rent Quayside Walk

Terraced House to rent Quayside Walk

If the sight of the rowers out on the waters inspires you or your family to try your hand at this particular sport, why not take the opportunity of renting a beautiful riverside house that is located just a short distance from Kingston Rowing Club.  The contemporary, four bedroomed property is set on the riverside and could be the start of your very own Olympian journey…roll on 2020!

To arrange a viewing of the property, please contact Elouisa at our Teddington Lettings office on the High Street, she would be delighted to help.

 

August 5, 2016

Happiness in Holland Park

Filed under: Latest News — Tags: , , , , — JSS London @ 2:31 pm

Holland ParkAs many a disgruntled W11 resident will be aware, Holland Park Tube station has been closed since the beginning of the year. However, to the delight of local commuters, the station has just re-opened with a shiny new lift replacement!

The new and improved station also features a new ticket hall, passenger help points on both platforms and increased CCTV coverage. Keen to remain eco-friendly, the station has energy efficient lighting and has also improved passenger accessibility.

Holland Park residents, we are delighted that your travel plans have just been simplified and improved! And for those living further afield, why not take the opportunity to visit this beautiful part of London and pop in to meet our friendly Holland Park Sales & Lettings team; our office is located on Portland Road, just a short stroll around the corner from the tube station.

#LoveLondon

July 15, 2016

Three weeks on: how the London market has reacted to the EU Referendum vote

Filed under: Latest News — Tags: , , , , , — JSS London @ 3:05 pm

Ref graphicOur London Research Department assesses the reaction within the property market following the vote to leave the European Union, as at 15th July 2016.

The result of the Referendum was announced three weeks ago and although it is too early to gauge any marked trend in the property market, the immediate response evidenced by our offices appears relatively moderate.

Caution among buyers, sellers and EU tenants stemming from the uncertain economic and political position of withdrawing from the EU, which was very obvious in the months leading up to the vote, still resonates in the Press. However, looking at new demand for residential property from applicants registering their interest in buying or renting across our London offices, we have not detected any notable downturn in demand following 23 June.

The graph below shows the weekly average for the past three months of applicant registrations including the three week period following the Referendum.

main graph - JSS

 

 

 

 

 

 

 

 

 

 

 

Among our London network of offices, there has been no significant fall in demand in the sales market which is relatively stable, just below its three month average. Demand for rental property started to gain momentum in the weeks leading up to the vote and has continued to increase since 23rd June.

The Sales Market

To help gauge pressure on house prices, we compare the proportion of those new entrants into the market registering interest to buy against those interested in selling. Our offices have seen a fairly steady ratio of three applicants to every seller over the past six months.

sales ratio - jss

 

 

 

 

 

 

 

 

 

 

 

However, despite relatively steady demand, transaction numbers have fallen and the market is likely to see a continuation of the lower number of sales across London in 2016 compared with last year. That has and will continue to be most pronounced at the high end, which has a greater degree of price sensitivity with the market still adjusting to the Stamp Duty reforms. In the prime central regions where overseas demand is more significant, the value of the Pound Sterling has made buying UK property cheaper. For example, for the Indian Rupee or the United States Dollar, the Pound is currently 13% lower than on the day of the Referendum. This ‘discount’ should attract investors and those looking to buy in London, especially those holding a medium to long term view. Despite the uncertainty over the future of Britain’s trading position, London is still likely to retain its ‘safe haven’ status. It is seen as one of the world’s leading Capital cities where its history, diverse architecture, quality of life and overall appeal to the international community is unique. Significantly, London’s resilience to previous major economic downturns has been proven.

In the lower value and peripheral areas of London where demand for housing is more heavily influenced by mortgage markets, the fact that the base interest rate has just been held at its record low of 0.5% and may be reduced in due course will support buyers’ ability to purchase. This bodes well for those re-mortgaging or new entrants to the housing market. Lenders may be rigid in passing on lower rates and still be strict on loan to value ratios but the historic low cost of borrowing will continue to underwrite demand and thus support prices.

However, what we are likely to see in London is greater price sensitivity and thus lower capital growth. In May, the Chancellor suggested that property values in the UK could be 10-18% under their expected trend by mid-2018 because of a short term economic shock following our withdrawal from EU membership. London is arguably most at risk due to being the least affordable region in the UK but the very constrained supply, low interest rates and our Capital’s institutional factors will help support prices. The Nationwide House Prices Index recorded London prices had grown 10% in the 12 months to July 2016. Therefore even with a fall in demand, it would need to be significant to stop annualised capital growth.

We have seen certain purchasers seeking to take advantage of the uncertainty by making offers well below asking prices and some vendors have agreed to discounts. However, we have also seen some record and full asking prices achieved which indicates that some purchasers are taking a longer term view over the value of properties they are purchasing.

The Lettings Market

Not unsurprisingly the lettings market has shown greater resilience than the sales market to the uncertainty leading up to the Referendum and continues to do so. On average, we have witnessed an increase in activity for those looking to rent a property. Comparing the ratio of prospective tenants to landlords, there has been some variation over the past six months but in the last three months there have been progressively more tenants seeking rented property across our London network. However this does mask some regional variations where those offices more reliant on European and corporate tenants have not seen such resilience.

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Summary

Although both sales and rental demand appear to be stable following the vote to leave, Britain has not begun the negotiations of withdrawing from the EU and until the mechanics of re-establishing our trading positions have taken hold we will not know the extent of any adverse consequences. However we now have greater political stability with the rapid succession of our new Prime Minister and the swift appointment of a new Cabinet. The FTSE 350, which is more representative of British commerce, is at a higher level than before the Referendum as is the FTSE 100. The Bank of England is strategically ready to counter any downturn in economic activity through quantitative easing, relaxing commercial lending criteria and reducing the base interest rate. The Treasury may also implement fiscal measures such as reducing corporation tax to encourage more investment. The new Chancellor has already announced that he will aim to ‘scale back austerity’ and has pledged to ‘protect the City’. This improved political and economic position will encourage greater confidence and should help support prices.

Rob JSSS issue - CroppedRobert Butterworth
Head of London Research Department
robertbutterworth@jackson-stops.com

Disclaimer: Any figures, commentary and opinion published in this report is for general information only and in no way intended as financial advice and should not be relied upon in any way. Jackson-Stops & Staff assumes no responsibility for any loss from the use of any material in this report.

July 13, 2016

The Lure of London and Super Surrey

Filed under: Latest News — Tags: , , , , , , — JSS London @ 3:11 pm

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Tim Firth, Director Weybridge Sales

Tim Firth, Director of Sales for Jackson-Stops & Staff’s Weybridge branch, comments:

  1. What sort of person makes this return to London – is it all about empty nesters, early retirees, or younger people just fed up of being away from London and sitting on the drain? Who are the archetypal returners?

Over the past six months we have noticed a real increase in the number of retirees and grandparents in particular that are moving back to the London suburbs. They are looking to downsize and favour locations such as Wimbledon and Battersea, which are still very residential but close enough to the city to offer easy access to all amenities.

  1. What are the key reasons they want to move back to London? What do they tell you about why they feel they’ve had enough of the Home counties and commuting?

The primary reason for the move among this demographic is to look after grandchildren. Very often, there is real comfort is moving to be closer to their family, particularly if a partner has passed away and they are now living alone. For the younger family, with childcare costs in London at such high levels, this is often a great solution which ensures that the grandparent is now a closer part of the family unit.

  1. What sort of property are they typically selling – a large country house, family home in a town, flat …

Typically, they are moving from large family homes they have lived in for around 20 years.

  1.  What sort of property do they want to buy? And why?

They now want to live in relatively spacious, modern lateral apartments, which also benefit from great views. Something that is low maintenance but which appeals to their lifestyle is key.

  1. What locations do they seem to prefer, and why?        

Their preference appears to be prime South West London, which is generally where their children live. This area also offers fantastic housing stock and is well served by transport links so it is often a relatively easy decision on where to locate themselves.

  1. If I assume that most will end up with smaller properties is this simply because the equity they have won’t stretch as far in London? Or is it a positive choice to have a lower maintenance, cheaper to run home? Or a bit of both?

In our experience, they often want to move to smaller properties not only because they are more manageable but chiefly for future financial planning. Smaller properties cost less which frees up capital, ensuring that they have enough equity later on in life. At present, it is usual to purchase at around 50% of the value in which they are selling.

  1. Do you think this sort of mover is increasing/decreasing? and if so, why.

The migration of retirees back to London is certainly increasing as grandparents play a more important role in their grandchildren’s lives. In addition, increases to house prices over the past few decades means that many are now relatively cash rich if they sell so there is an appeal to moving back to London and being able to enjoy all of the cultural amenities available.

Tim can be contacted on 01932 821160 in our Weybridge branch for more information

July 12, 2016

Georgina Clarke, Director of Pimlico Lettings, takes a look at what the Government has in store for the Private Rental Sector

Filed under: Latest News — Tags: , , , , , — JSS London @ 1:58 pm

Georgina Clarke, Director, Pimlico Lettings

Georgina Clarke, Director, Pimlico Lettings

Georgina Clarke, Director of Lettings at our Pimlico branch, was a recent attendee at the Association of Residential Letting Agents (ARLA) conference in London. One of the keynote speakers on the day was Brandon Lewis MP, Minster of State for Housing and Planning. Mr Lewis explained to his audience that his government was committed to ‘continuing to develop and grow our housing market’, stating that there was a profound need to build more homes over all tenures, which is the defining challenge for our generation. It was encouraging to hear Mr Lewis speak of the ‘need’ for the PRS and that Build to Rent is at the heart of the Government’s housing plans, as it facilitates regenerations and labour mobility. Indeed, by 2025, Mr Lewis stated that

ARLA Licensed Member logo (cmyk)

demand for good quality rental properties was expected to reach 7.2 million. We were pleased to hear that the Government wishes to promote professional Letting agents, redress schemes, higher industry standards and value for money for Tenants. Mr Lewis spoke about creating a database of ‘rogue’ Landlords, introducing penalty notices, fines and compliance standards, all of which would help to create the right market conditions, providing more choice for both Landlords and their Tenants.

Do get in touch with Georgina Clarke to find out more on any of the topics touched upon above, or to discuss your own Letting requirements.  

July 11, 2016

Wine Tasting in Weybridge

Filed under: Latest News — Tags: , , , — JSS London @ 10:25 am

Members of our Weybridge Sales & Lettings team enjoyed a fantastic night out last week, when they attended a thoroughly enjoyable and informative wine tasting event together.

The tasting took place at local venue, 1853 Wine Club, which is situated on Heath Road in Weybridge. Throughout the course of the evening, they were able to sample a number of New World wines whilst eating some delicious food that was catered for by Lebanese restaurant, Meejana, situated opposite 1853 Wine Club.

As well as a chance to catch up with colleagues, it was great for the team to get to know Gautam Nagpal, who manages the shop and was a perfect host throughout the evening. It’s great for local businesses to support each other and we wish Gautam and his team every success with the various events he runs throughout the year…local businesses supporting each together, we’ll drink to that!

After a great evening out, the team is now fully back to business at our office on Queens Road. Please do get in touch if you require any help with selling or letting your property, we would be delighted to be of assistance.

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Weybridge Sales and Lettings Team

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