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June 9, 2015

Opening New Doors

Filed under: Latest News — Tags: , , , , — JSS London @ 8:49 am

Door

Teddington High Street has a new arrival in the shape of Jack Brunsdon, the first London showroom of the bespoke Door and Window company offering handcrafted doors and windows for the discerning customer.

 

Jackson-Stops & Staff is one of the leading Estate Agents in Teddington, opening many new doors to vendors, landlords, tenants and buyers throughout different stages of their lives. We offer an extensive range of properties to buy or to rent…our doors are always open, please do come in to discuss your own requirements with us, we would be delighted to see you.

 

 

June 4, 2015

A Spiralling Success

Filed under: Latest News — Tags: , , , — JSS London @ 7:48 am

jq61302bJackson-Stops & Staff Pimlico are delighted to offer a unique house in the popular Moreton Triangle, to rent. The two bedroom property features a spiral staircase from the entrance hall to the top floor master bedroom, and entertaining space that would be ideal for modern young professionals. Available unfurnished. For further details please call Georgina Clarke and the Pimlico Lettings team on 0207 828 4050

June 3, 2015

A word from Russell Gooden

Filed under: Latest News — Tags: , , , — JSS London @ 2:06 pm

Russell Gooden BWIn true, typical Teddington style the market here has once again shown its resilience. The outcome of the General Election appears to have bolstered the market further and it’s been very much business as usual here in our High Street office. New properties, or a lack of them, is the only fly in the ointment as we continue to see a reduction in fresh stock coming to the market. Having said that, the buyers we have registered are highly motivated and the offer levels we are receiving tend to be very encouraging. It seems that many buyers see this as a good time to move forward and secure their next property. If you are still sitting on the fence as a seller you could well find this an ideal time to capitalise on the renewed interest from buyers – and if you were to sell at the moment the chances are that there wouldn’t be many competing properties, which could well result in you achieving a strong price. Finally, you should consider the sort of exposure you would like for your property. In our experience, the wider the market place you expose your home to the stronger the offer will be, it’s all about marketing to the widest audience possible. That said, we understand completely that some clients choose to market their home on a more discreet, ‘below the radar’ basis and we have achieved excellent results in this way, too. Do get in touch if you would like to discuss how we do things, we would be delighted to hear from you.  Russell Gooden – russellgooden@jackson-stops.com 0208 943 9777

June 2, 2015

Great Northern bounce in Land Registry figures

Filed under: Latest News — Tags: , , , , — JSS London @ 9:28 am

LOWRES Sale boardA great Northern bounce in the latest Land Registry figures in Yorkshire, The Humber and the Trafford district of Greater Manchester reflects longer-term confidence by buyers and investors following Government investment, according to leading property expert Nicholas Leeming, Chairman of upmarket national estate agents, Jackson-Stops & Staff.

Nicholas Leeming said: “London continues to outperform the rest of the country, even though sales levels over £1 million were down year on year in February, probably due to the threat of mansion tax. Newham showed the highest annual rise and Hackney the highest monthly increase which reflects how buyers and investors are increasingly looking East in the capital to find new areas offering value.

“Increased investment in Yorkshire, Humberside and the evolution of the Northern Powerhouse in Manchester have contributed to a surge in confidence in these areas. Greater Manchester is shaping up to be a great place to invest as major London companies continue to establish a presence in the City.”

May 29, 2015

A word from Emma Mills

Filed under: Latest News — Tags: , , , , — JSS London @ 2:23 pm

Emma Mills BWThe property news is full of comment about Prime Central London rents increasing at a huge rate, but the reality is that there has been more of a steady, level movement across the market in the past few months. May has been busy, however, and our Chelsea Lettings office on Cadogan Street has seen increased numbers of tenants deciding to move, perhaps as a consequence of the General Election and people now deciding to forge ahead with their plans.

 

We find that the majority of those on the move are relocating to different areas of London or further afield across the UK, rather than upsizing or downsizing within Chelsea itself, which makes room for the newcomers to London. Chelsea remains a popular area with tenants at all levels of the market, from students looking for a convenient studio flat for their studies through to families wishing to take advantage of the many well-regarded schools in the vicinity.

 

My advice for Landlords would be to ensure that properties are in tip-top condition, to the extent of having the decorator ready to go and work their magic as soon as the property becomes vacant, in order to try and reduce any void periods.

May 28, 2015

‘Tis the season to be…sneezing

Filed under: Latest News — Tags: , , , , — JSS London @ 2:28 pm

td60956It’s May, which can only mean one thing…Spring has well and truly sprung and along with it, so too has hay fever season, bringing the misery of constant sneezing and stinging eyes to people throughout the country.

In the heart of London’s Theatreland, Noel Coward’s seasonally titled ‘Hay Fever’ has started its run at the Duke of York’s Theatre through until the mednoel_coward1summer, featuring Felicity Kendal as a member of the unconventional Bliss family. Coward himself was born on Waldegrave Road in Teddington, where our local Jackson-Stops & Staff office is currently marketing a lovely, newly refurbished cottage on nearby Victor Road, located adjacent to Waldegrave Road. For those suffering from hay fever, the property features a low maintenance garden with no grass and very few plants…ideal to keep those symptoms at bay over the coming months. Please contact Mark Birch and the lettings team on 0208 943 9955 arrange a viewing.

 

 

May 27, 2015

Boats, Property, Teddington

Filed under: Latest News — Tags: , , , , , — JSS London @ 8:31 am

td57449fLast week saw the start of the 75th anniversary of the Dunkirk  landings, with a number of the original boats sailing from Kent.

 

In May 1940, one hundred boats set out from Tough Boatyard, adjacent to the Tides End Cottage Pub in Ferry Lane, Teddington.

 

If you’re looking for somewhere special to keep your own small boat in Teddington, Jackson-Stops & Staff has just the property for you – located in Broom Water, a newly extended riverside home, complete with its own mooring at the end of the garden.

 

For more details about this very special property, please contact Mark Birch on 0208 943 9955

May 26, 2015

Dentists, Denizens & Dynamics

Filed under: Latest News — Tags: , , , , , — JSS London @ 3:49 pm

WimbledonWimbledon is well renowned for its sporting accolades, as well as its deep and rich architectural history. In amongst the high-rises and office blocks lies a plethora of innovatively designed modern buildings and historic listed mansions.

One such property lies at 89 Wimbledon Park Side, a Grade II listed building, which has been sympathetically restored and subsequently converted into a collection of houses, maisonettes and apartments. Fairlawns boasts a grand entrance, complete with 3-bay Ionic colonnade, leading from an ‘in and out’ drive with well-kept gardens and many original period features.

The house was created by notable gardener and accomplished architect, Joseph Paxton. HistoryPaxton is known predominantly for his Crystal Palace, rendered physically possible by the technological advances made in the manufacture of both glass and cast iron, made financially possible by the lowering of tax on glass at the time. Employing these learned techniques on other projects in later years, Paxton achieved much success in the planning and creation of many country manors, notably Mentmore Towers, Chateau de Ferrieres and of course Fairlawns. Interestingly, the property was commissioned by Edwin Saunders, dentist to Queen Victoria, Albert, Prince Consort, and other members of the Royal family. Fairlawns was also the place where he passed away in 1901.

Jackson-Stops & Staff is delighted to have both 9 Fairlawns & 10 Fairlawns listed for sale through its Wimbledon Village office.For further information, please contact Stuart Mills on 020 8879 0099 or stuartmills@jackson-stops.com.

We often take the long and colourful history that surrounds us for granted,the heritage contained within the bricks and mortar that some of us are fortunate enough to call home. For properties with a past, present or future please do contact Jackson-Stops & Staff Wimbledon, we would be delighted to hear from you.

Written by Oliver-Tristan Barker

May 20, 2015

A word from Harry Buchanan

Filed under: Latest News — Tags: , , — JSS London @ 4:07 pm

Harry Buchanan BW

Here in Pimlico we have seen a positive start to 2015 and more recently April and the new financial year. With the outcome of the general election now finalised it is still too early for us to draw any immediate conclusions on its effect, but I would comment that top end stock continues to see a reduction in interest – that said, for many buyers there is a logic in that when others pause to draw breath it is precisely the time to push forward and snap up a perfect property. Our tips for sellers would include advising them to get everything ready in terms of documentation…there is nothing worse than losing a buyer due to not being ready to move in time; if you need to sell in order to buy it is so important to find a buyer first in order to be chain free; finally, take pride in your presentation – first impressions count!

For a free, no obligation, market appraisal in SW1 please do call Harry Buchanan at Jackson-Stops, 020 7828 4050, harrybuchanan@jackson-stops.com

 

 

 

 

May 11, 2015

Post-Election Confidence

Filed under: Latest News — Tags: , , , , , — JSS London @ 5:47 pm

Following the momentous outcome of the General Election last week, our JSS London group is already sensing a return of confidence to the London and Surrey residential property market. With the sense of anticipation now over, we are speaking to buyers who are keen to simply get on and move, armed with a clearer sense of housing policies over the next few years. This is  particularly true of those who would have been affected by the introduction of a mansion tax; with that threat now abated, buyers from home and abroad are feeling more decisive and confident about investing at this higher level. Our friends at Investec have provided the following graph to us, which indicates the strength of the UK pound against the US dollar on the day of the election result:

GBPUSD

Investec

At present the pound remains stronger at $1.5415 against the US dollar, and €1.3812 against the Euro, which again is a good indicator to foreign investors that the UK remains a stable arena to invest in.

For a more detailed look at the London property market please do get in touch with your nearest Jackson-Stops & Staff branch office, we would be delighted to hear from you.

May 8, 2015

“The clouds over the London property market have now dispersed” – Nick Leeming on today’s Election results

Filed under: Latest News — Tags: , , , , — JSS London @ 6:42 pm

Nick Leeming, Chairman of national estate agents Jackson-Stops & Staff, with 44 offices nationwide, comments on today’s Election results:

“With the Conservatives looking set to win the majority, the clouds that have hung over the London property market have now dispersed. Having seen the number of property transactions slow down sharply over the last six months, as the prospect of mansion tax loomed on the horizon, with today’s result, we expect to see greater activity in the London market from now on. High valued properties, whilst still affected by some of the more recent tax changes, should see more stable demand and the resurgence of international interest. Now that London is open for business again we expect the wider markets to respond accordingly.”

OnTheMarket.com goes from strength to strength announcing 10 million visits in three months

Filed under: Latest News — Tags: , , , , , , , — David Taylor @ 8:50 am

17_Stacked_Member_RGBOnTheMarket.com – the new property portal launched as a rival to Rightmove and Zoopla where Jackson-Stops & Staff is listing all of its properties – is pleased to announce it has achieved 10 million visits to the site with 90 million page views in just three months.

OnTheMarket.com launched on January 26, 2015, and features hundreds of thousands of properties for sale and to rent at all price points across the UK.

In April alone, OnTheMarket.com received 3.5million visits with an average of 9.31 pages viewed and an average of 6.5 minutes spent on the site by each user.

As a new portal, OnTheMarket.com is focused on attracting currently active property-seekers who are likely to represent a fraction of the total traffic to more established portals.

The source used by OnTheMarket.com to gather its traffic information is Google Analytics, a market leading website tool.

OnTheMarket.com has recruited more than 800 estate and letting agent offices this year alone and now has a membership of more than 5,000 which consists of more than 2,500 firms.

OnTheMarket.com is pleased to announce over 27 per cent of its member offices are choosing to upload their new to market properties exclusively to it ahead of any other portal.

In the first hundred days since it launched, OnTheMarket.com’s TV advert has been aired more than 5,000 times and watched by 44.8 million people. Across print media, more than 100 press adverts have run and our online adverts have generated around 155 million impressions, while our pay-per-click campaign has delivered some 55 million more. This powerful marketing campaign will continue unabated over the coming months.

David Parris, Group Operations Director of Jackson-Stops & Staff said: “It is great news that OnTheMarket.com is growing at such an impressive rate and it will continue to expand as the property-seeking public realises it is the first place to find some of the latest homes that come to market.”

Ian Springett, Chief Executive of OnTheMarket.com, said: “We are confident in becoming the number two property portal by the end of January, 2016 on our way to achieving our medium term objective of becoming the market leader.

“We are experiencing impressive levels of returning visitors as well as a high percentage of new ones, while consumers and agents tell us the website is clean and fresh and they are impressed by its lightning speed and by its responsive design (unique among the major portals). This allows it to adapt to the screen size of whatever device is being used to view it.

“We have achieved a huge amount in a very short space of time and with so many of our offices uploading their properties to OnTheMarket.com ahead of any other portal, it is essential that anyone seriously searching for property visits OnTheMarket.com and sets up a free property alert.”

 

May 1, 2015

Property as a political see-saw must stop

Filed under: Latest News — Tags: , , , , , , , — JSS London @ 8:25 am

Leading property Nicholas Leeming today called for an end to all the major political parties exploiting housing and the property market as a political see-saw – as the latest figures from the Land Registry shows a monthly price decrease of 0.8 per cent.

Nicholas Leeming, Chairman of national estate agents Jackson-Stops & Staff, with 44 offices nationwide, blamed the cooling in the London market on political uncertainties and the risk of higher value property taxation. London saw a monthly increase of 0.2 per cent, although the annual increase is the highest at 11.3 per cent.

He said: “Our politicians are indulging in see-saw politics, causing confusion and uncertainty among homeowners and investors. Many vendors are failing to adjust to current market conditions with unrealistic guide prices and this has resulted in the number of property transactions reducing substantially. International buyers are showing caution and some will not commit to purchases for as long as the outcome to the election remains in doubt.”

Nicholas Leeming welcomed the news that the economic upturn is continuing to deliver good news to areas outside the capital. He said:” The market outside London is seeing increased activity with values up by an average of 0.8 per cent in the South-east as the regional economies prosper, the cost of mortgages remain low and confidence feeds through into this sector.

“Higher value properties outside London are also affected by political uncertainties: sales of between £1 – 2m and above remain slow with values reflecting more limited demand.”

April 29, 2015

De-clutter your home for a quicker sale

Filed under: Latest News — Tags: , , , , , , — JSS London @ 11:12 am

Thinking of moving house?
Summer is traditionally the best time of year to sell your house, and Shurgard, the self-storage expert, wants to help make the process as easy as possible.

The ideal move sees you wave goodbye to your old property and walk straight into the next. The reality is that there is usually a limbo period where paperwork and legalities are waiting to be finalised.

Making the most of your home by de-cluttering before the move could mean the difference between a quick sell and months of uncertainty during an already stressful process.  A clutter free home could also result in a higher sale value.

House to rent Towpath, Shepperton, Surrey TW17 9LL

House to rent Towpath, Shepperton, Surrey TW17 9LL

De-clutter
People like to think of the house they are viewing as their home… not yours. Therefore consider moving some of your more personal items and leaving just the bare essentials. Less is more, so be as minimalist as possible.  Although photos, ornaments and trinkets may be to your taste, they might not be to potential buyers.

De-cluttering adds to the sense of space, which should make the house feel bigger, lighter and brighter.

Getting started
Tidy away all knick-knacks. From kitchen counters to bathroom surfaces everything should be clear. Don’t hide things in cupboards or in the loft; a perspective buyer may want to really nosey around and you don’t want them to stumble across a big pile after seeing such a clutter free home! Pack these bits, along with additional bulky items like extra furniture, and arrange to store them at Shurgard for the duration of the house views.

Leave no room unturned
First impressions count! And the hallway is usually where the tour starts so move shoes, coats, keys and umbrellas. The same goes with paintings and family photos. An entrance hall should feel big, open and neutral to allow visitors to visualise how they would decorate the house.

As everyone knows, kitchens and bathrooms sell homes so move your shampoo and conditioner, novelty toaster and fridge magnets before booking any viewings. Think clean and minimal.

The garage is another space that is often full of old gear; bikes, sports equipment, tools and junk. It is not uncommon for new buyers to look at the garage as an opportunity to create an extra living space – a bedroom, study or utility room. Show off its potential by clearing it to really show buyers how much space they would have to work with.

How Shurgard can help
With 20 years of expertise, Shurgard offers a convenient, safe and flexible solution throughout the moving process, keeping treasured possessions, seasonal items and household goods secure. To

Detached House for sale Park Road, Kingston KT2 5LE

Detached House for sale Park Road, Kingston KT2 5LE

make things easier, when putting items away label each box with the room it came from and ensure they are put into your storage unit facing out, so they can be easily retrieved when the move is complete.

Location
Shurgard has 22 stores across London and the Thames Valley so wherever you are in the capital you’ll never be far from a store or your belongings. Just pop your postcode in online to find your nearest store location.

Size
Whether you need to store one box or a mansion house full of them, Shurgard offers units from 10 to 240 square feet.

Security
Shurgard knows how important every single item in storage is. Each facility has PIN code entry into the buildings and car parks, 24hour CCTV coverage and customers have sole access to their unit.

Value
Moving is an expensive business, and Shurgard isn’t going to charge the earth to store your items. For first time users, various promotions and discounts apply, including £1 storage for the first month.

Flexibility
If the move takes longer than expected, or you only need extra space for a few weeks in-between a move just let Shurgard know and they will be happy to accommodate your needs.

For advice when planning a move check out http://www.shurgard.co.uk/ or call 0800 368 0420 or please call our any of our London Offices.

April 24, 2015

It felt like a marathon!

Filed under: Latest News — JSS London @ 1:11 pm

IMG_5178The Virgin London Marathon on Sunday marks the pinnacle of months of cold, wet, wintry mornings spent hammering the pavements around the UK, as dedicated runners make their way to the capital for this momentous event. We are delighted that our very own Camilla Molyneux, Mayfair Lettings Manager, will be taking part and we wish her every success. Camilla was delighted to receive some energy drinks from one of her valued clients this morning and we are sure they will give her the boost she needs!

We have several properties for sale and rent along the route of the marathon,  Bride Court, EC4Y, Skyline Court, SE1, Queens Quay, EC4V, Hertford Street, W1J, and  Penthouse Hertford Street W1J,  so if you’re looking for a perfect place to watch the event next year please do get in touch. In the meantime, the link below will give you all the details you need to make the most of this special day in London.

The Virgin London Marathon

Good luck to all the runners!

Capture2

 

April 23, 2015

International currency remains strong in London

Filed under: Latest News — Tags: , , , , , , , — JSS London @ 11:46 am

Overseas demand for property in London and currency implications

Foreign demand for London property has been significant for decades. However, since the financial crisis in 2008 overseas investment has been a notable key component of the property market’s aggregate demand.

London is regarded as a global focal point and the reasons behind the influxes of foreign capital can be considered in two aspects:

Personal use: Work and employment needs, historic appeal, friends and family connections, education and the idea of a trophy asset.

Investment: Comparatively stable political and economic environments, few legal restrictions, long history of price growth and further potential capital growth, escape from domestic wealth taxes and diversifying portfolios.

Both reasons typically overlap and amplify one another to create a strong incentive to buy property in London.

world map

Where our buyers originated in 2014

The diagram to the left shows the percentage of the significant purchases that came from overseas in 2014 through our London offices.

We saw demand emanating from all continents with the strongest interest from Europe and the Middle East and countries including China along with the USA.

 

 

Proportion of overseas purchasersJSSMAP

In 2014 a majority of our purchasers were from overseas in central London such as Mayfair (80%) and Chelsea (81%) whereas further out in Richmond a quarter were from overseas and in Teddington only domestic applicants bought a property.

 

Outlook for foreign demand

Economic slowdowns in countries such as China will reduce the ability of further investment into London. Recent tax changes including the increase in Stamp Duty Land Tax along with a higher rate for companies and investment vehicles, the extension of Capital Gains Tax to include non-residents and an Annual Tax on Enveloped Dwellings have all made investing from abroad less attractive. The threat of a ‘Mansion Tax’ depending on who wins the impending General Election, is also weighing. However, whilst these factors may slow the rate of interest from overseas in the short run, particularly from an investment perspective, the World’s wealth is still increasing with London only growing in attraction. We are still experiencing good levels of demand from abroad and anticipate this continuing going forward.

Currency and its significance on property purchases

The first half of 2014 saw the UK’s economic recovery exceed expectations, causing the Pound (GBP) to appreciate against many currencies as markets bet that a UK interest rate increase was not far away. This Sterling strength further increased the price of London property for international clients, highlighting the risks of not accounting for Foreign Exchange moves during international property purchases. In the 2nd half of 2014, the run up to the Scottish independence referendum in September created significant market uncertainty. Inflation moderated even further, and with it expectations of a near-term UK interest rate rise fell, such that sterling lost a lot of strength against many currency pairs – much to the relief of international clients moving funds to the UK towards their property purchases.

 

GBPEUR Graph, 150415GBPUSD Graph, 150415

 

 

 

 

 

GBP has had an interesting start to 2015, gaining significant strength against the Euro following the announcement and start of Quantitative Easing in the Eurozone, political uncertainty in Greece and the Swiss National Bank removing its peg against the Euro (EUR). GBPEUR (currently 1.3935) is over 11% stronger than last summer (1st July), having cooled in recent weeks from a 7 year high in March (above 1.42). This has hugely affected European clients looking to buy property in London, and to put this in perspective, a £1m property purchase today would cost a European client around €145,000 more than last summer, purely from a currency perspective.

Conversely, we have lost a lot of ground against the US Dollar, following continued progress in the US jobs recovery such that the US unemployment rate is now not far from levels the Federal Reserve would view as consistent with the ‘longer-term’ rate. This leads the Fed to adjust (and adjust again) its policy guidance, moving expectations of a rise in near term US interest rates to the forefront of minds, certainly sooner than in the UK. Consequently the pound is 13% weaker against the US Dollar since 1st July, so that a £1m purchase would today cost a US Dollar holder around $232,000 less than in the summer. Similar positive trends can be seen for buyers moving funds from the UAE, Hong Kong, China and to a lesser extent Singapore.

If the above demonstrates anything, it is that currency plays a very important role in UK property purchases for international clients. Often overlooked, movements can make a huge difference to the final amount your property costs in your local currency. Just as relevant are those selling property in the UK and transferring the proceeds back overseas.

Looking forward

The coming months promise to be interesting with much of the focus on the upcoming UK General Election. Opinions polls are too close to give any clear indication of the likely shape of any UK government after the 7 May vote and we expect a lot of uncertainty as we approach the big day. This uncertainty may see GBP weaken against major currencies, bringing further relief to international clients. Another key consideration will be the UK’s approach towards an interest rate rise which is now generally expected for 2016. However any change in sentiment or MPC language to indicate an earlier rate rise will see further stimulus for the pound.

Investec’s Private Client Foreign Exchange team works with internationally-focused property investors to provide competitive exchange rates, a personal currency expert and access to tailored protection from exchange rate movements. If you would like to discuss any cross-currency purchases or sales, please contact James Glynne-Percy and he will be happy to help.

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 and Investec Bank plc assume no responsibility for any loss from the use of any material in this report. Currency figures and graphs are accurate as at 15/04/2015 and subject to change continually with movements in the currency market.

Investec                                                                                                   Jackson-Stops & Staff
James Glynne-Percy                                                                               Robert Butterworth
Private Client Foreigh Exchange                                                             Research Department
james.glynne-epercy@investec.co.uk                                                     research@jackson-stops.com
020 7597 3695                                                                                         020 7581 5881

 

 

 

 

 

 

 

 

April 18, 2015

Valuable Vinyl and Period Property

Filed under: Latest News — Tags: , , , , — JSS London @ 12:26 pm

td59105Today is Record Store Day.  Sales of Vinyl Records in the United Kingdom untitledrecently recorded an eighteen year high with people’s appreciation of the tactile nature and quality of sound which records give.

This weekend is national record day where leading local  independent record shops offer the public exclusive deals and music to fans with numerous artists making unscheduled visits.  I may be worth supporting your local record shop as you never know who might turn up.td59105d

As Teddington’s leading independent local estate agent we are pleased to present to the market this period house in Teddington Park which boasts an integrated music system throughout the property allowing you to enjoy your music from the kitchen to the bathroom.  To view this period property, please call Mark Birch and the lettings team on 0208 943 9955

 

April 14, 2015

London Market Update

Filed under: Latest News — Tags: , , , — JSS London @ 12:56 pm

Activity in the residential property market in London has been suppressed since last summer for a variety of reasons but the most commonly quoted is the uncertainty caused by the impending General Election.

The Election is having a significant impact. Economic activity is heavily affected by political uncertainty, amplified by housing policy being high on each Party’s agenda. The main concern is over potential polices that may be introduced by a Labour government including rent controls, minimum-term tenancy agreements, a Mansion Tax along with other implications for the higher end of the market and overseas owners.

This uncertainty has affected market activity in London which has seen reduced transactions. Sales volumes were 20% lower at the end of December 2014 compared with the previous year. It is interesting to note that at the higher end, the number of properties sold at £2m+ has seen a lower than average reduction in volume with only a 10% fall in demand. However, the impact of higher Stamp Duty (in effect from 4/12/14) and extending Capital Gains Tax to non-residents (in effect from 6/4/15) are being increasingly cited by purchasers at the top end of the market and it will take time for these to be reflected in price movements before volumes increase. Therefore it is likely that prime London transactions will be significantly reduced over this year’s first two quarters.

Despite the reduction in the volume of market transactions, prices, according to the most recent information published by the Land Registry, show an average increase of 13% in London between February 2014 and February 2015.

Graph

The average increase masks varying increases across the London boroughs which have ranged from 7.8% to 18.7% over the year to February 2015 recorded by the Land Registry.

Capture

Despite the decrease in activity, buyer sentiment remains broadly positive. A vital component to continued activity and price growth is buyer expectations. The Halifax price optimism index increased to 60 in March (it was 20 in 2012) showing that expectations are sufficiently conducive to prices rising. The Bank of England has reported that there were 61,760 mortgages approves for house purchases in February, the highest level in six months. This is additional evidence to support a growing market ahead. Post-election we should see activity swiftly resume, providing clear policies are formed by the new government.

Rental values are reported to have increased slowly in central London over the last few months according to the main residential indices. Jackson-Stops & Staff’s London group’s figures for the last financial year show that the number looking to rent a property is 12% higher than the year before with those looking to let out their property increasing by 8%, suggesting a slight upward pressure on rents. Uncertainty in the sales market has prompted more to rent than buy of late as prospective purchasers hold off until after the election. However, post-election the sales market could strengthen negating this boost to rental demand. Fundamentally however, it is London’s strong and stable economic conditions which is why rental prices are increasing.

April 13, 2015

Georgian Grandeur

Filed under: Latest News — Tags: , , , , — JSS London @ 5:44 pm

15

We’re delighted to have just brought a newly refurbished Georgian 18th Century townhouse to the market to rent, situated on a cobbled street in the heart of Mayfair. Interestingly, Derby Street is on land which, until the middle of the 18th Century, had formed open fields adjoining Hyde Park, known as Great Brook Fields, with part of the freehold being owned by George Augustus Curzon, 3rd Viscount Howe. The street is thought to have been part of the open land upon which the annual May Fair was held and from which event the area took its name.  Do call us on 0207 644 6644, if you would like to rent a property ensconced in some fascinating local history!

April 9, 2015

Why Choose an Agent that is ARLA Registered?

Filed under: Latest News — Tags: , , , — JSS London @ 1:03 pm

ARLA, the Association of Residential Letting Agents, promotes itself as being the only professional self-regulating body to be concerned solely with lettings and letting agents.   As such, it provides a professional trading standards’ platform for letting agents, tenants and landlords alike.  From a landlord’s point of view, there are a number of reasons why you should choose an ARLA registered agent; here are just five:

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1.  When you choose an ARLA registered agent, you can be sure that your agent is bound by the ARLA Client Money Protection Scheme.  This means that if your agent goes bankrupt or deals on the wrong side of the law, your money remains safe and recoverable (conditions apply).

2.  An ARLA agent must hold Professional Indemnity Insurance, which means that, as a landlord, you have peace of mind when it comes to potential negligence, bad advice or a whole host of other misdealings.

3.  ARLA agents are required to be trained and qualified and to follow a structured programme of Continuous Professional Development, in order to keep their skills up to date.  This means that the advice you are given is based upon solid, up-to-date specialist knowledge.

 

4.  All ARLA agents adhere voluntarily to the Code of Practice and Rules of Conduct of their professional body, which means they trade to the highest professional standards possible.

5.  If something does go wrong with an ARLA agent at any stage of the letting process, you are safe in the knowledge that you can redress the situation by taking the matter up with ARLA.

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