NAEA Estate Agents News: London Commercial & Residential Estate Agents News

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NAEA News: Vendors need to give their property Streets Appeal
Mon, 26 Mar 2012 16:59:43 +0100

The National Association of Estate Agents (NAEA) is advising property vendors not to just sit back and hope potential buyers come to them.

The body says that buyers have to be drawn in by making their property as appealing as possible.

This includes ensuring that the outside of the property has ‘streets appeal’ by making it as presentable as possible because first impressions can be make or break when it comes to agreeing a sale.

Thinking more like a buyer rather than a seller is also important. This basically means being subtle with your personal items so that the property seems lived in but not cluttered and makes it easier for a buyer to see where they could add their own personal touches.

Painting rooms in neutral colours is another top tip as it will appeal to as many people as possible.

Wendy Evans Scott, president of the NAEA, said: "Sensible pricing is an absolute must to ensure a quick sale, but there are plenty of other small and inexpensive changes owners could make to their property, to help it stand out for all the right reasons."

London Property Market News: Property sales likely to rise in 2012
Thu, 22 Dec 2011 18:02:49 +0000

The sales of properties could be set to rise over the next year, though will remain largely unchanged according to the latest report from the Royal Institution of Chartered Surveyors (RICS).

In its Housing Market Forecast, the body suggests that prices could see a slight fall but states that the low level of supply is likely to continue into 2012, stabilising prices and preventing "significant declines".

But RICS believes that transaction levels will see a "slight resurgence" and rise to around 880,000, which is close the level of activity seen in 2010.
Simon Rubinsohn, RICS chief economist, stated: “The lack of supply in the market is likely to prevent any significant house price declines.

"Transaction levels should see a slight increase, although mortgage lending is likely to remain subdued which will limit the scope for improvement. As a result of this, the lettings market will remain firm which means that rents are likely to increase further, albeit at a slower pace than in 2011."

The National Association of Estate Agents (NAEA) have also predicted a mini property resurgence in 2012.

First Time Property Buyers News: Property demand at four year high
Mon, 31 Oct 2011 11:59:38 +0000

Demand for residential property reached its highest level since 2007 last month, according to the latest housing report from the National Association of Estate Agents (NAEA).

On average estate agencies had 308 people contact them looking for property, up from 304 in August and the highest level in four years.

The number of houses available for sale per estate agency branch also increased, rising from 65 in August to 72 in last month, but sales remained static at eight per branch.

However, the number of sales to first-time buyers rose from 20 per cent to 22 per cent, but the NAEA are keen to point that the figures vary wildly across the country.

Wendy Evans-Scott, president of the NAEA, said: “The number of first-time buyers on the market has increased slightly over the course of the month, but our agents are reporting widespread regional variation. Lending still remains a real barrier to homeownership for this part of the market.”

Despite the increase in the number of first-time buyers finding their first step onto the property ladder, Labour MP George Mudie recently said that lenders and the Financial Services Authority (FSA) needed to do more to help drive the market.

First Time Property Buyers News

London Rental Property News: Short-term lets 'need review before Olympics'
Wed, 28 Sep 2011 14:44:38 +0100

Homeowners who are thinking about putting up property to rent in Maida Vale, London, during next year's Olympics have been urged to check that they will not be breaking the law.

According to the BBC, the National Association of Estate Agents has called for a review of legislation regarding short-term lettings, as homeowners could be in breach of the law if they allow rent-paying tenants to stay for less than a set period of time.

However, different London councils have separate rules on short-term lets, with Haringey in the north of the city telling the broadcaster that it will not be cracking down on property owners renting out their homes during the Games.

Westminster council, in contrast, does not usually allow residents to charge people rent if they are staying in the home for 90 days or less as it wants to improve the market for longer-term tenants and property buyers.

Rosemarie MacQueen, head of city planning development and design at Westminster, told the BBC: "In Westminster, we have a population of 250,000 and that has to grow with targets from the mayor and ourselves.

"If we have short term lets, we'll never increase our long-term residential population."

She explained that many people who live in blocks of flats with short-term lets have a problem with the temporary residents, as they feel their quality of life is compromised.

"There's a fear of crime, they don't know the faces of the people who are coming in and a lot of short-term residents don't treat the place like home.

"They leave litter in the corridors, come and go and have parties," Ms MacQueen added.

So those with property to rent in Hampstead, London, would do well to check with their local authority about the legality of installing short-term tenants for the duration of the Olympic events, as otherwise they could end up with a £20,000 fine and a criminal record.

London Rental Property News

London Estate Agents News: Housing market confidence 'is improving'
Thu, 28 Jul 2011 16:14:38 +0100

Confidence is returning to the property market, people looking for flats & houses for sale in West Hampstead, London, might be pleased to learn.

According to Selwyn Lim, director of Mouseprice, confidence is improving but we are still a long way from the "heady heights" of 2007.

"Compared to 2009 and 2010, you would be very disappointed if things weren't getting slightly better because those were very bad years," he pointed out.

"One plausible reason why the number of listings for sale in estate agents' windows could be increasing is simply because things are taking much longer to sell now."

Mr Lim's remarks came after the National Association of Estate Agents reported that the number of property sellers rose in June to its highest level in more than two years.

Average sales at estate agent branches went up to 74 in June compared with 68 in May, the highest figure since April 2009.

London Estate Agents News

London Commercial Property News: NAEA advises on converting commercial property to homes
Tue, 28 Jun 2011 12:11:40 +0100

Investors who are considering turning their commercial property in London into residential homes have been offered advice by the National Association of Estate Agents (NAEA).

In a bid to tackle the housing shortage, property owners might have thought about converting old buildings in their portfolio.

However, the NAEA suggests investors weigh up the cost of conversion against the cost of new build properties, as turning commercial property into residences often comes with extra regulation and costly skilled labour.

Additionally, owners might have to wait for between six and 12 months before a local authority will consider a change of use planning application, so investors might have to prove there is no market for the building commercially.

NAEA chief executive Peter Bolton King commented: "Theoretically, the government's decision to bring in this crucial change to planning regulation will provide a much cheaper alternative to new build properties.

"But such renovations are not simple undertakings," he noted, adding that owners should carry out a thorough evaluation of the work involved before committing to a conversion.

London Commercial Property News

First Time Property Buyers News: Buyers will have more options if they can secure jobs
Mon, 20 Jun 2011 17:08:20 +0100

The key issue for first time property buyers is whether they are able to move to a new location and secure employment.

This is the opinion of Richard Horner, northern south sector regional executive for the National Association of Estate Agents, who noted: "In the current economic climate we are all suffering from a lack of availability [of] good jobs."

He pointed out that if first time buyers are looking to get onto the property ladder, have flexible jobs and are able to move around the country, they have a greater choice about where to relocate.

Mr Horner's comments come after the Council of Mortgage Lenders revealed that lending to first time buyers increased by eight per cent in March, from 14,700 to 15,800.

The value of UK mortgage lending to those hoping to get their foot on the property ladder also rose, up from £1.7 billion to £1.9 billion.

First Time Property Buyers News

First Time Property Buyers News: Banks 'should practise responsible lending'
Thu, 26 May 2011 17:06:14 +0100

First time property buyers believe the criteria banks set to assess prospective borrowers should remain tough, according to new research.

A survey from homeless charity Shelter revealed that three-quarters of first time buyers think banks should make responsible UK mortgage offers, while 83 per cent said lenders should check an applicant's income before agreeing to loan them money.

Chief executive of the charity Campbell Robb commented: "This survey shows people really want simple, common sense rules in place to ensure people borrow money responsibly. What is most striking is the level of support amongst first time buyers who clearly want greater protection and are well aware it might limit their chances of getting mortgage credit in the future."

He called for change to take place in the banking industry so that financial institutions never "go back to the old ways of irresponsible and reckless lending".

Meanwhile, National Association of Estate Agents research shows April house sales remained strong.

First Time Property Buyers News

NAEA News: April sales remained strong
Thu, 26 May 2011 17:04:43 +0100

Purchases of flats and houses for sale in Maida Vale, London, and in other parts of the UK remained strong throughout April, despite the Royal Wedding and other disruptions to the norm.

Research from the National Association of Estate Agents found the average branch sold eight properties last month, with no change from March or February.

Michael Jones, president of the organisation, commented: "Although regional variations do remain, this latest report indicates that the housing market is showing some overall resilience to economic pressures. Despite the expected lull in activity during the Royal wedding celebrations as people took advantage of the series of bank holidays to go abroad, sales remained stable."

He noted that this could be due to the Easter break, which saw increased levels of house hunter activity.

The research also suggested sales made to first time buyers was down slightly, decreasing from 23 per cent of total sales in March to 21 per cent in April.

NAEA News

London Estate Agents News: Number of house purchase enquiries 'on the rise'
Mon, 25 Apr 2011 09:00:00 +0100

More people might have been looking for flats and houses for sale in Queen Park, London, and other parts of the country last month, according to research.

Figures published by the National Association of Estate Agents highlighted an increase in the number of individuals searching for new homes in March, rising from an average of 268 new registrations per estate agency branch in February to 290 last month.

First time property buyers fell slightly in the same period, with the percentage of sales to such buyers decreasing from a quarter of the market share to 23 per cent.

President of the association Michael Jones commented: "We are very pleased to see that the market has remained relatively stable despite the continued economic pressures that are making life very difficult for homeowners and those looking to enter the property market.

"The significant growth in demand for homes reported by our agents suggests that house-hunters are searching for a good deal on property before the traditional spike in activity over the Easter holidays," he added.

London Estate Agents News

London Property Market News: March saw improvement in property market
Thu, 21 Apr 2011 12:05:47 +0100

High end property sales and rentals in London saw increased interest at the start of the year due to owners trying to avoid the new five per cent stamp duty, Knight Frank has stated.

Liam Bailey, head of residential research at the property market firm, commented that March saw some improvement in the housing market, with more people "forcing deals through" last month.

"There was no doubt that the winter was pretty weak - December, January and February were all fairly down on last year. The market has really been subdued from last summer, so it did have somewhere to grow and the market has been a little bit better over the last two months," he pointed out.

In addition, confidence about interest rates appears to have improved, Mr Bailey argued.

"The perception about two months ago was that rates would rise pretty rapidly and that hasn't been the case. If anything, there is the feeling that we might even escape a rate rise this year," he added.

Mr Bailey's comments follow research from the National Association of Estate Agents recording a surge in the level of demand for property across the country in March 2011.

London Property Market News

NAEA News: Sellers making a comeback
Thu, 17 Mar 2011 13:33:31 +0000

The National Association of Estate Agents (NAEA) recorded a 25 per cent increase on the number of homes on the UK market in February, suggesting that sellers are making a comeback.

It latest report shows that the number of house hunters registering with agents in London and elsewhere across the country also increased to 268, up from 252 in January.

As a result, sales increased from an average of six per branch to eight, while the percentage of sales made to first time buyers rose slightly from 24 per cent to 25 per cent.

"To see such a significant boost in activity amongst sellers compared with this time last year is encouraging news for the UK property market," said NAEA president Michael Jones.

"This means that, on the whole, supply can meet demand levels, meaning a more stable market, for the short term at least."

However, he warned that there is lots of variation across the county, with stock availability in some areas considerably lower than others

NAEA News

London Housing Market News: House sales 'slow in December'
Fri, 14 Jan 2011 17:05:01 +0000

Cash buyers for property in London may be thin on the ground at the moment, if research from the National Association of Estate Agents is anything to go by.

According to the figures, inclement weather last month coupled with the housing market's typical winter lull led to fewer sales in December than at any point since January 2003.

The average estate agent branch sold just four properties in December 2010, compared with an average of seven the previous month.

However, the news is not all bad, as the supply of properties did not fall at a time when a drop would usually have been expected.

Similarly, Robert Lazarus, sales director at Paramount, believes this year is already showing favourable signs for the housing market.

"In 2010, November and December were significantly less busy than in 2009 but coming into the first week of 2011 it's bounced back and we have already agreed six sales with plenty of first time buyers registering," he remarked.

London Housing Market News

London Property Market News: Demand for property remains
Fri, 10 Dec 2010 16:58:22 +0000

Although the London property market is entering its annual seasonal slowdown, there is still demand from potential homebuyers.

According to a survey by the National Association of Estate Agents (NAEA), demand increased in November, with the average estate agent branch having 241 house hunters on its books during the month.

This was an increase on the 218 registered with each branch in October.

Michael Jones, president of the NAEA, suggested that the figures were very positive.

"Given the restrictions on mortgage lending and the approach of Christmas, the true level of demand is probably higher than indicated by our figures," he stated.

Sales levels have remained constant for four consecutive months now, with the average estate agent branch selling seven properties.

The publication of the figures comes after Halifax building society reported that London property prices and those across the rest of the UK had fallen by 0.1 per cent in November compared to the previous month.

London Property Market News

NAEA News: Government plans to launch estate agent licence 'is good for regulation'
Fri, 19 Nov 2010 15:25:36 +0000

Government plans to bring out a licence for estate agents will help to protect first time buyers and other property purchasers from unethical agents, the National Association of Estate Agents (NAEA) has stated.

Patrick Bullock, chair of the London NAEA, commented that while other professionals, such as nurses, lawyers and taxi drivers, are required to have licences for their work, estate agents are relatively free to operate without regulation.

"There are laws and things we have to comply with, and the Office of Fair Trading can enforce those, but the point is that we are just about the only country where you don't have to show you are qualified to be an estate agent," he explained.

The NAEA's licence will therefore drive more customers to look for licensed estate agents, with the view to using market forces to expand the regulatory system to all estate agent practices.

Housing minister Grant Shapps noted that this is "exactly the sort of measure the housing market needs" and said the licence is designed to deliver results.

NAEA News