Northfields

Ealing One of the Top Performing Boroughs in Terms of House Prices

Rightmove.co.uk, one of the top property portals in th UK reported that Ealing was one of the top performing boroughs in London in terms of property prices in August 2009.  Rightmove figures reflect the prices that properties are marketed at, by surveying asking prices. However, it is worth noting that the survey obviously does not reflect the prices at which properties actually sell.  Still, the fact that Ealing is at the top of the pile in terms of asking price is reassuring indeed for those looking to buy or sell in the area.

Click on the chart below to enlarge.

Have a property to sell in Ealing?  If you'd like to know what sale price we think your property might actually achieve in this market, call us for your free valuation on 0208 840 6666 or request your valuation online by clicking here.

Thinking of buying in Ealing?  Check out the properties we have for sale in the area by clicking here  or better yet, register your details here so that we can contact you right away when we take a new property onto the market - you don't want to miss out on the perfect property in one of London's top performing boroughs.

Hot Property: 2 Bed Flat for Let in Pitshanger, W5

Why is this property so hot?

1.  It is great value: a two bedroom flat in the hugely popular Pitshanger area for £925 pcm

2.  It is in good condition:  the flat is in good condition throughout

3.  It is in an outstanding location:  Pitshanger is such a desirable location with all the shops and restaurants of Pitshanger Lane nearby, plus the green space of Pitshanger Park.  North Ealing Primary school is also close at hand.  Never been to Pitshanger before? Find out about why this area is so sought after by clicking here for more information. 

4.  It is close to public transport:  To top it all off Ealing Broadway Tube Station (Central and District Lines and Mainline Station) is also nearby.

What are you waiting for?  Book your viewing now by calling our Pitshanger office on 0208 998 3111.

Mortgage Approvals Up Reports BBC

Amidst all the news of an increase in buyers searching for property and increased activity reported by estate agents, mortgage approval rates have still lagged behind.  However, the situation has improved slightly as the BBC reports that the number of mortgages approved for house purchases by the major High Street banks has risen to a 17-month high as shown by recent figures.

"The British Bankers' Association (BBA) said approvals in July stood at 38,181, a rise of 7.4% compared with June and 77% higher than a year ago.", said the BBC.  The number of loans approved for people buying a home in July was at its highest since February 2008.

During July, banks were more forthcoming in mortgages available to potential buyers.   However, the BBA's statistics director David Dooks said that banks were still being "more realistic" about how they should lend to compared to the pre-credit crunch market.   The key factors being looked at by banks to determine whether a mortgage should be offered to a potential buyer were the ability to pay a deposit and long-term sustainability.

The growing number of buyers re-entering the market is borne out by the figures released by HM Revenue and Customs (HMRC).   According to the latest figures some 82,000 UK residential properties costing more than £40,000 were sold in July.  This was up from 75,000 the previous month and was double the number of sales reported in January. It is worth noting though that although the total was close to the 74,000 sold in July 2008, the figures was still well down on the same month in 2007 when 151,000 properties were sold.

The BBC points out that these figures suggest that the rise in activity experienced in the housing market could continue into the autumn.  To take advantage of the current state of the market and to find out how much your property is worth, call Kylie Menz on 0208 840 6666 for an up-to-date valuation of your property or click here to request a valuation online.

Move it or Lose it - How Not to Lose your Dream Property

The Times Online reports that property portal Rightmove "recorded the highest number of visitors to the site on record in July. However, it added that prospective buyers increasingly were forced to sift through old stock as new properties were snapped up". 

 

This small fact should have a big impact on how home-buyers search for property at the moment.  During the height of the property boom, it was not uncommon to have a property sold within 24 hours with multiple buyers competing for the same property.   The lull that the property market experienced at the onset of the credit crunch has made many prospective buyers quite complacent, thinking that they can take their time with their property search and  delay putting up offers.  However, as the market has been buoyed up recently by the shortage of properties and the surge in buyers, the climate has changed, so that we are once again experiencing quick sales and competing offers, particularly if a property is well priced.  What should buyers be doing differently to adapt to the changing market?

 

1.  Register with your estate agent, hopefully an agent with an automatic e-mail system so that you can be notified by e-mail as soon as a new property becomes available.  Click here to register with Northfields now, so you don't miss out on any hot properties.  Also, make it clear to the negotiator that you are registered with, that you are looking to move quickly.

 

2.  Have your conveyancing solicitor selected and have their details to hand when you register with an agent.  This type of detail will signal to the seller that you are ready and willing to get the transaction rolling as soon as the sale is agreed.  If you need help finding a good solicitor who works on a no sale, no fee basis, give Northfields a ring on 0208 840 6666 and we'll recommend a reliable solicitor for you. 

 

3.  You should also have your finances worked out and be aware of exactly what you can afford to spend - another signal to the seller that you are serious.  Again, Northfields can recommend a good independent broker, so call us for help finding the right person to help you on 0208 840 6666.

 

4.  Make sure that you book viewings as soon as a property becomes available. 

 

5.  Make sure you view the property with all the decision makers present.  That is, if you and your partner are buying the property together, make sure you see it together, so that you can act quickly if the property is a perfect fit.

 

6.  Don't mess around with cheeky offers.  Decide what the property is worth to you and make a best, firm and final offer so that you are not disappointed.   Keep in mind that cheeky offers can sometimes lead the seller to believe that you are not serious and they are less likely to look kindly on any further offers.

 

The lesson is - move it or lose it.  If you want to ensure that you get the best property for you, be prepared to act quickly.

Hot Property: Four Bed House for Let in Elderberry Road, W5 Available Now

This fabulous four bedroom, three bathroom house is available for let in Elderberry Road, Ealing. 

 

What makes this property hot?

- it is available right now

- it is within walking distance of South Ealing Tube Station (Piccadilly Line)

- it has been newly refurbished throughout

- it is suitable for a family, students, or sharers

£2,000 pcm

For more information on this fantastic property click here or call 0208 566 5500 to book a viewing.

Northfields Estates Shortlisted for Three More Awards in 2009

Northfields Estate Agents are delighted to announce that further to their success last year scooping the prestigious Best Independent Estate Agency of the Year at The Negotiator Awards 2008, they have been shortlisted as finalists for another THREE more awards in 2009.

The nationwide estate agency awards scheme is in it's 2nd year and trophies will be presented at a glittering awards ceremony at the Hilton Hotel in London’s Park Lane on Wednesday 11 November 2009.   

Check out this video of the highlights from last year's negotiator awards:

More than 185 entries were received for the awards, which will hopefully be hosted by top impressionist Rory Bremner again for the 2nd year running.

Clare Bettelley, The editor of The Negotiator, the leading magazine for the world of estate agency, said: “We’ve had a terrific response and Northfields have done brilliantly to get shortlisted from such a huge field. Britain’s estate agents are certainly having a tough time at the moment, but this is an industry awash with talent, entrepreneurialism and creativity, so we’re delighted we’re able to organise a ceremony to reward that firms that are delivering industry best practice”.

The sponsors of the awards include Findaproperty.com, Primelocation.com, Thames Water, My HomeMove, PSG,  SimplyHip, Evolvin, Homelet, the National Association of Estate Agents, The Association of Independent Inventory Clerks and the Association of Residential Letting Agents.

If you want to find out more about the award click here.

Wish us luck!

Top Tips on Making Your Moving Day Easier

Watch this video for some top tips from a removals expert on how to make that stressful moving day that bit easier:

What would you do with a second bedroom?

Estate agents will tell you that many times people ask for a two bedroom property even if they will only be regularly using one bedroom.  That second bedroom may be used an office, spare room or a future nursery.  Increasingly however, people are buying two bedroom homes with the express purpose of renting out the extra bedroom. 

Rat and Mouse, the London property blog reported that almost a million homeowners are now renting a room out to a permanent boarder, according to research by Abbey Mortgages. It seems many homeowners are using the income from their second bedroom to tide them over during the credit crunch as the number of homeowners with boarders has tripled since the same time last year. Considering that the average earnings from renting out a room comes in at £393 a month (slightly above the Government's tax-free threshold). It is also interesting to note that London homeowners are the most likely to take in a lodger (6%).

Would you consider sharing your roof if the extra income meant that you could afford a bigger home?  Take a look at the two bedroom flats and houses that Northfields currently has for sale by clicking here.  What would you do with the second bedroom? 

Hot Property for Let in Feilding School Catchment Area

Northfields Estates is delighted to offer this two bedroom house for let in Northfield Road, W13.

 

The house is within the popular and highly sought after Fielding School Catchment area.

 

The property is decorated beautifully throughout, with character features in the reception and dining areas.  The property also boasts a stunning private garden.  Northfields Tube station is conveniently close by as are the local amenities.

£1,425 pcm

For more information on this property click here.  Call Northfields now to arrange a viewing on 0208 567 6660or register your details online here to be notified of all our properties as soon as they become available.

Ask the agent: what is an HMO and do I need one?

HMO stands for Houses in Multiple Occupation and refers to a change made in 2006 to the Housing Act of 2004. Under this legislation all local councils must license properties that are at least three stories or more high housing five or more people from two or more households. This legislation applies to any building or part of a building that is occupied by people who do not live as a single household, that is as a single family and where they must share amenities such as a kitchen or bathroom.  Bed-sits accommodation and house shares where there are no family relationships are examples of HMOs.

So what constitutes a ‘household’
People are to be regarded as not forming a single household unless they are all members of the same family. Members of the same family include:
• married couples or cohabitees who live together as husband and wife
• same-sex couples who are in an equivalent relationship
• parents, grandparents, children, grandchildren, brothers, sisters, uncles, aunts, nephews, nieces and cousins
• half-blood relationships, eg half-brother or half-sister, are treated as full-blood relationships
• stepchildren are treated as children
• a person is also a relative of another person if one of them is a relative of one member of a couple and the other is a relative of another member of the couple

The above constitutes the mandatory licensing required by all local councils. However, councils are permitted to extend the licensing to other HMOs. This is known as additional licensing. Landlords should check with their local council to see what additional licensing that particular council may have in place.

To get you started here are the links to information on HMOs from the council websites in West London that Northfields Estates most regularly deals with:

Click herefor information about HMOs in the London Borough of Ealing

Click herefor information about HMOs in the London Borough of Hammersmith and Fulham

Click herefor information about HMOs in the London Borough of Hounslow

If you have any further questions on HMOs or would like a free valuation for your rental property, call our Lettings Director Silvia Eldawi on 0208 998 3111 or click here to register your details.