Northfields

Can you see a way to help first time buyers that our political parties can't?

 When you look at the policies of the warring polictical parties, do you feel that any of their campaign manifestos address the struggle that first time buyers are experiencing?.  Just have a look at this article for a summary of what the main parties are proposing for property.

The Times Online reported that:  "First-time purchases are at a 20-year low. Only 347,000 people took out a mortgage for the first time in the year to February, according to GfK, a market research company. This is 100,000 fewer than the previous low, in February 1993."

As the Times points out the slump  occurred at the same time as the stamp duty holiday on properties costing up to £175,000. Some say this is because the first stamp duty holiday was not far reaching enough.  It certainly did not offer any help to purchasers in the West London area.  Does this mean that the current stamp duty holiday on first-time purchases up to £250,000 is doomed to failure as well?

The Bank of England said that "The major UK lenders expected the impact of the new stamp duty land tax relief announced in the Budget to have some positive impact on mortgage activity from first-time buyers, though obtaining the deposit for house purchase - rather than the cost of stamp duty - was perceived by some lenders to be the greater constraint to house purchase”.  

Of course it is the banks themselves where many people point fingers.  Currently, first time buyers are put through very rigorous credit checks and then have the choice of either a 25 per cent deposit (an average of £31,500, or £53,700 in London) or extremely high rates.

This has resulted in many first time buyers resorting to borrowing from "The Bank of Mum and Dad" - a trend that Northfields sees increasingly more.  Given that, it isn't that surprising that the average age of a first-time buyer with no parental help is now 37, up from 33 in 2007.

So besides offering tax incentives what else could the main parties do to give first time buyers the helping hand they need?

What action do you think would make a areal difference to first time buyers?

Or the UK could make a giant shift toward what is generally done by our European neighbours - that is, become long term tenants.  Can you see that happening in Britain?

Ask the Agent: What are the different estate agency contracts?

If you have ever sold a house before you will be aware that there are several different types of estate agency contract:  sole agency, joint agency and multiple agency.  But what do they mean?  Peter Bolton King, CEO of the National Association of Estate Agents (of which Northfields is a member) explains the essential differences in the following video:

Now that you understand the basic principles of each type of agency, think about the pros and cons of the two most common agency types:

Sole Agency

Many estate agents will tell you that they will work harder if they have the exclusive right to sell the property. This is because they will be more motivated to sell if they know that only they can be remunerated for the sale. As this makes sense, many property owners now give a sole agency to one estate agent for a set period of time.

With sole agency contracts there is usually a set period of time that you agree to give the estate agency sole agency.  You can always ask for a shorter time period in the contract.  You can then end the agency in the shorter time frame, or if you are happy with the agent, you can always extend the time period.

The fees for sole agency are generally lower than with multiple agency agreements.  The fees are generally lower because the agent is assured that if they invest money and staff time in selling your property, they are guaranteed to make the money back once your property is sold and exchanged, therefore there is less financial risk for the estate agent.

You are more likely to build up a good relationship with your estate agent if you are dealing with one agency.  A good relationship helps make the process less painful if your agent knows to ask people to remove their shoes when viewing the property to help protect the wood floors or to have someone who regularly keeps you up-to-date on feedback from the viewings.  With multiple agency agreements you can find yourself being overwhelmed by calls and viewings from different agents.  If you are dealing with one person whose name and face you know, it can make a stressful process less trying.

Multiple Agency

Sellers sometimes choose multiple agency to ensure that their property is getting maximum exposure on the market, with the hope of a quicker sale.  With multiple agency comes multiple website listings, multiple newspaper adverts and multiple sale boards.  With the use of multiple agents, the property will be seen by the registered buyers on the database of multiple agents, so in theory, the pool of potential buyers may be larger.

Keep in mind however, that many buyers register at any number of local estate agents and that the databases of your multiple agents may contain a great number of duplicate records, so the pool of potential buyers may not be quite as large as you might imagine.

Some people feel that multiple agency leads agents to sell their property more quickly in order to beat other estate agents to the sale.

With multiple agency, comes higher fees.  As a seller, you only pay fees to the agent who has successfully seen the sale through to completion.  However, every time an agent takes on a multiple agency contract they also take on the risk of investing money and staff time to market the property, even though there is a chance that they will never be re-numerated for their investment should another agent beat them to the punch.

So which type of contract is better?

It depends on your needs.  Weigh the pros and cons and decide which option is going to be best for you.  One idea is to start off with a sole contract with your preferred agent for a shorter period of time.  You can always switch to multiple agency at a later date.

Need some help selling your home?  Call Northfields today for free advice and your free valuation on 0208 840 6666 or request a valuation online here.

Property Politics: What the main political parties propose to do with property

In Britain we are mildly obessessed by property.  Compared to our European neighbours more of us own our own property (70% of us compared to 54% in France and 43% in Germany).  Plus, we spend a greater proprotion of our income to pay for it and a good proportion of our remaining income to decorate the property we own.  So it stands to reason that for a great many British voters, what the main parties plan to do in regards to property may swing our vote. 

Here is a summary of what the main parties have in the works:

Labour

Up to 10,000 new council houses a year by 2014-15, and more affordable housing.

Councils will retain their rental receipts locally, enabling them to support housebuilding and maintain properties.

Two-year stamp duty holiday for first-time buyers on transactions up to £250,000; permanent new stamp duty top rate of 5 per cent on transactions over £1 million from April 2011.

Agreements with banks to lend £105 billion to homebuyers and businesses over the next year.

The standard interest rate on the Support for Mortgage Interest scheme will be maintained until December.

A crackdown on tenancy cheats who fraudulently sub-let social housing.

Guaranteed housing standards for social tenants; measures to strengthen consumer protections for private tenants.

New homes to be zero carbon by 2016.

Conservatives

Permanently increase the stamp duty threshold for first-time buyers to £250,000.

Abolish Home Information Packs

Reward councils for building more homes by allowing them to keep more of the proceeds from council tax and business rates from new development.

Create local housing trusts to allow communities to build affordable homes.

Abolish the unelected tier of regional planning, allowing local communities to determine the right level of development.

Give councils stronger powers to prevent infill development in suburbs, and build more family homes.

Give council tenants an equity stake in their home to restore pride in their area and encourage social mobility.

Liberal Democrats

Bring 250,000 empty homes back into use by giving owners cheap loans to renovate them.

Energy improvement packages of up to £10,000 per home, paid for by the savings from lower energy bills; new homes to be fully energy efficient.

Repossessions will be stopped in cases where the lender has not pursued options.

A new planning “use class” for second homes, allowing communities to control the number of homes given over to holidaymakers. 

Will the policies of the main parties in regard to property affect your vote?

What is the single biggest factor that would turn you off a property?

Tell us what you think:

Five to View: Properties to Buy Close to a Tube Station

If you commute into work, you will know how precious any saved minutes can be.  Check out these properties which are situated close to an Underground station.

1.  A Buy-to-Let Investor's Dream Come True

Any experienced landlord or letting agent will tell you that a property with good transport links can command higher rents.  This two bedroom first floor conversion flat is moments from Hanger Lane tube and with easy driving access to the A40/A406.

Closest to:  Hanger Lane Tube Station

Line:  Central Line

The Property for sale:  2 bedroom conversion flat

Where:  Greystoke Park Terrace, Ealing W5

The Price:  £219,950

Click on the link to see more photos, floorplans and information on this property for sale in W5 or to book your viewing online.

 

2.  Ready to Move Into

A two bedroom first floor apartment with wooden flooring and presented well throughout. 

Closest to:  South Ealing Tube Station

Line:  Piccadilly Line

The Property for sale:  2 bedroom flat

Where:  South Ealing Road, Ealing W5

The Price:  £219,950

Click on the link to see more photos, floorplans and information on this property for sale in W5 or to book your viewing online.

3.  High Gloss

Luxuriously appointed 5 bedroom 3 bathroom semi-detached house within a quiet cul-de sac overlooking a green.   The large South facing garden and brick paved off-street parking for many cars make a summer garden party appealing.  Less than a mile to the well established King Fahad Academy and popular Westifeld Shopping centre.

Closest to:  East Acton Tube Station

Line:  Central Line

The Property for sale:  5 bedroom, 3 bathroom semi-detached house

Where:  Muirfield, Acton W3

The Price:  £799,950

Click on the link to see more photos, floorplans and information on this property for sale in W3 or to book your viewing online.

 

4.  Well Connected

This two bedroom garden flat is situated in a premier tree-lined road in Ealing.  With a private garden, no onward chain, and a share in the Freehold.   Its proximity to transport make this property a real gem.  The location gives it easy access to Ealing Broadway transport facilities as well as the Mainline (access to Paddington/Heathrow).  Northfields (Piccadilly Line) station is also close by.

Closest to:  Ealing Broadway Tube and Mainline Station + Northfields Tube Station

Line:  Central/District/Mainline Line at Ealing Broadway and Piccadilly Line at Northfields

The Property for sale:  2 bedroom flat

Where:  Loveday Road, Ealing W13

The Price:  £290,000

Click on the link to see more photos, floorplans and information on this property for sale in W13 or to book your viewing online.

5.  Coveted Connections

This two bedroom flat is situated on one of the most prestigious roads in Ealing close to Walpole Park.  Located close to Ealing Broadway's transport facilities as well as Mainline services (access to Paddington/Heathrow). South Ealing (Piccadilly Line) tube station is also within walking distance.

Closest to:  Ealing Broadway Tube and Mainline Station + South Ealing Tube Station

Line:  Central/District/Mainline Line at Ealing Broadway and Piccadilly Line at South Ealing

The Property for sale:  2 bedroom flat

Where:  Culmington Road, Ealing W13

The Price:  £265,000

Click on the link to see more photos, floorplans and information on this property for sale in W13 or to book your viewing online.

 

If you want to see how long it would take you to get from any of these properties to work, the pub or your mum's house, click the link to use the Transport for London Journey Planner.

To see more properties that Northfields has for sale click the link. If you want to know about properties before they even get listed on the website call us on 0208 840 6666 to register your details and get on the inside track.

Flipsides of the Same Coin: Period or Modern Properties to Let

Whether you like a sleek and chic property or the charm and grace of a period home.  Whether you need 4 bedrooms, 3, 2 or just the 1.  Northfields has a property for you.  Check out this selection of properties that are flip-sides of the period/modern coin.

4 Bedrooms

Modern Society

This open plan kitchen and dining area with its stunning tiles and clean and sleek lines demonstrates the contemporary credentials of this 4 bedroom house.  Enjoy the great outdoors in a large, private rear garden.  A double garage and off street parking are also added perks.

The Property for let:  4 bedroom house

Where:  West Road, Ealing W5

The Price:  £4,300 pcm

Click on the link for more info on this four bedroom house for let including more photos and information or to book your viewing online.

Period Piece

This four bedroom split level ground floor apartment has been lovingly refurbished and retains much of its period charm.  Graced with a large shared rear garden and secure gated off-street parking.

The Property for let:  4 bedroom split level apartment

Where:  Mount Park Crescent, Ealing W5

The Price:  £2,995 pcm

Click on the link for more info on this 4 bedroom apartment for let  including more photos and information or to book your viewing online.

3 Bedrooms

Modern Society

A luxury three bedroom, two bathroom apartment with the added luxuries of a private patio garden, off street parking and access to a communal indoor swimming pool.

The Property for let:  3 bedroom, two bathroom apartment

Where:  Hillcrest Road, Ealing W5

The Price:  £1,850 pcm

Click on the link for more info on this 3 bedroom property to let including more photos and information or to book your viewing online.

Period Piece

 

A three double bedroom period house with a private garden and within walking distance to Northfields Avenue Tube Station (Piccadilly Line).

The Property for let:  3 bedroom house

Where:  Overdale Road, Ealing W5

The Price:  £1,450 pcm

Click on the link for more info on this 3 bedroom period house for let including more photos and information or to book your viewing online.

2 Bedrooms

Modern Society

Two double bedroom ground floor apartment with floor to ceiling windows, granite floors throughout adding to its modern feel. 

The Property for let:  2 bedroom apartment

Where:  Chatsfield Place, Ealing W5

The Price:  £1,375 pcm

Click on the link for more info on this two bedroom flat for let in Ealing including more photos and information or to book your viewing online.

Period Piece

This stunning two double bedroom first floor period property sits in one of Ealing's most desirable roads within easy reach of Ealing Broadway.

The Property for let:  2 bedroom apartment

Where:  The Park, Ealing W5

The Price:  £1,299 pcm

Click on the link for more info on this 2 bedroom apartment in Ealing including more photos and information or to book your viewing online.

1 Bedroom

Modern Society

 

A luxury 1 bedroom apartment with wood floors throughout and contemporary furnishings, overlooking Brentford Lock.

The Property for let:  1 bedroom luxury apartment

Where:  The Island, Brentford TW8

The Price:  £1,250 pcm

Click on the link for more info on this 1 bedroom apartment to let in Brentford including more photos and information or to book your viewing online.

Period Piece

High ceilings, fireplaces and original wood flooring give this stunning one bedroom garden flat character and charm.  The large bedroom has a mezzanine sleeping floor and the large rear garden has a built-in BBQ.

The Property for let:  1 bedroom flat

Where:  The Avenue, Ealing W13

The Price:  £1,100 pcm

Click on the link for more info on this 1 bedroom garden flat in Ealing including more photos and information or to book your viewing online.

To see more properties for let ranging from period pieces to modern masterpieces, click here to see everything Northfields has on offer.  Whatever your taste or needs Northfields' award winning lettings team has a property that you need to view today, so call to register your details to make sure that you don't miss out on your perfect property 0208 567 6660.

Is the Worst of the Market Downturn Over?

The most recent market update from the Halifax shows some positive news, but with a few points that show that the property market is not fully revived to its market peak in 2007.

A Way to Go Yet

There are a number of factors that suggest that the property market is not back at the peak performance that we experienced at the height of the market.  There are a number of factors that suggest we have a way to go yet:

1.  Numbers of completed sales still low - The number of houses being sold remained low in March with sales still only around half of those in the second half of 2007.

2.  Mortgage approvals still low - The Bank of England industry-wide figures show that the number of mortgages approved fell by two per cent between January and February, and by 17 per cent in the previous month.

The Good News

There are a few points which we can be optimistic about:

1.  House prices rising - According to the Halifax's latest report, house prices rose by 1.1 per cent in March, partly offsetting February’s fall of 1.6 per cent.

2.  House prices rises have mostly been consistent - Property prices have increased in eight out of the last nine months and are now 9.1 per cent higher than their lowest point in April of last year.

3.  Annual price rise shows a year-on-year rise - Annually, house prices were 5.2 per cent higher than in March 2009, which was the largest year-on-year rise since December 2007 (also 5.2 per cent).

4.  The Average house price is up - The average house price in England and Wales is now £168,521.

5.  Stamp Duty Holiday for First Time Buyers -  the temporary suspension of stamp duty on properties sold for less than £250,000 will hopefully provide a boost to the housing market.

According to the Halifax report, more than nine out of ten first-time buyers in 2009 would have been exempt from paying stamp duty had the current £250,000 threshold been in place.

First-time buyers in Greater London will benefit most from the higher threshold, says Halifax, with around three-quarters expected to be exempt from the tax.

To benefit from the stamp duty holiday check out the properties that Northfields has for sale listed for £250,000 or less by clicking the link or call us on 0208 840 6666 to register your details now.

Ask the Agent: My Partner Wants to Move into my Rented Property

What should you do if you rented a property on your own but your partner wants to move in?  Ian Potter of ARLA (Association of Residential Letting Agents) gives his advice in this video:

For any other advice about lettings call our award winning lettings team on 0208 567 6660.

Five To View - Properties for Sale in W12

1.  Period Piece with a Modern Twist

An open plan maisonette dripping with style, is one of two properties in this Edwardian house.  Period features such as fireplaces and sash windows work beautifully with the modern super-stylish interior.

The Property for sale:  2 bedroom maisonette

Where:  Davis Road, W3/W12 borders

The Price:  £344,950

Click on the link to see more photos, floorplans and information on this property for sale in W12 or to book your viewing online.

 

2.  Stamp Duty Free for First Time Buyers

This 1 bedroom apartment situated in a mansion style block close to Ravenscourt Park is an ideal first time buy.  If you are a first time buyer, you will save almost £2,500 on stamp duty with purchase of this property.

The Property for sale:  1 bedroom apartment

Where:  Curwen Road, Shepherd's Bush W12

The Price:  £249,950

Click on the link for more photos, floorplans and information on this property for sale in W12 or to book your viewing online.

3.  Family Values

This three bedroom, two reception home with a 47' garden would be perfect for a family.  This pretty house is also just minutes from East Acton tube station make the morning commute that much easier.

The Property for sale:  3 bedroom house

Where:  Braybrook Street, Shepherd's Bush W12

The Price:  £359,950

Click the link for more photos, floorplans and information for this 3 bedroom house for sale in W12 or to book your viewing online.

4.  Between a Park and a Green Space

This two bedroom first floor apartment is close to both Cathnor and Wendell Parks.  Plus, this property benefits from a share in the freehold.

The Property for sale:  2 bedroom apartment

Where:  Curwen Road, Shepherd's Bush W12

The Price:  £319,950

Click on the link to see more photos, floorplans and information on this property for sale in W12 or to book your viewing online.

5.  So Stylish it Hurts

A two bedroom conversion flat that has it all - the Wendell Park location, the galleried kitchen diner overlooking the 15' reception room, a share in the freehold, immediate vacant possession and oodles of style. 

The Property for sale:  2 bedroom split level conversion

Where:  Cobbold Road, Shepherd's Bush W12

The Price:  £350,000

Click on the link to see more photos, floorplans and information on this property for sale in W12 or to book your viewing online.

 

To see more properties for sale in W12 click the link to visit our main property listings.  Or better yet, call 0208 740 8833 to register your details with our Shepherd's Bush office to ensure that you get called as soon as we get a new instruction on the market.

Ask the Agent: What Happens if I Have to Pull Out After Exchange of Contracts?

What happens if you have to pull out of buying a property after you have exchanged contracts?  Peter Bolton King, CEO of the NAEA gives you an idea in the following video: