blog

Quality still available and still selling!

Mon, 08 Oct 2012 14:59:21 +0000

House prices are continuing to be effected by the economic climate and the restrictions on lending, with the Nationwide releasing their 3^rd quarter house price index for 2012 which shows a fall of 1.4% on the average house price http://www.nationwide.co.uk/hpi/default.htm .

The prime country house market although not mirroring this pattern has in its own way been affected, mainly due to lack of stock coming to the market and the cautiousness of buyers during uncertain economic times.

Properties that have to be sold but which are in some way blighted have continued to see price reductions, which is really in most cases them being bought closer to their intrinsic value. But reductions alone are not enough for the discerning buyer, who currently feel that it is their market place and under no pressure to buy, unless they find something that is perfect.

Buyer – don’t get frustrated. The reality is that there are sellers are out there, it’s only that many are only marketing their home very discreetly through buying agents like Elite Property Search, as they see them as a source of active and credible buyers. An advantage of this approach is that the market can be tested but the property doesn’t gain a shelf life.

The old saying of “quality will sell” very much still holds true so if you have a Prime Country House and want to sell but don’t know whether now is the right time to bring to market, speak to those who have no conflict of interest, an independent buying agent who can advise but more importantly bring hungry buyers to the table.

For further information of how Elite Property Search can help you contact:

London Office: Max Storey tel: +44 (0) 207 060 2338

Central Office: Andrew Findley tel: +44 (0) 1865 479980

South East Office: Tim Sharp tel: +44 (0) 1483 256775

South West Office: Joe Nisbet tel: +44 (0) 1202 766566

email: info@elitepropertysearch.com

Price Reductions???!!!

Tue, 21 Aug 2012 13:20:46 +0000

It was only back in June that amongst others, BBC news ran the story that for the third consecutive month house asking prices had increased.
At the time, Elite Property Search responded through social media channels that in contrast to the height of the property market in 2006/07 where asking prices were based on fact, (that is actual achieved sales), this latest approach to stimulating the market was based on nothing more than conjecture and did not reflect the actual state of the market, because you can ask what you want for a property it doesn’t necessarily mean it is worth it or more importantly that someone will pay the asking price for it.
Our response was based on our experience of representing buyers and knowing their psychology, that is, in today’s market place they won’t buy if they think they are paying more than its intrinsic value and they need to feel as though they are getting a deal. Therefore, increasing house prices based purely on the argument that there was lack of stock against demand just didn’t stack up or achieve sales.
Our advice to sellers was price realistically, otherwise run the risk of your property not receiving offers and being left on the market gaining shelf life which in itself will de-value your property over time as well as increasing stress levels for the seller having a property that they cannot shift.
This week, the Telegraph ran an article reporting that Zooplas latest research showed property price reductions were at a 9 month high.
No doubt many of these will be sellers who overpriced their home on the advice of an agent, or on their own inclination to get as much as possible or in the belief that their property was “the best” and worth more than other comparable properties.
So what now? – well although they will have been told by reducing the price it will generate more interest from buyers and therefore increase the chance of the price offered being close to the original asking price, the truth in the majority of cases is that buyers will see a seller who reduces their price as one who is pressured or desperate to sell. Therefore, buyers will expect to achieve a price and will submit offers, way below the revised asking price.
Sellers, if they want to sell will have to engage with these buyers but this will in most cases lead to the achieved sale price being less than it would have been had the original marketed price been fair and reasonable.
If you are bringing your home to market this September/October do consider this lesson, because if handled correctly it is possible to achieve a good price and a quick sale for your home.
For access to pre-screened and proceedable buyers contact Elite Property Search

London Office: Max Storey tel: +44 (0) 207 060 2338

Central Office: Andrew Findley tel: +44 (0) 1865 479980

South East Office: Tim Sharp tel: +44 (0) 1483 256775

South West Office: Joe Nisbet tel: +44 (0) 1202 766566

email: info@elitepropertysearch.com

Ready Steady...?

Thu, 26 Jul 2012 14:06:39 +0000

With the Olympics officially starting on the 27^th July 2012 I have been surprised at how little property industry news has been released relating to the Games. The most light hearted this week being that of a women in Leytonstone East London who is hiring out her shed along with Union Jack duvet for £40 per night, with the only relevant statistics released being of how the 14 postal districts closest to the main stadium have seen above average growth since the Games were announced in 2005 rising 33% in value compared to the national average of 24%.

From an industry perspective this is usually the time of year where buyers go on holiday and many vendors that haven’t sold over the spring remove their home from the market then wait for September to arrive when they re-launch.

At Elite Property Search we have found this time of year a time of opportunity for buyers who are pro-active and for sellers who are serious about selling and who have priced correctly and presented their property well with deals taking place over the summer months for the past few years.

So if you are wanting to buy and are thinking of holding off starting until after the summer don’t - now is a great time to potentially pick up a good deal from properties that have not sold during Spring and whose sellers want to move on. It is also a great time to gather market intelligence putting you in pole position and allowing you to make a quick and informed decision when the post holiday market starts mid-September.

A buying agency is ideal to prepare this information for you and to advise accordingly so why not speak to one about your search which will allow you to enjoy the Olympics and your summer break whilst they do the "leg work" on your behalf.

For more information of how Elite Property Search can help you, please contact:

London Office: Max Storey tel: +44 (0) 207 060 2338

Central Office: Andrew Findley tel: +44 (0) 1865 479980

South East Office: Tim Sharp tel: +44 (0) 1483 256775

South West Office: Joe Nisbet tel: +44 (0) 1202 766566

email: info@elitepropertysearch.com

Elite Property Search helps buyers find “mission impossible” dream homes

Thu, 19 Jul 2012 10:30:00 +0000

Mandatory requirements from prestige property buyers include privacy, seclusion and accessibility, proximity to the best schools, period features combined with open-plan living space and no compromise on road noise, light pollution and rights of way issues. And of course, wow factor.

According to prestige property search agents, these demanding criteria are unlikely to be fulfilled by conventional real estate agents with a limited portfolio of properties for sale on the open market.

As a result, buyers with more than £2 million to spend are increasingly turning to property search agents to find the property that meets their exact specifications. Earlier this year The Daily Telegraph featured three property agents in its list of 25 most powerful people in property.

“Prospective buyers looking for the perfect home in the prestige market are not willing to compromise, and the list of boxes that they require ticking are unlikely to be met on the open market,” according to managing director of Elite Property Search, Tim Sharp.

“For example, we have clients who have very specific requirements in terms of proximity to a particular village or school, who also want a character home with original features that also boasts contemporary open living areas. It can be mission impossible.

“But that’s where we differ from traditional estate agents who have a very limited portfolio of properties to sell. More than 80% of the sales we negotiate are not on the open market.

“We use our extensive network of contacts, intensive research and a completely different strategy to find buyers the exact home they want, rather than trying to convince a buyer to compromise on a property that’s readily available on the open market.”

Sharp said Elite had amassed a unique database of properties around the UK, including London, the Home Counties and the South West. These properties are not necessarily sale, but match popular search criteria for their customers in known property hot spots.

Properties that match a particular buyer’s requirements will be identified from the database; those on the open market will be contacted through selling agents and proposed to them.

Those that are not on the open market but have already expressed an interest to sell if the right offer came along will be proposed to the potential buyer. Those properties that are not on the open market will be discretely contacted to identify if there is any interest to sell for the right offer.

“Serious buyers realise that to gain priority knowledge, access to all property information and more importantly access to the best properties, they need to appoint a buying agent,” Sharp says.

“The reality is that the service not only pays for itself financially through price savings and knowledge, but also in time saved stopping unnecessary viewings.”

Respected property search agents like Elite also offer a management service to handle all aspects of the purchase, including liaising with solicitors and surveyors.

“That’s why buying agents are becoming a major influence within the sector,” Sharp says. “And for the for the discerning buyer we’re now a vital service.”

Despite the rain London is still hot!

Tue, 10 Jul 2012 15:14:26 +0000

When returning to work after a holiday I like to catch up with the industry press, to see what has been the hot topics in my absence.
After returning recently from what I am glad to say was a sunnier climate, I was intrigued to see the amount of press that has been written about the increase in value of prime London property.
Not that this headline in itself was surprising as London prices have been climbing for years, but I was more interested because this news is still being deemed as news worthy.
It could be that in a slow and boring market place new “news” is hard to come by and “interesting” news even harder, I therefore presumed that to regurgitate old news with a new spin is both cost effective and guarantee’s some interest.
The latest press re-affirmed how well prime central London is doing compared to the prime country house market place, where between April – June 12, prime country property fell by 1.5% taking it to an annual decline of 4.8% (this figure excludes commuter hotspots like Henley-on-Thames and Guildford and the £5m+ market which are still seeing growth).
In comparison Cluttons report that prime central London property although expected to slow down due to the Olympics is still expected to rise by up to 3% this year with rises still being fuelled by foreign investors who see the prime central London market as a safe haven for their money.
For me the most interesting statistic was from a Knight Frank report, which stated that since 2009 prime central London property prices have risen by almost 50%. They state that this means for every £1m invested in 2009 growth has been seen of £12,400 per month or £407 per day over the past 3 years.
Now that’s not a bad investment!

For further information of how Elite Property Search can help you contact:

London Office: Max Storey tel: +44 (0) 207 060 2338

Central Office: Andrew Findley tel: +44 (0) 1865 479980

South East Office: Tim Sharp tel: +44 (0) 1483 256775

South West Office: Joe Nisbet tel: +44 (0) 1202 766566

email: info@elitepropertysearch.com

Risky Reductions in Prime Property

Fri, 22 Jun 2012 09:31:17 +0000

Recently the prime property market has seen a shortage of stock coming to the market place whilst demand has still remained high.

Normally, these circumstances would see a property brought to the market having strong competition from competing buyers and a quick sale achieved .

However, these trends in most cases are currently not applying with the opposite occurring as buyer psychology appears to be changing.

Headlines such as “Business confidence falls in may” and “Greek exit could cost UK £4.8bn” have re-in-forced the on-going fragile economic conditions and has left buyers very cautious and seeing them delay from making big purchasing decisions.

Buyers are also seeing the market place as a buyers market and to proceed to purchase are expecting a reduction from the guide price.

Mr Andrew Findley Director at Elite Property Search a prime property buying agency commented ““buyers today are not willing to over pay for a property. To engage they need to feel they are getting a fair deal.”

This stance has been strengthened by the number of properties which have come to market over the past 12 months priced at or close to levels experienced in the peak of 2007 and which having not been sold are now seeing large reductions.

For example Zac Goldsmith the Conservative MP for Richmond Park and North Kingston, has recently reduced the price on his Devon estate, an 8 bed manor house sat within 543. First brought to the market in November 2011 at £7m, it is now available for £6.5m.

Also a 50 acre development plot at Milton Lilbourne Wiltshire with planning permission for an 8 bed manor house, came to the market last year at £2.75m and is now available through Knight Frank at £2.25m.

Price reductions are often used as a tactic to get buyers to engage with the expectation that more than one buyer will gain interest. This competition then tends to lead to the price increasing as buyers bid against each other.

Competition is key to a property achieving its best price. This being the case in the purchase of Bucklebury Manor Berkshire, a 7 bed manor house which came to the market through Savills in April 2012 with a guide price of £4m. With 4 interested parties bidding, it finally achieved a sale price of £5m, with the winning bid coming from Carole and Michael Middleton parents to the Duchess of Cambridge.

Mr Findley commented further by saying “Bucklebury demonstrates a very valuable point. A good house priced correctly when entering the market sells quickly and achieves the best and right price. Using price reductions as a tactic does run a potentially costly risk. If after a price reduction a property still does not gain any interest going forward the new reduced price is likely to be interpreted as the asking price and in a buyers market a buyer would expect to pay a price below this meaning that the seller is likely to only receive offers well below their original expectations”.

For further assistance with your property acquisition please contact Elite Property Search on:
Central Office: Andrew Findley tel: +44 (0) 1865 479980 ;

South East Office: Tim Sharp tel: +44 (0) 1483 256775 ;

South West Office: Joe Nisbet tel: +44 (0) 1202 766566 ;

London Office: Max Storey tel: +44 (0) 207 060 2338;

email: info@elitepropertysearch.com

Coronation 1952 V Diamond Jubilee 2012

Fri, 01 Jun 2012 11:11:43 +0000

A wry smile has spread across my face over the past few weeks as we have approached The Queens Diamond Jubilee celebrations with many column inches being given over to the differences in all aspects of society from when she came to power in 1952 to now.

Below are the pick of the property related stats that I have seen:-

• Interest rates in 1952 were 4%. In 1977 at the Silver Jubilee they were 8%. In 2002 at the Golden Jubilee they were 4% and today at the Diamond Jubilee they are 0.5%
• Buckingham palace was valued at £11m in 1952. Today it is valued close to £1bn – that’s an increase of 9,000%.
• By comparison Windsor Castle in 1952 was valued at £2m but is thought to be worth £189m today.
• Nationwide report that the average house price in 1952 was £1,891 and today is £162,722 with Halifax quoting a 186% increase over the past 60 years in real terms.
• In comparison London’s average house price was £2,650 in 1952 and is now £354,300.
• Over theis period generally build quality has increased but average size per dwelling has decreased.
• The industry has seen a transformation according to John D Wood with” buy to lets” now making up a significant segment of the market place.
• Lucian Cooke of Savills research says that the way people look at property has changed from then, with it now being viewed threefold, part necessity, part luxury and part investment.

So why my wry smile? Well, for all the time researching and writing about the comparisons they are irrelevant really… but at the same time intriguing!

Elmbridge top's the UK Borough's

Fri, 25 May 2012 14:50:34 +0000

Five of the top 10 Boroughs in the UK are in the counties of Surrey, West Sussex and Hampshire reports Lucy Denyer in this week’s Sunday Times Home section.

In Surrey were the boroughs of Elmbridge,Epsom, Ewell, Waverley, in West Sussex the borough of Horsham and in Hampshire the borough of East Hampshire covering the areas of Petersfield and Medstead.

The survey was carried out by Experian who used criteria from air quality to crime waves to complete their research.

And it was hardly surprising that they stated those who live in the borough that topped the list – Elmbridge - were more likely to:

have a degree,
drive a nice car,
have a good job,
own a nice house

and that most lived there because of its good access to London and good education.

It is certainly true that at Elite we have recently seen a higher demand from families selling up in West London areas such as Wandsworth and moving to borough’s within Surrey looking for a change of lifestyle and the relative increased value that can be achieved but which is still commutable for the capital.

An example being:- for £3.5m in Wandsworth you can buy a semi -detached house 3,000 sqft in need of modernisation with a small back garden and no off road parking, where for the same money in Surrey you can buy a recently renovated home in a private estate with high internal spec 8,000sqft and ½ acre.

If you would like to talk to me about your property search in Surrey, Hampshire or West Sussex please contact me on:

South East Office: Tim Sharp tel: +44 (0) 1483 256775 / 07787 828 670

email: tim@elitepropertysearch.com

Farmhouses – flavour of the season

Thu, 17 May 2012 15:21:45 +0000

Looking through Country Life this week I noticed three Farmhouses for sale in the county of Wiltshire which although not suitable for the client I was looking for did represent a stock of property in the area that has not been available for a long time.

This also came on the back of the recent Sunday Times Home section article titled “Bet the farm on it” which talked about the value that farmhouses represent.

Generally, farmhouses represent good value because:-

They are substantial houses between 4000 & 6000 sqft
Many are not listed – allowing for unrestricted renovations to accommodate owners preferences.
They tend to be in rural locations providing privacy but linked to a community.
Most are period in style many dating from the Georgian, Victorian or Edwardian era’s

Prices are also taking a wobble. According to Caroline Penman head of research for Carter Jonas “over the past year average prices have fallen by 2% twice the national average, with recovery expected to be dependent upon the City”.

So now could be the time to pick up a good deal in counties such as Dorset, Devon, Somerset and Wiltshire. Counties all with a rich farming tradition.

Well from recent results buyers would seem to confirm this.

Cliffansty Farm, Wiltshire a Georgian Farmhouse with 292 acres came to market 4 weeks ago with a guide price of £3.125m and is now under offer through Smiths Gore.

Upper Ham Farm, Wiltshire A Regency Farmhouse with 60 acres in country Life today with a guide price of £1.95m. I rang up for details only to be told it was already under offer through Strutt and Parker!

Kindwardstone Farm Wiltshire has also come to market through Knight Frank a Victorian farmhouse sat in 15 acres price guide £2.395m.

So if you are considering a move to the Country don’t just consider the Manor Houses the Farmhouses are worth considering too.

To discuss your property search requirements further with an Elite Property Search director contact:

Central Office: Andrew Findley tel: +44 (0) 1865 479980

South East Office: Tim Sharp tel: +44 (0) 1483 256775

South West Office: Joe Nisbet tel: +44 (0) 1202 766566

London Office: Max Storey tel: +44 (0) 207 060 2338

email: info@elitepropertysearch.com

Euro - political impact

Wed, 09 May 2012 16:24:02 +0000

After last week and the Greek elections, Alexis Tsipras is trying to form a coalition Government and Francois Hollande has been voted in as the new French President.

What they both have in common is that they oppose further austerity measures and instead, want to focus on economic growth something which is clearly favoured by their respective electorate.

These changes could prove beneficial to the already buoyant London prime property market.

Francois Hollande has been quoted as saying he “dislikes the rich” and has promised a wide-ranging left wing programme including a top rate tax of 75 per cent.

This has made London, as an international finance hub and its proximity to France a natural choice for French professionals rattled by Hollandes hostile mood towards the wealthy.

With the French already well established in Belgravia and South Kensington Knight Frank have reported that so far this year enquiries from French clients have soared 19 per cent.

With Douglas & Gordon experiencing so much demand that they are setting up a special French-speaking office.

However, there has also been concern that the recent rise in stamp duty rates now either 7% or 15% on £2m+ purchases depending on whether the property is purchased via a company or not, may move buyers away from London to Singapore and New York.

Ed Mead believes that in the coming months the only busy market place will be sub £2m, with the market above this price level becoming “constipated” due to the consultation on who will be exempt from the new rates not due until the Autumn. He therefore, doesn’t expect many deals to be done before then with potential buyers holding off until the exemption criteria is known.

With RICS reporting that prices still rose in London during April whilst the rest of the UK declined, it is hard to see such a bullish market slowing down.

However, it must do at some point and maybe now could be the time that investors look further than the city to the country for their property investment and the relative value that this offers.

To speak with a Director at Elite property Search contact:

Central Office: Andrew Findley tel: +44 (0) 1865 479980

South East Office: Tim Sharp tel: +44 (0) 1483 256775

South West Office: Joe Nisbet tel: +44 (0) 1202 766566

London Office: Max Storey tel: +44 (0) 207 060 2338

email: info@elitepropertysearch.com

Recession - What the others say.

Tue, 08 May 2012 15:57:32 +0000

I am always interested to hear what the experts have to say on an issue particularly when I have already expressed my view to the nation on the subject.

So after my blog of 27^th April 2012 which considered what impact the UK entering a double dip recession would have on the Country House Market, I was intrigued to read the article by Zoe dare Hall in the Home section of the Sunday Times on 29^th April 2012 entitled “Double Trouble”.

In it Ben Thompson Managing Director of Legal & General Mortgage Club agreed with what we at Elite Property Search had experienced when he said “some people rethink or defer on decisions such as buying a home during times like these”.

Cautiousness by buyers has led property owners needing to sell to reduce prices to get interest and hopefully a sale. An example being Clatford Hall Wiltshire which came to market at £4.25m now price at £3.7m.

However, price reductions have also often been a realignment of sellers expectation reducing the price from 2007 expectations to a more realistic price level.

Liam Bailey head of residential research Knight Frank says “The broad trend is that we are seeing a slow unwinding of high price growth that occurred up to 2007. The mainstream market is likely to remain sluggish for at least the next 2 years while the prime markets in the country, and particularly in London are beginning to benefit”.

The news that we are back in recession shouldn’t slow the market down for long Zoe Dare Hall writes “the spectre of the double dip is - for all but the worst effected - as much about psychology than the financial reality” This has also been experienced at Elite over the past few years. In other words, once the bad news has died down people get back to buying.

Zoe summed it up perfectly on how best to handle the double dip recession by saying. “The only way to get through it is to keep calm and ride it out”.

To speak to an Elite Property Search Director contact:

Central Office: Andrew Findley tel: +44 (0) 1865 479980

South East Office: Tim Sharp tel: +44 (0) 1483 256775

South West Office: Joe Nisbet tel: +44 (0) 1202 766566

London Office: Max Storey tel: +44 (0) 207 060 2338

email: info@elitepropertysearch.com

Recession - The impact of a double dip

Fri, 27 Apr 2012 11:18:41 +0000

With the news that we have hit a double dip recession the question I am being asked is how will it impact the prime country house market?

A slow start to the year has already been seen and, after Easter, the hope was that there would be a few months activity before the Olympics and the nation gets distracted.

So news that we are back in recession, married with the news that we can expect the wettest May on records doesn’t leave the industry with the optimism it needs right now.

I expect recession to affect the prime property market based on the pattern over the past few years where, after any bad economic news, buyers and seller, become cautious for a while and don’t act.

Prime property buyers, typically, see anyone selling as being under pressure to do so and see this as an opportunity to snap up a deal. This can lead to low bullish offers being lodged in the hope that the seller buckles, which, unless they have to, typically doesn’t happen.

Prime property sellers not exposed to the 3 D’s of death, divorce & debt, typically, decide not to bring their property to the market, waiting instead for the market to turn, as they will not see it as a good time to sell and believe that there aren’t buyers out there. This leaves a shortage of stock in the market place.

This may appear all doom & gloom, but there is a way forward and with it, brings hope for the market place.

When sellers want to sell they will sell.

2. When Buyers want to buy they will buy.

The conditions for both need to be right and the primary condition is price.

Sellers need to get their asking price right. The tactic of starting with an overpriced figure to drive a high offer does not happen. Many properties adopting this tactic see it backfire by excluding many credible buyers and, eventually, seeing asking prices being drastically reduced, leading to offers received being well below a property’s true value.

Buyers need to get the price right and not being too bullish is key. Most sellers don’t need to sell and won’t give their home away, so make your offers realistic and reasonable. Manage your own expectations by accessing the information data out there to support a reasonable offer.

Elite Property Search provide services to help both buyer and sellers during these times.

For sellers: we have a database of active pre-screened buyers. Your property could meet their requirements, so let us know about it. Also, at no cost to you, we are able to discreetly promote your property via a national property portal. This allows you to test the market place without losing your property’s anonymity and it gaining a shelf life.

For buyers we have a large portfolio of off market, privately available property, not accessible through any other source, which is added to daily. We can also identify and make direct contact with property owners whose property meets your criteria. This service provides you first, and unique, access to the best properties that meet your requirements.

So although with the recession returning, this will bring more difficult conditions for most. Those who are pro-active and who liaise with specific sector services like Elite Property Search should see this as opportunity and success being within their grasp.

For more information on the services that Elite Property Search offer please contact us

Central Office: Andrew Findley tel: +44 (0) 1865 479980

South East Office: Tim Sharp tel: +44 (0) 1483 256775

South West Office: Joe Nisbet tel: +44 (0) 1202 766566

London Office: Max Storey tel: +44 (0) 207 060 2338

email: info@elitepropertysearch.com

Off Market - Privately Available?

Thu, 19 Apr 2012 15:38:12 +0000

In this week’s Country Life, I saw something for the very first time. An advertorial by a leading prime property Estate Agency, stating, that for every prime premium property they were openly marketing they had another available privately.

Privately, means that a buyer would not see this property on a property portal, in any publication, nor in an estate agent’s window. To get access to these properties a buyer would have to court an agent and demonstrate to them that they were an active and motivated buyer and in a financial position to buy.

In the advertorial, the agency claimed that sellers take this “private” or “off market” route as they value the reputation of the agent and their access to good buyers. Also, now more than ever, many value the discretion of a private sale as it does not draw attention to themselves, whilst others are nervous about the current market place concerned at bringing their property to market and it gaining a shelf life.

However, more & more property owners are taking a totally different route.

Andrew Findley, a Director at Elite Property Search says “as a buying agency we get access to all the on and off market property listed with agents. But, in this day and age, more and more sellers are, in the first instance, listing their property’s availability with buying agents often months in advance of even contacting selling agents. Now they are seeing buying agents as a direct route to pre-screened proceedable, cash buyers and by marketing it quietly and discreetly it allows them to test the market place for interest at no cost.

He went on to say “to generate privately available property information, when Elite Property Search are appointed by a client we contact all relevant property owners who if they are in the mood for selling, let us know. This approach often leads us to knowing about more opportunities in an area than all the selling agents combined”.

“For example when recently looking for property in excess of £2m in a specific area within Oxfordshire we found 15 properties above this price level that were either openly or quietly marketed with selling agents. After we approached relevant property owners, a further 30 contacted us who were willing to sell, meaning we had knowledge of twice as many properties as agents had, in total, to offer”.

“This meant that our buyer had every possible opportunity to consider and, with such comprehensive knowledge, was able to make an informed decision to ensure he bought the right property at the right price”.

In this day and age of internet and portals, many buyers think that this is enough to find their ideal home - but the truth is that, the transparency and accessibility of the internet, has pushed many more owners of premium prime property to sell their home privately.

For information of how Elite Property Search can help you with your property search and to gain access to privately available property please contact.

Central Office: Andrew Findley - tel: +44 (0) 1865 479980

South East Office: Tim Sharp - tel: +44 (0) 1483 256775

South West Office: Joe Nisbet - tel: +44 (0) 1202 766566

London Office: Max Storey - tel: +44 (0) 207 060 2338

email: info@elitepropertysearch.com

Property Buying Agents Gaining Power

Thu, 12 Apr 2012 16:27:17 +0000

The Daily Telegraph recently listed the top 25 most powerful people in property. As you would expect there is a strong London slant and the usual suspects such as the Candy brothers, Lord Rogers and Prince Charles appear on it. Others include major land owners, property owners & television personalities. However, what I found surprising was that property buying agents have now made the list but even more surprising was they had taken not one but 3 positions.

So why have property buying agents become so influential in this established market place?

1. Value - they typically save in excess of 10% of the purchase price. Their fee, typically 2% of purchase price.

2. Knowledge - They know the market place - what has sold, what has not and why, vital in making the right decision and getting the best price.

3. Access - They will know all properties on market, off market with agents, and off-market/privately available as part of their own private property portfolio giving them direct access to vendors which always works to a buyers advantage.

4. Representation - Buyers have somebody on their side to represent and protect their interests. Remember, estate agents may appear friendly and very nice chaps but they are paid for by the seller, so quite rightly first represent the seller’s interests.

Therefore serious buyers realise that to gain priority knowledge, access to all property information and more importantly access to the best properties they need to appoint a buying agent.

The reality is that the service not only pays for itself financially through price savings and knowledge but also in time saved stopping unnecessary viewings and the stress & strain of having to manage the pre-exchange process liaising with solicitors and surveyors et al.

So that is why buying agents are becoming a major influence within the sector and for the discerning buyer, a vital service.

For more information how Elite property Search can help with your property purchase contact:

South West Office: Joe Nisbet tel: +44 (0) 1202 766566

Dorset property search and buying agents

Devon property search and buying agents

Wiltshire property search and buying agents

Somerset property search and buying agents

Central Office: Andrew Findley tel: +44 (0) 1865 479980

Oxfordshire property search and buying agents

Buckinghamshire property search and buying agents

Berkshire property search and buying agents

Gloucestershire property search and buying agents

South East Office: Tim Sharp tel: +44 (0) 1483 256775

Surrey property search and buying agents

Hampshire property search and buying agents

West Sussex property search and buying agents

East Sussex property search and buying agents

email: info@elitepropertysearch.com

Spring £m+ Country House Market 2012 to finally arrive???

Thu, 05 Apr 2012 14:27:23 +0000

It has been a slow start to the UK Country House £m+ market place in 2012 with low stock levels and un-realistic pricing by vendors, hanging on as best they can to the belief that their property is still worth what it was during the peak of 2007.

For many buyers the purchase of their new home has been a frustrating experience, particularly as they are now more eager than ever. They have prepared themselves to be a preferred buyer, by appointing a buying agent such as Elite Property Search, got the necessary finance in place and many of those who needed to sell, already sold and currently living in rented accommodation.

In recent weeks with the warm spring weather and the lighter evenings returning, a feel good factor had returned and signs of momentum began in the market place, only for Easter to arrive and momentum to grind to a halt. More gloomy news it would appear…

…or not.

With Easter being early this year, it means that apart from a couple of Bank Holidays, from Tuesday 10^th April we will have a pretty much uninterrupted market place until the end of July. That is four months of potential market activity, a sustained period which can only be good news.

Coupled with this is the amount of murmurs from estate agents that they have stock pending and due for release between mid- April and May and our discussions with owners of our privately available stock who are gearing up to be pro-active with their sale which includes a revision on the price they would accept. Things are definitely looking up, with the expectation for an active and interesting Spring/Summer.

If you are a seller, gain comfort that there are buyers out there. If you are a buyer, gain comfort that there are sellers out there it’s just that many don’t want to come to the open market in the current climate so instead they register their availability with agencies like Elite Property Search.

For access to our range of services for property buyers and sellers including our off-market stock, please contact Elite Property Search:-

Email: info@elitepropertysearch.com

Or call:

Elite London Office: +44 (0) 207 060 2338

Elite South East: +44 (0) 1483 256775

Elite Central: +44 (0) 1865 479980

Elite South West: +44 (0) 1202 766566

Boxed in a corner?

Fri, 30 Mar 2012 15:39:58 +0000

The Sunday Times Home section ran an article titled “Boxed in a corner” which told the story of a Bristol family who had sold and moved from a house and area that they were very happy with, into rented accommodation. They did this to become cash buyers to help them purchase their dream home as they had lost out on a purchase before because they hadn’t been in a position to proceed quickly enough. However, as it turns out they are now competing with London buyers which has pushed prices up and they are now not able to afford their dream home and would now struggle to afford their original home.
To help those in a similar position and buyers who are frustrated from being “pipped to the post” for the best properties, the article then went on to list “Ten ways to beat other buyers to it in a tough market”
The top three suggestions were:
1. Getting on line
2. Getting friendly with the agents
3. Employing a buying agent
As a Director of a Buying Agency covering the South of England I would support this approach, except I would put buying agent at the top of the list because a apart from lining up your finances we do the rest for you.
For example getting on line is O.K but you still need to be able to sort the wheat from the chaff by being able to complete due diligence on property details you are sent which is a skill in itself and also time consuming.
Getting friendly with agents is O.K but let’s not forget that they will never have any loyalty to you as a buyer. They are paid for and are there to represent the seller. So quite rightly that is where their loyalty lies.
This is one reason why you should employ a Buying Agent like Elite Property Search because their sole loyalty is to you the buyer. Not only this, but they will already have close relationships with estate agents which means that they receive priority access to any new instructions.
However, at Elite property Search we also go a step further by utilising data and technology to identify properties that meet your criteria and approach the owners directly. This approach particularly in the £million property market unearths a lot of privately available information which has led to 80% of our purchases being off market property.
So out of the top 10 tips all we require you to do is line up finances and we do the rest…and discreetly.

To speak further with a Director at Elite Property Search about your search contact:

Central Office: Andrew Findley tel: +44 (0) 1865 479980

South East Office: Tim Sharp tel: +44 (0) 1483 256775

South West Office: Joe Nisbet tel: +44 (0) 1202 766566

London Office: Max Storey tel: +44 (0) 207 060 2338

Dorset property search and buying agents
Devon property search and buying agents
Wiltshire property search and buying agents
Somerset property search and buying agents

Oxfordshire property search and buying agents
Buckinghamshire property search and buying agents
Berkshire property search and buying agents
Gloucestershire property search and buying agents

Surrey property search and buying agents
Hampshire property search and buying agents
West Sussex property search and buying agents
East Sussex property search and buying agents

email: info@elitepropertysearch.com

SDLT on £2m+ homes = 7%

Thu, 22 Mar 2012 15:46:12 +0000

Stamp seems to be the buzz word this month,with the Royal Mail raising the cost of a first class to 60 pence and the Stamp Duty Land Tax (SDLT) being raised in last weeks budget. Everyone will have their own opinion on what the 2012 Budget changes to SDLT now at 7% for properties sold in excess of £2m, will have on the Country House market.
Of course no one really knows and the old adage “time will tell” is as true in this case as any.
The headline of my thoughts is this. It will create further slowdown in the short term in an already slow market place.
Why?
Well our high net worth clients have typically worked hard to earn their money and they don’t give it away lightly and begrudge giving it to the tax man who they already feel they contribute to significantly and see this new tax as an unfair tax on the rich.
I experienced this yesterday when a client called me to say that what with the continuing property price rises in London and now this extra tax he has had enough and he was stepping away from his search, as he just does not see property providing a good enough investment in the short to medium term
(I dared not remind him that if he had been an international buyer he could be paying 15%!) so for now he will sit out, watch and bide his time.

This I expect will be the stance for many in the short term whilst buyers adjust to this new cost.

However medium to long term, serious buyers will come back and buy. They won’t want to sit out for long as many are buying not purely for investment but also for life style. What might be more apparent in the early days is seeing buyers and sellers agreeing prices that in-effect splits the extra cost to facilitate a deal being done.

With the Spring market just starting to gather momentum this was not a good time for an extra cost like this, but then when is?. However, if quality stock is brought to either the open or private market place via agencies like Elite Property Search then I think even with the extra cost it will be hard for buyers to resist.

Central Office: Andrew Findley tel: +44 (0) 1865 479980

South East Office: Tim Sharp tel: +44 (0) 1483 256775

South West Office: Joe Nisbet tel: +44 (0) 1202 766566

London Office: Max Storey tel: +44 (0) 207 060 2338

Dorset property search and buying agents
Devon property search and buying agents
Wiltshire property search and buying agents
Somerset property search and buying agents

Oxfordshire property search and buying agents
Buckinghamshire property search and buying agents
Berkshire property search and buying agents
Gloucestershire property search and buying agents

Surrey property search and buying agents
Hampshire property search and buying agents
West Sussex property search and buying agents
East Sussex property search and buying agents

Does one size fit all? ....UK property portals.

Thu, 15 Mar 2012 16:24:21 +0000

Over the past few years property portals have become a big part of the UK property buyers and “property voyeurs” daily life.

One portal Rightmove has become the front runner claiming 31% of all UK property portal visits equating to 80 million searches per month. This has led to the site entering the top 10 most visited UK websites, overtaking the BBC.

Because of Rightmove's success it's top executives recently received bonuses worth hundreds of thousands of pounds.

Due to these potential rewards and the demand for UK property information it is little surprise that more & more portals are being developed.

In January 2012 linking onto the growth and success of Facebook, Solhil Rashid launched the first property portal facebook app and last week Doug Munroe and Andrew Hunter latterly of Zoopla and Gumtree respectively launched a new property search engine Adzuna.

However, many portals come at a price. For example Rightmove’s basic package costs each agency office, in excess of £700 per month.

To offer an alternative to agents, some sites including Mouseprice and Needaproperty have started to offer a free agent listing service to estate agents.

The property buying agency Elite Property Search offer a unique service in that they offer free listings to property sellers who can list their £1m+ properties privately and discreetly on Elite's property listing service at www.elitepropertysearch.com/properties/ with all buyer enquiries being pre-screened by an Elite Director before details are released.

The advantage to the buyer being that they are able to gain access to buying opportunities that cannot be accessed anywhere else.

To try and challenge Rightmoves dominance two of the top four property portals Primelocation (part of the property digital group (DPG)) and Zoopla are in negotiations to merge. This would automatically give them 19% of market share but would still be some way behind Rightmove.

Whether the new free portals will be able to create a real threat to the power house that is Rightmove will have to wait to be seen.

To discuss your property's listing or to gain access to Elite Property Search private property portfolio contact an Elite Director on +44 (0) 207 060 2338 or email: info@elitepropertysearch.com.

Low Stock Impact

Fri, 09 Mar 2012 15:05:50 +0000

There was a time, and not that long ago, when a country house came to market there would be a queue of buyers waiting to purchase. A seller expected a sale to be achieved quickly, in excess of guide, and, at worst, close to it.

At the time, buyers were driven by fear and panic. If a country house became available within the area they wanted, even if it didn’t meet all their criteria, they would still consider buying it as they were concerned that if they didn’t take the opportunity they would be either priced out of the market place going forward or never get another opportunity again for a long time.

This meant the power was with the seller and so created a steady stream of properties coming to the market with sellers making the most of the migration out of London by families opting for their aspiration of a country life idyll, taking advantage of the increase in value of their London home and the easy access to mortgage finance.

Well how things have changed in all ways, particularly with the volume of good County House stock.

So why is this?

Certainly since the 2008 recession, the Country house buyer has become more bullish.

There are fewer in the market place and with the restriction on mortgage lending there are mainly only the cash buyers left.

They now perceive themselves with an elevated status. No more do they feel they have to grab at the first opportunity and pay whatever price it takes. Now purchases are highly discretionary, with buyers wanting the best. Now they wait patiently to take the pick of the bunch and then negotiate hard on price.

The impact of this has led to many existing sellers withdrawing from the market and new sellers to hold off from coming to the market.

This is because they feel that:

there aren’t active buyers out there.
they won’t achieve a favourable price.
there is a high risk that the property will sit on the market gaining a shelf life and reducing future value.

However, our experience at Elite property Search is that there are buyers out there, but there isn’t the volume of stock to satisfy their needs.

They are as hungry as ever, if not more so, because, for many, they have been looking for a long time without any success - but they are fussy, with the spec and price having to be right.

This scenario has led Richard Batten, Executive Chairman UK, Jones Lang LaSalle to comment on the market place as being in a “risk avoiding environment”, and forecasting that the “first 6 months of this year are expected to be flat at best”

Our news for sellers is that best properties do sell and still sell for a strong price. West Wick House, Wiltshire being a prime example, came to market at £2.75m and sold for circa £7m in Summer 2011.

Although West Wick was exceptional in terms of the guide to price achieved, it does demonstrate that good properties are still very much in demand, attracting competing buyers and, as a result, commanding good prices.

As Yolande Barnes, Head of Residential Research Savills says “we are in a Prime era where grade A stock still outperforms”.

So our message to sellers is:

There are buyers out there
Good properties will always sell
Be realistic on price… and your house will sell.

At Elite Property Search, we are seeing, more than ever, private sellers of million pound plus homes informing us of their property’s availability, as they see buying agents as a great source of serious buyers and it means their property can be promoted discreetly without losing it shelf life.

If you would like to discuss your requirements please contact an Elite Property Search Director on ++44 (0) 1483 256775 or ++44 (0) 7787 828 670 or email tim@elitepropertysearch.com.

Is Mansion Tax the answer to a stagnant Country House market?

Tue, 06 Mar 2012 16:22:01 +0000

The Liberal Democrats have been in support of a tax on the wealthy linked to property value since introducing a proposal at their party conference in 2009.

It is now back on the agenda as we are fast approaching Budget Day on 21^st March 2012 and George Osbourne is under pressure to abolish the 50p tax rate introduced in 2010 which was expected to earn £2.4bn in extra revenue but which he himself has commented on by saying “what is the point of a tax that brings in scant funds and drives business from Britain”.

Those in favour of a tax on property claim that there has been a disparity for many years with many expensive house owners paying a disproportionate amount in council tax compared to a lesser value neighbouring property and that a tax on properties valued in excess of £1m would bring in an extra £1-2bn in revenue annually.

It has also been seen as a way to stop the foreign investors who buy £1m plus properties in the UK from using a SPV where they pay only 0.5% in stamp duty rather than the standard 5% rate.

However, Eric Pickles Conservative MP and Secretary of State for Communities has been quite vocal about his opposition to the proposed Mansion Tax claiming that it would be “a mistake” and is yet another tax on the middle class who “put a lot into the country but don’t take a lot out”.

According to HMRC and Land Registry £2m plus property owners pay 17% of all stamp duty revenues but make up only 0.5% of transactions and have already been hit the hardest with the stamp duty rate review implemented last April seeing stamp duty on £1m plus properties rising from 4% to 5%.

As 81% of the properties are found in London and a large proportion of the remaining 19% being in the South East Liam Bailey Head of residential research Knight Frank has called the proposed Mansion Tax “an additional property tax on London and the South East”.

Tim Leunig Chief Economist Centre Forum supports the proposal and says that there are 3 options that should be considered:

land tax,
higher council tax band,
national tax on expensive properties

However, he suggests that a mansion tax could run at a rate 1 or 2% annually which could be up to £20,000 per annum per million pound of property value.

When talking in large figures it is hard to have sympathy for those who are deemed to be able to afford them.

However, at Elite Property Search we sometimes represent clients who have worked hard and played the property ladder wisely to build up a budget of in excess of £1m to purchase their dream home and many just don’t have the annual revenue to support a annual tax of up to 2% of a property’s value.

We are also aware of many Country Houses owners who inherited the property but who don’t have the annual income to support a tax at this level.

A key question is would the introduction of a Mansion Tax actual stimulate a stagnant Country House market?

Well one argument would be that it would bring properties of those who cannot afford the tax to the market. However, on the other hand it may deter many from entering the £1m+ market place.

Either way we will have to wait until 21^st March 2012 to see what Mr Osbourne does.

Contact Tim Sharp at Elite Property Search +44 (0) 1483 256775 or tim@elitepropertysearch.com