News & Views Blog

The Daily Express reported on Saturday that buying a house has been the best investment most people have made in the past ten years. According to some research, an average house bought for £62,000 in 1996 has increased by 187 per cent. Our own CEO, Warren Bright contributed to the story:

“For most ordinary Britons, their home is the best investment they have ever made or are ever likely to make. Over the past 10 years, housing has outperformed stocks and shares or bank savings accounts, and has risen more quickly than either wages or consumer prices.

The average British home owner has seen the value of his property triple over that time. In some hot spots such as London and parts of the Home Counties people have done even better, reflecting the strength of demand in those areas. 

With a growing population in this country and a severe shortage not just of homes but also of land to build them on, property is likely to remain a great bet over the next decade as well.” 

 Read the full story on the Daily Express website.

Posted by Bronwyn at 10:56 AM | Permalink | Comments (0)

This week's question is from P. Spungin: 

I have seen a property that I would like to buy. Several other people are interested as well and there have three offers at the asking price and more are expected. The estate agent says it will be decided by sealed bid. Do your experts have any advice on how to play this? What percentage over the asking price is usual? Is it possible to put in a bid that says £10 over the highest bid rceived?

I am an unencumbered buyer with nothing to sell, a 30% deposit and mortgage arranged. Does this count for anything in the case of sealed bids?

Nick Leeming, Propertyfinder.com's property expert (and chartered surveyor/former estate agent) suggests:

There are a number of ways in which the sale of a property can be concluded when there is competing interest and sealed bids is probably the most frustrating for the buyer!

As a bidder you cannot be sure where to pitch your offer and bids with reference to another bid level (i.e. £10 above the highest other offer) are normally forbidden. There are no rules as to how much above the guide price you should offer, so you will have to judge at what level you are in genuine competition and bid accordingly.

Clearly a second opinion on the true value of a property may be helpful for you, while your own circumstances and the suitability of the property to your needs will also need to be taken into account.You should anyway be one step ahead of some others if you have no other property to sell and a mortgage arranged: make the most of this in your offer letter as the vendor will not just be looking at the highest offer, but also at the one that is most likely to complete.

Do you have a question for our estate agents and property experts? Please let us know below, or read our previous Q&As.

Posted by Bronwyn at 03:50 PM | Permalink | Comments (2)

A large new wave of homebuyers shrugged off the August interest rate increase and entered the home buying market in September and October. According to our October survey, 56% of home buyers had been searching for a month or less - up 8% from 48% in July.

The research also revealed that both buyers and sellers are still confident that house prices will continue to rise with 80% of buyers and sellers expecting house prices to continue to rise over the coming year, on average 6.3%. This is despite the majority of them (more than 70% of respondents) believing interest rates are set to increase again, as soon as November.

Warren Bright, Chief Executive of propertyfinder.com said:

The acceleration in the number of new buyers coming to the market will sustain demand for housing right up to Christmas. This is a combination of a seasonal effect and the favourable mortgage market. While base rates are on the up, fixed rates on mortgages have actually been falling since the middle of September. Around 80% of borrowers typically opt for a fixed rate. Cheaper mortgages mean more home buyers and keep confidence in the market high.

Sellers less prepared to take low offers

Supply of property remains low, especially at the higher end of the market, while demand for homes is rising not juwst from owner occupiers, but also as property investors buy homes to meet demand from tenants - among them many of the 600,000 migrants who have come to the UK from new EU countries.

The tight market means sellers are now less prepared to take low offers. In October sellers were accepting offers on average 3.5% below the asking price, compared to 5.5% 12 months ago. Warren Bright said:

The price a seller actually achieves is far more important than asking prices when trying to asses the temperature of the housing market. Without even taking price increases into account, sellers are now squeezing an extra £4,000 out of the average home sale than they could a year ago simply by demanding offers closer to the asking price. This extra cash is more than enough to cover all their legal and moving costs - although it won't make much of a dent in the stamp duty bill for those trading up the housing ladder. 

Posted by Bronwyn at 08:04 AM | Permalink | Comments (0)

Propertyfinder is giving 20 lucky house-hunters two free tickets (valued at up to £25) to The Wine Show, which is being held at the Business Design Centre in Islington from 26-29 October. All you have to do is send an email to marketing@propertyfinder.com with any burning questions you would like to ask estate agents. Read the first one about investing in buy-to-let properties.

Whether you enjoy a glass of wine in the evening or you are a connoisseur there is something for everyone at The WineShow. With wine experts on had to de-mystify the wonderful world of wine and thousand of wines from all over the world to taste, try and buy it is London' premier wine experience.

There are several special events at the Show including:

• The Preview night

• Sainsbury's perfectly matched food and wine

• Wine Walks

• Wine expert in the spotlight - Peter Richards and Susie Barrie

• London Wine Academy

If you’re not lucky enough to win we can also offer Propertyfinder house-hunters a £7.50 discount off tickets to the show. Preview Night offers visitors a glitzy, glamorous evening with a host of extra entertainment and free goodies. This is the night to visit. Preview Night tickets can be purchased for an exclusive price of £17.50 (tickets are normally £25).

Alternatively tickets are available for anyone planning to visit on either the Friday or the Sunday of the show for only £12.50. Simply visit the Show website or call the ticket hotline on:  0870 890 0094 and quote reference: ‘Property Finder‘ to redeem your special discount.

*Discounts on tickets are based on the ‘on the door’ prices of tickets.

Posted by Bronwyn at 10:39 AM | Permalink | Comments (2)

Survey figures released by the National Association of Estate Agents (NAEA) today reveal 69% of respondents do not believe the home information pack (HIP) will be introduced by the government deadline of 1 June 2007.

The majority of the estate agency industry lost faith in the idea of compulsory HIPs a long time ago. Particularly as the need for a Home Condition Report (HCR) is redundant thanks to the onset of e-conveyancing which will dramatically improve the time it takes to process residential property sale transactions, without any change to existing legislation. The HCR was a fundamental part of the HIP until a partial government u-turn on the legislation earlier this year. Without the HCR the HIP is unnecessary and will still do little to improve the buying and selling of residential property in the UK.

Furthermore, the so-called HIPs trial, which is to receive £4m of government funding, is an equal waste of time and public money. As participants will receive a fully or partially funded HIP the trial will be a very unlikely indicator of how well HIPs will be received by the public and carried out by the industry when it becomes a legal requirement to have one before selling a home. To add insult to injury, the trial is being carried out by an organisation representing HIP providers and has a clear, vested interest in the success of the trials.

Posted by Bronwyn at 03:22 PM | Permalink | Comments (0)

Thanks to everyone who has sent in questions for our estate agents to answer. Here is the first in a series of helpful advice from our panel of Propertyfinder agents.

I own my own property already but would like to get into the buy to let market.  However, friends have advised me that the buy to let industry is totally saturated and I am unlikely to make money from investing.  I am still keen to pursue this.  What should I do?

Louise (London)

Mr Graham Lock, Director of the House Network Ltd says:

When considering a buy to let investment you must take into account the location and condition of the chosen property together with the demand for similar properties within the area so that you can be confident of being able to let it out. Investigate your local market before taking the plunge, the last thing you want is to be left with another mortgage to pay whilst the property sits vacant.

The rental market has become overheated in recent years but a factor of this is the rising price of property so I don’t see much danger of making this move, property is in high demand and prices are holding firm, for some this will continue to frustrate especially the under 30’s who simply cannot get onto the property ladder so they are often left with no choice but to rent in order to have their own space.

With interest rates steady and still historically low, this should also provide you with sound long term investment provided you make the right choice of property.

Do you have a question for our estate agents and property experts? Please let us know below, or read our previous Q&As.

Posted by Bronwyn at 09:42 AM | Permalink | Comments (0)

We have had an overwhelming response from people telling us what they like about the site. Thanks to the Autumn Ideal Home Show we have been able to give free tickets to these lucky people:

Catherine Bowen, Pontprennau
David Ryan, London
David Holmes, Salisbury
Dinesh Sodani , Harrow
James Agombar, London
Lan Lam, Thornton Heath
Mark Nazeri, St. Albans
Tony Lewicki, Baldock
Stephen Docherty, Letchworth
Pat Cann, Tolworth
Joel Smith, Barnes
John Pullen, London
J A Davis, River Walk
A. Laghzaoui, Oxford
Helen Dewsnap, Leytonstone
Hayley Dredge, Watford
David Davies, Conyer
Hema Patel, Leicester
Ms J Hawes, Crowmarsh Gifford
Sarah Ponder, Green Dragon Lane
Guy Gajadhar, Wat Tyler Road
M. McKinley, London
Andrew Harvey, Stantonbury
Penny Welstead, Bedfont
Frank Hill, London
Nigel Walsh, Edgware
Natasha Molnar, Leighton Buzzard
Annick Adjo, Shepherds Bush Road
Pearl Chung, Costock
Olive Docherty, Hebburn
Caroline Green, Strand
John Spearman, Ipswich
Sanchia Franks, London
Jonathan Mackness, Ipswich
Carolyne Heggberg, Woking
Angela Prendergast, Shepherds Bush
Allison Ferguson, Stanford-le-Hope
I Chaney, Woking
Oscar Gonzalez, Bournemouth
W Giddings, Bow
Dulan Weerasinha, Hillingdon
Jayne Maclachlan, Milford
Girish Chopra, Pinner
Valerie Simpson , Galmpton
Federico Scarlata, London
John Walker, London
Paula Gillon, Clapham

Posted by Bronwyn at 03:17 PM | Permalink | Comments (0)

I like Property Finder as it does all the hard work! I really appreciate the frequent updates I receive.  It saves me precious time and the service is quick and very easy to use. Maroulla

The best thing about PropertyFinder is that all the estate agents are on 1 site so you don't have to route around a lot of websites to look at houses in your area. Kevin

I enjoy the different articles and news features, as they cover a range of features that you wouldn,t necessarily get to read about elsewhere. I also like the layout of the website and email bulletins. Chris, Rustington

Your approach is modern and relevant and has helped me find my ideal property (which I will be moving into this month). Sarah, London

Propertyfinder is an easy way to search for property by using location and keywords, its the only site I have found that's this easy to use, and it mails me so I dont miss any prime properties. Cindy, Stevange

Property finder is an excellent website offering many properys to buy and rent. I only registered a couple of days ago and already my Partner and I  have seen many places we are interested in. Paula, London

Propertyfinder lets me save my searches and have a shortlist so that I don't have to keep writing down the properties I like and I don't have to re-type in my search. Victoria, Beckenham

I like Propertyfinder because your e-mails are always worth opening - interesting information as well as properties for sale. Mary, Chosley

I like propertyfinder because it is the only portal that I need to access thousands of propertys worldwide - giving me the freedom to search now or be notified of new properties by email later. Robert, Mildon Keynes

What I like best about property finder is it's easy to drill down maps, and of course the large numbers of properties available on the site. Sean, Maidenhead

It is easy to use, talks in the lingo I understand, searches for what I want when I want.  Totally uncomplicated and visually pleasing website.  Always on the ball and sends me regular updates with helpful information. Maroulla, Carshalton

I really like property finder – I get up to the minute details and have twice looked at properties within 2 hours of details being sent to me. Jillian, Northampton

Full list of winners

Posted by Bronwyn at 11:46 AM | Permalink | Comments (1)

For centuries, the rich and famous have owned private islands, but while the picture of palm trees, white beaches and turquoise waters sounds alluring, there is an even greater allure.. PROFIT!

A private island is one of the best investments money can buy. Buying the right island in the right time and place can be one of the most profitable investments you could ever make. You have not only an affordable retreat for family and friends, but a strategic investment that increases exponentially in value over time.

In the 1950’s many of those haunted by the evils of war, or who had traveled through the South Pacific dreamed of escaping the world to their own private island. The strong increase in sales quickly drove prices up and in 1973 Donald McCormick the author of “How To Buy an Island” wrote…

“Many islands have risen in value over the past forty years by more than 500%”.

During the past 20 years demand for private islands has grown steadily, while the supply remains the same. Increasing demand and diminishing supply is a time-honored formula for a good investment.

Islands are a limited commodity, and offer an incredible investment as they appreciate rapidly. Demand is a so an important factor. Indeed, the supply-demand balance is perhaps much more significant than for other real estate as one cannot just create another island.

Right now, there are less than a thousand islands for sale around the world, some have houses, electricity and water, some have nothing but sand and a few palm trees. Prices range from as low as US$20-30,000 up to $56 million. Over the last 10 years the price of islands in some areas of the Caribbean has increased by up to 300%, that’s over 30% per year, a great investment in any terms.

The trick with purchasing an island as an investment is to buy in the right area at the right time. How? Well you must find an area with all the necessary requirements such as beauty, accessibility, stable government etc but where the market is just beginning. It’s not too late, there still are places left where you can live out the dream of owning your own tropical island. Gillian Tso, Director of Sotheby's International Realty in Hong Kong comments,

Island owners

The world-renowned expert on lateral thinking Edward de Bono, certainly an intelligent person has invested in not one but four islands. He owns Green Island of the coast of Mackay, on Australia’s Great Barrier Reef, Tessera an island just seven minutes boat ride from the centre of Venice, West Skeam Island in Roaring Water Bay off the coast of West Cork Ireland and a half share of the island of Reklusia in the Bahamas. Read about the islands of the rich and famous...

Posted by Bronwyn at 10:02 AM | Permalink | Comments (4)

In a house-hunter survey comparing how well surveyors, estate agents, lawyers and mortgage lenders perform in the house buying process, respondents voted lawyers the worst. Lawyers were voted as not only providing the poorest quality of service but also as the most obstructive in the buying/selling process. One respondent commented, 'My lawyer insists on writing three letters when one email or phone call would have been perfectly adequate.'

Lawyers also scored badly on value for money. Women were particularly hostile to the legal profession: 61% of female respondents thought they were bad or terrible value for money.

At the other end of the spectrum, estate agents were top performers on minimising delays, and both buyers and sellers found them the easiest to get hold of, particularly because the work at weekends. However, they scored less well on quality of service and came bottom on value for money.

Respondents found surveyors provide the best value for money and the best quality of service. Even though a full structural survey has a high cost, people felt it was money well spent. Surveyors only scored badly on ease of communication, but this may reflect more the fact that buyers do not generally need to speak direct to their surveyor. One respondent commented, 'A full survey is not cheap, but I wouldn't buy a house without one'.

Other findings included:

• Almost twice as many  home buyers thought banks.building societies provide excellent or good quality of service compared to lawyers.
• 63% of participants said estate agents were excellent or good at minimising delays compared with 51% who felt that lawyers were poor for causing them.
• 45% males voted lawyers as poor value for money but a massive 61% females raked them bad or worst.

Warren Bright, Cheif executive of Propetyfinder.com said:

Laywers are still the top villains in the house buying process. Although their role is a crucial one, many of their practices are out of date and they cause buyers and sellers an enormous level of frustration at 3what is already a very stressful and anxious time. Surveyors scorec top marks - a good survey can make or break a deal and save buyers thousands of pounds in unexpected repairs. 

Posted by Bronwyn at 05:04 PM | Permalink | Comments (0)

When selling your home it's vital to maximise the charm your property offers. It is easy to increase your home's attractiveness by making some small subtle changes. Here are some tips to think about when selling your property:

First impressions
Kerb appeal is vital because many potential buyers will first drive by your home before deciding if they would like to view it. Read more about this and white vans...

Redecoration, redecoration, redecoration!
Tidy up any peeling wallpaper and smarten up any damaged paintwork with a fresh lick of paint. Your goal is to appeal to as wide an audience as possible, so stick to neutral colours.

Clean your kitchen and bathrooms
More than any other room in the house the kitchen is one of the most important spaces. Keep work surfaces clear of any clutter and use storage tins and jars to display a few choice deli buys.

Get rid of the clutter
A cluttered home looks smaller and less airy. You want to create a space that potential buyers can ultimately visualise as their own, so clear away and keepsakes, knick-knacks and art collections that might be a distraction.

Become a DIY expert
Stay on top of general household maintenance, i.e. replacing broken light bulbs and fixing any leaking taps. These little things might not sound important but you want buyers to feel that your house has been well looked after.

Let the sunshine in
Having the right lighting can work wonders, so open up a window, pull back curtains and let the light make a feature out of tight corridors and problem spaces. Turning on the light in a dark and dingy basements can make a real difference. Another handy tip is to keep a warm welcoming light shining at night, and the porch or hall light on. Make sure the house number or name can be seen from the road, and if you have a bell make sure that it works.

Tidy bedrooms
Tidy away clothes in the bedroom, this helps make the room look more spacious and accommodating. Unkempt bedclothes and washing on the floor make bedrooms look much smaller than they really are.

Storage space
Show the full value of your storage space by keeping cupboards, the basement and attic tidy. Keep mess to a minimum by investing in some storage that can either slot under the bed or is smart enough to use as a feature.

Clean up the yard
Cut back overgrown bushes, particularly those that obstruct windows or make it difficult to get to the front door. Cut the grass, rake or pick up dead leaves and branches. Put away lawn tools, kid's toys and throw away or store any outdoor furniture that is rusty or tattered.

Posted by Bronwyn at 03:47 PM | Permalink | Comments (1)

If purchasing your own island is out of the question, living on one might be a nice compromise...

Temple Mill Island, Marlow
Asking price of £599,950

In one of the best positions on this popular riverside development, a well presented three storey townhouse, considerably improved over last few years.

The property features a level 35' garden with mooring, three bedrooms, bath and shower rooms (including one ensuite), a sitting room with balcony, kitchen/living room, utility room, mostly double glazed, and parking.

Pharaoh's Island, Shepperton

Pharaoh's Island is so called because it was reputedly gifted to Lord Nelson in 1798 in recognition of his victory at the Battle of the Nile.

Situated on an idyllic island accessible only by boat, this stunning three bedroom home is set within half an acre of grounds offering superb privacy, a fabulous heated pool and sauna cabin and excellent cellar storage space.

Hayling Island, Havant
£225,000

 This detached bungalow is located in a highly sought-after private estate. The estate is found at the western tip of the island close to Ferry Road, and enjoys extensive water views of Langstone Harbour.

The property also benefits from a south facing patio and terrace directly on the creek opening to Langstone Harbour. With  cthree bedrooms, a bathroom, kitchen/breakfast room and a large double-aspect lounge, this exclusive property is being sold with no forward chain and is available immediately.

Posted by Bronwyn at 02:33 PM | Permalink | Comments (0)

Property prices in Ramsgate have increased by 73% over the past five years, under a backdrop of extensive regeneration to boost the tourist industry, according to a survey by SpicerMcColl.

Since 2001, house prices in the historic town, fronted by Regency and victorian terraces overlooking the waterfront, have increased by two-and-a-half times the average for the South East, which has only grown by 29%.

Despite these rises, properties for sale in Ramsgate are still well below the regional average of £207,400, making it one of the best seaside towns in the South East.

The regeneration of the waterfront and town centre in Ramsgate has given the town a new vitality and greatly improved the lifestyle for residents and visitors. The Royal Harbour and Marina is home to a diverse arraty of new cafes, restaurants and bars and the town also ahs the designated Westcliffe Conservation Area with a number of sought-after period properties.

Buyers are moving to the town from London and traditional hotspots further along thesouth coast, such as Brighton, which has seen prices rocket over recent years. The high speed rail link between Ashford and Stratford, set to be completed in 2007, will make Ramsgate more accessible from London and further increase its desirability as a location for first and second homes. Lawrence Mayne, manager at Spicer McColl said:

A growing number of professionals with young families are moving down from London because of the good choice of grammar schools in the town. Affordable prices and attractive period properties are pulling people from other seaside areas such as Brighton where properties are more expensive.

A second trend is the increasing number of properties purchased as second homes by Londoners and people living further north. The easy journey out from the dcapital compared to those for coastal towns in the South West has encouraged Londoners to choose Ramsgate as their preferred holiday home location for weekends and summer months. 

Posted by Bronwyn at 01:00 PM | Permalink | Comments (1)

As was widely expected, the Bank of England's Monetary Policy Committee decided to leave the interest rate unchanged this month. The majority of experts are predicting a rise to 5% is needed and could happen next month. Watch this space...

Read more from the Financial Times.

Posted by Bronwyn at 01:22 PM | Permalink | Comments (0)

Homebuyers and sellers are to be given more information by estate agents under a stricter code of conduct.

The Ombudsman for Estate Agents (OEA) - which represents around two-thirds of agents in England and Wales - will launch the strengthened code on October 1.

Estate agents will now have to tell anyone viewing a property if an offer has already been accepted on it. And, if a buyer has made an offer, they will also have to confirm in writing that their approach has been passed to the seller.

To make charges more transparent, agents whose fees are based on a percentage of the selling price must express the sum as an actual amount. If the selling price is higher or lower than the asking price, they must outline the corresponding change in fees.

Posted by Bronwyn at 10:19 AM | Permalink | Comments (1)