Archive for the ‘renting or buying in Surrey’ Category

Sally Asling from Surrey Letting Agent, SurreyLets, answer to this heading is “Its time for all agents and all Landlords to use their voice and to speak up but until there is a consultation and until there is an outcome, its business as normal”

“Following today’s Autumn Statement the Chancellor of the Exchequer, Phillip Hammond has confirmed plans  (and note these are plans, not legislation implemented from today!) to ban letting agents’ fees to tenants in England. The details of this important announcement are still very unclear but the Department for Communities and Local Government (DCLG) will consult with ARLA and other associations ahead of bringing forward legislation.So now is the time to speak out”

“The banning of fees will end up hurting the most, the very people the government intends on helping the most.”

Asling continues  “The Letting agents fees should not be abolished, but I agree they need regulating. Some agents charge ridiculous fees, but most agents like ourselves charge a nominal fee for a service. Our tenants pay to be references, they pay 50% of the Tenancy Agreement and a small administration fee and all of this is normally capped at £300.00 per tenancy. I don’t know what service in life you get for “free”, from lending arrangement fees, car hire fees and even banking fees. If these fees are abolished they will be passed directly to a Landlord without question and I know this will impact what the landlord needs to charge through rental increases to make it a viable option. Landlords are not charities, they are investors. Without Landlords in the Private Rental Sector this country has a deeply dire and worsened Housing Crisis – yet instead of the government helping resolve the problem a supply of housing, it is driving Landlords out of buying to let, increasing the number of empty homes and hurting those it is trying to help”

The following article has been taken from the ARLA News Board.

Since the announcement ARLA MD, David Cox has spoken with DCLG who have confirmed that a consultation on banning letting agents’ fees will be launched in the New Year. Details of what the consultation will contain have not been finalised and the Government has asked for ARLA to bring forward the industry’s views. DCLG also confirmed that this will require primary legislation through an Act of Parliament. This will give agents time to plan for the ban to come into force; in whatever form it takes.

So Landlords and Agents please have your say here!

ARLA is extremely disappointed that this announcement has been made without a strong basis of evidence. We’re asking the Chancellor and the Housing Minister for a meeting at the earliest opportunity in order to ensure that they fully understand the damage that this will cause to housing standards and the impact it will have on the cost of renting.

We need the Government to explain why measures have been brought forward without prior consultation which undermine the work that we and other partners are doing as part of the DCLG Affordability and Security Working Group.We do not believe that these measures will tackle rogue landlords who will continue to operate outside the existing boundaries of housing legislation.

On news of this announcement there are a significant number of common concerns – most notably the loss of income to support the vital services that Letting Agents provide. This includes the increased legislation, the burden of which has grown significantly over the last 18 months, with little to no investment in policing these new laws.

Commenting on the decision to ban letting fees to tenants ARLA Managing Director, David Cox said:

“A ban on letting agent fees is a draconian measure, and will have a profoundly negative impact on the rental market. It will be the fourth assault on the sector in just over a year, and do little to help cash poor renters save enough to get on the housing ladder. This decision is a crowd-pleaser, which will not help renters in the long-term. All of the implications need to be taken into account.

Most letting agents do not profit from fees. Our research shows that the average fee charged by ARLA Licenced agents is £202 per tenant, which we think is fair, reasonable and far from exploitative for the service tenants receive.”

“These costs enable agents to carry out various critical checks on tenants before letting a property. If fees are banned, these costs will be passed on to landlords, who will need to recoup the costs elsewhere, inevitably through higher rents.

“The banning of fees will end up hurting the most, the very people the government intends on helping the most.

We are telling our members to continue with business as usual. When the consultation is launched, the industry must present a united voice and all agents need to work with ARLA to make our collective views heard at the very highest levels of government.

We welcome your views on this announcement to help support and inform the arguments that we are making in the media. To make your views known please email communications@arla.co.uk

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Everyone’s eyes are  looking at the  UK stock market and currency rates this morning as trumpthe UK assess what the Trump presidential victory means. One things for certain, change is ahead!

Camilla Dell, managing partner at Black Brick buying agency, says in Estate Agency today” amid stock market turmoil and weakening of the dollar” global investment into Prime Central London property is likely to increase from investors who hold the view that Trump is risky for the markets.”

She adds: “We are also likely to see some wealthy US citizens, particularly those most offended by Trump, move to the UK as some of our American clients hinted to us prior to this outcome. Foreign buyers, particularly those from the Middle East and of Muslim faith, may enter the London property market, too, as they decide not to buy property in the US due to his remarks about banning Muslims from entering the country.”

London and the suburbs will be attractive to USA citizens as the slump in sterling after the Brexit vote in June meant the  once soaring property prices, one of the major deterrents to a move to the capital, have fallen more than nine per cent in a year in dollar terms. That is equivalent to a $62,000 saving on a typical London property, but far more on a home in one of the more expensive central areas favoured by Americans. While the capital’s house prices have risen 13 per cent year on year for domestic buyers, those using the dollar will find homes in London are almost 10 per cent cheaper than a year ago.

Fears by some Americans that the doller will further fall (the markets am on 9/11/16 show the dollar has fallen and gold investment has soared) may see investment in UK property happen quickly. Investors who had previously looked to US markets as a safe haven may now turn to the UK property market. President Trump combined with a predicted unstable pound next year does make London look extremely attractive as any political change will cause uncertainty – which in turn causes stagnation as investors naturally look to alternative markets such as London.

About 63,000 people born in the US lived in London at the time of the last census in 2011. (Source ONS) They make up the largest group of immigrants in the three London boroughs of  Camden, Kensington & Chelsea and Westminster, where the American School in St John’s Wood is based.

So how many American citizens will look to relocate to the UK and most importantly where will they look to relocate to in the UK?

Outside of London,  Cobham has the ACS (International School, formally known as the American Community School) and an established American commmunity. With organisations like American women of Surrey , a commute to London in under and hour and cheaper healthcare – Cobham is an excellent choice for the Ex-Pat. Sally Asling, Lettings Director at SurreyLets says “Cobham has always been a firm favourite for American families relocating from the US. With a short commute to the city, outstanding educational facilities, ample green space and sports facilities and specific community organisations for the American community, we have seen the American community take good quality homes on long term rental agreements, and the American community have certainly been a good thing for the local lettings market”

If you are a landlord with a property to let in Cobham, East or West Horsley, Effingham, Bookham or Weybridge and Walton, SurreyLets would be delighted to help you. Please call SurreyLets on 01483 282470

Alternatively, if you are looking to relocate to any of the above areas, SurreyLets offers a wide range of property to let. Please call 01483 282470 for a viewing.

 

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SurreyLets are pleased to bring to the Lettings market for the first time, a wonderful family home within a few moments walk of the superb village centre of East Horsley.p1020001

This property is a well presented and deceptively spacious four bedroom modern family home and is perfectly situated for a busy family due to its proximity to all the local amenities such as the village shopping facilities, train station with fast links to London, sports clubs and village green spaces.

The accommodation is spacious and well thought out and comprises of: A newly fitted modern kitchen with a range of white goods, spacious contemporary lounge which leads in open plan style to a formal dining area, a conservatory which is an ideal playroom, a study and a downstairs WC. Upstairs the property boasts a beautifully presented master bedroom with a newly renovated en-suite shower room, three further double bedrooms and a beautifully presented family bathroom. Externally the property offers a double garage, beautifully styled front and rear gardens (gardener included) and off road parking for many vehicles accessed by electric gates.

rloungediningPeaceful, traditional, semi rural and undoubtedly affluent. The villages of East and West Horsley make up “The Horsleys”, one, or two villages depending on your viewpoint, are situated at the foot of the Surrey Hills nestled in beautiful open countryside and yet just 48 minutes to London. Beautifully middle class, yet traditionally village like, the Horsley have a wealth of charm, character but most of all its community spirit is still intact. This is the Surrey affluenza belt, connected to motorways and London Waterloo by train, yet swaddled in green belt.

The Horsley’s are an area that attracts the corporate relocated overseas families who make use of the international schools: The ACS in Cobham and the International School of London ISL in Woking being firm favourites of international families. Locals move to the area for the outstanding state schools, The Raleigh Primary School and The Howard of Effingham School both being on the doorstep. Those looking at private schooling have Glenesk primary, Cranmore School and St Teresas.east horsley 1

The Horsleys are a typical family orientated area. Saturdays lots of children enjoy sporting activities. Horsley Football Club, The Cricket Club and The Tennis Club are just some of the sporting activities on hand, although the community run clubs offer a plethora of clubs from cycling, running and rambling. Locally families tend to shop on a Saturday in the village enjoying a traditional butchers (Conisbees), bakers (The Bakery) and coffee shop (Quaich) all of which are owned and managed by members of the community and who care and invest in community. The village also has a popular well used library which runs many half term and holiday children’s activities and reading clubs.

The Horsley have some superbly attended churches, St Marys Church offers a traditional service at 9am and a contemporary service at 10.45 in the village hall where there is a live worship band and outstanding youth ministry. St Martins Church also offers service choices and is well attended.

Commuters take advantage of Horsley Station and its fast southwest train service to London Waterloo taking just 47 minutes, stopping for a quick coffee at The Stockyard station coffee shop. Of course the commuter road links are excellent too with the A3 being a 5 minute drive away taking you to London or Portsmouth, and less than 10 mins to junction 10 of the M25, meaning that (subject to flowing traffic!) the airports of Gatwick and Heathrow are under an hours drive away.

The Horsley really do offer something for everyone. I have lived here for 25 years and I am biased, but if you would like more information, I would be delighted to chat to you. Call me, Sally Asling on 01483 282470 or send me a mail to info@surreyletsonline.co.uk

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Despite it being a turbulent political year not to mention Brexit (oops I just did)  according
to Zoopla, house prices in Bookham and Effingham have increased in the last 12 months. Sally Asling, director of SurreyLets looks at the sales data.

The Sales market in Bookhamhousing-market

Property in the Bookham area has seen a growth of 7.47% in the last year  (Oct 2015 – Oct 2016)  which for the average Bookham property is an increase of  around £46,571
This is Great News for Bookham homeowners

The current average value is 668K whilst the average sold price is 615K . The average detached property in Bookham in October 2016 is 833K with the average Semi standing at 526K, Terraced homes at 430K and Flats averaging 294K

The Sales market in Effingham

Across the whole market there has been an increase though out the year. However over in Effingham, property prices have performed just a smidgen higher in pounds and pence, but the increase is is the same at 7.47%

Over the past year 24 sales have been agreed in this data catchment. The average value was 815K and the average sold price was £674K.  The average detached property has an average sold price of 981K, with the average Semi standing at 536K, Terraced homes at 525K and Flats at 437K

Rentals in Bookham and Effingham

Sally Asling – Letting Director at  SurreyLets states:  “The  average price for a 4 bedroom rental property in both Bookham and Effingham is in the region of £2500 – 3000pcm with 5 bedrooms reaching up to £3500pcm on average, however there is a severe shortage of stock in the Bookham and Effingham rental markets across all price categories which are effectively pushing rentals up.  Whilst the corporate market has slowed down, the slack is being picked up by the sheer number of people renting as they are self building or extensively renovating their own homes. If you are thinking of renting your property, SurreyLets are confident we can get you the maximum rental for your property in any price range.”

Forecast

Many people are concerned that the prices may dip following Brexit. However there are absolutely no signs of this in this areas of Surrey at the moment.

A trio of data from the NAEA suggests the UK is shrugging off the impact of Brexit with the housing market rebounding to pre-referendum levels.

There was a 16% jump in potential buyers in September, pushing numbers back up to levels not seen since June, while sales agreed rose by 12.5%, according to the National Association of Estate Agents (NAEA).Meanwhile, government figures showed the UK’s economy grew by a stronger than expected 0.5% between July and September, providing further support for the housing market.

Buyers and sellers appeared to have adopted a ‘wait and see’ approach immediately following the vote to leave the EU. The interest rate cut in August is thought to have helped boost confidence, as people expect mortgage rates to remain low for longer than previously thought.

Read more here

Data taken from the Zoopla Plus Website current as of 1st November 2016

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Having just undergone complete refurbishment to a high specification – this Bookham property is a rental delight.

kitchen

Dawney Road Bookham – Beautifully Presented Throughout

SurreyLets are delighted to be marketing this brand new family home in Dawnay Road Bookham.

Situated in a quiet residential road in Bookham, yet still convenient for the High Street and local schools (and within catchment of the Outstanding Howard of Effingham secondary school), this detached family home offers beautifully designed well thought out accommodation.

The open plan Kitchen which adjoins a second reception room is a wonderful light, bright and airy space with huge potential for a variety of uses.

The property accommodation comprises of: Hallway leading to the formal Lounge, a Study, a beautifully fitted Kitchen with generous eating and family area and Bi-fold doors opening the area outwards which is perfect for summer days and entertaining, this room adjoins another reception room which could be used as a snug.

Leading off from this is a modern utility room and downstairs WC. Upstairs the property offers a generous master bedroom with a beautiful en-suite, a guest double bedroom with en suite and further double bedroom, a single bedroom and a family bathroom. Externally the property offers a garage, garden and off road parking for several vehicles.

Must be seen to be fully appreciated.

TO LET   £2,750 pcm
Dawnay Road, Bookham

Detached Family Home
Four Bedrooms
Three Reception Rooms
Utility Room
Garage / Utility room
Catchment for Howard of Effingham
Brand New
Three Bathrooms
Stunning Kitchen with Dining and Family Areas
Study
Private Rear Garden
Convenient Location

VIEWINGS BY APPOINTMENT

kitchen2

Stunning Open Plan Space

SurreyLets are a leading local Letting Agent in the Bookham and Effingham area offering a wide range of specialist Lettings and Property Management Services. SurreyLets are an online Letting Agent offering Full Property Management, Tenant Finding, Rental Collection and a comprehensive range of Landlord services across Surrey

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“Where is the happiest place to live?” This is what Rightmove have been asking in its poll guildford-005last month.

Almost 24,000 people completed the survey, based on 12 factors ranging from how friendly their neighbours are to what the local services are like.

The Borough of Guildford was ranked as the 29th happiest place to live in the UK and the 7th happiest region in the South East.

The Nationwide report concluded that people are the friendliest in Shrewsbury in the Midlands yet Walsall also in the Midlands was the least friendly.

Out of 206 entries Guildford ranked in 51st place for its community spirit. Guildford ranked  95th with people saying they had a sense of belonging and lower than average ranking in 126th place with people saying they felt they could earn enough to live comfortably.

Guildford has got happier over the last year it appears as the same survey in 2015 ranked the town at 22.

With picturesque locations across the villages surrounding the town and plenty of great amenities in the town and villages, it’s not hard to see why residents living in the Guildford borough might be feeling content.

SurreyLets responded to the survey saying “Its not surprising that Guildford ranks well in this Survey, but its also not surprising that it is 126th place on the earning and living comfortably scale either as house prices and rents are relatively high”

The area of Guildford is beautiful with many areas of outstanding natural beauty, parks, commons and woodlands. Known as “the lungs of London” as you commute you in just 48 minutes you are a world away from the city and you do feel that you can breathe. Surrey has a plethora of excellent and outstanding schools, diverse and inspiring leisure facilities and an abundance of theatres and entertainment venues. Guildford and the surrounding villages offer something for everyone and its really not hard to see why city-dwellers looking to make the move head for this beautiful area of Surrey.

Of course, the downside of the coin is the shortage of  rental property thats available in all the price ranges. SurreyLets director Sally Asling states “Families leaving London like to rent in an area initially before commuting to making a purchase but due to the high property prices don’t necessarily make the most attractive return on investment, so there is continually a lack of family property ranging from £1500pcm through to £3500pcm especially in the more desirable villages like Effingham, Bookham, East and West Horsley, Clandon and Ripley. There is also a lack of properties available for professional couples looking at settling down to rent – flats and starter homes ranging from 700pcm – £1500pcm are snapped up in a heartbeat of coming onto the market. I would encourage investors to not just look at the monthly ROI but factor in the eventual capital gain that the increasing house prices will achieve given the desirability of the area and the longer term view and the calibre of tenants you will attract.”

For more information about purchasing a property to let (Buy-to-Let) or for help and advice on Letting out your investment property or home please call SurreyLets, a dedicated and specialist Letting Agency.  Please call 01483 282470 or mail us at info@surreyletsonline.co.uk

Keep up to date with Lettings News from Surreylets! Visit our Blog 

 

 

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The proportion of people who own their own home has fallen across every part of the UK since their peak in the early 2000s

The actual number of people in the UK who own their own home hit a historic low last year, when the rise of generation rent meant that fewer people were choosing to buy, instead remaining in rented accommodation and putting strain on the rental market that has been suffering a shortage of supply over recent years. Home ownership in England has fallen to its lowest level in 30 years as the growing gap between earnings and property prices has created a housing crisis that extends beyond London to cities and towns UK wide. Surrey Letting Agent, SurreyLets says this is evident in the number of people renting family homes in the area opposed to buying

“Even with good salaries and healthy deposits, the house prices have risen so much it simply isn’t possible to achieve the multiples on earnings or the large deposits needed to purchase a property in the affluent Surrey villages. It is much cheaper to rent. We are seeing a growing number of tenants renting their main home whilst using their salaries and savings to make wise Buy-to-let smaller investments”

Since the 90’s and into this millennium,   home ownership rose as purchasers were able to take out mortgages with no deposit (or a small deposit) got on the housing ladder.  According to the Nationwide Building society, property was growing at the rate of 20% a year and banks were keen to lend. However, after the credit crunch in 2008 and the tightening of borrowing has seen an end to self certification mortgages, zero deposit mortgages and sensible multiples against salary, properties are simply becoming less and less affordable for people to buy.

To give an example:

A married couple in Effingham, Surrey, solicitors earning 41K each with a take home monthly of 2800pm could obtain a mortgage IRO of £252- 378K av 315K.  Taking a 95% mortgage a deposit of £17500 is needed to purchase a property with a value of 332K if they borrowed 315K.

What 332K will get you in Effingham, Surrey?

At the time of writing there are no properties in this price bracket in Effingham, but if we extend the search a mile we find a one bedroom started house in Edenside Bookham  for £335K  or a 2 bedroom flat in Great Bookham at 335K

Renting or buying?

To rent the one bedroom house in  Edenside Bookham would cost £875pcm a month in rental opppsed to a mortgage on £315K  at a 3% rate costing £1493pm.** The benefit as a tenant is you are not paying for maintaining the property or insuring the buildings. The negative is no equity long term. 
Given that houses  (not flats) in East Horsley start at around £500K a couple moving to the area would need to be earning jointly in the region of 140K **with a 40,000plus deposit to get onto the housing ladder.  However the same couple could afford to rent up to £4,500pcm (according to affordability calculator used by Experian) which may answer why so many families moving into the area are choosing to rent their family home and buy Buy-to-Let properties to get on the housing ladder.

**figures above obtained using the calculator on the money advice service website

Home ownership across England peaked in April 2003, when 71% of households owned their home, either outright or with a mortgage, but by February this year the figure had fallen to 64%, according to the Resolution Foundation.

 

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