John Wilcox & Co

1 Bedroom Apartment, London £1,200.00

Wed, 08 Mar 2017 12:00:00 GMT

A stylish garden flat in one of London`s most secure apartment buildings within a stone`s throw of Harrods

3 Bedroom House, Holland Park £5,850,000.00

Mon, 20 Mar 2023 10:23:32 GMT

A handsome Grade II listed early Victorian house over four floors with a south facing private garden, with planning permission to refurbish throughout.

5 Bedroom House, Holland Park £4,250.00

Tue, 02 May 2023 12:37:10 GMT

PET FRIENDLY - A wonderfully wide period house on the preferred south side of this exclusive residential garden square in the heart of Holland Park.

1 Bedroom Apartment, London £690.00

Mon, 25 Sep 2023 03:33:51 GMT

Newly refurbished - a superb one bedroom flat in a fantastic location

1 Bedroom Apartment, Holland Park £2,500.00

Mon, 19 Feb 2024 10:34:46 GMT

A delightful top floor flat which is located in St James Gardens with access to the communal garden.

3 Bedroom Apartment, Kensington £7,150.00

Mon, 04 Mar 2024 11:21:40 GMT

PET FRIENDLY - On the 1st floor, a lovely three double bedroom unfurnished flat just behind Kensington High Street with access to a huge communal garden behind the building.

0 Bedroom Apartment, Holland Park £500,000.00

Mon, 16 Sep 2024 10:03:19 GMT

A well-presented studio apartment in a portered block in the heart of Holland Park, with access to communal gardens, a secure storage room and a lock-up garage.

3 Bedroom Mews, Holland Park £2,250,000.00

Mon, 16 Sep 2024 10:04:56 GMT

A beautifully presented three bedroom house over just two floors on a sought-after road in W11.

2 Bedroom Apartment, London £3,900.00

Mon, 23 Sep 2024 03:34:47 GMT

Newly refurbished - a superb two bedroom furnished flat in a fantastic location

0 Bedroom Garage, Holland Villas Road £125.00

Thu, 16 Jan 2025 04:31:34 GMT

A secure lock-up garage in the basement of a block of flats on the corner of Holland Villas Road and Upper Addison Gardens

1 Bedroom Apartment, Putney £365,000.00

Tue, 25 Feb 2025 09:42:54 GMT

A one bedroom raised ground floor apartment close to Putney High Street.

5 Bedroom Semi-Detached, London £1,600,000.00

Tue, 25 Feb 2025 10:32:56 GMT

A five bedroom Edwardian house over two floors in a sought after parkside road in East Sheen.

3 Bedroom Apartment, London £1,200,000.00

Fri, 28 Feb 2025 02:58:46 GMT

A two/three bedroom split level apartment spread over the entire ground floor of a handsome Victorian double fronted building, with the benefit of a 62` garden, basement storage, garage and off street parking.

4 Bedroom Semi-Detached, London £2,750,000.00

Thu, 06 Mar 2025 04:34:06 GMT

A completely unmodernised house (non-listed) on Westbourne Park Road with planning permission to extend.

3 Bedroom House, London £4,000,000.00

Wed, 19 Mar 2025 09:36:50 GMT

A family home over four floors on an attractive Queensdale Road W11 terrace.

3 Bedroom Apartment, London £575,000.00

Wed, 02 Apr 2025 02:50:34 GMT

A first floor three bedroom apartment in a handsome Victorian double fronted building.

1 Bedroom Apartment, London £425,000.00

Wed, 02 Apr 2025 02:51:50 GMT

A second floor one bedroom apartment in a handsome Victorian double fronted building.

3 Bedroom Terrace, London £1,250,000.00

Thu, 10 Apr 2025 11:44:47 GMT

A three bedroom terraced Victorian cottage in the Tonsleys area of Old Wandsworth, with patio garden and roof terrace.

3 Bedroom Apartment, Holland Park £13,650.00

Tue, 06 May 2025 03:00:58 GMT

**PET FRIENDLY - A superb 3 double bedroom apartment in a prestigious residential road with a communal garden, a garage and an off-street parking space

1 Bedroom Apartment, Putney £325,000.00

Wed, 07 May 2025 11:26:29 GMT

A compact one bedroom apartment on the second floor of a Victorian building close to Putney High Street.

5 Bedroom Semi-Detached, London £3,250,000.00

Fri, 23 May 2025 04:56:53 GMT

A handsome five bedroom family home over three floors, with an immaculate west facing 77` garden.

3 Bedroom Terrace, London £1,650.00

Fri, 06 Jun 2025 04:43:53 GMT

A Victorian three bedroom house over just two floors on a peaceful and sought-after road in W11

2 Bedroom Flat, London £2,491.67

Mon, 09 Jun 2025 10:59:21 GMT

A charming two bedroom raise ground floor flat located 10 minutes walk from Westfields & Shepherds Bush Central line station.

0 Bedroom Studio, London £200,000.00

Mon, 16 Jun 2025 01:07:20 GMT

A studio apartment on the first floor of a period conversion in a sought after West Putney address, ripe for refurbishment.

2 Bedroom House, Holland Park £5,200.00

Mon, 07 Jul 2025 10:58:35 GMT

An utterly indulgent two bedroom mews house with a home office in one of West London`s premier locations.

1 Bedroom Apartment, London £450,000.00

Tue, 30 Sep 2025 10:17:10 GMT

A one bedroom garden flat on the ground floor of a Victorian building close to Putney High Street.

1 Bedroom Apartment, Putney £325,000.00

Tue, 21 Oct 2025 10:15:23 GMT

A one bedroom flat on the first floor of a Victorian building close to Putney High Street.

1 Bedroom Apartment, Holland Park £2,500.00

Tue, 25 Nov 2025 04:00:01 GMT

Beautifully presented, a lovely one bedroom 1st floor flat in Royal Crescent with a small balcony and access to communal gardens

2 Bedroom Apartment, Kensington £550.00

Fri, 05 Dec 2025 03:13:59 GMT

Presented in excellent condition, a raised ground floor two bedroom furnished flat with great access to the Central line & London Overground - Available now

3 Bedroom Apartment, Kensington £4,766.67

Tue, 20 Jan 2026 12:10:51 GMT

A fantastic three bedroom apartment with a superb roof terrace, an off-street parking space and only minutes` walk from Kensington High Street and Holland Park

2 Bedroom Apartment, London £2,250,000.00

Thu, 29 Jan 2026 10:55:53 GMT

A superb two bedroom, west facing apartment on the fifth floor of an Art Deco mansion block with two lifts. porter and lock-up garage on the lower ground floor of the building included in the price.

5 Bedroom Semi-Detached, London £9,250,000.00

Fri, 06 Feb 2026 03:51:18 GMT

A fully refurbished Grade II listed five bedroom house over four floors on Addison Avenue

2 Bedroom House, Holland Park £2,000,000.00

Thu, 05 Mar 2026 09:52:03 GMT

What appears to be a traditional two bedroom Victorian cottage on Addison Place, W11 is made all the more remarkable by the vaulted studio extension to the rear leading on to its patio garden.

0 Bedroom Garage, Holland Park £95.00

Tue, 10 Mar 2026 03:34:20 GMT

A lock-up garage with solar powered lighting available @ £95 per week each

5 Bedroom House, Holland Park £5,750,000.00

Mon, 16 Mar 2026 01:20:05 GMT

A low built, wide house with immense charm on Addison Avenue with a 74` west facing garden.

4 Bedroom Terrace, London £3,500,000.00

Mon, 13 Apr 2026 10:08:12 GMT

A well-balanced four bedroom Victorian terraced home with private south facing patio garden over four storeys in a sought after Holland Park address.

3 Bedroom House, London £2,350,000.00

Mon, 13 Apr 2026 10:12:48 GMT

A well-presented three bedroom Victorian terraced house over four floors with an attractive west facing 31ft private garden.

5 Bedroom House, Holland Park £4,950.00

Mon, 13 Apr 2026 02:55:22 GMT

A superb family house in one of the prettiest streets in London.

3 Bedroom Apartment, London £500,000.00

Tue, 14 Apr 2026 01:17:16 GMT

A three bedroom apartment on the second floor of a mixed commercial/residential building on the Upper Richmond Road, East Putney.

Inaugural Blog

Wed, 26 Feb 2014 12:00:00 GMT

Having dominated the local neighbourhood for over thirty five years, and influencing more of the market as we extend our geographical area of expertise, we are excited to launch our new website. It seems fitting that we announce in our inaugural blog that we now rule the digital world as well as the physical world. Since Simon Lindesay-Bethune bought the business in 2006, it has seen continual growth, which in some years has been spectacular. Our most recent addition is Justin Sumner, who joins us on the sales side of the business. Justin started on the patch over 30 years ago is one of the best and most experienced agents in W11. His was co-head of sales for many years at the local Savills office as well as honing his investment/development skills at the surveying firm G L Hearn & Partners. Justin brings an excellent and diversified skill-set to compliment Simon`s 30 years+ track record in both commercial and residential property. Our new website has been developed by award-winning designers to showcase our clients` properties to their best possible advantage. We will ensure that they will feature in an ever increasing amount of internet searches thanks to the bundles of SEO (Search Engine Optimisation) that is already in place and being added to on a constant basis. Our business ethos and ethics remain the same. We`re not big – we`re just better. We offer the very best client service available anywhere in the market and we exceed our clients` expectations in every way they can imagine. We consistently break street records in both sales and lettings and the service we offer seems almost the stuff of legend:– `We have executed three transactions with John Wilcox & Co., the undisputed experts for Holland Park property sales. Their first class team were efficient, professional and friendly, with an on-going personal relationship. They are always ready to help and advise on local issues.` John Wilcox & Co. worked incredibly hard to find a tenant for my house. They competed successfully against one of the larger firms and found an excellent tenant at a fantastic rent for a long term let.` We are constantly evolving to challenge the ‘old ways` and look forward to welcoming you to our family – either as a seller or as a landlord. However we represent you, we will always act in your very best interests and you will always be a ‘satisfied customer`. This is our promise to you. Come and find out how we`ll live up to our reputation – you won`t be disappointed.

The Big Picture

Wed, 19 Mar 2014 12:00:00 GMT

For our second blog, we considered long and hard which topic to discuss. The possibilities are virtually endless – our Unique Selling Point; the continuing influx of foreign investors; will the looming General Election in May next year have an impact on the market and if so, when? Is there a Central London Property Housing Bubble, and if so, is it in danger of bursting? Will there be a Mansions Tax and how will it affect the market? All of these are important issues in isolation, but on balance we thought it might be better to consider the ‘Big Picture`. Since the Banking Crisis, London house prices have risen so quickly by comparison to people`s buying power, that many of our clients and friends find themselves living in houses they only recently purchased and being completely unable to afford if they had to buy them again at today`s prices. Clearly there is a huge political dimension to all of this and it is more than just market forces at work. Lenders are still making it difficult or punitively expensive to borrow at high loan to values and the increased Stamp Duty is only making it harder still. Total transaction costs when trading houses is now coming in at roughly 10% of the value of the new property. We all anticipate that activity in the market will slow down in the run-up to the next Election. The prospect of a Lib/Lab coalition with Vince Cable insisting on a Mansion Tax is certainly a possibility, however ludicrously thought out and difficult to enforce and police. It is a worrying prospect – especially if politicians can ‘whistle up a storm` for the own self-interest. As many of us are asset rich and cash poor, the burden of an additional £20,000 or more in tax each year might lead to the market being ‘flooded`, while people try to ‘cash-in and get out` with prices reacting accordingly. Can the politicians cool the market? Certainly they are trying to find ways of slowing it down, without dropping the ‘atomic bomb` of the Mansion Tax. The recent decision to charge CGT and target foreign investors is certainly an effort to do this. We all want growth in the market, but slow and steady as opposed to meteoric rise followed by a brief period of flat lining and then another burst of meteoric rise. Recent reports show that Prime Central London prices have risen consecutively for the last 40 months and by over 135% in the last decade. By comparison, the Stock Market has flip-flopped all over the place during the last three years and has risen by only slightly more than 50% in the last decade. Political and civil unrest around the world and the emergence of a new ‘multimillionaire middle class` in developing nations has had a huge effect on the property market. Investors are still coming here in droves to buy into what is internationally perceived as the ‘Safe Haven` of London property. This in turn has had the effect of reducing the housing stock, as property is being removed from the sales market in favour of the rentals market, with the inevitable upwards pressure on prices. What does all this mean to you, the property owner? We all understand that under normal circumstances, property problems are rarely property problems – they are more likely to be lifestyle problems which people like us help to solve with property solutions. In this case, however, it does seem like there could be some genuine property problems on the horizon – especially if the Mansion Tax gets onto the statute books and has the nightmare effect we all fear. However – it is also undeniable that London is one of the most attractive and popular cities in the world for a high quality work/life balance. It has more multi-millionaires than any other City in the world and is ranked third on the Billionaire`s List. London is the centre of the world for time; it is the financial and language capital of the world; it offers an excellent infrastructure, political and fiscal stability, a transparent judicial system and superb lifestyle choices in terms of education, culture and entertainment. It will always attract plenty of highly paid people, with families, who want a lovely house with direct transport links to the City and the West End. Central London provides all of these and also has an absolutely finite number of houses, which, if anything, is shrinking as the ratio of foreign investors to owner occupiers rises every year. Our conclusion, whatever the political future holds: There will always be plenty of high quality and reliable purchasers for Central London Property and the houses in W11 are among the most attractive that can be found.

Confessions of an Estate Agent

Wed, 23 Apr 2014 12:00:00 GMT

Stories that can be told from 30 years in Estate Agency include: ‘The chauffeur with an Aston Martin`, ‘The Lady who made me an offer`, ‘The American Mogul with the Phantom Rolls Royce` and ‘The very dear Lady E`, who always stayed at Claridges and knew a former Prime Minister. The chauffeur with an Aston Martin This story relates to a chauffeur testing the size of Mews House garages. If the car fitted the garage, the chauffeur added it to his boss`s inspection list. As a 20 year old apprentice, the writer was tasked to accompany the chauffeur – a most arduous morning of work! A passion for Aston Martin grew from this moment on. The Lady who made me an offer As a very young man, fresh-faced and fairly new to the job, I remember being asked to inspect a house with a view to giving advice on marketing. Due to staff shortages on the day, I was sent on my own – determined to impress. Upon arrival, I confidently rang the doorbell, business card in hand, and waited for the owner to open the door. Sure enough, a tremendously attractive woman, wearing really not very much at all, opened the door, gave me a once over and said, ‘Ah – I was hoping it would be you – come upstairs`. With that, she turned on her heel, wafted back into the house and went barefoot up the stairs, negligee ballooning behind her. After one of those magnificent delays which could have lasted for several minutes, for all I knew, I managed to stutter out an excuse, turned away and fled back to the office. It all turned out well in the end – I returned later with a colleague, got the instruction, sold the house and earned my commission. Nothing more was said, but we did shake hands very warmly when she left the keys in the office on the day of completion. The American Mogul with the Phantom Rolls Royce On one fine summer`s day the shiniest Rolls Royce ever seen, arrived in Sloane Street and parked immediately outside the office. Out jumped the chauffeur from the front of this motoring leviathan. Many minutes were consumed whilst the occupants from the rear alighted. It turned out they had previously booked an appointment to inspect Mews Houses in and round Belgravia. It had escaped their notice the car they had chosen to arrive in, would barely fit through the arch of any mews, never mind negotiate the narrow cobbled mews of Belgravia. A one hour tour of property became a matinee performance and the Mogul retreated to his sumptuous suite at the Ritz to dwell on the experience of looking at London in miniature! Lady E, who always stayed at Claridges This final story has both a sad and happy ending. Lady E. spent her time travelling between a rather fine house in Switzerland, an apartment in Paris and Claridges, London. She tended to travel with a rather able and fine chauffeur, who we will call Kit. There was something of the ‘Downton Abbey` life lived by Lady E. On some occasions her maid from Paris would be summoned to Claridges, so that life could be made both more comfortable and exciting. I say exciting, as Lady E. was probably the active septuagenarian won could met. Her ability to stay busy was commendable for someone half her age. Her main hobby during these later years, was to have an array of trades-people to call on her. They would all be approached for good reason. They would tend to household issues. The French Polisher, The Art, The furniture Restorer; They would resolve a problem of one kind or another. The fact that the solution could take rather longer to organise than normal, was a delight to Lady E., as she rather enjoyed the challenge of organising the many facets of a rather privileged life. Equally, she wanted to be ready for the next visit from a Prime Minister or indeed other well connected friends. The staff at Claridges were well used to advising Lady E., `There is a telephone call for you mee Lady`. In the later years, it was Lady E`s greatest wish to buy an apartment in London and be near friends in Grosvenor Square and of course her beloved Claridges. Many outings resulted in a property being selected. Sadly, whilst the process of buying the flat was being considered she became unwell and died. It would be nice to think she found additional happiness in the thought of moving home, despite the process never coming about. She was from an era that has now been lost but she typified it with style, dignity and aplomb.

The European Elections

Fri, 13 Jun 2014 12:00:00 GMT

What Does This Mean For The London Property Markets? The geo-political landscape around the World is re-shaping itself nearly as fast as Mr Putin`s annexation of Crimea! Undoubtedly the ‘West` retains one unofficial status and that is of Democracy and relatively stable governance. With this comes a good deal of security in terms of finance and indeed personal welfare. There has been considerable capital flight to such markets and particularly the UK over the last couple of years. This money may have come from Europe, Middle East, Asia (EMEA) – wherever it has come from it has meant there has been a large influx of investment into the top end of the UK residential markets. Does an anti-vote towards the ‘European Project` mean this money will suddenly leave the country? This answer to this is surely: No. There are perhaps other factors at force that will probably influence the market over time. These include: • The possibility of a Mansion Tax, despite the Lib Dems now favouring additional Council Tax Bands instead • Interest Rates may well now will creep up this year • The strength of the Pound • The possibility of Scottish Independence Some might say that Britain standing on the edge of Europe and looking in is rather better placed than being within the Euro Zone and part of an unwieldy one-size-fits-all machine. Others might say we need to be attached to our most important markets. Whatever decision is reached, it would seem neither choice is going to be the main driver for continuing growth in the London property markets. Like everything else, the Global Economy needs an epicentre and seemingly this is the UK – at least for now!

The London Property Autumn market

Tue, 30 Sep 2014 12:00:00 GMT

Eventhough we are now into The London Property Autumn market, I have never believed that Summer is a time for Lunches and Admin. While lots of my colleagues around the market believe there`s little point in trying to be pro-active in July and August because no-one`s around, I have always believed that there are ALWAYS people around, and if no-one else is buying, now would be a good time. Strangely enough we had one of our busiest summers ever this year. We tied up more sales than expected, did a raft of lettings and took on more stock to replenish the empty shelves. The market was much more active than expected and we are now set for a busy Autumn, which got off to an excellent start, but has tailed off with a reduction in buyer activity. Pre-election jitters will no doubt creep into the market at some point and Mark Carney (Governor of the Bank of England) will probably come good with his promise to raise interest rates (possibly this side of Christmas?), but, contrary to the market in general, for the time-being we`re selling everything in sight and ‘letting our socks off`. The Autumn market has always been one of the busiest selling seasons of the year and I do hope that this year will prove to be no different. We have seen a slow-down at the top end (£10m plus) and this has trickled down through the rest of the market. Supply levels have picked up, but active buyers are thinner on the ground. The recent No Vote on Scottish Independence will have no doubt been welcomed by the market in general – a Yes Vote would have had negative effect. Labour`s recent commitment to a Mansion Tax will certainly add to pre-election concerns, but if anyone is looking to buy now, there are some excellent properties on the market with some sellers ready to be competitive on price.

Making Sense of the Mansion Tax

Mon, 02 Mar 2015 12:00:00 GMT

We found this tremendously well-written deconstruction of Labour`s plans for a Mansion Tax in an earlier edition of The Estates Gazette. It was written by Derek Wood, a QC in Falcon Chambers, and makes excellent reading! An interesting aside around that same issue, it appears that David Cameron is now ahead of Ed Milliband in the Bookies Odds for ‘Who Will Be Prime Minister After The Election`. (http://www.oddschecker.com/politics/british-politics/next-uk-general-election/prime-minister-after-general-election). Don`t hesitate to call us at John Wilcox if you would like to discuss any of these points. Best wishes Simon Making Sense of the Mansion Tax The 2015 election campaign will not be the first in which all parties will be promising to outstrip their rivals in support for the NHS. At the 2014 Labour Party conference Ed Miliband announced that a Labour government will introduce a tax – a so-called Mansion Tax – on homes valued at more than £2m. Ed Balls has recently stated that the tax will be charged at £250 a month on properties valued at between £2m and £3m; above £3m it is to be charged at 1% of capital value. The revenue from the tax will contribute to a `Time to Care Fund` to help the NHS. He estimates that the Mansion Tax will put £1.2b into the fund. While welcoming the stamp duty increases on sales of expensive homes announced in the Chancellor`s Autumn Statement, he confirmed that the Mansion Tax remains party policy. The prospect of apparently rich property owners who live in `mansion` making hefty contributions to the NHS will appeal to many voters. The threat of it has already caused concern among wealthy property owners. Faced with a 1% tax on his £7m home in Fitzroy Square in London, the entertainer Griff Rhys Jones has said he will emigrate. Setting aside for the moment questions of equity, fairness and affordability, is the proposed tax workable in practical terms? It seems to be bedevilled with problems which will undermine any claim that it could support the funding of the NHS. Identifying liable properties The government will have two devise some means of identifying the owners of these valuable homes. The Land Registry can provide a list of all sales where the price last paid was £2m or more. However, that is only part of the picture. There will be many more where it was less than £2m, but the current value has inflated the value above that figure. Should the government then look at all registered sales, whenever they occurred in the past, and index the prices up to present day values? A desktop exercise of this kind will not capture physical changes to the property or its environs increasing its value after the property has been bought. The purchaser who bought a wreck at a low price and spent a significant sum restoring it will not be detected. A search could be made of homes in the upper bands in the register of council tax payers. However, these bands are decades out of date and are no guide to current capital values. If, alternatively, a system of self-assessment is introduced, will this be conducted by everyone or by upper band occupants only? As Alistair Darling recently said in the Sunday Times, self-assessment will throw up a lot of properties valued at £1.9m, especially if they have been in the same hands for many years. Even if bands rather than individual valuations are used, there will have to be some dispute resolution procedure if value cannot be agreed. An annual liability of £3,000 will depend on whether a property falls below or above £2m. If the value moves into the next band, above £3m, the levy starts at £30,000 a year and continues upwards. Valuations at this level will be worth fighting over and costly, time-consuming disputes will inevitably follow. Money spent on these will not be available for the NHS. The concept of value is in itself more complex than it might seem. One may presume that it is the price which the property could be expected to fetch if offered for sale in the open market. The value of a freehold house occupied by the owner is ultimately a straightforward question. However, if it is subject to a mortgage, the value of the owner`s equity may be a lot less than the open-market value; but that does not appear to be a ground for reducing the tax. Ownership or occupation? Where the property is let, it raises the fundamental question: is this a tax on ownership or occupation? Who will be liable to pay the tax? Property taxes since the Poor Law Act 1601 have always been on occupation, which is true of business rates and the council tax today. The underlying legal title to the property – possibly stratified down from the freehold through a series of leases and subleases – is irrelevant. (Unoccupied property is treated differently.) Where the tax is based on the capital value of prospective taxpayer`s interest in the property, there may be no taxpayer at all. In London and elsewhere, there are flats held on long leases at ground rents worth more than £2m. In those cases, the value of the freehold reversion is nominal, and therefore outside the tax zone; but the leasehold interest will qualify. By contrast, it is unclear as to what happens when the freehold or leasehold owner lets to a tenant at a market rent. Such tenancies are unlikely to have any capital value, whatever the house or flat might be worth with vacant possession. There are blocks where some flats are owned on long leases at low rents by the occupiers, and therefore potentially subject to the tax, with neighbouring flats let out by investors at market rents. Owner-occupiers will think it odd if no one pays tax on a flat or house that is let. Investment values To meet this objection, Balls says that investors will also pay the tax. That makes it look much more like a tax on ownership rather than occupation and opens up the daunting prospect of valuing every interest in a house or flat held on any type of tenancy or lease. This will create significant further workload for HMRC. Will investment values be based on vacant possession, or subject to the tenancy? Anomalies between the tax imposed on comparable properties owned and occupied on different terms will somehow have to be avoided. Also, if property investors, great or small, who carry on the legitimate business of letting houses or flats to tenants at market rents, and pay corporation or income tax like other investors, have to pay a mansion tax on top, it will be hard to justify exempting investors in commercial property from the same tax. Residential landlords are unlikely to be able to pass the tax on to tenants who are already paying a market rent. The impact on the property investment market is easily predictable. Other questions Mixed-use properties raise other questions. Commercial property will not be taxed, only homes. Someone will have to apportion the capital value of the traditional shop or office with flats above. People who work from home will have to be thought about. So too will working farmers who own their land and live in the farmhouses in desirable parts of the country, such as the Cotswolds. The NFU will be watching. According to Balls, the tax will respond to changes in property values. As market values go up, the threshold will also rise, so that the number of taxable properties will not increase. Those who are exempt from the tax today will always be safe. Their wealth may increase, but they will not be asked to share the burden of funding the NHS with taxpayers who are caught when the tax comes in. The more one thinks about this tax, the greater the puzzle. Flawed rationale Technical problems apart, it is not clear why Labour is intent on taxing this particular element of personal wealth. Nothing is said about luxury yachts, valuable works of art, other investments, or owners of two homes worth less than £2m each. For owner-occupiers, their home is a capital asset – possibly their only assets – which does not produce income. But the tax has to be paid out of taxed income. Many people have homes, bought long ago, where the current value exceeds £2m simply because of price inflation. They will find it difficult to accept that they must now pay an annual levy for the privilege of staying there, even if they can afford it. There will be many people who cannot afford it. People paying off mortgages or retired people on fixed incomes are unlikely to have £3,000 a year (much less £30,000 or more) as free money after tax to meet this liability. Balls says that a special concession will be made to those earning less than £42,000 who do not therefore pay the higher or top rate of tax. In those cases, liability will be rolled up, interest-free, until sale or death. There may not be many homeowners with an income at that level living in £2m mansions. More will be in the bracket of £60,000 to £100,000. In London, some of those will have to find £30,000 a year, after tax, to stay in their present home. Whatever concessions finally have to be made, rolling up debt will not help. The NHS will lose the benefit of cash flow. If property is mortgaged, there may be negative equity when the time for sale arrives. Resourceful owners who sell up, buy a house for less than £2m and invest the balance of the proceeds in other assets will be as wealthy as before but free from the levy. Others will take advantage of the rich complexities of our leasehold system, stratifying their title so that at no level is there an interest in the property worth £2m. Cancel tax reform It is not known what effect this tax will have on the market. Economic modelling is needed. If the market for expensive homes takes a hit, that will affect stamp duty, estate duty and revenue from the mansion tax itself. Activity in carrying out improvements will slow down, where money spent on improvements will add to value. Restoring wrecks will be a hazardous enterprise. The distribution of tax burdens between householders nationality is notoriously unfair under the present system. The out-of-date basis on which council tax is charged works very much in favour of the rich. Labour would be better off commissioning the long-overdue review of that tax, taking account of the wide spectrum of values that exists today between all homes. Although this traditional tax on occupation works its way through the economy differently from a centrally imposed capital levy, it carries far fewer technical and political problems and is likely to be more acceptable to a public that has grown up with it. Derek Wood QC is a barrister at Falcon Chambers

Which sellers are benefitting from the current market?

Tue, 17 Nov 2015 12:00:00 GMT

As everyone with an opinion is telling us, the Central London Property market for anything over £2m in to the west of Hyde Park is currently suffering. The increased Stamp Duty is the single biggest hurdle, but there are other issues in the background and together they have dampened demand for larger flats and family houses. Despite this, the market below £1.5m and especially below £1m is very busy. In the area from Westway to the River and Fulham to Park Lane we have seen roughly 400 different properties sold in the last quarter in this price range – almost exactly the same amount as in the same period last year (source: Lonres). There have been several knock-on effects of the top end of the market slowing down, one of which is that investors and developers are shying away from more expensive properties where they are less sure of the market growth and are embracing the more affordable properties instead. Occupier demand levels at this price range have been maintained and the results are plain to see. By comparison to the more expensive properties, prices are holding their own, activity levels are still good and buyers are not having to write eye-wateringly large cheques to the Chancellor just for the privilege of buying a home. No-one is saying it`s a boom market – far from it. Demand levels are down on last year and realistic pricing has also become more and more important as buyers have become increasingly price sensitive, but there is frequently competitive bidding in this price range and buyers are quick to make decisions. Mortgage finance clearly plays a larger role at these price levels and shrewd buyers will have done as much as possible to put their funding arrangements in place before starting to look. There are plenty of cash buyers around with whom they may have to compete and speed is always attractive to the seller. The bottom line is that sellers in this price range are frequently seen reading negative property headlines with larger grins on their faces than you would expect to find – and now is a good time for them to sell with a window of activity running until the market slows down for Christmas in mid-December.

New Year & New Decisions

Thu, 07 Jan 2016 12:00:00 GMT

One of the great advantages of having a decent break over Christmas is that we have the chance to put our feet up, sit back and actually think about the bigger decisions in our lives, one of which is usually whether we want to move or not and if so, where and when. If you are thinking about a move, you will of course need some advice on the current market and then to start looking for the next house/apartment/flat/maisonette – whatever it is that suits you. If you would like some clear and accurate advice, do please either drop in to the office or give us a call. When you step through our doors on Addison Avenue, you will enter an office that has been helping people like you on the same street corner since 1978. Clients like you, from all over Holland Park, Notting Hill and Kensington have trusted us with their properties since 1978. Our Number One priority is Client Care – you will receive realistic and accurate advice and you will only ever deal with a very senior person, who will stay completely focussed on your property until it has either sold or let; and when it comes to finding your next home, you will be offered all new properties that suit you as soon as they come to the market in your chosen areas. If you would like to find out how we can remove the stress from what is traditionally one of the most stressful things you can do, please call our Managing Director, Simon Lindesay-Bethune on 020 7602 2352, or drop in and see us at 13 Addison Avenue.

Tips from Holland Park and Notting Hill Estate Agents

Tue, 26 Jan 2016 12:00:00 GMT

It`s been a fairly mild winter so far, which is good news for property sellers and landlords as well as Holland Park and Notting Hill estate agents. People are more inclined to go out to view houses in clement weather, and this year hasn`t bombarded us with too many extremes. The importance of light and mood when selling or letting a property should never be underestimated. Most properties in this area are from an era with large windows and high ceilings, which are great selling points. Nevertheless, it`s important to make the most of every scrap of natural light when selling your home, and this is especially important at this time of year. Rooms that receive most natural light should be shown to the best advantage –a room sparkling with warmth and light, particularly when it`s cold and grey outside, is huge draw for buyers. Make sure south-facing rooms have curtains and blinds drawn back, and that windows are clean inside and out. Mirrors placed opposite can dramatically increase the sense of light and space in a room, while sparkling glass or metal ornaments arranged to catch the light can be very effective too. Most properties will have dark corners, and these can be used to advantage in a study area, or snug, where dark can be cozy, but a strategically placed lamp, lit even in the daytime, will still make a subtle difference. Lighting a fire is another great way to bring warmth and light into a room in the winter. Many Notting Hill and Holland Park properties have an abundance of period features like fireplaces, and these advantages should be showcased at every opportunity. By the same token, outdoor space, even in the winter, is a valuable resource. Outdoor lighting and seating can be used to set the scene to show how it could be used in the summer, and architectural plants and topiary can be used to great effect. John Wilcox & Co have been servicing high-end properties in Kensington and Chelsea and Westminster for over 35 years. Please call us if you`d like our advice on how to maximize the attractiveness of your home.

Preparing to market your property

Mon, 01 Feb 2016 11:59:59 GMT

Preparing your property for sale can be a daunting prospect, particularly in the prime London property market, where high worth buyers and renters have high expectations. Well-presented houses in Holland Park, Notting Hill and Kensington can command significantly higher asking prices, generating more offers and generally leading to a more successful sale process. Here are a few tips for making the most of your property: Make your home really sparkle Consider a professional clean – and be sure to do this before any photographs are taken. Get carpets and upholstery steam cleaned, and maximise light by cleaning all windows, inside and out. Kitchens and bathrooms are very important to buyers so it`s worth making an effort in these rooms. Clean or replace grout, and consider replacing old taps and fittings which can give an instant update. Fresh folded towels and brand new, packaged products and cosmetics can give a bathroom a luxury feel. De-clutter but leave some personality People want to imagine themselves living in your home – so show them an idealised version of your lifestyle. Display your most attractive objects, then be ruthless and get rid of all superfluous accumulated clutter. Box up any personal and sentimental things and store, but avoid cramming things into cupboards because homebuyers will often look at those areas, and jam-packed storage give the impression of lack of space. It`s far better to take boxes to a friend`s house, or hire a self-storage unit. Then clear out all the junk that you`ve been meaning to get rid of – you`ll need to do it when you move, so get a head start! Freshen up A fresh coat of paint can make a huge difference to a room. Choose light, neutral colours that will go with anything and everything. Replace tired tiles and fittings in bathrooms and kitchens and consider painting or replacing dated cupboard and cabinet doors. Sort out your lighting – make sure they all work. Strategically placed table and floor lamps and can do wonders to brighten dark corners and enhance features of a room. Vases of fresh flowers lift a room and are worth the effort. First impressions count The exterior of your property is important, many buyers are put off before they even enter a property, so do as much as you can to make the outside as clean and tidy as possible Hide bins, trim hedges, sweep paths. Give your front door a smart new coat of paint. A pot either side of it, with flowers or topiary gives a great first impression, and have the added advantage of being portable, so you can take them to your next property! These are some general tips which we hope you have found useful. At John Wilcox & Co, we take pleasure in advising each of our clients about the unique benefits of their home and how to present it to maximize its value. Please give us a call today if we can be of assistance to you.

London Property Market News February 2016

Tue, 09 Feb 2016 12:00:00 GMT

It always takes the property market a few weeks to get going in the New Year, and almost as soon as it`s shaken itself off and rubbed the sleep out of its eyes, we move seamlessly into February. This year the EU Referendum on BREXIT is already dominating the news and we expect that the market will slow down as we approach it, as it did with the General Election last year. Interestingly, according to an online survey by eMoov, more than half of Londoners surveyed believed that leaving the EU would have a positive impact on the value of their property. However, there are plenty of pessimists around too. A number of economists and analysts have reported that the FTSE 100 is down around 16% on the year and has entered a bear market, with other global markets tumbling amid a mass sell-off. OPEC`s refusal to cut oil production, coupled with America`s burgeoning shale industry has put steady downward pressure on the price of oil which is now below $30/barrel for Brent Crude. Although the Middle East seems to have weathered low oil prices surprisingly well so far, wealthy investors in other countries with big oil sectors, such as Russia, are suffering from the glut in the oil supply which had made buying Sterling assets increasingly expensive. In contrast, the London property market has a continuing long-term shortage of stock, which is unlikely to change in the foreseeable future. This will help keep demand high and will also go some way toward countering any negative pressure on prices, no matter what the external economic conditions are. Clearly the increased Stamp Duty burden from the Chancellor`s Autumn Statement in December 2014 is still an issue for the market – despite The Office for National Statistics reporting a 9.8% increase in house prices across London in the year to November 2015. According to the House Price Sentiment Index (HPSI) by research firm Markit in January, British homeowners expect property values to rise in the coming year, despite the problems in global economic markets and George Osborne`s recent warning of `a dangerous cocktail of risks` to domestic and world economies. In the past the HPSI has been a good indication of upcoming property market conditions and the strong survey results in January are encouraging. While we always look at all economic and political factors affecting the property market, our own activity tells us there is still a lot of quality business going on, if you know where to find it. We have received strong offers on all of the last three houses we put on the market for sale – one at the asking price We are not seeing any slow-down in new buyer registrations Some sectors of the rentals market are seeing strong demand – we have already seen a noticeable increase in executed tenancies so far this year against the same period last year There is an increase in activity among investment purchasers looking to buy before the Stamp Duty increase on 1st April As February unfolds, we always see a general uptick in activity on both sides of the fence – buyers and sellers alike, which is good news for both. More sellers offer greater choice and more buyers means a healthy injection of excitement in the market with more opportunities to sell their own home and move up or down the ladder as their needs and family circumstances dictate. If you`re thinking about selling or renting your property, and would like to talk to the acknowledged Prime Central London property experts, give us a call or drop into the office. We guarantee you`ll know a lot more about the market when you leave than when you arrived.

Pet Friendly Rentals at a Premium

Mon, 15 Feb 2016 12:00:00 GMT

Dog owners who rent property in Notting Hill, Holland Park and Kensington are fortunate to have their pick of fantastic walks, including the nearby 54 acres of Holland Park, as well Kensington Gardens and Hyde Park close at hand. Some properties also have access to communal gardens where they can exercise their pooch. However, people searching for pet friendly rental properties in these scenic areas, or indeed, other parts of prime central London often discover that renting a property that allows canine companions can be very hard to find. The amount of dog owners in London has risen from two percent five years ago, to almost twenty percent last year. This has caused dog friendly rentals to become so scarce that landlords, in some extreme cases, can charge deposits of up to £25,000. More common is to increase the deposit by an additional two weeks rent, which can add up at the high end of the market. In addition, landlords are often advised to include an extra pet-relevant professional cleaning fee clause in the tenancy agreements. Are pets really such a risk to property? Here at John Wilcox & Co we regularly help landlords and tenants negotiate satisfactory terms. We have many loyal clients with pets, and indeed are often found dog-sitting one of the local ‘best friends` of the neighborhood. The vast majority of pet owners are responsible tenants with well trained animals. However, landlords with high-end, luxury properties can be understandably careful when they are contemplating adding a friend with fur to the tenancy. With more and more dog owners looking for properties in and around Notting Hill, Holland Park, and Kensington, and with private landlords who offer those properties able to command premium letting fees, make sure you only deal with a long established firm like John Wilcox & Co, who understand and regularly work in this market. We made another landlord and another tenant and dog all very happy only last week.

When is the Best Time of Year to Sell My House?

Mon, 22 Feb 2016 12:00:00 GMT

Property sells all year round, but if you`re considering putting your home on the market, it makes good sense to choose a time when there are lots of potential buyers around. This not only maximises your chances of finding a buyer quickly, it also can create a sense of competition and urgency which can result in several offers and the possibility of competitive bidding, which is good news for the seller. It is a general rule of thumb that Spring and Autumn are the best times to market your house, and while this is broadly true, it`s worth digging a bit deeper to analyse the type of buyers your property is likely to attract because different types tend to be looking for property at different times of the year. Family buyers often time their property search to fit in with school terms. Buyers with children will usually avoid school holidays when they are likely to be away. Also parents don`t want to have to supervise bored or boisterous children while viewing a potential house and would rather wait until they are back at school. Older couples and singles generally prefer to look at homes during the warmer months and are the least likely to want to look at homes in the rain and snow, nor do they want to move house in bad weather. This type of buyer finds summer to be the best time to buy and sell, and they tend to view fewer properties, and make their minds up more quickly. First time buyers tend to start looking for a property very early in the year. Whether it`s an idealistic sense of optimism for the coming year, or the result of another cramped Christmas still living at home with relatives, the first timer buyer often starts their search in January or February. These early sales, often at the lower end of the market have a ripple effect on properties further up the property ladder. One thing to remember about this part of the market is that young couples and singles can take a long time to decide on a property and they tend to view many different properties before making up their minds. But what if you must sell your property at a quiet time of year? There are always attractive options available as busiest isn`t always best. Selling in quiet times means that you`re marketing to a select group of the most serious and highly motivated buyers who are looking at a smaller supply of properties. For more tips about selling at this time of year, have a look at John Wilcox & Co`s recent tips about selling in winter.

Top Tips on Selling Your Property - Part I

Mon, 29 Feb 2016 12:00:00 GMT

Selling your home can be a daunting prospect, especially when you consider how many moving parts there are, and how many things can go wrong to throw the sale off course. As Kensington & Chelsea`s oldest independent estate agent, John Wilcox & Co would like to offer our clients a short guide over the coming weeks on what the different steps to selling your property are. This week we discuss that important first step – choosing the right agent. It is vital to find one that you trust and who you know will always put your interests first – it will undoubtedly make the whole process a lot smoother. Part I – Choosing an Estate Agent 1. Research Make sure you research local agents before picking one. The agent you choose should have extensive experience in selling property like yours. Ideally, they will have a database of suitable buyers, and at the higher end of the market, a ‘black book` of potential buyers often registered only with them. 2. Knowledge is Key You want an agent who understands not only the market place, but who also has an intelligent view on the external economic and political forces that might affect the price of your home, both on the upside and downside. 3. Rapport and Trust Make sure you choose an agent that you genuinely like and feel you can trust. As the price of the property increases, the journey can become more complicated, and it is important you have confidence that your agent can sort out whatever stumbling blocks present themselves. You must also know that your agent will always put your interests first, not the buyer`s. A good agent should make himself available to his client out of office hours to be able to address any questions he has, or resolve any issues that arise. 4. Valuations It is advisable to get at least three valuations, unless you already have a longstanding relationship with a particular agent who you trust and want to use. Be wary of the agent that always gives the highest price, unless they can back it up with why they`ve valued your property at that level. When you have their advice, be aware that to get the best results it is important to be realistic. Be forensic about how other people would see your property. What are the faults and how would that affect the price? Before you put your property on the market, try to distance yourself from emotion and be honest with yourself. Buyers won`t pay for your memories – if a kitchen is old, it will be in the skip within three weeks of completion. In some cases, even if a kitchen is new and not to their taste it may still end up in the skip – heart-breaking, but true! An agent with a deep knowledge of the market should be able to give you three price bands – a price with a degree of hope value, (while still in touch with reality), a realistic price, and a `walk out the door in seven days` price. 5. Negotiation Skills Make sure you have confidence that your agent is a skilled and senior negotiator, and that you will have this same person dealing with you from start to finish. 6. Raving Fans & Continuous Focus Make sure that the agent you choose values your property as much as you do, and lavishes the kind of care and attention on the sale of it that you would wish. It is a common complaint that a firm makes a fantastic pitch with all the marketing they will do, but if the house hasn`t sold in the first couple of weeks, it languishes on the conveyor belt while the agent has moved on to other, newer properties. The agent must have a dedicated plan of how they intend to market your home, give you feedback, and what things they will do if it is not getting the response you hoped for. We hope these tips to choosing the right agent have proved useful, and that you will join us next week for Part II in our series: I`ve Chosen An Agent – What Happens Next?

Top Tips on Selling Your Property - Part II

Mon, 07 Mar 2016 12:00:00 GMT

After you`ve chosen your agent, now is the time to start making your home as attractive as possible to anyone who comes to see it. It is also vital to pave the way for the legalities of the sale. PART II – I`VE CHOSEN MY AGENT: WHAT HAPPENS NEXT? 1. Preparing your home Most home-owners feel their home is set up almost to perfection and exactly how they like it. But sadly, not everyone will feel the same way, and it is always best to make your home as appealing as possible to the greatest number of people. There are several things that you can do to help with presentation. For a more detailed discussion of this point, please see our Feb 1, 2016 blog: Preparing to market your property 2. Choose Your Solicitor It is vital that you choose a conveyancing specialist and instruct them right at the outset. When a sale has been agreed, the buyer`s solicitor will need all the relevant information on the property; it is very important that your solicitor has already prepared it and can send it out without any delay. Your agent should be able to provide a list of excellent conveyancing solicitors to choose from. 3. Launching your home onto the Market Having advised on price and marketing strategy, your agent should then do the following • Fantastic Photographs Your photographers should be experts at seeing the perfect angle to take the picture and then setting up the shot. This may include moving furniture, dressing tables or fireplaces, plumping up cushions etc. They should have the very latest equipment with incredibly wide-angle lenses and should combine several different lighting conditions into one photograph. Their pictures should have the final polish added in the lab before being sent to your agent. • Commission a floor plan All floor plans should be measured and drawn in accordance with the Royal Institution of Chartered Surveyors (RICS) Code of Measuring Practice. It should be presented on the page in a way that is easy to read and to understand. • Prepare a Brochure Your agent should offer a bespoke approach for your property which may include a high quality brochure for which they should always invite your input. The brochure will be either landscape or portrait depending on the suitability of the property and your needs. 4. Finding the Buyer • Distribute a Launch Flyer to targeted end-users When your property is launched onto the market, it is important that it is offered to a targeted selection of end-users in your area. Your agent may commission a teaser flyer specifically about your property which would then then hand delivered to selected streets. • Offer the property to all known suitable buyers and buyers` agents through such routes as: • An important first step is for your agent to pick up the telephone to their ‘ready` buyers. Often, the earlier viewings are the most promising as these will be your agents` most suitable buyers. • Advertising the property on the Internet Portals (such as Rightmove and OntheMarket) and their own website. • A targeted advertising campaign in the Glossy Property Magazines. • A targeted social media campaign. • Your agent should make clear to you if these costs are included in the fee they have quoted you. If it not clear, do not be shy about asking. • Work out a tailored plan for viewings: Your agent should schedule the viewings around your lifestyle – not vice-versa. For example, viewings may need to take account of a baby or small children and must not conflict with afternoon naps, the school run, homework, bath-time, etc. Similarly, you may only want viewings on one or two days each week. Your agent should accommodate this. • Agree a schedule for feedback: Some clients like feedback after each viewing, others may prefer a round-up at the end of each week. Some prefer a phone call; whilst those with busy work schedules or living internationally may prefer to communicate via email. Your agent should tailor the feedback schedule to your needs, not theirs. 5. The Option of Discreet Marketing Some properties may suit an off-market or discreet approach, and some sellers may not want their property advertised, and instead might prefer a quiet, word-of-mouth marketing campaign. Your agent should be able to offer both. We hope you have found these tips useful. If you would like to discuss any of the points raised here, please feel free to call us, with more than 100 years` experience on the patch, at John Wilcox & Co we are here to serve you. Join us next week for Part III in our series: PART III -THE BIG PICTURE AND EXTERNAL FACTORS THAT CAN AFFECT THE MARKET.

Top Tips on Selling Property - Part III

Mon, 14 Mar 2016 12:00:00 GMT

PART III – THE PROPERTY MARKET: THE BIG PICTURE AND EXTERNAL FACTORS THAT CAN AFFECT IT. One of the questions we are always asked by clients is ‘When should I sell?` The factors affecting that decision are always broken down into two areas: a) Life-style b) External factors over which we have no control Lifestyle School Holidays are a big factor. No one wants their property on the market when young children are at home (sometimes tearing around at the speed of cartoons) and similarly, buyers are less likely to come when they have to bring their own children with them. The school holidays are almost a `starting gun` for the family house and larger apartment market. Smaller properties are similarly affected, but less so. Time of Year is always important Approaching family holidays and up-coming school exams must be taken into account. When the property looks best Should be always be taken into consideration. In general, a garden coming out into flower and bloom will leave a greater and more positive impression on potential purchasers than a hibernating winter garden, although well-deigned outdoor space is an asset all year round. External Factors When considering a launch date, your Agent should always train his telescope on the horizon to spot what unavoidable factors could affect the process. Some less secure agents may simply advise their clients to launch their property immediately come what may, but the more measured and professional approach should be to examine these external factors and discuss if there is any advantage to be had from holding off. These factors traditionally include Politics, the Economy, City Bonuses, International buyer trends and capital flight. Politics All General Elections have the effect of slowing the market in the run-up, and other important elections can do the same. This year we have the London Mayoral Election which might slightly slow the market. Of course, EU Referendum is more likely to have an affect. The market usually reacts to uncertainty with a reduction in volume, as we are currently experiencing Changes in Legislation The chancellor`s recent announcement to increase Stamp Duty for second homes and investors is hardly surprising and should not have a long lasting effect on the market – especially when you consider that by comparison to other investment destinations around the world, London is still only about half way up the list in terms of property acquisition and holding costs The Economy Current conditions are the perfect example of how the market reacts. The UK economy is one of the few economies in the world which is growing as a result is attracting overseas investors. The recent fall in oil prices is likely to fuel more investment into the relatively safe haven of the London prime property market, and the Shanghai stock market turmoil could produce the same effect, with over £740million of Chinese investment in London real estate in the last year alone. City Bonuses The City usually pays bonuses in February or March, and an agent with their finger on the pulse should have a pretty good idea how good or bad they are going to be in any one year. The FT reports that the City is predicting bumper bonuses this year. International Buyer Trends & Capital Flight We have seen a slow-down in buyers from China and Russia but we there has been an uptick in South American buyers and London is still well-known for being the `sixth biggest City in France`. Capital Flight also plays a huge role. There have been many recent examples of this – Italy, Greece, Syria. Whenever there is instability around the world, investors frequently look to move their money to a safe haven – and Central London Property is a popular choice. The Big Picture The very big picture for the London property market is fairly simple. London is one of the most attractive and popular cities in the world for a high quality work/life balance. It has more multi-millionaires than any other city in the world and is ranked third on the Billionaire`s List. London is the financial and language capital of the world. It offers an excellent infrastructure, political and fiscal stability, a transparent judicial system and superb lifestyle choices in terms of education, culture and entertainment. I t will always attract plenty of highly paid people with families, who will want to live in a lovely home with direct transport links to the City and the West End. Property in Kensington, Notting Hill and Holland Park provides all of these and also has an absolutely finite number of houses. Conclusion Whatever the political future hold, there will always be plenty of high quality and reliable purchasers for Central London Property, and the houses in Kensington, Notting Hill and Holland Park are among the most attractive to be found.

Top Tips on Selling Your Property - Part IV

Mon, 21 Mar 2016 12:00:00 GMT

PART IV: YOU`VE ACCEPTED AN OFFER ON YOUR PROPERTY – NOW WHAT? The pitfalls and how to avoid them. Speed One of the most important factors in all sales is speed. More deals fail because they take too long than for any other reason. The most important thing you can do to off-set this is to instruct you solicitor as soon as your property goes onto the market. As soon as a sale has been agreed they will need to be able to send all the necessary forms and documents relating to your property to the buyer`s solicitors. This information includes • A draft sale contract • Property Information Forms These are filled in by you and identify what in your property is and is not included in the sale price • Copies of the Title Deeds or Lease • Management Information If you are selling a flat, it is possible that your building is looked after by a managing agent. They will need to confirm service charge information, copies of the insurance policy and if there are any major works planned to the building. If there is no managing agent, you will need to locate all this information yourself, or from your Freeholder It takes some time for all this information to be collected and it is vital that these documents and forms are ready when they are needed. We always recommend that a ‘full package` of information is ready to be sent out to the buyer`s solicitor on the same day that the sale is agreed. Lack of Communication/Momentum Your estate agent should stay involved throughout the conveyancing process and act as a link between you and your buyer. They should keep you informed about the various stages and be aware if something is taking too long. With years of experience, a good agent will be able to spot, and frequently avert, impending problems. A vital part of this process is for all parties to have an early understanding of how quickly contracts are expected to be exchanged and crucially when the sale has been agreed to complete. Ideally, these dates should be agreed at the outset. Bad survey If the buyer commissions a survey which identifies structural problems in your property, it is possible that they may try to renegotiate on the price. Bear in mind that if the deal collapses as a result, it is likely that the next buyer`s surveyor will pick up on the same issues. If you are aware of any structural issues with your property, let your agent know well in advance so they in turn can manage your buyers` expectations. Sales are usually agreed on the expectation that the survey will come back without any real problems. Unsatisfactory Mortgage Valuation If your buyer is taking out a mortgage, the lender will need a satisfactory valuation of the property. If it fails valuation, the lender may not agree to the loan or might insist on a large retention, which will affect the buyer`s ability to proceed. In any event, your agent should provide the valuer with comparable evidence to support the sale price and assist him in satisfying the lender. What if the searches come back negative? Any estate agent worth their salt will know the potential pitfalls of an area and what is likely to be turned up in a search. They will have a view on the importance of certain issues and should be able to keep your buyer informed so they can take a view, if necessary. Other problems unearthed during a search, such as non-compliance of building regulations or other planning issues, might be mitigated by a suitable indemnity insurance policy. Your agent should know the local planning office and any unusual regulations which are particular to the area, and will quite often be able to spot a potential problem early. A negative, but not unexpected search result is less likely to derail the process. This local knowledge will also give your agent the necessary information to negotiate effectively on your behalf. Chain collapses When negotiating on your behalf, your agent should obtain all the relevant financial information regarding your potential buyer. If they in turn are selling a property in order to buy yours, your agent should remain in contact with their selling agents to keep an eye on how that sale is progressing. Although it is not always possible to prevent chains from collapsing, your agent should protect your interests by keeping your house on the market until your buyer is ready to exchange contracts. If you are selling to a cash buyer, make sure they are given a strict time-table in which to perform. Change of heart No matter how good your agent and your solicitor are, if your buyer has a change of heart, they are unlikely to go through with the deal. The best way of preventing this is to get to the point of exchanging contracts as efficiently as possible. The longer a sale takes, the more time life has to get in the way and everyone loses focus. All of these potential problems may seem daunting, but house sales do take place successfully every day! At John Wilcox & Co we stay fully involved and proactive in the sale and purchase of your next property, and we do everything possible to ensure that the process is as smooth and easy for you as possible. NEXT WEEK: CONGRATULATIONS, YOU`VE SUCCESSFULLY SOLD YOUR PROPERTY! NOW WHAT? THE LIFELONG RELATIONSHIP WITH THE RIGHT AGENT.

Top Tips for Selling Your Property - Part V

Tue, 29 Mar 2016 12:00:00 GMT

When you`ve found the right estate agent, you should consider them an asset to be relied upon not just for your immediate property needs, but for your future needs as well, and indeed for those of your whole family for years to come. The moment you`ve instructed your agent to sell your home, they should offer their services to help you find your next home. • A good agent will have access not only to all properties on the market in Central London, but also many that are available on an off-market basis of which you will not be aware. • If you need assistance with deciding which area to move to, a good agent will have an in-depth understanding of the infrastructure, schools, transport links, advantages and disadvantages of the many different areas of London. Downsizing • When people are downsizing, they will often look for a slightly smaller version of their current home. • You may be looking for a property with a smaller garden or even a patio or roof terrace instead. A communal garden may also be a good option. • Or you may be looking to move from a house to an apartment without stairs and with the benefit of a porter and lifts. • The right agent will have experience of your different requirements, as well as the challenges of downsizing, and should take the time to understand your wishes and needs and be able to help you with all aspects of your move. Upsizing • It can also be the case that your family is growing, and you are looking for bigger premises. • When upsizing, budget and location take precedence over most other considerations. If more accommodation is needed, there is usually a trade-off between lifestyle and size. More central locations invariably command higher prices, while slightly less convenient locations can offer a larger property for the same budget. The right agent will be able to advise on the relative pros and cons of different areas. • An alternative to upsizing which has become a recent trend in prime central London, is to extend your existing home, either by digging a basement, or extending up or out. Given recent increases in Stamp Duty, this has become increasingly attractive. An experienced agent should be able to guide you through the planning process. Company relocation overseas • Relocation is usually a huge upheaval, especially if you have been in your home for a number of years. • If you are being relocated, many people`s first thought is to sell their home. But depending on market conditions and how long you will be posted abroad, it may be more financially beneficial to consider renting it out. • And whilst your home may have been perfect for you, it may not be as attractive for the rentals market as it could be. A committed agent should advise and even project manage work in your absence to make suitable alterations/improvements to your property to achieve the maximum rent. • Your furniture and personal belongings will also be considered. While you will undoubtedly take a lot with you, what remains must be either put into storage or rented with your home. There are regulations governing what furniture can and cannot be rented with your property. Your agent should give you best advice on this. Retiring to the countryside • If you are retiring to the countryside, you may wish to retain a London pied-a-terre. Given relative values between Central London and other parts of the UK, there is often more than enough left over from the sale of your home to fund a London apartment in addition to the house in the country. • An experienced agent will have a good understanding of their clients` preferences and needs, and be able to advise on an investment property, either for the client themselves, or for the children to use in years to come. Renting If you are in the enviable position of having found the buyer of your property before you have found your next home, it can be a good option to rent in the interim. • You can usually move in within a week or two of agreeing terms • There is only a limited amount of paperwork, which does not normally need to be overseen by your solicitor. • Landlords and tenants normally have to give each other only two months` notice of their intention to end a tenancy, so there is a constant stream of suitable property coming onto the market, and a good agent should be able to find you a property that will suit your needs. Sale and Leaseback And lastly, you may have decided it is time to sell your home, but you would like to carry on living there. This is possible using a mechanism called Sale and Leaseback. • This can be a more attractive option than Equity Release as you retain a greater degree of control, and almost always realise more attractive financial terms. • The outcome is to sell your home at a full price, while at the same time remaining in the property for as long as you like after you have sold it. • An agent with expert knowledge in this area can find a buyer for your home who will then lease it back to you at a market rent for however long is required – possibly 25 years or even more. • An alternative is to sell at a discounted price with no rent to pay whatsoever. Again, working with an agent you trust and who knows your personal requirements, you can be advised on the different options and what is going to work best for you. And as this is the last in our series of sales blogs, (stay tuned for our next series on the Lettings Market beginning soon) we hope you won`t mind if we end by saying that at John Wilcox & Co we have felt enormously privileged to help generations of families with their property needs over the past 38 years. We take our responsibilities tremendously seriously and with our 100 years of experience in the office, we have earned your trust to care for one of your family`s biggest assets. If we can be of any service to you or your extended family, please don`t hesitate to get in touch or come by the office for advice on any of your property needs.

London Property Market News

Wed, 11 May 2016 12:00:00 GMT

Finally – A Spring Market where we dare to use the ‘hope` word Against a back-drop of a new Mayor, the EU Referendum looming, and plenty of negative press comment, the central London property market is showing signs of increased trading and some excellent sale prices. What`s going on? The Referendum presents an increasingly polarized market. If we vote to leave, the Chancellor said over the weekend that Britain`s housing market would take a significant hit. At the ‘starter end` of the market, he warned that although lower house prices would suggest more people could get on the housing ladder, mortgages would become more expensive as banks shore up the costs on risk of a default, thereby shutting out the very people the lower prices are supposed to help. The majority of the polls suggest that we will stay in the EU, but there is a wide variation in the forecasts of the split of the vote, which seems to be narrowing by the week. Interestingly, the Bookies are almost unanimously predicting a Stay Vote. Most forecasters believe that if we stay in the EU the PCL market will stabilise and return to growth after 18 months or so. If we vote to leave, the predictions are more bearish; however, several banks, including Goldman Sachs and Citi, have warned a Brexit could cut a fifth off the value of sterling. This may end up a boon for the prime central London property market, as sterling-priced assets would become cheaper to foreign investors, who may in turn pour more money into the city. London property boomed in the aftermath of the 2008 financial crisis for this reason among others. On the lettings side, Sadiq Khan`s platform states that he wants to ‘end the scandal of thousands of houses in new developments being sold off-plan to overseas investors`. While this is a laudable goal, it may not address the issue that it is the overseas investors who often provide the capital to allow these developments to be built in the first place, as developers are often required to have at least 30% of up front capital in order to start the project. He has also committed to building 80,000 new homes a year in London, and intends to set up a London wide not-for-profit lettings agency, where the rent is determined by a third of the average local income as opposed to the market. Academics, commercial estate agents, lawyers and bankers who have analysed these building and rentals plans seem to be coming to the conclusion that it will be a challenge for him to get anywhere close to his proposed target. The fact that in the last decade the most that has been achieved was 26,860 new builds in any one year underlines this. And to add our own market experience, as a prime central London specialist agent for 38 years, we have agreed a spate of sales in the last 3 months, one of which achieved the second highest price per square foot ever recorded in the street – and for a property that hadn`t been touched for over 30 years. Our round-up for May – the Spring Market has started and buyers are coming back as many sellers have adjusted prices to meet their expectations; the price of oil is showing signs of recovery (Brent Crude trading @ $45 per barrel at the time of writing), the odds are against a Brexit with a likely outcome of the property market stabilising. The majority of buyers currently looking are being driven by lifestyle, but if you understand your market and can selectively match the right purchasers with the right property, there is always business to be done.

A Guide to Letting Property in London - Part I: How to Choose the Right Lettings Agent

Mon, 20 Jun 2016 11:59:59 GMT

Guide to Letting Property in London - Part II: The Nuts and Bolts of the Lettings process

Mon, 04 Jul 2016 12:00:00 GMT

At John Wilcox we have an extensive understanding of the lettings market in Kensington and Chelsea, Holland Park and Notting Hill, and we have put together a five-part guide to the process which we hope will give you a good idea of the how to get the most from your property. Part II – The Nuts and Bolts of the Lettings process The letting process has many moving parts which must line-up to meet your needs as a landlord. Below are some of the things to consider: The amount of rent A good estate agent who knows the area will be best able to advise on the right price to advertise your property, and what sort of yields you can expect. Remember, if you are buying with a mortgage, rent-to-property price yield will not be the return you get. To work out your annual return for property you already owe, subtract your annual costs from your annual rent and then work this sum out as a percentage of the value of the property. If you are using buy-to-let finance, don`t forget to add in the cost of your interest payments. For a £2,000,000 property that could rent for £1,000 per week, you will face some of the following costs: Lettings Fees: £5,200 per annum + VAT Service Charge (If appropriate): Approx £5,000 per annum Maintenance Costs: Assume £2,000 per annum Net Income: £38,760 per annum Gross return = 2.6% Net Return = 1.9% Pets or not Local residents are fortunate to have their pick of fantastic dog walks with the beautiful open spaces of Holland Park, Kensington Gardens and Hyde Park close at hand. Many properties also have access to communal gardens. Landlords can be understandably wary of letting to tenants with pets, but recent reports have shown that the amount of dog owners in London has risen from two percent to almost twenty percent in the past five years, and this has caused dog-friendly rentals to become so scarce that landlords can command significantly higher rents if they are willing to allow pets. The vast majority of pet owners are responsible tenants with well trained animals. However, landlords with high-end, luxury properties can be understandably careful when they are contemplating adding a friend with fur to the tenancy. Are pets really such a risk to property? Here at John Wilcox & Co we regularly help landlords and tenants negotiate satisfactory terms. We have many loyal clients with pets, and indeed are often found dog-sitting one of the local ‘best friends` of the neighbourhood. The Deposit It is important to make sure that your agent is fully conversant with the Deposit protection registration rules that were introduced to protect a tenant`s deposit. The Term Short term lettings from a few days to six months can provide excellent returns for landlords. They are typically required for work-related, corporate secondments / projects / placements, alternative accommodation during on-going works on existing property, alternative accommodation for insurance claims, tourism, awaiting completion dates when purchasing property, wanting to ‘get to know` an area before buying or renting property, and filming and productions – accommodation for crew and actors. Short term lets are predominantly in furnished properties. Long term lettings are less risky, with fewer change-overs of tenants or risk of a property sitting empty. A good tenant is worth hanging on to, and so it is a good policy to make sure that your agent looks after your tenant well. Potential tenant`s ‘wish list` Instead of imagining whether you would like to live in your investment property, put yourself in the shoes of your target tenant. Who are they and what do they want? If they are young professionals it should be modern and stylish but not overbearing. If it is a family they will have plenty of their own belongings and need a blank canvas. Remember that allowing tenants to make their mark on a property, such as by decorating, or adding pictures, or you taking out unwanted furniture makes it feel more like home. These tenants will stay for longer, which is great news for a landlord. Renewal Options • An Option to Renew: An option to renew is a specialised clause in the tenancy agreement which gives the tenant the legal right to renew their tenancy for an additional period. The renewal is usually for the same period as the original tenancy and normally has an automatic increase in the rent. The terms of these Options are always agreed at the beginning of the original tenancy and give both Landlord and tenant reassurance for the longer term. • Renew for a fixed-term tenancy: The advantages of agreeing on a new fixed-term tenancy is that both the landlord and the tenant will have some security over the coming months. The landlord will be guaranteed income for a set period, and the tenant will be guaranteed a roof over their head, as the landlord will not be able to evict the tenant until the lease has expired (unless the tenant consistently fail to pay the rent). • Rolling tenancy: If the tenancy expires without the landlord and the tenant having officially signed a new agreement, then the tenancy automatically becomes a `rolling tenancy`, in which case it just carries on from month-to-month or week-to-week. These kinds of tenancies are quite common and can even stretch out over the course of several years. The trade off is that neither the landlord or the tenant are committed to upholding the tenancy for any set period, so either of you can choose to end it at any time, provided you give the other at least a month`s notice. For those looking for long-term security, this is obviously not ideal, but those who relocate frequently may find the more casual nature of the rolling tenancy well suited to their situation. • End the tenancy: In most cases, a tenant will be able to leave on the last day of a fixed-term tenancy without giving the landlord notice, though it is common courtesy to do so. A landlord may include a clause requiring the tenant to give notice before leaving when the tenancy expires, so the tenant should double-check the tenancy agreement just to make sure he understands the terms. Break Clauses A break clause is a provision in a tenancy agreement which enables either the landlord or the tenant, or both, to end the lease early – usually on two months` notice. It`s important for both the landlord and tenant to be very clear about the details of the clause because there has been an increase in litigation in recent years. Again, a reputable and experienced lettings agent will be able to advise. Holding Deposit It is often prudent to ask for a holding deposit from a tenant to reserve a property, while the agent checks references and draws up the tenancy agreement. Referencing Process Carrying out a tenant reference correctly is possibly the most important process you will undertake as a landlord, it involves making sure that your prospective tenant has a good credit history and the means to pay the rent. Add to this the new legislation regarding checking that an overseas tenant has the right to rent, and it becomes clear that it is vitally important that your lettings agent is fully experienced and capable of carrying out all the checks properly. Drafting, agreeing & executing the Tenancy Agreement The Tenancy Agreement is a very important legal document which requires the specialist knowledge of an experienced letting agent. Start Date: Once you have found a tenant and signed contracts there are several important processes which must be undertaken on or just before the start of the tenancy. These include: • Inventory & check-in • Meter readings • Utility transfers • Welcome Pack Management or not Buying a property is only the first step. Will you rent it out yourself or get an agent to do so. Agents will charge you a management fee, but will deal with any problems and have a good network of plumbers, electricians and other workers if things go wrong. You can make more money by renting the property out yourself but be prepared to give up weekends and evenings on viewings, advertising and repairs. If you choose an agent you do not have to go for a High Street presence, many independent agents offer an excellent and personal service. Select a shortlist of agents big and small and ask them what they can offer you. If you are considering going it alone look at where you will advertise your property and where you will get documents, such as tenancy agreements from. It really pays to look after your tenants. Do this and they will look after you. The biggest drag on many buy-to-let landlord`s investment returns is the void period – a time when you don`t have anyone in the property. Good tenants who want to stay help avoid this – and if they move on they may even recommend your property to someone they know. Keep up with maintenance, make sure your property is a nice place to live and try and build a good personal relationship with your tenants. We hope you have found this instalment of the lettings guide useful. If you have questions on anything we`ve written, please give us a call on 0207-602-2352. We will be happy to help you sort out any queries you may have. Next week: Part III: Protecting Your Property Asset

Guide to Letting Property in Central London - Part III: The Lettings Game for the Landlord

Mon, 18 Jul 2016 12:00:00 GMT

At John Wilcox we have an extensive understanding of the lettings market in Kensington and Chelsea, Holland Park and Notting Hill, and we have put together a five-part guide to the process which we hope will give you a good idea of the how to get the most from your property. Part III: The Lettings Game for the Landlord Your property is an investment, and just like any other you need it to perform – yet the Lettings Game for the Landlord is far from a simple one. For the series of challenges you face as a property owner, there is our series of guides to run you step-by-step through the process. Investing in property: Putting it in financial perspective Currently gross yields from let property nationwide return an average of 4.17%; whilst properties throughout Prime Central London (PCL) are more likely to produce a return of approximately 2.5% – 3%, they have historically produced excellent capital growth and are well hedged against volatility in the market. The overall requirements of your investment must not only be seen in terms of yield, but also capital appreciation and wealth protection. The 2016 Central London Market: In facts and figures Property in Central London continues to outpace and outperform many other regions in the UK, as the following rental averages illustrate; Kensington (average rental £750 per week – rental price range £210 – £4350), Chelsea (average rental £823 per week – rental price range £210 – £9995), Holland Park (average rental £871 per week – rental price range £579 – £4977) and Notting Hill (average rental £563 per week – rental price range £170 – £1950). Void Periods: Income downtime, yet essential nevertheless Periods where your property sits idle, free from tenants and income, are far from ideal – yet this downtime is often an essential period in which you can carry out improvements and vital maintenance. Previous tenants and your lettings agent can serve as sources of guidance and feedback for this. Maximum yield: Taking a step back and thinking logically Achieving maximum yield is a question of the perfect balance between timing, area and property type. To inform your choices, you should seek a specialist, local lettings agent who can advise you on which properties rent well and what the expected yield may be. To be successful in the lettings market, you must think like a landlord – be logical. Treat it like a business and don`t take emotional decisions. This means overlooking financially meaningless features, such as a nice view or appealing garden; these elements are far outperformed by the size of the property and the local amenities (such as infrastructure, schools and shops). Equally features such as a communal swimming pool or concierge service are often very attractive to tenants, but are usually accompanied with service premiums which may ultimately rule the property out as the running costs will eat into the yield. Buying new versus buying old There are pros and cons for both buying old, and buying new. Whilst purchasing a new property can provide peace of mind that there won`t be any surprise costs for maintenance that can come along with an older property, you may face complexities such as non-existent Residents Associations, lack of understanding of building infrastructure etc and possibly no managing agents. Buy old, and considerable structural issues may arise that require a contingency fund – a luxury for which few landlords plan. Investing in a full survey is also a must when purchasing old. When buying new, research into the lease holding company and property management firm can help provide at least some peace of mind as to reputation and intentions of the freeholder. Reinvesting in the Property Reinvesting in a property, and handling the tasks that can make your investment more appealing to tenants, can drive rental yield up, and drive down the length of tenant-free voids you face. However it`s important to truly get to grips with a locality`s rental ceiling – every area will have one, and beyond the top end rent that can be expected money spent on further features, extensions and renovations won`t provide any ROI. Again, a lettings agent can advise you on this. A primary focus of yours regardless of the work being undertaken is ensuring that your property is as durable as possible. Here are some common problem areas with rental properties (and tips to avoid them): – Choose a hard wearing kitchen surface that`s non-porous (such as quartz in preference to wood, where germs can multiply if not sealed properly; and granite and marble can crack and stain if not treated correctly); – Invest in a robust bathroom as this is one room which needs to stand up to demanding usage (ideally you should consider choosing darker tiles with dark grouting, as white grouting can have a habit of going mouldy); – If you`re considering replacing the boiler then invest in as good a one as you can afford – the amount saved in maintenance bills down the line ensures that this investment is more than worthwhile. Good & reliable tenants: The importance of a lettings agent For those just starting out in buying to let, the temptation to find a tenant without an agent`s help can seem appealing – however the Lettings market can be a legal minefield, and the importance of due diligence when checking into potential tenants is not to be underestimated. Typically those who try their hand at this find that the process is far more problematic, time-consuming and laborious than they could ever have imagined. What`s more it`s the job of a lettings agent to ‘sell` the property to potential tenants, in the process potentially driving down void times and securing the best possible rental yield. Your letting agent would also be responsible for: – Undertaking a full market appraisal; – Finding good tenants on your behalf; – Checking a tenant`s ID, income, employment, references and credit worthiness; – Drawing up a legally binding tenancy agreement that protects both landlord and tenant alike. – Protecting the Deposit, which is a legal requirement for all Landlords A word of warning: Don`t simply opt for the cheapest lettings agent; they will likely compromise on background checks, service coverage (such as inventory checks) or customer service. It`s truly a false economy and what you save on cost you lose in peace of mind. John Wilcox are a leading lettings agent for Central London – and renowned, trusted specialists for landlords who have property throughout Kensington and Chelsea and the remainder of Prime Central London. If you believe that our team can help realise the potential of your property, then don`t hesitate to get in touch – we`ll be only too happy to help.

Guide to Letting Property in Central London - Part IV: The Lettings Game from the Tenant`s POV

Mon, 25 Jul 2016 11:59:59 GMT

Guide to Letting Property in Central London - Part V: Property Management

Mon, 01 Aug 2016 12:00:00 GMT

Has the post-Brexit market taken shape?

Fri, 04 Nov 2016 12:00:00 GMT

The Big Picture With hardly enough time to even blink since the Referendum, there is little chance of any analyst claiming that the post-Brexit market is anything other than uncertain, unclear and, at the very least, lacking in definition. Reactions to Brexit Following the Referendum, three things became clear: There was an immediate reduction in prices by 5 – 10% The devaluation of Sterling began attracting more overseas investors Stamp Duty continues to be the biggest roadblock on the market The immediate price reduction of 5% – 10% following the vote was triggered by buyers reducing their offers (mostly the very next morning) and committed sellers having to roll with the punches or lose their purchaser. These price reductions have now taken hold across Prime Central London, which had already seen values come down by as much as 20% over the previous 18 months or so. Sterling`s continuing devaluation is clearly offering advantages to buyers with money off-shore. It has dropped by 14% against the US Dollar and by 12.5% against the Euro – in real terms, this means an actual saving on a £5m purchase of £700,000 to an American or £625,000 to a European – this of course before they commence negotiations on any additional reductions they can get on the price. This has led to a noticeable increase in overseas investors buying in London. Given a combined saving of 20% – 25% in only four months, this represents excellent value in a market which has immensely strong foundations. The combination of the recent Stamp Duty increases to 12% over £1.5m and an additional 3% for second home owners has acted as a double-whammy to already heavily geared purchasers. A buyer would now pay £513,750 in tax for a £5m purchase of a primary residence, and £633,750 if it is a second home. As the tax cannot be leveraged, the resulting increased liquidity requirements have had a dampening effect – quite apart from the emotional response of having to pay ‘that much in tax`. Overall, trading volumes are considerably down by comparison to the heady days of Spring and Autumn 2014 – by approximately 50%. So where does that leave the market today? Domestic buyers and sellers both fall neatly into two camps. With sellers, we find they are either committed and will react to fluctuations in prices or they don`t need to sell and have not adjusted their asking prices or expectations since the vote. Buyers are also similarly polarised – people who are fed up of ‘waiting to see` and want to move on with their lives and those who are expecting further falls in the market and are possibly more interested in renting until they can buy at more favourable terms. And then of course there are the cross-overs – homeowners who want to move, but have to sell first in order to buy. Their main priority, as always, is not to step out of the market, and again, we have a two-tier selection – those who are committed to moving and understand that however much their sale is de-valued., they will benefit by the same percentage on their purchase, and owners who don`t actually need to move and are more concerned with the price tumbling on their own home where they may have lived for several years of not decades. For this reason more than anything else, the rise of the off-market sale has become even more pronounced with an argument for demanding a slight premium for an exclusive property and for withholding it from the open market. Purchasers generally like off-market property – they are being given privileged information, exclusivity is assured and there is usually less pressure to perform as quickly as they would have to on the open market. Conclusion All the analysts agree that the Central London market will be tight with zero or even negative price growth for another 12 – 18 months, and some even extend that to two years. Most of them go on to predict that the market will grow again by 3% – 5% annually thereafter. Our opinion is that is it still much too early to make any meaningful predictions. Article 50 has not yet been triggered and that will only be the beginning of a further period of uncertainty for another two years or more. Even with the recent ruling that Parliament must approve triggering Article 50, Theresa May is determined to hit her March deadline, but there may be further timing issues before clarity returns to the market The US Presidential Election is on 8th November and most of the world is expressing concern over either a Clinton or a Trump White House. There is the possibility of increased pressure on the EU to fragment if another major contributing economy has a referendum and votes to leave – it will be interesting to watch the next cycle of European elections. Clearly the market is offering some fantastic opportunities to committed buyers who can find the right property, either off or on the market. If they can use off-shore funds, the FX rates offer significant savings and prices have already come down by 25% or more – effectively pricing in the increased Stamp Duty. There are plenty of reasons for buyers to remain positive and for sellers to release stock into the market, especially if they are trading up – and more so when one considers how rock-solid the Central London Market`s foundations are.

Recent Changes in Tax for Landlords

Wed, 18 Jan 2017 12:00:00 GMT

THREE WAYS TO COPE WITH LOSING BUY-TO-LET TAX RELIEF If you`re a buy-to-let landlord, you must be feeling that Government has got it in for you. First they slashed tax relief, and then they added extra stamp duty. This has clearly had an impact on your profits but what can you do about it? What`s changing? Current legislation allows you to claim tax relief on your mortgage interest payments at your normal rate of tax – ie if you are in the 40% tax band, you can recover 40% relief. Over the next three years, tax relief will gradually be reduced to a flat rate of 20%. Landlords who pay basic rate tax would see no change, but if you are in the 40% tax band you will lose more in mortgage interest payments. What`s the answer? What probably won`t work is increasing the rents to compensate. Most tenants won`t stand for it and there are other properties for them to move to - but there are a few other options open to you: 1. You could switch to a shorter-term fixed rate mortgage at a lower rate. 2. You could re-structure the ownership into a limited company. You would then pay corporation tax (currently 20%) rather than income tax on your profits. Fewer providers lend to companies so your mortgage options will be reduced. 3. If your spouse pays a lower rate of tax, you could transfer ownership of one or more properties to them – but mind the income does not lift them into a higher tax band. Where are the advantages of this change? • If you`re a landlord with a lower income, you`re no longer at such a disadvantage to those in the big league. • This might in fact help the new wave of ‘silver landlords` hoping to use their pension pots to buy rental property. • If you`re looking to buy, there will probably be less competition from buy-to-let purchasers. If you would like to discuss this or any other property matters, please either call the office on 020 7602 2352 or drop in at any time.

Why Avoiding Stamp Duty is a Bad Idea

Wed, 08 Feb 2017 12:00:00 GMT

WHY AVOIDING STAMP DUTY IS A BAD IDEA The 3% increase in Stamp Duty that came into force in April last year for investment properties and second homes has predictably brought a new wave of tax avoidance schemes. Several companies are claiming to be able to use loopholes in the law, backed up by high-profile legal advice, to legally mitigate stamp duty owed when buying a property. But HMRC has warned such schemes generally do not work and are classed as tax avoidance. It has been widely reported that individuals found to be using them may be forced pay the full stamp duty liability, interest on late payment, penalties and of course the fees paid to the promoter of the scheme. The Government has made several recent changes to close popular stamp duty loopholes including: • The Annual Tax on Enveloped Dwellings (ATED) on properties worth £500,000 or more. This directly challenges the ‘Company and Dividend Scheme`. It starts at £3,500 p.a., rising to £218,200 p.a. for properties worth more than £20,000,000. Also, the property will attract CGT when it is ‘unwrapped` from the Company. • With ‘Husband & Wife Schemes`, HMRC has now altered its view and even if the husband buys just 85% of the property, it will be treated as 100% in terms of Tax. New rules will be bought in to ensure he files a tax return that will flag up what he and his wife are doing. Overview • Stamp Duty Avoidance Schemes have been shown to be unreliable and are becoming less likely to succeed. • The consequences can be significant with the full amount of tax due being paid plus penalties and interest. • HMRC has 6 years in which to challenge a tax return and if they do, they can examine all of your tax affairs. • Should you be found to be evading tax, HMRC have stated that you will be subjected to an enhanced level of scrutiny for up to five years.

Birds of a Feather

Mon, 27 Mar 2017 12:00:00 GMT

BIRDS OF A FEATHER The housing market is often thought of and described as one entity by professionals and punters alike, and it`s either up or down, bullish or bearish, a good time to sell or time to hunker down and wait for better times. The reality of course is a little different. It`s perhaps more useful to think of it as like birds flocking - thousands of individuals twisting and turning, synchronised to appear as one but on closer inspection more haphazard. We have recently had a large number of enquiries from buyers wanting what on the face of it should be a fairly straightforward requirement for the area – a four storey, family house with a garden for somewhere between £4 - £6 million. At any point in the last twenty odd years there would be a choice of at least perhaps 3 or 4 house s on the open market to match the above description. However, at the moment there are simply no houses that match that requirement. Clearly, the birds are all flocking in the same direction, and would-be vendors are keeping their houses off the market based on the assumption that things are tough, and an appropriate price won`t be achieved. Things are tough – there`s no denying that the seismic political events of the last 18 months, coupled with historically high stamp duty charges, have had a dampening effect on the market. Uncertainty about the effect of Brexit on City jobs (and bonuses) is likely to remain until we know the ink is dry on the deal to extricate ourselves from The European Union. However, the rules of supply and demand still very much apply, no matter what the market is doing. Supply – especially of the typical Holland Park and Notting Hill houses described above – is incredibly low, if not completely gone. Demand is there, and if there are a good number of buyers searching high and low for something that isn`t there, when it does appear, its owners will be rewarded. The flock will turn – it always does. But while it takes time for the whole entity to manoeuvre, there are always a few individuals who will buck the trend and lead the way, and do very nicely out of it too.

Secret Agent or Town Crier?

Thu, 27 Apr 2017 12:00:00 GMT

SECRET AGENT OR TOWN CRIER? With the property press full of stories highlighting recent low transaction volumes, there has been a tendency among potential sellers to offer their house on an off-market basis only and hide its availability from the wider market. Conversations are had with a few (or even more) local agents with the promise of whispering in a few carefully chosen ears to bring you a buyer at a huge price and a reduced fee. On the face of it, this is very appealing. You don`t have your house on the open market for the world to see, you don`t have to keep it permanently tidy because they may want to bring that one special buyer on a moment`s notice and you don`t run the risk of the house not selling and becoming stale. However, with Easter Holidays well out of the way, the weather turned, gardens looking fabulous and Spring in the air, the better advice is to market the hell out of it to ensure you get the maximum amount of buyers through the door and the highest offers the market will pay. Agents want to promote your home as much as they can. We want to raise its profile so it stands head and shoulders above everybody else`s with a beacon flashing above it to attract as many punters as possible. The portals like Rightmove and OnTheMarket, our own websites, social media, the property glossies – all these can be used effectively to get you the outcome you want and give you the chance to move on to whatever / wherever you are moving on to. There are no doubt many committed buyers looking right now, but with such little stock on the market, they can`t find what they want. There are some sellers who want their house to join the CIA and be marketed by a ‘Secret Agent` when really, the time of year calls for the strategy of shouting from the rooftops. The brave and the bold are the ones who will benefit from this market and the Secret Agents will never match the Town Crier!

Downsizing - The great opportunity

Thu, 25 May 2017 12:00:00 GMT

DOWNSIZING - THE GREAT OPPORTUNITY When the kids have flown the nest and you`re hardly ever going above the first floor and rattling around like peas in a tin can, downsizing is a great option which releases stacks of cash and still gives you a great house to live in. The trick of it Finding the right house to buy while you have the right buyer in tow is a neat trick. Here`s how to pull it off… • In order to be favoured as a buyer, you really want to have the purchase price in cash and be completely ready to go at the drop of a hat • It`s always a game of chicken and egg – should you start looking before you`ve got a buyer for your house, or do you get the buyer first and then find the dream home to move to? • If you find the right house to move to, but lose it because your buyer isn`t quite ready, you then run the risk of losing them if you can`t find another dream house fast enough and end up having to start all over again • Selling your house for top dollar without any pressure to move is the ideal, and is more likely to happen if you can rent somewhere for up to 6 months while you wait for the perfect house - with all the cash from your sale working hard for you in the market • When the right house appears, you can then trump any ‘normal` buyers with a pure cash offer and the ability to move really fast. This is especially true when stock levels are low, and the right house may also be the right house for many buyers • Property deals go at the speed of the money, and while most buyers will need a mortgage, you really can exchange contracts in 10 working days and complete when the seller would like Other Options One favoured solution is the Sale & Leaseback • You sell your house and then rent it from the new owner for up to a year • This gets you all the money from the sale on your side of the table while you look or a new house to buy - and you haven`t even had to move out of your old one PERFECT

With Distance comes Perspective

Thu, 01 Jun 2017 12:00:00 GMT

WITH DISTANCE COMES PERSPECTIVE In just over a week the `E` word will be one that can be consigned to the back of our minds for what we can only hope will be, this time, a good number of years. Whatever the result may be, the world continues to turn, and as we collectively wake from the slumber inducing buzzword fest of another `E` campaign, we find ourselves smack in the middle of what usually is the busiest time of year for buying and selling property. Understandably perhaps, with the prospect of Brexit and its attendant short term financial challenges, coupled with changes to SDLT over the last couple of years, this year`s lead into the busy summer period has been unseasonably quiet. However, clients with the right property to sell and an appetite to sell at a sensible price have found that there are buyers out there ready to step up. In fact we`ve had very recent experience of properties that had tested the market at the peak in 2014 and have had recent offers only 2% below the peak price, in a market widely reported to be anywhere between 5-15% down. When the SDLT changes were made in April 2016, swiftly followed by the result of the referendum in June 2016, more often than not viewings ended with a crumpled copy of the latest Evening Standard/Daily Mail article being wafted under our nose claiming prices needed to be discounted by 40% overnight. In a local market with very few clients who could be described as ‘distressed` sellers, clearly this was never going to wash, and draw-bridges were drawn, shutters closed and buyers ignored. With distance comes perspective, and coming up to Summer 2017 viewings are now, thankfully, free of newspaper articles being waved around. The only remaining obstacle to achieving a good price is time itself - with private schools in the area closing for the holidays after the first week of July, the are good buyers around, but not for a great deal longer.

The Busy Summer Market

Tue, 18 Jul 2017 12:00:00 GMT

THE BUSY SUMMER MARKET While everyone is almost conditioned to believe that the summer is the quietest time of the year, it is in fact the busiest time of the year for the Lettings Market. Countless renting families usually move during the summer holidays because they want to be settled into their new home in time for the beginning of the school year. While London empties, the country-side swells and everyone who`s left behind heads off to a beach in the sun, there are more and more families out looking to rent – and some have already started. The Lettings Market moves very quickly – a prospective tenant can see a property for the first time and be living there within two weeks, possibly even one. The documents are standardised, the offers are usually quite uncomplicated and if the property is ready-to-go, there is little to discuss other than the rent, the start date and the length of tenancy. There has to be an inventory of course and the property will need to be cleaned professionally, but apart from that it`s all pretty straightforward. Potential landlords all over London who are thinking of letting their property should be doing all the prep work now. Call in a local estate agent and get their advice on where to pitch the rent and also what they would suggest you do to the property before you start. Tenants are fickle and the agents know what they do and don`t like. It`s always difficult to hear that your beautifully decorated home really needs to be de-personalised and made utterly boring, but if that`s what it takes to bring the tenants in quickly, then it`s a small price to pay. You can always make it yours again when you move back in. A final thought - if you`ve never rented out your home before, try to put yourself in your potential tenant`s shoes and give them what they want as opposed to what you like. Think of it this way - treat it as a business and make commercial decisions, even if it means ignoring your heart!