Property Market News

London Marathon 2018!

Elizabeth Davenport Director Nick Luntley is running the London Marathon later this year in order to raise money for the very well known national charity Scope. Nick who is a keen runner has never ran a marathon before but is looking forward to the challenge of distance runnings greatest test!

Nick who runs for Massey Furgusson Running Club, is looking to raise £2,000 and his efforts were given a massive boost with the very generous donation made by Band Hatton Button Solicitors who have put forward £1,000.

Nick Button who is a partner at Band Hatton Button said “we are absolutely delighted to support Nick in his marathon effort for such a worthy charity in Scope. All I can say to Nick in regard to the marathon itself is, rather you than me!” Nick who works out of both the Kenilworth and Coventry branches at Elizabeth Davenport said “I’m absolutely delighted with the support shown from Band Hatton Button when I approached them for some support I was absolutely delighted they said yes without a moments hesitation. Scope is a fantastic charity that I’m proud to support. I know once this is all over I will be able to look back with great pride about the amount of money raised and the lives we will have been able to improve.”

The annual capital marathon event is ran from Greenwich in south London and finishes in on The Mall right outside Buckingham Palace. This year there is a fantastic field of elite athletes including the famous Kenyan athlete Eliud Kipchoge and Great Britain’s Olympic hero Sir Mo Farah.

The London Marathon is on Sunday 22nd April and there is still time to support Nick by making a donation to his just giving page https://www.justgiving.com/fundraising/nick-luntley

Merry Christmas, Reflections and What To Do Next!

Despite being open between Christmas and New Year I think it’s only fair to say the end of the year feels nigh. There’s a great deal of properties for sale due onto the market in the New Year with a real split as to whether some sellers want their homes marketed over Christmas or waiting until afterward.

Well, matter of fact, Rightmove is busier over the festive period than at any other time of the year. If your house is on the market over Christmas it will get more online views. It could inspire a buyer to view in the New Year and it may inspire a buyer to get their own property marketed in order to potentially offer on yours! Thankfully though, what it won’t do, is lead to buyers wanting to view your home on Boxing Day and instruct Solicitors the day after.

So honestly don’t be scared if you feel the time is right to launch onto market or you’re already on it. You will not be having (anymore unwelcome!) visitors over Christmas!

Wearing Dr Suess’s Grinch head and on a more subjective, controversial and slightly sarcastic note I wanted to throw down the gauntlet to any and all of our erstwhile competition!

In 2018 I would love the opportunity to sit down with George and Nick and talk about the virtues of another agents marketing and how we should copy it identically. In no particular order of irritation we have seen our competition adopt our style of Gallows boards, the introduction of floor plans into the main details, the use of copy written stamped photographs and the attempted duplication of night shots.

In 2018 I’m thinking about how funny it will be to launch a ridiculous new marketing campaign with the comedic effect of seeing how many other agents copy it identically. Maybe valuation appointments dressed as a seasonal character? This Winter we’ll attend all appointments dressed as a Snowman or an Elf (in the Spring a Rabbit or an Egg could be a cracking idea!).

If imitation is the highest form of flattery then a big thank you from ourselves is certainly due.

Alternatively and quite topically we could be simply discussing the case of the unknowing Shepherd leading someone else’s Sheep!

Grinch head removed (and put back in the loft for next year?).

Thank you to everyone we’ve worked with this year, Buyers and Sellers, Solicitors and IFA’s, Surveyors (well actually?…….Sorry, I’m only kidding!) and prospective Clients alike.

Have a happy, healthy and restful break. Merry Christmas to One and All!

Autumn Sales & Dangling Christmas Baubles!

Firstly, apologies for the word “Christmas” being used before Mid November. Within this industry though the “Christmas Effect” often generates the same response as the “Autumn Sale”. And it does happen early.

There are a multitude of reasons why people want to sell. For those who genuinely want, or need, to sell (not because they “may” want a change or they have seen only one unique property they want) then having a sale agreed before the next calendar “milestone” seems to be a much needed psychological box ticked.

With over 37% of properties (nationwide) being reduced from the initial listing (our average sits currently at 8.8%) this Autumn Sale has hit a 5 year high. Why?

Once again, over eager pricing to win the instruction or the clients desire to ride the high price wave experienced by neighbours in the Spring could be the most obvious motivations.

The simplest explanation to the dangers of over valuing are easily explained . If I value your home at £400,000 and you want the house marketed at £425,000 (and we both agree the launch marketing is perfect!) then if no one comes, we know the launch price was wrong.

It is, honestly, as simple as that.

At £400,000 (if my appraisal was correct) more than one buyer may well be interested and we secure £410,000. At £425,000 if we then have to reduce, the buying public are aware of the reduction and what comes next are even lower offers than the reduced figure.

So with Christmas around the calendar corner, now must surely be the time to consolidate. A rebrand and a sensible asking price will surely be recipe needed to generate the sale price you need.

Leaving you free to think about what to buy your Children and your Aunts, what food you’re preparing, whose house you are going to on Boxing Day, whether Mable prefers Sherry or Port and whether Santa is actually a good or bad influence etc etc……………..

Why Over Inflated House Pricing Sells Your Neighbours House and Not Yours!

Welcome back! That was as long a Summer as I’ve enjoyed without Sun as far as I can even remember!

Business however was brighter. There was none of the traditional slow down over the months of July and August whatsoever. Instruction levels were high and the interest accordingly. The buyers we needed to attract had obviously decided to not take gloriously long overseas holidays and instead concentrate on securing new home’s for themselves!

Such a successful Summer led me to review the market in general and a couple of valuations I was involved with.

Now, more than ever, the asking price for a home is so crucial that an overvaluation will have such negative effect it will simply show buyers what good value neighbouring homes are instead of your own. I am not saying undervaluing is the solution but, put simply, it bears no risk in comparison to its capitalist and heinous cousin, the greedy valuation.

If a house is truly “undervalued” whether purposefully or accidentally then the worst that will happen is the public will agree it’s exceptional value and numerous offers will then be received. Through negotiation the price then reaches the correct (and increased value!). Although as a buyer this can be an unpleasant experience, a good agent, if they handle it correctly and honestly, will offer advice and build relationships that will help those unlucky first time round (or third if you are like myself!) that will come good in the end.

I looked at the Purple Bricks very carefully. I saw more local instructions with Purple Bricks than any other agent. With false promises (semantics if you will) of no commission (fee’s instead) and a NO SALE BUT STILL PAY OUR FEE philosophy, there is no surprise to see that their “Price Reductions” are also the highest in the local area.

Without being too simplistic about it, the easiest way to achieve an instruction is to tell a client that there property is worth more than it is. Add that to “pay me whether it sells or not” and you have an agent whose ethos is for “being paid for instructions to sell houses for less than the listed price”. If you want annual statistics to prove this point in Black and White (not Purple) then contact me and I’ll be happy to explain that all that glitters isn’t Gold (but it is possibly Purple!).

National Statistics Are Blown Away By Elizabeth Davenport Sales Figures!

Here’s some fantastic news that both we and the NAEA have compiled over the last few months! This is fantastic, not simply for the reason that myself and my colleagues have seen success, but fantastic because as a seller, the results we are achieving are better than any national average available!

The latest data and analysis from NAEA Propertymark has revealed that only 3% of properties sold for more than the asking price in May – a drop of 4% from April and the lowest level since October 2016.

According to the report, the number of homes which sold for less than asking price rose to 77% last month – up 5% from April.

Woah! Let’s slow down a moment. Less than asking price sales agreed means one of normally two things (or maybe, if you’ve genuinely chosen the wrong agent, both).

One: The property has been overpriced to win the instruction.

Two: The agent’s marketing has not been good enough to attract enough buyers to create the interest and drive the price upwards.

(Three): Both

In contrary to these figures, we in May alone saw 70% percent of our sold properties sell for over the asking price and 15% for asking price. That leaves only 15% that sold for below asking price.

This tells me that we can still improve but it also tells me that we are working with the clients best interest at the forefront of our business. We are not simply looking to sell your home, we are looking to absolutely achieve the very best results possible!

Do You Keep Missing The Popular Properties?

Acting for the seller of a house, our foremost role is obviously to do the best to suit their needs and requirements. With a duty of care to buyers as well, there is nothing more frustrating than having honest customers missing out time and again on their dream homes.

I can sympathise with this personally. I’ve tried to buy a home for my family and lost out to investors or “too good to be true” higher offers as well. It’s a learning experience though that’s for sure. The mistakes I made first time round I didn’t again. Here’s what makes the difference that can hopefully increase your chances to successfully bid for the property you love.

Find out what the seller of the properties situation is. Do they need a quick sale? If they do, don’t think offering low will help, it won’t. Simply offer as good a figure as you can afford but have solicitors lined up in advance and a mortgage survey (if necessary) ready to instruct the very same day. Show proof of your intentions too! Don’t think that just saying it will be enough because it won’t. The agent you are buying from need to be able to show their client that you are the right buyer for them!

If the seller doesn’t need a quick sale because they haven’t found a property themselves then firstly consider whether you can live with the uncertainty. If you can, then explain that you can wait for them, offer again a sensible price, prove your credentials and ask all parties to at least open a file with solicitors so there is a degree of proven intention. If you are comfortable with this scenario then be aware that you’ll need to be a first time buyer, investor, in rented accommodation or will have sold to someone who is also non dependant and willing to wait.

You’d be amazed how many times the highest offers is not the offer accepted. Circumstances of both parties mean so much and when circumstances gel then anything is possible!

Coventry Bucking The Trend or Could It Be Ourselves? Just Maybe….

After some careful analysis that we would be delighted to present to any potential client wishing to sell their home, we seem to have bucked a national trend somewhat.

The latest data from NAEA Propertymark has revealed that, during Februrary, agreed house sales rose to a 10 year high – 74% of which were below the original asking price, suggesting sellers are becoming more realistic when it comes to property transactions.

This, although clearly good news, and personally to me, a positive move in terms of reality and affordability, is not what we have observed ourselves. Since January 1st this year we have agreed 35% more sales than the same period last year. Of this and if we consider 100% of our agreed sales we have found that 70% have sold for the asking price or higher.

As a business we are delighted with these results. Now we find that they may be even bucking the trend.

If priced correctly and marketed without compromise and as well as physically possible then asking prices and over asking prices can certainly be achieved.

If your marketing is simply so so and your asking price is too high then what hope could a seller possibly have. Please don’t fall down into this trap.

I valued a house on Friday that needed decorating, offered nothing exceptional at all and had been marketed for 10 weeks by another agent. The asking price was close to 10% too high, the photography was poor and the “professional” advice he received (which achieved only four viewings in 10 weeks) was “don’t worry about the decoration, the new owners can do it themselves”.

Honestly, it’s no wonder Estate Agents aren’t taken seriously sometimes.

A Brave & Costly Improvement With Obvious Rewards! & Well Done Sky Blues!

Well done to the Sky Blues on Saturday! The obvious excitement and passion on the faces of Gael Bigirimana and George Thomas were a sight for us to enjoy for years to come. Now the really hard work starts! Good luck fellas!

On a purely coincidental football theme, the Shearer Property Group (tell me you get it!), the firm behind such successful schemes as Grand Arcade in Cambridge as well as the new restaurant quarter in Cathedral Lanes, will lead a huge new development in Coventry’s struggling and let’s face it, ugly, Centre Point region of the City.

Built in the late 1960’s by the architect John Madin, much of whose work in Birminghams city centre has also been demolished, Centre Point has fallen to rack and ruin and in my opinion quite honestly summarises all of the negatives of that era’s design.

In it’s place, a £300 million pound project to transform Hertford Street, the Bull Yard, Shelton Square and City Arcade into a retail and leisure masterplan that will offer the Midlands second largest shopping destination outside of Birmingham! A similar size to Touchwood, the new “district” will offer unmatched shopping, leisure and new homes for residential owners and student tenants.

With Coventry Universities investment into Bishop Gate currently developing at a rate of knots I think it’s time to acknowledge the huge benefit that our two Universities have offered this city. Although I have issues with the overdevelopment of HMO’s and the fact they don’t fail to ruin communities in a matter of months, I can’t fail to see how, together with Jaguar Landrover, these Universities have brought nothing but positive attention and investment back to this once failing City.

Sounds a bit like the lads on Sunday doesn’t it.

Can Self Confidence Really Improve Your Properties Value?

I’m not talking about braggadocio or arrogance here. I’m not even discussing an ability (or lack of) to point out a properties most “sellable” assets. What I’m referring to is our nations endearing strength in it’s own beliefs. With the trigger of Article 50 due later this week many conversations I’ve had over the last fortnight have asked for my opinion on “what will happen?”. Why anyone would ask me I don’t know, but it’s made for a few interesting exchanges.

The HomeOwnersAlliance, after studying recent data released by The Office for National Statistics, revealed the extraordinary evidence that self confidence has not only bucked a trend but stuck candles in it and launched it skyward.

The five regions which voted most strongly to leave the EU have all seen property price increases in excess of 3 per cent compared to June 2016, with the East of England the fastest-growing region at 4.25 per cent.

At the opposite end of the spectrum, the only three regions which voted to remain have seen substantially slower growth.

Paula Higgins, Chief Executive of the HomeOwners Alliance said

“There is a clear pattern here; areas that voted more strongly to leave the EU have seen property prices grow faster over the past six months than areas that were pro-remain.

“Of course, house prices are dictated by a myriad of economic, political and social factors, but confidence – the all-important ‘feel-good factor’ – is vital.

This really does show how “optimism” can “trump” negativity. The public feeling more confident in both their everyday lives and working environments is echoed by willingness to not only buy but also to spend. Of course, in regions where many incomes are generated by overseas trade and the associated industries that support it, a real nervousness about personal circumstances cannot be underestimated.

Why would you be willing to invest where uncertainty reigns? Like most aspects of life it all boils down to how confident you feel and no advice or opinion can normally alter that!

If You Hear “I Can’t Believe my Home is Worth That Much!?”, Then it Probably Isn’t!

You’ve just won £250,000 on the lottery but need to pay £500 to have the cheque couriered to you! A relative has left £1.1 Million to you but it’s in a holding account in Nigeria! We Buy Any Car have told you your car is worth more than you could sell it for yourself on Auto Trader! You think your house is worth about £250,000 but an Estate agent with a low volume of agreed sales tells you it should be marketed at £325,000!

If these declarations sound too good to be true, it’s because they are! Since January 1st 2017 we have agreed sales on an incredible amount of new instructions. Sensible sellers, once the facts are presented, understand that if their home is worth “more” they will likely “get more”. Supply and demand in a market place with little stock dictates that buyers may have to pay the “asking price” but if the property is overvalued to start with, then they’ve no idea of the true value anyway. This is when property just sit’s there. And that’s no good for anyone.

If priced “reasonably” the public demand increases and in 70% of the cases this year, our properties have sold for the asking price or above.

Our advice, to enable a smooth sale remains the same. If the buying public think an asking price is reasonable, then the buying public will come. They won’t come one at a time either. You will have a choice of buyers to suit your needs and it’s this balance that makes for as little stress as possible. It’s also this balance that enable’s you to move onwards and secure you new home.