Investment Property

As part of the Barclays Private Bank monthly podcast, I discuss the latest and fast-changing trends in the property market also featuring the thoughts from Head of Savills research, Financial Times property journalist and Barclays Private Bank.

Property Trends and Forecasts

Full transcript below:

Whether you’re buying, selling, or investing in prime property, is now the right time? Are we headed for a downturn in prices? And which markets will remain the most resilient? Tune into Real Estate Realities, the new podcast series from Barclays Private Bank, where we give you the inside track on prime and super prime residential markets. We uncover the trends and the opportunities. As global events evolve, we analyse the data and ask the experts for their opinions and insights into what’s next for prime property.

Zoe Dare Hall (ZDH): Hello, and welcome to Real Estate Realities from Barclays Private Bank, the podcast series that gives the inside track on prime residential property through the lens of the COVID-19 pandemic. I’m your host, property journalist Zoe Dare Hall and in this episode I’ll be asking the experts for their views on the UK prime markets beyond London. Joining me in our virtual studio are Lucian Cook, Director of Residential Research at Savills.

Lucian Cook (LC): Hi, Zoe, really nice to be here. I’m coming to you from our Winchester office, from the board room of our Winchester office today.

ZDH: Excellent, and joining us from his office in Harrogate is Independent Property Consultant, Alex Goldstein.

Alex Goldstein (AG): Great to be here, thank you, Zoe.

ZDH: And from Barclays Private Bank, we have Product and Proposition Director, Stephen Moroukian.

Stephen Moroukian (SM): Hi, Zoe, good to be here again.

ZDH: Hello, everyone, and thank you for joining us in what I’m sure will be an interesting discussion in very strange times. As far as I’m concerned, the past five months have passed by in a bit of blur of homeschooling, battles over that, and totally failing to secure any kind of holiday. But it feels like things are busy property-wise all around me, people are moving, moving home, lots them are leaving London for homes on the coast or in the countryside. Lucian, what has your experience been of things in recent weeks and months?

LC: Yes, well, I just started venturing back up to London a couple of days a week and I think that is, you know, that’s probably the most interesting thing to get your head around, doing the commute again, and, and I have to say, like I think like a lot of other people, we’ve all slightly reassessed our work-life balance over the last few months and that commute to London has, sort of, entrenched those views for me. It’s, it’s all about getting back into the swing of it.

ZDH: And Alex, what about you? How, how has it been in Harrogate?

AG: I think the Harrogate and indeed the Yorkshire market has almost gone into overdrive at the moment. It has been an incredibly, incredibly busy patch at the moment and let’s see how it all pans out.

ZDH: Stephen, what’s your experience of these recent weeks of semi-lockdown?

SM: Yes, I think living in the London suburbs as I do, I’ve got a foot in both camps and so taking advantage of some of the local recreational opportunities that perhaps I didn’t get time to because I was so busy commuting has been a really interesting experience. So, I think similar to Lucian that this particular period of time that we’re in gives a real opportunity for reflection on some of the ways that we live and work.

ZDH: Yes, definitely. That’s right. Well, before we dive in, there are a couple of themes that have been emerging in the UK property press since the real estate markets effectively unlocked, which was mid-May in England and then mid- through to late-June in Northern Ireland, Wales and Scotland.

It seems across all markets, mainstream as well as prime sales and lettings, agents have been reporting record numbers of enquiries as homeowners realise their need for more inside space, more outside space, and also lots of home working space. And it also seems that city dwellers are looking for their slice of the good life as a direct result of the change in circumstances during lockdown.

So, what’s the outlook for the UK as we navigate the short- and longer-term effects of the pandemic? Are people really looking for a good life in the country and if so, where are they hoping to find it? So, let’s begin by talking about what’s happening in the market generally. Lucian Cook, you must have some good numbers that can paint the picture for us. What’s the Savills research telling you in terms of transaction numbers and property prices?

LC: Yes, well certainly the resurgence in deals which are being agreed has taken us all by surprise. We got a hint of it back in April. We did a survey of a number of our clients and we were quite surprised at that point, just as we’d gone into lockdown and were experiencing it, that the experience of lockdown had made people marginally more committed to move than they were prior to the pandemic.

By the time we got to June, that balance of opinion was strongly positive, so really I think the experience of lockdown, trying to work from home, being on top of other family members over that period and probably that reassessment of work-life balance that we just talked about has been a major driver for moving and in that respect, I think that’s slightly overridden a fairly sobering economic backdrop.

So, whilst we saw during lockdown, unsurprisingly, a very significant fall in transaction levels, pretty much unprecedented, that’s reflected in both sales that were agreed in that period and the transaction figures from HMRC, the rebound has been quite staggering.

HMRC is always a bit lagged, so we had some figures for July, they showed that month on month transaction levels across the UK were up 20% but they were about three quarters of July for the previous year, but those are a bit lagged. They are completed sales that have gone right through to completion and a stamp duty return has been made for.

If you look at sales actually agreed, then the figures are incredibly strong. In reality, in the first two weeks of August, those sales agreed were 76% higher than the same period last year across the country as a whole and the market which has performed most strongly has been the top end of the market where I think people have got pretty stable incomes.

They’ve got quite strong financial security and a lot of equity behind them, and the levels of deals being agreed in those markets are double, are more than double, there have been 113% first two weeks of August than we saw in the same period last year.

Pricing is a bit different, actually. I think just that economic backdrop has made people fairly cautious around pricing. So, whilst demand has come back into the market pretty quickly, I don’t think, and certainly there isn’t the evidence to date, that we’ve had the sort of same upward pressure on prices.

Indeed, if you look at the number of price adjustments which are being made relative to the number of sales, that’s pretty much in line where it’s been in the period since 2016 when we started talking about Brexit, something we’ve almost put to the back of our minds of late.

ZDH: Well, it’s clearly a positive story in terms of activity and a kind of dramatic rise in transaction numbers there but not such a significant upward trend in prices then, and I imagine the backdrop of the UK’s now declared status of recession is another filter we’ll need to apply to any property outlook. Stephen Moroukian, how does this picture align with what we’re seeing in terms of lending activity?

SM: Yes, thanks Zoe. Look, banks always have to be balancing in environments like the one that we’re in at the moment and that can be very difficult. Clearly, looking at what has happened and trying to understand what will happen is something we’re all trying to do in a very dynamic market. I think if you look at the period between April and May, that was really peak concern, peak uncertainty as we went through the true effects of COVID in the market.

What Lucian referred to in terms of those transaction levels I think is really encouraging and it’s really great to hear. We don’t know what that looks like for the next six, 12 and 24 months but clearly there’s a pattern of a trend emerging, potentially. We had the effects of the government schemes such as furlough and the mortgage holidays. Those are beginning to come to an end and what will occur after them remains unclear but the backdrop of the macro economic environment that you’ve alluded to is bound to have an impact.

ZDH: Yes. I mean it seems that there is something of a honeymoon period right now and the data seems to suggest that. What about buyer behaviour, what are serious prime or super prime buyers looking for right now and Alex Goldstein, are you seeing increased interest in the North from London-based buyers?

AG: Very much so, Zoe. I think if we go back well before lockdown to 2009, say, there were already gentle rumblings that 1% of Londoners and those in the home counties were looking to leave and head northbound. We then had the BBC jobs, they all moved to Salford in Manchester in 2011 and 2012. Channel4 more recently, they’ve got a footing in Leeds.

Harrogate is another example, consistently voted as one of the happiest places to live and you jump forward ten years to 2019 and that figure of people leaving London and home counties has crept upwards to 13%. So, the impetus was already there.

Also, pre-lockdown, what was quite interesting is that employees were lobbying their employers for more flexible working and better lifestyle-work balance and I think companies have now realised that there is a significant cost saving and lifestyle benefit to their workforce and I think all of these were significant catalysts, really, in propelling and rebalancing the property market and as I see it, the North-South property divide has been rapidly shrinking.

ZDH: That really is quite a striking rise in the number of Londoners moving North in the last ten years. It certainly seems that people are less wedded to London living at the moment if they can make it work elsewhere. So, Alex, what are your clients looking for? Is it the acres of green space, the sense of village life as a lot of recent surveys seem to indicate?

AG: I think it’s very much all the things that you would expect. Yes, of course, it’s bigger properties and greater amount of outside space. Self-contained offices ideally that are away from the house and set in the garden, again for obvious reasons, is a very high priority nowadays as indeed is having children’s play and study spaces and it’s almost going to this multi-functional space and the options, more importantly, to provide that flexibility, as is to having the easy connections back to the major cities, London, Leeds, York, Manchester and Sheffield.

Recently I helped a younger client, it was a daughter of a longstanding client of mine and the daughter was based in Shoreditch with her new husband and they were looking to start a family. They were toying with the idea of moving to the home counties and were considering heading to Hertfordshire but as they had a family link back in Harrogate in Yorkshire, they decided that they could get far greater value for money as first time buyers by heading northbound and that’s what they decided to do.

ZDH: Plus the free babysitting that often comes with moving near your family, I suppose. So, it seems that the country lifestyle is very alluring but people don’t want to cut their ties totally with city life or the need to be near cities. Lucian, is it a similar story from Savills?

LC: Yes, I think so. I mean, I think you’ve got various types of buyers, actually. I think you’ve got those who remain quite committed to London and what they’re tending to do is to move along the wealth corridors, the established wealth corridors of London. So, the most obvious of those is the one that probably starts in Fulham, runs down through to Wimbledon and ends somewhere just the other side of, of Guildford.

In addition to that, you have those who are thinking about working from home more often but still working in a London office two, three days a week, perhaps. Some of those have moved out to the commuter zone. I think the term probably best that describes where they’re looking is accessible countryside – so, they want a reasonable commute on the days that they do commute, but they also want some of the benefits of the additional space, garden space and just sort of outdoor living that comes with countryside living.

I think community for those people is also incredibly important and the feel of the community, and the amenities that are available, particularly if they’re looking towards village locations.

ZDH: I’m interested in the idea of accessible countryside locations – what do you mean by that?

LC: So, when we talk about accessible countryside, one of the things that’s really important there is the commute into London and that is not just about the straight travel time, it’s about the reliability of the trains, the frequency of the trains and the number of people who are commuting on those lines.

ZDH: Stephen, on the subject of trains, HS2 obviously springs to mind… let’s touch for a moment on how these types of big infrastructure projects might impact the commercial property market.

SM: Yes that’s right Zoe, big infrastructure projects have always been used as an effective lever by central governments to drive investment and confidence and therefore ultimately jobs, and that’s happened all over the world. Now, we’ve already seen form the 2020 budget a signpost of unprecedented billions to big infrastructure, whether that’s’ roads, railways, new homes, schools, and so forth. But I think the dynamic will be different this time, there’ll be much more local and regional government influence expected.

I think if we look at the commercial real estate assets for a moment, let’s specifically look at retail, we’ve got large shopping centres all over the country and we’ve got our beloved high streets. Those assets will have to find their price in the market, that’s natural. At this point there’s a lot of uncertainty in terms of what that will actually look like, and it will really only be over the next months and years that we’ll see what the true impact of the Covid overlay will have been.

ZDH: Yes, it definitely sounds like there are a lot of question marks around what’s going to happen in the market in the coming months and years. But let’s focus on what’s been happening recently. Alex – tell me about some of the deals you’ve been seeing since the market opened up again.

AG: Well, I think, overall, Zoe, the Yorkshire market has performed very strongly.

Just recently, in the last few days actually, I’ve just exchanged and completed on a sizeable family home and this was about 5,000 square foot, detached, you went up a drive and it was essentially set in about an acre of land.

Interestingly, the husband, he worked in central Leeds, he’s got a secure financial job but it was the family wanting the lifestyle and the outside space but in particular, this property there was a small annex and a small range of out buildings and that gave them a lot of flexible usage.

So, when it was friends of family, or indeed the grandparents coming up to stay and indeed plays into the whole work from home theme as well, very much in a superstar village. It had a couple of amenities with it, so there was a village shop and a very good pub.

Quite importantly as well there were easy connections over to York, Harrogate, Leeds, and indeed sometimes down to London just for the husband as well and again, that was secured off-market.

Another very interesting property that I’m involved with at the moment is actually a converted historic chapel right here in central Harrogate and that’s got six bedrooms and five bathrooms and an orangery, and really is perfect for home, flexi-living.

Very unusually, it’s actually got a passive income stream because it sort of partly operates as a guest house, could easily become a wedding venue, but has also been fairly prolific on the creative side and it’s being used regularly by high end magazines for photo shoots and indeed some filming as well and again, because of these points, the property has got, I feel, London and indeed international appeal. You’ve got the whole life-work balance and indeed the income generating option as well.

In addition, there’s been some interesting ones in central Harrogate in the duchy and this is a very prestigious area right in the centre of Harrogate and again, I’ve been involved with a few sizeable deals and transactions on family homes ranging from between one and a half million up to three million.

ZDH: So, definitely some good value for money deals for the right buyers there and I have to say, I love the idea of superstar villages, that sounds like a theme in its own right. Lucian, what other kinds of deals are on the table and what else are you seeing demand for?

LC: Yes. Well, I think some of it’s location and some of it is about the property. When it comes to property, it’s a lot of the things that we’ve already talked about. So, it’s garden space, separate space to work from home. I think the other one that people have realised has become critically important not least of which is apparent as we were preparing for this recording, is the importance of good Wi-Fi and I think increasingly people will be paying attention to that when they look to buy their new home.

But, when it comes to the areas that we’re looking at, just backing up some of the stuff that Alex has said, if you go to Yorkshire and the Humber and you look at where the demand has been strongest, we’ve taken some data from a data provider called 20CI and they look at all of the properties marked as sold subject to contract each week across the country and the three local authorities that have performed strongest in that area of Yorkshire and the Humber have been Rydale, Harrogate and Hambleton.

So, very much the more affluent markets which give you all of those lifestyle benefits.

In reality, though, the markets that have even out-performed those have tended to be those within the commuter zone of London. So, very strong demand for the likes of Guildford, Saint Albans and Winchester.

I suppose what’s interesting about those areas is in the period, essentially, since the credit crunch, what we saw was the prime urban living in those areas became slightly more popular than buying your village or country property and I suspect the experience that we’ve had of the recent past means that that reverses slightly. Because we saw that trend since the credit crunch, actually, we saw the performance of those prime urban properties outside of London in the uber-towns out-perform the neighbouring villages in the countryside.

That created a bit of a value gap, so this slight rural renaissance that we’re seeing at the moment actually comes at a time when those village properties are looking pretty good value.

So, particularly that country house market has been something of a sleeping giant for quite some time now and it does mean in terms of what you can get for £1 million, £2 million, whatever the figure might be then you’re getting a lot more for your money in those locations. So, a bit of the reversal of the trends that we’ve seen, I would say over the past, over the past decade or so.

ZDH: Yes, and I suppose prime and super prime buyers will always want to have a foot in around London still. Does that interest and that investment stretch into the regions, though? Alex Goldstein, what are you seeing?

AG: Very much so, Zoe, at the moment. In the north, all the talk is currently about the football, of course, and Leeds United are back in the Premiership and it does and it has made a major different to the market and again, you look historically at the difference that that made when they were back up.

This is now driving international investors and they’d always historically focused on Manchester, obviously you’ve got the two major clubs there but you’ve now got that connection, you’ve got this whole band stretching across the Pennines from Manchester heading over to Leeds and arguably slightly beyond, and that entire area still has very good access back to London.

So, for example, and it’s the journey that I do if I go to London, York, direct down to London, you can do that in under two hours quite happily. Leeds down to Kings Cross, that’s just over two hours and you can even now go direct from Harrogate to London Kings Cross and that takes about two hours and 55 minutes.

ZDH: So, still looking at lifestyle trends, I imagine many of our listeners will also think about how we live in the future and lockdown has certainly emphasised the need for those who can to be close to family. Alex, you mentioned earlier the demand for annexes and outbuildings, can we extrapolate from that that people are looking more at multigenerational living?

AG: Very much so. I feel that there is a, a cultural shift that’s coming full circle precisely because of the pandemic. A, a couple of recent examples I’ve had where, where families are actually combining, they’re coming together with grandparents who are living on-site but they’re in a separate cottage and they can be there now for childcare, sometimes sort of school work and equally, they can be looked after and feel secure themselves. And, again, it plays into this demand for larger family homes with outbuildings that are very attractive.

Generations are combining their funds and reducing their risk and another trend that seems to be emerging is just this sort of gentle move away from urban living and this want and need for having everything on one’s doorstep. I think let’s be clear, in a post-COVID environment, I think it’s very clear we all want the good life at the end of the day, we want to be self-sufficient in our own little bubble and happy.

Now, to drive the twenty minutes or so to the nearest urban centre, I think it’s very much the driver of wanting and having that space and the openness, the views and having that key, flexible lifestyle at home both in terms of how your rooms are actually utilised within the house but also how that combines with your work lifestyle as well Again, it’s having that need to quickly get back over to wherever the major city is that the employer is in.

I’ve had an interesting recent example, one client of mine he runs a fairly major IT firm, he’s the managing director and he’s currently got offices in Edinburgh, Leeds and London and one over in the United States and it’s only really just dawned on him in the IT business that he can run his business remotely and very efficiently indeed.

Now, he was going to buy a second property, a bolt hole in London to be close to the office for whenever he was down there but he’s now put a complete hold on that and he’s actually investing back in Yorkshire.

ZDH: Interesting that it’s taken lockdown for that mindset shift. Stephen, from a lender’s perspective, if interest rates are going to stay lower for longer, do you think this could potentially have a positive effect on transaction numbers and the knock-on effects on the wider property economy?

SM: Interest rate reductions have been off the back of two shocks in the market – the global financial crisis of 10 years ago, and this current crisis we’re in. Rates in general show no sign of increasing, and therefore the cost of borrowing remains incredibly low compared to the 30 years that preceded the global financial crisis.

The opportunity for some borrowers, of course, is to then buy that bigger property in the cycle, or making an existing asset work a lot harder for them. I think in terms of the wider economy, that question remains one that’s related to what happens after the government schemes transition.

ZDH: I think a lot of people would agree with that cautious outlook. But what are some of the other factors that are likely to have an effect on the market in the coming months? Like stamp duty. Lucian?

LC: Of course, we have a stamp duty holiday coming to an end in March of next year, I think that will support the market in the first quarter of next year, as is always the case when people can see an increase in stamp duty on the horizon, they will do pretty much anything in their power to avoid paying that, even if that means paying a little bit more for the property that they’re buying.

I think thereafter, the recovery in prices from 2021 onwards, I think it’s more likely to have sort of sustained upward traction from in 2022, interest rates remaining low, economy back on its feet.

Again throughout that period, I think what you’ll see is some of the lifestyle changes that we’ve talked about playing out in which properties in which locations are in the most demand. And so, when we talk about some of those lifestyle drivers, it’s also important to remember that’s not just about people who are upsizing and looking for more space.

One of the things that we’ve found is that, increasingly, that older population who have been quite reluctant, historically, to downsize, the experience of the pandemic has made them much more open to that and that is supporting some of the prime urban markets, particularly some of the new-build property in some of those areas and areas such as the likes of Clifton and some of the markets in, similarly, somewhere like Bath.

ZDH: A lovely part of the country, and Alex, I hear you’ve been involved in a deal recently in another very pretty spa town, Ilkley in West Yorkshire.

AG: I have indeed and it was a property for a client actually relocating from Los Angeles over in the States and they needed access down to London and Manchester as they were in the media. And Ilkley just seemed a very obvious choice with all its amenities and equally, very well connected on the train so it’s pretty easy to get down to London, across to Leeds and Manchester as well and there’s some very good, outstanding even, schools locally.

What was interesting as well on this one, this was conducted again off-market but we also had to go over guide price in order to secure it.

ZDH: I suppose I can’t really ask you how much your client’s paying, Alex, but I wonder if there are some relative bargains outside of London. Lucian, can you share any examples?

LC: Yes, I think perversely, actually, you almost need to look to the very top end of the market to see where some of the bargains are. So, we’ve suggested that that top-end country house market has been something of a sleeping giant for a number of years and we’ve also talked about the prime central London market where values have been off somewhere like 20%.

Because the profile of buyers in, say, the likes of Saint George’s Hill, Saint George’s Hill in Wentworth, sorry, it often is a bit more reflective of that prime central London market than some of the other prime country house markets. That market also is looking relatively good value, particularly in terms of the square footage which you’re getting comparable to some of the other locations they might look at such as sup-, such as central London.

So, we’ve seen a real resurgence in demand in some of those markets, and then really that I suppose is also representative of a number of micro-markets. Another good example then would be the market, say, down at Sandbanks, down in the Bournemouth Pool conurbation, a market where location is of course absolutely paramount and all important but which commands some very high values, but nonetheless is looking relatively good value as things stand.

ZDH: Well, we’ve covered a lot of ground there. Final question to all our guests, if you could move to the country tomorrow, where would it be? Alex, if we could pry you away from Harrogate.

AG: That’s an easy one, I’m going to see you on the East Coast over at Whitby for some proper fish and chips.

ZDH: Great, okay, and Lucian, where’s your dream country property?

LC: Well, I already live in the countryside. I am very much a rural boy, I grew up in deepest, darkest Somerset, but I’ve managed to migrate to Hampshire. Both of those I have affinity for. If I was having to move, though, I think I would probably go back to that area of North Somerset, access to Bristol and Bath, access to some exceptional apple-based cider and equally, not a million miles from the Mecca for me, which is Taunton and the county grounds where I can go and watch my beloved Somerset county cricket club.

ZDH: I love it, Taunton as the Mecca, and Stephen, your escape to the country, where would that be to?

SM: Yes, well I probably should say Windsor because that’s where my in-laws live but of course, I’m a fan of the sea, as is my family so I think we’d have to be on the coast somewhere and that really probably looks like the South Devon coastline.

ZDH: Yes, I’m with you there, Stephen, it would have to be coastal for me, too. I think I’d like to do the impossible and transplant my leafy London village of Blackheath and put it somewhere lovely on the South Coast and then obviously hope there are some fast trains to get me back to London if I need to. So, thank you to all our guests for your expert insights. Just say goodbye to all of you, Lucian Cook, Director of Residential Research at Savills.

LC: Thanks, Zoe, it’s been my pleasure.

ZDH: Alex Goldstein from Alex Goldstein Property Consultants.

AG: Thank you, Zoe. Great to take part.

ZDH: And Stephen Moroukian, Product and Proposition Director at Barclays Private Bank.

SM: Thank you very much, Zoe, see you next time.

ZDH: I hope you’ve enjoyed this episode of Real Estate Realities. Join us next time when we’re going to be taking a virtual trip to the sunny south of France to check in on the prime property market in the French Riviera. Thank you for listening.

Homeowners often believe that they can cut legitimate corners with their home whether it comes to builders, solicitors or estate agents. However, what are they losing sight of and why shouldn’t they do this?

Don’t Cut Corners with your Home!

Full transcript below:

Alex: When it comes to our homes we form such an emotional connection and for many of us we work very hard over numerous years to be able to afford the property in the first place so when it comes to selling our beloved home, many homeowners lose sight that it’s our most sizeable financial asset. So why do some choose to cut a corner? It defies all logic to instruct a conveyancing solicitor because they were cheap, or an estate agent who will sell your home for £50 for the same reason, or have that extension done because the builder could get lower-quality materials. My absolute top tip is to never cut a corner when it comes to your home. It is the one asset that has been historically proven to be the safest investment you can make over the medium to long term. So, if you’re going to add value with an extension get it done to the appropriate standard. A cheap estate agent or solicitor will only cost you down the line. Value for money does not mean the cheapest or indeed the most expensive deal, it’s about getting the job done for the best result at the right price. As with everything in life you get what you pay for, so don’t make it at the expense of your most valuable asset.

Property expert Alex Goldstein asks Are Interior Designers Worth the Money in this chat with design expert Eleanor Goddard from Furnish and Fettle. He discusses what clients use designers for, from simply helping to choose paint colours, to ideas for a full design project. He also asks Eleanor for her top tips for people who are thinking about using an interior designer.

Are Interior Designers Worth the Money?

Full transcript below:

Alex: It’s great to have Eleanor Goddard from Furnish and Fettle here in the studio with me today. Eleanor thanks so much for coming in. Tell us a bit more because it’s quite interesting where you guys are at the moment, because it’s all a relatively new business isn’t it?

Eleanor: It is Alex yes, basically Furnish and Fettle was born last summer on the morning of Brexit actually which was a swell time. We bought the James Brindley business in Wetherby which had to be rebranded so Furnish and Fettle was born then.

Alex: Fantastic, and also, I hear there’s some more exciting news as well, you guys don’t really hang about from what I gather.

Eleanor: No, we definitely don’t. So, we had the opportunity to buy the James Brindley interior design division in January this year, so we set ourselves a very short timescale and we opened our second Furnish and Fettle showroom in Royal Parade at the end of March.

Alex: So that’s in Harrogate, right by Valley Garden so within what timeframe is that from opening your doors initially to then opening up your Harrogate branch? Must only have been about six months I guess?

Eleanor: Yeah, I think it’s slightly longer, I think it’s eight, maybe nine months.

Alex: There you go that’s pretty impressive to start with, given that you’ve now also taken on the James Brindley side of things. You’ve got this amalgamation, what are the sort of things that say yourselves an interior designer, what are the services that you actually offer now?

Eleanor: Alright, well essentially now we’ve got the original James Brindley interior design team back together, so we’ve got a very established team of people that are used to working together and not only do we have the design team, we have the installations team and that’s really important because it doesn’t matter how good a design is if actually when you get your curtains arriving if they don’t fit properly and they’re not put up properly and the end result isn’t going to be that great so that’s really key to what we offer is the whole process really. So, we can offer anything whether its just a tin of paint or a roll of wallpaper for a feature wall through to a full interior design service and we can also work on large projects and renovation projects in conjunction with architects. We really can offer that whole process.

Alex: How does an interior designer actually help a homeowner? What can you actually do, what do you do?

Eleanor: Yeah, I think it’s a big misconception that interior designers are really only there for people like footballer’s wives in these amazing great big pads so really, we offer two different sides to the way that we work. There’s the very straightforward accessible to everybody option, where you can come into our showroom and can spend the time choosing the right colour and getting that expert advice which won’t cost you anymore than if you went to B&Q to buy a tin of paint.

Alex: Got you, I suppose that’s the more simplistic side of things and general sort of basics for wallpaper and paint, and what’s the reverse side of things?

Eleanor: The reverse side of things is that you would pay an interior design fee which is £175, which we’re confident is market leading for the value that it represents. So, the designer would then come out to your home and would spend as much time as they need to, understanding what it is that you’re really looking to achieve from your project and how you live in the space, how you want it to feel and what it is you are looking for at the end of that project. They would then come back to the showroom and they put a lot of work in behind the scenes, getting different things together and sourcing pieces for you and putting a scheme together, perhaps getting some ideas for different wall coverings or fabrics for putting curtains together and then at that stage they’d probably invite you back into the showroom and take you through it. So, all the way through it’s a collaborative process. I mean essentially, we’re pulling together all the different projects that are out there in the marketplace and it’s a vast marketplace, I mean I think we’ve got something like over 100 different suppliers just of fabrics and I know for a fact that we’ve got over 2,000 fabric books just in Harrogate because we had to move them over from James Brindley into our own showroom at Wetherby.

Alex: So that’s really where an interior designer would come into their own because they will intrinsically know inside out all of that information and can pinpoint the fairest options and save effectively the homeowner a lot of time and hassle and start to hone in on specifics at the end of the day.

Eleanor: Yeah it’s like when you would walk in and we see it all the time, people walk into the showroom and go oh crikey where do I start and you say right ok well what you looking and get all I want is some curtains for my lounge and it’s then pairing that down into what it is they’re actually looking for and then being able to take to perhaps looking through five or six books which might then have thirty fabrics in each, and being able to pair that down to a couple of choices and just taking away that completely overwhelming situation in that you can walk in and go ooo.

Alex: I quite agree and what happens, I mean obviously a lot of listeners have got children everyone’s always mindful and yeah you pick up these fantastic interior design magazines, everything is all beautiful and white and very much sort of the French country look sort of thing. How can you guys fit in with that because again if you’re a family with children you can’t sort of have that pristine white?

Eleanor: Yeah, I think that’s really important because it’s our job really to make sure the space doesn’t just look beautiful, but it actually works. So somebody comes to us and tells us that they live on a farm and they’ve got three dogs, the last thing we’re going to suggest they do is have a beautiful cream sofa, we’re going to suggest to them that perhaps you need something a little bit more practical something that you’re going to be able to get cleaned, something that you’re going to be able to perhaps throw over it to stop is you know getting, the dogs can jump on the throw and you can chuck the throw in the washing machine. We are very practical as well as having that sort of design side with it and I think the two very much need to marry together to make sure that it works.

Alex: How does it work if, I know we briefly touched on the budget side of things, obviously as you said at the beginning if you are sort of a footballers wife territory and budget is no option, its meaningless that’s fantastic but what happens if you’re the other side of the fence and your saying well I just need a helping hand in the right direction but I’m a bit more constrained on budget, how can you then help a homeowner to get that look?

Eleanor: I think it’s going back to that industry knowledge so if somebody tells us that they’ve got a budget we can work within that budget. The designers are trained to know which items are going to make a really big difference so it might be that together with your designer you would choose to spend a lot of money on a real big wild piece in a bedroom or it might be having a beautiful upholstered bed head made in a lovely fabric but then you might chose to use a less expensive fabric on your huge windows and therefore you’re making that budget goa little bit further. There are lots of clever ways and it’s having that access to all of those different suppliers and the knowledge of what to get from where and then that sort of sense of style that these guys have in being able to pull it all together that is really going to make the difference so you don’t always have to spend a lot of money to get a really good look.

Alex: With your experience in the business what are your top tips if someone is looking to appoint and instruct an interior designer? What are the key things in your mind that people should be mindful of and sort of any potential pitfalls that they should avoid?

Eleanor: I think the absolute key to it is finding somebody that you get on with and that you can work with and that will listen to what you’re saying to them and will take it on board and the things they’re coming back with are going in the right direction, and that’s easy to test out because you can come along to one of our showrooms which is what we suggest most people do as a starting point and you can just browse through some fabrics, you can chat to the designers because we’ve got lots of designers and it might be that one designer you particularly gel with more than another. That’s really important as you’ll be spending a lot of time with this person and you’re going to be perhaps having them in your house and sharing sort of your personal space with them so you really do need to be on the same wavelength to make sure that you work together and you need to enjoy working with them because at the end of the day it’s meant to be a fun process.

Alex: It is indeed, I suppose just on a parting note if someone just said well look I just want I suppose re-orientating and pointing in the right direction as you said the designer can come out for £175 but I guess there’s no obligation they can sort of say well you know what you need to do what we think you need to do.

Eleanor: That’s absolutely fine and some people do that and then they might just come in and just buy a mirror and a lamp and we never see them again, other people might decide to take down all the real curtains and start from scratch. Either’s absolutely fine.

Alex: Fantastic stuff, well Eleanor I can’t thank you enough for coming in and if people wanted to chat through everything in more detail with you, what’s the best way to reach you guys?

Eleanor: You can come in and see us, I think it’s the best thing, it’s very much a touch and feel kind of business. We like to think we’re sort of the friendly approachable side of interior design. We have a website as well if you want to have a look and have a read through about us before you do that, we’re www.furnishandfettle.co.uk or you can call us at either of our showrooms. The number for Wetherby is 01937 581451 and our new Harrogate number is 01423 567757.

Alex: Fantastic, Eleanor thank you once again, really appreciate it.

Eleanor: Thank you Alex.

Listen to Alex Goldstein’s chat with James Tiffany of Roger Tiffany Limited, who reveals some amazing builder tips, including what to look for when choosing a builder, and what to avoid. They also talk through the process of a building project from planning and design stage right through to completion, including how to deal with common problems.

Amazing Builder Tips

Alex: We are honoured, indeed, to have James Tiffany here in the studio. Now, you’ve been in the business a long time, haven’t you?

James: Yes. I did construction management at university, then I worked for some national contractors for 12 years before moving back to the family business about 10 years ago.

Alex: Back to the family, there you go, there you go. And it’s quite interesting. I mean, you look out in the sort of the general sort of property marketplaces, strikes me, there are lots of builders out there. And they’ve all got their vans, and they’ve all got their logos, but if you’re just Joe Public like me, what do you actually need to look for in a good quality builder?

James: I think you need to go for someone who has been in business for a number of years. Longevity is a quality, obviously, because it’s important you get a builder who is good at business, as well as good at building, because if somebody goes bust or can’t finish your project, then even if the quality’s good, that gives you a big problem. Somebody who has been around, somebody who can provide references, somebody who’s recommended by an architect or somebody else in the industry is obviously a good reference, and somebody who would be happy to sign up to a building contract because that means many things. It means they’re happy to work and get paid monthly. They’re not asking for money up front. They’re happy to have a retention deducted from the work, Alex. That gives you the comfort that they’ll come back at the end to put things right.

Alex: Yeah, no, absolutely. People often say, “Well, if my builder can start straightaway, then he’s obviously no good because his diary’s completely empty.” Is that also another point to go by, or am I just clutching at straws there?

James: I think that can be a little bit unfair.

Alex: Obviously, the odd free space does crop up.

James: Yes, it does, and especially in winter when things are a bit quieter. But, I think, if you’ve looked at the other points, you’ve taken references, and you’ve spoken to an architect, then it may be you just dropped lucky.

Alex: Yeah. I mean, one of the, I suppose, jargon phrases is this sort of ‘procurement process’. Just talk everyone through, what does that actually mean. What does that actually entail, again, if I’m a homeowner and I’m looking to get you on board?

James: Well, the traditional procurement route, Alex, is that if a homeowner’s looking to get some work done, they will tend to approach the architect in the first instance because the architect will guide them through the planning process. He will tailor a brief, he will provide them with some options, develop their brief so that they’re happy with it. Today, there’s more and more regulations to get through. The planning process is more complicated, especially if you’re in a conservation area or a national park. There’s more energy efficiency regulations. You have to have a SAP calculation done before you do any work. The architect, once he’s got the drawings through the planning process and to a building regulations stage, can then invite tenders from building contractors on behalf of the client, and that really is the way to do it. Employing the architect, then, to monitor the works throughout, to check the quality, is definitely the way to go.

Alex: And so the tendering process, as you mentioned, what does that entail? What does that take?

James: So a builder will take the architect’s drawings, schedule of work, specification, and he will price to that. We’re normally given sort of three to four weeks to put a price in with others. Everybody gets the same amount of time and the same information, to keep things fair. And then, if it’s been set out properly, then the client and his team can analyse that price when it comes in to make sure that everything’s been covered. Or, if things haven’t been covered, then at least everybody [inaudible 00:03:07].

Alex: Surely, on that sort of basis, it just comes down to price, surely. Is it down to being the cheapest, on those tender processes?

James: Well, theoretically, it could come down to price, but sometimes on a tender, the client asks for a methodology. You know, “Please explain how you’re going to build this, how you’re going to do it without affecting the neighbors, how you’re going to do it without knocking down something that you’re driving past every day.” And also, program, “Is it going to take three months, four months, or six months?” So there’s other things that can matter, as well, but as long as the builders know at the outset, then that’s the fair tendering process.

Alex: Got you, got you. And how does a homeowner know that they’re going to get the best price? How can you sort of reduce that risk at the end of the day?

James: Well, getting several quotes obviously helps them.

Alex: And that’s through the architect again, is it?

James: It would tend to be, yes. Yeah, that would be the best way to do it. Having a good design with a lot of details helps because, as a builder, then I’m clear, what I’m pricing. It’s when we get ambiguities or things we’ve not met before that the price starts going up because there’s a little bit of risk and that gives us a worry. So the more things that are drawn, the better. If the client schedules things out that they want, you know, the specification of the kitchen, the pottery, the floor coverings, the more detail we get, the better price we can give, Alex.

Alex: The more accurate?

James: Exactly, yes.

Alex: I’ve got you. And there’s a bit of a buzz at the moment, and there has been for the last few years, about this sort of energy efficiency, and certainly, when you’re looking to extend or, certainly, if you’re building sort of a brand new property from the sort of foundations up, this technology is always sort of advancing and evolving. What are the key things that a lot of clients are coming to you for at the moment? What should people keep an eye on?

James: Well, people want things increasingly energy efficient, Alex, as you’ve said, and that’s driven by the building regulations, as well as by the client. We get a lot of renewable technologies these days because there are grants available, and clients want things like air source heat pumps which take the energy from outside and use that for heating. It’s free heating. Solar panels on the roof provide free electricity that goes back into the grid, and a client can actually receive an income back from the power company. Underfloor heating is obviously very common.

Alex: At the moment, everyone is a property developer, everyone’s an expert. You’ve got all these wonderful programs out there and they make it look so easy. I, personally, don’t feel it’s really the case, but when you, say, come to extend a property or indeed build a new one, that’s very much the trend at the moment. What are the issues that, with your experience, people sort of come across and need to be, I suppose, aware of? Because it’s not a case of one of those sort of property hammer programs you buy for \$50,000, and you spend \$10,000, and all of a sudden it’s worth \$150,000. I don’t think it’s as straightforward as that.

James: It always seems very easy, doesn’t it, on the program?

Alex: It does. It’s easy in a sentence sense.

James: The things to look out for are to get some advice on price up front. It’s amazing, the amount of clients we go to who’ve not been given any advice on how much a job will cost, so we often price it and they can’t afford it. So, speak to a builder early on, perhaps before you’ve even employed an architect. It will certainly give you an approximate estimate of the cost, within 15%, 20% accuracy, and that will help in your decision making. So, we definitely do that because that avoids wasted cost and time. Things like speaking to your neighbors, people forget to do, especially if you’re living in close proximity to them. Again, we turn up on site, it’s the first time the neighbor knew there was going to be a building project, and we get all sorts of issues. Things like trees and hedges can be problems, especially if you’re digging near them. Again, people overlook them. Conifer hedges, leylandii, big trees can all give problems to your new extension that’s encroaching on them, so things like that. Disruption to your own house. If you’re knocking through the kitchen into the dining room, you’re going to get a lot of dust. You might not have considered that it means changing the heating system, or that your hallway and your entranceway are then going to need decorating. The builder can obviously damage your driveway because he needs a compound and he’s bringing diggers in, and he needs to take down your hedges and your fences at the back of the house, and people, perhaps, forget that they then need putting back. The drive may need repaving or re-tarmacking. These are all costs that people forget about.

Alex: Indeed, but those are things that you’d sort of say, in advance, “Just so you’re aware, to get access, we need to do…”

James: Exactly. A good builder would flag that up. But, again, if that’s in the tender documentation, then everybody’s pricing that.

Alex: Absolutely. So it’s not as easy as I thought. You look, on TV, and it’s not as easy as making all that sort of money from one of those auction programs, is it?

James: No, it isn’t, definitely not, definitely not.

Alex: Right. The other issue that people often come up against is damp, damp appearing in the property or, indeed, sort of rising damp where it sort of comes up the brickwork. How can you sort of get around that? What are the options?

James: In a new property, obviously, you shouldn’t have any damp, Alex, and that’s alarming. You should always look for the damp proof course in the brickwork. In an old property, it’s more complicated because houses weren’t built to current standards, obviously. Things to do, that you can do is to check the roof to make sure you don’t have any broken slates, that your gutters aren’t blocked. Cleaning out your gutters every year after the autumn is something to do. But old houses can just be damp. The solid walls, modern living, means we’re putting a lot of moisture into houses. With washing machines being increasingly airtight, plastic windows don’t help really, so you must ventilate your own homes. Keep the heating on, keep trying to get the moisture out of the buildings. Sometimes, in an old property, you can’t avoid some levels of damp, but it may be that you don’t have a damp course, so you can inject a damp course. There’s easy ways to do it. It can be disruptive because you’ve got to knock the plaster off the walls. Or, you might have external ground levels that are higher than inside, so that might mean that you have to tank, and tanking isn’t easy when it’s done afterwards, but it is possible. There are experts out there that can advise on that.

Alex: And just picking up on that point, what is the difference between, say, a damp proof course and tanking?

James: Well, if your outside levels are higher than inside, then a damp proof course won’t work because the damp can still strike through from outside, so you must tank that wall above the height of the external ground levels to stop the water coming in. Alternatively, you let the water come in and you have an internal drain and an internal lining wall, and then you just drain the water away. So, often, in a basement, you’ve just got to accept that that water will get in, and you put a pump in and you get rid of the water.

Alex: Really heard it all there, fantastic stuff. And I’m sure, surely, in your career, you’ve had some amusing stories that you may have come across, botched DIY jobs, possibly, that you’ve had to help out with. Anything springs to mind there?

James: Well, we’ve got to be careful what we say, Alex, really, but yeah, we’ve come across those. We’ve come across… We’ve been caught in the middle of a crossfire of arguments between husband and wife, which can always be a little bit embarrassing.

Alex: Yeah, it can be difficult.

James: I’ve heard of builders that might have knocked expensive vases off furniture before, and now, Alex, have to glue them back together.

Alex: Obviously, nothing to do with yourself.

James: No. And yes, with the onset of Google, it does amuse us when we have a client who can’t answer a question on a Friday afternoon, but by Monday morning, he’s an expert on the subject and puts us on the back foot. So, all things that are difficult at the time, but quite amusing afterwards, Alex.

Alex: Absolutely, absolutely. And we’ve had some great sort of inside information there, James. If someone wants to sort of talk through anything with you, whether it’s energy efficiency, or extending, or damp proofing, what’s the best way for people to get in touch?

James: Yeah, happy to help, obviously. Phone us or visit to our website, rogertiffany.co.uk. Our phone number is 01756 793734.

Alex: Fantastic, James. Thank you so much, indeed, for coming on the show. Really appreciate it.

James: Thank you, Alex.

Property expert Alex Goldstein discusses how to manage a buyer in a hurry when you are not sure you’ll be ready. It is this months’s property hospital question from listener James for the Alex Goldstein Property Show.

How to Manage a Buyer in a Hurry

Full transcript below:

Alex: The property hospital is all about me answering your property concerns and demystifying the process. Now this week I’m answering a question from James, who’s got this to say.

James: Hi Alex, my house sale is under offer and going well and we’re moving quickly in the right direction and the purchasers in a great position, chain free and cash and it’s put me under pressure to exchange and only leave me a couple of weeks until completion. How do I manage this situation and how can I pack up my home in the mean time?

Alex: James, appreciate the question. Now if you’ve got a buyer that is clearly in a strong position and enthusiastic about exchanging, then it is well worth keeping them onside. Shake their hand gleefully and honestly, run for the hills, in other words get them signed up ASAP so you’ve got the security that you’re deal has gone through. Up until the point of exchange transaction is virtually meaningless. Now if you’re worried about the relatively tight timeframe and packing up your home, don’t worry. Many home removal companies offer a home packing service, you literally don’t need to do anything, and their team come in, wrap, pack your entire house and you can even ask them to unpack at your new home. Surprisingly I have to say it really isn’t a huge amount more money and really worth outsourcing this fairly tedious task. I hope this helps.

What are the best ways to find property, and what are the pros and cons?

Where to Search for Property?

The first option is to search online. My recommendation is to use and look at Rightmove, which has the biggest market share of online activity, but also another website called OnTheMarket, and this is a new emerging website. And what happened with OnTheMarket is the properties tend to get released early on. Do be aware though with all websites, the information on there is sometimes old. It can be up to 24 to 48 hours old. Because at the end of the day, you’re relying on service to synchronize, and of course you’re relying on the human element and the agent actually clicking the button. So there is a bit of a pitfall. The other recommendation is also to look at nethouseprices.com and also a little app which runs behind the scenes called Property Bee, and this works with your browser and gives you a bit more detailed information about properties that are live and on the market.

The next option is of course through your estate agent. The most important thing is to build the rapport with them. And I always say to clients, pinpoint the most appropriate agents, i.e., those agents that are most likely going to be seeing the properties most akin to your search. When you first see them, meet them face to face just to get that initial relationship going. Your criteria should be brief. The number of times I saw in my career people coming in with full sites [SP] of A4 of writing, that’s just not going to interest an agent. And therefore, if he’s not interested, he’s not necessarily going to help you out. So keep your criteria very brief. You also want to be the first person that agent thinks of. So when he goes out to a market appraisal on a property, he need to always have you in the back of their mind. The other important thing is try angle it so that you are using yourself as the introduction, so an agent can go value a property because he knows that he’s got Mr. and Mrs. Smith in the back of his mind, they’re ready, procedural [SP] and they’re very keen to buy.

The next option is what’s termed “private approaches”. And this is really down to individuals writing letters to specific properties. And whilst that may sound good in that you are being that specific, the problem occurs whereby it may not be taken seriously, or indeed if the homeowner does not actually want to sell but you’ve prompted them into thinking of selling, you may actually end up having to pay over the odds to incentivize them to leave. So it’s a slightly limited approach but can also consume a huge amount of your time, so just be careful of it.

The final option is a buying agent such as myself. State agents like us because we’ve prequalified you as a client, they know that we are, that they are going to be reliable and secure buyers. And at the end to the day, as I’ve previously mentioned, it’s all about being this termed “preferred purchaser”. We also have the ability to have, if you like, agent to agent conversations, whereby I am more likely as an ex-agent and knowing a lot of the local estate agents, they’re more likely to give me a smidge more information than they are perhaps to yourself and the general public. The other advantage of the buying agent is that any strong negotiation that we carry out, any discounts that we get effectively pays for our fee. And the other thing to bear in mind is this off-market sector. This off-market sector is very much a big up and coming era [SP] of the market, very big in London at the moment and it’s emanating out. And what this is is properties that are not in the public domain, they’re not necessarily known about by estate agents, and it’s about going directly through my contacts, house owners, and other property professionals that I know to get my clients through the door and again as the nominated preferred purchaser.

Full transcript below:

So, when it comes to buying a property you need to become what’s termed as a preferred purchaser. But what is a preferred purchaser and how do you become one? Preferred purchaser in the eyes of an agent is the most reliable and most secure buyer for a property. So, in real terms what do you need to do to convince in part the agent and of course the vendor and seller that you are the right answer. The most important thing is to get yourself into the best possible buying position. Ideally that means going into rented accommodation and whilst this may mean two moves for you, it does mean that when it comes to buying, you are buying from a position of strength. The next most important is obviously having your cash funds actually readily available. The number of clients I’ve seen whereby they’ve got their funds ties up in stocks and shares and there’s a three-month lead out period, or it’s in a ISA with again additional penalties. You need to get your cash funds together albeit in separate accounts for financial regulations so that you’re covered but I would then have a print out of each statement ready on your computer to hand over to the appropriate parties.

The next most important thing is mortgages. Again. This is where a lot of people come undone. What you need to actually get is an agreement in principle or what’s termed an AIP, and this is actually sitting down with your mortgage broker or advisor, approaching said lender or bank and actually getting something from them in writing saying we will lend you, Mr and Mrs Smith something along these lines. This is valid proof usually for about three months and again have a copy and have it scanned on your computer, so you can email it through to the appropriate individuals at the right stage. The next important thing is your conveyancing solicitor. The right solicitor is worth their weight in gold and it really is worth spending a bit of time and money with them. It’s not good enough nowadays to say that you used them several years back. I always say to my clients here’s a good solicitor, but we want client ID approved from them, the file opened, and everything checked for any anomalies and if there are anomalies then we can deal with them up front as again your solicitors ready.

Surveyor, I would always have a surveyor lined up and again ready to go. A recent example of this and how we sort of turned the tables when we came to buy was a property in North London for a client we negotiated hard but using our agreement in principal, our cash funds and proof that we had the solicitor in place we got the right deal for the client. Within 2 hours of going under offer on the property, we caught the agent by surprise, I had my solicitor ringing and chasing the agent for the memorandum of sale. The mortgage broker, they were also calling the agent as was I, trying to get the right information and this put them instantly on the back foot. We were now commanding the situation, and we turned the tables from the one negotiating to the one actually calling the shots. So, if it ever came to a renegotiation post-survey we had the upper hand.

If you’re thinking of extending or making changes to your property, you might need to look into gaining planning permission. But should you approach the local council first? No, says Alex Goldstein. Watch this short clip to learn Alex Goldstein’s tips on securing planning permission.

Tips on Securing Planning Permission

Alex: The property hospital is all about me answering your property concerns and demystifying the process. This week, I am taking a question from Adam, who’s got this to say.

Adam: Alex, I want to put a good size extension on the back of my home, so I thought I’d just ring up the council and debate it with them. Is this the right thing to do?

Alex: Adam, interesting question here. Now, look, the best advice I can give when it comes to planning permission is never speak with the council until you’ve spoken with a professional. Remember, as soon as you speak or, indeed, email them, everything’s on record. If you inadvertently rub them up the wrong way, you’re going to have a serious struggle on your hands. So, firstly, take your time, speak with a reputable architect, usually they going to be RIBA, or equivalent, qualification.

The planning laws have changed very quickly in the last few years, therefore, sometimes you can actually extend your property under what’s called permitted development. The architect’s gonna advise you on this, and, look, if it’s a more complicated case, say, for example, you’re a listed building or you’re in a conservation area, then you may need the expertise of a planning consultant. These are people who know the laws around the planning, whereas an architect, effectively, draws you the nice pretty pictures. Speak with the professionals, and if they give you the green light to speak with the council, then go for it, or be under their guidance. If you’re unsure about which architect or planning consultant to use, feel free to drop me a line.

What are the three best tips when buying a property? This discussion will help guide you along the right lines, to ensure you buy from a position of strength and aims to dispel some common myths!

Three Top Property Buying Tips

Full transcript below:

When you’re looking to buy there are three key top tips to get right every time.

Get yourself into the best possible position

I know people often think they know what this means but ideally this actually means you’re in rented accommodation. Being under offer is still considered relatively risky by the estate agents as there’s an additional chain involved which they don’t have much control over. Going into rented when you sell means you are chain free for this part of the transaction. When you go on to buy it means that you are purchasing from a position of strength and this is seen as very low risk. Overall, it also takes the stress completely out of your sale and purchase. Appreciate look, I know it’s two moves but honestly it really is well worth it.

Have your mortgage lined up

Due to the current financial regulations getting mortgages through takes so much longer and to prove that your part way down the line and more reliable than most, go through your lender and get what’s called an agreement in principal or a decision in principal lined up. This is effectively just a signed paper saying that your lender is going to give you a mortgage for such and such amount subject to a couple of conditions. To get this will mean a bit of work for you and your lender but it really does show good intent from your part when your buying.

Have your solicitor instructed and ready to go

This means getting them to open a file for you, sign off client identification checks and possibly have some minor funds on account to get the searches undertaken ASAP. You really would be amazed how long these couple of points can take, so it’s best as I see it to get underway when you’ve got time on your side and you’re not under intense pressure from the seller, estate agents and their solicitor pushing you for answers on other matters.

If you need to talk these points through further, you only need drop me a line.