The Inside Edge
Foxtons selling houses for 0% commission in SW London
London Estate Agency Foxtons have announced that they will charge 0% commission on house sales for people using their new South London branches in Streatham and Willesden Green reported Negotiator Magazine today.
The offer is open to the first 200 sellers in each of the branches and the houses for sale in Streatham must be sold before 4th December 2010.
Earlier this year the Guardian reported that the Agency best known for its branded Minis experienced a profit slump of 70% with debts of nearly £350m due to the housing market.
So does this bold move opening two new offices signify a confidence in the South London Housing market?
So, can you spot any foxtons houses for sale in Streatham at The Big Property List?
Footnote: You have to hand it to the online marketing department at Foxtons – whilst researching this article I Googled ‘Streatham’ and their website features at second position in Google Spain and page 1 for google.co.uk – just behind wikipedia! Good work boys!
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Government shake up of house price indices
The UK Government has just announced that it has asked the Office of National Statistics to investigate the coherence and comparability of house price indices..
Tax payers are currently funding two indices, produced by the Department of Communities and Local Government (DCLG) and the Land Registry.
Add in the indices produced by the RICS, major estate agents, property portals and building societies and you can begin to see why the general public gets confused as to the state of the market.
I’m all for market clarity and a shake up in the way that property is marketed and analysed.
Nobody will ever be able to predict the future of house prices but we certainly should be able to say what they have done with some degree of accuracy and consistency.
If you have a view on the usefulness of any of the current indices please do let us know and we’ll be sure to pass it on to Messieurs Cameron and Clegg.
Author Biography
Graham Downie has 25 years international property experience including longs stints at both Savills & Chesterton. In 2003 he moved to Cognac, SW France where he now practices as a private client buying agent. He also offers freelance marketing & writing services to companies servicing the property industry.
email: info@grahamdownie.com
twitter: @cognacproperty
Peek inside London’s most Sustainable Homes
If you’re interested in Sutainable Housing, architecture or design then you’ll be very interested in Open House London this Autumn when 700 houses in London will be open to the public.
The event is organised by the architecture organisation Open City and takes place over the weekend of 18-19 September 2010.
‘The initiative is a simple but powerful concept: hundreds of great buildings of all types and periods open up their doors to all, completely for FREE. It is a truly city-wide celebration of the buildings, places and neighbourhoods where we live, work and play, and is your opportunity to get out and get under the skin of London’s amazing architecture’ says the Open House website.
The ‘open houses’ range from small private home to major lndmarks such as the BT Tower and there will be lots of events such as cycle tours, architects talks and neighbourhood walks to interest and inspire you over the weekend.
Here at The Big Property List we’re particularly interested in the Sustainable Housing element and there should be plenty of eco-homes on show boasting sustainable designs such as The Coach House, 39 Parkholme Road, Retro-eco House and Zero Carbon Loft.
If you’re visiting any of these sustainable houses over the course of the weekend, why not email your pictures and notes to admin (at) thebigpropertylist.co.uk and we’ll publish them here on our blog?
For the full list of open houses you can visit the Open House website or order a guide to see what is available near you – some venues need to be booked in advance.
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Gross mortgage lending rose in July 2010
The Council of Mortgage Lenders has today announced that Gross mortgage lending in the UK rose by 5% in July 2010 compared with June. This is still down 3% year on year but is on par with the CML’s revised forecast for the year.
In today’s market commentary, CML economist Paul Samter commented:
“It is difficult to see anything other than a slow market for the rest of this year as underlying activity remains subdued. The rest of 2010 is likely to see rather lower lending and transaction numbers compared to the same period last year.
“But for most home owners, the situation is not that bleak. The vast majority of households continue to pay their mortgages in full every month, and many have benefited from the record low interest rates. This looks set to continue for some time yet. While there are a range of risks to the outlook, low rates will further help most stay on top of their finances.”
How do I upload my property adverts to The Big Property List?
Below are some Frequently Asked Questions that should answer this question, if it doesn’t or you have further questions then please get in touch.
How do I upload my properties to thebigpropertylist.co.uk?
The property adverts listed on The Big Property List come from Google Maps.
You may have heard that you can now see properties for sale and to rent on Google Maps – well, we take a feed from Google so if your adverts are displayed on Google Maps (and you opt in to ‘re-syndication), they will be displayed on The Big Property List too!
Search for property listings on Google Maps
How much does it cost to list my properties on The Big Property List?
Nothing, it’s free. Free to list and free to receive enquiries. We do ask that you link to our website and display our logo on your website to show that your customers that you are marketing their properties on The Big Property List. You can download our logo here. We will shortly be sending out marketing packs with window stickers too – so if you want one please send us your postal address.
Adding property adverts to Google Maps
This can be done manually or by setting up a regular ‘feed’ in the Google Merchant Centre – the file types accepted are tab delimited (text or Excel spreadsheet), RSS and Atom files – these feeds can work in a similar way to the Rightmove feed but are not the same. Your Estate Agent software provider or other partner portals may already be sending your feed to Google Maps, but it’s worth checking the quality of the information they are sending. It is free to submit property adverts to Google Maps.
I’m not very technical, how do I send a feed to Google Maps?
The simplest place to start is to talk to your existing IT support, software vendor or portal about sending your feed to Google Maps – this may be just a click of a button for them. If you do not have this support and would like us to help you set up and manage your feed then we can do this for a fee. If you would like to know more about our feed set-up and optimisation services please get in touch.
Which property portals and software providers already send a feed to Google Maps?
These providers already send a feed to google Maps:
Software Vendors
- Web Dadi
- PropertyADD
Property Portals
- Zoopla
- Zoomf
- Property Pal
- Vebra
- SmartNewHomes
- Ezylet
…and others
Why do my property adverts show incorrect prices/ have missing information/ few photos or lack detail?
The property adverts at The Big Property List contain information exactly as provided in the ‘feed’ sent to Google Maps. So if the feed lacks a price or contains only a one line description and no photos – this is what will appear in the property advert at The Big Property List.
This is why we recommend a full review of your feed – to get the most out of our free property portal and to maximise the number of enquiries you receive, include as much information in your feed as possible – this means a full description and lots of photos and an uploaded floor plan as a minimum!
If your feed does not contain enough information please get in touch with your IT support/ software provider to discuss it with them.
When I click ‘link to vendor’ on my adverts I don’t get taken to my website – why?
Whoever is submitting your feed to Google Maps (maybe an outside company such as your software provider or another portal) is not using your website address in the feed and may be using their own – so any enquiries and customers may be directed through their website instead of directly to you. You should get in touch with them and request that the links in the feed correspond to the relevant property advert page on your website and that your email address is used as the main contact.
If you have further questions please do not hesitate to ask – we have been overwhelmed with enquiries since our recent launch and I hope you will understand that we will try to respond to everyone as promptly as we can.
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The Big Property List officially launched today!
The Big Property List has been quietly online for some time and although the blog has been running for over a year (and has become quite popular) we only opened up the main property portal a few weeks ago.
The initial feedback and response has been good and people are using the site to find properties for sale and to rent in their area.
We are also seeing a suprising number of enquiries being send to Vendors to request viewings – especially given the recent press about fears for the housing market.
Why not look to find out what properties are on the market in your area?
Press Release 11 August 2010 – revised version
LAUNCH OF THE BIG PROPERTY LIST SEES THE UK’S ONLINE PROPERTY REVOLUTION MOVE ON – BIG TIME
The Big Property List (www.thebigpropertylist.co.uk), a new, free-to-use property portal, has been launched, laying down the gauntlet to everyone in the business of buying, selling and renting property in the UK.
The Big Property List displays details of available property, which have been publicly listed on Google Maps the UK, in a familiar portal style, tackling head-on the critics that suggest that users and those looking for property do not like property displayed in a map format.
In June the search engine announced that users were able to search for properties on Google Maps. This announcement led to intense public debate in the property industry about the future of UK property portals such as Primelocation and Rightmove.
Many industry commentators and property portals have dismissed the threat posed by Google, saying that house hunters don’t want to search for property using the Google map view but prefer a list format. The Big Property List addresses this by presenting the information in a familiar listing design.
The Big Property List offers what everyone hunting or selling property wants – a nationwide listing service to match Rightmove, which is free to use by agents. It gives agents, home seekers and sellers on a budget, a no-cost, no frills, nationwide shop-window.
The Big Property List’s managing director, James Cole, says: “Any agent can send property details for free to Google Maps, and if they choose to syndicate this information then this will appear – for free – on The Big Property List.
He adds: “Estate agents fork out millions of pounds a year to advertise on nationwide sites. There will be no reason to do this anymore, with thebigpropertylist.co.uk providing a similar service, in a familiar style, for free.”
“At thebigpropertylist.co.uk we do not have to justify how we have to charge the fees normally paid by estate agents to a portal, allowing us to focus totally on what the consumer wants. If we help people find the property they want, this results in better quality enquiries for estate agents. So what benefits the consumer benefits the agent.”
-ends-
Notes for editors:
· The Big Property List is an independent business and NOT a Google product or service.
· The Big Property List uses the Google Base API to display details of properties which have been publicly listed on Google Maps.
· Anyone choosing to list their property details on Google Maps can choose whether or not to syndicate this data.
· If a user chooses not to syndicate the data, the information regarding their property WILL NOT appear on The Big Property List. Submitting a listing to Google does not mean it will necessarily appear on any other website.
For further information please contact:
James Cole, The Big Property List +44 (0)7551 237 085 press@thebigpropertylist.co.uk www.thebigpropertylist.co.uk
Andrew Barber, Revolution Public Relations +44 (0)7989 553 903 andrew@revolution-pr.co.uk www.revolution-pr.co.uk
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Top 10 tips on finding and moving into a new office
Many occupiers either new to the market or looking at expansion perceive the act of moving into a new office is an easy process as simple as packing up your old office one day and moving into the new one the next. The reality however is very different and there are many common pitfalls that are easy to fall into.
1. Finding the right office – the trick is to look everywhere. Not all offices are marketed widely and speaking to one agent will not get you an accurate feel of the market. Be prepared to invest a lot of time in this process. If you do not have the time, appoint an acquisition agent to do the leg work. They will typically have good local market knowledge and potentially access to properties and deals that aren’t widely available to the public.
(photo by mediamolecule)
2. Negotiate lease terms 1 – I would suggest not putting all of your eggs in one basket and negotiating on two or three different properties. Every landlord has their own priorities and if they know there is competition for enquiries this can act as an effective negotiating tactic and can result in numerous tenants’ incentives or rental reductions.
3. Negotiate lease terms 2 – there is more to a lease than the bottom line rent. Look at service charge budgets and consider agreeing a cap. The rent review clause requires specific attention as does the mechanism for activating any break clauses and the repairing obligations which represent typically one of the larger costs to tenants. Every clause has its importance within the lease and it is essential to scrutinise each and every one.
4. Negotiate lease terms 3 – only sign a lease for the time you predict you need a property. If you are planning on growing quickly then a shorter lease will allow flexibility or consider a larger size office that will give you that space. If landlords are insistent on longer terms then try and insert a break clause that suits you. Look at the sub-letting and assigning clauses, you may want to get rid of your lease at a later date. Legal and/or professional advice is strongly recommended on these points.
5. Consider serviced offices – once the domain of new start ups, they are now part of the flexible working culture adopted by many companies. The advantages of paying just a single bill and having reception and meeting room services together with flexible work space can be invaluable. Many providers such as Regus are currently offering very competitive rates that make these genuine options for many SME’s. When considering the cost of a property look at all of the operating costs including Business Rates, service charge and utilities as the actual cost of occupation is very different to just the rent.
Photo Source: CubeKing
6. Legal representation – this is a corner that cannot be cut. Ensure you have a good solicitor who can keep to timescales. Too many times have tenants been left in an awkward situation as a result of the lease taking many months to complete when they assumed it would be a matter of weeks. Be realistic about how long this will take.
7. Fitting out your new office 1 – this is a cost which is almost always greater than budgeted for. Office furniture can be acquired second hand relatively inexpensively but, from first hand experience, you get what you pay for. Better quality products will last longer and keep your staff happier. There is nothing worse than an uncomfortable office seat that an employee will be sitting on for 7 or 8 hours a day.
8. Fitting out your office 2 – consider employing a space planner. There are many companies who will draw accurate space plans and assist with fit out and timings. This is highly advised/essential on more complex fit outs. It is also worth speaking to your landlords, they may be able to provide this service and fund it, saving you a costly capital outlay in order for you to repay it as an additional rent over several years.
9. Accept paying two rents – unless you broker a good deal on rent free you are likely to end up paying two rents as your new office is being fitted out and your current lease is still on going. Take this into account when looking for new offices. It is not just the time you need to allow for searching, negotiating and signing the lease but also for the fit out and you do not want your business to be homeless for any period of time. Playing it conservative and safe is highly recommended.
10. Enjoy – open a bottle of champagne, share it amongst your staff and toast the next phase in your businesses development.
Author Biography: Tim Denny is a regular contributor to The Inside Edge. He is currently a Commercial Property Asset Manager for the London Borough of Tower Hamlets and has an extensive background in commercial property.
LinkedIn – Tim Denny
Twitter – @tim_denny
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Interior Design Tips: Making the living space inviting and friendly
Hope you enjoyed reading my previous article on first impressions, the first of my Interior Design tips? So now on to my next tip!
So we’ve spruced up the entrance and made a fantastic impression, undoubtedly they’ll be buying!! However, we now need to continue this feel around the rest of the home, so let’s move on to the family/living room. This is also a very important area, as it will most probably be a main area of interaction for anybody that moves in, so it is vital that it is also looking its best and sending across the right “vibe!”
Let’s begin with the furniture. Is it old and dated; do the legs to the coffee table wobble; is the settee there from when you first moved in…years ago? If so, then it definitely needs to be changed or updated in some way. Nobody is attracted to old and obsolete…maybe shabby chic, but even this is an acquired taste! There are many options that you could go for. For example, you could reupholster pieces yourself if you’re feeling brave enough? There are also options of hiring some great pieces of furniture and after shopping around you can find some good bargains out there. Or maybe you want to buy the furniture for your new house a bit earlier and use that? But I would be careful with the last option, as you may end up loving the new living room too much and decide against leaving!
Next, think about the colour palette, is it warm and inviting? I generally feel that living rooms should have a warm and cosy feel, especially if they are the main room if the house where the family tends to collect. So choose colours that are inviting and neutralise the space, but this does not mean that the space has to become magnolia and boring. Maybe go for soft blues and browns and a few cushions or well-chosen accessories as accents to liven the place up.
Make sure there is room to breathe. After living in the same space for a while we all have a tendency to “collect” things together; thinking they look good, but in all honesty they need to be put away! So make sure that the space is clutter-free, I don’t think this can be said enough! This includes re-thinking what is on the mantle piece and side table; and anywhere else you may have added that basket of faux flowers from your anniversary or those coasters from Spain! Another way to ensure that the space is breathing is thinking about the way furniture is arranged, is it inviting and open, or does it close the space? Think about how you would walk through from one end of the room to the other?. Try to space things out and don’t have too many obstacles, as this is likely to close the space and make it appear smaller than it may be.
Finally, make sure the windows are clean and dressed nicely; nowadays you are able to pick up a pair of curtains and pole for great prices. A pair of worn out curtains is definitely not a way to attract a new owner. When buyers are visiting put the lights on or keep the curtains open, ensure that the space is feeling bright and airy.
There are many more tips and ideas that can be incorporated within your space. For more information, and a friendly chat about what Sav Design is able to offer, do get in touch.
Author Biography
Savita Kalia is the principal interior designer at Sav Design, an interior design firm offering a variety of commercial and residential services. Life is too short to be badly designed, contact Sav Design today!
Bank of England maintains Bank Rate at 0.5%
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.
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Is Commercial Property Growing up with the Internet?
In my last article I commented that commercial property portals were a poor relative of their residential property family. However, I would like to clarify that the reason for this is not necessarily the portals themselves, more the fundamentals of economics – supply and demand.
photo by Tom Curtis
The principle users of these portals are surveyors, many of whom still make great use of traditional networking and are well connected within their respective market places. There is little need for these professionals to view the interactive capabilities of a property on a website when they will frequently be aware of the property having spoken to the agent in the past or attended a property launch there to know of the offering available. In addition the key information on the deals that are on offer will come from communications with the agent marketing the property as the factors that influence such a deal are many and subject to complex negotiations.
Many commercial property deals are done “off market” and no amount of property portal advertising will change this. However, the important point and lesson is with the next generation. There is a growing feeling that the use of the internet in commercial property is improving as that younger generation, who have been exposed to and grown up with the internet, move up to the higher echelons of property companies. As this demand for new technology develops, it is thought that the complexity of that on offer will be also improve and the pricing which is also seen by some as a barrier, will reduce accordingly.
One such example is the laser scanning of buildings in 3D. Such technology allows a fully interactive, virtual, three dimensional property to be explored by the user at will. The detail and level of accuracy is remarkable. However the costs are currently prohibitive and the memory required makes website hosting a near impossible nightmare.
With the possibility of technology that can truly add value to property marketing its adoption by property professionals will improve and this is also true of the use of social media. It is thought that the two go largely hand in hand.
There is nothing wrong with the traditional methods of property transactions but you are either part of the revolution or against it. Those companies and surveyors who do not engage with the new IT platforms could well find themselves left behind by it. The Twitter/LinkedIn/Facebook world is here to stay and intelligent use of these mediums could prove highly lucrative in the future. Commercial property will never be at the cutting edge of technology but it cannot avoid the technological developments and those who embrace the potential will reap the rewards.
Author Biography: Tim Denny is a regular contributor to The Inside Edge. He is currently a Commercial Property Asset Manager for the London Borough of Tower Hamlets and has an extensive background in commercial property.
LinkedIn – Tim Denny
Twitter – @tim_denny
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