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Latest News from Peter Young

Mon, 27 Feb 2012 17:37:34 GMT

Last year John D Wood & Co. sold over £1 billion worth of property, and we have just taken on another £1 billion to sell. It is therefore fitting that 2012 sees us celebrate our 140th year as one of the leading central London and Home Counties estate agents. Over this period, estate agency - and the ownership of property - has changed significantly.

Looking in the company archives, it is interesting to see how the Great War put an end to a feudal way of life and how, in the 1920s and 30s, John D Wood & Co. sold many of Britain's largest estates. Many of these were subsequently broken up, not only as a result of the social influence of the War, but also by mechanisation. As a result of industrialisation, workers gravitated from the country towards the cities causing the ribbon development we see today. However, one thing has remained constant and that is how the British property market has always been affected by global events.

The recent European financial crisis and the Arab Spring has resulted in a flight of international capital away from the banks and into secure assets in stable democracies - property being the most significant beneficiary. Nationally, with inflation running at 5% and the Bank of England base rate remaining at 0.5%, UK residents have also chosen to purchase property to protect their investments and to achieve some sort of return. This strong demand, coupled with low stock, saw new highs in prices achieved for our clients' properties in 2011.

The desire for secure residential property assets is unlikely to diminish and I anticipate the majority of City institutions will be quietly awarding bonuses which will, as usual, be invested in property in the first three months of the year... take note!

In 2011 we witnessed first-hand the speed at which global events drove enquiries to our offices, demonstrating just how vital the internet is to marketing. This is why we advertise our clients' properties on all of the main property portals, sourcing a staggering 80% of all enquiries (609 of them on Christmas Day). At the touch of a button, property details are available to potential purchasers whatever time of day and wherever they are around the globe. It will be interesting to see how new media evolves during 2012. However, within this framework there will always be a place for the good, professional estate agent who knows how to value, market and negotiate the sale of a property for the highest price.

Green light for East-West line

Fri, 2 Dec 2011 18:02:51 GMT

This week's Autumn Statement announced that the Government is backing "East West Rail" between Oxford and Bedford as part of the National Infrastructure Plan. The new line, which aims to be open by 2017, will provide a fast link from Oxford to Bicester, Leighton Buzzard, Milton Keynes and Bedford, by-passing London and linking the West of England with the Midlands and the North.

The full scheme ultimately envisages fully re-opening the old route between Oxford and Cambridge, dubbed the Varsity or Brain Line, which closed by the Beeching cuts in the 1960s.

This announcement is excellent news for the villages in North Oxfordshire and Buckinghamshire, bringing a fast link from the academic and research centres of Oxford to the growing towns of Bicester and Milton Keynes.

Chiltern Railways is also aiming to operate a new 100mph service between London Marylebone and Birmingham, stopping at Bicester and linking up with Oxford. This will provide a significant boost for commuters in Oxfordshire.

John D Wood & Co. opens in Chiswick

Thu, 17 Nov 2011 09:02:11 GMT

I am delighted to announce that John D Wood & Co. has opened a new office in Chiswick. The new branch is prominently located at 68 Turnham Green Terrace and will provide sales and lettings in Chiswick, Ravenscourt Park and into Hammersmith, forming a strategic link between our existing Kensington, Holland Park, Fulham and Richmond offices.

This new branch incorporates Edward D'Arc, the leading agency in the area established by Derek Fletcher who has joined John D Wood & Co. as an Associate Director. Derek has over 30 years experience in Chiswick, Bedford Park and in the surrounding areas and will continue to manage the office supported by his existing very experienced team.

I am confident the office will be highly successful especially in light of the calibre of the property we are currently marketing in Chiswick, all of which can all be viewed here on our website.

Autumn Market off to a steady start

Tue, 13 Sep 2011 08:15:25 GMT

By Peter Young, Managing Director, John D Wood & Co.

We have had a busy Summer with serious property purchasers postponing their holidays until they found and agreed terms on their new home. A number of record prices have being achieved, most notably in Chelsea and Battersea where we are likely to see new price highs in our next quarterly indices. Stock levels remain low across London which is frustrating the increasing number of purchasers keen to move, many of whom do not need mortgage financing for their onward purchase.

Our new Holland Park sales office is gaining momentum and we have brought to the market several excellent family houses in North Kensington, one of which, Hawthorns on St Mark's Road, has been in the same family ownership for the last 50 years. It now offers immense scope for redevelopment.

This month sees the launch of new properties to the autumn market which, I predict, will continue in the same steady vein as it has done so far this year. I anticipate we will see an increasing number of investors looking for 'buy to let' properties as a result of the turmoil in the global stockmarkets. It is widely perceived that the Bank of England is unlikely to raise the base interest rate from 0.5% until 2012 and fixed rate loans are obtainable at 3.5%, making the returns from deposit accounts look mean.

With the ever increasing number of property purchasers beginning their search on the internet, whether British or from overseas, we are continuing to invest heavily in our online marketing. Last month we launched a mobile website which allows you to search all available sales and rental properties on the move without resorting to an App. If you access our site from a smartphone you will automatically be directed to this simplified version of our classic website. Tablet users will continue to use our normal site. The mobile homepage asks you to choose between Buying or Renting. On the next screen enter your budget, the location and number of bedrooms. A simplified scrollable list of relevant properties is then delivered. By clicking on a specific property you can read a description and room breakdown, view exterior and interior images and the floorplan and see which of our offices is handling the sale or rental. With just one click from this screen you can call one of our offices to arrange a viewing, or if you prefer, send an email.

Families look for homes to rent

Sat, 3 Sep 2011 11:18:19 GMT

Sharp elbows and top bids are required to secure the best homes - and that's just to rent. Families are in the midst of a bidding war.

In Esher, John D Wood reports that there are three families for every available property. In Cobham there is a real shortage of smaller cottages at under £4,000 per month.

One man gave away his dog in order to offer himself as "the ideal tenant". In Weybridge, Surrey, where the problem is exacerbated by house-hunters from Russia and the United States wanting to be near the International School, they report a "surge of interest from families".

New Enterprise Zone gives a boost to the Oxfordshire Property Market

Wed, 17 Aug 2011 15:31:00 GMT

Today the Government announced that Oxfordshire's Science Vale UK is to be one of ten new Enterprise Zones across the UK, bringing more than 8,000 new jobs into Oxfordshire. Businesses operating within the zone will benefit from lower business taxes, eased planning restrictions, superfast broadband as well as the potential to use enhanced capital allowances. Science Vale UK will combine the internationally-recognised facilities at Harwell Oxford and Milton Park and aims to be globally recognized as a leading location for research and the commercialisation of science. "The naming of Oxfordshire's Science Vale UK as one the country's new Enterprise Zones is extremely positive news for the whole of Oxfordshire. It will have a positive effect on the local property market as the creation of over 8,000 new jobs is likely to see high numbers of people relocating to the county. In particular it will provide a boost for property values for homes within the pretty villages dotted around Science Vale." says William Kirkland, Associate Director of John D Wood & Co. in Oxford.

Rebecca Priestley, Lettings Manager of John D Wood & Co. in Oxford adds: "The creation of more than 8,000 jobs in high tech industries will not only boost the economic growth of the immediate area but will also have implications for the lettings market whilst new residential developments come on line. I believe this will have a ripple effect in residential hot spots such as the villages in South Oxfordshire such as Harwell, Ewelme, Little Whittenham and the town of Abingdon. Here the excellent transport links to London and to the rest of the South of England, the good range of both private and state schooling, and excellent retail and recreational facilities makes the area highly attractive for those who will be moving their families and businesses here."

Summer in the Country

Wed, 20 Jul 2011 16:06:51 GMT

Following a very positive first half of the year, the property market in both London and the South of England has started the summer in good health. Despite this being a traditionally quieter time for country sales, we are delighted to see continued, steady interest in sensibly priced property, particularly from London and South East buyers looking in popular 'second home' regions like the West Country, the Cotswolds and the Sussex coastline. In the main, buyers currently registering are eager to view holiday houses and weekend boltholes, but we are also seeing the first signs of September purchasers emerging, keen for a sneak preview of country houses launching in the autumn.

Investment in London property has long been seen as both a sound and solid proposition, and the market in the centre of the capital continues to be influenced by its ongoing desirability. Perhaps underpinned by political and economic instabilities elsewhere in the world, central London maintains its position as a magnet for international buyers looking to invest in this relative safe haven. As demand and activity naturally filters out to the rest of the country in a ripple effect, those considering selling their country property in the autumn should instruct an agent now to take full advantage.

At John D Wood & Co. we follow a comprehensive and structured marketing programme for every sale we handle, through our London and country offices, the internet, local and national advertising and social media. IfIf you would like to discuss the sale of your property please do not hesitate to contact us.

Is price per square foot an accurate way of valuing?

Wed, 22 Jun 2011 13:48:15 GMT

By Peter Young, Managing Director, John D Wood & Co.

There has been a shift towards property purchasers comparing the asking price of a property on a £ per square foot basis rather than on the number of bedrooms. Whilst this is a sensible way to compare the value of properties across a number of areas at the start of your search, it really shouldn't be used as a tool in deciding what price to offer. Why?

As when it comes to valuing a property experienced agents look at comparable properties which have been sold, together with the other ingredients of a valuation such as location and position, aspect, architectural style and features, condition, facilities and scarcity.

We recently sold a penthouse flat for £400 per sq ft more than it was "worth" when valued only on a price per square foot basis. The main reason for this was the fact it has a 1,000 sq ft roof terrace which, like all outside space, it not taken into account when calculating value on a price per square foot basis. Additionally this property was unmodernised and offered outstanding scope as a redevelopment project. After 52 viewings, and fierce bidding, the successful purchaser was prepared to pay an extra £1m for the spectacular roof garden, the penthouse position and the ability to add value through refurbishment.

International Magnet

Tue, 17 May 2011 10:50:49 GMT

By Peter Young, Managing Director, John D Wood & Co.

The current weakness of Sterling is making life more expensive for those planning their summer holidays abroad. However the silver lining in this particular cloud is that London (in particular) and UK property in general, is now very good value as well as being a sound and secure investment for overseas purchasers. We continue to see funds flowing out of the Middle East with the ongoing political uncertainty. Our offices are experiencing a continuous stream of enquiries from across Europe. As a result we have experienced a strong first quarter in our market, with values holding up. The majority of purchasers are looking for long term investment properties either for themselves or their children. Others are looking to relocate back to the UK or for a pied-a-terre.

Using the latest software we can track visitors to our website, and unsurprisingly they come from across the globe. After the UK, the majority come from the United States, followed by France, Italy and Germany. Interestingly Australia brings the sixth highest number of visitors, a fact which could be linked back to the strength of the Australian dollar.

Now the Royal Wedding and Easter are over we are now looking forward to the Summer Season and what better way to begin than with the RHS Chelsea Flower Show on 24th May? As the show provides inspiration for every type of gardener, we will be anticipating a surge in people looking for property with outdoor space. Certainly those properties with beautifully designed gardens will attract a premium.

If you are thinking about buying a property this year and are in Central London on 19th May then please come and see us between noon and 8pm at The National Property Showcase at the Millennium Mayfair Hotel in Grosvenor Square. Alternatively, if you are thinking of selling then please instruct us without delay so that your property can be featured at the showcase and benefit from the early summer market. We will be on hand to provide expert advice and will be exhibiting all of our available properties.

Fact not Fiction

Wed, 4 May 2011 11:55:55 GMT

By Peter Young, Managing Director, John D Wood & Co.

It is always wise to have up to date information when making important financial decisions such as buying a new property. Hence, every quarter John D Wood & Co. commission Dr Gibbons at the London School of Economics to independently compile indices on actual sold house prices within Prime Central London and its micro markets (Chelsea, South Kensington, Kensington & Holland Park) as well as Battersea and Fulham.

These quarterly indices use the property price on the day of exchange of contracts and include data from all leading estate agents operating in these areas, not just from us. This means our indices for the first quarter of 2011 include details of sales which have not, as yet, completed and precede data issued by the Land Registry.

Our first quarter indices show values of Prime Central London houses received a boost, as many people rushed to purchase prior to the new stamp duty threshold being introduced. Flats in Chelsea also reached new highs last month due to a scarcity of good quality property and continued high demand from around the world. Property prices achieved in many other areas are at, or close to, their previous highs. Battersea and Fulham's property markets are also particularly buoyant. Our indices can be seen here: http://www.johndwood.co.uk/content/Services/Research__Publications/

Over the last two years the indices have grown in popularity and are now used by other firms, surveyors, fund managers and the tax office.