Latest Aylesford News

Aylesford and Dubois write the book on luxury

Tue, 21 May 2013 09:51:24 +0000

We believe we have found another Aylesford.

Like us, it’s a firm that is proudly independent and British. They too have built their business through old fashioned values of integrity and excellence in everything they do. Their clients are also of one mind: to live life to the full in beautiful surroundings.

That company is Dubois Yachts, creators of some of the largest and most sumptuous sailing yachts in the world.

This summer, we are excited to be forging close ties with Dubois. Together, we have created a new brochure which could be described as the ultimate fantasy: it’s our hand-picked collection of the crème de la crème of residences and yachts, for rent or charter, in the Mediterranean and Caribbean.

Do let us know if you would like a copy, and meanwhile you can enjoy a sneak preview here.

Aylesford is also delighted to be a sponsor of the Dubois Cup 2013. This splendid biennial event runs from1-3 June at the Yacht Club Costa Smeralda, Porto Cervo, Sardinia. Its exquisite location, created by the Aga Khan in the early 1960s, is today one of yachting’s most important and chic ports of call.

This year sees the biggest event yet, with 16 Dubois-designed yachts taking part.

Aylesford will of course be there; the event is billed as a blend of sport and socialising, and we are certainly adept at the latter. We will be catching up with friends, making new ones, and proudly showing our wonderful portfolio of international properties.

If you’re going to be in the area, do drop Numa Heathcote an email and we look forward to seeing you. numa-heathcote@aylesford.com

Climate change comes to Chelsea

Mon, 25 Feb 2013 08:19:13 +0000

As, at long last, we emerge from the cold of January and February and set our sights on spring, there’s an obvious cliché I could reach for concerning green shoots.

However you want to put it, the fact is that we’re encouraged by the property climate. Our phones are ringing. Vendors are vending and buyers are buying.
Our feeling is that the market is doing a spot of germination, albeit cautiously.

All the right noises

This bears out comments from bodies not exactly noted for their dancing-in-the-streets exuberance. The Bank of England has commented that “house builders and estate agents have reported tentative signs of a gradual increase in activity.”
The Council of Mortgage Lenders has commented on a “marked increase in the mortgage lending landscape” and that it still expects “the Funding for Lending scheme to lift activity in the coming months”. Competition between lenders is becoming more aggressive too, with some significant reductions in rates.
The RICS has just reported this month that the number of transactions continues to grow. And the Centre for Economics and Business Research pronounced in January that “next year, property prices will hit a significant milestone, passing their pre-crisis peak for the first time.”

A better climate all round

We’re also pleased to see that lettings are also firm: high quality, sensibly priced property still has many takers, and the numbers of tenants renewing leases remains particularly strong. All in all, it’s going the right way, which is good to report for buyers, sellers, landlords and tenants.

Breakfast in Britain,lunch in Marrakech

Wed, 13 Feb 2013 08:42:09 +0000

If our national pastime is debating the weather, it is closely followed by our obsession about how to escape it. This is particularly true at this time of year, when the long dark tunnel on the way to spring seems to have no light at the end of it.

Just three hours or so away in Morocco, they’re barbecuing in their T-shirts and shorts. 20-25oC is entirely normal at this time of year, and it’s one of many reasons why we’ve been working with our friends out there for more than a generation.
In that time we have come to know their exotic culture and territory exceptionally well. So as well as finding some of Morocco’s most beautiful property, we help our clients to get the best of this beguilingly country.

Fetch your passport

If you’re looking for a fast, easy and affordable escape - for a weekend, a week or longer - here’s the plan.

First, browse our collection of carefully selected properties, Click Here
If you want to be in the heart of the action in Marrakech, Dar Musique is a fabulously traditional riad, with its two internal courtyards, a pool, a hammam and much more. Get together with some friends and it can cost as little as €525 (about £450) per couple/per week. Know More

Or, just 15 minutes from Marrakech, we have a number of palatial properties where you wake up to the mighty vista of the Atlas Mountains. And if you’re a golfer, remember your clubs because Morocco’s warm and comfortable climate means almost year-round golf on some of the world’s finest courses.
Like many before you, you may soon find yourself thinking about something permanent in Morocco. If so, ask us about Assoufid, the most spacious and private estate in Marrakech. Know More

Flight time: around 3’30” direct

Next, flights. A very useful site we like is www.skyscanner.com which shows you a number of options for your short hop out there. Both British Airways and EasyJet offer direct flights from London Gatwick.
Lastly, do have a chat with our resident Morocco expert Alex Peto. He knows our properties there personally and indeed almost every inch of Marrakech. Over the years he has steered our clients to many a wonderful bar, restaurant or souk that only the locals seem to know about.
Call Alex/Alicia on +44 207 349 9772 or email: alex-peto@aylesford.com, alicia-pasley-tyler@aylesford.com

See Aylesford’s complete Moroccan collection:
Rentals: http://www.aylesford.com/aylesford-international/morocco/lettings
Sales: http://www.aylesford.com/aylesford-international/morocco

Please note all information is for guidance only and subject to change.

Back to the same old, same old. Thank goodness.

Tue, 15 Jan 2013 11:38:16 +0000

One of the exciting things about 2013 is that we’re all set for a nice, reassuringly normal year. By which I mean that the Olympics Games have come and gone.

Now don’t get me wrong: like you, I loved watching Jess, Mo, Ellie and all the Olympians and Paralympians do their stuff.

But for landlords, tenants and agents, the games did nothing but freeze the lettings market. Some landlords thought it would be Christmas come early (it wasn’t). Many tenants thought they’d be priced out (they weren’t). And meanwhile, everyone sat tight.

So give me boring normality every time. And I’m excited to say that’s exactly what we’re looking at now in 2013.

A positive climate for landlords

The wheels are turning again, and we’ve been pleased to receive an unusual number of serious high-end enquiries from tenants.

For good quality property, the market is still very much alive. But ‘good’ is the watchword. Modern kitchens, high-class appliances, good power showers and a clean and cared-for ambience are all essential in today’s market.

The jury is still out on whether the year will see good numbers of incoming expats, but I notice that London’s international private schools (always a good barometer) are as busy as ever.

It’s also good news that the government’s taxation plans for overseas company landlords will not affect houses bought for commercial letting. With that issue resolved, the fundamentals of letting continue to look sound for longer-term investors.

Tenants: happy hunting

In the current climate, we find landlords are being pragmatic.

Homes need to be lived in, so although rents and yields are holding up well, owners will entertain sensible offers from creditworthy applicants.

We’re proud of the quality of our lettings portfolio and we can show tenants an excellent choice in London. There is currently a good supply of one and two-bed properties, but we also love the challenge of meeting particular demands such as private drive-in properties, gardens and nearby schools.

For more on our current portfolio, please click here.

Happy New Year And Welcome Back to "2010"

Wed, 02 Jan 2013 09:21:15 +0000

You’ll notice at this time of year that you can’t turn a page in the press or online without running into a forecast for the coming year.

Economists, analysts, professors of something or other from the University of East Grinstead, they all line up with their crystal balls.

At Aylesford we prefer to let others crunch the numbers but we can, I believe, be more bullish about the year ahead. In effect, we may well return to the conditions of 2010: a reasonable market that functions sensibly, with buyers, sellers, estate agents, lawyers and removal firms all doing what they’re meant to do.

Last year’s Budget introduced swingeing changes to company-owned property. But it was only in December that the treasury clarified its plans. This had the effect of paralysing the top end of the market for most of 2012.

Now in 2013 we can at last get back to work.

Buying and Selling

The year should return to the most favourable conditions we have seen in a long time. In addition, the Council of Mortgage Lenders has announced it expects to see a continuing recovery in 2013. (Encouraging, since they’re the people with the keys to the safe…)

They expect 930,000 transactions, £144bn of gross lending and £9bn of net lending. This chimes with The Building Society Association (BSA) which says that “consumers are finding it easier to access mortgage finance than at any time since [their survey] started in June 2008”.

As for values, we think the picture will probably become clearer in the second quarter. At the higher end, the question will be how the new annual residential property tax (ARPT), and increased stamp duty, is perceived by company buyers.

Lettings

Despite an improving climate for buying, some will feel targeted as a handy revenue stream for the government. The UK is not unique here; Monsieur Hollande’s socialist government also has some particularly unfriendly plans.

We therefore see good conditions for lettings in 2013 as some potential buyers bide their time and see what unfolds.

Also, many landlords will have been encouraged that company-owned rental property will be exempt from the ARPT tax in April, and that it will not trigger the 15% rate of stamp duty. Many will therefore hold on to their investments and some indeed will buy new ones.

International

If there’s one thing that clients will put before fripperies such as food, heating or school fees, it’s their winter and summer holidays. International lettings continue to perform strongly, and certainly our portfolio for 2013 contains some exquisite ideas.

From all of us at Aylesford we wish you an excellent 2013, and if we can contribute to it in any way, you know where we are.

Despite No.11, London’s still No. 1.

Fri, 21 Dec 2012 11:21:38 +0000

Last April’s Budget reminds me of Abraham Lincoln’s famously fatal decision to spend an evening at the theatre.

“Apart from that,” someone asked his newly created widow later, “how did you enjoy the show Mrs Lincoln?”

For anyone owning, or planning to buy, a prime home within a company structure, the Chancellor’s new tax treatment also made everything else really rather irrelevant. And – don’t get me started – we had to wait until this month for ‘clarification’ of the details. There was at least a little welcome reward for our patience: the treasury has confirmed CGT will only be charged on the gains arising after April 6 2013. Not, as feared, on all gains made since the company vehicle acquired the property.

Meanwhile, for the last eight months, the top end of the market has been suspended in deep freeze. Year-on-year transactions for properties over £2m have plummeted. In the process, the Treasury has already lost up to 50% in stamp duty alone, comparing 2012’s turnover with that of 2011. That strikes me as something of an own goal.

At last: clarity.

At least we now know where we are, and the next quarter should give us a first indication of any effect on values. However, we suspect these latest measures will mean that the London residential market will not witness the strong price growth we saw last year, particularly at the higher end.

Even so, after months of enforced inertia, we have several clients who will now be acting on their plans. Indeed, while we may rage at the way this move has been handled, it’s our international clients who remind us that there is actually a much bigger and more positive picture.

The UK, and in particular London, remains a stable place in which to invest, and a wonderful place to live. Consider the essentials of children’s education, and our excellent family healthcare. Reflect on the riches of life in the capital, and the wide open spaces just a car ride away. And reflect that our economy is still recognised as one of the safest of havens.

Indeed, when you weigh up high-end property against stamp duty, taxes, capital gains and inheritance tax, the UK is still highly desirable in an increasingly uncertain world.

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THE NUMBERS

In his Budget on 21 March 2012, the Chancellor announced a new Annual Residential Property Tax (ARPT). It comes into force in April 2013 and affects property owned by ‘non-natural persons’ (i.e. corporate vehicles), which will be required to pay an annual residential tax as follows.

Properties valued at:

£2m-£5m : £15,000

£5m-£10m : £35,000

£10m-£20m : £70,000

£20m+ : £140,000

In addition:

Corporate vehicles will pay stamp duty at 15% on any property above £2m.
Capital Gains Tax will charged at 28% on gains made after 6 April 2013.

However, there are some exemptions. These include property rental businesses; property developments; properties providing accommodation for employees; farmhouses; and properties held by charities.

The Appeal of Low Density Development

Thu, 08 Dec 2011 15:23:21 +0000

As London prices appear to spiral ever higher, there is one corner of the market that appears to attract a never ending list of enquiries from serious purchasers. The map of London has changed and, whereas years ago those searching for an exclusive appartment or house would concentrate on the firm favourites of prime Belgravia or Knightsbridge, today’s buyer seeks a more eclectic style of living. This was brought home to us in 2006 / 2007 when, as the instructed agents selling the Manresa Road development, we were taken aback by the market reaction to this low density development of fourteen individaul duplex, triplex and penthouse flats and one building plot. They all had volume and in most cases extremely good lateral space; all were built to ‘shell and core’ leaving the purchaser to fit out the property to their own specification. The whole development sold remarkably quickly at very high prices bringing a new caché to an area of Chelsea that a few years before would have been regarded as ‘beyond the Pale’ by the majority of buyers.

There has always been an appeal in a new product ; the new model of car or the mobile phone, or now the i-Pad. It follows that the more progressive buyer will be looking for a similar product in the property world. Again Aylesford is handling such a product with a new development sold off plan at Henry Moore Court, the old Chelsea College of Art site almost opposite Manresa Road, lying between Chelsea Square and the King’s Road. This again is mainstream SW3 and, although there are still buyers hunting further east around the perenially popular white canyons of stucco fronted Belgravia, SW3 has continued its rise to stardom.

Henry Moore Court will again produce a low density development of fifteen flats and two houses but, unlike Manresa Road, will be completely finished by the developer to a superb specification. What’s all the fuss about ? Well it’s about a different product , the feel and luxury of a totally new package, something that nobody else has or are likely to obtain; it’s about a new location that has become as popular as the more established addresses, together with the appeal of private secure parking, the proximity of ‘Old Chelsea’ and the King’s Road plus all the other factors that will make this a lifestyle choice for the chosen few.

Such low density development sites are few and far between in this part of London. They seldom become available and increasingly so only when a former public building is relocated or amalgamated in the never ending process of Government and Local Authority cost cutting. Do look at that rather austere red brick Victorian school or Public Library with a new eye - it may be heading for the same fate!

Q&A with Catherine Cockcroft

Tue, 20 Sep 2011 21:47:26 +0000

1). I believe the agent letting my house is over valuing it. I've compared my property to other similar houses on the market and they all are significantly cheaper. Should I change agent?

It is important to keep a dialogue with your agent who will be able to tell you why your property is not letting. It could be related to your property, or it could be the lack of demand for properties at this level, as a result of the current economic climate and therefore, the price should be adjusted. The rental market is changing on a daily basis and certainly some larger properties have come down in price over the last few months. Apart from price there are other factors to take into account. For example: it may need redecorating/refurbishing, the furniture may be letting it down, or even the lack of furniture may be the problem, or the lack of fitted cupboards. (In one case I came across was the feed back from every applicant was that the bathroom needed upgrading and in this case the property let quickly once the bathroom was refurbished.) Perhaps the property is too individual and may need to be more neutral. You may have spent a lot of money on a beautiful hand painted Chinese dining room wall and dark maroon reception room which looks lovely in the evenings, but neutral, light coloured painted walls and modern kitchen and bathrooms are more likely to attract a potential tenant. Your agent may be giving you advice that you do not want to hear, but remember that they should have experience with other properties similar to yours and should know what is important to Tenants. If you feel that your agent is not giving you the correct advice, or you require a second opinion, I would recommend that you discuss this with another agent and then decide if you wish to bring them in as well or switch agents completely.

2) I have had the same tenant in my property for over 5 years now. I have never really raised the rent as they are very reliable tenants and good people. Now my agent is urging me to charge more, and that I'm not getting a good deal for my investment. What should I do?

Having a long term excellent tenant is very important, however, there comes a time when you need to look at the investment and decide if you should increase its potential. After 5 years, redecoration and perhaps other works need to be done. It may be that it is time to upgrade some of the fittings, for example put in new kitchen appliances, or upgrade the bathrooms, or lighting or even just replace the carpets. All this will attract potential tenants at a higher rent level. It is also important to factor in the time that the property will remain un-let including remarketing time to ensure you can cover any mortgage or outgoings during this period. I would also speak to your tenants directly and explain the situation. They will be aware of what is happening in the market place and may be prepared to pay more rent rather than find somewhere else (inevitably at a higher price) as well as the costs of relocating. You could include some upgrading whilst they are there or on holiday as part of the terms. This should benefit you both – your rent is increased without a void period and from their point of view you have invested in their home. I would suggest that you discuss this with your agent first so as to agree on the best strategy.

3) My property is being advertised by two reputable agents, but nobody has taken it up. Should I instruct more agents?

Don’t instruct more agents as this can have a negative effect on the marketing of your property. Ask your agents whether they think there is anything you can do. Does it need redecorating, new carpets or a stand-up shower, for instance? Does it need part furnishing or do you need to un-furnish it? Flexibility will widen your market. Your agents can give you details of comparable properties for rent. This will help you determine whether the price is too high. If it is, reduce it and be prepared to accept a six-month break clause. Check how your agents are marketing the property. It should be on the main property search websites such as Primelocation or Rightmove and advertised in at least one publication.

4) I have never allowed my tenants to keep animals, but I think I’m losing out because of it. Should I revoke the clause?

An animal does not necessarily mean that your property will be ruined. I have come across situations where children have caused more damage than animals. Firstly, if you don’t own the flat, find out whether your head lease allows animals. Some will, but require clauses added to the tenancy agreement. I would also include extra clauses in the contract relating to any damage to the property or disturbance to your neighbours. Make sure you have a full inventory including photographs at the beginning and end of the tenancy.