Marsh and Parsons

Property Prescription for 2012

Peter Rollings — Fri, 13 Jan 2012 17:48:00 +0000

At dinner parties - being an estate agent is a bit like being a doctor. As soon as I introduce myself as an agent, the first thing I’m asked is “how much is my property worth”, in the same vein that a doctor is likely to be asked about a nagging joint pain as soon as their profession is disclosed! Well, I do a lot less valuing of property these days, but I do, as most of my readers are hopefully aware, keep a very close eye on the London property market and pride myself in knowing what prices are doing. Of course, I’m not for one minute comparing my expertise to the heroism of the medical profession – but property is my passion. I live and breathe it every day. So here’s a little bit about what I think is going to happen this year – and the reasons for my predictions. And……if you do want to know how much your property is worth, you know where to find me!

A look ahead - The Autumn Market

Peter Rollings — Wed, 21 Sep 2011 09:57:00 +0000

The Autumn market, which begins every year in mid September, is traditionally our 'second busiest' time of the year after the Spring and, perhaps surprisingly, given the never ending torrent of bad news that appears to be coming from every media outlet at present, it has started with encouraging signs.

I have banged on about what a unique place London is for many years and so far I've been right. The market has always had its seasonal variances - and yes, August in Central London was unsurprisingly quiet (but not so quiet that we didn't agree well over 100 sales transactions and over 350 lettings transactions) which wasn't helped by the unusually early Ramadan this year. A large number of those who observe this religious period, and who traditionally visit London in August, delayed their trip because the long days during the British summer make it very uncomfortable having to wait until 9pm (at least) to eat. London was therefore bereft of a substantial number of buyers from both the Middle and Far East. We have however, already seen signs that this portion of buyers are returning to London this month, and beginning their property searches.

August is a state of mind

Peter Rollings — Thu, 04 Aug 2011 15:42:00 +0000

I say it every year, and it’s true. August really is a state of mind. While many of our competitors are taking it easy during the summer holidays, our sales teams at Marsh & Parsons will be making the most of an 'active August'. This time of year represents the peak for the lettings market but, like every year, things have slowed somewhat for the sales market. Activity on just the sales pages of the Marsh & Parsons website however, remains energetic at a steady 90% of it's usual performance. An indicator that there’s still plenty of buyers out there looking to secure London property.

In my last blog I said there would be a 5% rise in central London house prices in 2011, which is in contrast to many of my competitors, who predicted much lower increases (and in some cases reports of declines!). I was wrong and uncharacteristically, I’m going to admit I was over-cautious. House prices have already increased by between 5-7% and will continue to do so this year. My latest blog gives my indications as to the extent of this rise. As always, I hope you enjoy the video and welcome your comments and observations about the London property market.

Click here to view the video blog.

Rising rents, long-term tenancies and strong corporate demand in London

Emilie Thysse — Mon, 23 May 2011 09:10:00 +0000

With the average age of a first-time buyer in London reportedly having reached a record 43 years old, (article) it is little surprise that the demand for rental property is surging. The usual seasonal increase in the number of tenants looking for property in spring/summer has been further fuelled by the 'would-be' buyers who are being forced to rent, either due to being unable to secure financing or because they are struggling with the lack of choice on the sales market. Meanwhile the volume of properties on the market in Central London has steadily decreased over the first four months of this year, resulting in a real shortage of rental property; in most areas, stock levels in April 2011 were down by an average of 20% compared with January.

London Springs Forward

Peter Rollings — Wed, 13 Apr 2011 10:50:00 +0000

At the beginning of the year I predicted a 5% rise in London property prices for 2011 and after the end of the first quarter, I can report on average, a 5% increase has already taken place, particularly in the 'house' market.

A growing economy and a handle on the budget deficit has encouraged home buyers to start looking again. With demand so high, and such a lack of new properties coming onto the market, it's no surprise that prices are rising so quickly – in some areas of London we are seeing as many as 28 buyers registered for every available property. Incidentally, March was one of Marsh & Parsons best months since the glory days of 2007.

Mary Portas: Tabloid TV

Peter Rollings — Thu, 10 Feb 2011 09:58:00 +0000

I can honestly describe last night's Secret Shopper with Mary Portas as depressing 'tabloid TV'. Firstly though, I have to wonder why her 'victims' would put themselves through that?

She made an obvious point in saying that it's an easy job to do - very true. However, many jobs are easy to do, but difficult to do WELL. Her simplistic views were typical of the vast majority of people who think they can flounce into a job as an Estate Agent. Read my previous blog - Any fool can sell property.

If she had an agency, her buyers might like her, her sellers on the other hand, would not. The vast majority of sellers consider their property to be the best in the area and for an estate agent to tell potential buyers the faults (as they might see them) would go down like a lead balloon.

Historic Highs

Peter Rollings — Mon, 07 Feb 2011 17:14:00 +0000

I had an interesting conversation with a wealthy and successful acquaintance last week who has always insisted on renting in London as 'the market will undoubtedly crash'. He has always felt that as he works in the City, he really has his finger on the pulse. Two years ago as we hit the bottom in London I once again advised him to buy as London was looking great value compared to other world and European cities. Needless to say, he didn’t take my advice.

Well I’m pleased to say that last week he eventually admitted to me that he wished he had taken my advice and that he was now looking to buy. I must admit to a feeling of 'I told you so' but I managed to restrain myself!

Estate Agency of the Year - Overall Winner

Marsh & Parsons — Thu, 09 Dec 2010 16:06:00 +0000

Marsh & Parsons is delighted to have been announced as 2010's overall "UK Estate Agency of the Year". Here is what the judges said about us...

"With a history dating back over 150 years, Marsh & Parsons has certainly demonstrated staying power through not one but several downturns and with the dynamism of its business model one could be forgiven for expecting a certain level of service as standard, however Marsh & Parsons simply astonish at every turn with their excellent business focus and attention to detail.

"Managing Director Peter Rollings leads by example, with visionary and hands on leadership. His involvement begins at the recruitment stage where he insists on seeing every single candidate personally and it is apparent that this philosophy has ensured every new team member is an immediate fit in the Marsh & Parsons family and has resulted in excellent staff retention levels. From the outset the staff are encouraged to treat every day as if it were their first and this focus on maintaining enthusiasm and passion sets the standard. There is a culture of autonomy with everyone encouraged to manage themselves and feel empowered to make decisions.

Award Winning!

Peter Rollings — Thu, 09 Dec 2010 11:53:00 +0000

Last week we attended the Estate Agency Awards seminar and lunch sponsored by The Times and The Sunday Times. We were delighted to be awarded the winners of the 'Best Medium Estate Agency in London', even better to be recognised as the 'Best Medium UK Estate Agency', but to be awarded the "Overall Winners" of all agencies in the UK, was overwhelming!

The awards are the longest running and most sought after and prestigious in our industry, and I was proud to be recognised for our staff retention levels, our recruitment processes and the way we motivate our people to get the best results for our clients. Particularly pleasing, was to know that the judges had 'mystery shopped' our offices to make an informed assessment.

Crystal ball gazing

Peter Rollings — Mon, 04 Oct 2010 10:33:00 +0000

Making predictions can be a dangerous game, but Peter Rollings takes a look at what might be ahead for the London Property Market...

I must admit, I do feel nervous when I try to predict what is going to happen in the London property market. Of course nobody can actually know what is going to happen but I do think that if you work within a market every day, you must by definition have a good idea of what is really going on, and therefore be able to make an informed guess at what the future holds.

At this time of year, I’m often asked (along with a number of other commentators) for my views on the property market and my thoughts on what is going to happen during the next 12 months. At the start of the year I wrote a piece stating that, in view of what I could see happening on the ground, I could see prices in London growing at between 5 and 7% during 2010. I am relieved to say that so far I think I am going to be about right.