Marsh & Parsons Press

Marsh & Parsons respond to Land Registry

Fri, 26 Jun 2009 12:33:43 +0100

Peter Rollings, managing director of Marsh & Parsons said: "This is such a small change it’s practically negligible. This is a bathtub-shaped slump and at the moment we are still bouncing along the bottom. We aren’t going to see any big improvements this year and these small changes – up or down - will continue for another six months. At the moment, we are looking at some recovery in prices around next spring and that’s when we’ll finally start climbing out of the proverbial bathtub. Until then, we’ll continue to see small movements in average prices - although they may begin to start creeping up towards the end of the year."

May 2009: 243.8

(January 1995:100)

Average price: £152,497

Monthly change: -0.2%

Annual change: -15.9%

For more information, contact:

James Staunton, Wriglesworth Consultancy 020 7427 1404

Let's not get too carried away...

Fri, 19 Jun 2009 12:54:04 +0100

Whilst it is true to say that the market, as a whole, is in a completely different place to where it was six months ago, we mustn’t forget that comparisons are made from a very low base (the horrific last quarter of 2008) and that the fundamentals, whilst improving, do not point to a booming market, but simply a “gently recovering” market. In my view, this is a healthy state of affairs and one that I expect to continue for the remainder of this year and possibly well into the next. The market has been through a torrid 18 months and all the indicators are pointing to the fact that the worst is behind us. London property was the first to go into recession (I think it started in August 2007) and, as in the last recession, is the first to emerge the other side.

The real issue which is dominating the market, and will probably continue to do so for a while, is the lack of property for sale. As a result, some distinct areas of the market, particularly the family house market of south west London has seen a surprisingly rapid recovery in prices. Our offices are seeing large numbers of buyers chasing an unusually low number of available property. Prices have not, and will not for some time, reach levels seen in 2007, but many of our would-be sellers are surprised when we inform them what their house is worth and more importantly, amazed by the number of potential buyers who view and who are actually making bids. Obviously there are still those that mistakenly believe they can bid way below the asking price, but this is on the decline and interestingly, over the last 5 months the average gap between asking price and selling price has fallen from over 10% to just under 4%.

The lack of supply is fuelled by a belief from many homeowners, that if they are not going to get what their property was worth at the height of the market, they will stay put and wait for the market to improve. Others have seized the opportunity and have been successful in trading up and benefiting from the comparatively greater falls in value.

A word of caution; having had months of unrelenting negativity from almost everyone about almost everything, we must not get too carried away and fall into the trap of going too far the other way. I believe the future, for the next two to three years is one of steady recovery. My prediction in the medium term (4-6 years) due to a chronic lack of properties being built both in London and across the UK is for another boom which is as unwelcome to us in the property industry as it is to the general economy. The property market cannot be turned on and off like a tap and government needs to grasp this nettle now to prevent the next boom and bust cycle.

Fixed rate hikes could be another sign this is the bottom. Peter Rollings commenting:

Wed, 10 Jun 2009 15:42:42 +0100

"Banks are pricing in the expectation that the base rate is going to start rising again – probably by the end of the year. The money market rates they have to pay have jumped by 0.5% this week and these fixed rate mortgage rises reflect that. The banks’ money market rates effectively anticipate movements in the Bank of England base rate – this week’s rise means that lenders think the Bank of England may be considering a base rate hike. This in turn points to the fact that we’re just beginning to see light at the end of the recession tunnel. The Bank of England won’t start cranking up the base rate until we see genuine, sustained improvement in economic indicators. Though it means more expensive mortgages, it could be the first tentative sign that this is the bottom."

For further information please contact:

The Wriglesworth Consultancy, Sarah Davidson T. 0207 427 1400

Peter Rollings commenting following figures from Halifax and the interest rate decision from the MPC

Thu, 04 Jun 2009 13:35:30 +0100

“Stiff competition for property from cash buyers and people with large deposits is definitely supporting prices and the market in London is performing particularly strongly. We’ve seen a considerable number of properties go to best and final offers in recent weeks. But I think we should be cautious about cracking open the champagne just yet - we’re not out of the woods. Keeping the money supply up is imperative for driving cash through the banks and into the hands of borrowers. The banks must up the stakes on mortgage finance – a sustainable recovery in the housing market won’t be possible without it.”

Press Release: Marsh & Parsons launch regular video blog after trial success

Wed, 03 Jun 2009 13:38:28 +0100

London agent Marsh & Parsons has launched a bi-monthly video blog, fronted by managing director Peter Rollings, following the positive impact of a trial video in March.

Available at www.marshandparsons.co.uk as well as via YouTube, the video blog enables Mr Rollings to update potential vendors and buyers on current market conditions in the areas covered by Marsh & Parsons’ 15 offices in central, west and south London.

The agency’s trial video blog attracted more than 700 viewings in just eight weeks - a rate of more than 12 viewings per day - with a follow-up completed and launched at the end of May. And Mr Rollings sees online video as a key element of Marsh & Parsons’ future marketing activity.

“Videos are viral, they are easy to share and with the accessibility of free sites like YouTube, they are a great way to share your messages with a wider audience,” he said.

“The personal touch of a video blog establishes trust with both vendors and buyers, it has more impact than the written word and if done well it will not only draw web users to our site on a regular basis, it will also provide listeners the opportunity and confidence to respond, allowing us to learn more about our market .”

Specialist production company Real Property Tours is undertaking filming and editing duties, as well as formatting Marsh & Parsons’ videos to ensure fast, high-quality playback for all web users.

“The days of slow, stop-start streaming videos are coming to an end. Estate agents have often resisted using online video clips for this precise reason, but with more ways to access the web and ever-faster download speeds this is no longer a concern,” says Lee Helliar, managing director of Real Property Tours.

“More importantly, web users - and that means potential buyers and those looking for the right agent to market their property - are becoming more technology savvy. They are not just more receptive to online video, they are coming to expect it.”

Marsh & Parsons has also started using online videos to promote individual properties, with particular success in showcasing upmarket stock to the growing number of overseas buyers now taking an interest in the London market.

“Nothing will ever replace the need to actually view a property but video can definitely help entice potential buyers through the door or onto the phone - especially when it is executed professionally,” Mr Rollings added.

See Peter Rollings’ latest video blog at: marshandparsons.co.uk/about-us/market-comment/

For more information on Marsh & Parsons visit:

www.marshandparsons.co.uk

For more information on Real Property Tours visit:

www.realpropertytours.com

For further media information about Marsh & Parsons please contact:

The Wriglesworth Consultancy
Sarah Davidson / James Staunton
0207 427 1404

For further information about Real Property Tours please contact:

David Ezra or Tom Panagos at
The Saltmarsh Partnership
Tel: 020 7928 1600
E-mail: david@saltmarshpr.co.uk or tom@saltmarshpr.co.uk