inside index.cshtml
inside headerSlick.cshtml

fyfe mcdade blog

View articles published in:
View posts tagged with:
Show all articles

‘One who waits’ doesn’t always win. Brexit pit falls.

Published: 10/11/2017   Last Updated: 10/11/2017 13:24:56   Tags: Property_Market, Brexit, Buying, Selling, Pitfalls, London

You can’t turn on the TV or Radio today without someone mentioning the ‘B’ word. ‘Talks’ resemble a children’s birthday party, mid food fight. Butter icing dripping down negotiators faces as the public open the door, hands despairingly on their hips, yelling ‘just what do you think you are playing at!’

Speculation swirls around it, whilst mud is flung from every angle. Everyone has an opinion, but no one has a crystal ball.
There is no doubt the market has slowed, anyone who tells you otherwise, ought to have their nose checked for growth. Doom and gloom resonates, so what does it mean for the market?

There are some who are prepared to sit it out, in the hope the market will plummet and then there are the vendors, stoically, standing their ground, believing their property is still worth the bullish price it was pre-Brexit. Both parties, ultimately lose.

We only need to flash back to 2007/8 to see how this goes…Sellers and buyers unite, in a sit-down. Finally, when everyone’s rears are numb there is a stampede of action, driving prices up, escalating in heated bidding wars, 2013/14.

Meaning, we’ve learnt how fast a market can bounce back and with Cross rail opening next year, areas in the immediate vicinity of stations are proving Brexit or no Brexit, property is moving. Fashionable or ‘destination’ areas also prove solid in today’s market. The misconception comes from plumped up prices, driven by sweeping National property statistics claiming rises year on year which have led to a disconnect between sellers and buyers, post multiple elections and Brexit.

We hit an incredible high…sellers could afford to be bullish but today due to the increasing laissez-faire attitude afforded buyers who are willing to see how the dice will fall, agents and vendors are learning the hard way that pricing competitively i.e. realistically is the only way to sell. If buyers are happy to sit around for months/years, watching the price tumble down around them, before selling…not a problem, but generally if you put your property on the market the idea is to move…isn’t it? Best you kick off, on the right foot.

So, what is perceived like the collapse of Rome, on the property market, is in fact monitored price corrections till it hits the price it was always meant to be marketed at.

What today’s market is not, is a flip market. The days of buying off plan and expecting huge returns in a few months…simple put, isn’t going to happen. Today’s investors or first-time buyers need to have a 3-5year plan to recognise proper gains. Brexit will or will not have happened and life will resume. It hasn’t stopped, by the way. The pendulum will start swinging on Big Ben and the UK will remember to ‘keep calm and carry on’!

Growth will return and those smart enough to have negotiated a bargain during this time will be the ones with full pockets. So, if you are in the fortunate position of being able to buy now, utilise todays’ market. Sure, you could wait another year or two, pouring money down the drain, renting, or you could invest in something that is solid, bricks and mortar.

Prime Movers: London's top 50 boutique estate agencies


Published: 30/01/2017   Last Updated: 30/01/2017 16:12:19   Tags: Prime, Resi, Coverage, Boutique, Estate Agencies, London

Coverage from online magazine Prime Resi, listing Fyfe mcdade as one of London's top 50 boutique estate agencies.

Knowing your market will save you money.


Published: 09/01/2017   Last Updated: 09/01/2017 13:15:28   Tags: Renting, Property, Central, London, Money, Agents, Online

What’s the most important thing for you when you’re looking for an agent to rent your property? Prominent location? Outstanding local knowledge? A snazzy car?...

How about saving you money?

Yes, you did read that correctly.

In a world that constantly feels like it’s getting smaller thanks to the relentless march of technology and with accessibility to said technology cheaper and easier than ever before, more and more people are looking to alternative avenues to rent their properties. Whether that be online agencies offering small, upfront fees or simply utilizing social media and online marketplaces to advertise, never have there been more options for landlords to find tenants quickly, easily and most importantly affordably.

But how much do these alternative routes really save you compared to using your local agency? Well actually, they might just lose you money.

A recent study of 500 landlords by insurance firm Endsleigh found that on average those who went out on their own to rent their property saved on average £159 per month on fees but that is without considering the lower rents achieved and void periods.

On the contrary, those who used agents saved almost £2,000 across the same period and 76% of the respondents said that their agents helped them proactively find new tenants thus nullifying any void periods and maximising the rental income.

Incidentally 50% of respondents did cite local knowledge as a key factor when appointing an agent and 40% said that the most important thing for them was quality customer service.

It’s often misunderstood what exactly we do to earn our fees and though the many factors are too myriad to outline here the most important is often the simplest, peace of mind. There is no exact science to this industry and things change week to week which can be difficult for landlords to keep up with and the impersonal, distant and sometimes non-existent service of online platforms can leave you wondering why your property isn’t renting.

The service and knowledge that your local agent provides is worth its weight in gold and could, as the numbers suggest, be even more valuable as the options for renting diversify further and more regulations come into effect. 2017 will see additional legislation introduced with regards to electrical safety and Legionnaires disease both of which have not been well publicised and carry heavy fines at the minimum for landlords who fail to adhere to them.

With so much else in the world to worry about now, why add the hassle of going it alone to rent your property when a few streets away are some friendly chaps who can do it for you in no time at all. And they might leave you with a few bob spare too.