MORE CERTAIN TIMES – WE HOPE !
I thought I would take a few minutes of your time to review the year just passed in respect of the commercial property market.
2019 proved to be a solid one, despite all the political uncertainties surrounding Brexit which have been settled for the time being and the potential of a ‘no deal’ has been pushed down the line until 2021. The certainty is that we will leave the EU on the 31st January 2020 but our ongoing trading relationship with Europe and the rest of the world hangs in the balance.
Whether you were remain or leave is now irrelevant and we have to trust in our elected representatives and their hard working public servants to do the right think for the UK.
Enough of politics, but the property market has never been and cannot be divorced from political uncertainty. Despite probably one of the most uncertain economic and political times in living memory the commercial property market has held up well over the last 12 months. We continue to be highly successful in selling and letting all types of commercial property across the whole of Essex providing our clients with a professional and attentive level of service throughout. Industrial rents continue to show growth and supply is short, many estates enjoying continuing full occupancy.
We are fortunate to have a number of investment opportunities on our books at the moment, having sold a number also during the course of 2019. Mixed retail/commercial investments are generally a good buy and represent yields of 7 – 7.5%. Rather better than standard buy to let investments and a lot less hassle! Commercial tenants have maintaining responsibilities for the property that they occupy unlike residential tenants. Industrial investments are particularly sought after and we secured a number during 2019 on the basis of ‘off market acquisitions. If you are thinking of investing in property but are daunted by the prospective of commercial – come and talk to us, it is well worth dipping your toe in that particular water.
If you have a property that you are thinking of selling or letting on 2020 we will be delighted to hear from you and to provide you with a free market appraisal.
Diane Tait
Associate Partner
87% Success Rate!
Another incredible year for the Auction Team at Hair and Son achieving a success rate of 87% which is well above the industry average and higher than any other local Auctioneer!
Looking back, the types of properties sold during 2019 has been varied. From individual lock up garages and larger blocks of garages with planning potential to mixed commercial investments, rental portfolios and properties for improvement, all proved to be very popular.
A sale by Auction is fast becoming the preferred method of sale for many motivated sellers. The idea of a ‘SALE ON THE DAY’ is very appealing with exchange of contracts taking place in the Auction room and completion 28 days later; this is a very clean and effective process without any of the usual pitfalls a sale on the open market can bring! This is ‘SELLING MADE SIMPLE!’
Entries are currently being accepted for our first Auction of 2020 which takes place on 27th February. For further information and to arrange a FREE AUCTION APPRAISAL, contact Rob Hennessy Tel: 01702 394959 or email: robhennessy@hairandson.co.uk.’
Hair & Son Auction Success - What a result!
If you are considering buying or selling a property in Auction, you will be keen to learn about our success, and upcoming Auctions…
Another fantastic Auction on the 3rd October achieving yet again, the highest success rate of 86%. There was steady bidding on all of the Lots with the stand out sale being Lot 1 at 573 London Road, Westcliff. This mixed commercial property with a Guide Price of £165,000 went under the hammer for a staggering £250,000!! To say the vendor is delighted is an understatement.
If you are a motivated seller then get involved in our final Auction of 2019 on Wednesday 4th December – over the past few years this has been OUR busiest and most successful Auction of the year!
For further information and to arrange a FREE AUCTION APPRAISAL of your PROPERTY or LAND, contact our Auctions Manager, Rob Hennessy on 01702 39 49 59
Keeping Rental Income In Your Own Hands
Landlord’s Rent Guarantee Insurance, often referred to as rent protection insurance is a form of cover that acts as a safeguard should your tenants be unable to pay their rent. It helps to insure that you will still receive your rental income should the unexpected occur. Whilst it is an optional cover and now legal requirement it is designed to provide some added protection and peace of mind.
Rent Guarantee Insurance covers missed rental payments and includes cover for legal expenses. If you’re a landlord who depends on the monthly rental income to pay the mortgage on your buy-to-let property, or rely on these payments for other reasons, this type of insurance can be very useful. We are able to offer this for new lets or upon renewing your current tenancy through our referencing company FCC Paragon. The benefits of this insurance include-:
- Covers loss of rent up to £3,000 per calendar month should a tenant fall into arrears.
- Covers loss of rent for up to 5 months on a 6 or 12 month warranty (the first months rental should be paid in advance so will not be covered).
- Transferable benefit – If your tenants vacate and you have unused months remaining on the warranty, you can transfer the benefit to the new tenancy agreement, subject to terms & conditions.
- Covers the first month’s unpaid rent meaning there is no exclusion period.
- Covers legal expenses authorised / incurred by FCC Paragon, including court costs to obtain vacant possession following non payment of rent (total combined benefit up to a maximum of £25,000).
- Available for 6 or 12 months (must run in line with the length of the tenancy agreement) and can easily be renewed.
Please call our Lettings Manager, Olivia Dedman on 01702 341177 for more information.
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Real Life Success Stories - Tattersall Gardens, Leigh-on-Sea
This week’s blog follows the story of a detached bungalow in Tattersall Gardens, Leigh-on-Sea which was owned by a lovely lady who had lived there for almost 50 years. She was relocating out of the area to be nearer to her daughter and was on the market already with three local estate agents and had been for several months.
We first met the owner in the middle of July and suggested some changes to the way her home was presented and agreed upon a marketing plan that would reach far more potential buyers than may have previously been the case.
We began marketing the property on 23rd July and within the first 24 hours had arranged for three potential buyers to view. More interest followed and a sale was agreed just one week later on 30th July, needless to say the owner and her family were delighted! Given the urgency of the family wanting their mum nearer them, we set the sale up on the understanding that a very quick transaction was needed and we were able to progress the sale through to an exchange of contracts just 28 days later.
Mum is now living nearer to her family and the new owners are busy making various changes and improvements to the bungalow, both are very happy with their new homes.
At Hair & Son we love helping people buy and sell property. If you are considering a move, why not get in touch for some FREE, no obligation advice on 01702 470066