Commercial Property Market Update

The returning commercial property market continues to show strength.  We have had a very busy couple of weeks since I last wrote and we continue to see strong interest for commercial property across the board.   Freehold acquisitions are particularly strong and with talk of negative interest rates the potential of purchasing a commercial investment with returns of 7 -8% look increasingly attractive – far better than stuffing your money under the mattress!

I mentioned previously the vacant freehold industrial unit that was coming to the market. That is now live with a tender process closing in mid-July, we have been busy with viewings on that and have more booked for next week. Details are on our website and please call for more information.

Terms were agreed in respect of another unit on the Wickford Business Park on a commercial lease within 7 days of marketing – if you are looking for a tenant for your commercial premises please call us, we have a wealth of experience and are here to help.

Diane Tait

Commercial Property Manager


RECORD LEVELS OF PROPERTY ENQUIRIES

Rightmove has released some encouraging data for the residential property market confirming for the first time ever it received  over six million visits to its portal in one day!

Rightmove stated four days ago (Wednesday May 27)  it saw visits exceed six million in a day for the first time, which is up 18 per cent on the comparable day of 2019. Meanwhile the busiest ever day with regards to time spent on Rightmove was Saturday May 23 with over 47m minutes spent collectively. The site says home-mover momentum has been building over the two weeks since the housing market reopened in England. And it says it’s found “a new wave of buyers now entering the market” since the lockdown finished.

A similar picture is being seen by our sales offices with strong levels of new property enquiries and property valuation requests. Contact your local office to discuss your property requirements.

Thorpe Bay: Tel: 01702 58 22 55

Southend-on-Sea: Tel 01702 34 11 77

Leigh-on-Sea: Tel: 01702 47 00 66

Rayleigh: Tel: 01268 77 43 16

Wickford: Tel: 01268 76 34 77


We’re Back & Open For Business And So Far Things Really Aren’t That Bad…

After weeks of stagnation, it was announced last week that the housing market was to reopen again and us estate agents, along with surveyors, house builders and other associated industries could all return to work.

Good news then for the property market and indeed the wider economy as well, but what state is the housing market now in? With lots of speculation from the media and their experts over the last few weeks all suggesting some kind of armageddon upon our return, we can actually report something – so far at least – quite the opposite.

Going into the Pandemic, the property market was strong.  Good demand for all types of property met with what seemed to be a “let’s get on with it” attitude from the buying and selling public following months, indeed years of uncertainty with Brexit meant that things were looking very buoyant for the UK housing market indeed.

During lockdown, the Government and Bank of England have done all they can to ensure things remain as stable as possible also; The Furlough scheme protecting millions of jobs and an unexpected cut in interest rates from the Bank of England to name just a couple.  The latter giving potential borrowers the lowest interest rate this country has ever known.

So how has the first week or so back been? Well, in short busy! Enquiry levels are up, looking at our figures actually up on February proving maybe that much of the buying and selling public are unperturbed by the media and still have the “let’s get on with it attitude” they had adopted earlier this year.

We haven’t had a wave of buyers disappearing or indeed tumble weed running through our offices. Although it is very early for any predictions to be made, it would most certainly appear that the ever-resilient UK housing market is just that – hugely resilient.

Therefore, if you are considering a move this year, there really is no reason to delay – why not contact us for some free initial advice on 01702 470066

Paul Dobbs


COMMERCIAL PROPERTY MARKET UPDATE

The partial lifting of lockdown earlier this week will see a return to work for some sectors of the commercial market, in particular manufacturing . Green  shoots of a recovery back to a ‘new normal’  are already apparent and we are experiencing a good level of enquiries, particularly for the industrial sector.  We will be offering a freehold industrial premises on the Wickford Business Park within the next few working days and we expect strong demand for that, despite the ongoing pandemic – watch this space.   It is true to say that enquiries for smaller industrial units hasn’t really stopped over the past couple of months and supply remains short.

 

There are still areas of the market that will remain sticky over the coming months,  retail will struggle until lockdown is lifted. However there is a growing optimism that with changes in the way that we all work coupled with an enlightened and sensible approach by employers and member of the public we will see the commercial market come back as strongly. We have a number of new commercial premises which we expect to come to the market over the coming weeks and watch our blogs for news of those.

Diane Tait

Commercial Manager


OPEN FOR BUSINESS

Our sales and letting offices are now open for business and we look forward to assisting you in all things property related.

Please get in touch with your local branch, details can be found below.

Thorpe Bay: Tel: 01702 58 22 55

Southend-on-Sea: Tel 01702 34 11 77

Leigh-on-Sea: Tel: 01702 47 00 66

Rayleigh: Tel: 01268 77 43 16

Wickford: Tel: 01268 76 34 77

 

The team at Hair & Son

 


Viewings - these problems deter would-be buyers

Carl Hooper, manager of our Southend-on-Sea branch, gives us some insight on how we can get our homes prepared in readiness to showcase them on the market. 

A new survey claims to have discovered the sights and experiences that most deter would-be buyers when they view homes on the market.

The study asked 1,266 adults who had each been to several property viewings in the past 12 months.

The key findings are unlikely to prove surprising to agents. Here are the highlights:

– extensive cracks, marks and stains on walls, ceilings and floors leave the biggest negative impression – 76 per cent;

– fixtures and fittings that do not function property – such as toilets, taps and the like – cause problems for 71 per cent;

– exposed wires cause concern to 66 per cent while 63 per cent say they are deterred by floors being broken or damaged;

– with the kitchen a focal point in a home for many, heavily damaged or worn out kitchen cabinets hinder the prospects for 54 per cent;

– mould featured rather low down the list, at 49 per cent;

– damaged or stained carpets distressed 18 per cent; and

– at the bottom came missing or broken door or cupboard handles, at 15 per cent.

Hair & Son have come up with a guide to help tackle these problems:

Tips on how to show your home in the best light…

A show house Nobody buys a house without looking at it. Our details will describe your property in a way which will attract potential buyers – not just a boring catalogue of power points and kitchen sinks, but an attractive description highlighting its best features. But the eyes have it – and we hope these notes will help you to ensure the property you want to sell looks its best when buyers view.

First impressions: Keep the front clean and tidy – lawns trimmed, flower beds cultivated and, above all, free of rubbish and clutter. In bad weather, be sure that paths and steps are free from snow and ice. Keep the driveway clear and the gates open and leave room to park. Make your home look inviting to your buyer.

Light the way: At night, keep a warm, welcoming light shining. Keep the porch or hall light on. Make sure the house number or name can be seen from the road – and if you have one, make sure the doorbell works.

Cats and canines: Never assume your viewer is happy to be around your pet so consider a secure comfortable area of the property for your cat or dog to stay in for the duration of the viewing.

A chance to shine: …but if its too artificial, buyers may wonder why. Tidy up any peeling wallpaper and damaged paintwork. Full redecoration is unnecessary, but a little thought about presentation can help – a quicker sale or better price might be the result. Clean windows will also help, a dirty window will be remembered more than a clean one.

Fix that tap, tap, tap: …and replace broken lightbulbs. These minor issues may not sound important but we want the purchasers to feel that your house has been well cared for. If you appear to have let little things go – what about the bigger problems?

D.I.Y. …if you can, but if not get someone to fix or replace broken sash cords, warped doors, missing door knobs, broken slates – these features can let your property down.

Tidy up: A well-ordered kitchen with neat, clean cupboards adds appeal, keep on top of washing up. Keep your bathroom clean, tidy and bright. Try to make the bed early in the day and keep all bedrooms tidy – in that way they can look more spacious and accommodating. Rumpled bedclothes and washing on the floor make bedrooms look smaller than they really are.

Storage space sells too! Display the full value of your storage space by keeping cupboards, basements and attics tidy. Throw out unwanted rubbish – you will be doing so when you move anyway.

Music is a turn-off …and does not help when showing people around. Turn off the radio, music station and the television. No distractions and disturbances.

The grand tour: Present your home as best you can – after all, it is your home and it suits your requirements for the moment. If a vendor is helpful and truthful, a purchaser will quickly sense it – mislead and confidence will quickly evaporate.  Don’t apologise for it – by doing so might suggest problems that don’t exist. If your buyers seem interested, let them have another look around on their own. Offer to answer their questions but then let them look at their own leisure. They are making a big decision.

 

To speak with your local office and find out more about how Hair & Son can market your property in the best light, please the following contact details:

 

Sales Southend-on-sea 01702 341177 southend@hairandson.co.uk

Lettings Southend-on-sea (for all areas) 01702 341177 lettings@hairandson.co.uk

Sales Thorpe Bay 01702 582255 thorpebay@hairandson.co.uk

Sales Rayleigh 01268 774316 rayleigh@hairandson.co.uk

Sales Leigh-on-sea 01702 470066 thamesdrive@hairandson.co.uk

Sales Wickford 01268 763477 enquiries@rona.co.uk


What will the property market look like post Covid-19?

This is a question we have been asked more than any other over the past few weeks and whilst there have been many predictions by the media, we thought we would share with you our thoughts based on FACTS from our sales offices – It may not be as bad as some are fearing!

House prices plummeting by up to 30%!  The worst recession seen since the great depression! … We are sure you have read headlines such as these recently and whilst everyone will have an opinion, many of these stories in newspapers and the general media seem to be sensationalist headlines to grab attention and sell copy.  Our predictions are based on facts – Things that are happening right now that give us a very good idea about the level of confidence in the UK property market and what may well happen in the coming weeks and months following the end of the lockdown.

Firstly, let’s look at the current activity in our sales offices.  Obviously, valuations and viewings are all on hold BUT with the help of modern technology we have been able to carry on valuing property and conducting viewings virtually via video with the use of Whatsapp, Facetime and similar.  Our offices have tied up sales and received offers to buy from viewers which is not only good news for many of our sellers, but also indicated that demand is as strong as ever from buyers despite all the current difficulties.  High demand equals high confidence in the market and economy and whilst this is the general feeling from most people, then the housing market will continue to thrive.

Mortgage rates are also as low as they have ever been.  For those of us old enough to remember the recessions in the late 80’s / early 90’s, interest rates were as high as 16% and this caused huge numbers of repossessions and a dramatic fall in house prices as this shifted supply in favour of demand.  Equally in the recession of 2008/2009 demand fell away leaving prices to drop in order to gain interest and secure buyers.  With mortgage rates the lowest they have ever been and any rise in interest rates looking highly unlikely, it would appear that demand will carry on out stripping supply long after Covid-19 goes away and things return to some kind of normality.

The Government has put in place unprecedented measures over recent weeks which undoubtedly will have implications on the economy BUT the economy was very strong going into the pandemic and according to the Chancellors latest statement, things are set to bounce back to pretty much how they were back in February / early March relatively quickly.

So, good news in the most part.

Equally, unless you are buying a property and plan to resell within a year, any short term adjustment to the housing market won’t matter.  If you look back over the last few decades, whenever house prices have dipped they have always then gone onto increase above and beyond where they were pre drop.  This will always be the case.  We are an aspirational nation of homeowners, our parents and grandparents have always advised us to invest in property as it is as “safe as houses” This won’t change now.

For the majority of us, a home is more than bricks and mortar, it’s the place where dreams are built, lasting memories formed, life’s big events celebrated and family traditions created. A recent survey in the Daily Mail revealed that the average homeowner spends 21 years living in their home, against this backdrop is there any logical reason why we would press the pause button and stop chasing our dreams?

https://www.dailymail.co.uk/property/article-7205285/British-homeowners-spend-21-years-property.html

If you are currently considering a move and are looking for some FREE, NO OBLIGATION advice why not call us on 01702 394959


Property Management Update

Even in these testing times we find ourselves in we are still able to provide a full day to day management service to leaseholders and clients. We are naturally scaling back on face to face interactions and block/ estate inspections, but many of our cleaners, gardeners and general contractors are still available to us for block issues. We are having to put some (but not all) projects on hold due to the nature of those or because some contractors are  not currently operating.

We have experienced an increase in calls about general neighbourhood issues and noise from adjoining properties. We would ask leaseholders to keep in mind that there will naturally be an increase in ambient noise during the daytime, particularly where children are off school and would ask that people remember to be considerate to others through that which are already very trying times for many.

Our property managers are working from home, but still contactable via our usual switchboard number of 01702 394959. Please note they may be using a mobile phone to call you back an thus may be calling from an unfamiliar number.

Best wishes and keep safe from all of us at Hair & Son


What Can or Can’t Home Movers Do During Lockdown…?

We know for most of you there are currently far more important things to be thinking about than a possible move, but if your home is currently on the market or under offer, what can / can’t you do during lockdown?

The Government have laid out some guidelines about what should happen to those buyers and sellers who are currently in the process of trying to move into their new home and we thought it may be helpful to dispel the myths that some tabloid newspapers have been reporting of late and give some clear facts as to what you can / cannot do.

Government guidelines state that you can exchange and complete on a sale or purchase if absolutely necessary or you are in an advanced stage of your transaction.  Obviously, all parties would need to observe the social distancing rules and we would add that all parties should confirm that their removal companies can definitely move them on the specific date before to committing to an exchange of contracts.

If you are buying or selling a property but not in the final stages, Government advice is to delay an exchange of contracts until such time as the lockdown is over.  They have also stated that mortgage offers will be extended if necessary and there is absolutely no need to pull out of any transaction, simply wait until lockdown is lifted and then exchange when you are able.

If you are currently up for sale then we estate agents are limited on what we are currently able to do.  Obviously we are unable to carry out valuations or viewings, however we are quite creative in our approach and Hair & Son are now able to offer “virtual valuations” via Whatsapp or Facetime, as well as virtual viewings.

If you are currently involved in a house move or are hoping to be in the near future, why not contact us to have any questions or concerns answered on 01702 39 49 59