Market Update

After a hard financial year in both the wider economy and the London housing market, it's time to reflect and to look forwards.

Last year saw a record low in the number of properties available for sale, and hence as buyers returned to the market (in modest amounts) prices have risen.  In the Lettings market we saw rents drop considerably and availability triple during the summer of 2009, as the city contracted in size. 

As predicted, with property prices rising, more sales stock has been coming onto the market since February 2010 and we are seeing achievable values stabilise as the balance of supply and demand turns...  With few new investors having purchased buy to let property there is now a severe shortage of stock available for let, and as a result rental values are now exceeding those achieved in 2007.

For the first time in our recent history we have more properties available to buy than to rent.  Indications suggest that the sales market will remain relatively stable during the coming summer, and transaction levels will rise steadily as lenders slowly return to the market.  If you had a recent buy to let purchase, then the indications are positive.  We would expect to achieve a quick let.

Tenants - with less property available and the summer recruitment drives underway, we advise that if you find the right property, don't delay, others will be snapping at your heels.

For further information on your local market or discuss your property options please contact one of our branch managers and ask for a private consultation.

Tenancy Deposit Scheme Prices Rocket

As many of our Landlords & Tenants will know, Gordon & Co is a member of the Tenancy Deposit Scheme administered by the Dispute Service.  This scheme is the standard for agents whom are members of ARLA, RICS or NAEA.

The rises in price are due to the larger than expected number of disputes between Landlords and Tenants that have been reffered for Arbitration.

At Gordon & Co our costs to belong to this scheme have risen by 300% for 2010, while as a company we have reffered only 3 disputes since joining the scheme in 2007.

Our low dispute level is partly due to the quality of the inventories and checkin reports that we arrange at the start of each tenancy, and the generally supportive attitudes of both Landlords and Tenants.

However, these third party costs have increased to a point where we may be forced to pass on the additional costs to our clients or consider other options to hold deposits in future - and we are therefore supporting ARLA and NAEA in their lobbying to address these issues with the scheme adminstration.

We will keep all of our clients and tenants advised of any changes and thank all of them for their continued common sence approach to agreeing deductions at the end of tenancies.

Ombudsman
results

100% recommended

Congratulations are due to Gordon & Co's sister brand, Mitchells.  In their most recent ombudsman satisfaction survey for residential sales (a periodical requirement of membership of the property ombudsman, who regulate the conduct of estate agents in England and Wales) the responses from clients whom had dealings with them during the last 10 months were overwhelmingly positive.

Overall satisfaction result was 9.65 out of a possible 10, and all clients who responded to the ombudsman confirmed that they would recommend Mitchells.

If you would like to take advantage of our recommended service please contact your nearest office for an informal chat with one of our Branch Managers

We've done it!

We have completed our Mini Urban charitable adventure

	The weather was definitely kind to us on Friday 25th September for our charitable adventure - blue skies and temperatures in the low 20's added to the enjoyment of the day.
A BIG thanks to all of our clients, suppliers and family friends who generously supported us on this challenge.  We are still collecting pledged monies so will update the news section with a final total raised in the coming weeks,but so far over £2500 has been received.
	A few blisters and sore muscles have been reported, but its back to work for all the team.  Well done to all those who took part!!
You can still sponsor us!... It's the money raised that makes all of the efforts worthwhile, helping ill and disabled children have access to a quality of life that most of us can  take for granted.

Mini Urban Charitable Adventure

THE IDEA:

Staff conceived the idea of walking between the furthest offices, via the other two whilst
raising money for charity. So, rather than just ‘talking the talk’, the staff of Gordon & Co. and Mitchell’s will set out to prove they can ‘Walk the Walk’ and make this happen.

THE PLAN:

To walk from our office in Norbury to our Tower Bridge office via our Battersea and Paddington offices – a distance of approximately 17 miles. In so doing, we hope to raise over £10,000 for charity.

THE REASON:

This is an opportunity for all members of staff to push themselves outside their comfort zone as well as doing something worthwhile for the communities in which we live and work.

THE DATE:

25th September 2009.

THE TEAM:

Along with all 30+ staff members; family, friends, suppliers, paparazzi, celebrities and hangers-on are joining us for the last leg of the walk.

THE SUPPORT:

If you are interested in supporting this charitable event, please log onto this weblink:
www.justgiving.com/WalktheWalkSept2009 to make a charitable donation or alternatively send a cheque to IMM Properties Ltd / Charity account.

For further information please download a PDF here: WALK THE WALK or email charity@goandco.co.uk

High Court
Ruling on
Renewal Fees

High Court Ruling on Renewal Fees

Gordon & Co have looked at the recent High Court ruling with regards the charging of renewal fees for let only properties.  We fully support the response given by ARLA, and below is a press release of today's date from ARLA.

"In response to the High Court judgement on the case of the OFT vs. Foxtons, Ian Potter, Operations Manager, of the Association of Residential Letting Agents (ARLA) states as follows:

We welcome Mr. Justice Mann’s clarification on the issue of contract transparency in relation to letting agent fees. Contrary to misleading information that has already appeared in the press, the ruling has not stated that renewal fees are unfair but that these fees must be explicitly laid out. ARLA strongly supports the need for transparency and our members adhere to this premise though a strict code of practice, which binds them to ensuring all fees and charges are made clear and are reasonable.

“The lettings market has changed irrevocably in recent times. ARLA’s members have recognised this change by launching the licensing campaign for lettings agents which is founded on the need for improved standards, best practice and redress for consumers. Today’s ruling will serve, therefore, as another building block in our aim to create strong foundations for the lettings market as we re-assess the provision of our services and how we communicate them.

“To quote the clause E.III of the Code of Practice: “ The Terms of Business used by a Member Firm must be clearly presented and written in plain and intelligible language and endeavour, where appropriate, to take account of the Unfair Terms in Consumer Contract Regulations .”
“In effect ARLA members have always been encouraged to follow industry best practice and to provide information on fees and charges in clear and transparent manner.
“The letting of a residential property is, by its nature, a complex transaction centred on the emotive subject of people’s homes. A key element of ARLA’s licensing campaign to professionalise the sector is to increase consumer understanding of this complex process. We once again encourage landlords and tenants to only choose ARLA members. This is because they are advised to make all fees and charges clear and reasonable and are subject to a consumer complaint scheme if they are not.”

Battersea supports Trinity Hospice

On Sunday June 14th the Battersea offices helped raise money for the Lavender Hill street party, by taking part in the fund raising activities for the Trinity Hospice.  In a fun filled day, the staff put on apple bobbing, guess the number of sweets in the jar and branch manager Ryan Gray put his football skills to good use, in beat the goal keeper competition.  From memory I don’t think he saved a single goal.  See photo of Lilly Robertson collecting her prize of 154 sweets.

Receive 1 of 100 cases of Champagne

To celebrate the coming together of our three London offices, we are offering a case of Champagne to the first 100 vendors who instruct us to sell their property, or for Landlords, when we successfully let their Property*

Contact any one of our offices, and quote 'WEB1' when asking for a free,no obligation valuation.*

*Conditions apply.

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