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Robinson & Hall continues to experience demand outstripping supply in the residential lettings market, leading to a continuing increase in rental levels. Frequently, our residential lettings department receives multiple offers on each property, and on average we are letting properties within a week of them coming onto the market. Subsequently, tenants are offering over the asking price to secure their next home.
Zoopla property news says that: “Average rents for new lets across the country have risen 9.7% since last year”. Bedford and the surrounding villages are well located for offering housing to the overflow of London tenants who are used to paying high rents but want a larger property and the ease of an under an hour commute to central London.
The increase in rents is not just introduced for new lets either. Robinson & Hall recognises it is essential that comparable information is supplied to our landlords each year to determine if a rent increase is required to ensure the property keeps up with market values.
Due to the growing rents and the cost-of-living crisis, we suggest protecting your rental income by considering taking out a rent and legal policy. This then means that a landlord would receive the rent if a tenant defaulted on payments, and repossession legal costs are covered by the insurers.
If you would like to benefit from a free lettings appraisal to find out what rental value your property could achieve or for more information, please contact Calum.
Calum Weaver, Head of Residential Lettings at Robinson & Hall, provides a useful update on the residential lettings market…
Buyers are staying in the rented sector for longer to save for a higher deposit.
New statistics from the Mortgage Advice Bureau show first time buyers are aiming to save for a higher deposit before purchasing a property. Subsequently, many would-be buyers are staying in the private rented sector for longer and adding to an already crowded market.
Demand is outweighing supply.
Due to buyers staying put in the rental market, there is a large influx of people turning to lettings in comparison to a low number of rental properties coming to the market, resulting in huge demand for rental properties.
Record rents are being achieved.
The demand and supply issue is one of the many reasons we are achieving record rental figures for our clients. For example, we let a two-bedroom property in Kempster Court in Bedford last year for £850 pcm; this year it is achieving £1000 pcm. As part of our management service, we supply our clients with comparable property reports and market value figures annually. We then contact the tenant(s) to discuss the rent review.
Continue to maintain your property.
Another opportunity to maximise your investment is to, if required, carry out refurbishment works to the property once a tenant has vacated. As part of our managed service, we will attend the property with a company approved contractor when notice has been received to obtain quotes, meaning refurbishment works are scheduled to start as soon as the tenant vacates. This is in conjunction with contacting our database of prospective tenants to secure a replacement with the intention to eliminate or reduce a void period.
To find out more information about our residential lettings service or to book a no obligation lettings appraisal, please contact 01234 351000 or email lettings@robinsonandhall.co.uk
Charles Lovell, Head of Auction at Auction House Robinson & Hall, says: “The auction industry could end up benefiting from the forthcoming downturn in the property market because it provides the quickest and simplest solution to selling unwanted property.”
“Earlier this month the Bank of England announced a rise in interest rates of half a percent, the biggest increase in the cost of borrowing for 27 years. Many experts are predicting that inflation could hit 15% by the middle of next year. The UK is predicted to fall into recession later this year, with the longest downturn since 2008 expected and gross domestic product falling by as much as 2.1%. Together, this will inevitably have a significant impact on the mortgage market and the housing market in general.”
“But it also means that some buy-to-let landlords and investors will decide to divest themselves of part or all of their portfolio and the most obvious route for them to do so is by auction. In fact, it might mean an increase in the number of sales and amount of money raised on behalf of our clients.”
“If inflation reaches 15% as predicted, the only way to get it down is to increase interest rates. Last week’s rate rise of half a percent is going to pale into insignificance in the next 16 months, as rates will inevitably continue to climb.”
“We are starting to see more caution in the market, although attractively priced lots are still achieving strong sale prices. We are also hearing reports within the private treaty market of valuations being downgraded by lenders and deals taking much longer to complete.”
“That is not the case at auction, where both buyers and sellers appreciate the speed and certainty of the process, and the deal is done on the fall of the hammer. This is evidenced by our success rate of 88% year to date.”
“This is not to suggest that there will not be challenges ahead for the auction sector but we do have a degree of resilience not evident elsewhere. So, despite the softening of the market, we are predicting that the supply of lots to our auction and high rate of success of sale will continue in these uncertain times.
We are now taking lots for our next auction. To find out how Auction House Robinson & Hall can help you or to book a no obligation auction appraisal, please call 01234 362899 or email robinsonandhall@auctionhouse.co.uk
You may already be too late, says Auction House, after record sales
Auction House, operating as Auction House Robinson & Hall in your area, is reporting its best ever half year results in lots sold and money raised.
In the first six months of 2022, the group sold 1,975 lots from 2,338 offered; a success rate of 85% and raised over £316m in the process. This marks a 12% increase in sales since the company’s previous best figures in 2019 when 1,752 lots were sold.
Commenting on the figures, Charles Lovell, Head of Auction House Robinson & Hall, said: “These latest figures represent yet another important milestone in our success story. To continue to beat previous records year on year like this is nothing short of remarkable.”
“Not only do buyers and sellers increasingly appreciate unconditional auction as a method of sale, it’s providing the perfect answer for those looking for that essential combination of speed and certainty, which the private treaty market simply cannot provide.”
Charles’ comments come as the latest figures from Zoopla show the average time taken from searching for a home to exchange via the traditional private treaty method is rising – currently standing at around 170 days, or five and a half months.
Charles added: “In the height of the British summer, it seems ridiculous to suggest that those wanting to sell their home via private treaty before Christmas may already be too late. But that’s the unfortunate reality.”
“Contrast that with unconditional auction when a few weeks of active marketing before the date of the auction can lead to the deal being done on the fall of the hammer. Whilst selling prices in estate agency often end up lower than the quoted guide price, the bidding process in the competitive environment of an auction means the final selling price is often higher. For many properties out there, there’s no better way!”
We are now taking lots for our next auction. To find out how we can help you or to book a no obligation auction appraisal, please call 01234 362899 or email robinsonandhall@auctionhouse.co.uk
Auction House Robinson & Hall believes activity within the property market will remain strong in the coming months, despite the global uncertainty caused by Russia’s invasion of Ukraine.
The UK’s biggest property auctioneer says that traditionally, in times of world upheaval, people invest in property rather than in the stock market.
Charles Lovell, Head of Auction House Robinson & Hall, explained: “Of course the first thing to say is that our hearts go out to the Ukrainians and the horrific suffering they are currently going through. All of us want to see a speedy and safe resolution to the conflict and an opportunity for those individuals to be able to return home.
However, for the rest of us, in times of global volatility it is important to keep calm and make measured decisions, as opposed to knee jerk ones which often come back to haunt us. And it’s true that in moments such as these, investors tend to choose bricks and mortar rather than stocks and shares.
In difficult times, investments which you can see, touch and feel tend to be the safest and most popular, which is why property does so well. History shows us that it’s happened before and we have no reason to believe it won’t happen again.”
His comments come as Auction House release its results for the first two months of the year, which indicate a rise even on the group’s healthy performance in 2021.
Auction House Robinson & Hall has offered 103 lots in the last 12 months and sold 92 of them; an 89% success rate. Commenting on the figures, Charles said: “Our sales continue to be strong, the market remains robust and demand continues to outstrip supply. We also now offer in-room and online auctions, so the best of both worlds for our clients.”
To find out how Auction House Robinson & Hall can help you or to book a no obligation auction appraisal, please call 01234 362899 or email robinsonandhall@auctionhouse.co.uk
A surge in the number of family homes being sold by Auction House has seen its average selling price rocket by 40% year on year across the country, from £103,400 in 2019 to £145,500 now.
The group, operating as Auction House Robinson & Hall in this area, has made over £300 million worth of property sales in the year so far, well ahead of any other residential auctioneer. Cumulative sales for 2020 currently stand at 2,300 lots sold from 2,913 offered, at a strong success rate of 79%.
Commenting on the figures, Charles Lovell, Head of Auction House Robinson & Hall, said: “The pandemic has certainly been challenging, however we have adapted and introduced working practices to keep buyers, sellers and ourselves as safe as possible so that not only are we listing more lots, we are also selling more family homes.”
At £63 million, last month’s total value of sales was the highest the group has raised in any September over 12 years of business. During the month, Auction House sold 433 lots from 533 offered, and delivered an impressive success rate of 81.2%.
Charles explained: “Clearly, the auctions market is returning to pre-Covid levels of activity. Remote bidding is now fully accepted as the norm around the country, and buyers have grown in confidence with bidder numbers continuing to rise. Sellers too are again choosing auctions, where the selling prices achieved are regularly well beyond expectations.
Sellers are demonstrating their trust in auctions, and understandably have a growing desire to sell in the current high-demand environment.”
October was one of our largest auctions to date, selling a variety of lots resulting in an impressive success rate of 88%. The full results can be viewed here.
Charles continues “We are entering the colder months, so now is a great time to sell any empty property, and with auctions you will get a quick sale.”
We are now taking lots for our live streamed 3rd December auction at 2.30pm. Deadline to enter a lot is Friday 6th November so don’t delay! Please call 01234 362899 or email robinsonandhall@auctionhouse.co.uk
