Property Review - summer 2014

SUMMER 2014

YOU R PROPE RTY RE VI E W

i n s i d e t h is issue. . .

PAGE 7

Simon Gerrard elected president of the NAEA PAGE 19 PAGE 2

Martyn Gerrard wins Gold Award for Lettings back PAGE

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First glance at this exclusive new development – ‘Alisa Lodge’ The award-winning agency . . . where integrity counts.

BARNET • crouch end • east finchley • finchley central • north finchley • hendon • kentish town • mill hill • muswell hill • whetstone

Another reason to celebrate . . .

. . . we’ve gone gold!

Best Medium Letting Agent in London 2014

www.martyngerrard.co.uk

Thinking of letting your property?

Who should you instruct...?

Visit us at one of our 10 local branches.

co n te n ts 3 4-5 6-7 8-9 10-11 12-13

Simon’s Local Market Comment Barnet Office 50 Years of Fulfilling Dreams Crouch End Office East Finchley Office North London’s Got Talent

14-15 16-17 18-19 20-21 22-23 24-25

Finchley Central Office North Finchley Office 50th Anniversary Party Hendon Office Kentish Town Office Buy-to-Let

26-27 28-29 30 31 32-33 34-35

Mill Hill Office Muswell Hill Office Seeing the Big Picture MG in the Community Whetstone Office Land & New Homes / Commercial

Introduction • page 3

Simon Gerrard President NAEA

simon’s LOCAL market com ment

I

am extremely proud to be writing this market comment, not only as the Managing Director of one of the longest established and most respected Estate Agencies In North/North West London, but also as the new President of the National Association of Estate Agents, whose aim is to promote the highest professional standards in the industry.

9% in May ’14 compared to April ’14 and was 19% higher than in May ‘13.This together with the possibility that the figures for June ’14 may have been influenced by seasonal factors (holidays and the World Cup), could mean June was a glitch in the figures rather than a trend. This generally points to a healthy, but more restrained market for the remainder of the year.

It has been an incredibly busy year so far for both Martyn Gerrard’s sales and lettings departments.

We have been seeing unprecedented levels of new purchasers registering with us and with a general shortage of supply in the local market property prices have been rising across all of the areas we cover. On the lettings side, I am delighted we have been recognised as the outstanding Letting agent in London by the Times/Sunday Times. Although things were slightly more subdued at the beginning of the year, as we approach the busiest time for lettings, new tenant enquires are at a good level.

So fundamentally, the market remains strong in North/ North West London as demand still continues to outstrip supply. As buyers become more demanding it is imperative for those planning to sell to be properly advised to have the best chance of achieving the highest price.

There have been a number of situations that will or already have affected the housing market. Firstly the Mortgage Market Review (MMR), which recently came into effect, has had a modest influence on lending, although locally this has been less about people’s ability to justify affordability in relation to their mortgage payments and more to do with lenders’ administrative inability to deal with the changes and get mortgage offers out in a timely fashion.

More significant perhaps are the mixed messages coming from Mr Carney and the Bank of England, where in one breath he is indicating an interest rate increase is imminent to take the steam out of the housing market and next he is saying he “sees no need to reverse the rise in house prices”.

Most recently we have had the NAEA’s June Market report released at the end of July. The main headline that the press concentrated on was that in June, first time buyers (FTBs) were down 20% compared to May’ 14 and of those buying in June only 3% were aged 18–30.

When interviewed by the BBC on this report, I discussed that although the housing market in our area, London and the South East, is strong, the majority of the country has seen very minor increases and the market in these areas remains particularly fragile. It would therefore be detrimental to the national economy for lending to become more restrictive or for interest rates to rise too early or too far.

It is also important to remember that although the number of new FTBs looking in June ‘14 was down, this followed an increase in FTBs in every other month this year, and the Council of Mortgage Lenders (CML) report showing the number of loans to FTBs rose by

My strong advice is to ensure the agent you approach is a member of the National Association of Estate Agents. By looking for the logo you can be assured that the agent you are dealing with is properly qualified to give their judgment on the best marketing plan for your property with the strongest database of willing buyers. Martyn Gerrard are licensed members of the NAEA, so if you are selling, or would like to know how much your home is worth, please contact your nearest office – where my staff will be delighted to help.

I am extremely proud that the Martyn Gerrard Lettings Department has been recognised as the leading multi office letting agent in the capital by winning the Gold Medal for best Medium sized Agent in London. This prestigious award was presented in June and is backed by the Times & Sunday Times.

So if you want to let your property and want the best advice, your first call should be to your local Martyn Gerrard office.

The Letting market continues to perform well, and now at seasonally one of the best times to let a property, there is strong demand for property of all types. While rental returns are being maintained, tenants are quite rightly looking for the best quality property for the money they are paying.

Landlords are well advised to seek out a qualified and experienced ARLA agent who will be able to give constructive guidance to help achieve the best rental return, and provide transparency of costs. After all, if an agent is charging the tenant admin fees and a fee for preparing the tenancy agreement as well as a number of other add-ons, then this will prevent Landlords from getting the best rental price from tenants #lookforthelogo for their property.

• martyngerrard.co.uk •

G o ld A nnive rsa ry

Gold Annive 5 0 years of F U lF I L L I N G D R E A MS

B

ack in 1964, Beatlemania hit America, the first Notting Hill Carnival was held and the classic film musical, Mary Poppins, was released. A little less well documented was the opening on Monday 25th May in Whetstone, North London of the first Martyn Gerrard office.

Fifty years on, Martyn Gerrard Estate Agents have gone from strength to strength and we now have ten offices covering North and North West London, from High Barnet to Kentish Town and from Hendon to Crouch End. Martyn Gerrard is a family run business, Martyn remains involved as Chairman, and the company is now run by his son Simon as Managing Director.

The first proper ties that Mar tyn Gerrard Estate Agents marketed in 1964 were an “ultra modern” apar tment in Barnet at an asking price £3,250 and a three bedroom house in Whetstone being sold for £4,650, and our first sale was a three bedroom house in Barnet sold for £4,950. That same proper ty would cost well in excess of £500,000 in today’s market.

Mar tyn Gerrard Estate Agents is a family run business and has always been proud of its traditional values of professionalism and a personal, hands on and trusted ser vice.

Times and the proper ty market have cer tainly moved on, but one thing that has not changed is our embrace and use of new technology. For instance in the early 80’s we were one of the first estate agents to use

1964 THEN: The first shop in Whetstone.

2014 Now: Martyn, starting the business.

Martyn Gerrard has eleven offices in North London managed by Martyn’s son Simon.

So, What ELSE WAS HAPPENING... ...WHEN Martyn Gerrard Estate Agents was born?

BBC2 was launched and Sony introduced the first VCR home video recorder.

page 6 • 50 Years of Fulfilling Dreams

The top films of the year included My Fair Lady, Goldfinger, Dr Strangelove and A Hard Day’s Night.

British and French Governments announced a commitment to build a tunnel under the Channel.

ersary 50 YEARS OFFER

50 Years of Fulfilling Dreams • page 7

We would like to share our celebration with all other fifty year olds. If your fiftieth birthday is in 2014, we will sell your house for 50% of our normal fee.

Not only that, for every fiftieth instruction we receive, we will move you for free.* (*Terms & Conditions at www.martyngerrard.co.uk)

colour photographs on our proper ty details.

These were individual photos stuck by hand onto each set of details. Now digital cameras, high quality photo copiers and printers deal with the task.

We continue to explore and invest in the latest innovations, to help us create the best and most user-friendly experience for our customers, picking up awards for innovation on the way. In fact, Mar tyn Gerrard are leading the way once again with our use of video and the introduction of MGTV, an interactive website designed to promote the proper ties being marketed with individual micro sites and personal micro sites for buyers and tenants.

Below, three generations of the Gerrard family.

Simply contact your local Martyn Gerrard office and speak to one of our professional sales representatives for more information on this birthday offer.

Alternatively contact us on 50@martyngerrard.co.uk

New President!

S

imon Gerrard, Managing Director of Martyn Gerrard Estate Agents, took up the Presidency of the National Association of Estate Agents (NAEA) in June.

#lookforthelogo

The NAEA is the UK’s leading professional body for estate agency and is part of a group that represents over 13,000 members who practise across all aspects of property services in the UK and overseas.

One of Simon’s main aims as President is to help raise public awareness of the importance of using an NAEA member when buying or selling.

Many members of the public believe all estate agents are qualified and professional. However this is not the case. Not ALL estate agents are qualified; to become licensed by the NAEA means the agent has studied for and passed a nationally recognised qualification in the legal, technical and practical aspects of estate agency and property.

By using a licensed NAEA agent you can be sure you are consulting a qualified and experienced agent who can give you professional up-to-date advice and guidance. And for peace of mind a licensed NAEA agent also has Professional Indemnity Insurance and Client Money Protection (if they deal with lettings).

Simon’s role will also involve ensuring estate agents adhere to the association’s code of practice – an aspect that Simon has been heavily involved in shaping over the years, designed to make sure members provide the most professional, efficient and user-friendly service.These practices have been exemplified at Martyn Gerrard for more than 50 years and Simon relishes the chance to help standardise the industry practises to emulate those held dear by all at Martyn Gerrard.

Having been in overall charge of the day-to-day operations at Martyn Gerrard since 2004, Simon has continued to uphold our Company’s tradition of friendly service and high professional standards, while at the same time introducing a new dynamic aspect to the business by embracing the latest innovative ideas and technologies.

The Government announced plans to build three new towns in South East England to act as overspill for overpopulated London. One of these was centred on the village of Milton Keynes.

BASIC, an easy to learn, high level computer programme language was introduced.

1964 saw the abolition of the death penalty in the UK, the World’s first high speed rail network opened in Japan and work began on the Aswan Dam. • martyngerrard.co.uk •

N O R T H LO ND O N ’ s

GOT TALENT

I

n the last issue of ‘Your Property Review’ we held a competition to find the best photograph of North and North West London. Professional and Amateur photographers alike were allowed to enter and we were overwhelmed by the response. Here are a selection of some of the winning entries and we are delighted to announce that the overall winner of £100 M&S vouchers was Catherine Anderson from Finchley Central who sent the fantastic photograph on the left.

The top ten photos amongst our ten areas won £25 M&S vouchers, and the winners were…

1 Catherine Anderson, Finchley Central – Overall Winner 2 Victoria Hawkins 3 Louisa Peacock 4 JC 5 Jazmin Carr 6 Annie Guifen 7 Daniel de Lange 8 Chris Faux 9 Kate Posener 10 Rosanna Taylor

Congratulations to you all!

7

6 Overall winning photo (above): FINCHLEY CENTRAL

by CATHERINE ANDERSON

page 12 • Photography competition

Photography competition • page 13 2

3

4

6

8

The many beautiful locations of North London as captured by its talented amateur photographers.

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• martyngerrard.co.uk •

Anniversary

5 0 t h A n n iver s ary

Party

PA R T Y

M

artyn Gerrard Estate Agents 50th anniversary was marked with a lavish party held in the salubrious Palm Court at Alexandra Palace.

Over 350 invited guests including, the Mayor of Barnet, senior figures from the property world, current staff and many from the past 50 years attended. They enjoyed an evening which featured a surprise video rendition of Bohemian Rhapsody performed by the Directors and Staff, and culminated with a performance from The Voice finalist Moni Tivony.

The Palm Court was specially decorated for the night with banners, pictures of all the branches past and present, MG Minis and a display of Martyn Gerrard sold boards from the past five decades. Martyn, Simon and their wives arrived at the event in a London Taxi decorated in the Martyn Gerrard livery.

Beginning of the evening in the Palm Court as the crowds begin to gather page 18 • 50th Anniversary Party

During the celebrations Martyn Gerrard commented “One of the things that has most impressed me is the number of ex-employees from the past 50 years who have come from far and wide, including my first secretary who has made the journey down from Cumbria. It is a delight to see so many old friends”.

Simon Gerrard said, “The culture of the company is that of closeness. Rather like a family network we work together providing a valuable and appreciated service. We’ve helped one generation of clients, then their children and even grandchildren. It really is about an ongoing service helping people to fulfil their dreams. We’re humble about our achievements and prefer our clients to talk about us and their own experiences.”

50th Anniversary Party • page 19

Simon then went on to say, “I am proud to have been able to build on the strong foundations laid by my Father. It is super that we have grown, embracing new unique marketing and innovations to become the name local people can trust and rely on when selling, buying, letting or renting their home”.

The Fifty Club In 1964, Harold Wilson became Prime Minister, Beatlemania hit America, and the classic musical, Mary Poppins, was released.

A little less well documented at the time was the opening of the first Martyn Gerrard estate office in Whetstone!

Martyn Gerrard wanted to change the public perception of the traditional estate agent. By putting people before property the estate agency bearing his name quickly gained a reputation for providing an outstanding customer experience. Fifty years on his philosophy still remains at the heart of our company’s core values.

If you are not 50 this year you can still join in and celebrate with us. For every 50th instruction we receive and sell during 2014, we will pay the removal cost*.

Pictured are two of the first winners of this offer. Mrs Grace Fensome of Whetstone and Ms Anne Kennard of Muswell Hill seen here receiving their certificates from Simon Gerrard.

We have grown to become the largest independent family run estate agent covering North and North West London. With 10 offices from High Barnet to Kentish Town and from Hendon to Crouch End, we are proud to continue to provide an outstanding customer experience in an ever evolving world.

To celebrate fifty years of fulfilling dreams, Martyn Gerrard is offering anyone born in 1964 to sell their property for 50% of their normal fee.

*Terms & Conditions at www.martyngerrard.co.uk

• martyngerrard.co.uk •

Buy-to -Let

Lettings FAQ of B U Y-TO - L ET As house prices continue to rise, many people correctly see buy-to-let property as a great long term investment. We thought it would be useful to tackle some of the questions that are commonly asked.

CAN A BUY-TO-LET INVESTMENT BE PROTECTED?

WHAT DIFFERENCE DOES A LETTING AGENT MAKE?

Insurance cover is now available for rental protection, in the event of a defaulting tenant, and for legal expenses in addition to the normal building and contents insurance.

Buying a property to let is not the same as buying your own home. Mortgage lenders will want to know that an ARLA member agent has been advising on the selection of properties suitable for letting.

WHAT ARE THE RETURNS? Gross returns – the rent received before taking account of the cost of letting – such as management fees, maintenance, service charges, ground rents and insurance varies between 7% and 10%. This can be less for very expensive properties.

The average rental return in Britain today hovers around the 10% mark, and capital appreciation is likely to match, if not exceed, inflation for the foreseeable future.

As a rule of thumb, the gross rents should be between 130% and 150% of the monthly mortgage payments.

The experienced agent will know the local market, whether there is a demand for say, two bedroom flats, or four bedroom houses, or for properties close to schools or transport links or secluded properties with gardens.

The agent will know the standard of decoration, furnishing, fixtures and fittings required. Another consideration when thinking about the management of the tenancy is the selection of well-covenanted tenants who will pay their rent on time and leave the property on time and in a proper state.

Knowing that the management of any inherent risk is in the hands of a professional agent enhances the creditworthiness of Buy-to-Let propositions put to mortgage lenders.

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0208 883 2631

Call: Online: www.mortgageadvicebureau.com/eastfinchley Over 800 high street offices nationwide

page 24 • Buy-to-let

MAB 1951

Buy-to-let • page 25

HOW TO BUY-TO-LET Armed with suitable advice from an ARLA letting agent, Buy-to-Let investors can start on a property search with an NAEA estate agent in their area. With Martyn Gerrard you will find an ARLA and NAEA member in all ten of our branches.

Once a property has been found, the letting agent will confirm whether or not it has letting potential, the range of the likely rent that can be achieved in current local market conditions and advise on the need, or otherwise, for re-decoration and new fixtures and fittings to attract good tenants and to reduce the risk of lengthy void (empty) periods.

WHAT HAPPENS AFTER BUYING TO LET? An ARLA member such as Martyn Gerrard will introduce and vet prospective tenants, prepare the tenancy agreements and advise on and arrange inventory and condition reports.

A letting and property management agent can also pay bills on behalf of the landlord and regularly inspects the property, recommending, overseeing and accounting for necessary maintenance, repair and re-decoration.

WHAT OTHER COSTS SHOULD BE TAKEN INTO ACCOUNT? The letting agent’s commission and management fees, Insurance (Building/Contents/Rental and Legal Expenses Cover), the costs of keeping the property in a marketable condition, service charges and ground rents if the property is leasehold.

The tenant is responsible for such items as utility accounts, Council Tax and TV licence fee etc.

TAX AND ALLOWANCES Deductions against tax on rents received may be claimed for the costs of maintenance, such as insurance, cleaning, gardening, agent’s commission and other reasonable management expenses (but not improvements).

The initial cost of furniture fittings and fixtures is not allowable, but the actual cost of subsequent replacement may be claimed, or a wear and tear allowance of 10% of the rents received may be deductible. It is important to obtain independent specialist tax advice.

If you would like more information about becoming a buy-to-let landlord or letting out your property please contact Martyn Gerrard Estate Agents – Your local NAEA & ARLA Licensed Agent.

ARE THERE ANY SPECIAL CONDITIONS? Generally, lenders will expect landlords to use an ARLA member to let and manage the property and for rental agreements to be drawn up as Assured Shorthold Tenancies or other contracts as appropriate.

• martyngerrard.co.uk •

s eei n g t h e

inn ova tive

big picture

O

n the streets of North London and in many of its railway and tube stations Martyn Gerrard is making its mark with our new advertising campaign. Families and wellbeing are the message with uplifting imagery, intended to be a breath of fresh air into what is so often a ruthless property market. The selection of people in a family and/or home-making environment are indicative of our ethos – moving families and creating homes – as well as keeping up with innovations in selling and letting.

Be it on the back of the 263 or W7 buses, beside the tracks of Kentish Town train station or decorating the side of a London taxi, we hope the audience enjoy the images and empathise with the message. We are also proud of serving the property buying, selling and letting public for 50 years therefore the classic black and white approach was decided upon as a nod to the past… and not forgetting the three generations of the Gerrard family taking centre stage in some of the artwork to emphasise our family values are just as true to the company as the individuals themselves.

So whether you are a first time seller, a rental pro, a family upsizing or a retired couple downsizing, Martyn Gerrard hope to appeal to all with the image we reflect.

page 30 • Campaign

Community • page 31

com m u n ity

M

artyn Gerrard Estate Agents have been involved in the local community for many years. In 2014 we are continuing this involvement by supporting many local schools, charities and local community events.

Martin Primary School In June Martin Primary School had their summer Fun Day. We regularly support events at this East Finchley School and were pleased to again be involved.

Branch Manager Chris Fairclough spent the day giving out balloons and running ‘Guess the Number of Sweets’ to help raise extra funds for the school.

CROUCH END FESTIVAL Also in June we were, for the third year running, the main sponsor of the Crouch End Festival. The festival is held over two weekends, celebrating local talent with art and photography exhibitions, bands and dance and theatre performances. Crouch End resident Simon Gerrard was proud to be asked to open the festival.

past & present events In 2014 we are proud to be supporting a variety of school fairs. We will be at all these events helping to raise additional money for the schools.

At many of the fairs we hope to have our popular ‘Soak the Estate Agent’ stall in which we hope you will be enthusiastic participants!

Martins Primary School Summer Fair, East Finchley – 14th June

‘FORTITUDE’ Fortismere School, Muswell Hill – 5th July

Christchurch Primary School Summer Fair – 14th June

St Mary’s Primary School Summer Fair, Finchley – 6th July

Woodbridge School Summer Fair, Woodside Park – 22nd June

Courtland School, Summer Fair, Mill Hill – 12th July

St John’s School Summer Fair, Whetstone – 28th June

St Peter’s & St Gildas’ School Summer Fair, Crouch End, – 12th July

Moss Hall School, Summer Fair, Finchley – 29th June

• martyngerrard.co.uk •

Michael Izzi Manager, Commercial

land & new homes

D

riving around North and North West London you will have noticed that the derelict buildings and sites that have lain dormant for many years are now alive with activity.

This is not surprising as confidence in the housing market has returned and as a result we have seen the sharpest rise in house prices in nearly 27 years.

With many new approved development schemes providing a mixture of Commercial and Residential property, at Martyn Gerrard we are ideally situated to provide advice on all aspects of the development and offer a sales service that no other agent can offer.

Martyn Gerrard have worked with builders and development companies of all sizes including some of the UK’s top house builders. As such we know exactly how developers work, and what they expect from their selling agents. Speaking with many developers over the years it is apparent that there is a lack of quality up-to-date and relevant market advice. A frustration for many developers is that they have to go to many different sources to obtain the required information and marketing research needed to decide if a potential development is viable or not.

This summer we are pleased to announce that we are opening a new office specifically dedicated to handling Land and New Homes and Commercial property.

page 34 • Commercial

This new office based in East Finchley, our Land and New Homes Department is able to draw upon decades of experience and specialist local knowledge in the North and North West London Property Market.

The department offers a development consultancy service that is able to give realistic advice on current market conditions and future trends. It is able to boast a number of recent success stories already under construction and many others in the planning system.

The consultancy team have guided developers/land owners through the planning process and assisted in identifying the most appropriate target markets to ensure the correct specification and property mix in order to maximise the gross development value.

If you own a plot of land or commercial property and had thought about selling or developing it yourself, the Martyn Gerrard Land and New Homes Department is perfectly placed to help you. Our experience can help identify the right buyer for your land or we can provide you with impartial and practical options and give advice on the feasibility of development.

All land is considered, any size with or without planning permission. If you own a building plot, a home with a large garden, parcel of land or commercial premises please contact Michael Izzi on 020 8444 3445.

Oa k l e i g h P arK SOU T H N 2 0

A new development of 7 luxury apartments.

Secure gated parking, lift and quality finishes.

Alisa Lodge is a development of one and two bedroom apartments with a magnificent three bedroom penthouse. The development has been constructed to an exceptional standard and sits among the affluent surroundings of Oakleigh Park. All of the apartments overlook the beautiful landscaped gardens and most have wonderful views of London.

All enquiries via sole agent:

020 8446 2111

Computer generated images of development exterior and penthouse kitchen/living area.

Another quality development by

BARNET 4 Exchange Buildings, High Street, Barnet EN5 5SY T: 020 8440 2444 Email: EN5@martyngerrard.co.uk

Finchley Central 365 Regents Park Road Finchley Central N3 1DE T 020 8346 0102 Email: N3@martyngerrard.co.uk

Kentish Town 304 Kentish Town Road, Kentish Town NW5 2TH T: 020 7267 3737 Email: NW5@martyngerrard.co.uk

Whetstone 1286 High Road, Whetstone N20 9HH T 020 8446 2111 Email: N20@martyngerrard.co.uk

Crouch End 45 The Broadway Crouch End N8 8DT T: 020 8348 5135 Email: N8@martyngerrard.co.uk

North Finchley 773 High Road, North Finchley N12 8JY T 020 8445 2222 Email: N12@martyngerrard.co.uk

Mill Hill 109 The Broadway, Mill Hill NW7 3TG T: 020 8906 0660 Email: NW7@martyngerrard.co.uk

COMMERCIAL 146 High Road N2 9ED T: 020 8883 3445 Email: Landandnewhomes@martyngerrard.co.uk

East Finchley 66/68 High Road East Finchley N2 9PN T: 020 8883 0077 Email: N2@martyngerrard.co.uk

HENDON 59 Brent Street Hendon NW4 2EA T 020 8203 2012 Email: NW4@martyngerrard.co.uk

Muswell Hill 300 Muswell Hill Broadway, Muswell Hill N10 2QR T: 020 8444 3388 Email: N10@martyngerrard.co.uk

LETTINGS & BLOCK MANAGEMENT 197 Ballards Lane, Finchley N3 1LP T: 020 8343 4340 Email: management@martyngerrard.co.uk Email: professional@martyngerrard.co.uk Email: bm@martyngerrard.co.uk

HEAD OFFICE, PROFESSIONAL AND LAND & NEW HOMES 197 Ballards Lane, Finchley N3 1LP

T: 020 8343 4340