Having worked in residential estate agency for some 24 years and in rural agency before that, I have seen a few ups and downs in the property market. The current recession is however the deepest and longest that I have experienced and the widely held view is that it will be some time before we see another property boom. The likelihood is that when the market does recover, and no one can be sure when this will be, it will be a long, slow process.

Here in South Wiltshire and North Dorset we are perhaps fortunate in that the right property, sensibly priced and promoted, still continues to attract good buyers.

With the property market in the doldrums one would have expected a few estate agencies to have gone out of business but this has not been the case. This goes to show that the vast majority of buyers and sellers still prefer to use an agent for their valuation, marketing, negotiation and sales processing expertise as well as having someone to act as an intermediary.

A good agent, as well as finding buyers for their vendor clients’ homes, can have an instrumental role to play once a sale has been agreed. It is after all not just about striking a deal but seeing it through to a conclusion; something that at times can be a fraught business that needs to be handled with tact, diplomacy and patience.

So is my job the same as it was back in 1988? There has been new Legislation to contend with such as the Property Misdescriptions Act, the implementation and then cancelation of the Home Information Pack, the introduction of the Energy Performance Certificate and various Regulations but it is still basically the same role, i.e. the marketing and selling of property. What has certainly changed is the way this is done.

As a young land agent, I was surprised that the estate agents in the office that I worked in at the time, would regularly spend two hours in the pub at lunchtime, coming back worse for wear, wreaking of beer and smoke but in those days that was how a good deal of business was carried out. Fortunately the working environment now is very much more sober, slicker and professional.

The quality of agents’ marketing material over the years has improved vastly. When I started out sales particulars consisted of very basic, poorly photocopied information sheets which if you were lucky had a stuck-on mini photograph on the front. Sales details are now much smarter, more relevant and image rather than word led with the better quality agents using floor plans, site plans, maps and plenty of professionally taken photographs.

Perhaps the most radical change during my career has been the irresistible advancement of the computer. With faster technology and ever improving software programmes, managing the marketing and sales process has become very much more efficient, speedier and effective whilst the extraordinary reach of the internet has revolutionised how buyers search for their next home leading to the requirement for an estate agent to have a traditional high street office becoming a thing of the past.

A good illustration of this is that Rural View recently took over the marketing of a house in the Nadder Valley from a well-known national agent that has a city centre office whereas we do not. In the five months that the original agency marketed the property they arranged six viewings, in the three weeks Rural View have been promoting it we have so far had fourteen

An intriguing piece of research by AA Home Energy Response has uncovered the Nation’s home-owning aspiration. You may think that most of us would like to live in an old rectory or a penthouse apartment, but no: according to this new research the most popular type of property is a three bedroom semi-detached house in a village location. Surprised?

It’s quite obvious that this survey is taken from a broad cross section of society, many of whom live in terraced cities, modern estates or suburban sprawls. Their ideal lifestyle may have rose tints, but it’s nice to know that those of us who reside in villages lead the sort of lives that others crave for and perhaps we just take it for granted.

More information gleaned from the research is that the British are keen to socialise and the most sought after feature of their dream home is a large kitchen/dining/living area where guests can be entertained.

Half the adult population would like views of countryside, mountains or sea and, while men and women are well matched in their most desired panorama, there could be a battle between the sexes over the interior layout of their ideal home; twice as many men as women would include a games room, for instance. Women, on the other hand are more likely to want to keep livestock with chickens coming out as the preferred beast.

It’s stacking up to be a big semi, but they do exist! The inference to this research, however, indicates that most peoples’ aspirations are to be comfortable, in an affordable, rural property with close neighbours and a sense of community.

The research also indicates that in the long run, increased demand could see the price of rural properties rise significantly, since as much as 34 per cent of people want to live in a rural location, yet these areas currently account for only 18 per cent of the housing stock.
The message? If you live in a village and even if you don’t have a large three bedroom semi with views, games room and chickens, just remember that you are probably living somebody’s dream.

When showing people around properties we quite often hear the comment:  ‘If only I could pick up this house and put it in another spot.’

Location is not the be-all and end-all of choosing a house to buy. There are other obvious considerations such as quality and condition, outside space, the number of bedrooms and bathrooms, room sizes and layout for instance. For many buyers there is a fine balance between the practicalities of accommodation and the property’s situation. One often can’t have the best of both, however, so a choice has to be made.

A good location can sell a property on its own. Wonderful views, peaceful surroundings and useful amenities will always attract strong interest. In a buoyant market these properties will fly and even in more challenging times they will be resilient to downward pressure. A property on a main road, however, will suffer disproportionately in a poorer market, even if it is, itself, a cracker. This doesn’t mean that it won’t sell, but the price really does have to reflect the situation.

The other thing to bear in mind about location is that you can generally improve a property, but not its surroundings. A house set in a compromised situation will always have that situation (save for regeneration or bypass). A house needing attention, but in a great spot, however, has the potential to be a great house remaining in a great spot. Of course our surroundings are often at risk, but in this part of the world, where Areas of Outstanding Natural Beauty dominate and sustainable development is a must, we are pretty protected.
So what is the ideal location? Everyone has different priorities, but looking at our register of eager applicants the following ‘would likes’ come out on top:

Family: Edge of, or close to a village with a pub and preferably a shop, open countryside to the rear, a feeling of space, easy for local schools and good communications.

Retired/Semi-retired:  A village with amenities and a good community or a small town, walkable to shops but away from the traffic.
Equestrian: Rural or village edge with good riding out from the property and close to a wide road with decent access.

It would be nice to think that we could all have our ideal location, but sadly it doesn’t work like that. Availability is what drives the market place and thankfully some of us aren’t that concerned as long as a lot of the practical boxes are ticked.

Over the months we have seen an increasing demand for rental properties, which is good news for landlords and an opportunity for investment. Here, therefore, are some tips for anyone thinking of buying to let or renting out their property:

Research other rental properties

Look into which rental properties are most in demand in the local area and compare rental levels. Be wary of any factor such as further development that may affect the property in the future as this will also impact on the yield.

Create a good standard in your rental property

Make sure the property is of a good standard in terms of the décor, the condition of the furnishings and the workings. You will also need to ensure you comply with all health and safety requirements for gas, electricity and furniture and furnishings.

Budget for void periods in your buy to let

Landlords should generally budget for 8 weeks per year to cover periods between rental agreements. If your void periods are less, of course, the extra return is a bonus.

Reference your tenants thoroughly

Don’t take tenants at face value. Make sure you have sufficient information about your prospective tenant to ensure that you can fully assess the risk. Check their employment status as well as their renting history and any references provided. Carry out credit checks and be wary of anyone holding back on such information.

Inform your property insurers and lenders

You will need to have specialist buildings and contents insurance covering the items you own in the property and don’t just assume that your current insurer covers lettings.  Always inform them as well as your lender if you have a mortgage. Also, consider insuring against the tenant defaulting. This normally covers both rent and legal expenses.

Prepare an Inventory of your property

A full, detailed inventory of the property is essential, including a schedule of condition. If you don’t do this, the tenant has carte blanche to create mess and damage without recourse. A professionally prepared inventory is always wise as this will be comprehensive.

Don’t be complacent

A happy tenant is valuable and they won’t be happy if they don’t receive good management. As a landlord, you, or your managing agent are responsible for ensuring that the tenants not only respect the property, but stay there for as long as possible, so look after them.

Rental property deposit protection

Be aware of the mandatory legislation regarding Tenancy Deposit Protection. For more information, visit the DirectGov website www.directgov.uk.

Use a responsible letting agent

If you are going to use an agent for part or all of the service, it’s crucial that you look for a local agent who abides by a code of practice and, importantly, is subject to a redress scheme. This will ensure you receive strong, professional and independent advice .

There is far more to say than will fit on this page, but if any questions arise from this blog, do call Lynne here at the office for further help.

There are two distinct types of occasional occupiers who own lock-up-and-leave properties, each with specific criteria, but both with similar concerns to address.
One is the escapee from London and the Home-Counties, looking for a more serene and uplifting existence. This particular neck of the woods is attracting ever more interest from such a purchaser and now is not a bad time to buy.

The other is the habitual traveller who needs to have a home that they can be confident of enjoying every time they return to it.
So what makes a good bolthole? Ideal properties are often those with close neighbours and communal grounds such as Wardour Court near Tisbury or The Lattiford Estate near Wincanton. There are, however, a few overriding factors that any seeker of such a property will have to consider:

Convenience – The property has to be conveniently located, not only to reach, but also for the everyday activities, interests and amenities that its owners will want to enjoy. Will they want to jump in a car every weekend or be more content to use the train and walk to their house? Tisbury and Castle Cary are ideal locations for the latter choice with their mainline stations and boutique shops, while for those opting to drive, a location within striking distance of the A303 is valuable. A good local Inn is a requirement for many people, as are nearby leisure facilities and shops.

Security – So important if the property is going to be empty for long periods of time. Ideally it should have close neighbours or a community who can keep an eye on it and a very good security system. A property on its own, in the middle of nowhere is courting trouble. Insurance should also be carefully considered and many insurers will have specific demands.

Maintenance – The property should ideally be up together and if it is a period house it should have an ongoing maintenance routine to keep it in top shape. It is amazing how a small lapse in upkeep can cause major problems down the line. There is a balance to be had between period charm and modern practicality and these need to be weighed carefully before commitment. The garden will also be an issue and should be regularly maintained so that every visit need not be taken up with sheer hard work.

Communication – Occasional occupiers may not feel the need to pay for a landline rental which means that a good mobile reception is normally essential. There are pockets which are renowned for their poor reception, but this needn’t be a deal breaker as signal boosters are efficient and not too expensive.

If you are an occasional occupier and need some help there are specific managers of second homes around who can provide piece of mind in the majority of cases. Services include routine visits, maintenance, gardening, cleaning, fridge filling and more. Alternatively a simple empty property management service can cover the essentials, ensuring that the time that you do spend in your bolthole is valuable and stress free.