newsbeat
RESIDENTIAL SALES
First-time buyer funding runs out
The property market may be from a range of qualifying
plunged into further chaos lending institutions.
because money earmarked Paul Smith went on, “It was
for first-time buyers is meant to be a tonic to the
running out. Paul Smith, Chief housing market, but instead of
Executive of Spicerhaart has putting sufficient funds into
warned that house chains the scheme, first-time buyers
are collapsing because first- are being left in the lurch.”
time buyers can’t get their David Cummings, of Spicer
money through under the McColl in Wisbech said, “We
Government’s new shared have had seven sales fall
ownership schemes. through today because of
The problems relate to this, leaving both vendors and
MyChoiceHomeBuy, a scheme purchasers in tears. It’s an
PROPERTY SEARCH
designed for first-time buyers, absolute nightmare. One client
Biking for
key workers and social tenants even had a letter saying their
choosing any property on the funding had been approved
open market, in which up to but has since been told they
half the cost of a new home won’t receive anything.”
business
will be shared by a housing
provider. Applicants obtain
www.propertydrum.com/
their conventional mortgage articles/ftbinitiative
These buying agents go to great lengths to view the entire London market
in order to satisfy the demands of their clients. Mark Perry and James
Macleod, founding partners of JMChase, view properties on their Ducati
motorbikes to get ahead of the competition.
“The bikes are a necessity for getting around town and for being on
time for our clients. With the number of houses changing hands without
being marketed, having a buying
agent is almost the only way to
‘With the number
engage in this business,” says
Mark Perry.
of houses
“Of all the properties we view on
behalf of our clients about
changing hands
70 per cent are pre-market,” says
without being
James Macleod. “We act for
time-poor cash-rich clients, who
marketed, having
require trusted advice. We have
a buying agent is
just exchanged on a property while
the client was on holiday in Cairo.” the only way.’
www.propertydrum.com/articles/newsbikes
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AUCTIONS
Green shoots in the auction room
The auction market may be seeing fallen substantially from their 2007 of the most experienced and
the bottom of the pricing cycle peak. Good quality products with liquid investors back and it is
for prime retail property while long leases to desirable retailers only a matter of time before the
there is a continuing weakness continue to be in huge demand secondary market witnesses a
for secondary assets; according but there is a dearth of suitable bounce-back.”
to Jones Lang LaSalle and IPD’s quality product from which The retail sector saw
report Auction Results Analysis buyers can choose, and as a result transactions fall by 34 per cent to
System (ARAS) Q1 2009, which competition is driving up prices. £50 million in Q1 2009 compared
charts the evolution of the UK’s This trend can be demonstrated by with Q4 2008. However, the
commercial property auction the sale of a Tesco’s in Blackburn average lot size for retail assets
market and trends. for £1.03m, reflecting a 5.78 per over the first quarter compared
Richard Auterac, Director at cent yield at our last auction. to Q4 2008 rose 12 per cent to
Jones Lang LaSalle, said: “Cash-rich However, a two-tier market has £596,000 and yields moved in by
savvy buyers in the auction room emerged in the auction market 18 basis points to 7.1 per cent.
are appreciating the real buying with falls in value for secondary
opportunities at the prime end of retail properties. Despite this,
www.propertydrum.com/
Auterac: “cash-rich, savvy buyers” the retail market where prices have current pricing is attracting some
articles/auctiontrends
8 june 2009 PROPeRTYdrum
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