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LONDON
PULse
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Make sure you get
P r i m e
rime Central London – this is
P
PRIME CENTRAL
‘property speak’ for the most
desirable addresses in the world’s LONDON
ce nt ral L ondo n
favourite city. IT’S TERRIFYINGLY EXPENSIVE,
Several postcodes make up this FRENETIC BUT PEACEFUL AND
area, SW1, 3, 5, 7 and 10, plus UTTERLY BEAUTIFUL
This month W8 and W14, more attractively known as
Westminster, St James, Pimlico, Belgravia, SUMMARY OF PROPERTIES FOR SALE your own personal copy
Sheila Manchester explores Chelsea, Knightsbridge, Kensington, IN LONDON ON
Notting Hill and Holland Park . www.primelocation.com
the most glorious properties In these London ‘villages’ lie leaf y 15 January 2010
squares, sumptuous crescents, secret Total for sale in Central London: 4618
in this golden city streets and hidden mews where horses Lowest priced home for sale: £150,000
once slept – now expensive but cosy Highest priced home: £39.25 million
little escapes from the frenetic but elegant
London scene. SUMMARY OF PROPERTIES TO LET
Westminster – home to English politics IN LONDON ON
and politicians, with mansion blocks and www.primelocation.com sent direct to you
river views. St James’ – all palaces and 15 January 2010
parks and Pimlico, which isn’t all gorgeous; Total properties to let in London: 12,267
you have to know where to look . Lowest rent listed: £443 pcm
Belgravia – simply beautiful, with a Highest rent listed: £40,000 per week
breathtaking selection of properties from
the traditional white stucco fronted listed
mansions of Eaton Square (£27 million) ‘pick and mix’ area. Sometimes described
to the glistening new Foster & Partners as ‘Saudi Ken’ – but only in the posh parts
designed / Candy brothers decorated and – or Kangaroo Valley; South Ken is also
furnished apartments in Chesham Place home to students, backpackers and other
(£39 million). Belgravia’s Squares have huge transient workers. However, South Ken has
flags flying on the world’s finest embassies, its share of beauties as well, with ‘The
extravagant window boxes filled with Phillimores,’ a lovely enclave of Victorian
geraniums and the bay trees on the villas, one of which is for sale, needing total
porches are simply mandatory. refurbishment, for £20 million. Holland
Knightsbridge – so much more than Park is more of the same, with superb
just Harrods, several lovely squares, big houses and apartments. The good news
mansion blocks and a surprising variety is that it is possible to find a family home
of architecture, with more stucco nudging with a garden for less than £1 million,
bright red brick Dutch gabled buildings. which is something to remember if the
Sloane Square, Cadogan Square, Lowndes Liberal party is, perchance, elected.
Square, so many desirable homes. And then, Notting Hill, made
Chelsea – its charm lies in its reputation memorable by its annual Carnival and
as the home to both dukes and dustmen. the rather more soppy movie of the same
Maybe so, but buying a home here is still name starring Hugh Grant and Julia
pricey, the least expensive properties are Roberts. Notting Hill is cosmopolitan,
Delivered to your door
still over £200,000 and you might have celebrity studded, trendy, noisy and
to leave the cat somewhere else. It is also irresistable. Extensive gentrification has
said that 50 per cent of homes in Chelsea taken this area from bijou, to, dare we say
is unlived in for most of the year; some of it it, a little brassy but somehow it keeps its
is, of course, squatted instead but the locals feet on the ground with the wonderful
don’t really chat about that. Portobello market and blend of ethnic
South Kensington, in SW5 with its cafes and smart bars. And that famous
neighbour, Earls Court, is another rather ‘blue door’ of the bookshop is long gone.
free of charge, on the last
Oh, London is a fine town,
A very famous city,
Where all the streets are paved with gold,
And all the maidens pretty.’
— George Colman the Younger
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RESIDENTIALlettings

PROPERTYdrum
Holiday let – safe bet
With ‘stay-cation’ all the rage, UK holiday letting is a great magazine is essential reading
place to go to get away from the gloom, says Rosalind Russell.
s the property market was although is too early to predict how many
A
‘It will be
spiralling downwards before may decide it’s not worth the candle and
Christmas 2008, a remarkable sell up. Any departures may well be greeted interesting next
thing happened. A rundown, with delight in areas which have seen summer when
end of terrace cottage with property prices rise beyond the reach of the Laser World
no garden sold for a reputed £600,000. the locals, or suffer from falling school
That would have been a miracle, had numbers thanks to a seasonal, non resident Sailing Championships for anyone in the property
the property not been in Cornwall, population. However, at present, the are being held, as they
overlooking the River Fowey as it races returns easily outperform most have 600 entries and
into the sea. Anyone unfamiliar with the conventional investments.
holiday lettings market might still have Even in areas less showy than Cornwall, they will all have to stay
thought the buyer had more money than holiday homeowners have done well. somewhere.’
sense. However, the modernised cottage On Hayling Island, Hampshire, an owner ROY PINE MANAGING DIRECTOR, MILLERS
at the other end of that terrace commands can gross £10,000 a year on a £160,000
£1,400 a week at the height of the holiday seafront flat, says Roy Pine, Managing
season, is almost always fully booked and Director of Millers. The firm began more Thames Valley. There used to be six
even in the dark , chilly days of November than 60 years ago as a holiday letting holiday camps, now there are three and but launched a sister company, Amberley The weakness of the pound has kept with organisations including ARLA and business, so you can’t afford
pulls in a healthy £425 a week . agency, but gradually developed into sales, they are adults-only. We are down to House Cottage Holidays last June. Headed holidaymakers in the UK, boosting the RICS, and it is used by several hundred
No wonder the holiday home market regular letting and holiday letting. a dozen properties, which will be up by Andrew Gardner who moved over lettings sector in 2009 customers. Although our system is used
still looks like a good bet. Homeowners “Back then we had 90 self catering interesting next summer when the Laser from the financial services sector, it is by the residential lettings market as a
who let the properties have been able to properties on the books and we weren’t the World Sailing Championships are being filling a gap in the market on the South whole, the accountancy side of it is one
claim a generous raft of allowances against only people in the business,” held, as they have 600 entries and they will Downs. Although national holiday cottage of its great strengths for individuals and
tax, a fact which has not gone unnoticed by says Pine. “Hayling was all have to stay somewhere.” firms do have properties in the area, few smaller companies.
a Government desperate to claw in every known as Reading by A holiday letting on Hayling in have people on the ground with local “Overseas investors, who own a cottage
penny it can to fill a bottomless black hole the Sea, as this was summer can pull in £600 a week , knowledge. “I was born in the county,” says in the UK which they let out, find it
in the Treasury. The next budget is widely the nearest thing as opposed to a regular long let Gardner. “I can explain about the area to especially useful, as the software calculates
expected to hit holiday home owners hard, to a beach for the which gets that amount in a people who call and we give the personal the rentals and the liability to the Inland
month. However, says Pine, there touch. Also a lot of holiday home owners Revenue. If you fall foul of the tax laws, you to miss an issue.
Hayling Island – is no demand for holiday lets get tied into contracts with big holiday could be in serious trouble. Of course, the
sea views equal on Hayling in the winter, unlike lettings companies and get charged a lot system is also used to track bookings and
good yields other more high profile tourist of money. We are smaller and can be operate a diary system. It works for
areas which peak again at competitive, the owners can use the everybody whether they have only three
Christmas and New Year. properties on their terms.” found their ideal holiday home renters or four properties, or one of the larger
“The optimum letting unit is a two- The firm currently has 28 properties were the kind of people who read the customers managing a sophisticated
bedroom flat with a sea view,” says Pine. on its books, ranging from a Georgian Telegraph and Sunday Times, and also portfolio of hundreds.”
“The trick is to spend the least money to townhouse in Arundel to a studio cottage magazines produced by the RSPB, the Since CFP first started, the holiday
get the best results. So you would be better next to a farmhouse, surrounded by a National Trust and Waitrose. The lettings market has become much more
off buying two flats at £150,000 each, than moat. When they carried out a survey, they company will, says Gardner, be trying professional, so even owners running
a £300,000 house, because you will get a to reach different markets too. a one-man show have to meet the
higher return. However, they would have “We are looking for charming properties expectations of renters used to an efficient,
to be of a high standard. That is what ‘We are smaller and want to present a certain quality,” he quick online response.
people expect these days.” and can be says. “I feel very bullish about its success.” Rightmove, which also operates
Some residential estate agencies new
competitive,
CFP, the Cornish-based market leaders holidaylettings.co.uk reports the holiday
to holiday letting management have found in software, produce a special holiday lettings market has proven buoyant
diversif ying has added value to the the owners can lettings programme, a boon for for firms through challenging economic times.
business. People who have come to rent for use the properties on as well as individual owners. “There are two beneficiaries – the
a holiday have enjoyed the area enough to
their terms.’
Peter Everett, General Manager explains, homeowners and the holidaymakers,” says
actually buy there, through the same agent. “It is a niche market but we have a large their spokeswoman. “Increasingly, long
Guy Leonard & Co. in West Sussex andrew gardner market share,” he says. “We have developed standing second home owners are realising
is a long established residential agency, amberley house cottage holidays the product over 10 years, it is compliant the intrinsic value lying in a home they
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JOBS VACANCIES CAREERS RECRUITMENT APPOINTMENTS JOBS VACANCIES CAREERS RECRUITMENT APPOINTMENTS JOBS VACANCIES CAREERS RECRUITMENT APPOINTMENTS
RReeccrruuiitt meenntt:: eexxppeerrttss aaddvviissee
R
ecruiting is never an easy Joshua Rayner, Pay by:
job. It takes time and it MD of Dove &
takes effort – effort which Hawk, (left)
a lot of estate agents wish says the
they were putting into getting company gets
Need a change of staff? Recruitment is no easy job, says Andrea Kirkby instructions, or making sales, rather over 50 per cent
than trying to hire a negotiator. of its hires from recommendations,
Fortunately estate agents don’t not from advertising – something
have to do all the work themselves few estate agents would be able
– unless they want to. The growth to do. He regularly attends awards
of specialist recruitment agencies evenings and other property industry
supplying the property sector events, so he knows many of the
allows them to outsource at least people he’s dealing with personally. This has a cost – generally
part of the recruitment process. At the same time, he says,
Using a recruitment agency a specialised agency should know from 10 to 20 per cent
should, at the very least, save time the sector and understand exactly
spent looking at hopelessly what’s needed. General agencies of the first year’s salary,
unsuitable candidates’ CVs. like Reed can be good for
administrative jobs. “We use Reed which is a hefty bill.’
Annette Farrell to put those jobs online,” he says,
of Estate but they don’t work well for key
•

credit card
Agency sales roles. “A McDonald’s branch
Recruitment manager is different from an general agencies miss many of the agencies are recognising how
(left) says she estate agency branch manager. subtleties of the market. “A high much a disincentive this can be –
regularly sees Just because you can run one street recruiter is unlikely to fully for instance Dove & Hawk will be
employers who have spent weeks doesn’t mean you can run the understand the difference starting an online business. “Online
sorting through hundreds of online other!” He points out that he’s between a block manager, an is a cheaper business you can use
candidates and sometimes a former estate agent, so he estate manager, an asset manager with a monthly subscription basis,”
interviewing as many as understands the job, and knows and a residential property Joshua Rayner says; he points out,
30 candidates – and still have not the way the market works. manager,” she says, so they are too, that for his regular business, all
found anyone suitable. It’s only He also believes general likely to put forward candidates placements are given a four week
after wasting that time that the agencies fail to understand their whose expertise and experience is trial, “so if it doesn’t work out in
estate agents call her! clients well enough. For instance, not the best match for the job. the first month you get a
However Simon Mortlock, he says, someone who is going to 100 per cent rebate.”
sales director at Curchods, is not fit in well at Savills or Hamptons FINDING THE VERY BEST Estate agents who really want
convinced by this argument. He just isn’t going to work for “the CANDIDATES to cut costs might consider one of
says “It doesn’t take me too long little one branch office that wants Another big difference between the online recruitment boards, •

debit card
to work out from a CV whether this a bit of a Del Boy”. the best specialists and the more such as Monster Jobs or Totaljobs.
is someone we want to see, or not. The general recruitment agency general recruitment agencies is However, while flat fees of £99
There are some immediate things is often driven by volume business the proactive work that the to £200 look attractive – there
I look for – sifting mechanisms like – one PA or part qualified specialists carry out to find the best are even bulk deals available for
the cover note – so it takes me 30 accountant is much the same as candidates, rather than waiting for multiple job postings – that’s
seconds to sift through.” He prefers another and one client is much the them to contact the recruiter. For purely for advertising. Few of these
to recruit direct, and says he has same as another as far as they’re instance, Dove & Hawk’s local sites offer more than very cursory
found Curchods gets a good concerned. Specialised recruiters, consultants ‘mystery shop’ in local checking of candidates’ suitability,
quality of candidate by doing so. on the other hand, are more likely High Street agents, trying to identify and none of them handle first
to take time building relationships. the best people in the market. interviews or full shortlisting.
CONTACTS, CONTACTS, Annette Farrell says, “We “We headhunt,” Joshua Rayner
C O N T A C T S genuinely understand the client’s says. “A lot of people just use Total TIME… OR MONEY?
Recruitment agencies can save business and have researched their Jobs or Monster, but we go out The cost is probably one of the
time in another way, though. company culture.” She believes this and find people. Everyone wants major reasons why Simon Mortlock
While an estate agent typically is crucial to getting the right people with local expertise, and is happy to do his own recruiting;
starts the recruitment process with person and sometimes, she says, that’s what we can find.” his methods use a bit of his time, •

PayPal
advertising and has to go through the recruitment agency can be He also points out that regular but very little money. “We have
the stages of shortlisting, then a better judge than the agent. clients benefit from the fact that an incredibly low attrition rate,”
interviewing and finally making “We are fortunate to have built Dove & Hawk belongs to the he says, “so we don’t need to do
a job offer, recruitment agencies up excellent relationships with our Recruitment and Employment a lot of marketing.” He uses the
already have a database of clients over the years, to the extent Confederation, and benefits from Curchods website, as well as the
suitable candidates, so they can that we can often arrange its legal and other resources. old estate agent trick of putting
short-cut the process. Annette interviews for exceptional It can help clients with enquiries a notice in the shop window, which
Farrell says, “We have been known candidates on the strength of our from employment law to typical seems to get a good response. It
to fill roles within 24 hours of being recommendation,” she says. “Good pay levels within a sector. attracts good quality candidates,
instructed,” though she admits candidates and new clients can But of course, this assistance too. “We have some pretty clued
that even with a full contacts book come from many different sources, has a cost – generally from up people coming along.”
it can sometimes take months but we do find that personal 10 to 20 per cent of the first year’s There’s a good case for using
to fill senior, specialist roles. recommendation is the most salary, which is a fairly hefty bill a mix of resources – perhaps using
One of the main things a consistent of all and produces the working out at several thousand specialised agencies for more
recruitment agency’s clients are highest calibre of candidate.” pounds per employee. There’s senior jobs and more experienced
paying for is its contacts database. Like Joshua Rayner, she believes some evidence that recruitment candidates, while going direct for •

cheque
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8 APRIL 2009
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