Newsletter - Summer 2012

Transcript

1. Summer 2012 Newsletter
2. FINDERS KEEPERS NEwSlEttER . SUMMER 2012 2
3. the Uk’s best Letting agent…Wow! 3 FINDERS KEEPERS NEwSlEttER . SUMMER 2012 Gold Awards won Best UK Letting Agent Best Property Management Best Medium Letting Agent Best Central Medium Agent In May we won four Golds at the Sunday Times Award, including the prize for the best overall Letting Agent of the Year. Director Frank Webster describes his surreal but fantastic day. “…and there we were again going up on to the stage for a fourth time to collect the large silver cup and the award for the UK’s Best letting Agent. After countless people came up to congratulate us and various press interviews, plus the post award party, jubilant but exhausted, Simon and I made our way to the train station to head home carrying four award plaques’ and a huge silver cup. “A huge thank you to all our customers, partners and staff who make this kind of success possible. (L-R) Nick Leeming, Zoopla; Frank Webster and Simon Tyrrell, Finders Keepers; Matthew Pinsent. I have attended the Awards for some years now, either as a hopeful entrant or part of the morning seminar on the panel of experts – I’ve also been a judge (for the Estate Agency Awards) – and each year the standard and number of entries have increased signifi cantly. “I had no expectations that Finders Keepers would come away with anything this year. Indeed, I had booked my return train ticket for immediately after the event! “But as the various categories were announced by 4 x Olympic Gold medal rower Matthew Pinsent and he started to announce in those inimitable words “and the winner is…Finders Keepers”, fellow entrants from numerous tables (slightly tipsy from the afternoon’s alcohol consumption!) dared to suggest to Simon and me, after we had been up on stage to collect our third category award of the night, that FK was going to win the overall award! “No way,” said I. “We’re chuffed to bits with the three awards we’ve picked up so far, and there are some really good agents here.” “Deep down, I genuinely did not think we would win any further accolades that day. It was a massive shock when Matthew announced the fi nal award of the evening, “and the overall winner of the Best UK Lettings Agency is (drum roll…) FINDERS KEEPERS…!”
4. 4 FINDERS KEEPERS Newsletter . SUMMER 2012 4 How did we win the cup? Read the Judges’ own words… “This Oxford-based lettings agency is in a league of its own when its comes to property management. It clearly goes above and beyond as a lettings specialist, managing all aspects of its service in-house to maintain exceptionally high levels of customer service. All staff are based in offices local to the properties they manage, rather than management issues being dealt with by a call centre . “The panel loved the fact that staff aren’t paid commission, so the focus of the agency is all about getting the right quality business . Judges were also impressed with the agency’s policy of assigning office managers with property portfolios to manage, which allows quality service standards to be generated at the top of the business and filtered down to all staff members within their teams. “Attention to detail can be found in every aspect of this agency’s business model, with free tenancy check-ins and check-out services available for tenants and highly-detailed property inspections, described by judges as more like mini-inventories , undertaken for every property managed – an approach the panel agreed should be the standard across the industry. The team believes in the ethos that happy tenant means happy landlord, and the numbers speak for themselves: the agency’s deposit dispute rate is 0.15% . “The firm’s 24/7 emergency line is manned by its own staff on a rotation basis, to help deal with issues in a timely and cost-effective manner. The agency’s retention rates for managed properties is 91.3%, with its managed occupancy rate 99.98% in February, so its numbers speak volumes about the quality of the firm’s service standard. “Above all, judges praised the firm’s ‘paranoid and efficient processes’ , which ensure that the agency operates in a fully-compliant manner, operated by highly- proficient staff. 99.27% of rents are collected and paid on time. 1. You would be surprised to find that most big agents manage properties from a distance in call centres. 2. We care about finding the best tenant to suit both the property and the landlord. 3. A major differentiator. Most agents outsource inspections to a 3rd party with a tick list. This 3rd party does not know the property, its history, nor the tenants. 4. This is the % of tenancies which end in TDS arbitration. 5. Almost unheard of in the rental sector. 6. Many factors contribute to our low voids: proactive letting; accurate pricing; listing properties early when already tenanted; planning refurbishment well in advance; working with landlords to keep their property in good condition. 7. A little paranoia goes a long way when handling landlords’ money.
5. FINDERS KEEPERS NEwSlEttER . SUMMER 2012 5 5 The fi rst letting agent to launch a tenant discount card “Finders Keepers prides itself on its staff’s extensive knowledge of the market, which is why the fi rm invests heavily in staff training, and why each staff member has a bespoke annual training plan. An impressive 69% of eligible staff have passed the NFoPP Technical Award in Residential Letting and Property Management in the past 24 months. “Its technology is also head and shoulders above the rest, with its website as much a resource for the local area as it is a property search tool. Judges loved the level of detail on the agency’s website, which includes listings of the 10 closest gyms to each property, school catchment areas , navigator guides showing the best bars, walks and sports clubs in the area, and renting FAQ guides in 10 languages . “Judges agreed that this agency’s vast range of services, incredible attention to detail and exceptional customer service make it the clear overall winner of the 2012 Lettings Agency of the Year Awards.” 9. Have a look at fi nders.co.uk on your computer or mobile phone. 10. we are the only agent in the UK to list the schools which a home is in the catchment area of, plus Ofsted reports, exam results and driving directions. 11. Many of our tenants come from overseas. This guide demystifi es the UK letting process for them. we’re still in shock but we’ll take it! 8. The most qualifi ed agent in the UK? Possibly. this is a huge investment of time and money but we think it is worth it. The fi rst agent to provide school catchments The fi rst 40 people in Finders Keepers to pass the NFoPP Technical Award The fi rst letting agent to launch a tenant discount card
6. FINDERS KEEPERS Newsletter . SUMMER 2012 6 1972 First office in converted bathroom. Company registered 1973 Retained by US company relocating to Marlow 1975/6 Bought properties on behalf of a variety of clients, including a cabinet minister, a well- known actress, returning expats, and American and Arab investors 1977 Recruited Mark Buckley. Mary sold her grandmother’s dining table to fund his first year salary 1980 First property investment at Folly Bridge and converted into five flats 1981 First agent to have in-house building division. Severe winter led to creation of Bricks and Mortar 1982 US visit to investigate innovations among realtors and properties 1984 First company to use colour photos in rental advertising 1985 Opened second office in Abingdon. Frank Webster joined as property manager 1986 First letting agent to furnish properties. Decorum Interiors officially started 1987 First letting agent to become computerised 1988 Opened third office in Headington 1991 Opened fourth office in Banbury 1993 First UK property company to attain Investor in People status 1994 Won NAEA Best UK Letting and Management office. Opened fifth office in Witney 1995 Won NAEA Best UK Letting and Management office. First letting agent to create its own website 1997 Opened sixth office in Swindon. 25th anniversary ball 1999 First letting agent to have staff on 24-hr call. Moved head office to 226 Banbury Road 2001 Opened seventh office for Central Oxford at 22 Park End Street 2002 30th anniversary ball. “Reinventing Renting” published 2004 First letting agent to open dedicated student office with FK Student Letting at 28 St Clements 2007 Opened ninth office in Bicester 2009 Winner of Sunday Times Best UK Letting Agent. First letting agent to launch tenant discount card (ClubFK card) 2010 First letting or estate agent in five years to win a National Training Award. Property Intelligence client event launched 2011 Winner of Sunday Times Best Student Letting in UK. First letting agent to provide school catchments for each home – wins Sunday Times Best Innovation. “My Dream Home” competition open to all Oxfordshire primary school children. Tenant Treats (open bus tour of Oxford/FK movie night in Jericho) 2012 Winner of Sunday Times Best UK Letting Agent – again! Winner of Sunday Times Best Property Management FINDERS KEEPERS Newsletter . SUMMER 2012 6
7. FINDERS KEEPERS NEwSlEttER . SUMMER 2012 7 7 we continue to enjoy what we do and we still get a real buzz from receiving positive feedback. On May 18th we started to prove the adage that life does indeed begin at 40. It was in May 1972 that Mary Channer started the company and we have now spent over four decades fi nding people homes, fi nding homes tenants and redefi ning standards for the care of landlord, property and tenant. Our busy North Oxford offi ce on the 18th May Our East Oxford ‘crew’ Clients and local friends of Finders Keepers came by to celebrate The offi ces were decorated to celebrate this big birthday FINDERS KEEPERS NEwSlEttER . SUMMER 2012 Each offi ce had a specially made birthday cake
8. FINDERS KEEPERS Newsletter . SUMMER 2012 8 8 We received many kind words and we include some of them here. Congratulations on 40 successful years. You have set a very high benchmark in Oxford that others aspire to reach! Di & Nick Stafford I keep forgetting I have a rental property! Thanks for doing everything! Happy Birthday Keith Jennings “Happy birthday FK for your 40th birthday. Thank you for all your work over the last four years. You provide a great service and we recommend you all the time. See you at your 50th Bash !!! Lee Thomas Congratulations on 40 years, I have been working with FK for 18 of these years and in that time have learnt so much. Very professional outfit. Mr & Mrs Rainbow May your wonderfulness continue for the next 40 years! Jo Furness You never make mistakes. This is very reassuring for a landlord (and landlady!) Stephen & Alison Cobb A very many congratulations on the best agent in Oxford & Oxfordshire. GREAT business, service and most of all fantastic STAFF. H. Razaghi Have been involved for the 40 years. Enjoyed working with FK. Congratulations and well done to all. Hard work and excellent service has really paid off. Mick Hayes Happy Birthday Finders Keepers. Thanks for the great service and jobs that we have done for you. An excellent office and people. Tim Eaton Thank you for your help and guidance throughout the process. We’ve known each other for many years and I hope many years to come. Congratulations! Kara Tuckey Landlords since 1995, meeting Finders Keepers was the best thing that ever happened to us. Margaret & Randolph Willoughby Happy 40th! I have loved dealing with all of you for the last 17 years. Lesley Gordon Many years, many tenants. Excellent service from a friendly team. Many thanks. Jo Robinson Huge congratulations to the best letting agents in the business. Thank you for raising the bench mark, fabulous staff, extraordinary customer care & managing to make it look so easy. Patricia Lee “We would like to wish you a Happy 40th birthday. What a wonderful idea to have a party to celebrate. Very much enjoyed and appreciated. Keep up the fantastic service and we look forward to working with you. Mr & Mrs Summers 40 years goes so fast! Best wishes to the team. David Rickwood All congratulations from one involved from the early days! Malcolm Axtell
9. 9 FINDERS KEEPERS Newsletter . SUMMER 2012 40 years. Well done. Great help to us. Lovely people. Chris & Janet Badger Great company, great service, great staff!! Mr & Mrs Barlow You’ve delivered the right tenants. Thanks and Happy Birthday Carol Cattley Finding a home can be a quest, use Finders Keepers, they’re the best Dave Butcher & John Parker Congratulations on reaching the ‘big 4-0’. Here’s to many more successful years ahead. Tony Furnival Great service, you’ll soon be celebrating another 40! Lyn Eagle Congratulations on FK’s 40th. I am sure with your exceptional service you will achieve many more! Paul Jenkins Feel we really fell on our feet coming here and thank you for making us so welcome in a new town Mr Hisbent & Miss McKinley What a momentous day! Here’s to 40 more successful years! Paul Murray Happy Birthday to a No. 1 Professional Company. Thank you for looking after me and my properties for a good 25% of your life! Good health for the future. David Marriott We’ve been with Finders Keepers for 16 years and always had a tenant! Thank you. Congratulations! Peter & Christine Buttress You are always so professional in all you do Clive Brandram Congratulations on “forty years old” – and looking forward to the 40+40 party! Jonathan & Nicola Shepard “That Finders Keepers has attained the age of 40 bears testament to the fact that not only do you manage our properties well but the quality you demonstrate in exceeding the expectations of the people you deal with. Hugh & Helen Thomas We have been delighted with Finders Keepers over the years – very many congratulations on your 40 years. Lavinia Perry Thanks for your help in getting us a suitable house. Well done for your 40th birthday. Terry & Jacqui Bock Happy birthday! We look forward to continuing our happy relationship for the next 40+ years Mike & Jan Gething Many thanks for being such good agents! Here’s to the next 40! Alistair Bastin Thank you for years of fabulous service – here’s to the next 40! Mr & Mrs Samson Dear FK, Wishing you a very happy 40th birthday – you are now in the prime of your life! All the experience and not too many wrinkles! Tom Weller
10. 10 FINDERS KEEPERS Newsletter . SUMMER 2012 home in Kingston Bagpuize, which starred in the film ‘Tortoise in Love3’, let on the first viewing at £2500 (Photo 3); a classic 3 We are proud to be a sponsor of this wonderful film. See their website for more details. 10 Further south in Oxford and Abingdon, the story is different. May and June have been peak months for letting unfurnished family houses to families moving to Oxford for September schooling and business leaders moving to the Science Parks inside and outside Oxford. The engineering, pharmaceutical and software clusters are key. ‘Science Vale’ is influential. It attracts excellent applicants from Europe and the Abingdon letting market has benefited. Some examples: four offers in 24 hours on one 6-bedroom Summertown home; a phenomenal 8-bedroom North Oxford home (Photo 1); a 4-bedroom East Oxford townhouse let to a family relocating from France (Photo 2); a gorgeous village The north/south divide and “quality property cheap” The Oxfordshire letting market in Quarter 2 managed not to sink in either the rain or Jubilee celebrations. Let’s hope we can say the same for the Olympic period. While applicant registrations in April, May and June rose 17% and web visits rose 13% year-on-year, rents increased 2.7% on re-letting and 2.1% on renewal1, which suggests a good market but with a minority of applicants browsing and in no rush to make decisions. The devil is in the detail, which is below: Family houses and the north / south divide It is not quite north / south so forgive the creative licence. Demand for large family homes (over £20002) has been strong in Quarter 2 in Oxford, Abingdon and the south of Oxfordshire, but relatively weak in north and west Oxfordshire. The two factors at work are corporate tenancies and schools. The levels of incoming senior executives to north and west Oxfordshire have been limited, with few applicants having budgets beyond £1500. Whether by design or coincidence, stock levels at this rate have also been low. So while rents of larger properties are stable due to the fairly even balance of supply and demand, deal volumes are reduced and the top end of the market to the north and west lacks excitement. 1 Internal data from Finders Keepers and finders.co.uk 2 All rents are marketing rents and per calendar month 1 2
11. 11 FINDERS KEEPERS Newsletter . SUMMER 2012 11 Picklers Hill property in Abingdon let to arguably Oxford’s best source of corporate tenants at £2995 (Photo 4). “Quality property cheap” – a popular paradox The strongest demand across all areas is for smaller 1- and 2-bedroom properties. In Banbury people want to live in smart yet good value homes – described incisively by our office manager as ‘quality property cheap’ – in the town, and rents for 2-bedroom apartments have risen from £575 to £6754 in the last 12 months. The £700 mark may prove to be a psychological barrier. In Bicester demand for 2-bedroom houses is red hot and rents have gone from £775 to £825/850 in the past year. 4 Internal Finders Keepers data A similar trend is found in Witney where rents for 2-bedroom houses in the town have increased from £725 to £800 since June 2011. Village properties are not seeing the same rent increases. A perfect illustration of what tenants want right now is Photo 5, a new build, 2-bedroom house in the heart of Witney with parking and a nice garden. Five enquiries came in on the day of listing and it let immediately at £895 – stylish, central, private, new but still affordable. 3 5 4
12. FINDERS KEEPERS NEwSlEttER . SUMMER 2012 12 Spring renewals consistently increasing Renewals (people renewing their tenancy and staying put) have risen since the recession hit. Whenever we think the trend will subside, the fi gures tell us differently. Figure 1 is revealing. The forces driving this consistent increase are economic and employment uncertainty and a focus on the household bottom line. Figure 1 is important since more renewals mean less rental stock available for new tenants and fewer property purchasers moving out of the rental sector. 2008 2009 2010 2011 2012 100 150 160 170 140 130 120 110 0 100K 200K 300K 400K 500K 600K 2008 2009 2010 2011 2012 115 100 131 152 161 sought-after by postgraduates and let for £1495 to £1700. Second, many groups of 3 or 4 sharers have had to change their plans and live in groups of 2, which changes the dynamic of the 2-bedroom market. Photo 6 is a 2-bedroom apartment in Temple Cowley historically let to couples and now recently let to sharers. Third, these younger ‘sharers’ are precisely the younger tenants stuck in the ‘equity gap’ and unable to raise deposits to buy houses7. The less funny irony is that by forcing sharers into smaller groups, the new HMO regulations are making them less able to save for a deposit – dividing council tax and utility bills (and food) by 2 people is more expensive than dividing by 3. tuition fees have not – so far – dented the student letting market Oxford’s universities remain popular. While applications to British universities fell 7.7%8 this year against a record 2011 7 See http://bit.ly/KlzfAq for an excellent report from the Joseph Rowntree foundation 8 UcaS press release, 15/1/12 (see Figure 2), applications to Oxford University fell only 0.6% and rose 2.6% for Oxford Brookes University. This demand is mirrored in the private rental sector with our student business so far letting 96% of its property for September tenancies with an average 3% rent increase year-on-year. So while our cautious hypothesis from the last 18 months has been “students who have to fi nd £9000 p.a. in tuition fees will have less money to spend on rent,” so far it is not supported. 2008 2009 2010 2011 2012 100 150 160 170 140 130 120 110 0 100K 200K 300K 400K 500K 600K 2008 2009 2010 2011 2012 115 100 131 152 161 HMO legislation bolsters the 2-bedroom market by accident As we predicted5, the new HMO regulations6 immediately reduced the supply of property for ‘sharers’ as many owners did not want to pay for the licence or for the remedial renovations to gain a licence. This has had repercussions. First, good sharer homes with HMO licences are letting extremely well. For example, 3-bedroom apartments in Jericho are 5 See our 2012 q1 report and rants across most local media outlets 6 from february 2012, any property with 3+ non-related sharers requires an HMo licence which can then be controlled by new planning permission powers. No more HMo licences will be issued in East oxford. the north/south divide and “quality property cheap ” continued Figure 1: Tenancy renewals in April & May – Indexed from 100 – Finders Keepers data Figure 2: Total applications to UK universities for all courses - UCAS data Entrepreneurial spirit can be a double- edged sword An anecdotal observation: Our market town offi ces have had more applicants in Quarter 2 who are setting up their own businesses, often as tradesmen and contractors and often as a reaction to redundancy. Our economy needs this endeavour but an unfortunate side effect is that a tenant with no salary or self-employed earnings history is a high- risk proposition for a landlord. Paying in advance or getting a guarantor is a way around this. 6
13. 13 13 FINDERS KEEPERS NEwSlEttER . SUMMER 2012 Our third Property Intelligence seminar will be held on Wednesday 10th October from 5.30-8pm at the Said Business School in the centre of Oxford. property intelligence 2012: the future of the oxford property market The speakers will discuss the forces driving the property market in Oxford and dig deeper into the factors which will affect both supply and demand in the next fi ve years. Confi rmed speakers and topics include: Are planning polices helping or hindering development? Michael Crofton-Briggs, Head of City Development, Oxford City Council Douglas Riach, Riach Architects the new westgate & City Centre re-development Rupert Sheppard, Cluttons Styles & Whitlock Bedsit blocks or private houses - how will student accommodation change? Simon tyrrell, Finders Keepers Student Letting which economic clusters will drive Oxfordshire? Martin Dare-Edwards, Infi neum UK; Business Catalyst Ambassador for UKTI who are the tenants of the future and what do they want? Frank webster, Finders Keepers charity clay target Shoot On Saturday 29th September we are holding our charity clay target shoot in aid of Air Ambulance at Edgehill Shooting Ground near Banbury. It starts at 11am and runs throughout the day (so don’t worry if you are working in the morning). We are laying on delicious food to buy, with all profi ts going to the Air Ambulance Trust. The event is perfect for beginner or intermediate/ expert with two categories: Have a go – get your fi rst taste of handling a shotgun safely and with coaching provided you may even win the FK ‘Have a go’ trophy! Competition – For those who have shot before. Compete for the FK ‘High Gun’ trophy. Cost – £20 per chosen category which includes 25 cartridges and targets. Safety equipment will be included. (If you have your own gun and cartridges then the cost is £15) RSVP to paul.rushworth@fi nderskeepers.co.uk stating which category you are entering. To register your interest in attending please email victoria.lyall@fi nderskeepers.co.uk
14. FINDERS KEEPERS Newsletter . SUMMER 2012 14 Osney Mill – History Comes To Life Again This historic former flour mill has been imaginatively redeveloped into 10 fully sustainable 1-, 2- & 3-bedroom apartments and two townhouses, combining natural materials with modern technology. It has created a very special living environment with a private riverside garden on the island by a cut in the River Thames, behind Osney Lock, but just a few minutes’ walk to Oxford rail station. Residents can look out over the water to wildlife and the marina, all the while seeing restored wheels, reminders of the legacy of the location. The new development is powered by a mini hydro electric plant, based on an Archimedean Screw, using the fast flowing water of the old mill race to generate energy whilst reducing the risk of flooding for the area. This is combined with ground source heat pumps and the latest glazing and insulation materials to produce significant energy savings. The mill has been in the Munsey family since 1895, four generations of whom have worked as millers. William Henry Munsey came to Oxford after his farming business in Cambridge had been devastated by foot and mouth disease. The mill was the last in Oxford to grind flour for bread. During the Second World War it was in production 24 hours a day. Generations of workers had followed each other to work there. It was gutted by fire in 1946, but renovation wasn’t viable and instead they relocated to a new mill in Wantage, which is still in operation. Adjacent to the mill is the remaining gatehouse from the Priory, dating back to to 1410. Founded in 1129, the Priory became Osney Abbey and has a long and important history. A newly restored barn, now a 15th century historic monument, is also a reminder of this area’s importance in medieval times.
15. FINDERS KEEPERS Newsletter . SUMMER 2012 15 Tony Munsey, who has driven this project with passion and imagination, is retaining the development as an investment for the business, let and managed by Finders Keepers. He presents each tenant moving in with a bag of flour from the Wantage Mill – an original welcome gift. Decorum Interiors, Finders Keepers’ interior design division, furnished two of the apartments ready for the launch, combining earth tones, natural leathers, glass, stone and metal with curved angles and shapes to echo the surroundings and natural setting but creating a contemporary vibe. The open day was a great success and the apartments have let quickly. The larger of the two town houses has a glass panel where you can see the water rushing beneath and superbly calming views over the river. Contact Louise Humphreys at our Central Oxford office for more information and availability dates. 01865 297999.
16. FINDERS KEEPERS Newsletter . SUMMER 2012 16 Unusual and exceptional homes With its countryside feel you would never guess that this period property is in a town centre. But ‘The Barge’ is a former public house in the centre of Abingdon, which is now an attractive 3-double-bedroom home. It has 4 interconnecting reception rooms, a cellar and a large secluded garden. There is a garage and parking for a number of vehicles and the town centre shops are within walking distance. Abingdon office – 01235 535454 A beautiful, classic home in a quiet North Oxford road only a short walk from Oxford High School, The Dragon and D’Overbroecks. With a living room; snug; a large conservatory; outdoor swimming pool and hot tub, it offers great indoor and outdoor accommodation. This 5-bedroom, 4-bathroom house also has a bespoke office, double garage and off-street parking. North Oxford office – 01865 311011 This Grade ll listed period family house in the lovely village of Brill, East Oxfordshire has 4 bedrooms and 2 reception rooms as well as a study. There is a conservatory off of the kitchen/ breakfast room, which leads out to the large, maintained, garden. Being on Windmill Road, the famous Brill windmill is only a two-minute walk away, with outstanding views. East Oxford office - 01865 200012 An exceptional 6-bedroom barn conversion with a central courtyard set in its own grounds with rural views. The main reception room has a wood- burning stove in the Inglenook fireplace. The quality is high throughout from the en-suite shower/ bathrooms (one per bedroom) through to the slate and stone flooring with underfloor heating and four-oven Aga. Banbury – 01295 276766
17. FINDERS KEEPERS Newsletter . SUMMER 2012 17 Originally built in the 1930s, this stunning 4-bedroom house has been totally renovated inside. The large sitting room has dual aspect windows and a wood-burner. The kitchen/family room has a fabulous range cooker and a separate utility room. It also has a study, a lovely garden and a garage. The real appeal lies in the fact that it is only a short walk from Charlbury railway station (which has mainline trains to London). Witney office – 01993 700150 Fantastic Victorian house set out over 3 floors on a popular North Oxford side road. This 4-bedroom, 3-bathroom property was totally renovated in 2011 by our building and renovation division, Bricks and Mortar. The two reception rooms have attractive wood flooring and the gorgeous kitchen/breakfast room has a concertina door which leads out to the rear garden. North Oxford office – 01865 311011 Classic detached 5-bedroom red brick Georgian house in a superb, mostly walled, garden of approximately 1 acre. The sitting room has original shutters and a working fireplace. The kitchen/breakfast room, with Aga, has utility and boot rooms. Gardening is included in the rent, and there is an adjacent paddock (approximately 2 acres) available by negotiation. Bicester office – 01869 329530 A truly exceptional penthouse, the interior designed by our furnishing division, Decorum Interiors, with the real ‘Wow’ factor. This 3-bedroom apartment is accessed by a private internal lift which brings you straight into the hallway. A large roof terrace is perfect for alfresco dining. The property has lovely views overlooking the lake in a great North Oxford location. North Oxford office – 01865 311011
18. 18 FINDERS KEEPERS NEwSlEttER . SUMMER 2012 Sailing has always been a passion for Andy and Trudy Marshall, but their dream of buying a yacht in the Caribbean remained just that. The day jobs continued; Andy, freelance consultant to large IT projects, and Trudy, Purser for British Airways long haul. Diaries of the caribbean A series of serendipitous events led them in a different direction. Trudy was offered a tempting early retirement /redundancy package. They sold their Georgian former School House in Nuneham Courtenay, and planned to move to the Lake District where the family cottage stood. Then Trudy explained, “We had a bit of a wobble – was this really what we wanted to do? I was staring across the road, feeling unsure, then the Eureka moment struck. The village post offi ce and cottage opposite had been empty for a few years, unsold. It needed loads of work, but it had potential and it could be let too.” Andy continued, “We put in an offer. It was accepted. Buying a yacht in the Caribbean became a realistic possibility if we sold the cottage in the Lake District. All of a sudden life was exciting again.” Everything fell into place and renovations continued apace. They bought ‘Manureva’, a four- cabin 43-foot sailing catamaran in Martinique. “The Manager of Finders Keepers Abingdon branch had been out to advise us on letting earlier, so we were able to ‘press the button’ on marketing the Old Post Offi ce, having put all the preparations in place. We were delighted it let quickly to ideal tenants,” said Trudy.
19. Here are some edited highlights from their Caribbean Diary, excluding the endless maintenance and sheer hard work that goes with owning a yacht: August 23rd: ‘Cruisers net’ lets us know about weather; restaurant specials; musician jams; security information, as well as ‘treasures of the bilge’ where you can swap or give away things. When a Dutch guy asks if anyone wants his grumpy wife, he’s abruptly cut off! December 3rd: Arrive briefl y in Mustique – for fun we went to the infamous Basils Bar (where Bowie, Jagger and Collins are known to frequent) with prices to match. January 13th: Back in St Lucia, our friends arrive. We sail downwind at 10.5 knots. It doesn’t get better than this. At Jalousie Bay we dive in – best snorkelling with fantastic fi sh and young coral in clear waters. February 19th: In Antigua we are ‘liming’ for a while, Caribbean for not doing much. At last the legendary perfect sunset. The sun un- obscured by cloud or land sinks into the sea without trace. March 1st: Returning to Antigua we spot whale spume just 400 metres ahead of us. They speed away never to be seen again. March 21st: Set off late afternoon for St Maarten/ St Martin, sailing with no moon but glorious stars. It’s shared between the Dutch Antilles and the French Department. Next day we have lunch in Café La Gare – it’s just like being in France. April 18th: In St Eustatius. Fort Oranje Baie is quiet with well-preserved buildings from the 17th century when it was the busiest harbour in the world (sugar and slave trade). Wild macaws screech in the early evening. May 2nd: Arrive in Guadeloupe catching a tropical storm full on. The traffi c lights, road signs, architecture - all totally French. May 4th: Trudy dives off the boat to discover a huge barracuda lurking contentedly between our hulls. May 16th: In Dominica we swim up through the Titou gorge to two waterfalls - the gorge is very narrow and covered by rain forest until you get sight of the waterfalls - unforgettable. May 26th: Back in Martinique we are tempted by another catamaran – whatever, we’ve made the decision to carry on sailing further afi eld…….. We book tickets to come back for a couple of weeks to the UK. What an incredible year. June 30th: Arrive in St Lucia and immediately board ‘Manureva’ with our cargo. Sail from St Lucia for Martinique, moor up. Open Champagne for a small toast for Neptune, then collapse, exhausted. July 10th: Our fi rst time on the boat on our own. It feels great. In St Lucia at Soufriere bay, between the Two Pitons, we have our fi rst swim in the sea - marvellous. July 15th: Eight-hour sail to Wallilabou on St Vincent. The ‘Pirates of the Caribbean’ movie set has been left as it was when it was put up. Then to Bequia with full canvas and the engine off. Quiet bliss. Flying fi sh and a pod of 20 dolphins join us as welcome sailing companions. July 26th: To Canouan then to Mayreau, beautiful small islands and Carriacou, the smallest and loveliest part of the Grenada. Tropical storms brew, but potential Hurricane 91L will miss us. August 4th: Arrive in Grenada, the markets are great. Red-skinned avocados, all kinds of fruit and vegetables to buy. Next day it’s carnival – we go to a warm-up evening with costumes and dancing that you just have to see to believe. 19 FINDERS KEEPERS NEwSlEttER . SUMMER 2012
20. FINDERS KEEPERS NEwSlEttER . SUMMER 2012 20 We hired a researcher to dig through history books and this generated a list of 500 famous people who had lived in Oxfordshire at one point in time. We argued among ourselves, and the result was our fantastic shortlist of 12 ‘fi nalists’. the response We were blown away. Over 1900 people entered the competition and wrote a reason for their choice. Beyond our fi ne list of 12, nominations included: Michael Palin, Alan Coren, Alfred the Great, Aung San Suu Kyi, Baroness Barbara Castle, Charles Dickens, Colin Dexter, Colin Firth, George Orwell, Ghandi, Gordon Ramsay, Howard Marks, Ian Hislop, Jeremy Clarkson, Oliver Reed, Richard Branson, Richard Dawkins and Roger Bannister. The winning fl atmate Nigella lawson won 25.1% of the vote, driven not just by her vibrant personality and ability to cook like a goddess, but also due to her popularity with women who like her natural style, good sense of humour and fun persona. Nigella studied Medieval and Modern Languages at Lady Margaret Hall, Oxford University in the 1970s. Albert Einstein stayed at Christ Church College in the 1930s and voters were drawn to his brilliance, creativity and philosophical humour. He won 11.8% of the vote. winston Churchill was born at Blenheim Palace and his story- telling, biting observations and penchant for the odd tipple compelled people to choose him. He polled 10.4% of entries. the best oxfordshire flatmate competition Our cryptic board slips got people talking 1st Prize: the £2000 towards a holiday Claire Evans from Bicester has the tough task of choosing how, where and when to go on holiday. Claire has the rare distinction of being both a landlord and a tenant of ours – what great taste she has. 2nd Prize: the iPad The winner is one Catherine Chester. As fate would have it she had her own birthday on Monday 21st May and so the iPad became a birthday treat. 3rd Prizes: 6 bottles of Chablis The judges decided that Lynne Upton, Christopher Bell, Chris Williams, Mark Bedford and David Hawkins deserved some glory. x x x x x t?v Edwina or Nigella? Vote & win a holiday at finders.co.uk Vote & win a holiday x x x x x t?v Albert or Boris? Vote & win a holiday at finders.co.uk Vote & win a holiday x x x x x t?v Walter or Winston? Vote & win a holiday at finders.co.uk Vote & win a holiday x x x x x t?v Evelyn or Oscar? Vote & win a holiday at finders.co.uk Vote & win a holiday To mark our 40th Birthday on May 18th, we held a competition mixing the worlds of letting and Oxfordshire. Quite simply, of all the people who have lived in our great county, who would be the best person to live with and why? the charity donations Putting up the boards involved some help from our tenants. To say thank you, we chose one person at random from each offi ce, and gave them £100 to donate to a charity of their choice, a total of £700. Our 12 fi nalists
21. 21 21 FINDERS KEEPERS Newsletter . SUMMER 2012 From January 2013 Gas Safety inspections must include visual inspections of gas flues every 1.5 metres or at bends in the flue. To comply, hatches of roughly 30x30cm will have to be fitted to enable the engineer to inspect the flues. A gas flue is the flue/pipe which takes the waste from a gas boiler to the outside. If the flue has a break in it or your boiler is not operating correctly, carbon monoxide could enter the property. If the engineer cannot access the flue, it will fail the gas safety inspection and you will be responsible for any eventual risk which could result in a serious incident. The penalties for injury or death are a fine and/or imprisonment. Flues can be concealed. In blocks of flats the flues can pass through flats above before eventually venting to the outside. regulations, as well as perverting the course of justice last month. In 2008, a landlord was jailed for manslaughter for failing to maintain a faulty boiler resulting in death. Next steps If you have a flue in a void: C You must fit hatches before the January 2013 deadline. C Our building division, Bricks & Mortar, can advise on and action any essential work and quote for the cost on your property. C Call 01865 302350 If you are not sure if you have a flue in a void: C We strongly recommend that a qualified Gas Safe engineer inspects your property to diagnose the action required. Flues in voids – new legislation, action required CO could enter your property if the flue which takes waste from the gas boiler to outside is broken & your boiler is not operating properly Inspection hatches will have to be fitted to enable the engineer to inspect the flues Flues in voids - Flue systems which cannot be inspected because they are hidden behind walls or ceilings You do not have a flue in a void if the boiler is fitted to an external wall and directly vented out to the outside. You would be clearly able to see a grille with a vent immediately on the outside of the building. You need to be careful. A Hampshire landlord was sent to prison for 16 months for four separate charges of breaching gas safety If your boiler is fitted to an external wall and directly vented out to the outside, you won’t have a flue in a void Mark Cairns Building Manager Kelvin Gilbey Senior Site Manager Charles Saunders Project Manager Sarah Tallent Project Administrator
22. 22 22 22 FINDERS KEEPERS NEwSlEttER . SUMMER 2012 What has the coalition government done for the rental sector? Two years on from gaining power, the Government’s impact on the Private Rental Sector (PRS) has been limited. As a new report1 states that 36% of the country could be renting by 2025, here is an eight-point guide to the intersection of Westminster and the PRS. 1 a cambridge University study described in the observer, 10/6/12 He faces a diffi cult paradox: ensuring that house prices do not crash (a fast way to lose votes) while trying to make property more affordable for younger people struggling to raise mortgage fi nance. His second challenge is to overcome the natural Conservative non-interventionist instincts and try to increase house building without having large funds to back it up. Our view: the sales market has been his priority and he has tended to sidestep the PRS, although perhaps for not much longer. 1. Grant Shapps. Born in Watford and looking slightly like Tony Blair, Shapps was a successful printing entrepreneur before becoming MP for Welwyn Hatfi eld. He became Housing Minister in 2010 with Eric Pickles as his boss – housing sits under the Department for Communities and Local Government. Shapps has gained a reputation for being calm under pressure and has been put up to defend the Government on several non-housing issues. 2. the big ‘%’ guessing game. The % refers to predictions about the proportion of the country who will be renting in the future. This is the most important statistic in renting as it infl uences central Government policy, local authority planning and private sector innovation. The PRS fi gure stood at 12% in 20062 and 15% in 20093. Two years ago several organisations made the ‘20% by 2020’ estimate and so a 36% estimate is (melo)dramatic. The causes are familiar: shortage of new stock, a growing population, owner-occupiers living longer and decreasing affordability for younger house buyers. Our view: expect more focus on tenants’ rights relative to a more European model of long tenure. 2 Department of communities and Local government, Housing key facts, May 2008 3 Offi ce for National Statistics (2009) Social Trends 40: Housing, figure 10.4
23. FINDERS KEEPERS NEwSlEttER . SUMMER 2012 23 FINDERS KEEPERS NEwSlEttER . SUMMER 2012 23 23 3. Institutional investment. Historically, the City has avoided residential property assets, seeing them as relatively illiquid with high transaction costs. Now the growth of the PRS has focused the mind and George Osborne has asked Sir Adrian Montague to review how to stimulate large-scale investment in rental property. REITs have been successful in commercial property by removing capital gains tax as long as rental income is distributed to shareholders. Our view: Montague’s review is important. Hopefully it will trigger a sea change in PRS investment. 4. the Energy Act and Green Deal. Sounding like Noel Edmonds’ new TV project, the Green Deal makes ‘F’ and ‘G’ rated rental properties illegal by 2018 (every sales and letting property is rated for energy effi ciency). By 2016 landlords will be unable to refuse a tenant’s reasonable request for energy effi ciency improvements where a fi nance package, such as the Green Deal and/or the Energy Company Obligation (ECO), is available. The package’s costs are recouped through higher energy bills which stay attached to the property. Our view: sound in theory, more detail required. 5. licensing / regulation. Despite letting trade body ARLA campaigning hard, Shapps has rejected calls to regulate the letting industry. It remains a cowboy’s paradise which allows anyone to collect and hold rental payments with no training or regulation. If you follow the trade press (or even the Oxfordshire local press at times), there are consistent arrests of fraudulent agents who have stolen money owed to landlords. Our view: letting agents should be licensed via a self-funding mechanism, asap. 6. FirstBuy/NewBuy. FirstBuy launched in 2011 with £250 million to lend to 10,000 fi rst time buyers in a shared equity deal for up to 20% of the purchase price. Results on its success are proving elusive. It was superseded by the NewBuy scheme in March 2012 in which mortgages of up to 95% are underwritten by housebuilders and the Government together. Our view: neither scheme relates to the rental industry directly but, if successful, they will reduce demand for lower value properties among younger tenants. 7. Planning. The Localism Act 2011 has been a high profi le attempt to give communities and individuals more power in the planning process. On a simplistic level, if more than 50% of a community vote for a development and it adheres to the main local planning policies, planning will be granted. A community can also write its own Neighbourhood Development Plan which, if 50% of residents approve, becomes a new de facto framework. Closer to home in Oxford, new policies state that for schemes from 4 to 9 units, developers face a quasi-tax of 15% of the total gross sales value. Schemes over 10 units must include 50% affordable housing. Our view: the Localism Bill is quite confusing and has yet to gain traction. The new Oxford policies are serious and show that the Council’s intent is clear. FINDERS KEEPERS NEwSlEttER . SUMMER 2012
24. 24 FINDERS KEEPERS NEwSlEttER . SUMMER 2012 Luckily the best letting agent in the country* is on your doorstep. call us now to get started. *We were surprised too! See Pages 3 to 5 inside for more North Oxford T: 01865 311011 north@finderskeepers.co.uk East Oxford T: 01865 200012 east@finderskeepers.co.uk Central Oxford T: 01865 297999 central@finderskeepers.co.uk Abingdon T: 01235 535454 abingdon@finderskeepers.co.uk Banbury T: 01295 276766 banbury@finderskeepers.co.uk Bicester T: 01869 329530 bicester@finderskeepers.co.uk witney T: 01993 700150 witney@finderskeepers.co.uk Short Stay T: 01865 311011 short@finderskeepers.co.uk FK Student letting T: 01865 260111 info@fkstudentletting. co.uk Bricks & Mortar T: 01865 302350 bricks@finderskeepers.co.uk Decorum Interiors T: 01865 302339 decorum@finderskeepers.co.uk Inspired Investment T: 01865 302308 inspired@finderskeepers.co.uk