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With the Office of Fair Trading telling us that outdated rules on the selling and buying of property in the UK are holding back online alternatives to high street estate agents, the consumer has to pay attention, especially when you consider that the same recent study found that estate agency fees could be costing consumers up to £570 million a year!

Couple that with the survey of Trading standards in 2008 that found that one in four estate agents was failing to comply with regulations, and the recent scandal of legal firms paying fees to estate agents to pick up conveyancing work, and we’ve all got to hope that the OFT puts forward measures to improve competition for high street estate agents.

Funnily enough, although we all complain about the lack of service and the high fees charged, the Office of Fair Trading reports that “most consumers say they are happy with the service they receive from estate agents” in the United Kingdom although 27% say they have considered using ‘alternative’ methods of selling.

RightMove embellish this sentiment saying that “the vast majority of vendors with a property to sell in the UK use an estate agent to market their property” and then they list all the benefits to using one, but what is the reality for the UK consumer and how can paying perceived ‘excessive’ fees benefit us when there are alternatives?

Russell Quirk, Owner of www.eMoov.co.uk , an online estate agency, is the former boss of a five branch high street estate agency in Essex.  Russell firmly doubts that we’ll see the demise of the high street estate agent but goes on to say that we will see a metamorphosis of that industry through the actions of the consumer.  Some believe that this will include consumers negotiating high street estate agency fees upfront.

Online Property expert, Sarah Beeny of www.tepilo.com ,told us that she thought the OFT’s report highlighted some interesting points “some of which need to be addressed further, and it will be interesting to see what impact the findings have over the next few years.  Reducing costs, improving online presence and exploring new ideas seems to be generally supported but above all, keeping the customer at the front of all future plans which is great for all homeowners/tenants out there.”  To read more on Sarah’s opinions of the OFT’s report click here.  http://tinyurl.com/yf4yvkl

Not everyone is happy with the OFT’s feedback though.  The Editorial Director of Estate Agent Today was scathing about what she calls ‘estate agency bashers’ and decried property columnist Anna Tyzack for her announcement that the ‘anti-estate agent’ movement is growing.  At the same time Simon Heffer of the Telegraph wrote “It is important to have something to be happy about, and news of the possible end of estate agents is just such a thing.”

One of the benefits of using an estate agent is of course, the For Sale board!   According to boards firm Agency Express, the For Sale board gives a true indication of sales activity in the UK and apparently far more For Sale boards converted to Sold and more new For Sale boards were erected in February compared with January 2010 say the firm.

Apparently the number of houses sold in February rocketed by 136%, going by new Sold boards figures, which is more than double those recorded in January!  Agency Express cited London, the North East and the North West as the hotspots for house sales so far this year which is, in turn verified by our House Price Index.

In short, whilst the high street Estate Agent is feeling defensive, it seems that there is room for everyone in a market that the Office of Fair Trading would like to see expanded upon.

Perhaps, as we predicted in our second issue, we will be buying our houses from Tesco at www.isold.com in the near future.

Research carried out by Friends Provident reveals that almost 25% of homeowners who are currently working will consider downsizing in the future to fund their retirement.

According to retirement specialist, Archstone Lifestyle Homes, however, there is a growing trend for the over 55s to downsize for reasons other than releasing equity.   Many home owners ‘cross-trade’ to a home of similar value to their former homes simply because a new home is much easier to maintain than an old property as well as being more energy-efficient.  Other downsizers buy ‘lock up and leave’ retirement properties in order to travel  or live abroad for several months each year in a second home.

In terms of downsizing, timing is crucial. The majority of Archstone homebuyers decide to ‘downsize’ when they start to experience difficulties in maintaining older properties set in extensive  gardens – or when illness strikes and living in a large home becomes ‘too much.’

Archstone’s developments, at the high quality end of the retirement property spectrum, are ideal for downsizers who are looking for a stylish, impressive home with fewer bedrooms rather than less living space.

Archstone is committed to creating small, exclusive, gated courtyard-style developments which comprise easy-to-maintain traditional-style homes with manageable gardens.   Each home is designed to provide flexible living space with a wide hallway, stairs and landing, a generously-proportioned living room, carefully-planned kitchen, a dining room and sunroom or conservatory.  Archstone also creates shower rooms on the ground floor so that owners are able to live on one level should the need arise.   The fact that Archstone includes high quality fixtures and fittings, designer kitchens with a full range of integrated appliances and, usually, with a combination of carpeting and tiled flooring, adds to the appeal of the new homes as retirees are able to move straight in.

Each Archstone development has an Estate Management service which appeals to those who spend their newly found leisure time abroad – either travelling or in a second home.   The Estate Manager takes responsibility for maintaining the development, including the gardens and the communal areas and ‘keeps an eye’ on properties whilst owners are away.

Another reason for downsizing to a retirement development is security, which is extremely important for mature homebuyers as Tim McEvoy, Archstone‘s Sales and Marketing Director makes clear:

“At Archstone, we create courtyards that achieve a balance between privacy and a sense of community.   Most of our developments include fewer than 20 new homes, so they are small enough to offer the sense of security that our buyers – particularly single female retirees and lock up and leave owners – appreciate.

Archstone’s current developments include a newly launched development in Hardenhuish Lane, Chippenham and another in Highworth, Wiltshire, as well as St Michael’s View in Mere, Wiltshire,  Stapleford Court in Stalbridge, Dorset and Abbeymead Court in Sherborne, Dorset.  For further information, please visit the website on www.archstone.co.uk.

James Davis of UPad has this to say about using buy to let as part of your retirement plan:

“The current economic climate has meant that now, more than ever, many of us have had to diversify our investments. And, the last two years have provided clear evidence that a policy of investing in stocks and shares alone is not sufficient – particularly those looking for an additional retirement fund.

The rental sector provides many opportunities; buy to let investors have the potential to benefit from a regular income, as well as capital appreciation.

Student lets are expected to double by 2020, so this could be a good market to look at, as well as single dwellings. The rental market is picking up, and where house prices have experienced a real dip, now could be the time for those who are retired – and potentially cash rich – to diversify their investments and look at building up a buy to let portfolio. They just need to remember to approach this as they would a business.”

The big, blank eye of bureaucracy stares back at me every time I think about that ‘golden’ retirement.  How on earth am I going to achieve a secure retirement on a British pension?  Even with a private one, I’m thousands down on what I should have tucked away already.

I had a look at what Standard Life calculated my real retirement age to be in the United Kingdom as a person with no retirement savings and the reality is I’ll be looking at retiring no earlier than 74 at this rate!

Basically, following the Government’s decision to increase state pension age as high as 68, people without retirement savings who are hoping to rely on state benefits will find their income falls as low as 21% of their earnings on retirement.

They base their findings on a man currently aged 27 and earning £25 800 per annum.  His state pension age will be 68.  He will retire on 34% of his pre-retirement income of £170 per week.

This outlines the stark reality.  I need to find a retirement income that equates to two thirds of my current earnings and at present, I earn quite a bit.  But that’s not all.  I want to retire early so I can enjoy those ‘golden years’.

With this in mind I’ve been trawling the net and asking financial advisors what the answer is.

Most say that increased savings are the only answer but how many of us can actually stash away a third of our monthly earnings?  In today’s climate there’s very little left after the bills have been paid so what is the solution?

Firstly you need a retirement fund of some sort, whether it’s a private or corporate pension.  Then there are property investment options to consider.

Do you stay in the family home?

Do you sell up and down size?

Do you sell up and rent, investing the money in commodities?

Do you buy to let and live off the residual income?

If you plan to stay in the family home after retirement you need to think about the practicalities of maintaining it, the running costs and most importantly how it ties you down.

What made sense to me was being able to release the equity in a home and use it to invest elsewhere but perhaps that’s too easy.  I may just spend it all and end up owing more in the long run.

I did discover that you can release 25% of your pension fund as tax free cash from your British pension if you are aged 55 – 62.  That made more sense.  The one thing that has stayed with me through all this research is the idea of selling my family home for market value and renting a long term retirement home even though it goes against the grain to rent after a lifetime of paying off a mortgage.

I had a closer look at Girlings Retirement Rentals and the idea really did appeal.  What appealed more is that I could also buy in to more than one unit if I chose to which would make me a landlord with equity in a good property investment – after all, the UK is dominated by the Grey market.

The other retirement property group that caught my eye was Archstone Retirement Living.  Their locations are well chosen and made me think of holidays away, except this time, permanent ones!

It seems that although warnings at present are all about avoiding buying property, there can never be a right time to buy into investment retirement property.

I’m 45 and seriously thinking about buying a unit now to enjoy when I’m older.  In the meantime it can be rented out which means more money for me to invest elsewhere or, perhaps in another retirement unit to supplement my retirement income.

Pension schemes really don’t seem worth the investment anymore and I, for one, will still keep my money in bricks and mortar.  The population is growing older and to me, retirement property portfolios can only become more lucrative.

James Davis of UPad has this to say about using buy to let as part of your retirement plan:

I plan to be carefree and earning during my retirement.  What about you?

Peter Girling, Chairman of Girlings Retirement Options says:

Projections from the Office for National Statistics suggest the number of pensioners will rise from 12 million to 16 million by 2050. The UK has an ageing population and the over 65s are more active and living longer than ever before. However, with an average retirement of 25 years, the demise of financial salary pension schemes and the recent financial crisis, retired people will be challenged to finance a secure retirement.

Although the government has pledged to change the retirement age limit to 66 in 2020 and 68 in 2045, this will do little to alleviate the financial difficulties predicted for the retired in years to come. The National Retirement Risk Index shows that even if households work to age 65, 44% will be ‘at risk’ of being unable to maintain their standard of living.

One practical option is for retired people to sell their homes in order to release capital to fund their retirement and then downsize or rent. The majority of property wealth in the UK belongs to the newly retired. Currently, 70% of over 65s are homeowners in the UK and many of them are living in large, but under occupied family housing. Just 4% of this group still has a mortgage and the value of property is estimated by the Council of Mortgage lenders as around £1 trillion.

According to the office for National Statistics the life expectancy for those aged 65 in 2008 is projected to be 21.0 years for males (86 years) and 23.6 years for females (88.6 years). Today the average age of tenants in residence with Girlings is 84 years it therefore makes economic sense with historically low interest rates and the corresponding low return on investments to sell property outright and if necessary use the capital to help fund retirement and reduce the strain on the ever decreasing UK pension pot.

Releasing this capital will enable people to enjoy greater financial freedom, invest their money to fund health or social care in later life and even gift portions of their capital to relatives now to avoid such hefty inheritance tax when they die.  What’s more, they will be also be freeing up much need family homes, which are in such short supply.

The housing options available

Many retired people decide to sell their homes to downsize and opt to buy a small apartment or retirement property. But one of the major drawbacks is often the price. New retirement properties are relatively expensive and there are maintenance and insurance costs associated with home ownership. A few years ago investment in a ‘buy to let’ might have a seemed a sensible nest egg people, but those days are gone and the thousands of ‘buy to lets’ sitting empty all across the UK are a testament to this fact.

Deeply embedded in the UK culture is the importance of home ownership, however, this mentality is changing.  More and more people are choosing to rent in retirement to enjoy a more economical and hassle free way lifestyle, especially if this can be on a long term “Assured Tenancy” providing security not attainable with the more usual Assured Shorthold Tenancy.. People are beginning to see renting as an opportunity to live in different locations, enjoy greater financial freedom and leave behind maintenance worries and costs.

We have seen a 25% rise in the number of people renting our properties in the last three years and 60% of them had homes to sell. One of the big attractions for people is our assured tenancy agreements, which unlike other rental contracts, allows tenants to remain in their properties for life.  In addition, our properties are for the active retired; people who want to live independently but at the same time want the peace of mind that comes with knowing there is a house manager on site or a 24 hour help line in case they need it.

Renting also offers a low risk way for people to try out living in a different community or location and, because we have over 2000 properties across the UK, they can simply move if they choose and many do. But most importantly, renting offers a practical way to fund comfortable retirements alleviating some of the financial worries that lie ahead for so many.

Comment from Leonora Wollner, Co Founder of Searchwells Property Finders

“Downsizing is a relatively new property buzz word.  It can often free up capital as well as free up your day to day life as you look to buy a home suited to your current needs.

Selling the family home takes sensitivity and planning to ensure you get exactly what you want for your future.  Consider  the character, two floors or single storey,  furniture you want to keep and how large you want your garden to be.  Do you want to be located close to others? Are you  going to take up a new pastime?  Is there room for family gatherings? Is the garden too big or is it too isolated?

A downsize  needs to be practical as well as charming.  Best of all try hard to find something that is newly refurbished – so you don’t have to worry about the property. Check electrics, boilers and how warm the house is as well as its structure.  And, if you don’t like some aspects, make sure you’ve got the funds to change them.

As always, take care in selling you existing home.  Get several valuations, look at local prices and price fairly to achieve interest. Get a (good) buyer first – then you know what’s in the bank. Don’t be tempted to over- value  as this will put your new home plan on hold and, let’s face it, you probably want to get on with the next stage of your life now that you’ve decided to move!  Do it this way and it’ll reduce stress levels considerably.  Start to give furniture to the family or send it to auction. Clear out and take a long look at what works for your new life plan.  Be prepared and don’t be afraid to ask for help.

A good property finder will help you manage your sale as well as find and acquire the best next property for you.  They should be able to advise on all aspects of the move – right down to new house furniture plans, installation of new boilers and the moving day itself.  With today’s busy lifestyles, many older clients don’t like to ask their families to help and would rather get a sensitive outsider to help move them- even across country – someone who’s on their side throughout the whole process.

Downsizing isn’t always about finding a home that is totally different to the one you’re used to.  It’s often about finding a similar property that requires less effort and cost to keep going, with fewer rooms and maybe a smaller garden.  This can be so revitalising to clients – especially if their current home has become a bit of a burden.

Please don’t  hesitate to contact me should you want more advice.  I’m happy to talk!”

Leonora Wollner.  Co-founder/Director Searchwells Property Finders.  www.searchwells.com 07974 358144.

There have been numerous articles written recently pronouncing the death of the buy to let market – but things seem to be changing and we’re seeing a sharp upturn it seems. This is likely down to increased demand for rentals with the shortage of affordable homes for first time buyers, and the lack of available finance, despite recent government efforts. But beware – ideally, the rental income that your investment properties produce each month should be more than enough to cover the cost of financing, the cost of managing and maintaining them, and a little bit extra for you. In the real world, that often isn’t going to happen.The rental market will eventually be created because of the affordability barrier – but there will be a lag.

Here are my top ten tips for buying to let in 2010

1) Carry out thorough research. Check local rental conditions, analyse rental demand and determine the types of renting in your area. Look for obvious clues such as a large company relocation, the opening of trendy bars and shops, or the existence of good schools nearby and choose a property with features that will appeal to your market.
2) An appealing property rental is one that is close to transport links and/or has off street parking.
3) If you plan to rent your property to professionals, all of the bedrooms should ideally be doubles.
4) Think low maintenance. You want a property that will run itself as smoothly as possible
5) If you are managing the property yourself, be prepared to do some hard work. A buy to let property is far from being a hassle free income.
6) Choose a property close to home, which will enable you to pop over and sort out any problems easily. If you are not able to do this it can cost you more than a weeks rent to get someone in.
7) Bear in mind that family rental homes require plenty of space and storage
8) If you are the sole freeholder of the property, you will need to ensure that the common parts and the exterior of the property are well maintained. You may wish to spend a couple of hours a week vacuuming and polishing or employ a professional cleaning company to keep these areas up to scratch. If your buy to let is leasehold, however, the responsibility for the maintenance of the exterior and interior communal areas will rest with the freeholder unless your lease specifically states otherwise.
9) Steer clear of large gardens, especially in a town property, unless you intend adding the cost of a gardener to the weekly rental and you are aiming to market your property as a family home. As any keen gardener knows it doesn’t take long for a little neglect to show.
10) Consider whether you want to let furnished or unfurnished. Sometimes there is little difference between the rents commanded by unfurnished compared with part or fully furnished properties to let. It all depends on your market and the demand in your area. Before you go looking for furniture, do your research and find the best option for you.

Best of luck everyone!

“I doubt we will see the demise of the estate agent.  But what the consumer will see and will indeed be responsible for encouraging, is a metamorphosis of that industry.

Like travel and insurance before it, the power and convenience of the net will allow houses to be marketed cheaply and without grandiose, expensive high street offices which restrict the very geography of their own territories and thus keep fees so high because of such big overheards versus their relatively small areas of operation.

The new breed of online estate agents will do the same job but for much less.  Simply because they operate from more frugal premises and cover wider areas.

The OFT has supported the growth of such businesses in order to promote competition and commission reductions.  This vindication, together with the public’s resentment of paying an average R3000 a pop to sell a home (and in the wake of property NOT rising in value by 20% a year anymore to mask such fees ) will ensure the demise of the days of 20 or so estate agencies vying for attention in each UK high street.”

Russell Quirk has recently established eMoov.co.uk, an online estate agency after selling up a five branch high street estate agency in Essex.  Gamekeeper turned Poacher?

Research carried out by Friends Provident reveals that almost 25% of homeowners who are currently working will consider downsizing in the future to fund their retirement.

According to retirement specialist, Archstone Lifestyle Homes, however, there is a growing trend for the over 55s to downsize for reasons other than releasing equity.   Many home owners ‘cross-trade’ to a home of similar value to their former homes simply because a new home is much easier to maintain than an old property as well as being more energy-efficient.  Other downsizers buy ‘lock up and leave’ retirement properties in order to travel  or live abroad for several months each year in a second home.

In terms of downsizing, timing is crucial. The majority of Archstone homebuyers decide to ‘downsize’ when they start to experience difficulties in maintaining older properties set in extensive  gardens – or when illness strikes and living in a large home becomes ‘too much.’

Archstone’s developments, at the high quality end of the retirement property spectrum, are ideal for downsizers who are looking for a stylish, impressive home with fewer bedrooms rather than less living space.

Archstone is committed to creating small, exclusive, gated courtyard-style developments which comprise easy-to-maintain traditional-style homes with manageable gardens.   Each home is designed to provide flexible living space with a wide hallway, stairs and landing, a generously-proportioned living room, carefully-planned kitchen, a dining room and sunroom or conservatory.  Archstone also creates shower rooms on the ground floor so that owners are able to live on one level should the need arise.   The fact that Archstone includes high quality fixtures and fittings, designer kitchens with a full range of integrated appliances and, usually, with a combination of carpeting and tiled flooring, adds to the appeal of the new homes as retirees are able to move straight in.

Each Archstone development has an Estate Management service which appeals to those who spend their newly found leisure time abroad – either travelling or in a second home.   The Estate Manager takes responsibility for maintaining the development, including the gardens and the communal areas and ‘keeps an eye’ on properties whilst owners are away.

Another reason for downsizing to a retirement development is security, which is extremely important for mature homebuyers as Tim McEvoy, Archstone‘s Sales and Marketing Director makes clear:

“At Archstone, we create courtyards that achieve a balance between privacy and a sense of community.   Most of our developments include fewer than 20 new homes, so they are small enough to offer the sense of security that our buyers – particularly single female retirees and lock up and leave owners – appreciate.

Archstone’s current developments include a newly launched development in Hardenhuish Lane, Chippenham and another in Highworth, Wiltshire, as well as St Michael’s View in Mere, Wiltshire,  Stapleford Court in Stalbridge, Dorset and Abbeymead Court in Sherborne, Dorset.  For further information, please visit the website on www.archstone.co.uk.