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With the Office of Fair Trading telling us that outdated rules on the selling and buying of property in the UK are holding back online alternatives to high street estate agents, the consumer has to pay attention,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.

SWITCHED on buyers are viewing their dream homes at the touch of a button thanks to an innovative new online TV channel.

Redrow TV is keeping customers right up to date with all the latest housing news, products and development films.

Kim Peters, Redrow’s group sales and marketing director, says: “More than 60% of internet searches are for video content, because people would much rather watch and listen than read from the screen. With that in mind we’ve launched Redrow TV so viewers can tune into to receive all the news they need in a friendly, watchable and entertaining format.”

It is thought to be the first TV channel to be launched within the UK housing industry.

With development overviews, detailed show home films – including the exciting New Heritage Collection – plus all the latest news, from new products and developments to wider market news, mortgages and more, the channel is already proving popular with potential purchasers of new Redrow homes.

“We’ve got detailed show home films, which enable customers to look around at their leisure either from the comfort of their own home, at work, on their mobile or wherever they access the internet from,” Kim explained.

“It also gives them the opportunity to explore the wider areas surrounding Redrow developments. The most popular development film so far is for Arcon Village in Horwich, Lancashire where Grade II listed buildings are being restored to provide new homes.”

The most popular video footage is the films explaining the various incentives and help available to home buyers.

“At Redrow we understand that buying a new home is a big step and that our customers want to make an informed decision about their future.  The easy to understand buying guide films detail the options available to help purchasers get the home they want,” Kim commented.

“The film explaining Mastermove – a service to help customers sell their existing property – is the most watched, followed closely by footage telling customers about HomeBuy Direct, the Government-backed scheme which provides eligible buyers with a 30% equity loan towards the cost of their home.”

Redrow TV can be accessed via the ‘See Redrow’ section of the existing website (www.redrow.co.uk) or can be viewed directly at www.redrow.tv.

Editor’s footnote:

1. Redrow Homes is one of the UK’s leading house builders, operating across England, Scotland and Wales, with a strong emphasis on high quality family housing in prime locations.  Established 35 years and associated with strong kerb appeal and high quality interiors, the company has won numerous awards over the years and in 2008 was voted Housebuilding Innovator of the Year for a combination of its regeneration work, community involvement, marketing and training initiatives.

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.

Octagon was founded thirty years ago with one main aim: to design and build properties of the highest standards in specification and finish.  Since that time they have established an unprecedented reputation, and been on the receiving end of over a hundred awards, for constructing homes of outstanding quality and excellence.

The two founding partners, Roger Wyatt and David James, both Chartered Surveyors, are still actively involved in the company today; David is currently Chairman, and Roger, now retired, is a non-executive Director. It is their dedication and enthusiasm that has focused the entire Octagon company, from Board Directors through to Site Managers, to achieve the thirty uninterrupted years of successful design, build and sales.

The Octagon team, determined to keep the company at the top of the luxury house brands, have always focused on developing prestigious homes in prime residential areas. Most of their sites are within the M25, ranging in price from £1m-£25m. In addition, they have now introduced Octagon Bespoke, a made to measure service for those clients with an individual wish list for their dream home, with budgets of £2m upwards.

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.

Q: I want to sell my house now while the market is stable but I don’t want to pay huge estate agents fees. How else do I sell it?

A: Buying and selling online is becoming more enticing to consumers wanting to save on their costs. There’s been a definite upswing in the number of online estate agents in the past two years and they are efficient in terms of service and costs.

What I would say though, is that you must differentiate between a high street estate agent with a website and a proper online estate agent. For example, Andrews Estate Agents have a website but, when selling your property you still pay them a high street estate agents fee.

We’ve had a good look around and suggest you compare, but eMoove look good and say this:

“For too long you have had to pay through the nose to sell your home. Now, thanks to the dominance and convenience of the Internet there is another powerful way.

We are real people, in a real office but with vastly lower overheads than ‘traditional’ agents. We pass those savings on to you in order to provide a full on estate agency offering with fee options ranging from just £249.00 plus vat. Conversely, the average agency fee in the UK is 1.6% of sale price. In monetary terms that’s about £2700.00, based on the average property value, plus a lot of vat.”

Thanks Russell Quirk! www.emoov.co.uk/blog

Sarah Beeny, property television presenter and founder of www.tepilo.com, says “Times are moving on – we don’t need to pay for estate agents shop fronts, mini bars, telephone systems and branded cars – if you would rather keep the money and spend it on a holiday in Seychelles or a new kitchen when you move into your new home, then pop your house online.

“Now in 2009 most people wanting to buy a house will go online, pop into Google ‘houses to buy near Northampton’ and come up with a modern equivalent of those high streets. One click away and you are on an online portal and you can check out what is available, for how much and download the details.”

In a report by Which Money in 2009 it was found that “Selling online means home owners can avoid using traditional high street estate agents that typically charge between 1 per cent and 3 per cent of the sale price.

The study by consumer group “Which?” said fees charged by online agents tend to be much lower – from as little as 0.5 per cent. However, it warned to watch out for additional costs, such as for sale signs, which can add £30 onto your bill.

The study compared three different online agents marketing a home with an asking price of £200,000 and the potential savings made versus an average high-street agent charging a commission fee of 1.5 per cent.

But while some home owners may decide to bypass the middle man and sell independently, Which? Money warned that this option can cost time and money to market the property.

There is another way!  Why not negotiate with your high street estate agent on their fee?  Personally, I’d go with online selling and spend the savings on new furnishings!

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.