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2010 News Stories

May 7th 2010

Local firms take part in first UK online auction buy

Representing a private Colchester based client, Fenn Wright estate agents and solicitors Ellisons have recently advised in connection with the acquisition of 40/42 East Hill, Colchester in the UK’s first online real time auction.  The property bought was one of three orthodontic surgeries investments in Colchester, Blackpool and Chelmsford. 

The East Hill premises comprised an attractive Grade II Listed orthodontic surgery let to Orthoworld 2000 Limited for a lease term expiring 10th November 2019 at a passing rent of £15,000 per annum.

The sale was conducted through London auctioneers, Singer Vielle, in a legally binding interactive online process, and attracted five online bidders. The price achieved substantially exceeded the £195,000 guide price.

The Colchester orthodontic surgery was the first of the three properties to be offered, making it the first ever real time online auction lot to be sold in the UK.

 Lewis Chambers, Commercial Property Partner at Fenn Wright, said: “We approached the sale process with a degree of apprehension as this is a new sales medium. But with the benefit of thorough due diligence and excellent support from Philip Roberts at Ellisons solicitors, the online process proved very user friendly, and offers an interesting alternative to traditional methods of sale”.
Ends.

Press enquiries please to Pippa McLardy 01728 454565 email plmclardy@hotmail.com

January 29th 2010

Upward trend in sale of development sites continues

Fenn Wright have completed the sale of a partly-built development site situated approximately a mile from Sudbury town centre, reinforcing the upward trend in sales of similar projects reported in September last year.

    

Fenn Wright were acting in the sale of Millcroft Place, Great Cornard, a site of more than two acres fronting Cats Lane off Newton Road, and consisting of nine houses, up to 18 further plots, and with further planning potential. The site is within walking distance of Sudbury’s heart, and close to local facilities in Great Cornard including pubs, shops and schools for all age groups.

Phases 1 and 2 were partly built when the project was taken into receivership in 2008 with five houses in the original scheme already finished and sold. Six more in Phase 1 were almost complete but with further work required, while a further three were partly built.

A block of 10 flats in Phase 2 had been sold to Orbit Housing Group, together with garages and some parking spaces, but two more flats and four three or four bedroom terraced houses were only in the early stages of construction.  Phase 3, with the advantage of reserved matters planning permission for 11 two bed mobility bungalows, had not been started.

Fenn Wright’s Head of Commercial Property, Senior Partner Roger Hayward had anticipated some problems when taking on the sale.

“ You can never be sure what problems are lurking beneath the surface of such sites and it is important to ask the right questions before putting the property on the market! However, in this instance we were able to find over 15 developers potentially able and willing to take on this project,” he said.

“ There was fierce competition between the short-listed parties and we are pleased to report that the price achieved, in excess of £1.5m, was much better than I had anticipated.  The purchaser, Moss Homes, are now on site and we understand that their intention is to build out the scheme as originally approved, taking advantage of the upturn in demand for detached residential housing that has been experienced over the last six months. 

“ The sale reinforces the upward trend in demand for residential development opportunities reported last September.  There remains a shortage of permitted housing development schemes in Essex and Suffolk and bearing in mind the difficulties of securing permissions in this area, we anticipate market conditions will remain stable in the period running up to the next General Election.”

January 8th 2010

Fenn Wright Managing Partner  ‘optimistic’ for 2010 property prospects  

Fenn Wright’s managing partner Alan Williams has said he is ‘optimistic’ that the new decade will see improvements in the property market early in 2010.

“ Twelve months ago when confidence was said to be at rock bottom, and when only one in five people believed property prices would rise in the first half of 2009, we bucked the trend and sensed a more optimistic outlook spreading across the market,” he said.

“ We carried out our own research, which confirmed that most prospective buyers were very positive about the long term prospects for the housing market.  True to our findings, throughout 2009 sales volumes recovered beyond our expectations.

“ For the coming year, research by Zoopla, the on-line property website, indicates that 81% of people expect prices to rise in the first six months.

 “ This time, we go along with their predictions.  We allow ourselves to be optimistic that 2010 will continue the trend of increased buying activity. Having said that, while prices are currently boosted by a lack of supply to meet demand, increasing sales volumes will depend on suitable property coming onto the market to meet that need, which is not currently the case.

“  While we anticipate good levels of activity in the early part of the year, the prospect of an election and the need for a new Government to address the Nation’s huge budget deficit with new fiscal measures may have a destabilising effect.  But despite this, I believe there is enough underlying strength in the market to maintain a healthy level of activity at the start of the decade.”

2009 News Stories

Still demand for prime commercial property (24.11.2009)
Buy to let still popular option(02.11.2009)
First timers returning to East Anglian market (30.10.2009)
International award for new Colchester stadium (30.10.2009)
Activity returning to the developer market (11.09.09)
Fenn Wright celebrate 20 years with uptown move (15.07.09)
Interest soaring in Girls’ cricket (23.04.2009)
Encouraging trend among movers set to buy (09.01.2009)
Surveyor joins Fenn Wright team (06.03.2009)

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24th  November 2009

Still demand for prime commercial property

Demand for prime commercial property continues to be high where funds are readily available, Fenn Wright Consultant Mark Sargeantson FRICS told the 2009 Property Seminar held at Trinity Park, Ipswich.

Speaking in November with property experts from law firm Birketts LLP and accountants PKF (UK) Ltd, Mr Sargeantson remarked that the market is now very much divided between the ‘haves’ and the ‘have nots’.

“  The commercial investment market consists of those with funds and those without,” he said.  “ This is causing a significant yield gap between prime property, which is attracting sovereign wealth funds, pension funds and insurance companies, and secondary and tertiary property where the traditional purchasers are struggling to raise capital.

“Rent levels will be under stress for some years to come as tenants have the upper hand in negotiations,” he added.

Turning to the residential property market, he said: “ The recent bounce in the residential market has ended for the moment, and pre-election uncertainty will have an impact on purchasers’ confidence.  Lack of house building over the past two years will almost certainly result in shortages in years to come, helping to underpin value. 

“ The mad buy-to-let boom is finally over and is unlikely to return on the same scale in the foreseeable future,” he concluded.

At the end of the seminar, delegates were invited to complete a survey outlining their own views on the state of the market.

Among these, two thirds predicted market recovery would take more than two years, with the remaining third suggesting it could take four years or more.  There was indecision on the question of whether prices had reached their lowest point.  

On other points, two thirds felt the Government should do more to help the market, and three quarters suggested scrapping empty property rates.

Birketts partner James Dinwiddy remarked that in difficult times, property transactions run less smoothly than in boom years.

“ It is the contract, whether a lease or another form of agreement, which will govern the relationship between the parties and the remedies open to them should a difficulty arise,” he said.

“ Anyone who fears they may be heading for a dispute should review the contract as early as possible and take advice on it and the unexpected twists implied by case law or statute,” he concluded.

PKF partner Peter Harrup wound up the seminar by saying: “ The property sector has been hit hard over recent years and I only hope this is borne in mind when Government looks around for ways to increase tax revenues over the coming years.”

November 2nd 2009

Buy to let still popular option 

The Association of Residential Letting Agents (ARLA) recently reported that landlords are taking advantage of the downturn in property prices to increase the size of their portfolios.

Low interest rates and steady rental yields by comparison with bank account returns are apparently making buy-to-let an attractive option for investors once more, although difficulties obtaining finance keeps overall numbers on the low side.

According to ARLA, the average number of properties held per landlord rose from 6.3 to 7 in less than a year, marking a reversal of a reduction trend, which kicked in at the beginning of 2009.

The Royal Institution of Chartered Surveyors’ most recent survey supported the findings, reporting a net balance of 2% more surveyors reporting a rise in buy-to-let inquiries.

Steven Wright Fenn Wright partner and head of Colchester’s residential lettings department remarked:

“  The lettings market remains strong as many prospective purchasers are still waiting in rented properties in anticipation of a possible double dip in the market, which some pundits have predicted. 

“  We are able to let most properties as soon as they come onto our books, so unsurprisingly, landlords are being tempted back into multiple ownership as returns are a lot greater than interest offered on deposited funds.

October 30th 2009

First timers returning to East Anglian market 

Demand for houses among first time buyers is rising most rapidly in East Anglia and south-east England, according to figures released by the Royal Institution of Chartered Surveyors and Rightmove at the end of October. 

According to the RICS August Housing Market Survey, contributing surveyors in East Anglia reported a 43% increase in enquiries from those seeking to get a foot on the property ladder.  However, the rise is from a low base – only 6% of enquiries were by first time buyers in the region, compared with 23% in the North West. Countrywide, first-timers account for 13% of overall enquiries. 

Research by Rightmove found that 65% of first time buyers believe that now would be a good time to buy, attracted by price falls and lower interest rates and despite continuing difficulties obtaining mortgages.  

Fenn Wright’s managing partner Alan Williams commented: “ Our offices are reporting a gradual return by first time buyers, and  we are in a position to help with independent mortgage advice.  In  my view if  a new entrant to the market  can  put together  funds for a reasonable deposit, now is a good opportunity to make that first  property purchase. 

October 30th 2009

International award for new Colchester stadium 

Colchester’s new Weston Homes Community Stadium has won a prestigious international award in what is regarded as the building industry’s Oscars. 

Having scooped the Community Benefit and Project of the Year Award at the RICS East of England Awards earlier this year, in October it went on to receive commendation in the Institution’s International Awards, beating worldwide competition.  

The new Stadium has not only provided Colchester United football team with a new home seating 10,000 fans, but has created facilities for the wider community.  It offers educational, training, health, social, recreational, employment and community activities throughout the week, and provides local businesses and charities with a venue for events.  

Alan Williams said: “ Weston Homes have been involved in building developments locally since 2005, and we congratulate them on this remarkable achievement.  

“  I gather the Colchester team The Us are going all out for promotion now they’re well-established in their new venue, and so far this season they’re doing extremely well. While a hike to the Championship league would be great for sport in the town, as an Ipswich supporter, I’ll be watching their progress with mixed feelings!”

September 11th 2009

Activity returning to the developer market

In the past few months, there has been a significant upturn in interest in properties with development potential. Roger Hayward, Fenn Wright’s senior commercial property consultant, has some words of advice for anyone tempted to maximize their investment by selling off a part of their property: -

“ We are often asked to value residential properties with large gardens situated within an attractive village or town and to comment on the development potential of those properties. 

“There are a number of issues to take into account not least the status and condition of the building, the means of access to the site, and the likely density of development that could be achieved following negotiation with the Local Planning Authority.

“In recent years, Planning Authorities have tightened the rules regarding infill development but there remains scope for the creation of infill plots particularly in larger urban centres.  Successful infill development in the rural villages is becoming somewhat more difficult to achieve as it is rarely possible to avoid issues of overlooking and, in most cases, the Village Envelope is drawn very tightly to the line of the existing built development.

“Where development is viable, we usually recommend that the landowner secures a detailed Planning Consent in advance of marketing, both to protect the amenity of their own property if they wish to remain living in the main house, but also to obtain control over the sale process.

“We have recently completed the sale of an infill site of just under 1 acre located in Birchanger on the Hertfordshire/Essex borders.  The owners’ original brief was to secure Planning Consent for a small development of houses to include a new retirement house for the owner who wished to downsize.  We put together a team including an Architect and Planning Consultant and in time were able to secure Planning Consent for a scheme of nine detached units.

“The planning process becomes ever more complicated and convoluted.  If you own a house and garden which you think might have development potential, it is imperative that you leave plenty of time to secure the best possible planning permission while trying to remain on good terms with your neighbours throughout.

“We would urge owners to take professional advice before they become embroiled in complex negotiations with speculative developers or their agents. To this end, we are pleased to provide an opinion to any homeowner who thinks their property may have development potential.”

April 23rd 2009

Fenn Wright celebrate 20 years with uptown move

Local surveyors and estate agents Fenn Wright have moved their Chelmsford office from Victoria Road to New London Road in the town, and will shortly be incorporating the firm’s extremely successful Country and Equestrian operation, previously located in Witham.

The new office at 114 New London Road comprises a newly refurbished, detached two storey building with spacious working areas, a private garden and additional on site car parking.

Roger Hayward, Fenn Wright Senior Partner and Head of the Chelmsford office said "this move celebrates the 20th anniversary of the firms opening in Chelmsford. The new office will enable to firm to grow diverse elements of the business including building surveying and commercial professional services".

“ Some commentators have dubbed these times ‘the second great depression’,” he said. “Our aim is to maintain our established reputation for high quality professional advice and improve levels of service for all our clients, both commercial and residential, irrespective of market conditions. 

“ The decision to relocate our Country and Equestrian division, under the direction of Zoe Napier,  flows from the team’s ability to attract a significantly higher quality of residential and equestrian instructions, and the need to promote the Country and Equestrian brand over a wider geographical area.”

Mr Hayward said he would welcome clients old and new clients at the new offices.

“ We may not manage a house warming, but we can certainly offer them something to ‘refresh’ their faith in the property market,” he said.

April 23rd 2009

Interest soaring in Girls’ cricket

Following the outstanding success of the English Women’s Cricket team in capturing the World Cup in Sydney recently, there have been double the number of entries to a Girls’ Kwik Cricket inter-schools festival to be hosted by Holmwood House Preparatory School in Lexden this term.

Land and estate agents Fenn Wright have announced they will be sponsoring the girls’ cricket team at Holmwood providing team kit and training equipment, and will be supporting the festival being held on June 23rd this term. 

Holmwood has a highly regarded and proven boys’ cricket squad and held cricketing courses for all through the Easter break.  Now attention is turning on bringing the girls’ team, formed last season, to an equally high standard. 

Fenn Wright partner David Sherwood said:  “ We’re always delighted to support and encourage sports activities wherever we can, and particularly when youngsters are involved.  The success of England women cricketers is bound to raise the profile of the game and encourage more girls to give it a try, and Holmwood is far-sighted enough to provide excellent training and facilities for them to do so.”

March 6th 2009

Fenn Wright are very pleased to announce that local Chartered Surveyor Richard Bertram BSc MRICS has joined their Commercial Division and is to be based at the Ipswich office. 

Richard has lived and worked in the Ipswich/Woodbridge area for over 10 years and has considerable experience within both the commercial and residential property sectors.  He qualified as a Chartered Surveyor in 1985 and worked in London for a number of years before relocating to Suffolk with his family in 1994.

During his career he has largely specialised in undertaking Property Valuations, Landlord and Tenant Act lease renewals and rent reviews and other professional surveying work for a wide range of corporate and private clients.   He has also had recent planning and development experience within the residential development market.

Alistair Mitchell, Commercial Partner at Fenn Wright’s Ipswich office commented:
“We are delighted that Richard Bertram has chosen to join us. He has considerable experience, a wide range of contacts within the local property market and is respected for his professional approach and judgement. I am confident that Richard will play an important part in growing our business both in Suffolk and along the A12 corridor in Colchester and Chelmsford .”

January 9th 2009

Encouraging trend among movers set to buy

The vast majority of property buyers still believe property to be a good long-term investment, and are prepared to buy sooner rather than later, according to one estate agent’s customer survey carried out last month.

Fenn Wright, the land and estate agents with offices along the A12 corridor, conducted market research among their clients and customers in December in an effort to identify the general mood.

Questionnaires were returned by 171 clients, with 97% (162) saying they still believe property to be a good long-term bet.  More than 50% (86) believe the market will stabilize this year, and 99% believe prices will either stabilize or increase between 2010 and 2012.  The vast majority still intend to buy (only three opted to rent, 168 to purchase), with 118 hoping to move in the first half of this year.

Alan Williams, managing partner at Fenn Wright said the results of the survey were interesting and encouraging.

“ We have just experienced one of the most difficult years for the property market that anyone can remember,” he said, “ but the end of 2008 and the start of 2009 have been encouraging.  We agreed more sales in December 2008 than in the previous year, and as one of the few agents open on New Year’s Eve, we agreed three sales from our Colchester office. January has started well for us with sales agreed exceeding our expectations. Email enquiries for property are double that of exactly a year ago.

“ Consistently, all we have heard is negative views, but I think the media are still overdoing the doom and gloom and I continue to have every faith in the fallibility of experts!

“ What our survey tells us is that a whopping 97% of our clients still believe property is a good long-term proposition, and there is general belief that prices will be restored to former levels, and will begin to increase thereafter. 

“ I think it is significant that 50% of people who intend buying this year feel that 2009 will see the market stabilise.  It is even more interesting that although there is a similar number who feel that the market still has further to fall, those people are still confident enough in the longer term to buy this year, and about a third of them in the first quarter! Without doubt, there is an element of pent-up demand, which could result in a dramatic swing from over-supply to a paucity of quality properties at realistic prices.

“ Many of last years sellers are now tired of living a ‘temporary’ life among boxes in rented accommodation and are ready to buy at the right price. Another important consideration is that new property construction has practically stopped and last year’s oversupply has been dealt with by heavy discounting and offering brand new units to the rented sector.
“Although the availability of mortgages is important, what is vital for improving transaction volumes is where buyers see the market going in 2009.   Undoubtedly, our customers are expecting a general increase in market activity and overall, their perception is positive. The fact that 97% believe property is still a good long-term investment is critical for confidence.”

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