LonRes
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Latest property news
Central London sales market turning a corner, claims LonRes
LonRes, the London property market fee sharing and data firm, says the capital’s central prime sales market is turning a corner after over three years of dipping transactions and prices. The company’s latest market report shows that the number of sales in Prime central London increased by 3% during the first six months of the year compared to the same period last year. “Withdrawal rates are falling in central London and tentative signs are that prospective buyers and movers are beginning to get itchy feet again,” says Marcus Dixon, Head of Research at Lonres (pictured, left) He also says supply is increasing; the number of properties on the market across all areas of Prime London has risen compared with 2016. But LonRes Managing Director Anthony Payne (pictured, right) says London’s stucco-fronted prime property market still has a long way to go before it returns to the pre-Stamp Duty increases and pre-Brexit ‘normal’, and that many wealthy people looking to live in London are renting at the moment rather than buying. Anthony says a house that rents for £25,000 a week or £1.3 million a year in central London would cost £5,150,000 in Stamp Duty, twice that amount payable before the…
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10% more off-market sales in London so far this year
London’s slowing property market has driven 10% more vendors in its prime central markets to dispose of their homes via off-market sales this year, according to Mayfair-based buying agent Black Brick. The company says it considers ‘off market’ to be those which are sold directly via the vendor to the seller, via an estate agent, who will utilise their contacts to sell a property without any marketing or brochures, or those sold from buying agent to buying agent. Some 38% of all properties sold by Black Brick during the first six months of the year were sold this way, it says, an increase of 10% compared to last year. The company says this is because London’s super-rich are increasingly anxious about putting their homes on the open market, and particularly worried about then having to drop their asking price, as London’s prime property markets cool off dramatically. Off-market sales According to Lonres, prices per square foot in London’s prime central postcodes have dipped by 11% since their 2014 peak and that vendors are waiting five months to find a buyer, on average. And Hamptons recently reported that foreign buyers have all but deserted central London since the EU Referendum, while…
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LonRes Summer Party and awards – in pictures
There are thousands of estate agents around the UK who like to throw a summer drinks party for staff and clients. And as long as the weather holds, why not? But perhaps best-known, and the most difficult to get tickets for is the LonRes Summer Party which this year took place recently on Belgrave Square in the heart of London’s central Belgravia district. Some 700 guests attended the event, at which Lonres chairman William Carrington welcomed everyone and also announced winners of the much coveted LonRes Awards. These celebrate the best deals in London’s super-prime market each year, using data from the LonRes London property data bank, as well as several people awards. The Negotiator was lucky enough to get hold of a ticket to the event. Here are some of the winners. Let of the Year Savills Waterfront, Laura Bushells Best Office Administrator Sinead Boxell of Sandfords Estate Agents (Regent’s Park) Let of the Year, East London Knight Frank Canary Wharf, Chanel Rodriguez Best Newcomer Award Pollyanna Prescot, Wetherell Lifetime Achievement Award Trevor Abrahmsohn, Glentree International
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LonRes launches commission sharing site for new build agents
Commission-sharing and property data platform LonRes has launched a service to enable agents who sell new-build property in London to commission share with other agents, it has been revealed. Called ResDev, LonRes says the service will help agents tap into London’s burgeoning new homes market, which last year saw 16,230 new homes built. “With access to a network of properties and potential commission splits, ResDev is a natural extension of the LonRes system,” says says Lonres co-founder Anthony Payne (pictured, left). “Just as LonRes transformed the way in which London agents worked together, ResDev promises to do the same for the new build sector.” The ambitious building efforts of London’s developers, who are finishing projects such as the mixed-used redevelopment of Battersea Power Station started when the London market was over-heating, make it the ideal time to launch the ResDev. LonRes says the numbers of new homes coming to the market is up 53% compared to five years ago. Such extraordinary growth compares with the struggling general sales market in London, within which the number of homes sold has dropped by approximately a quarter year on year. LonRes say its new service will offer agents selling new build properties access…
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First real-time, micro-market reports launched by LonRes
Data company LonRes has launched what is claims to be the most accurate real-time transactional reporting tool available to letting and sales agents. Its personalised report builder draws on real-time sales data at the point of exchange within the London market and, while other market reporting systems are based on three-month old Land Registry data that drills down to three-digit postcodes, LonRes says its new system enables agents to offer up-to-the minute reports on much smaller areas. “If you take it a postcode such as SW1 for example, it covers several different areas such as parts of Pimlico, Westminster, Whitehall, Victoria, Belgravia and St James’s,” says LonRes managing director Anthony Payne (pictured). “We enable agents to pull off reports, charts and graphs down to four digits of a postcode – such as SW1X – and therefore narrow their reports down to micro markets.” The service, which is only available to LonRes subscribers and enables them to incorporate their own logos into the report, offers a level of detail and sophistication not available to agents anywhere else until now, LonRes claims. Anthony also claims that his analysts track each transaction much more carefully and diligently that the other reporting tool providers, which tend to…
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Weak pound makes prime London 29% cheaper
The Brexit vote may have contributed to the current prime London woes but the ensuing pound bloodbath since June is set to save it, says London housing data firm Lonres. The company has crunched the numbers to work out how much cheaper London’s fashionable central postcodes are now that sterling has crashed against the dollar and euro, with surprising results. For those buying with dollars, Lonres says, average values paid including both currency changes and recent average price reductions of up to 10% make prime London up to 29% cheaper than 2014 when sterling and the overall market was at its strongest. “This makes prime central London, for those buying with dollars, the most affordable it has been since 2012,” says Marcus Dixon, Head of Research and Data Analysis at Lonres (pictured, below). And for euro buyers, it’s a similar picture. “Price falls and a weaker sterling have meant the amount paid per square foot in euros in prime central London has dropped by 26% from €2,684 per square foot at the peak in July 2015 to €1,997 in August this year,” says Marcus. “A combination of price falls and a weaker sterling could mean the next few months represent…
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New anti-money laundering service launches
LonRes has launched ResCheck, a new agent-to-agent anti money laundering (AML) compliance service for its subscribers.
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