Latest Property News in Exeter, Devon

Details: Published: 21 October 2024; Hits: 39

Our in-house auctioneer, the well-respected and highly acclaimed Richard Copus is a Fellow of the National Association of Valuers & Auctioneers, an Honoured Fellow of the National Association of Estate Agents, and an industry trainer for Propertymark.

Richard shares his thoughts with us on the current status of property auctions...

Online auctions are here to stay, but never forget the advantages of the auction room

Covid saw a major shift in auction practice from so-called ‘ballroom’ auctions (live ones held at real venues) to online events. Whilst the reasons for this were fairly obvious, with social distance restrictions in place, why haven't real auctions bounced back?

Before Covid, there had been a movement towards online auctions, facilitated by greatly improved IT and internet connections. There is a strong argument that online auctions open up the marketplace, particularly to investors buying so-called ‘streetliners’, where they do not want to view the property that they are interested in and can rely on the accuracy of material information provided by the auctioneer. Similarly, telephone and proxy bidding does not have an immediate connection with a sale.

However, why are so many auctioneers continuing to auction properties online, which would clearly be better sold in front of a live audience? Are auctioneers becoming lazy as a profession?!

There is certainly the argument that it is much easier to deal with an auction from the comfort of one's office or living room, with the computer clicking up the bids automatically as they come in, and it is cheaper and much less time consuming for the auctioneer. But that is not what an auctioneer is trained to do.

A good auctioneer will be able to use their people skills and personality in an auction room to motivate bidding, and they will be able to inspire bidders by the way they conduct the auction. Getting the first bid in is often like trying to move a mountain and a mix of humour and repartee can spur on the first bidder. Changing the increments when the bidding gets tough to suit the mood of the room often leads to a renewal of bidding; I've reduced gaps from £2,000 to £50 at times to get the ball rolling again. Encouraging the underbidder's partner to nudge their other half to make that extra bid when it is clear they want to buy the property; all these things are impossible to do online.

Once an auctioneer has given up live auctions for more than a year, it is a fact that it is psychologically difficult for them to start auctioning in the room again. The thought of standing up in front of a crowd of people becomes a fear rather than an excitement, and the thought of the adrenaline rush and exhilaration of a successful sale just doesn't register anymore. So, they shouldn’t leave it too long!

An auctioneer has a legal duty to obtain the best price for their client - as does an estate agent - and there is no doubt that some properties do sell better in the room by their very nature.

I sold two properties last year for which I could not have achieved anywhere near the price I did, had I auctioned them online.

One was the auction of a village hall. It was a controversial sale and we and our clients decided it would be best to hold the auction in a live setting where everything was transparent, and all concerned could see exactly where the bidding was coming from. The room was packed with members of the community alongside prospective bidders. The price guide was £50,000. After the first few bidders had dropped out, we were left with two people bidding against each other. The atmosphere was electric. Both were determined to buy the property and the body language between the two of them as they bettered each other's bid would have made good prime time TV! I eventually dropped the gavel at over £100,000. It is highly unlikely that such a high figure would have been obtainable in the benign atmosphere of an online auction and our clients were very satisfied with the price achieved, and with having been able to see exactly what had happened.

The second was the auction of a grade II listed, detached Georgian town house in need of substantial TLC, but with lots of character. I decided to hold the auction in the property's drawing room because it had a wide bay window where I could site the rostrum, and bidders would have a view straight over the beautiful garden. Again, the room was full. The price guide was £500,000. Bidding started at £510,000 and our clients would have been happy to achieve a bit more than that. Bidding was very slow initially and I had to do all I could to keep the bids coming in. That is the point at which a good auctioneer will crack a few jokes to relax the bidders and create an inviting atmosphere. At around £550,000, I was left with two bidders. It was like trying to draw blood out of a stone for the next quarter of an hour, but blood I did draw, sometimes waiting two or three minutes for the counterbid. 27 bids later we achieved £607,500 for the property! An embarrassing round of applause followed, which was a great feeling and made me more than happy in the knowledge that what I had achieved for my clients I could never have done with a rigid online model.

So, horses for courses. Online auctions are here to stay and have become mainstream in auctioneering. But any Tom, Dick or Harry can manage bidding on a computer, and auctioneers are qualified property professionals. We should never forget the advantage of auctions in the room. There is most definitely still a place for them, as I have illustrated above and, at the end of the day, I would argue that you are only a real auctioneer if you can practice live auctions.

Details: Published: 08 October 2024; Hits: 86

With auctions becoming mainstream and the many programmes on TV showing people that they are nothing to be afraid of, more and more people are thinking - is my property suitable for auction?

Contrary to popular belief, most properties are suitable to auction - but it's not always the most appropriate method. If you have a conventional house in good condition, are not in a particular hurry, haven't found somewhere to move to yet and want to open up the market to the largest number of people, then the normal method - which is known as Private Treaty - is the best way to sell because buyers who are in chains will be able to buy it, which they cannot do at auction.

But that still leaves a very large number of properties which should sell better at auction.

Auction is a very precise way to sell property. Your house is marketed heavily for around 5 weeks. At the end of this period the auction takes place and, as long as the reserve is met, as soon as the gavel or virtual gavel falls, that is the point of exchange of contracts. There is not going back for the buyer who pays 10% of the purchase price immediately and completes a month later.

So should you go to auction?

If your property needs a lot of work doing to it, then auction bypasses all those people who will otherwise offer on it, get their surveyor round who finds every fault imaginable with it and then renegotiate the price or drop out. In an average or bad market, you may achieve less, but you receive the benefit of a much quicker and a secure sale. In a good market you will realise at least what you would have achieved months later normally.

There are people out there who only like to buy at auction because it is a very transparent method of sale and they know they will be paying market value for the property. These are typically small builders and investors. If your house is structurally unsound and difficult to mortgage, then auction attracts these people who have the money in the bank to buy straight away, as well as the confidence to make that calculated risk, and the resources to overcome any issues.

Properties that are unusual are ideal auction candidates. A house with panoramic sea views which is a bit of a one-off will attract people with money from wealthier parts of the country who will bid against each other; an old toll house on a busy road which will provide a quirky home for someone but which is impossible to value; an old village or church hall with potential to convert into a dwelling; all these are best to offer for sale at auction.

Importantly, when a family member has sadly died, sometimes the beneficiaries will not agree on what the family house is worth. The courts hold that auction is proof of the best price having been obtained for a property, as long as it has been marketed for at least one calendar month. This takes the stress out for the family and is why many solicitors will recommend auction in these circumstances.

If you're lucky enough to have a piece of land suitable for development, then auction will pitch bidders against each other and could result in a price much higher than expected to be achieved. Similarly with farmland, woodland and small paddocks which are types of land in short supply, auction can prove profitable.

If you are a public organisation, charity or large company when transparency is all important, then auction is the correct method to use because everybody knows what everybody else is bidding and there are no secrets deals to be had.

Last but not least, clients who want a quick and secure sale should sell at auction. Many of us do not want to wait months selling our homes with all the insecurity that entails. Auction gets around that in one fell swoop. We might achieve a bit less, we might achieve a bit more, but we know that once that gavel falls the buyer cannot pull out (or in the very rare event that he or she does we can keep the 10% deposit) so the stress is minimal and we can move on quickly.

So, if your property is one of the above, then you should definitely look at auction as the best method of sale.

Our auctioneer, the esteemed Richard Copus is a Fellow of the National Association of Valuers & Auctioneers, an Honoured Fellow of the National Association of Estate Agents, and an industry trainer with Propertymark.

Details: Published: 05 October 2024; Hits: 77

We’re thrilled to announce that we’ll be taking our clients’ homes directly to potential buyers in London next week.

As an independent estate agency, we’re once again joining forces with tens of other offices throughout the region to host the Experts in Property’s next Westcountry Property Exhibition, being held at The Mitre, which sits on the bank of the River Thames next to Hampton Court Palace, on Thursday 10^th October.

We collaborate daily as an effective super-agency to provide exceptional shared marketing power for our properties, encompassing in-office, online, and a host of other marketing methods, including regular events in the capital. Previous exhibitions have attracted potential buyers from all over the southeast, the south coast and the Home Counties, all either thinking about or actively looking for a new home in the southwest.

Like it or not, the Westcountry is a firm favourite for city dwellers seeking a more relaxed lifestyle. Indeed, around 50% of those moving into the region from other parts of the UK, come from the London area.

Recent years have seen an increased desire for a stronger sense of community and now, with the huge shift towards flexible working arrangements, the prospect of moving to a new home with more space for the family within a friendly, active community, is more realistic than ever, so we’re seizing this timely opportunity to exhibit our complete portfolio of homes for sale to these buyers.

Going directly to our target audience in-person enables us to really engage with them, go into greater depth with the conversation to answer their questions, get a firm understanding of their needs and preferences, and to successfully match these to specific places and properties.

Homes on the market with us before the date will feature in the exhibition. So, if you’re thinking of selling, get in touch and make sure your property is included.

Details: Published: 05 October 2024; Hits: 216

Yes, indeed there is. The Rights of Light Act 1959 is a legal easement, which gives a property owner the right to enjoy the light passing over someone else’s land and through their own ‘defined apertures’ (windows).

The law goes back to the Ancient Lights Law under the rule of William IV, which was superseded by the 1832 Prescription Act. However, not all properties are entitled. A property acquires entitlement through ‘prescription’; that is, if the property has had uninterrupted enjoyment of that light for the last 20 years. If this is the case, then the law should apply.

One thing to bear in mind is that the Act relates not to direct sunlight, but to a minimum level of natural illumination.

It would be sensible for your neighbour to approach you with their extension plans, especially if it poses any cause for concern in this regard. Any major plans must be submitted to your local planning authorities, who use either the ’45 degree’, or the ‘50:50 rule’ to measure the likely impact of a proposed development on light to neighbouring properties and will raise a flag if they foresee any issue.

As a last resort, you could take legal action and if successful, there are a couple of possible outcomes – either you receive compensation, or they may be ordered to demolish all or part of their extension, which could prove extremely costly for them and would be better avoided for everyone involved.

First and foremost, I would advise you to have a chat with your neighbour, see the extension plans, air any worries you have, and they will probably set your mind at rest. If you still have reservations, you could consult a surveyor for their professional opinion on your individual case.

If you’d like any information on this, or if you have a different question, just let us know and we’ll be happy to help!

Details: Published: 18 September 2024; Hits: 197

Yes, it’s very normal. Leaving a set of keys with your agent has several practical advantages.

Firstly, it’s a lot easier for them to conduct accompanied viewings on your behalf. They will want to be as accommodating as possible to prospective buyers, and with a key, they can book the viewing appointment whether you’re going to be home or not – obviously with your prior consent. You probably wouldn’t want to be making the trip to their office every time there’s a viewing to drop off a key - and it’s a lot safer than leaving one under the mat!

And for you, leaving a key with your agent basically enables you to continue leading your normal life, despite your home being on the market. It does mean keeping the house clean and tidy, but you’d need to do that anyway to show it in its best light to every prospective buyer.

If you’re concerned about the security of your key and your home, relax. As part of the duty of care for our clients, all agents who undertake to hold keys are legally required to have clear procedures in place to eliminate any possible risk. So, all keys will be stored in a secure location - generally an office safe or strongbox. As an added precaution, keys will only be tagged with a reference number. The list identifying which number goes with which property will always be kept separately - either elsewhere in the office or in a different location altogether. So, even if by some chance your key were to fall into the wrong hands, it would be almost impossible to link it with your property.

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