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  • Organise Your Finances And Mortgage Early On | Red Hot Property
    buyers market at the moment and there is certainly more property for sale now than for a very long time However it is not all plain sailing for the buyer Despite the incredibly low interest rates gross mortgage lending is at an all time low It appears that the banks are very wary of who they will lend to and what they will lend against This delicate economic climate has made lenders very cautious and the result is a stagnating market My advice to anyone thinking of buying their next home is to focus their attention on their funding first It doesn t matter how many homes you have bought or sold in the past lending conditions are not as they were Lending criteria is far stricter than the free for all of the boom period with low deposits self certifications and multiple times salary deals a very distant memory You may be surprised at how little the banks will actually lend you According to myintroducer com 84 of first time buyers now rely on their parents to assist with a deposit It is not unusual to find deals that require 25 and 30 as an expected put down Lesser deposits result in higher rates and stricter associated rules These days if your credit rating is not squeaky clean and your income is not cast in granite for the next few decades you may have to jump though hoops This stricter approach from the banks has also had a knock on effect for sellers Once a sale is agreed the banks send in a surveyor to ensure the sale value is realistic Their interest is to guarantee they don t lend too much against a property just in case they have to repossess In addition the conveyance process has slowed

    Original URL path: http://www.redhotproperty.co.uk/blog/organise-your-finances-and-mortgage-early (2016-02-08)
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  • Gazumping – Unpleasant but Totally Legal | Red Hot Property
    The process of buying or selling a house can be riddled with stresses pitfalls and potential for disappointments Amongst all the issues I face within estate agency gazumping is certainly one of my least favourite The process of gazumping exists when a seller accepts an offer from a potential buyer but then following acceptance of this offer accepts a higher offer from an alternative buyer This situation inevitably causes a great deal of upset but despite the moral issues often raised unfortunately the whole process is perfectly legal As estate agents we are duty bound to act in the best interest of our client the seller In plain English this means we have to seek a buyer who will offer and proceed on a sale with the highest possible bid Our responsibility to do so continues until exchange of contracts and we HAVE to forward EACH EVERY offer to the vendor until contracts are exchanged Now I am pleased to say that in most cases the vendor will take the view that they have accepted an offer and therefore they are not prepared to renege on their agreement however it always amazes me that when a gazump occurs it is always the agent who seems to get the blame I am aware that some people feel estate agents are self serving self centred ruthless sharks who would relish in any opportunity to pull a back door deal but in this instance although I totally empathise with the buyers disappointments I feel more empathy with the agent We are not only legally obliged to continue to forward all offers until exchange but we then have to sort out the resulting turmoil The problem exists simply because neither the buyer nor the sellers are legally bound into an agreement until they exchange

    Original URL path: http://www.redhotproperty.co.uk/blog/gazumping-%E2%80%93-unpleasant-totally-legal (2016-02-08)
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  • A Strong & Accurate Marketing Approach… | Red Hot Property
    Press Red Hot Tips Awards Contact Contact Us Offices Property Search Property search Home Hot Topics A Strong Accurate Marketing Approach On Thu 26 05 2011 15 05 Posted In Property Marketing The property market is tough There are more properties for sale than there are people to buy them This situation is then compounded by the banks strict lending criteria and expectations towards large deposits Given the huge choice of housing available to buyers full exposure and accurate marketing are the essential ingredients to anyone who is serious about selling Gaining exposure these days is not difficult The dominance of website portals as a marketing media has given agents a quick and easy way to reach potentially thousands of buyers our own website receives around 250 000 unique hits every month The key instead is ensuring a property stands out from the crowd and it s distinguishing features are accurately portrayed and easily understood If a property is accurately portrayed it ensures two things The right buyers don t misjudge it and therefore bypass it The wrong buyers aren t attracted You don t need hoards of viewings We average 6 viewings per sale anymore than this without a resulting offer suggests something is wrong typically that the people sent to view were incorrectly matched One thing is certain properties don t sell themselves But get the correct buyer with accurately matched criteria through your door and they will buy Despite the economic doom and gloom Red Hot Property continue to sell good volumes of property Our investment in modern marketing tools has certainly paid dividends Our video film tours allow buyers to get a closer more intimate understanding of your home via this virtual viewing Our floor plans also help buyers understand room layout and configuration But ultimately

    Original URL path: http://www.redhotproperty.co.uk/blog/strong-accurate-marketing-approach%E2%80%A6 (2016-02-08)
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  • Beware Estate Agents Hidden Costs | Red Hot Property
    Estate Agent Fees I am always delighted to be invited to someone s home to provide a free property valuation or to reappraise a property which is already on the market with another estate agent However it is never pleasant to come across a vendor who is faced with unexpected marketing costs or withdrawal fees from a previous agent My advice to anyone who is considering selling their home is to ensure that you are absolutely aware what charges and notice periods you are liable for when instructing your chosen estate agent Pay particular attention to additional charges that may not be immediately obvious or made clear to you such as stationary costs brochures sale boards accompanied viewings press adverts and of course withdrawal charges I hold a slightly cynical view towards such tie in s and charges and affectionately refer to them as barriers to exit In my mind charges that are incurred upon cancellation of contract exist to deter you from cancelling Therefore an unfortunate vendor may be stuck with their underperforming agent simply to avoid this cost In this delicate market in which there are huge volumes of property available to buyers strength in marketing accurate portrayal and experienced negotiating is key Losing valuable time with a poor agent may cost you dearly Typically the average estate agent may lock their client in to a 3 month sole selling agency contract They may also have between 14 and 28 days cancellation period Combined this is an extremely long period of time to be stuck with the wrong agent particularly as you generally receive most interest on a property in the first 4 8 weeks of marketing By the time you have paid you way clear of the first estate agent your property may already be stale At

    Original URL path: http://www.redhotproperty.co.uk/blog/beware-estate-agents-hidden-costs (2016-02-08)
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  • Top Selling Agents – Hexham to Haltwhistle | Red Hot Property
    Awards Our Marketing Team Offices Hot Topics Hot Off The Press Red Hot Tips Awards Contact Contact Us Offices Property Search Property search Home Hot Topics Top Selling Agents Hexham to Haltwhistle On Tue 12 04 2011 15 05 Posted In Property Market The results are in I am delighted that Red Hot Property has sold more homes between January and March 2011 than any other Tyne valley agent A staggering 42 71 between postcodes NE46 and NE49 Our investment in quality marketing modern technology and a refined service and sales approach is paying dividends We take very seriously the fact that we are responsible for selling most people s largest asset The Red Hot team have worked tirelessly to ensure each buyer is aware of each new listing and that our marketing is clear concise and easily understood This is a very tough economic climate with many homes for sale and far less people to buy them Leaving things to chance is simply not an option As agents our commitment is to provide the fullest service to our clients whilst operating behind the most competitive agent fee by far only ½ vat This combination alongside our distinct sales success

    Original URL path: http://www.redhotproperty.co.uk/blog/top-selling-agents-%E2%80%93-hexham-haltwhistle (2016-02-08)
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  • Red Hot Property Blog Launched | Red Hot Property
    Hot Pledge Regulations Responsibilities Our Awards Our Marketing Team Offices Hot Topics Hot Off The Press Red Hot Tips Awards Contact Contact Us Offices Property Search Property search Home Hot Topics Red Hot Property Blog Launched On Mon 21 03 2011 15 05 Posted In Property Market Welcome finally to our Red Hot Blog Having launched our new website in January my first posting has come a little later than I had hoped however delay due to a large workload is in this case is a positive Our new site has already received extremely encouraging feedback and the addition of this Blog section will enable me to bring you information insight and hot news relevant to the current property market There are mixed messages being circulated about prospects for the economy in 2011 So far however we have been pleasantly surprised by higher than expected activity levels It is still a tough market slanted heavily in the buyers favour and compounded further by the very strict and cautious lending habits of our banks Yet reasons for a move still exist amongst buyers and they are now more freely coming forward viewing properties and most importantly purchasing Whether this is a pent up activity unravelling itself after the miserable December snows buyer s willingness to simply get on with things or indeed genuine renewed confidence we have yet to see The cold reality though is that the economy is still very shaky and there are deep economic issues to be tackled A return to the good old days is certainly a long way off With this in mind my advice is simple any property will sell in any market as long as it is exposed to the maximum buying audience accurately portrayed and priced correctly Our approach is producing positive results

    Original URL path: http://www.redhotproperty.co.uk/blog/red-hot-property-blog-launched (2016-02-08)
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  • Red Hot Property
    of professionalism and competence The award winner s logo is recognised as a symbol of excellence throughout the global industry and attaining one of these coveted awards is indisputable evidence that Red Hot Property is capable of beating some exceedingly strong contenders within the highly competitive UK arena Gareth concluded We are totally committed to our clients success and delivering a superior service behind our exceptional fee of just 0 5 This huge recognition is the perfect platform for us to further extend our proven approach to a wider range of clients Hot Topics Client Service is our absolute priority and the flowers bubbly proves it On Sat 22 11 2014 15 05 Posted In Selling Property At Red Hot Property our client focus is unquestionable All of our staff takes the responsibility of selling what is often most people s largest asset very seriously and our award success provides independent testimony to this Buying and selling a home is a stressful process and our experienced staff are absolutely dedicated to ensuring this process runs as smoothly as possible It is this element to our award winning service that has resulted in the vast majority of our property listings coming to us via a referral or recommendation Our offices are proudly adorned with thank you cards letters chocolates and flowers kindly sent to us once a sale has competed The attached image is a recent example taken at our Prudhoe office where Diane Claire received this fantastic bouquet and a bottle of bubbly in appreciation for their efforts during both the sale and purchase for a particular valued client a gift that was very much appreciated by both members of staff Thank you Hot Topics Red Hot Property Supports The 1st Allen Valleys Folk Festival On Mon 29 09 2014 14 59 Posted In Northumberland Red Hot Property is delighted to provide sponsorship to the 1st Allen Valleys Folk Festival which takes place on the 3rd 4th 5th of October this year The festival is a three day celebration of music dance and the arts with music covering a broad spectrum from local and regional artists to those from further afield There ll be a particular focus on emerging young musical talent from the Allen Valleys The main music events will be staged at indoor venues in Allendale but there will be lots more to engage with including guided walks and workshops set in the spectacular landscape of the Allen Valleys The festival has been put together by a group of enthusiastic volunteers and is supported by the Allendale Lions Club the North Pennines AONB Partnership and the Heritage Lottery Fund For further information or tickets go to www allenvalleysfolkfestival co uk Hot Topics OFFICIALLY ONE OF THE COUNTRY S BEST ESTATE AGENTS 3 years running On Tue 16 09 2014 15 00 Posted In Hot Off The Press Red Hot Property is delighted have won a 3rd consecutive award for excellence from the International Property Awards the world s largest property awards body Business owner Gareth Jones said It is unusual for an agent to win this award consecutively and we are absolutely thrilled to have our achievements recognised again by such a prestigious organisation As a firm we are totally committed to the continual improvement of our operation and therefore our client s chances of selling success Red Hot Property has continually re invested re focused and refined our approach to ensure we continue to deliver outstanding levels of service accurate and considered marketing and ultimately market leading sales results for our clients This is then backed by our exceptional fee of just 1 2 vat Stuart Shield President of the International Property Awards said These awards recognise excellence in the property industry Any company that wins has shown exceptional levels of professionalism and competence Hot Topics Red Hot Property to receive their 2nd award for excellence at the UK Property Awards On Sat 16 08 2014 15 05 Posted In Selling Property News Hexham based estate agents Red Hot Property has been informed that they are amongst the winning companies of the esteemed UK Property Awards 2013 They competed against a number of estate agents throughout the UK to receive this recognition and have been invited to attend a high profile gala and presentation dinner at the Grosvenor House Hotel in London on October 18th 2013 where they will be officially presented with their honour in the category Best Estate Agent in Northumberland The long established International Property Awards is the world s most esteemed property competition and the award winners logo is recognised as a symbol of excellence throughout the global industry The UK Property Awards rank amongst the most prestigious commendations in the residential and commercial property sectors Stuart Shield Chairman of the International Property Awards said The object of these awards is to recognise excellence within the property industry worldwide and to establish an international standard The judging panel this year consisted of 70 professionals whose role was to identify the highest quality UK estate agencies The noteworthy judges included Andrew Panting Director of Operations for the British Property Federation Peter Bolton King Global Residential Director of the Royal Institute of Chartered Surveyors RICS and Christian Morris Director Owner of architectural firm Yotomo Ltd The awards this year were sponsored by Virgin Atlantic and Gagganau Hot Topics A busy property market in the first half of 2014 will it continue On Sat 02 08 2014 15 04 Posted In Selling Property Property Market Buying Property The ripple effect has certainly been felt in the first half of 2014 From the very start of this year the pace of activity within the housing market has been notably different to previous years post Northern Rock crash The reality though is that nothing has changed fundamentally in economic terms and all the key factors that have been in place since the crash and throughout the recession periods remain the same The only factor that has improved and perhaps the most critical is simply market confidence or the mood The media hype so far this year has been far more positive and helpful which has brought about greater feelings of optimism and security amongst buyers Talk of price rises has been wide spread and the help to buy scheme has fuelled the critical first time buyer element With this renewed confidence many buyers have also been taking advantage of the extremely low interest rates and securing 3 5 year fixed term mortgages to see themselves through any remaining period of uncertainty Far more buyers have been coming forward viewing making offers and ultimately buying homes Despite the Southern boom however the reality is that prices within the North East have remained stable Because this market is more mortgage dependant prices are more lender controlled and the banks appear reluctant to allow significant rises On a positive note though the increased activity levels have reduced the time taken to agree a sale and indeed the gap between asking and selling prices has closed To date we have recorded 55 of our sales this year at asking price Whilst we have certainly seen more pace to the transaction phase of a purchase the actual processing stage is now frustratingly much slower Lenders are far more pernickety and do scrutinise each and every purchase in an attempt to eliminate risk Anyone wishing to purchase right now should establish their funding early on if they are to avoid disruptive delays So what will happen in the second half of 2014 Well with a positive first half to the year under our belts we are now left to ponder the impact of recent announcements by Mark Carney the Governor of the Bank of England namely He wants to cool the housing market He forewarned us of interest rate rises His messages were not specific and like many other announcements designed to have gradual impact rather than alarm and scare Ultimately he doesn t want to spook the market and cause a crash His problem however is that he is actually targeting the London market which is fuelled by large volumes of cash and can t be controlled by any mortgage valuer We are always the last to benefit from the ripple effect and we are usually the first to feel a slow down My feeling is that we are sitting at a junction in the property market Interest rates are very low and prices have remained stable for some 7 years now Buyers therefore have a choice Buy now and take advantage of the cheap money and accept you may have to jump through hoops to obtain it Hang fire and see what effect on prices if any the Governors cooling strategy has While you make up your mind allow me to add a little perspective Generally moving home is a circumstance driven event and ever changing market forces do usually affect us all simultaneously So with this in mind I suppose ultimately the best time to move is whenever it suits you If that happens to be the second half of 2014 we re here to help and advise you Hot Topics Red Hot Property Becomes A Licenced Member Of The NAEA On Mon 17 03 2014 15 05 Posted In Selling Property Buying Property Gareth Jones owner of Red Hot Property is delighted to have received a licence from the National Association of Estate Agents NAEA for his Hexham office Any NAEA licensed estate agency branch provides consumers with the guarantee that at least one agent within that branch is qualified in residential property sales This qualification requirement is unique to NAEA licensed estate agents the only licence of its kind in the UK property industry At its launch in the House of Commons in November 2011 the licensing scheme was given the backing of Grant Shapps Housing Minister and Shadow Housing Minister Alison Seabeck Peter Bolton King chief executive of the NAEA said I am delighted to confirm that Red Hot Property s Hexham Branch is now fully licensed We would like all sellers and buyers to ask their prospective agents Do you have an NAEA licence If they don t they should ask themselves whether that s the agent from whom they will get the best service when marketing their property No one would knowingly use an unlicensed taxi driver Neither should they use an unlicensed estate agent In a difficult economic time it is important for anyone placing a home on the market to use a professional knowledgeable agent NAEA members know their local area and know their local market That is very important to consumers On receiving his licence Gareth said Being a licenced member of the NAEA adds further credibility to our firm and the practises within it We have operated as the market leader for some five years now within the Tyne valley and the Hexham staff are highly experienced professionals with fantastic market knowledge As award winning agents we continually seek to refine and improve our approach and this platform provides our clients with huge confidence that our firm has to conform to this high standard The new licence also requires the agency to be covered by the required amount of Professional Indemnity Insurance and to undertake a minimum of 12 hours of Continuing Professional Development every year They also have to remain up to date with industry developments and be bound by the NAEA s Rules of Conduct Hot Topics Increased Activity and a Positive Mood throughout the 2013 Property Market On Mon 23 12 2013 15 05 Posted In Selling Property Property Market Wow 2013 has been busy a point highlighted by the recent lack of blogs The peculiar thing is that economically nothing fundamental has changed or can be pinpointed as the core reason for this upsurge in activity within the property market All core factors have remained much the same for some time Interest rates inflation levels government policy etc The only significant change I can identify is simply the mood People appear to be feeling more positive and are now confident enough to forward plan The Olympics certainly provided a huge lift to the nation and imbued people with belief and optimism This was followed by more positive messages in the media and the appointment of a fresh and confident Mark Carney as Governor of the Bank of England This allowed a feeling of greater security to those with mortgages or who were considering a move because of the suggestion that interest rates may remain stable Finally the help to buy scheme then offered hope to first time buyers All of these elements amongst others played a part in contributing towards a belief in a firmer economic platform for the public to move forward from This increased feeling of security has undoubtedly resulted in more buyers and sellers coming forward in 2013 For those genuinely wishing to buy or sell the present market still offers the best opportunity for a move Buyers can still take advantage of low interest rates securing a fixed rate mortgage to see themselves through the last of these challenging times and hopefully enjoy the benefits of capital growth before their next move For sellers it has been a long time since buyers were so forthcoming When properties are pitched at the right price and supported by a full and targeted marketing campaign there really is no reason why you should not agree a sale within ten weeks However this opportunity may not continue as long as some might hope We are warned that the Bank of England s decision to scrap the Funding for Lending Scheme FLS could quickly force up mortgage rates in an attempt to avoid another housing bubble Some brokers have warned that mortgage rates could start rising in the New Year and that lending could be cut back as well I can certainly vouch for the fact that mortgage surveyors are still maintaining a frustratingly conservative approach to valuing and will quite happily down value a property if they see fit or if they are unable to match the sale against their considered comparables Does this suggest that we are not out of the woods In the worst case an interest rate rise may cause more homes to be put up for sale it may force more repossession s there may well be less mortgage approvals and of course we may see downward pressure on house prices Ultimately reluctance from sellers to reduce prices accordingly may then cause further stagnation My conclusion get moving now is a most certainly a great time to buy and sell v Hot Topics Red Hot Property Support Percy Hedley with C2C Charity Ride On Tue 23 07 2013 15 05 Posted In News Gareth Jones owner of Red Hot Property got on his bike to provide support to the Percy Hedley Foundation on Sunday 14th July by cycling 140 miles from Whitehaven to Tynemouth The journey from coast to coast began at 5am and was completed in 15 hours 11 minutes with a friend Jeff Lee The challenging route combined a variety of both on and off road cycling in exceptionally warm weather Despite this the event was thoroughly enjoyed and capped off with an ice cold beer at the finish The Percy Hedley Foundation is celebrating its 60th anniversary providing support for children and adults in the North East with cerebral palsy Recent government cuts and budget restrictions have placed enormous pressure on the organisation which has launched an initiative this year to raise much needed additional funds Gareth s ride has so far raised around 650 through kind donations from businesses and individuals who sponsored the event Gareth commented Given the limited preparation time we put towards this event it has proved to be a great success The Percy Hedley Foundation is a phenomenal charity with an army of support for the most vulnerable members of our community My immediate thought is how I can organise an annual event with a larger numbers of cyclists with the aim of raising even greater funding Hot Topics Red Hot Property Launches their Prudhoe Office with Huge Success On Mon 17 06 2013 15 05 Posted In Selling Property News Red Hot Property is delighted with the response we have received from the local market following the successful launch of our new Prudhoe office Based in the new Spetchells Centre on Prudhoe Front Street we have already listed and agreed sales on a large number of homes in the area Red Hot Property takes pride in our fresh and highly innovative approach to estate agency and in our proven ability to sell homes The huge success of the market leading Hexham office has provided a strong launch platform and we intend to emulate this success in Prudhoe The office is being managed by Diane Burdess herself a resident of Prudhoe with over 20 years of estate agency knowledge and experience behind her The majority of our property listings in Hexham come through word of mouth and client recommendations As a result we have every intention of delivering in the same way for our valued clients in Prudhoe We are absolutely confident that our clients will experience for themselves the absolute contrast to the Red Hot Approach when compared to the service levels usually experienced when dealing with the more traditional high street estate agents Our choice of office location is also significant As a modern and efficient firm the newly built Spetchells Centre is a fine example of how modern thinking can combine sympathetically with traditional surroundings As a firm we are aware that over 90 of our enquiries now come via websites and the shop front environment is simply no longer required in property sales The central location however does allow our clients easy access to our offices should they need to call in and we are available by phone from 9am to 9pm The Spetchells Centre was designed for the benefit of the community and as its name suggests is an ideal meeting place Within it is the local library ISOS housing and the Council offices As a firm which genuinely believes in investing for the future Red Hot Property feels very much at home here Hot Topics Red Hot Property agrees a 3 year sponsorship deal with Prudhoe Stocksfield RFC On Tue 09 04 2013 15 05 Posted In News Red Hot Property is delighted to have agreed a three year sponsorship deal with up and coming local Rugby Club Prudhoe Stocksfield Proprietor Gareth Jones met with the team and club officials on Saturday 23rd March for the official presentation of the new kit emblazoned with the familiar Red Hot Property logo Gareth said It seems fitting that having opened a new Red Hot Property office in Prudhoe this year and as a growing local firm we should get behind this ambitious developing team Having been a player at this club myself many seasons ago I have witnessed their passion for advancement Our aspirations therefore seem perfectly aligned Prudhoe Stocksfield RFC are celebrating their 30th anniversary this season having moved its official headquarters to Stocksfield Cricket Club in 2000 Over the years the club has attracted key players from around the county and they were crowned Durham Northumberland III League Champions last season The squad now exceeds 70 players and they often run out a second team This family oriented club enshrines the values traditions and hospitality that lovers of rugby union cherish As the team has advanced through the leagues the associated running costs have risen Requirements for coaching staff better training facilities and a physiotherapist have meant the club needed the dedicated support of a local sponsor By agreeing to a three year sponsorship deal Red Hot Property has guaranteed the club the financial backing it needs to progress further Hot Topics A Staggering Property Sales Performance in Movember On Wed 12 12 2012 15 05 Posted In Selling Property News It has been a busy and eventful year for Red Hot the result of which has been a gap in blog for a few weeks Despite the challenges of the current economic climate Red Hot Property has continued a forward drive throughout 2012 and delivered a staggering sales performance throughout November Results through Vizzihome research show that we sold an amazing 50 of the NE46 NE47 NE48 NE49 post code sectors during this period 2012 has been a highly positive year for Red Hot Property the highlight of which saw our team win a coveted Award for Excellence at The International Property Awards in London as seen in our home page web promo In fact we were the only Estate Agent in the north east to receive such an award On the back of this we look forward to building on our success into 2013 We also welcome to our team two new members of staff Dawn Elliot and Diane Burdess Both ladies bring with them over 20 years of valuable Estate Agency experience each having worked for well respected and established north east firms Red Hot Property take the responsibility for selling most people largest asset very seriously This ethos is reflected in our strict recruitment selection process Ultimately many of the resources we use are available to any agent that wishes to use them however they don t employ our quality of staff or harness our attitude towards selling the proof of which is shown in our performance As estate agents we continue to make the most moves Hot Topics A Red Hot Property Award for the Red Hot Agents On Thu 16 08 2012 15 05 Posted In News Red Hot Property is delighted to have won a prestigious award from the world s largest property competition The International Property Awards The International Property Awards are supported by many of the property industry s leading professional bodies and attracts a wealth of high profile sponsors The strict judging is conducted by an international panel of over fifty independent property experts and is scrutinised over several months through initial research and concluding in a final presentation submitted by each firm Red Hot Property has been invited to collect their award at a high profile gala dinner in October Red Hot Property has consistently sold more homes in the Tyne Valley than any other agent since 2009 and provide an unrivalled service to our clients Our success is driven by a team of highly experienced enthusiastic and tenacious staff who understand their responsibility when selling most people s largest asset Stuart Shield The Chairman of The International Property Awards states The objective of these awards is to recognise excellence in the property industry worldwide and to promote an international standard Hot Topics Should Estate Agents Review Their Fees On Wed 06 06 2012 15 05 Posted In Selling Property Property Marketing Estate Agent Fees I will always be in favour of a free market economy and therefore I would never advocate only one approach to business Competition and alternative methods are a healthy way of ensuring optimum performance and client focus However I do feel that the estate agency profession is ripe for review reassessment and even stricter regulation First and foremost estate agents are responsible for selling most people s largest asset On this basis my primary concerns whilst choosing an agent would include That my chosen agents attitude and approach were focused on my best interests I would also be keen to hire the sales agent with the most proven and successful record of success I would expect value for money and to be charged a fair and justifiable fee Agent property magazine The Negotiator printed an article in their March 2012 edition titled Agency Fees Top Cost of Moving It highlighted a recent survey conducted by RBS discovered that agent s fees had increased by a staggering 69 in the last 10 years which rather interestingly coincides with a 64 increase in house prices during the same period It is worth noting that agents operating costs certainly didn t increase by a similar figure during this same period In fact by contrast the surge in dominance of website portals as a marketing media have enabled reduced operating costs I am therefore forced to wonder whether an agent who insists on hanging firmly to these accidently gained profit margins can simultaneously claim that they act in their client s best interest ahead of their own This extraordinary rise in agent s fees has created a protective blanket for some agents enabling them to appear bullet proof in light of the rapid decline in the number of property sales and mortgages being agreed in the current market I would sincerely hope that their existence is the result of their sales skills and business acumen rather than through the subsidies unwittingly gained from hefty fees Interestingly in my experience increased fees do not usually increase an agent s desire or ability to sell Most employed estate agents work for a company who pay a basic salary plus a small bonus As a result their gross earnings fluctuate very little alongside increased sales results It is only the minority who rely on large commission payments Secondly because the transaction time from listing to completion can be several months agents are often involved in a lot of work without any tangible or immediate feeling of financial return As a result usually money hungry sales people sell products with a quick transaction time and fast pay out in order to gain their commission fix And finally if a sale falls they get nothing for their work So actually increased fees can subsidise a business and allow an agent to become complacent As an agent I charge ½ vat as my standard sales fee I run a market leading business which is selling the majority of properties in our chosen post code sector My service extends beyond the norm including business hours of 9 9 7 days a week the employment of high calibre staff free accompanied viewings no contractual tie in or withdrawal fee and 75 of my property listings are the result of a recommendation My fee structure represents a simple formula Agents Fee Agents Cost Profit Therefore a large fee can only mean an agent has unnecessary costs or unnecessary profits Or both My advice to the public therefore is simple don t be fooled In my opinion Estate Agents who charge a fee of 1 or above are making huge and unnecessary profit margins It is true that gone are the boom years yet the inefficient ineffective and outclassed agents managed to survive How Have their inflated and unjustifiable fees allow them to Ultimately the future path of our profession is in the hands of vendors and they will no doubt decide whether they are willing to pay over the odds for the unclear benefits of a glossy and reassuringly expensive agent Hot Topics We Make The Most Property Moves On Thu 12 04 2012 15 05 Posted In Selling Property Property Marketing Red Hot Property continues to produce extraordinary results for our clients despite the challenging market We sold more homes than any other agent in the Tyne valley throughout 2009 2010 and 2011 and we have now Between January and March this year we sold an outstanding 46 of available homes in postcodes NE46 to NE49 Our extensive use of essential marketing resources guarantees our clients homes obtain the maximum exposure to active buyers Our links to all the major website portals and our extended business hours capture valuable enquiries which are then negotiated by an experienced and enthusiastic team of professional staff Our superior service and highly competitive fee of just 1 2 vat have resulted in 76 of our listings coming from delighted clients recommendations to others With this in mind our objective is simple we aim to leave every client delighted because it brings us further business To make our success your success contact Red Hot Property for your free market appraisal As agents we certainly make the most moves Hot Topics Should the current stamp duty land tax be reviewed On Tue 06 03 2012 15 05 Posted In Stamp Duty Buying Property Anyone who buys a residential property in the UK is currently liable to pay stamp duty on their purchase The tax is charged on a slab basis meaning the percentage of tax that is charged applies to the entire amount paid for the property as follows Residential land or property SDLT rates and threshold Purchase price lease premium or transfer value SDLT rate SDLT rate for first time buyers Up to 125 000 Zero Zero Over 125 000 to 250 000 1 Zero Over 250 000 to 500 000 3 3 Over 500 000 to 1 million 4 4 Over 1 million 5 5 Up until 1997 stamp duty had been charged at a fixed rate of 1 on all purchases above 60 000 which brought in around 675m that year for the treasury There then followed a series of tax increases and subsequently the amounts collected rose sharply to 2 15bn by the year end of 2001 3 59bn by 2003 and by a staggering ten fold increase of 6 4billion by 2008 The changes that were introduced to the way stamp duty was administered not only increased the percentages charged but also saw the implementation of duty thresholds These thresholds meant that the higher the value of a property the larger the percentage you would be charged on the purchase This resulted significantly in around 80 5 1bn of the 6 4bn derived from this tax in 2008 being levied from homes worth in excess of 250 000 indicating that the first time buyer or entry level sales have little impact to the overall tax revenue It seems clear that a government strategy such as a stamp duty holiday for first time buyers is an easy and affordable one to make Unfortunately the reality for the first time buyer is the opposite For them stamp duty is a far greater burden than we appreciate The average stamp duty charge in 2007 was 1971 which equated to a whopping 7 of the average full time UK earning that year Removal of such a major obstacle should have a serious impact on a first time buyer s ability to participate within the market Clearly stamp duty is not the only issue to address in order to stimulate the property market However the way in which stamp duty is administered appears to be ripe for review It is important to remember that the huge revenues now generated are not just the result of increases to the percentages charged but more significantly because the actual thresholds have not been realigned to account for house price inflation Had this been done the 3 banding at 250 000 would now apply to homes worth in excess of 750 000 I m not convinced that drastic measures are necessary but perhaps a more steadily progressive banding system which avoids large and sudden jumps to the percentages charged and is focused on easing the burden of tax on the lower and middle markets may stimulate activity Given that the larger proportion of revenue is gained from higher value home purchases the amount of overall revenue achieved in this way should remain largely unchanged With less immediate cost to moving people are left with a higher percentage of disposable income which may be spent on necessary works such as carpets bathroom redecorations etc The table below provides an example of a more progressive system easing tax burden to the lower and middle markets Purchase price lease premium or transfer value SDLT rate Difference against current rates Up to 150 000 Zero Zero Over 150 000 to 200 000 0 5 0 5 Over 200 000 to 250 000 1 Zero Over 250 000 to 300 000 1 5 1 5 Over 300 000 to 350 000 2 1 Over 350 000 to 400 000 2 5 0 5 Over 400 000 to 450 000 3 Zero Over 450 000 to 500 000 3 5 0 5 Over 450 000 to 500 000 4 Zero Over 1 million 5 Zero It makes sense that a more active market will bring greater tax revenue Therefore it seems logical to introduce a scheme that would firstly stimulate activity and in turn bring greater revenue from the increased volume of home sales Removing the charge to genuine first time buyers should introduce an incentive to buy without foregoing a major portion of the overall revenue However if the banks are unwilling to bend on their strict lending approach to Middle Britain and in particular their expectation of impossibly high deposits then it is also those within this sector who urgently require government assistance think of it as a mini bail out The huge UK economic debt is ever present however an overburdening of tax does stifle economic activity Without economic stimulus there is no growth The cost of living has risen dramatically over recent years suffocating disposable incomes and eroding people s confidence and security Even the most frugal are losing money due to the racing levels of inflation Given the enormous increase in the amounts of money paid in stamp duty over the last 15 years there must be enough flexibility to take one financial step backwards in order to take the property market three steps forward in the interest of the country Surely an effective strategy must now move beyond token policies for first time buyers and instead onto more genuine and inclusive measures to get Middle Britain moving Hot Topics Why Now is a Great Time to Buy Property On Fri 03 02 2012 15 05 Posted In Property Market Buying Property The economic climate continues to challenge our thinking and indeed our approach to financial matters in general It is no surprise that during these times our instinct is to adopt a more conservative attitude towards spending particularly if the amount we are due to forgo is significant and long term Yes the global economy remains uncertain and there may well be significant fall out from unresolved issues like the European saga all of which may ultimately have a dampening effect on the housing market and house prices However when we look a little more closely there seems to me to be an argument to suggest that now might actually be a great time to buy particularly if you are a first time buyer The thing to remember is that the actual sale price of a property does not always determine its affordability For instance if property prices dropped by a small percentage and simultaneously mortgage repayments rose then the actual cost of buying becomes more difficult In today s market however the reality is that home buying is now far cheaper than renting which is the total opposite to three years ago Then the average cost of buying was about a third higher than the average cost to rent paid for a similar property In 2008 the cost of buying sat at a hugely prohibitive 47 of disposable income when it is now only 29 I suspect this expectation that buying is still the more costly option may be a major reason for buyers hanging back As a prospective buyer you may wish to consider the following The cost of renting is still on the rise The average monthly UK rental is currently sitting at a staggering 715 per calendar month This cost will continue to rise as long as people remain in limbo patiently waiting for that perfect moment to buy The average mortgage repayment figure has fallen over recent years due to a fall in house prices and low mortgage rates Whilst deposit expectations remain high the benefit is that you are forced

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  • Community Support | Red Hot Property
    our support through sponsorship of the Stan Calvert Bursary and in so doing contribute tangibly to the future development of a sports star in the making Sport Tynedale hold an annual Sports personality of the Year type award ceremony which is sponsored by SCA Prudhoe Mill this year to be held at the Wentworth leisure centre on December 14th The evening will recognise some of the brightest young sporting talents in our region many of whom perform at national and international levels The evening presents prizes to winners within certain categories and concludes with a main prize for the overall winner The Stan Calvert Red Hot Property Scholarship provides essential funds for a young sports person who shows particular promise and will undoubtedly progress their career through such support This year s special guest speaker is the Newcastle Falcons Manager and former England and British Lion s Rugby Star Dean Richards Further information is available at www sport tynedale co uk Hot Topics Red Hot Property Officially Ranked Among the World s Best On Mon 08 12 2014 14 45 Posted In Community Support News Red Hot Property has been awarded one of the industry s highest possible honours at a gala dinner held by the International Property Awards in London They are now officially rated as a Five Star Agent and have been included within the prestigious Property Awards publication of the World s Best for 2014 2015 Business Owner Gareth Jones said We work tirelessly to provide our clients with an outstanding sales platform This Five Star rating clearly recognises the quality and commitment of our firm and I am delighted to be ranked alongside the world s best property professionals This year s awards were sponsored by Rolls Royce and Gaggenau two brands strongly associated with quality

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