The results for Quarter 1 2014 gives us continued cause for optimism and confirm that the recession is well and truly over. We have seen a record number of new buyer applicants register with us and a record number of sales successfully achieved. Our Letting services and our Guaranteed Rent Services continue to show high demand with Q1 2014 results ahead of Q1 2013. 

With a diminished supply of Residential Property for sale and a much more favourable Mortgage Market, our branches popular open day events are achieving above asking price offers, with new properties coming onto the market selling within a short period of time. This trend is expected to continue while stock levels of properties for sale and available to rent remain low. If you are thinking of selling or letting, or simply require a free valuation, please speak to our branch managers and take advantage of our special offers.

This year we are making significant investment in our computing systems and our installation programme will be completed during the Easter period. This investment is essential to maintain our Client Service Levels which continue to expand. The testimonials we receive show a high level of customer satisfaction and this is a testament to the excellent staff that we have. They are all highly experienced and knowledgeable in the service areas they support and will be pleased to assist you.

I wish you all a happy Easter

David DaBora

Several of the local high street shops including our Winchmore Hill branch joined in the fun for the N21 Live Local, Spend Local Easter Egg fundraising event.  All monies raised by the event went to the Butterfly AVM charity, for more details visit www.butterflyavmcharity.org.uk

When the families visited DABORACONWAY they were given treats of home made cakes baked by Kelly from our branch which went down a storm with both the children and parents!

Robert Gardner, Nationwide chief economist says that the pattern of regional house price growth shows that this is the third quarter in a row where we have seen house price growth in all UK regions. The strongest pace of growth is still in the South of England, especially London, where prices are up 18.2% compared to the same period in 2013.

Prices in London are now 20% above their Pre Crisis Peak in 2007 but across the rest of the UK prices are still 3% lower than their 2007 peak. Some of the demand is coming from investors at home and also from outside the UK and fewer owner occupiers are buying houses in London compared to other parts of the country.
Gardner says “It is unlikely that we will continue to see prices in London outstrip earnings growth by such a wide margin. Over the very long term we will expect House Price Growth to broadly match income growth. Clearly in London there is a massive gap between the two at the moment and we expect the gap to narrow with House Price Growth broadly growing in line with earnings over the long term.”

What do I think? Whilst interest rates remain historically low and the Bank of England is unlikely to increase base rate above 0.5% until after the General Election (summer 2015), house prices will continue to rise. However, I advise you to have your funding strategy in place come the autumn of 2015 as interest rates will gradually rise, in order to deflate the market after the General Election is over.

David DaBora

see "Nationwide House Price Index" March statement

 A Question and Answer Session from Donna McCarthy, Partner at Devonshires Solicitors

Q – I have issued an accelerated possession claim based on a Section 21 Notice. The Court have now notified me that the tenant has put in a form of defence alleging disrepair. As a result the Court have listed this for hearing. What happens now?

A – Unfortunately, this is not unusual. A tenant will often use whatever tactics available in order to try to stall or scupper a perfectly sound claim for possession. I am pleased to advise that the Court of Appeal have given a very helpful judgement in the case of Chowdhury and another v Woodman [2012] EWCA Civ 690 which offers landlords some comfort when facing “defences” of this nature. In this case possession had been ordered and the tenants had sought to set aside the possession order and thereafter sought to appeal the Circuit Judge’s decision. They had put forward a number of defences including disrepair and alleged the landlord harassed them. The Court firmly rejected the tenant’s right to rely on these matters as a defence to the possession claim. The judgement restated the principle that under Section 21 of the Housing Act 1988 the Court must make an Order for Possession if it is satisfied that the assured shorthold tenancy has come to an end and that the correct notice has been given. In this case, the landlord had proved its entitlement to possession and any allegations relating to disrepair or breach of covenant for quiet enjoyment could not constitute a defence. At best, these allegations may amount to a counterclaim.

In my experience, when such a “defence” is put forward, the Court will make a possession order and then defer any claim for money judgement to be tried with the issues relating to the alleged breach of liability.
I am confident that at the hearing the Judge will give you a possession order and then give directions for determination of the alleged counterclaim - unless of course you can persuade the Judge that the claim be struck-out completely!

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Donna is part of a 20 strong team that advises landlords on all aspects of tenancy management and litigation. She can be contacted on 020 7880 4349 or at donna.mccarthy@devonshires.co.uk.

Donna joined Devonshires Solicitorsin 1999 and is a Partner in the Housing Management Team. She has a background of advising both landlord and tenants in the private and public sector. Donna’s particular areas of expertise are complex anti-social behaviour cases, claims for possession and defending disrepair cases brought against registered providers, as well as advising on policy and procedure, including drafting tenancy agreements.

Donna heads up the LandlordPLUS service advising and representing private landlords, letting and managing agents as well as social housing providers on their market rent products.

Donna is an experienced trainer and trains landlords on all aspects of housing and landlord and tenant law.

Properties for sale and rent with DABORACONWAY, if you would like information on all of our properties just use the easy to click links below...

To see all of the properties that are currently available for sale with our Wanstead branch please click HERE

To see all of the properties that are currently available for sale with our Winchmore Hill branch please click HERE

To see all of the properties that are currently available to let with our South Woodford branch please click HERE

To see all of the properties that are currently available to let with our Winchmore Hill branch please click HERE

After years of uncertainty investors are once again seeing promise in the housing market and returning to property as a buy-to-let investment. This increase has been fueled by the rising cost of rents and improved mortgage deals; however, should you be looking to invest in a property in the near future there are a number of considerations to take on board.

How much will it cost? Examine the price of each property individually and seek advice on the level of rent you expect to achieve from it. Landlords are expected to have a specific buy-to-let mortgage which will typically require a larger deposit than those of home buyers. The lender will also expect to see a good return on the level of rent compared to the mortgage repayments. They will not for example allow you to have a mortgage repayment of &1000 if you are only achieving &900 in rent.

Setting aside the initial outlay of a deposit and the mortgage repayments each month landlords will need to take into account a variety of additional costs. If purchasing a leasehold property, especially those within a development these will likely be subject to a service charge and typically an annual ground rent. Additional costs can include gas safety certificates, Energy Performance certificates (EPC’s), electrical safety tests and buildings insurance. Letting fees should also be factored into your budget and these vary dependent on the level of service required i.e. Let Only or Full Management.

Most landlords will also be liable to pay tax on any profits made from the yearly income although many of the expenses mentioned above can be offset against the final figure.

There is no escaping the fact that there are some risks to property investment. If a property is empty from the moment you purchase it until suitable tenants are found then you are still liable for the mortgage repayments. This is also true for any vacant periods between tenancies. It is essential that you make sure you can cover these costs and understand the potential losses too.

Research is essential.   The phrase “location, location, location” is often used when discussing the purchase of a property and this is certainly essential advice for any prospective landlord.

If you are not familiar with an area you are considering, make a point of visiting the neighbourhood, taking particular interest in the local transport links and shops. Some areas are also popular for their local schools or colleges. If they lack any of these amenities then you may struggle to rent the property and risk having it empty whilst covering the mortgage and other expenses. Of course every area offers different benefits and this will often influence the tenant you are likely to find, so it is important to know your market prior to choosing the right property.

For example, an area with popular schools may attract more families as tenants meaning you may want to invest in a family sized property such as a two or three bedroom house or flat. As another example, many parts of Greater London offer excellent transport links via the Underground, DLR or Mainline train stations. These areas will appeal to professional tenants looking for an easy route into work each day who would more likely be interested in renting a one or two bedroom apartment.

Choosing the right agent
Once you have purchased a property, potentially one of the most valuable investments you are likely to make, choosing the right agent will be fundamental to ensure the quick letting of your property to professional tenants.

If you are yet to purchase a property DABORACONWAY would be happy to discuss the local areas in more detail and provide as much guidance as possible to enable you to choose the right property for the letting market. Many of our current landlords have consulted with us from the moment they have seen a prospective property online and visited the branch for our expert opinion throughout the purchase.

Here at DABORACONWAY we pride ourselves on years of experience and the ability to adapt our service to the needs of the individual. We can offer you three levels of service. Let Only, Rent Collection or Full Management. Our dedicated lettings team is one of the most experienced in the local area and we will be more than happy to discuss these services with you in more detail at our branch, by email or telephone. Click here for contact details.

Darren Spraget and Wayne Engleman, South Woodford Branch

The first quarter of 2014 has continued to be a very busy and exciting time for the Social Housing market. There continues to be a great demand for properties on the Guaranteed Rent Scheme. Here are some of the highlights which features on the scheme;

• 2 bedroom properties in Hornchurch are in great demand and let at a return of approximately a 6% yield (based on average house prices in the area).

• Cash incentives strongly featured during 2013/14 - watch out for information on future offers.

• All London Boroughs have a strong demand for units on the Guaranteed Rent Scheme – In September 2013 it was reported that new government figures indicated that 2,090 families with children in England were living in emergency accommodation at the end of June 2013. Of which according to the figures by Department of Communities and Local Government (DCLG) 760 families had spent longer in this type of accommodation than the recommended 6 weeks. (1)

• London Borough's recently advertised for properties across much of London and the South East of England – do you have a property in London or the South East of England which you would consider leasing in return for a guaranteed rent?? Click here and supply brief details including property location and size to receive a free valuation. 

• Conversion of certain types of commercial premises into residential with no need for planning has increased the supply of units, for more information click here.

• Landlord Forums are a great opportunity to hear about new offers available from Local Authorities and to get up to date information on what is happening within each of the Boroughs. Look out for our mail shots for details of future events. Be sure to come and see us at the Croydon Landlord Investment Show on Wednesday 4th June 2014. For your free ticket visit http://www.landlordinvestmentshow.co.uk/Home.

Now that we have tendered contracts and partnership arrangements in place with nine London Local Authorities we are in a great position to assist you in leasing properties for guaranteed rents across all of London and even much further afield. 

The Local Authorities have a great need for units of all sizes but in particular 2 & 3 bedroom units.

We offer a start to end process for letting onto the scheme, we can assist with all elements of work, certification and the final letting stages. 

Please do not hesitate to contact any member of the team on 020 8989 5678 ext. 227 or leasing@daboraconway.com for further information on the guaranteed rents currently available or if you have a question on the requirements of the scheme. 

**Special Offer**

For all units leased during May 2014 a reduced Admin Fee from &199.00 to &99.00 will apply. Contact us now so you can benefit from this offer.

Olivia Lond-Caulk, Manager - Guaranteed Rent Team

For those of us in East London and Essex wanting to find somewhere to visit that satisfies the entire family - you should try this little pearl – Lloyd Park and William Morris Gallery. It offers culture, physical activity, great walks and a cafe to round off your day with something nice to eat and drink.

William Morris is known as the most influential designer of the 19th century. His designs were sought after by everyone, and today are just as popular. He was born in Walthamstow a quiet village then in 1834, and lived at Woodford Hall which was on the edge of Epping Forest. From there the family moved to the Grade II Listed Georgian house which is now the William Morris Gallery, they lived there from 1848 to 1856. This was previously known as Winns or Water House, a name given because of the ornamental moat in the gardens at the rear of the house. It was given to Walthamstow by Frank Lloyd son of Edward Lloyd the publisher.

The Gallery is situated in Lloyd Park which was previously known as Winns Playing Fields. It was part of a very large estate with fields across the borough. Lloyd Park is open daily and has many activities taking place; enjoy a walk around the formal gardens as well as the original terraced gardens – for further information see http://www.walthamforest.gov.uk/lloyd-park 

The William Morris Gallery – which won the “Art Fund Prize for Museum of the Year 2013” is open from Wednesday to Saturday from 10am – 5pm, and it is FREE. The house itself is a wonderful example of Georgian architecture and has been refurbished as part of the William Morris Gallery development project , supported by the Heritage Lottery Fund, Friends of the William Morris Gallery and many others.

You can reach the park and Gallery by public transport easily, but if you are coming by car bring some change as you will have to pay either in the car parks or in some of the streets with on street parking.

All in all it is a great day out and thoroughly enjoyable with beautiful parkland and an abundance of information from one of the leading exponents of the Arts and Crafts Movement.

Walthamstow Village is a few minutes walk away and is a great place to walk around, look at the shops and find somewhere different to eat and drink.   It is also a very desirable location to reside in with easy access to buses, tubes and trains. For further information regarding the Village take a read of the article also featuring in this newsletter as well as the following website - www.walthamstowvillageguide.com

All photos have been kindly provided by William Morris Gallery website. 

Hazel Weinberg, Marketing Team & Olivia Lond-Caulk, Manager

Walthamstow Village was once just that, a small farming community with a population of just 82 back in 1086. Fast forward 928 years and the only tie to its small rural roots is the name “Walthamstow” which is derived from “Weald” meaning wood, “Ham” meaning a manor and “Stow” meaning place. In 1967, the London Borough of Waltham Forest designated Walthamstow Village a conservation area centring around St Mary’s Church and Orford Road – now home to many attractive small restaurants, cafes, bars, shops and an upmarket local supermarket it is known as a particularly affluent area of the ward.

Walthamstow Village has been hailed by many as a little haven and one of East London’s best kept secrets with the amenities and variety on offer served by local businesses ranging from bakers, delis, bars, restaurants and cafés. As well as access to a plethora of local transport links such as Walthamstow Central underground (Victoria Line), Wood Street (over ground), a bus station as well as the A406 North Circular, M11 motorway heading out to Stansted Airport and Essex and the A12 making short work of the journey to Stratford with the Westfield Shopping Centre and connections across London and abroad. Unusually, there are also many green, open spaces in the area with the added benefits of the Hollow Ponds and the start of Epping Forest so taking a walk or cycling through the forest is available on your doorstep and only 8 miles to central London.

The village occupies a nucleus at the very centre of Walthamstow comprising a range of buildings from a variety of eras through modern history such as;
- The Museum & Gallery on Forest Road formerly the home of the famous writer, poet and designer William Morris whose grounds now make up Lloyd Park.  See our feature article also within this newsletter.

- The Old Town Hall, a particularly spectacular Italianate style building completed in 1866 on Forest Road known today as Waltham Forest College.

Vestry House was built in 1730, formerly a workhouse until the 1830`s a Police Station until 1870 an armoury until 1891 and now a great local museum.

There have been many famous former residents of Walthamstow over the years, most notably; Frederick William Bremer, a British gas fitter, plumber, engineer and inventor recognised for building the first British four-wheeled motor car with an internal combustion engine in 1892. Subsequently in 1894 he took his automobile for a cheeky spin on the roads of Walthamstow which is still in one piece and can be seen today in the Vestry House museum. 

William Morris poet, designer and socialist lived on Forest Road ,the house is now a local Museum and Gallery, the former grounds are now a public park.

Property:
Property prices continue to rise at a percentage rate in the double digits year-on-year in Walthamstow as a result of lower levels of property for sale, low interest rates and increased mortgage availability . This combined with the fact that many people wish to have access to good transport links, a more central location and more affordably priced properties in relation to other areas of London are contributory factors to the incredible price rises in the area.

Property prices in March 2014 for Walthamstow Village look something like this;

1 bed flats; &200,000 - &375,000
2 bed flats; &275,000 - &425,000
2 bed houses; &400,000 - &550,000

Prices vary given the condition, size, location, lease length, access to outside space, parking and period of the property. Older style property such as Victorian & Edwardian properties, especially those presented in immaculate condition achieve the higher end. Whilst purpose built, ex-council properties tend to achieve the lower end of the margin despite offering more generous room sizes, good leases and often return higher than average rental yields for buy-to-let investors.

The demand within this area is fervently high and the concept of the ‘open day’ has spread like wild fire. Often taking place on a Saturday, this enables an agent to show over as many people as possible during the course of several hours, thereby ensuring that every potential buyer is shown the property in the same manner for the same length of time and each has the same opportunity to place an offer. This ensures that the best price from the best buyer is achieved in a timely manner.

William Line - Wanstead Branch

After a lovely Christmas morning with my family in Wales, I was so surprised to find out that I was being whisked away to New York as a generous gift from my other half!

Flying out on Monday 30th December and arriving in New York in the afternoon, we did a little exploring in Manhattan after feasting on a delicious burger at Schnippers; a fast food restaurant just a stone’s throw away from our hotel. With generous portions (as to be expected in America!) and much healthier options to choose from, Schnippers really did become one of our favourite places to eat.

The next day was a very early start, partly due to jet lag, but mostly because of how excited we both were to explore NYC!

Our first stop was Grand Central Station, to fill our bellies and set off for a day of sight-seeing. Grand Central Station itself is beautifully designed, and boasts breath-taking architecture throughout. With its warm, dark atmosphere, twinkles of the many Christmas lights made the whole interior glisten.

Next was the unmistakable Wall Street; the famous financial district of New York. Its looks absolutely amazing in real life – the buildings are so much taller than you could ever imagine. I could only think whilst walking around with my head permanently tilted back, how exciting and fast-moving this part of the city must have been throughout its history!

We then made our way to Battery Park, and got on a ferry heading to none other than the Statue of Liberty. The statue is an icon of freedom, and of the United States a welcoming signal to immigrants arriving from abroad. So incredibly big, we enjoyed viewing the statue quite closely from the ferry. A must see landmark if you are heading to this city!

Via the Subway, we made our way to Ground Zero. Unfortunately, there was such a huge queue to see the Freedom Tower, that we didn’t brave the cold to experience it. It was around -6 degrees! We had to keep moving and make regular hot chocolate stops to survive the weather.

Next up was one of my favourite stores in the whole world...Sephora! Completely dedicated to all things make up and beauty, I had been in one a few times before on a separate trip to Boston, Massachusetts when I was a teenager. It’s safe to say that I spent the majority of my spending money in this shop!

Continuing on the subject of spending, we progressed onto some department stores on Broadway for a look around. I purchased a little brown bag from Bloomingdales! We also found some lovely vintage clothes stores in Soho, where everything was far too expensive to even consider buying!

Being New Years Eve, we had planned to head back to our hotel to have something to eat and freshen up before venturing out into the exciting night ahead. We opted for another amazing Schnippers feast!

Heading back out around 10pm, the streets of New York City were filled to the brim with excited party-goers, bursting with energy, and all out for a good time on New Years Eve. We strolled towards Times Square, where we were hoping to see the famous ball drop at midnight. It was so incredibly busy, that we unfortunately didn’t get as close as we’d have liked to. But we very much enjoyed the party atmosphere!

On New Years Day, Matt and I started the fresh year by having a lovely filling breakfast – a very American steak and eggs. We did some more walking and taking in the sites, and we were lucky enough to experience Times Square by day. Still very busy, boasting huge TV screens and flashing adverts, Times Square is simply something that you have to see whilst in New York. With its many restaurants and shops, there is just far too much choice to contend with; we could not decide where to eat that day!

Amongst the city hustle and bustle, we came across a (semi) naked cowboy, walking around playing a guitar and posing for pictures, in the -5 degree cold!

The next day, we took a horse and cart through Central Park in the snow, which was just lovely. It was so picturesque, and we saw many movie locations on the ride along. This included the setting for the hotel in Home Alone 2: Lost in New York, and also the fountain from “Friends”, where the opening credits start with the main cast.

We saw the Strawberry Fields memorial, dedicated to the memory of John Lennon from The Beatles. Decorated with a single red rose, many tourists such as ourselves crowded around the circular memorial to catch a glimpse and pose for pictures.

From there, we went onto the Natural History Museum, which was just amazing. Fantastic for both children and adults, there is so much to see and learn! We went into a beautiful indoor butterfly garden, which was completely up my street. A large black and white butterfly actually landed on my head!

On Friday 3rd January, we woke up to discover that everything outside was completely covered by a white blanket of snow. Thicker than the previous day, I’d never seen anything like it! We ventured out in the knee deep snow, and for a short while had a little panic as to whether we would struggle to fly home the following day! Many flights were cancelled due to the adverse weather, but the snow and bad visibility luckily did subside the next day.

We went on to see the Empire State building, travelled on the subway to Downtown New York, traipsed through the snow in Chinatown, and went to the cinema to watch American Hustle. We also squeezed in another Schnippers!

All in all, we both had a fabulous stay in New York, and I would highly recommend it to anyone looking for some fun and exciting things to do and see. I would advise to bring some comfy footwear and trousers though! My expanding waistline and sore feet at the end of the trip were of course totally worth it.

Written and photographed by Yana Mattson - Guaranteed Rent Team

Readers of our previous newsletters may recall that in our Summer edition we wrote that Rightmove set a task to all of their agents to spot and send in pictures of their sign written London Taxis.

We managed to photograph and send in four pictures, one was even spotted outside our South Woodford office.
DABORACONWAY won and were rewarded with &300 worth of Nandos vouchers.

This time we did not win the main prize but were one of 20 lucky runners up drawn from hundreds and we won free advertising space on the next Rightmove ‘Moving Londoners’ advertising campaign, where our logo will feature on the interior seating advertising on hundreds of Rightmove cabs during 2014.

They say you have to be in it to win it, so let’s see if we can win anything else!

In our last edition we offered our subscribers the chance to win a luxury hamper ready for the festive season. After a huge response the lucky winner picked at random from the correct answers was Mrs Rice.

Our winner wrote in to say…

‘It was a fantastic Christmas bonus to receive an email from DABORACONWAY advising that I had won the prize draw for their Christmas Hamper. The hamper was packed with all those lovely extra special treats that you would expect from John Lewis, including wine and a bottle of bubbly for extra Christmas cheer!

Thanks DABORACONWAY’

Be sure to watch out for further competitions and your chance to win a fantastic prize in future editions of our Newsletter.