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Nine Elms Market Update – 2024

8 February 2024

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Market Overview:

Continued Development: Nine Elms remains a hotspot for development, with several new projects expected to be completed in 2024 and beyond. This constant influx of new properties will continue to shape the market dynamics.

Steady Demand: Although market activity has slowed down compared to the peak of 2022, demand for properties in Nine Elms remains steady. This is driven by the area’s strong infrastructure, desirable location, and increasing amenities.

Price Stabilization: Experts predict a stabilization of average property prices in 2024, following the slight decrease observed in late 2023. However, individual property values may vary depending on factors like size, location, and specific features.

Investment Potential: Experts still consider Nine Elms a promising investment opportunity due to its long-term development plans and potential for rental income.

Key Trends to Watch:

Impact of Rising Interest Rates: Rising interest rates may affect affordability and dampen buyer demand, potentially leading to longer selling times in some cases.

Completion of Major Projects: Completion of major projects like Battersea Power Station and the Northern Line extension could attract new residents and investors, potentially boosting prices in specific areas.

Shifting Buyer Preferences: Buyers might prioritize properties with outdoor spaces, energy efficiency features, and access to green areas, reflecting changing lifestyle preferences.

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Sales Fees

At Garton Jones Estate Agents we have three sales services we can offer as:

Sole Agency: 2.10% Incl. VAT (1.75% + VAT)

Our most popular service whereby we are acting solely for a minimum of 3 months to secure you a buyer. Beyond that time, you must serve 2 weeks’ notice to us to change this instruction.

Joint Agency: 2.50% Incl. VAT (3% + VAT)

Garton Jones working alongside another agent of your choice as above, but on a winner takes all basis i.e. whichever of the two agents agrees and then completes your sale gets, the full sales fee. It is usually us so you might want to reconsider taking the sole agency option.

Multiple Agency: 3.60% Incl. VAT (3% + VAT)

Garton Jones acting alongside as many agents as you choose to instruct, again on a winner takes all basis as per the joint agency fees above.

Landlord Fees:

Letting only service: 9.60% inc VAT (8% + VAT)

This service applies to landlords who wish for us to find the tenant but choose to manage their own property for the duration of the tenancy. We assist with your rent renewal, but you are the day-to-day point of contact for the tenant once they have taken possession.

For example, if the rent is £100 per month the fee would be £9.60 per month.

Letting Only Service with Rent Collection: 12% inc VAT (10% + VAT)

This is the same as the letting-only service, but we collect the rent on the landlord’s behalf and will pay it over as it\'s collected. The landlord remains the main point of contact from day to day but again we assist with advising on the renewal.

For example, if the rent is £100 per month the fee would be £12 per month.

Management Service: 14.40% inc VAT (12% + VAT)

This service is the same as the letting-only and rent collection but Garton Jones becomes the sole point of contact for both the landlord and tenant. Both parties will be assigned a property manager as soon as the tenancy commences who will then take care of handling any problems that may arise on behalf of the landlord. The property manager will visit the property twice a year to inspect it and make sure all is in order and will ensure service charges and ground rent invoices are paid from the rent if the landlord has requested for Garton Jones to administer these on their behalf or will request funds where necessary.

For example, if the rent is £100 per month the fee would be £14.40 per month.

Short Let service: 30% inc VAT (25% + VAT)

This service applies to landlords who wish to let their property for any period less than 90 days (3 months).

For example, if the rent is £100 per month the fee would be £30 per month.

Additional Admin Fees:

Tenancy Agreement: £240 inc VAT (£200 + VAT)

For drawing up a tenancy agreement between the landlord and tenant at the start of a new tenancy. The tenancy will not commence until this document has been signed by both parties and cleared funds have been received from the tenant

Tenant Reference Per Tenant: £60 inc VAT (£50 + VAT)

Referencing a tenant before the move-in. This cost is now the liability of a landlord should you wish your tenant to be referenced before they move in. We strongly recommend they are.

Cancelling a Let before a tenant moves in:

Agent retains the holding deposit to cover administrative costs

Tenancy Deposit Scheme (TDS) Registration Fee: £36 inc VAT (£30 + VAT)

Fee for registering tenant’s deposit.

Check in and Inventory Report: £153.36 inc VAT (£127.80 + VAT) - £394.92 inc VAT (£329.10 + VAT)

We will arrange this on your behalf with a third-party clerk at the start of a new tenancy. Please note prices are subject to change and determined by the size of the property but you will be notified of the costs before this goes ahead.

Check out: £132.24 inc VAT (£110.20 + VAT) - £315.22 inc VAT (£263.10 + VAT)

We will arrange this on your behalf with a third-party clerk at the end of the tenancy. Typically, we aim to use the same clerk that did the check-in. Please note prices are subject to change and determined by the size of the property but you will be notified of the costs before this goes ahead.

Vacant Management Service (per month): £144 inc VAT (£120 + VAT)

We will deal with the management of the property whilst the property is vacant and being remarketed.

Energy Performance Certificate (EPC): £150 inc VAT (£125 + VAT)

Energy performance certificates are a rating scheme to summarise the energy efficiency of buildings and are a legal requirement. The reports are valid for 10 years.

Electrical Installation Condition Report (EICR): 252 inc VAT (£210 + VAT) - 276 inc VAT (£230 + VAT)

An electrical certificate is now required by law on all new and existing tenancies and is valid for 5 years. Please note this cost does not include any remedial work to bring the property up to current regulations, should the test fail, and will be quoted separately.

Gas Safety Certificate (Required Annually): £150 Inc. VAT (£125 + VAT)

A Gas safety check will involve inspecting all gas appliances in the property. This includes gas fires, cookers, and boilers and has to be in place before a tenancy can go ahead.

Annual PAT Test (Portable Appliance Testing) - Including 8 appliances: £234 inc VAT (195+ VAT)

Test all portable electrical appliances. These are not legal requirements.

Copy of your Head Lease (if Required) from the HM Land Registry: £4.80 inc VAT (£4 + VAT)

Copy of a legal document from HM Land Registry.

Copy documents: £30 inc VAT (£25 + VAT)

For the supply of a document that has previously been provided.

Renewal Tenancy Agreement: £120 inc VAT (£100 + VAT)

For drawing up the renewal Tenancy Agreement.

Consolidated Statement: £30 inc VAT (£25 + VAT)

Summary statement for transactions between a specific period.

Waiting at a property: £70 inc vat (£58.33 + VAT) per hour

Awaiting deliveries or attending with contractors.

Meeting contractors or third parties to assist with insurance claims: £120 inc VAT (£100 + VAT)

Arranging works or refurbishment over £1000: 12% inc VAT (10% + VAT) of net costs of the works

- Getting quotes, if you then organise the work yourself: £600 inc VAT (£500 + VAT)

- Getting quotes, if you then decide against any work: £120 inc VAT (£100 + VAT)

Transferring AST deposit to landlord (or other agent) during the tenancy: £120 inc VAT (£100 + VAT)

Sending CHAPS (same-day payments) in the UK: £30 inc VAT (£25 + VAT)

Making a payment outside the UK: £30 inc VAT (£25 + VAT)

Change in ownership set up: £60 inc VAT (£50 + VAT) Per Person

If the Landlord sells or transfers the property during the tenancy.

Serving a Section 21 notice (included with management service): £60 inc VAT (£50 + VAT)

Serving a Section 8 notice: Price on Quotation

Attending Court: £120 inc VAT (£100 + VAT) Per Hour

If a member of the Garton Jones staff must attend court on your behalf.

Tenants Fees

Before you move in, we will take a holding deposit which is equivalent to 1 week\'s rent, this will ensure that we cease marketing, and that the property is placed under offer.

Change to Original Tenancy Agreement: £50 inc. VAT (£41.67 + VAT)

If the tenant requests a change to the Tenancy Agreement e.g., a change of sharer or permission to keep pets in the property.

Company Let Fees:

Referencing Fee: £120 inc VAT (£100 + VAT)

Referencing of company.

Tenancy Agreement: £180 inc VAT per tenancy (£150 + VAT)

To draw up the Tenancy Agreement.

Check Out & Inventory Report: £132.24 inc VAT (£110.20 + VAT) - £315.22 Inc. VAT ( £263.10 + VAT )

Unless agreed otherwise this will be arranged at the end of a tenancy by a third-party clerk, typically the same clerk that carried out the landlord\'s check-in.

Please note prices are subject to change and determined by the size of the property but you will be notified of the costs before this goes ahead.