Hodderslife - Summer Edition

Well the warm weather is finally here but unlike the weather the housing market in June has seen a tremendous improvement compared to May. It looks like the outcome of the election has raised confidence in the market with asking prices rises of around 3pc in June taking this to a new record high. There has never been a better time to take advantage of a confident market so to see how much more your property is worth contact us today.

Rush To Buy Pushes Asking Prices To Record

House prices have shot up to record highs after the Conservative election victory triggered a rush to buy in an overcrowded market.

Average asking prices increased by 3pc between May and June as buyers and sellers reacted to the previous month’s vote, with properties going on the market at an average £294,351 according to Rightmove.

This contrasts with the 0.1pc decline in house prices in May, when buyers balked at the prospect of Labour’s proposed mansion tax and the instability of a potential coalition with the SNP.

“The unexpected election outcome has caused a strong rebound, prompting an upturn in buyer demand and helping new seller asking prices to hit their highest ever levels,” said Rightmove’s Miles Shipside.

“The election surprise has given a boost to market sentiment, driven by more certainty about future economic and taxation policies.”


The 3pc monthly rise was the highest since February 2014, and on an annual basis, prices are up by 4.5pc.
For first-time buyers, the cost of getting on the property ladder has risen by 6.2pc in a year, with the average asking price now £175,628.

Rightmove’s monthly index, which tracks asking prices and housing supply in England and Wales, showed that prices were at a new record in six of 10 regions.

A surge in demand in the wake of the election has not, however, been met by increasing supply of homes, squeezing buyers further. Rightmove said visits to its website had risen by 22pc in the last year, but the number of properties put up for sale had declined by 8.5pc.

A notable exception was at the top end of the market, where properties that would have been hit by Labour’s mansion tax flooded the market following the election.

Rightmove saw an 86pc increase in properties worth £2m being put up for sale in the 30 days after the election compared with the previous 30 days.

“That will be of no comfort or use to the mass-market which needs more choice in the right locations at more affordable prices,” Mr Shipside said.

“It could be said that this is the price of political certainty.”


Investors have rushed into UK property since the election, as the threats of a mansion tax and the scrapping on “non-domicile” tax status subsided.

According to figures from Lloyds Bank, net sentiment, the balance of investors who are optimistic about an asset against those who are negative, towards UK property has risen from 47.1pc to 55pc.

This makes it the most popular investment among the 10 that Lloyds tracks, including shares in different regions, bonds, gold and commodities.

Positive sentiment towards UK shares has risen from 26.3pc to 38.4pc, which means the collective interest in UK assets enjoyed its highest rise after the election since records began in March 2013.

At the same time, investors became more negative about eurozone shares, with politicians yet to come to a solution on Greece, and Japanese stocks.

Increasing confidence in Britain comes despite the prospect of an EU referendum, which led Standard & Poor’s to downgrade the UK’s credit rating last week.

S&P, the only ratings agency to still give the UK a gold-plated AAA rating, downgraded its outlook from “stable” to “negative”, saying an EU exit would carry “important risks to the UK’s longer-term economic prospects”.

Source: Telegraph

Rents Up Across Whole UK

Rents have risen in all 12 areas of the UK during the last year, data from HomeLet has shown.
Click here to read Rents Up Across Whole UK.

Property Jargon Buster – A Glossary of Terms

This updated guide fromOnTheMarket.comwill help to shed light on what they all mean.

Absent landlord
A landlord described as “absent” is one who cannot be contacted. If the lessees wish to create a Right To Manage Company but are unable to contact the landlord, they are free to make a legal application to acquire the right to manage.

The document you need to sign when accepting a lender’s mortgage offer.

Administration fee
A payment which is charged to cover the costs of processing a property rental application. This is paid by the tenant and will be taken from the initial monies once the tenancy starts.

Annual Percentage Rate (APR)
The total cost of a loan, taking into account interest charges, arrangement fees and other costs, shown as a percentage.

Agreement fee
A payment which is charged to cover the costs of drawing up a tenancy agreement. This is usually shared between the landlord and tenant.

The Association of Residential Letting Agents, the UK’s foremost professional body for letting agents.

Arrangement fees
These are fees charged by a mortgage lender or broker to arrange a loan.

To transfer the right or interest in a property from one person to another.

Assured shorthold tenancy (AST)
A widely used rental agreement where the tenant is an individual and net rent does not exceed £25,000 a year. It covers a fixed period, so both parties know the date the property will be vacated.

Base rate
The rate of interest which the Bank of England charges for lending to other banks. These banks then use it as a benchmark for the interest rates they charge when lending money to consumers, often stipulating an interest rate “X% above the base rate”.

Break clause
A clause sometimes agreed between the landlord and tenant to be inserted in a fixed term agreement, typically if the initial fixed term is for a year or more. A break clause will usually allow either landlord or tenant to give written notice after a particular date or period of the tenancy in order to end the tenancy earlier than the original fixed term.

Bridging loan
A temporary short-term loan enabling someone to purchase a property before selling his or her existing property.

Building inspection/Structural survey
A report on the physical condition of a property. The surveyor will look at all accessible parts of the property and give a written report on defects or issues affecting it. See also HomeBuyer Report. Not to be confused with a mortgage valuation (see below).

Capital, also known as equity, is an asset that is less liquid than cash. It represents the amount of money you have put into a property, investment or deposit.

A chain is formed when several property sales and purchases are inter-dependent. A chain can be complicated but a good estate agent will be able to help keep it moving.

Closing date (Scotland only)
A time and date by which your solicitor must submit the buyer’s best offer in writing to the seller’s solicitor.

The point at which the sale of the property is concluded and the buyer receives the keys.

Completion statement
A document which your solicitor or conveyancer will provide as a record of all the financial transactions and costs.

Conditions of sale
The specific items in a sale contract that govern the rights of the buyer and the duties of the seller.

The legal document detailing the agreement of terms between the seller and buyer. When a sale is agreed, a draft contract is sent to the buyer by the seller’s legal representative and at exchange of contracts both parties are bound to a date on which to complete the sale.

Contract race
Where two or more purchasers are given a draft contract and the first one to exchange contracts buys the property.

A representative, solicitor or licensed conveyancer, who deals with the legal aspects of buying or selling a property. The buyer and seller will each appoint their own conveyancer.

The legal process of transferring the ownership of a property.

Rules governing the property in its title deeds or lease.

Credit search references
References requested for a tenant applying to take up rented accommodation. Many agents and individual landlords use external companies who will contact the applicant’s employer, landlord and check the tenant’s credit history, providing a report on their financial suitability to rent.

Date of entry (Scotland only)
The date on which you become the owner of the property and can move in, having paid all money due.

The legal documents that prove the ownership of the property.

When buying: The amount of money paid by the buyer on exchange of contracts, usually 10% of the purchase price.

When renting: A monetary sum held by the landlord or agent for security against damage to a property or a breach of the tenancy terms. This is usually the equivalent to six weeks’ rent but may vary. If the deposit is for an Assured Shorthold Tenancy (AST), then it must be protected by one of the approved tenancy deposit protection schemes.

The Deposit Protection Service
The DPS is the only custodial scheme authorised by the Government; it is free to use and open to all landlords and letting agents. It requires a tenant’s deposit to be paid over to the DPS for the duration of the tenancy. This amount is then paid back at the end of the tenancy when an agreement between both parties has been reached.

Items that have been damaged during a tenancy. The tenant is usually responsible for the cost of repair or replacement.

The items in addition to legal fees in conveyancing. These may include Stamp Duty Land Tax, Land Registry fees, search fees, mortgage redemption costs and any other expenses. All conveyancers should be able to estimate the likely level of disbursements before the transaction commences.

Disposition (Scotland only)
The new title deed, which is required in order to transfer the title of the property into your name.

Draft contract
The initial version of the contract. This may be amended during the course of the sale but becomes final at the point of exchange of contracts.

A right that affects a property – such as the right of neighbours to pass over an access path or the right of the water company to have their pipes and drains running under the property.

Questions which are raised by the buyer’s conveyancer, often about survey or property information forms.

The Energy Performance Certificate (EPC) shows the energy efficiency and carbon emissions of a property and gives an indication of the fuel bills. It is displayed as two graphs – the energy efficiency and environmental impact of the property. Each is graded from A (the best) to G (the worst).

Your equity in your property is how much of it you own. It is the difference between the value of your home and the mortgage you still owe. Negative equity occurs when you owe more to your lender than the sale price of the property.

Exchange of contracts
The buyer and seller both sign the contract for sale and at a certain time and date the conveyancers action the exchange. At this point, the sale is binding and no terms may be altered.

Fixed price (Scotland only)
The price the seller should accept for their property, although there is no guarantee and it might be possible to negotiate.

Fixtures and fittings
When buying: Fixtures are items that have become part of a building or land and are therefore included in the sale. Fittings are not attached to the building or land and so are not included in the sale unless otherwise agreed. The seller will complete a fixtures and fittings form that will confirm what is included in the sale, what isn’t included, and what is for sale separately.

When renting: Items usually provided in a letting that may include curtains, carpets, blinds, light fittings, kitchen units and appliances. In some cases it may also include furniture. It is advisable to check what is provided and not to assume that items will be provided.

The broadest form of property tenure guaranteeing that occupation continues for an indeterminate period of time. This contrasts with leasehold, which is always subject to a specified period of occupation.

Gas safety record
A certificate that states all gas appliances, pipework and flues are safe. It is a legal requirement for all landlords and must be provided every year by a CORGI registered engineer after a safety check.

Where a sale is agreed to a buyer at a certain price and then the seller accepts a higher offer from another buyer. Note that until contracts are exchanged estate agents are bound by law to tell a seller about any offer they receive for a property.

Where a buyer reduces their offer just on the point of exchanging contracts.

Ground rent
The annual charge levied by the freeholder on the leaseholder of a property.

HomeBuyer Survey/Report
A report designed in a standard and easily read format that tells a buyer about the physical condition of a property. Lists defects and grades their seriousness and need for attention. Not as detailed as a structural survey. Not to be confused with a mortgage valuation (see below).

Home Report (Scotland only)
Information on the property, which contains a property questionnaire prepared by the seller, a report on its condition and an energy report.

A list of the contents of a rental property. The inventory will note the condition of items and will form the basis of a dilapidation report at the end of the tenancy. It often includes photographs of specific items and existing damage/defects.

Land Registry
A government office which is responsible for holding records of land ownership and any charges, including mortgages, against the property.

Land Registry fee
A fee charged by the Land Registry to record the change of ownership of a property.

The legal document governing the occupation by the tenant of a premises for a specific length of time. At the end of the period the property reverts to the owner.


The use and occupation of a property by way of a lease agreement for a certain period of time. A lease is frequently applicable to flats but can also apply to houses. The term of a lease varies but is commonly 99, 125 or 999 years.

Listed building
Buildings of special architectural or historic interest. A listed building may carry certain obligations and restrictions governing its use, repair, and maintenance.

Local authority search
A buyer’s conveyancer makes a formal enquiry to the local authority to find out if there are any matters affecting the property that is being purchased.

Maintenance charge or service charge
Many leasehold properties (especially flats) are subject to such a charge which pays for items such as the insurance and maintenance of the building.

A flat with its own private entrance.

Missives (Scotland only)
At the point when you agree in writing via your solicitor to all the points in the contract, the agreement is known as the conclusion of missives and you are now bound by the terms of the contract.

Mortgage valuation
Very commonly and incorrectly referred to as a “mortgage survey”, the mortgage valuation is carried out by a surveyor acting on behalf of a lender to provide them with a professional report stating the value of the property. The purchaser usually pays the fee for this valuation.

Multiple agent instructions
Where more than one estate or letting agency firm is instructed by a seller or landlord to offer a property for sale or to rent.

The National Association of Estate Agents, the UK’s leading professional body for estate agency.

Negative equity
Where the sale value of a property is less than the amount outstanding on the mortgage.

Note of interest (Scotland only)
This registers your interest in a property so that you will be told if any other offers are made on it. It does not oblige you to buy the property.

Open house (or open viewing)
A process, normally managed by an estate agent, where several house hunters are given a time of a few hours when they can all go and view a property for sale instead of separate, private viewings.

Open market value
The likely sale price of a property assuming a willing seller and a willing buyer, with a reasonable period of publicity and marketing and no special factors affecting the property.

Peppercorn rent

A very low sum of rent or ground rent. In the past it was, literally, a peppercorn.

Preliminary enquiries
When a sale is agreed, the buyer’s conveyancer will send the seller’s conveyancer a standard list of questions about the property.

Property auctions
A sale conducted at a certain time by an auctioneer, either online or at a physical location, where competing buyers bid openly for a property and the highest bid wins. The purchase is binding on the fall of the hammer.

The Property Ombudsman
The Property Ombudsman offers a free and independent service for resolving disputes between sales and letting agents, which are members of The Property Ombudsman, and buyers/sellers of residential property in the UK.

The person buying a property.

If a mortgage is not paid over a period of time, the lender may ultimately take ownership of the property by the process of repossession.

These are conducted by your lawyer to check if there is anything that might affect the current or future value of the property. It is compulsory to have a local authority search before exchanging contracts.

Share of freehold
This is when the freehold of the property is owned by a limited company and the shareholders are the owners of the property, usually the owners of flats within that building.

Sole agent
Where only one estate or letting agency firm is instructed by a seller or landlord to offer a property for sale or to rent.

Sole selling rights
Where an estate agency or person is granted “sole selling rights” by the seller of a property, they will be able to claim an agreed fee regardless of who actually introduces the buyer.

Stamp Duty Land Tax (SDLT)
The tax paid to the government by the purchaser of a property. Rates of SDLT can vary. Changes in December 2014 mean that the tax rates are “banded” progressively in the same way as income tax. Nothing is payable on the first £125,000 of the purchase price. From £125,001 to £250,000 2% is payable and from £250,001 to £925,000 the rate is 5%. £925,001 to £1.5 million is 10% and over £1.5 million it is 12%.

Subject to contract
Where contracts are still not exchanged and nothing is yet legally binding on either seller or buyer.

This is a report prepared by a qualified building surveyor to check the structure for any faults. Home owners can choose from three main types of structural survey, depending on how much information they want.

Possession of a property by a tenant under the terms of a lease.

Tenancy agreement
The legal agreement governing the occupation of a property by a tenant.

Tenancy Deposit Scheme (TDS)
An insurance-based scheme run by The Dispute Service Ltd. for the protection of tenancy deposits and the resolution of disputes between landlords, agents and tenants concerning the return of deposits at the end of a tenancy. It is one of three schemes approved for tenancy deposit protection.

The person who has temporary possession of a property under a lease or tenancy agreement.

The mode of holding ownership of a property: for example, leasehold or freehold.

Title burdens (Scotland only)
Conditions included in the title deeds, including restrictions on use, rights and obligations.

Title deeds
Documents detailing and confirming the legal ownership of a property.

Transfer document
The final legally binding document that transfers the property and all its rights from the seller to the buyer.

Under offer
A property becomes “under offer” when a seller accepts an offer from a buyer and the legal processes of the transaction begin.

Valuation (or market appraisal)
A term often used by estate agents to cover the process of them giving an opinion of the open market value of a property.

The person selling a property.

Source: OnTheMarket

Property Remains a Predictable and Stable Investment

Since pensioners were granted full control of their retirement savings in April of this year they have more investment opportunities than ever before and many are looking to property as an alternative to annuities, shares and bonds. Figures reported suggest some 70% have opted to drawdown all or part of their retirement wealth and invest this in various forms of residential property.

“Compared to investments in the stock market, property remains a far more predictable and stable option in the longer term and we have definitely seen an increase in new investment landlords over the last couple of months.” said Chris Howe, Sales Manager of Hodders. “Combine this with the very buoyant period we are experiencing in the lettings arena we are seeing good returns with high yields available.”year they have more investment opportunities than ever before and many are looking to property as an alternative to annuities, shares and bonds. Figures reported suggest some 70% have opted to drawdown all or part of their retirement wealth and invest this in various forms of residential property.

Hodders offer a joined up approach to new investors by providing them with access to our ‘Buy to Let’ department at the early stages of the process.

“Most of our new investment landlords have never let a property before and the process can be seen as very daunting. We can assist investors interested in residential lettings investments from first time landlords through to portfolio landlords, where we can follow a defined investment brief, as well as help developing a new strategy or evaluate an existing portfolio to ensure you are maximising your investment” said Matthew Cefai, Lettings Manager at Hodders.

By working closely with our specialist investment team, our consultants are best placed to advise you on the latest markets trends and offer lettings advice on a potential investment property from the outset.

We can guide you through the entire acquisition, from sourcing the right property for your requirements through to the management of the let. Our specialist investment team are experienced in sourcing, letting and managing residential property investments and have an excellent local knowledge of the market.

When marketing your investment Hodders can target a range of tenant demographics best suited for your property. We can also help you with the other essential services you need such as investment finance, letting legal essentials, marketing and presentation advice and bespoke insurance packages.

With these new found freedoms, there has been a sharp rise in demand from pensioners for experienced and qualified advice on what retirees can do with their savings as they decide how to make use of their pension pot.

If you are looking to start a portfolio, increase your existing one or would like advice on your current portfolio we would be delighted to have a no obligation consultation to explain how we can help.

Call our specialist investment team today on 01784 770461 or email info@hodders.net for further information.

Top Properties Ideal For Investment Buyers



Argent Close, Egham
Asking Price £310,000
Estimated Monthly Rent £1250.00
Contact 01784 770461
Further Information

     Bourne Place, Chertsey
Asking Price £279,950
Estimated Monthly Rent £1100.00
Contact 01932 562321
Further Information



Warwick Deeping, Ottershaw
Asking Price £439,950
Estimated Monthly Rent £1,500.00
Contact 01932 874777
Further Information

    Albert Road, Addlestone
Asking Price £395.000
Estimated Monthly Rent £1,475.00
Contact 01932 807580
Further Information

For a complete list of available properties click here.

Local Events

Well summer has finally arrived and fingers crossed for some great weather next weekend as we are pleased to support two of our local schools. 

If you're in the Ottershaw area on the 26th June why not pop along to the Ottershaw C of E School.


If you can't make Friday why not come along to St Anne's Primary school in Chertsey on Saturday to see what going on.


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