Author: admin

The 11^th annual YN Property Awards Dinner 2017 took place in February at the prestigious Lancaster London Hotel, that truly hosts the best and most beautiful views of the capital city. The esteemed event is now a long-standing institution and is considered one of the finest and leading events in the property industry calendar.

The purpose of YN Property Awards is to recognise talented young property professionals and celebrate the brightest young minds in the industry. Each awards ceremony celebrates the achievements of property professionals aged 21-35 and highlights the rising stars and key talent in the industry.

This year’s event was the 11^th annual award ceremony that has truly got bigger and better as time has progressed. The dinner has gone from strength to strength attracting hundreds of guests, many sponsors and prestigious, high-profile speakers. The event is not only seen as a way to celebrate achievements in the industry but is also a great networking opportunity for guests from a wide range of backgrounds and different property sectors.

The YN Property Award are an excellent way to make valuable new contacts and to discuss the latest trends in the industry; this year the topics of discussion included; Brexit, overseas investment and the appeal of London to buyers thanks to speeches by industry greats; David Marks and Ian Marcus.

Judged by a panel of leading industry experts, the award nominations are taken very seriously, and Phillips Harrod were delighted when Adam Phillips and Simon Harrod won the award for the YN Estate Agent of the Year. This award recognises the many remarkable achievements Phillips Harrod has accomplished such as managing over 50 deals of rentals over £1,000 per week as well as notable deals of £10,000 per week, £9,000 per week and £7,000 per week. In fact, thanks to hard work put in by Simon and Adam, they have seen the company turnover double in just one year. With such staggering achievements in mind, the award has truly cemented the success of Phillips Harrod and their contribution to the property industry.

As well as celebrating the achievements in the property sector, the awards dinner also raised vital funds for Norwood charity. The event raised over £170,000 for the UK’s largest Jewish children’s, family and learning disability charity. With over 500 guests involved, fascinating guest speakers as well as comedian, Ian Royce, adding humour and fun to the event, it was truly a roaring success for, not only the winners but all who were involved.

Decisions made by the former chancellor in the 2015 Summer Budget are coming into effect in April this year which could see landlords struggle to make a profit. As the new tax changes could see landlords struggle, it is likely that tenants will have to foot the bill and that we will see up to a 30% rent increase across the market.

The former chancellor, George Osbourne created mortgage interest tax relief reforms, that means that come April 2017, landlords will not be able to deduct all of their mortgage interest when they work out their profits. It is predicted that this change will force up to two million landlords in the UK up to the next tax bracket.

The new changes were designed to make it easier for first-time buyers to enter the property market. This seems incredulous by some economists as increasing rent will make it harder for first-time buyers to save for their investment and will make it more challenging for young people to find a place to live as these changes will squeeze the supply of rental property. In fact, a recent ARLA survey suggests that in light of these new changes, 58% of landlords are considering reducing their investment in rental properties and 66% of landlords predict that the tax changes will mean there is pressure to increase rent prices.

With numerous experts predicting an adverse impact on landlords and the private rental sector, there has been increasing resistance against the Government for going ahead with these proposed changes. In fact, a Professor of Financial Economics, David Miles, predicts that rents would have to rise between 20% and 30% to offset the government impact. This is not only making life difficult for tenants struggling to afford the fees, but for landlords who may struggle to rent out their property.

With this potentially damaging situation occurring imminently, there is increasing pressure from many committees to halt the Government in this controversial decision. The Residential Landlords Association (RLA) believe there is much more that the Government can do to help landlords.

It has been found that thanks to the extra revenue raised in surcharge stamp duty, among other cost savings, that the Government has raised £1.19 billion in tax, which is £560 million more than predicted. As some of this revenue was formed from stamp duty, the RLA and many other organisations believe that this sum should be used to give landlords a break and support the rental market.

As the time is nearing ever closer, changing the reform process is now considered a matter of urgency to protect the rental market, support first-time buyers and not let the already limited number of properties available become affected.

We caught up with Super Prime Rental Experts Phillips Harrod to find how the central and North West London high end of the market has been impacted. Director Adam Phillips comments that ³on the morning after the vote we had two deals under offer (one at £3450pw and one at £2950pw) that started to wobble following the result. Within a few days of reassurance and guidance both deals were signed and the tenants moved in. I would say that this activity albeit only over a few days was indicative of how the market has reacted over the past few months. A little uncertain but essentially life moves on. We live in an uncertain world, who knows what the future holds but for now we¹re busy with enquires and will continue to service our clients and the demands of the market.² Adam Phillips Simon Harrod. Some of our other tenancies that have begun post Brexit: London Road, St John¹s Wood NW8, Asking £4400 per week St John¹s Wood Road, NW8, Asking £4950 per week. Clifton Hill, St John¹s Wood NW8, Asking £3450 per week Prince Albert
Road, Regents Park NW1, Asking £3500 per week. Please click here to download a PDF copy of the article.

https://phillipsharrod.com/uploads/2016/10/Phillips-Harrod_Oct20
16_PROOF_v4.pdf

In company terms Phillips Harrod were the new kids on the block during 2015, but with their vast previous experience and extensive connections,the company is quickly becoming a household name in the top end of the market with two of the market¹s leading agents joining forces. For full info please click on link below

https://phillipsharrod.com/uploads/2016/03/Phillip-Harrod_proof_
v4.pdf.

It¹s been an exciting journey for Phillips Harrod in 2015, see our exclusive interview in August¹s edition of Vantage Magazine. For full info please Click Here

https://phillipsharrod.com/uploads/2015/08/VAN-AUG-15-PROPERTY-P
HILLIPS-HARROD-2.pdf

Phillips Harrod sole agent for Luxurious Duplex Penthouse in Knightsbridge Coming out in the May edition of Mayfair and Vantage magazine is our advertisement as sole agents for this outstanding duplex penthouse apartment set on the 9th and 10th floors of this prestigious private building in one of the world¹s finest locations. This magnificent apartment in Knightsbridge is positioned opposite Harrods and overlooks Hyde Park offering striking panoramic views across London from the heart of the capital. For full info please click on link below

https://phillipsharrod.com/uploads/2016/03/Phillip-Harrod_proof_
v4.pdf.

At Phillips Harrod we are expecting a continued slowdown in the sales market for the early and middle part of 2015 in the run up to the general election that could result in more tenants waiting for prices to move and more would-be sellers bringing stock to the rental market. Uncertainty over the outcome of the general election is likely to boost the corporate lettings sector and London property prices will ease into a slower rate of growth than in previous months whilst the demand for corporate lettings and relocations will ensure increased volumes of lettings transactions throughout the year. Therefore we expect the rental market to be more active in 2015 than 2014. Those within the market for Prime London property who are driven by their work and/or education requirements are
either already long term rental tenants or are renting whilst they bide their time before purchasing their own property. Such an effect will demonstrate a strong demand in the prime rental market thus forcing prices to increase and stock to reduce whilst still having a number of active tenants who are both domestic and international ex patriates. Should interest rates rise during 2015, we feel that it will have a minimal impact on the housing market. If adjusted, rates are likely to increase by 0.5%. Essentially we believe that the prime London rental market looks
bright for 2015.