- BEST Property Services

AGENTS REPORT MAJOR INTEREST IN NEW BUILDS IN NEWRY AREA

Best Property Services have reported a significant upward trend in new development properties with a number of new residential developments sold out within the year bucking the trend of the general property market.

The residential team at Bests have noted significant new enquiries for new developments in recent months which are stilted by a lack of supply of this type of property. Case in point is Tobar Blinne, on Chapel Road in the picturesque village of Meigh. Built by Dunmore Construction Ltd, the company has had previous success with developments in Lisnisky Mews (Portadown) which scooped a coveted Construction Register Limited award for Excellence for Best Large Development in 09.

The first phase of Tobar Blinne was a highly successful mixed development which sold out within 18months of being launched and that's quite significant given the economic landscape during that time. The second phase which has just been launched is already gaining attention among savvy buyers who want to snap up a 3-4 bed property in a good location and Best have reported a significant interest in booking off plan with one deposit paid within weeks of the Phase II sign being erected.

Phase II, which has 7 remaining semi detached and townhouses on Chapel Road, is enhanced by the back drop of Slieve Gullion. The properties are 3-4 bed turnkey homes starting from £107,500 - £120,000 â the upper bracket in the first phase was £120, 000 when launched 18 months ago. In total the development comprises 29 homes.

Best Property Residential Sales Negotiator Siobhan Phillips says the interest in new developments is growing significantly. "There is a perception out there that there is no movement in the property market but we've had significant success with new developments recently for example Ravensglen in Newry which completely sold out this year and the first phase of Tobar Blinne which sold out very quickly. The sign for the second phase of Tobar Blinne had just gone up and within days I had enquiries for a number of the properties. Woodvale, Derrymore Road, Bessbrook has also been very successful. It's a development by Colm Meehan Homes of 20 properties - 12 are already sold and the final phase of eight properties is available from Â£120 fully turnkey which is ideal for first time buyers.

"New developments and townhouses are a market sector which commands major interest and yet supply is still quite limited in Newry at the minute."

"One notable mini trend is that a number of buyers work across the border and the location of Newry and in particular the new development in Meigh seems to be very appealing to reduce that commute to work."

For more information contact Siobhan Phillips in Best Property Services, tel 028 3026 6811 or view online at www.bestpropertyservices.com. Two showhouses available to view for Woodvale, Bessbrook.

LAND TRENDS - 2011 in review

hile the property market has over the past 12 months demonstrated a now familiar downward trend, agricultural land continues to remain the exception and is highly sought after.

Land continues to be in short supply as historically land owners are reluctant to part with acreage, however so called 'forced sales' and changing economic circumstances have resulted in a relatively small number of land holdings changing hands throughout 2011. As a result buyers have had to be savvy to compete with other interested parties and successfully add to their land portfolio.

Garry Best, Director with Best Property Services explains: "The growing demand for land in recent years can be attributed to a number of changing factors including confidence in farm business future growth and stability; agricultural relief from Inheritance Tax as well as alternative sources of energy competing for acreage. Globally a rise in world grain prices and the focus on a growing world population and the need to increase food production from land has had an impact on demand for land and subsequently value.

"This year we've seen a small number of forced land sales, often originating from lending institutions taking security of land in 'the boom years' and having to realise this security when insolvency arises. In these cases the variance below market value has tended to be from 20%-50% as a result of the lender and the individual looking for a satisfactory resolution in difficult financial circumstances. These kind of sales can provide opportunities for buyers and in most cases family members or related parties have been able to provide solutions to keeping the land within the family."

While most property agencies have experienced a decline in selling prices and volumes of property sold since the market peaked in 2007, one service in greater demand is property acquisitions.

Serious buyers who want a specific property or to build a portfolio of properties are more regularly engaging Land Agents to tap into their knowledge, negotiating skills and network of contacts within the industry to achieve better value in the purchase, than the individual could otherwise do on their own.

"With so much uncertainty of values and lack of sales evidence in some categories, buyers can benefit from retaining an agent to acquire on their behalf in order to take full advantage of the current 'buyers market. This service also provides a level of confidentiality for the purchaser, in that if they are unsuccessful, the vendor is not informed as to the name of the person the agent was acting on behalf."

Looking to future trends for 2012, Garry says it's back to basics for the market, with the old adage of 'Quality not Quantity' being the corner stone.

"Location was often forgotten by property developers and purchasers between 2002-2007 which became an expensive mistake for many.

"What has become apparent throughout 2011, is that the few buyers who have money to invest are highly selective in favour of 'prime location' land and aren't looking to simply accumulate assets because they are offered at bargain rates. Looking forward, the market will shift to focus on quality of location over quantity of assets," Garry concludes.

BEST BROTHERS BACK GARRY'S 1000km CHARITY CYCLE

Last week (July 30) Banbridge RFC hosted a night of sporting entertainment combining the sporting expertise of Irish rugby legends, premier boxing, GAA stars, local cricket and golf sporting stars in a venture to raise funds for Banbridge RFC and the IRFU Charitable Trust which supports seriously injured players.

The 'Question of Sport' themed event raised significant funds for the club and also the Trust's main event for 2011 - an ambitious 10 day cycle in NewZealand. Banbridge RFC member and Newry business man Garry Best (Best Property Services) is set to take part in the IRFU Charitable Trust's World Cup Cycle.

He and 30 cyclists from Ireland will travel to New Zealand in September at their own expense to cycle 1000km of New Zealand's South Island in just 10 days.

Garry called upon his nephews Simon and Rory Best to help support the fundraising effort in advance of the September trip and the night featured Sky Sports pundit and former Banbridge player Tyrone Howe, Commonwealth heavyweight champion boxer Marty Rogan, Down Gaelic football star Marty Clarke, former Irish cricket captain Kyle McCallan and professional golfer Richard Kilpatrick.

Garry says: "I've always enjoyed cycling and have participated in several Co-Operation Ireland (200 miles over 2 days) cycles in recent years. I enjoy new challenges and couldn't resist the combination of New Zealand scenery, the cycle event and at the same time the chance to fundraise for a cause that's very close to my heart. Rugby has always been an influential sport with the Best Family and I wanted to take part in this event to contribute to the charity which offers fantastic support players who suffer serious injuries."

Tax warning on under-valued probate properties

HM Revenue & Customs is clamping down on the under-valuation of probate properties Best Property Services has warned. In thousands of cases it has insisted on a revaluation so that more Inheritance Tax (IT) is handed over, and has also levied huge fines.

IT is payable if the assets of an estate total more than £325,000. In many cases, the deceased person's property is by far the major asset in an estate and this alone can eat up most of the threshold. Surveyor Gerard Kelly says in recent months he's noted that Land Property Services are now scrutinizing farms more closely to try where possible to identify hope value over and above Agricultural value.

Brian Clarke, one of seven chartered surveyors with Best Property Services has cited a recent local case which demonstrates the difficulties land owners face. "I'm dealing with one case at the moment where a landowner came to us after having obtained a valuation from another firm. He submitted it to HMRC who queried it. When the valuation was referred back to the firm requesting supporting evidence - the firm had no evidence to back up their figures. He's since approached us to step in and resolve the disputed valuation as we offer the security which the RICS chartered status brings.

"A Chartered Surveyor can provide the relative data such as recent sales and market comparisons from multiple sources and will give the beneficiaries and executors the information they need to prove the property has been accurately valued.

"This not only shows a clear audit trail for compliance purposes and proof of duty of care for the beneficiaries, but will ensure that the estate does not incur unwanted tax penalties in the future," Brian adds.

John Doherty of Prescott Executorships and Trustee Services Limited, Newry, warns that in cases where HMRC says executors have failed to demonstrate that they have taken 'reasonable care' to ensure a property valuation is accurate, the estate and its beneficiaries could face fines of up to 100% of the additional tax liability, as well as the extra tax due.

John explains: "In reality what this means is that if a property is undervalued by £10,000, this could result in an additional £4,000 tax, plus, say, a 30% penalty of the additional tax, making a total of £5,200. That is a significant sum of money to raise for the estate or the beneficiaries."

HMRC has said that only about 3% of estates pay any inheritance tax at all, but when the value of the property can materially affect the tax payable, it's only right they confirm the value offered. They describe it as a 'routine check', not an investigation, which they say in most cases simply confirms the value offered.

Gerard Kelly of Best Property Services concludes: "The fact that HMRC is investigating the valuation of properties left by the deceased highlights more than ever the importance of getting an accurate valuation at the very start of the property sales process."

BEST BROTHERS BACK GARRY'S 1000km CHARITY CYCLE

Best Property Services are celebrating over 120 years in business in the City this month with events and sponsorship of a number of local charities.

On Saturday, July 30, Banbridge RFC will host a night of sporting entertainment combining the sporting expertise of Irish rugby legends, premier boxing, GAA stars, local cricket and golf sporting stars in a venture to raise funds for Banbridge RFC and the IRFU Charitable Trust which supports seriously injured players.

The 'Question of Sport' themed event will raise funds for the club and also the Trust's main event for 2011 - an ambitious 10 day cycle in NewZealand. Banbridge RFC member and Newry business man Garry Best (Best Property Services) is set to take part in the IRFU Charitable Trust's World Cup Cycle.

He and 30 cyclists from Ireland will travel to New Zealand in September at their own expense to cycle 1000km of New Zealand's South Island in just 10 days.

Garry has called upon his nephews Simon and Rory Best to help support the fundraising effort in advance of the September strip.

Brothers Simon and Rory will go head to head against each other when they captain their respective teams in A Question of Sport.

The quiz will be hosted by Sky Sports pundit and former Banbridge player Tyrone Howe, and the two teams will feature former Commonwealth heavyweight champion boxer Marty Rogan, Down Gaelic football star Marty Clarke, former Irish cricket captain Kyle McCallan and professional golfer Richard Kilpatrick.

"I've been doing some extra training but 10 days cycling to cover 1000 km will be a new milestone for me. This event on the 30th July will be a great opportunity to support both the fantastic work of the IRFU Charitable Trust as well as help raise vital funds for Banbridge RFC for the forthcoming season so I hope it's well supported."

The night will also include comedy from Irish rugby legend Mick Quinn and music from Fiddler Adam, while a hog roast dinner is included in the price of the ticket.

Tickets cost £20 and will be available to buy online www.banbridgefc.com or at Best Property Services.

Full details of the Charitable Trust's World Cup Cycle www.irishrugby.ie/charitabletrust

BESTS' CELEBRATE 120 YEARS IN NEWRY

Best Property Services are celebrating over 120 years in business in the City this month with events and sponsorship of a number of local charities.

"For over 120 years, the Best family has been involved with property and agricultural sales in this area which is a real milestone for all of the people who've contributed to the business since it was established by my grandfather's uncle in the late 1800s. The directors feel very proud to be the caretakers of this business which has such a long standing history with the people of this area and to continue to develop it services and profile to the highest industry standards."

The South Down firm was first established by Robert Whiteside -Garry Best's grandfather's uncle - in the 1890s based in Pontzpass and was later joined in 1910 by John Best which saw the practice change its title to Whiteside & Best. At the time the firm primarily handled farm land sales and auctioned agricultural machinery.

By 1925 the business was known as John Best until the 1950s when it was retitled John Best & Son when JC (Don) Best joined his father in the business. A Queen's graduate with an Agriculture degree, and manager of his father's 300 acre holding, Don became Chief Auctioneer of the Ulster Farmers Mart and later a director.

In the 1970s Craig Best joined the firm and they moved the office to premises on Trevor Hill. Known as an auctioneering business with strong ties to land sales, under Craig's direction, the firm developed the residential and commercial aspects of the business and created relationships with lending institutions to provide property valuations. Given the history of the 70s and 80s in the border town, the company also provided a loss assessment and criminal damage claims services to businesses.

In 1980 Garry Best commenced his career in property and he moved the business in 1989 to its current location at 108 Hill Street and changing the trading name to Best Property Services.

Conor Mallon joined Best Property Services in 1987 and became a director in 1997 while Ciara Aiken joined the team in the early 1990s and was appointed a Director in 1997. At this time, the business expanded rapidly and they broadened the scope of the business to provide property services across most of NI.

In 2004, Bests were able to buy the adjacent property at no 106 Hill Street and both buildings were completely refurbished in 2005 as part of a £400k investment in improving the brand profile and IT services offered to clients.

Today Bests have an unrivalled reputation for auctioning, handling in excess of 90 auctions annually and at its peak in mid 2000, managed over £100 m in residential and commercial sales in a 12 month period.

The firm has a team of seven RICS Registered Chartered Surveyors, making it the largest team of registered surveyors outside of the Greater Belfast area.

As part of their anniversary celebrations, Best Celebrations will erect a banner on the office building, and some themed staff events are planned for later this year.

HOUSE SALES UP 83% ON APRIL

Figures from Best Property Services show an encouraging upward trend in sales in April 2011 compared to the same period last year.

Sales of residential properties went up by 83 % percent with an increase in the value sold of + 28 % compared to the same month last year.

The figures are based on sales agreed during the month of April 2010 compared to April 2011.

April 2011 figures were primarily residential sales of mainly entry level properties within the Newry and Armagh area.

Over 40 % of sales achieved in excess of the guide price mainly due to multiple bidding on properties.

Residential Sales Advisor Adrian Doran says: "It demonstrates what we've been saying this year that transactions are on the rise which is an encouraging sign. In many cases the price achieved exceeded the guide price and this is due, in the main, to multiple bids from motivated buyers and this is a trend we haven't seen for a while. These figures suggest a growing interest in the first time buyer market that not yet being met with supply so this might be an opportune time for investors to release equity in this kind of property in a market that's moving quickly."

For more information on sales contact Best Property Services, tel 028 3026 6811 or see www.bestpropertyservices.com .

New Professional Status for Six of Best' Valuers

From next month, the Royal Institution of Chartered Surveyors is to introduce a new Valuer Registration Scheme with the aim of protecting consumers and raising valuation standards and public confidence in property valuation.

The new scheme has been introduced by the RICS following the pressure on the market following the downturn and the need for accurate valuations to instill market confidence.

Best Property Services, South Down's leading agency, has embraced the new scheme and by 30th April when it becomes fully operational will have six Chartered Surveyors all of whom are RICS Registered Valuers - making it the largest team of Registered Chartered Surveyors in the region.

Ciara Aiken, Commercial Director, explains: "This is a real turning point for our industry and will raise the valuation standards to a new professional level and instill public confidence. This scheme will ensure all that members apply the highest industry standards, allowing consumers, banks and other professionals have complete confidence in valuations offered by RICS Registered Valuers.

"It' comes down to trust. Property and land owners, buyers and lenders are all challenged by difficult economic circumstances, limited lending, wage cuts etc. They need to have complete confidence on the value placed on their property by a professional RICS Registered Chartered Surveyor."

This scheme is aimed at removing public and professional concerns about consistency and accuracy of valuations in difficult market conditions.

Members of the scheme are continually monitored to ensure best practice and RICS Registered Valuers will be the best regulated qualified and experienced professionals in the sector.

Many leading banks in the commercial, residential and rural sectors have welcomed the new scheme and confirmed that they will be working with RICS Registered Valuers only.

For more information on commercial or residential valuation contact Best Property Services, tel 028 3026 6811.

COST OF LAND STABILISING

Recent research from Best Property Services suggests that the cost of land sales is stabilising in contrast to the commercial and residential market.

Reviewing recent land sales in Co Armagh and Down Garry Best, MD of Best Property says in that over the past decade, farmland in Northern Ireland has shown similar price trends as residential and commercial property - rising to a peak in 2007 and subsequently reducing, however land costs look set to level off this year.

Garry explains: "The main factor influencing the differential between farmland versus residential or commercial property is supply. The culture of land ownership within Northern Ireland continues to hold a strong historical significance where land is held during the owner's lifetime to be passed onto the next generation. This factor does not change with 'booms and busts' and is the most significant influencing factor in the limited supply of farmland on the open market in Northern Ireland."

While there is no shortage of residential or commercial property on the open market, agricultural land is still a scarce commodity for those buyers seeking good quality land that is well located.

During the past 12 months, Best Property Services have noticed a significant increase in interest in the 50-70 acre size holding from business people and those actively involved in farming.

Garry says: "While some of these potential buyers may have sold off Building Sites in better times, or lost land to new roads or development, the evidence would suggest that money is readily available to acquire good quality, well located land."

There is still a wide variance in price between poor quality land in a remote rural location, compared to top quality land close to a main route, varying from £2,500 per acre to £12,000 per acre.

"In the last four months, two good quality, well located 80-acre farms were sold within County Armagh and these fetched around £11,000/acre (non-residential) and close to £14,500/acre for the second farm which included a good habitable farmhouse.

That contrasts significantly with small parcels of land in more remote upland areas of East Down, which are changing hands at figures between £3,500-£6,250 per acre," he adds.

Over the next 12-24 months, Garry suggests we may see a widening divide between prices for top quality land versus poorer land, but with good levels of demand and evidence of non-bank liquidity available, prices for good land look likely to remain stable.

For more information contact Garry Best at Best Property Services, tel 028 3026 6811 or email gary@bestpropertyservices.com

FOR PRESS INFOMATION CONTACT CATHERINE MCGINN AT MAC PR, TEL 028 4173 9017 or info@macpr.co.uk

PRESS RELEASE

Tuesday, February 08, 2011

Busy Rental Market Offers Investors High Returns

Best Property Services are reporting a high demand for rental property since the start of the year from investors who see the opportunities for attractive returns.

Adrian Doran from Best Property Services residential team says the rent sector is one of the busiest sectors of the market for a number of reasons. "At the minute there are a number of good finance deals available which are offering a good return on investments.

"Terraced properties and entry level first time homes are valued at £60,000-£85,000 in general.

If we looking at an example terrace property at £75,000, the buyer has to finance that with 30% deposit, leaving a loan of £52,500k. There are a number of interest only deals available which they can get at 4.39% which leaves a repayment of £192 a month*. Rental rates are on average £450 a month which represents a significant return."

Adrian reports that rental rates are also holding well at the minute and demand is high. Best Property Services has a significant and growing database of interested tenants and buyers looking for suitable properties. The terraced sector has shown a dramatic increase in transactions in the final quarter of 2010 - up by 77% on 2009 figures, despite the difficult economic setting.

While values were lower than 2009 in keeping with the property market trend in general, terraced properties and starter homes that are well priced are selling quickly- recent figures show an average of 60% of properties selling in less than 49 days from going on the market.

For property owners not ready to sell, listing it for rental is an immediate way to generate income from the property.

Gordon Storrie from Ashtree Financial Services - Best Property Services finance partner adds: "For cash investors at £75,000 - they can expect an annual return of 7.2% which is significantly higher than some of the best bond rates available.

"Financing deals are also become more readily available and there is more competition being offered to banks through Building Societies and other private sources which is making funding investment property purchases more flexible than it has been in recent months. With annual yields up to 7% on offer, buying property as an investment is quickly becoming an attractive proposition again to those with investable cash."

FOR INFORMATION ON RENTAL LISTINGS CONTACT ADRIAN AT BEST PROPERTY SERVICES, 028 3026 6811, www.bestpropertyservices.com

FOR INDEPENDENT FINANCIAL ADVICE CONTACT GORDON STORRIE AT ASHTREE FINANCIAL SERVICES, TEL 028 3026 2026, www.ashtreefinancial.co.uk

Your home is at risk and may be repossessed is you do not keep up repayments on your mortgage.

ENDS

*Rates based on current CBS tracker product at time of writing.

FOR PRESS INFORMATION CONTACT CATHERINE MCGINN AT MAC PUBLIC RELATIONS, TEL 028 4173 9017, info@macpr.co.uk

PRESS RELEASE

Monday, January 24, 2011

2010 in review

This week Best Property Service figures showed that the volume of transactions rose by 20% in 2010 compared to figures from 2009. These included resales, land and commercial sales.

The leading South Down agency reviewed property transactions throughout 2010 which showed emerging patterns in some residential sectors. In general the average sale price for 2010 was £115 k (figures include a high % of terraced & starter homes) and on average vendors achieved 99.4% of the original asking price.

Terraced properties in particular showed a high volume of transactions - in fact up 77% on 2009 figures, despite the difficult economic setting.

The detached sector showed slowing transactions through 2010 which may change in 2011 if bank financing becomes more available to interested buyers and confidence increases.

Another developing pattern is a growing demand for well priced starter homes that's not being met by supply.

Director Gary Best says: "The shortage in the starter homes market is something we'd predicted last year that we are starting to see happening already. If property owners have been holding on to investment properties that would suit this market then I'd advise them to get in touch as this could be the year to free that investment cash. Well priced properties are selling quickly- our figures show an average of 60% of properties selling in less than 49 days from going on the market."

Looking at the commercial sales data for 2009-2010, the property market has changed significantly as a result of uncertainty in financial markets, lack of consumer confidence and the economic crisis.

While the lack of liquidity in the Banking System has made an impact on the level of sales, it's reassuring to see that there are still a good volume of transactions taking place, says Commercial Director Ciara Aiken.

"Values may have fallen but the business of buying is still very active with 20% more commercial properties sold in 2010 than 2009. The types of property ranged from commercial development sites to retail units, licensed premises and offices - mainly purchased by owner occupiers."

Figures show that lettings market has been the commercial winner throughout 2010, with an increase in the level of rentals up 23% on 2009 figures annually.

"Without the financial support from banks and other institutions to resource commercial property purchases we're likely to see an increase in the supply of property coming to the market which may well have an effect on rental value, given increasing levels of competition.

"In this scenario landlords need to be more flexible to secure the tenants they want and consider introducing incentives, such fitting out a unit so a potential client can walk in and start trading immediately or financial incentives such as rent free periods or stepped rental arrangements," Ciara adds.

For more information on residential or commercial sales contact Best Property Services tel 028 3026 6811 or see www.bestpropertyservices.com

FOR PRESS INFORMATION CONTACT CATHERINE MCGINN, MAC PR, TEL 028 4173 9017/ 077 2029 4413 INFO@MACPR.CO.UK