A guide to new homes in Surrey

With 'New Homes Week' for 2009 at an end, Barton Wyatt updates us on the new homes available in Surrey and why buyers should seriously consider investing in a brand new property.

James Wyatt, Senior Partner, comments, "As an agency situated in the heart of Virginia Water, we are lucky to find ourselves with a range of new homes on our books, from the developer new builds situated in Virginia Water itself and surrounding towns to the Wentworth Estate where new homes can be found on a somewhat grander scale.

It has often been the trend in Wentworth, for example, for buyers to seek out older homes on excellent plots in order to knock down and re-build to their own specification and design. In some respect these owners as doing just as developers are these days but on a smaller scale. New home developers today, provide properties, often on brown-field sites, with homes that suit our current lifestyles. This includes the apartments for young professionals, starter homes for families and the larger detached properties and town houses for families close to schools and amenities with the benefit of 'all the work being done for them'. Even so new homes offer the budding DIY-enthusiast a blank canvas on which to stamp their own mark should they wish to. It is a myth that home renovations of older style properties is the only way to achieve this.

Just as a new bespoke Wentworth Estate home will include all the latest in modern home technologies from surround sound systems, integrated security systems, to ultra modern kitchen and bathroom furnishings and accessories, so can your new home from quality developers. It is also possible for buyers to have a say in the property design internally and externally. At Charles Church's Cascades development in Virginia Water, for example, buyers are able to decide on the layout of non-load bearing internal walls allowing you to tailor your home to suit your particular lifestyle.

A new home today must adhere to strict government compliance rules on build specification resulting in far more environmentally-friendly properties with an excellent standard of finish. Most developers also offer buyers the peace of mind of build warranties such as the NHBC warranty.

Just as we thought we were all safe in our property purchases, gazumping has made a return to the market. There have been reports of recent and sustained house price rises in certain markets resulting in owners dropping buyers to get the best possible price for their homes. Equally, with interest rates at their lowest mark since the Second World War, those who have been sitting out the recession are now finding themselves financially in a position to move. With house values overall having also dropped buyers looking to move up the ladder are finding that they can afford a lot more for their money and so in some cases are out bidding their rival buyers to secure their homes. Of course with new homes complicated property chains are avoided as you are buying homes without a chain direct from the developer. For many this is a huge appeal to reduce the 'stress' of moving home.

Barton Wyatt's reasons to buy 'new':

• More environmentally friendly than older properties
• Can include the latest in technology and bespoke additions
• No long chains to be caught up in
• Developer incentives and buyer rewards
• Most come with 10 year warranty protection
• Homes built to suit peoples' lives today
• You don't need to renovate to put your 'stamp' on a property, new homes come as a blank canvas

Barton Wyatt provide luxury golf villas in Florida and select golf villas in Spain.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt Letting Agents Surrey. Tel: 01344 843000

Surrey a safe haven for international buyers

The combination of a weak pound and the prediction of the UK property market bottoming out have been drawing international buyers from all corners of the world, however it isn’t just London city lights appealing to overseas buyers. A niche location in Surrey has been carved out as a safe haven for foreign nationals, seeking the best of all worlds.

The Wentworth Estate, in the heart of Surrey has long been synonymous with wealth and exclusivity and today it is this distinctive living which has drawn international buyers mainly from Russia, Kazakhstan and South Africa. Bricks and mortar in the UK is deemed to be a safe investment compared to fluctuating oil shares for example, in Russia, on which their economy is dependent. According to James Wyatt, Senior Partner of Surrey estate agency Barton Wyatt, “Wentworth is a secure and safe environment for high profile, wealthy overseas investors which is one of its greatest appeals. For the last 3 years or so, we can count on international buyers making up at least 10% of all sales and predominantly they buy on the Wentworth Estate.

“For the wealthy families, there are exceptional schooling opportunities nearby with many renowned private schools such as Eton College, St George’s Ascot and St John’s Beaumont only a short distance from Wentworth. In addition, there are two international schools, ACS in Egham and TASIS in Thorpe.”

International buyers certainly haven’t been put off by the lack of credit from our troubled banks, nearly all the buyers pay with cash for their luxurious UK pads; properties with asking prices ranging from £3m to £10m or more. The likes of Highgate House currently on the market on the Wentworth Estate with its imposing formal pillars framing the Georgian exterior, 6 bedrooms with walk in dressing rooms and en-suites set in Wentworth’s roomy 1,750 acres will appeal to international buyers and with a price tag of £4,750,000 is an affordable cash purchase.

James continues, “Property features we regularly have requests for, include home security, staff quarters, high ceilings and general high tech gadgets. If their chosen home doesn’t have the immaculate finish they are looking for then there will be no qualms in completely refitting to their standards, despite many of the houses being newly built, complete with £100,000 kitchens”.

Due to supply and demand for this level of house, it seems that despite many of the majority buyers today seeking property bargains and negotiating hard on the asking prices, on the big ticket houses negotiations are frugal with 10% reductions on the prices being achieved at very best.

The Wentworth Estate has it all for international buyers, first of all an international community, the security, close proximity to London, private and international airports, and importantly it offers the size and specification of property that only a £10m cash buyer would expect!

Barton Wyatt provide luxury golf villas in Florida and select golf villas in Spain.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt Letting Agents Surrey. Tel: 01344 843000

Riffa Views draws interest to Bahrain

The 13th to 15th November 2008 will see top golfing stars descend on the Middle East - as they head to Bahrain for the Riffa Views Invitational. Colin Montgomerie (winner of eight order of merit titles and 31 European Tour wins), Retief Goosen (twice US Open Champion), Michael Campbell (US Open Champion) and Camilo Villegas (twice victorious on the PGA Tour this year) will visit Riffa Views for this exciting Skins competition.
 
Riffa Views, known as 'the most distinguished residential address in Bahrain' and the first residential golf resort in the island Kingdom, features a Montgomerie-designed 18-hole championship golf course and it is the completion of this that the Invitational celebrates. Playing for a prize of $250,000 for their given charity, the golfers will go head to head to truly test the new course. Montgomerie is quietly confident, having said, "Although I will have some very stiff competition, I will be hoping that my 'local' knowledge of the course will give me a slight edge on the day!" Not only this, but the Invitational will also feature a pro-am with celebrities such as Boris Becker (who has a tennis academy on the site) and Sir Steve Redgrave taking part, adding to the anticipation of this three day event.
 
The Riffa Views Invitational is just another sign of Bahrain's growth as a desirable market of interest with one of the world's largest real estate advisors, DTZ, recently releasing findings that also adhere to this fact. Their 'Middle East Market Update: Bahrain' highlighted an increase in the number of real estate transactions taking place in the country, with 2008 turnover figures at BD 2,150 million, up 58% on the previous year. Quoted as saying that this is "being fuelled by strong indigenous demand, a relaxation of foreign ownership regulations in certain areas of the country, strong levels of liquidity in the regional market and improving financing options", Bahrain appears to be one Middle Eastern country where interest is still growing and this is being actively encouraged, with this reflected in the property market, unlike some neighbouring Emirates.
 
With the spotlight firmly on Bahrain, and foreign interest not abating, more and more people are looking to invest in the property market in this politically mild country, and Riffa Views itself offers an excellent opportunity for this. As James Wyatt, partner of Barton Wyatt, explains why a golf property of this kind can be a good investment,
 
"When looking to buy a second home or an investment property abroad, golf properties are always a secure investment choice. Not only is golf a growing sport with more and more people now looking to play at courses overseas, golf courses also often come with additional facilities that increase their appeal as excellent long term investments choices. Riffa Views, Bahrain's first development of this kind, is proving to be an exciting option for those looking to invest in the growing golf market and with events like the Riffa Views Invitational now taking place and a Colin Montgomerie-designed championship course, interest in the development is set to increase further still".
 
This exclusive residential development comprises of 870 luxury villas set around Colin Montgomerie's championship golf course, and a choice of 2 to 5 bedroom townhouses and villas are available. To play on the same course as the stars, Riffa Views property prices start at £260,000/ €342,200 through to £1,800,000/ €2,300,100.

Barton Wyatt provide luxury golf villas in Florida and select golf villas in Spain.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt Letting Agents Surrey. Tel: 01344 843000

F1 could see investor interest in Bahrain property surge

Article from propertyindex.com:

The level of buyer interest in investment property in Bahrain could increase as the nation's economy looks set to benefit when FIA Formula 1 heads to the Bahrain International Circuit (BIC) in Sakhir for the fourth race of the season.

FIA Formula 1 is big business and despite the current global economic situation, this year's season is no exception. On 26th April, as one of the host nations, the Middle Eastern Kingdom of Bahrain will enjoy its turn in the global spotlight when the Gulf Air Bahrain Grand Prix is held at the Bahrain International Circuit (BIC). The organisers of the Bahrain Grand Prix are striving to ensure that this year's race meets the high level of expectation.
"Over the years fans of Formula One have come to expect so much more from the Bahrain International Circuit and this year we promise to make it the most entertaining, biggest and best yet," recently commented the BIC chief operating officer, Sheikh Salman bin Isa Al Khalifa.
Authorities are expecting high numbers of visitors to attend the Gulf Air Bahrain Grand Prix this year – even more than last year's spectatorship which exceeded 100,000.
The Kingdom of Bahrain is set to reap the rewards of staging the event in terms of tourism generated revenue. An independent study commissioned by Bahrain Mumtalakat Holding Company has reported that Bahrain has benefited by nearly $2 billion from five years of Formula 1, with $600 million entering the economy during last year's event alone.
According to the World Travel & Tourism Council, an estimated $4.6 billion is generated annually for Bahrain by tourism; therefore it's clear that events such as the Formula 1 Grand Prix are of real economic importance.
Bahrain also views itself as a regional business hub with many international companies including Microsoft, Kraft, Ernst & Young and Standard Chartered Bank already calling it home.
"Our position as the most established financial centre in the Gulf makes us better placed than many others to weather the current economic climate. We have adopted a very sound fiscal and monetary approach which will help to maintain our platform for growth," recently commented Shaikh Mohammed bin Essa Al Khalifa, the chief executive of the Kingdom's Economic Development Board (EDB).
"The Bahrain F1 Grand Prix will once again showcase the Kingdom's attractive business environment for companies looking to access the MENA region. Its strategic location as the gateway to the Gulf, low cost of doing business, strong and highly regarded regulation and minimal red-tape allowing 100% ownership of business assets and real estate - with no corporate or personal income taxes - will continue to attract investment."
Positive economic and tourism indicators are key factors for a successful domestic property market and the Kingdom of Bahrain is bucking the global trend somewhat with a Bahrain Stock Exchange report recently revealing that local property trade last year increased by 18% compared to 2007.
Prospects for this year look similarly encouraging, with government-backed projects such as the $370 million expansion of the Bahrain International Airport approved in order to further boost tourism and leisure-based developments.
One such leisure-based development available for investment is the first residential golf resort in Bahrain, Riffa Views.
Set around a Colin Montgomerie designed 18-hole championship golf course, Riffa Views comprises 870 two to five bedroom luxury villas with custom finishes and upgrades available.
Resort facilities available include a Boris Becker tennis academy, international school, health centre, a country club, community centres, comprehensive sports and outdoor leisure activities for families and children, including hiking and bike trails, water sports, as well as a shopping mall and fun land for children.
This development is proving a popular permanent residence with expatriate workers based in Bahrain but also other GCC and Western holidaymakers as well as golf enthusiasts.
"I have visited Bahrain a number of times and the appeals are clear to me. A stable economy, global society, superb climate and forward thinking nation, Bahrain really is a leader within the Middle East. Resorts such as Riffa Views are setting a new standard in residential golf developments and the lifestyle on offer is second to none," says James Wyatt, the managing partner of international golf property specialists, Barton Wyatt International.
"Indicators show that expatriates in Bahrain and the UAE for that matter are still interested in purchasing property with excess income and therefore the local market is looking robust. Purchasing in Bahrain as a pure investment or indeed as a vacation or buy to let property (ideal in meeting the demand for accommodation around the Bahrain Grand Prix) still has merit and in my opinion Riffa Views is one of the best choices available."

Barton Wyatt provide luxury golf villas in Florida and select golf villas in Spain.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt Letting Agents Surrey. Tel: 01344 843000

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Barton Wyatt provide luxury golf villas in Florida and select golf villas in Spain.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt Letting Agents Surrey. Tel: 01344 843000

Lean, Mean and Green

Even in an economic downturn, golf property tends to hold its value – and its rental potential. Roderick Easdale finds out why...

“Golf properties are always a good investment,” believes Ian Cunningham of escapes2.com. “In difficult times they hold their value better than other properties and in the longer term will always see a good return because a golf course ensures open views and low-density construction.” For this reason golf properties are also popular with non-golfers - James Wyatt of Barton Wyatt International says that 70% of the buyers of its golf properties aren’t golfers.

The non-golfer resident is also attracted by the ready-made sense of community a golf development brings, with focal points such as bars, restaurants and other leisure activities on site; and to the non-playing investor the allure is the rental opportunities - the golf season is normally longer than the holiday one. “We have examples where 40 weeks’ occupation and more, year in year out are possible. Portugal in particular is exceptionally strong in this respect,” says James Wyatt. Indeed many new-build golf properties now come with rental guarantees for the early years.

Key to renting your golf property is the attractiveness of the golf offering. For those who don’t play this can be tricky to gauge. One simple solution is to pick places where golfers are expected to go. Last November KPMG Golf Advisory Practice’s Golf Travel Insight Report declared that Portugal and Spain followed by Turkey and Dubai are golf tourism’s future hotspots.

Because of a change in Spanish law that stops residential property being built on new golf courses, Adam Gale, MD of Duchy Estates on the Costa del Sol, reckons that “when the market picks up again, Spanish golf property will ultimately be an endangered species. With the deals to be had on properties below one million euros, this really is the target area for the serious long-term investor.”

James Wyatt says this situation does not just apply to Spain: “In most markets, non golf property is very widely available and the second-hand market over saturated, so any exit strategy is likely to be difficult. Golf property is in more limited supply so it can offer a very good investment in terms of capital appreciation and rental returns.”

Barton Wyatt estate agents Surrey provide luxury golf villas in Florida and select golf villas in Spain.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt International based in Wentworth, Virginia Water. Tel: 01344 843000

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