News

Horizon Homes 2010

Johnson Tucker LLP were appointed to provide valuation and marketing advice in an overseeing role in respect of Horizon Homes in Administration. The Administrators, instructed by a major retail bank sought our advice in respect of the valuation of a number of completed new dwellings, farm building residential conversions, building plots and a number of part built dwellings in Northumberland.

A marketing strategy was set out on how the portfolio should be offered for sale. This involved some sales with immediate effect. A number of properties were held on a temporary investment basis to allow the market to be gauged and in order not to over supply the market.

The strategy with respect to holding and letting the properties proved very successful. The clients were able to drip properties into the market and maintain a level of value which was acceptable to our clients.

A part developed residential site was more problematical in that a number of issues needed to be addressed at the time of sale. These included the responsibility for services, planning conditions, road adoption and warranty. A number of properties remain unsold within the portfolio but the marketing strategy has enabled a momentum to build and allow properties to be released for sale and sold at satisfactory prices.

The strategy throughout the period of marketing was very much geared to changes within the residential market.