TGt Meets ... Bill Thomas

We caught up with Bill Thomas, Partner at Thrings, to talk about the property market, biggest achievements and buy to let advice.

Your entire working career has been very much embedded in the South West property market, was this your ambition from a young age and why?
My career evolved and wasn’t planned in any way. I started as a general practitioner, as many solicitors of my generation did I think. I also had my own practice. I have now specialised in property exclusively for the last 20years or so.

The private property market in the South West seems to be booming but there is a lot of confusion regarding second homes and the buy to let market. How do you assess what’s really happening in the market?
It’s really hard to say what’s really happening – I speak to agents quite a lot they’re a bit closer to frontline than we are. The feedback I’m currently getting is that there hasn’t been a post stamp duty dip, which everyone was expecting. The market is still pretty strong. There’s been some concern going forward, regarding the uncertainty around the EU referendum, but we’ll have to wait and see about that.

Bath and Bristol are both hotspots for property, and I think they’re likely to remain so. There’s a great lifestyle in both cities, and both have strong economies – my view is that buy to let yields will remain attractive.

What’s been your biggest achievement to date?
Well I think on a personal level, raising three sane and independently minded children of whom I’m extremely proud – although my wife may say she had something to do with this as well.

On a business level, making partner at Thrings, which is a great firm with great values.

Having worked on some high end properties for clients over the years, how would you say the market and buying process differs at the upper end? 
I’m not sure that it does differ very much, all properties and all deals are different. Buying a home is always fundamentally important to the client, and for most people, it will be by far their largest investment. So, I think I would say there’s no great difference.

In the South West, where do you see the most value to be found over the short term and the long term and why?
I think if I had that crystal ball, I’d be sunning myself in the Bahamas somewhere. On the short-term it’s too difficult to say, the economic outlook is still somewhat uncertain. In the longer term, for the reasons we mentioned, Bath and Bristol, I expect properties there to perform well. There seems to be more movement in the country market, which has been a little quieter over the past 4/5 years.

What’s the most exciting property deal you’ve worked on and why?
All property deals have their excitements. The one I always remember, is attending my first auction in Portsmouth, when I’d just qualified as a solicitor. I was bidding for a client on a house, and despite agreeing a budget, we both got a bit carried away. She kept nudging me to increase the bid, until we were successful – and about 15% over the original budget. I think we were both excited and drained after that.

You work in Bath and have brokered property deals across the country. Where and what would your dream home look like?
I love Bath, it’s an amazing place to work – and I live in Bristol. Which is a very vibrant place to live. The decision however is easy, it would be St. Mawes in Cornwall, and I would have a sea view and mooring for my boat. 

Would you say you have a genuine passion and appreciation for property itself, the property market/industry in general, or the legal negotiations?
I think it’s a bit of each – for me they’re all part and parcel of the same thing.

What advice would you give to someone looking to invest in property?
The one mantra is: do your homework. Whether you’re buying for yourself or buy to let, check prices in the area, there’s plenty of historical data online to use. Speak to the agents in the area, ensure you understand the dynamics in a particular location. If you need finance get it arranged as soon as possible – buy to let specifically, you need to check with letting agents, and do your research of the rental market. Always look at the yield, and vet your tenants very carefully if you’re letting property.