Archive for July, 2019

RICS Residential Market Survey and Trends – July 2019

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The May 2019 RICS UK Residential Market Survey results show at a local level a slightly better and stable picture with more sales agreed than previously. New buyer enquiries are improving whilst negative trends such as price reductions showed some signs of diminishing. The sentiment over the past 12 months, when looking at sales and asking prices, signal a modest recovery in values. At national level new buyer enquiries remain unchanged whilst new sale instructions have declined yet again for the 11th consecutive month.

From a positive prospective, in the South East and around South West London new enquiry levels are increasing, conversely this is happening when fewer properties are coming to the market, the reduction in stock levels is leading to a competitive market particularly between second time purchasers in the £1m to £2m price range. It is this sector of the market that is showing a healthy increase in demand. The Help to Buy market is beginning to lose momentum as more new builds come on stream as RICS valuers recognise that premium rates being asked by developers is beginning to have a negative affect with warning signs that top up loans will have to be repaid within the life span of the mortgage and not met by increased property values in this sector.

Whether we will see an improvement in residential sales overall during the remaining course of this year is remote but will depend largely on there being a reduction in the Stamp Duty rates followed by the UK government announcing a decision on Brexit. Expect a more resilient market in 2020.

 

Lettings

National New Landlord Instructions - Past three months

National New Landlord Instructions – Past three months

 

The Survey covers the last three months of the lettings market where tenant demand increased at a modest rate for the fifth month in a row, whilst landlord instructions have declined once more, this appears to be a persistent theme over the past three years, and had been led mainly due to impending tax reforms, creating an imbalance in the supply chain because the rate of return landlords previously enjoyed is diminishing.

Internal rates of return previously enjoyed by landlords has fallen leading to more landlords selling up rather than continue to hold and relet.

In concluding, on sales, lower stock levels will ultimately lead to higher asking prices with a potential change in stamp duty rates forecast will help unlock the supply chain ensuring purchasers and vendors alike who will have a greater choice, increased stock levels will restrain values, and this in turn will help induce the market. On the lettings front watch out for more reforms including the possible introduction of rent controls, and tenant protection schemes.

 

To download the full report – please click here.

When Wimbledon becomes tennis town

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As the Wimbledon Championships enter their second week, with the nail-biting finals in sight, Wimbledon town and village are at tennis fever pitch. Here are five ways to make the most of the tennis season:

1 You might still get tickets

Official tickets from the All England Club are sold by a ballot, which closed in December. Limited tickets are, however, still available, daily from the Ticketmaster website.

You can also join Wimbledon’s famous queue. The club releases 500 tickets a day for Centre Court, No 1 and No 2 Court – apart from the last four days on Centre Court. Thousands of grounds passes are available daily too, allowing access to unreserved seating and standing on Courts No 3 to 18. Arrive as early as possible and before the ground opens at 10.30am.

Read more on the Wimbledon website.

2 Watch the final on a big screen

Queuing for a grounds pass allows you to watch the action from the big screen on Murray Mound, the piece of land to the north of Centre Court.

Or head for the Piazza in Wimbledon town centre, where the atmosphere is possibly just as good. If you’re early and very lucky you might bag a deckchair or an outdoor table at a local restaurant.

Alternatively, go further afield where there are big screens at Granary Square, Kings Cross; beside Tower Bridge and City Hall; in the grounds of Fulham Palace or at St Katharine Dock.

Find more options on the Time Out website.

Wimbledon

3 Soak up the atmosphere

Shops and businesses in the town and village go all out to make the most of a time when the eyes of the world are on Wimbledon. Check out the amazing shop front displays and post pictures of your favourites on Instagram or go tennis-related celebrity spotting from local cafes and restaurants.

4 Dress to impress, or not

If you’re heading to the tournament, unless you’re competing, there’s no dress code. In spite of the glamour of Wimbledon, for spectators it’s all about comfortable and casual. During the first week of play temperatures soared. Forecasts for the second week are cooler with a chance of rain, so wear layers and come prepared for sunshine and showers.

5 Can I bring a picnic?

There are plenty of places to eat inside the ground, but they aren’t cheap and it’s likely you’ll need to queue – so bringing your own picnic is a good option. You can only take in one bag per person, measuring no more than 40 x 30 x 30cm, so no hard-sided picnic hampers or cool boxes are allowed.

If you wish to sell or let your property in Wimbledon, then please contact us for more information on how we can help your journey to #TennisTown

24 High Street,
Wimbledon Village,
London SW19 5DX

Tel: +44 (0)20 8971 6780
Fax: +44 (0)20 8946 3683