propertymarket Archives - Andrew Scott Robertson

Posts Tagged ‘propertymarket’

A quick look at the latest RICS UK Residential Market Survey (October 2023)

Posted November 10, 2023 by Lea Bailey

Every month the Royal Institution of Chartered Surveyors (RICS) releases its UK Residential Market Survey, shedding light on the current state of the housing market across the UK.

This blog post is brought to you by our Chairman & Managing Director, John King, FRICS, who offers valuable insights from his experience here at andrew scott robertson in Wimbledon Village. He actively contributes his comments to the monthly survey for the London region.

KEY OUTTAKES FROM THE FULL RICS RESIDENTIAL MARKET SURVEY FOR OCTOBER;

Residential Sales Market Insights

Buyer Demand
Despite challenging market conditions, there’s an improvement in new buyer inquiries, This indicates a more optimistic outlook compared to previous months.

Agreed Sales
While the net balance for agreed sales in October still reflects a challenging market (-25%) compared to this time last year, there’s a positive shift from figures recorded in August and September. What is evident is the timeline from agreed sales to legal completion, this has moved out from an average of 13 weeks to over 20 weeks. A cautious outlook for the remainder of 2023 and early 2024 remains on the cards as the cost of living continues to rise.

New Instructions
The flow of new instructions has begun to slow, as new year aspirations by vendors for a better market takes hold. However, with buyer demand still evident new stock coming to the market now will result in a flow of viewings if valued correctly.

House Prices
In October, the headline indicator on house price trends posted a net balance of -63%, when viewed across the country. Locally a much better picture emerges showing an improvement from previous months indicating between -5 to -10% is the achievement rate when set against current asking prices.

Lettings Market Insights

In the lettings market, tenant demand remains positive, although there’s a slight easing in demand compared to previous quarters. Landlord instructions have declined as rental levels have peaked contributing to a further reduction in listings, due to in part of landlords placing their properties on the market for sale instead.

In conclusion the lettings market has become a positive and safe investment over the years and this will remain to be the case for years to come providing interest rates remain no higher than their current level, this is underpinned by the build to rent market having stalled.

For more from the RICS UK Monthly Residential Market survey, you can download and read more 2023 reports here: https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey

Please feel free to reach out to us for personalised advice and assistance in this ever-evolving real estate market. Find the right team for your needs here.

Regards,

John King, FRICS

Why hold an open house event to sell your home?

Posted November 2, 2023 by Lea Bailey

Showcase your property…

An open house event with viewings by appointment only allows potential buyers to see your home in its best light, creating a lasting impression. With a single, well-prepared day, you can turn your home into a showpiece. Imagine welcoming visitors with fresh flowers on the table and a cosy, crackling fire. This attention to detail ensures that your home is presented at its absolute best, making it more likely to stand out above the rest.

Increase visibility…

Promoting an open house event generates excitement and interest. When potential buyers know there’s a specific date to view your property, it sparks their curiosity and makes them more likely to consider your home. This time-limited opportunity can create a sense of exclusivity, often resulting in multiple offers and the potential to increase the value of your property.

Convenience…

Scheduling multiple viewings in a single day streamlines the process, benefiting both you and potential buyers. By hosting your open house event on the weekend, you accommodate potential buyers who might otherwise struggle to find time during their busy workweek. This added convenience can lead to more visitors and, ultimately, more interested parties. A weekend viewing often allows potential buyers to take their time and experience your home without the rush of their work-related commitments. Additionally, if you’d rather not be present, it affords you the chance to enjoy a day out while we take care of showcasing your property.

Motivate buyers to view…

The limited viewing slots on a specific day can create a sense of urgency. Potential buyers are often motivated to make decisions quickly, knowing that others will also be viewing the property on the same day. This urgency can lead to more immediate and competitive offers. When buyers sense that they might lose the opportunity to purchase your home, they are more likely to act decisively.

Personal Interaction…

An open house event gives you the opportunity to be present where you can engage directly with potential buyers, answering questions and highlighting your home’s unique features. Your first-hand knowledge and passion for your home can play a significant role in making potential buyers see a future in your home. If you prefer not to be home, leave it to us and we can show off your homes USPs and provide your buyers with everything they need to know about your home and the area.

Ready to make the most of your property sale?

Contact us today to schedule your open house event and take the next step toward a successful sale! We will ensure that all viewings are strictly by appointment and only for buyers that we have fully registered.

Call us on 020 8971 6780 or pop in to meet the team here at andrew scott robertson, next to the iconic Dog & Fox in Wimbledon Village.

We are a proud member of The Guild of Property Professionals, a unique network of 800+ Independent Estate Agents across the UK – We can promote your property far and wide thanks to our nationwide (and international) connections. If you’d like to speak to a property expert, give us a call for a quick chat or click here for a complimentary appraisal of your property.

Discover the latest edition of our Life Magazine – Now available Online and in Print!

Posted October 26, 2023 by Lea Bailey

Our exclusive autumn edition of our Life Magazine is here, filled with tips to create a cosy home with inspiring home design trends, creating the perfect child’s bedroom, expert tips for buying and selling properties, travel inspiration, local homes, and much much more.

You can view it online here or pick up a fresh copy in our Wimbledon Village office.

Stay informed and get inspired by our latest edition today!

Looking to sell a property? We are a proud member of The Guild of Property Professionals, a unique network of 800+ Independent Estate Agents across the UK – We can promote your property far and wide thanks to our nationwide connections.

If you’d like to speak to a property expert, give us a call on 020 8971 6780 for a quick chat or click here for a complementary Property Valuation.

A quick look at the latest RICS UK Residential Market Survey (August 2023)

Posted September 26, 2023 by Lea Bailey

Every month the Royal Institution of Chartered Surveyors (RICS) releases its UK Residential Market Survey, shedding light on the current state of the housing market across the UK.

Key outtakes from the full RICS Residential Market survey for August;

Mortgage rates putting pressure on house prices
House prices are facing downward pressure, and it’s evident that high mortgage rates play a significant role in this situation. For potential buyers, the cost of borrowing is becoming a significant factor in their purchasing decisions. The relatively high mortgage rates are creating challenges in affordability, especially in areas where prices had surged during the pandemic.

Tenant demand outweighs supply
In the lettings market, the RICS survey paints a more positive picture, with tenant demand surpassing the available rental properties. This shortage of rental properties is a significant challenge for tenants seeking affordable housing options.

Rental prices on the rise
Given the imbalance between tenant demand and landlord instructions, rental prices are expected to rise further in the coming months. This can pose challenges for tenants looking for affordable rental options.

The RICS Residential Market survey for August 2023 highlights a market under various pressures, including high mortgage rates affecting house prices and strong tenant demand in the lettings market. As one of the leading residential sales and letting agents in Wimbledon and Wimbledon Village, we are committed to assisting both buyers and renters in navigating these challenges. Our team of experienced property professionals is here to provide expert guidance and tailored solutions to meet the unique needs of our clients, we have dedicated departments within the business that can assist you.

For more from the RICS UK Monthly Residential Market survey, you can download and read the full August 2023 report here: https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey

Please feel free to reach out to us for personalised advice and assistance in this ever-evolving real estate market. Contact the right department for your needs here.

Regards,

John King, FRICS

Quarterly Market Update

Posted September 19, 2023 by Lea Bailey

Stay informed with our latest quarterly market report (Autumn 2023), providing essential insights into house prices, market trends and conditions, and our regional activity.

For more interesting stats, you can grab a physical copy from our office or explore the convenient page turner version now at:

Quarterly Market Update – Autumn

Don’t miss out on the valuable information that can guide your decisions during your sale process.

Quarterly Market Update

Posted August 21, 2023 by Lea Bailey

Stay informed with our latest quarterly market report, providing essential insights into house prices, market trends and conditions, and our regional activity.

For more interesting stats, you can grab a physical copy from our office or explore the convenient page turner version now at: https://pageturner.guildproperty.co.uk/guildreportlondons…

Don’t miss out on the valuable information that can guide your decisions during your sale process.

TRAVEL AGENTS’ WOES ARE ESTATE AGENTS’ BLESSINGS ?.

Posted August 21, 2020 by Lea Bailey

By Stephen Parsons MNAEA, Director of Residential

As more and more of our favourite holiday destination sadly become subject to quarantine restrictions, those who had planned to start marketing their houses in the Autumn, seem to be bringing their plans forward. This combined with the delayed Spring market and the stamp duty holiday, has meant that we have seen a great deal more activity than we would otherwise have expected at this time of year, indeed Rightmove reported recently the highest number of sales in a month in July. This is an increase of 20% on the previous high, with a value of ?37 billion of transactions.

In Wimbledon, we have seen that buyers are registering at a rate some 25% above what we would normally have expected for the time of year and whilst we may all be pleased for the respite from the recent heatwave, we see no end to buyers? appetite for the new stock that we have been putting on the market. The family house market between ?1,000,000 to ?2,500,000 has been particularly buoyant and the strong demand means that we have all but sold out of the stock that we need to satisfy demand.

Reports of an exodus to more rural parts of the country are not exaggerated, but whilst we see families happily heading to Devon, Cornwall and other more rural areas, we are benefiting from an influx ?of buyers from Central London and overseas. Indeed the latest weekly ?sales agreed? figures for the area from Rightmove are up by 60% compared to the same week in 2019.

If you are currently trying to sell your home or considering marketing it in the coming weeks, then we would love to have the opportunity to chat to you and arrange either a virtual or physical valuation to help to get you on the move! Please click Here

If you would?like to know more about how we are dealing with our work post lockdown or to get?more information on the property market in general and some of the fantastic buyers that we have registered, then please contact me direct at sparsons@as-r.co.uk or call me on 0208 971 6780 so that we can see how we can help you.

NO SIZZLING START TO SUMMER, BUT THE PROPERTY MARKET HEATS UP NICELY

Posted June 12, 2020 by Lea Bailey

By Stephen Parsons MNAEA, Director of Residentia

As we gently and safely ease ourselves out of the lockdown, whilst observing the Government Guidelines,?a surprising number of new buyers as well as ones that were registered with our offices before we locked ourselves away, are eagerly looking to make up for lost time and secure purchases before the end of the school year and when the traditional holiday season might have started.

In the three weeks or so since we have been back trading more normally, we have seen new buyers and viewing numbers pretty much returning to pre-covid levels, with many new sales being agreed in all price ranges. The number of buyers looking for flats and apartments has certainly surprised us, but it is a very welcome and significant boost, as the activity lower down the market stimulates and fuels the middle and upper ends. That said, we have also made some significant new sales of more expensive properties during lockdown and just after it, which include a ?7M sale just off Parkside, a trophy house in the Village and two sales at around the ?2.5M mark have just been agreed on quick turnaround exchange targets. We were also fortunate enough to re-agree a sale that fell through during lockdown almost immediately to a new buyer who, despite the hurdles, was able to exchange contracts in only 14 working days!

With the number of sales currently progressing and much lower volumes of new properties coming to the market, stock is in short supply, so if you are considering selling, this would be a great time to market your property. ?Because of the need to keep our clients, as well as our employees, safe at the forefront of our minds, we are now able to offer virtual valuations as well as physical valuations for prospective sellers.? Also as part of our service to new clients we can now offer not only professional photographs and floorplans but also virtual tours which are vital to show the property in its best light, whilst helping to reduce the number of physical viewings, keeping everyone safe and protecting our wonderful NHS and easing the strain on front line workers.? Should you be interested in booking either a virtual or physical valuation of your property then please click Here

January house prices are 1.9% higher than a year ago

Posted February 10, 2020 by John King

January saw house prices across the UK up by 1.9% on the same time last year and up 1.4% on December, according to figures from the Nationwide Building Society.

The Nationwide, one of the UK?s leading lenders, said prices reached a 14-month high as the so-called ?Boris bounce? brought post-election confidence to the housing market.

In its report, the building society points to other signs of revival, including the highest increase in the number of mortgages approved by Britain?s high street banks in five years.

According to Robert Gardner, Nationwide?s chief economist: ?Healthy labour market conditions and low borrowing costs appear to be offsetting the drag from the uncertain economic outlook. January?s pickup comes after a whole year of annual house price gains below 1%.?

Meanwhile data from property portal Zoopla shows that annual house price growth in the UK?s 20 biggest cities has hit a two-year high, thanks to a surge in demand for properties. London saw 1.9% growth, the fastest since 2017.

Among the economists forecasting growth in house prices this year is Samuel Tombs, the chief UK economist at Pantheon Macroeconomics, who said: ?Indicators of demand at the very start of the homebuying process are red-hot.

?We think the pickup in demand can be sustained this year by the continuation of low mortgage rates and solid wage growth, driving prices up by about 4%.?

The discrepancy in house prices between London and elsewhere has narrowed by 20% since the Brexit vote, according to research published by the Resolution Foundation.

Read more about this story in The Guardian.

Property predictions: what next for property in 2018?

Posted February 5, 2018 by Victoria Nicol

Looking back at 2017, one constant that has been proved yet again is the continued robust nature of the London property market. Despite the political and economic uncertainty of Brexit, the changes introduced to the landlord tax relief and the Bank of England?s rise in interest rates, the property market as a whole has proved to be incredibly resilient.

2017 was a great year for us as a company. Our sales turnover was up on the previous year and the team’s hard work and relentless commitment to delivering exceptional service – and achieving the best possible results for our clients – paid off with a Gold Award at the highly prestigious British Property Awards as the top estate agent in Wimbledon for customer service.

As we look ahead to 2018, we are confident that the market will continue to hold its own. Whilst there is continuing economic and political uncertainty in the run-up to Britain’s departure from the EU in 2019, the continued low rates of lending still make today’s market a good time to buy. As ever, the phrase ?Location, Location, Location? is true when it comes to the demand for property in Wimbledon, and that has encouraged more agents to open offices in SW19, giving potential vendors even more choice than before. However, with 11 sales and 7 lets already agreed in January we are off to a very positive start and, despite increased competition from local and online agents alike, we are even more determined to make 2018 our best year ever!