Posts Tagged ‘SW20’

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

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By Stephen Parsons MNAEA, Director of Residential

 

 

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

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.

 

Sales activity in the UK residential market is increasing, but a slow start to 2017 is expected due to a lack of stock

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The November RICS Residential Market Survey shows sales activity in the UK residential market is increasing, with buyer demand edging upwards for the third consecutive month. As stock continues to dwindle, the headline RICS price balance has risen to 30% in November, which is the highest reading since April, and most of the UK is seeing an increase in prices.

On the supply side of the market, supply shortages remain a constraining feature and indeed, respondents across most parts of the UK highlight the supply shortage as a very dominant feature of the market at present.

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The outlook over the year to come is positive in all areas with 40% of respondents forecasting house price growth, although contributors are less confident in the prospects for London prices relative to other areas over the year to come with larger properties in the capital expected to show the slowest growth. Tax changes over the past couple of years are widely cited by respondents as an impediment to the level of transaction activity at higher price points.

In the Lettings market, tenant demand rose only marginally, as is usual around this time of year, with 15% more contributors reporting a rise rather than a fall. Meanwhile, new landlord instructions fell slightly at the headline level with 6% more contributors seeing a decline rather than a rise. Tenant demand continues to outpace supply across most areas and rents are expected to continue to rise.

The London rental market remains somewhat of an outlier with surveyors continuing to report a decline in tenant demand (a trend that has been visible for most of the last year) and rent expectations in negative territory for the fifth consecutive month.

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At Andrew Scott Robertson, we have noted that sales activity continues to be busy at the lower end of the market for houses up to £1.5m. Activity in flats up to this price range has slowed; a factor caused by the buy-to-let market having cooled. This month has seen a slowdown of instructions while vendors review their plans for 2017, whilst there has been a steady flow of new buyers on the block ready to buy.

Stock levels on the rental side are improving but applicant levels have slowed. Following the Autumn statement, agents letting fees remain topical with both landlords and applicants, and we would predict that rental adjustments are on their way.

#WimbleWorld – Where will you take yours?

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To promote Wimbledon around the world we’re teaming up with Time and Leisure to host a competition for you to win prizes.

To enter all you have to do is collect a Wimbledon bag from one of our two offices (24 High Street, Wimbledon Village / 50 Wimbledon Hill Road) and either:

– Tweet @asrproperty a picture of it on your travels with the hashtag #WimbleWorld
or
– Post the image to this page https://www.facebook.com/andrewscottrobertson on Facebook

We’re looking for the most interesting pictures and a winner will be chosen each month by Mike from Time & Leisure magazine until October 2016. All images will be pinned to the #WimbleWorld board on Pinterest and we’ll feature the best on this blog each month.

Remember, it’s not all about distance – there are plenty of places in London the Wimbledon bag would like to visit. Happy exploring!

24 High Street,
Wimbledon Village,
London SW19 5DX

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