wimbledonestateagents Archives - Andrew Scott Robertson

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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

Agents Fees – What Are You Paying For ?

Posted June 16, 2020 by Lea Bailey

By Stephen N.D. Parsons MNAEA
Director of Residential

When negotiating fees to sell your property, it is easy to fall into the trap of thinking that all agents do the same thing and therefore must all be the same, or be worth the same fee.

Finding the right buyer at the best possible price, is indeed a skill and requires determination and the ability to negotiate in a way that sees your client?s interests exceeded, whilst keeping the buyer encouraged that they are buying a property on fair terms, but the sale process does not end there!

The process of delivering a sale from the day it is agreed to the day that contracts exchange, is arguably as important as agreeing the sale price, though its importance is often under estimated or simply not appreciated at the outset of marketing or when agreeing terms with your estate agent.

At andrew scott robertson we have a team of highly experienced sales negotiators that understand the need to set up a sale properly, so that there is firm expectation on the buyer to perform speedily from the outset and not to renege on the originally agreed sale price.

We are delighted to have just exchanged contracts on a wonderful house in Kenilworth Avenue. Both buyer and seller are thrilled with the outcome and an expeditious exchange of contracts with the help of two excellent firms of local solicitors meant that we were able to exchange contracts in fifteen working days from when the sale was agreed!

If you would like to know more about the difference that andrew scott robertson could make to the sale of your property, then please do not hesitate to contact us.