Musings of a London Property Search Agent

Regular readers know that we have commented on the mini-boom in the London residential property market in recent weeks and the big question on all agents lips is whether or not it will continue.  The summer months usually mean buyers and sellers take a break from the property hunt while the kids are off school, but the heat wave this year has put a dampener on things as Londoners put off the big move in favour of relaxing in the sun.

For 5 or 6 weeks now, agents have been bemoaning the lack of property they have to sell and complaining about the ‘tens of buyers’ they have for every property.  Likewise, London Property Search Agents like ourselves have been predominantly doing off-market property deals for over a year now, but those who normally rely almost exclusively on estate agents have had to play catch up and try to adopt alternative means of finding property, as we do.

However with the heat wave predicted by many to continue into the weekend, viewings across London are down as would-be buyers ditch the property search for the pool, despite some forecasts predicting heavy showers again this weekend.   With a hot summer on the cards this year, agents and London Property Search Agents are wondering if the traditional summer lull will come early.

As for us, your friendly London Property Search Agents in the know, are thinking it may have already begun – which is great news for property hunters, hungry for a bargain unafraid of the heat.  Incidentally, all our cars have air-con, so no excuses then!

Technorati Tags: heatwave, London property, london property hunt, London Property Search Agent, London Property Search Agents, property hunt

Tags: heatwave, London property, london property hunt, London Property Search Agent, London Property Search Agents, property hunt

Musings of a London Property Search Agent

Property Search Agents like us have felt the soft bounce as well-priced property goes to sealed bids and we remember the heady days of 2007 when a good part of every day was spent ensuring we were given first refusal on new properties to the market.  So it is no surprise that Hometrack have produced the figures to support the anecdotes. 

A further 9.4% increase in sales agreed in May brings the 3 month increase to over 43% according to Hometrack.  The renewed market confidence is without doubt due to increased confidence and lack of supply.  The volume of property for sale has risen by 2.5% over the last 3 months but the number of would-be buyers has significantly increased as first-time buyers look to get their foot on the ladder, investors increase their portfolios and families needing more space just don’t want to wait any longer.

Hometrack report that the average agreed sale price is over 90% of the asking price for the first time since August 2008 a statistic which is in itself interesting.  Given the rather dire state of the property market last year, I am amazed that anyone paid 90% of the asking price in March 2008, never mind August.  Having said that, I am aware of two propertiesin Belgravia, which have been sold for several million over the price we discussed with vendors between March and August 2008.  In both cases the buyers were overseas property hunters mistaking additional value caused by a deflating pound for realistic prices at the time of purchase. 

 If any readers know any such people - please send them our way as this London Property Search Agency will undoubtedly save them a great deal of money!

Technorati Tags: House Prices, housing market news, London Property Search Agents, property market news

Tags: House Prices, housing market news, London Property Search Agents, property market news

Musings of a London Property Search Agent

London bargain-hunters should make their way to the Royal Garden Hotel in Kensington on Monday 11th of May for the next residential auction as a few corkers are up for grabs, albeit with optimistic guide-prices in the view of this London Property Search Agent.

Our picks of the bunch include a 2 bedroom cottage in Notting Hill on the infamous Portobello Road.  It’s at the Notting Hill Gate end so not too busy but the new tenants need to be prepared for the hordes walking past the window to attend the market on Saturdays.  Savills are hoping to get over £700,000 for it, which is probably realistic but not really a bargain in this market. 

First-time buyers without the thick end of 3/4 of a million to spend might consider 2 Brayfield Terrace in Islington.  Again it needs work but with a guide price of £390,000, it offers value for someone prepared to roll up their sleeves who would otherwise be in a flat.  It’s in the heart of Barnsbury, one of the best parts of Islington for public transport as it is within 10 minutes walk of Caledonian Road tube on the Piccadilly line and 15 minutes of Highbury and Islington on the Victoria line.

Investors might consider 119 Ashfield Street Whitechapel which is currently laid out as an HMO with 7 letting rooms available, possibly 8.  It’s up for £390,000+ and since it has a history as an HMO is unlikely to make much more than that in our opinion, giving a 9% yield.  It’s not necessarily a bargain however:  there is work to be done and is a small number of period houses among many new-builds so those looking for certain short-term capital appreciation shouldn’t be willing to pay much over £350,000.  It does look fabulous though and in an area such as Whitechapel, which has been up and coming for a while, it may go for alot more.

Lastly there is a flat with no reserve in Harbut Road in Battersea, where I lived many moons ago.  The flat has no reserve but flats in this road close to Clapham Junction used to make £300,000 to £400,000 at the top of the market so given that work needs to be done, a number starting with a two would probably be good value.

Of course if you fancy buying a property at auction yourself, but aren’t sure how to go about it without regretting it forever then don’t hesitate to call this Property Search Agent on 020 7923 7564 and we will bid on your behalf or subscribe to our newsletter for some hints and tips.

Technorati Tags: London property, London Property Auction, London Property Search Agent

Tags: London property, London Property Auction, London Property Search Agent