Sometimes I wonder if we do the right thing extolling the virtues of prime central London real estate to risk averse overseas buyers looking for good capital appreciation and a safe haven for their hard-earned cash.  As London Buyers Agents, we do most of our business in prime established areas but we also buy in other areas of London including Hackney, Islington, Greenwich and Blackheath and others.

City buyers like Islington and parts of Hackney for the 20 minute commute to Bank.  Canary Wharf workers like Greenwich and Blackheath for similar reasons.  One of our Clients can get from his front door to his desk in 17 minutes.  But all of these areas were hit in the downturn and in our view Islington agents were the first to lose face back in 2007 when Lehman Brothers went down and Northern Rock followed.  So we tend to suggest prime areas, which are likely to weather future storms much better.  And are relatively immune to rioting.

As I write, the skirmishes in Hackney look relatively minor but this London Buyers Agent is under no illusions that we may see a different picture in the morning.  During the first six months of the year, Hackney house prices had increased by 4.1%, the third highest house price rise by borough across London according to the Land Registry.

Islington has also been a winner to date, with prices rising 5.5% year on year, but there was rioting there too at the weekend and now we hear Highbury resident BoJo is cutting short his holiday and  coming home to save the day.

Likewise, Lewisham which incorporates a small part of Blackheath and is the closest DLR to some of the lovely heath facing properties in West Blackheath, has seen violence today.  Property prices overall in the borough had increased by 3.2% year on year to June, but this rioting underlines the issues about the area.  One of our Clients who settled in Greenwich was considering moving to Lewisham at one point.  We strongly suggested they settle at least initially in Greenwich or Blackheath, which was admittedly more expensive, but what price do you put on safety?

I bet they are grateful today that they listened to our advice and although they paid more than they wanted to, we negotiated a significant proportion off the rent.

So I don’t regret being firm about areas with Clients.  Our job as London Buyers Agents is to find perfect properties on and off-market, negotiate great deals for our Clients and make sure they are buying in the right area for them in the first place.  London is a series of villages and although confidence and house prices in affected boroughs will almost certainly be hit, there is sure to be the right village for you.

Technorati Tags: blackheath, Hackney house price rises, Hackney house prices, hackney riots, House Prices, Islington house prices, Islington riots and house prices, islinton riots, lewisham house prices, lewisham riots, London riots

Tags: blackheath, Hackney house price rises, Hackney house prices, hackney riots, House Prices, Islington house prices, Islington riots and house prices, islinton riots, lewisham house prices, lewisham riots, London riots

Musings of a London Property Search Agent

Releasing the latest property sold data for February, The Land Registry has likened current London house prices to those of August 2006 – which is not too bad considering country prices have dropped to levels last seen in September 2004. 

Several London boroughs have made monthly gains, led by Islington with a gain in average prices of 1.2%.  However there have also been significant price falls, led by the borough of Camden, which boasts the celubrious districts of Hampstead and Bloomsbury.  Camden prices fell 4.3% in February, down 16% year on year.  Other boroughs showing price falls of 3% or more are led by Greenwich where prices are down 3.9% include   Hackney, Havering, Hillingdon and Haringey.

House prices in Westminster and The Royal Borough fell 2.2% and 2.7% respectively in February and have posted annual average falls of 11.5% and 15.4%.

With regard to green shoots, the Land Registry data shows that the number of transactions has started to creep up, from 33% of the norm to nearer 40%.  Estate Agents have been a bit more positive this year and we have certainly seen more activity.  London property Search Agents are particularly interested in the number of transactions per month and for us, the top end is particularly significant.  The number of London property transactions over £1 million has dropped to by 55% – slightly less than the market as a whole thanks to foreign buyers taking advantage of the currency discounts associated by the fall of the pound.  With the dollar and the euro starting to tumble, hopefully the number of well-heeled Asian buyers wanting a UK base will continue to grow. 

Sadly, there are still people prepared too much for property and we have been outbid on one home where we have had to advise our Client not to match the winning bid, as it is far too high.  Contact the London Property Search Agent to find the right price for your dream home

Technorati Tags: Bloomsbury house prices, Camden house prices, Hampstead house prices, Islington house prices, Kensington and Chelsea house prices, London House Prices, London property, London Property Search Agent, London Property Search Agents, Westminster house prices

Tags: Bloomsbury house prices, Camden house prices, Hampstead house prices, Islington house prices, Kensington and Chelsea house prices, London House Prices, London property, London Property Search Agent, London Property Search Agents, Westminster house prices

Musings of a London Property Search Agent

An article has appeared in US publication Forbes singling out Hackney and Westminster as the most resilient London Boroughs.   Sound familiar?  It should – we have been saying this for a while and Forbes have based their data on Land Registry sold prices to the end of September 2008.

The article cites Waltham Forest, Islington and Wandsworth as the worst performing areas but goes on to mention hard times in bankers paradise, Notting Hill, which falls between Westminster and Kensington & Chelsea, both of which have performed relatively well up to September according to the Land Registry.   We know that the assertions made are true, which just goes to show the limitations of the house price indices and the need for street by street analysis. Trust this London Property Search Agent to find your dream home in the right place at the right time.

http://www.manseandgarretproperty.com/property/house-prices/price-increases-across-8-london-boroughs-despite-the-credit-crunch

http://www.forbes.com/home/2008/11/13/london-house-boroughs-markets-equity-cx_vr_1113london.html

Technorati Tags: Hackney house prices, House Prices, Islington house prices, London House Prices, London Property Search Agent, Notting Hill house prces, Wandsworth house prices, Westminster house prices

Tags: Hackney house prices, House Prices, Islington house prices, London House Prices, London Property Search Agent, Notting Hill house prces, Wandsworth house prices, Westminster house prices