Musings of a London Property Search Agent

Of the property searches we have undertaken so far this year, all have involved an off-market property search, because supply is so low in all sectors of the market.  In Prime Central London, the situation is particularly acute, with many properties sitting around for ages and the gems being snapped up, in some cases before vendors have selected an estate agent and signed up.  And you know what?  That suits us down to the ground! 

We can really display our talents when there is little stock.  We advertise, phone all our contacts, speak to all the home owners we know with suitable property and inevitably an estate agent will be able to bring a reluctant vendor to market and we will find a few vendors keen to talk since we have serious buyers and before we know it, it’s all systems go.

Interestingly, advertising hasn’t borne fruit this year.  It always impresses our Clients, but we’ve not had a good response rate this year at all when advertising for property.

I digress.   Anyway, regular readers will know that we have seen gazumping coming back to the market and that as Property Search Agents who know what we are doing and what vendors will accept - we have also been very critical of predominantly overseas buyers who confuse property deflation with the collapse of sterling against some currencies, and pay far more than they would if they were buying through us.    It seems Knight Frank, who act for vendors are also seeing a return to gazumping and are yet another estate agent reporting rising prices achieved in the capital in May and a bumper crop of sales agreed.  Knight Frank have house prices in prime Central London up 1.6% in May, following a rise of 0.4% in April and we would expect other house price indices to reflect similar gains.

Another piece of anecdotal good news is the increase of first time buyers and buy-to-letters  to the market.. Enquiries are up tenfold on a year ago and with the bargains on offer we are really not surprised - for those who can get finance that is anyone with a deposit of 10% or more and a good credit record, it’s a great time to buy. 

So are the green shoots starting to flower?  It’s a bit close to call but with top accountants and business people predicting positive GDP from Q4 this year and those who lose their jobs often finding alternative work within a few weeks, fingers crossed normality is not far round the corner.

This London Property Search Agent has her fingers crossed!

Technorati Tags: green shoots, house prices rising, London House Prices, London property prices, London Property Search Agent, property

Tags: green shoots, house prices rising, London House Prices, London property prices, London Property Search Agent, property

Musings of a London Property Search Agent

Hometrack published the results of their March House Price Survey today, the results of which support the murmurs of green shoots.

Buyer registrations are up a further 8.5% year on year after a high of 17.1% in February; sales agreed are up 18.6 % following a year on year increase of 35.9% in February; the average time on the market has dropped to 11.3 weeks and on average 88.8% of the asking price is being achieved.

The best news is that buyer registrations and sales volumes are up, but the double digit increases over the last few months is less impactful than first appears, given the low base.

House prices which are down 10.3% year on year according to Hometrack continue to slide, but the momentum appears to be lessening, with a month on month decline of 0.6% in March.

All great news, but sadly the volumes are too small for comfort.  In our capacity as Buyers Agents, increasingly we are talking to people who just want to get on with their lives, rather than wait for the market to recover before moving on.  Perhaps I am feeling particularly gloomy today, but I don’t think the market is exhibiting much more than pent up frustration after a year of very little movement.  For those who want to  move in the next two years, as long as you  buy well, for the right price and make a good buying decision, now is as good a time as any, but the price agreed will be key, as the market is likely to drop further albeit more slowly than in recent months.  Call this London Property Search Agent for sound advice on prices.

Technorati Tags: Average London house prices, Hometrack, House Prices, London Property Buyers Agents, London Property Search Agent, property, real estate

Tags: Average London house prices, Hometrack, House Prices, London Property Buyers Agents, London Property Search Agent, property, real estate

Musings of a London Property Finder

Ahh the joys of technology!  Not only can the property anoraks amongst you discover the price that noisy family at number 17 got for their shambolic home, you can also check out the crime figures in your area - by map.

With the number of teenage stabbings in the capital over the last 18 months you’d think you would be able to check out whether the new house you’ve been drooling over is in the street  in which the local hoodies hang out.  However, as yet it’s robberies and street crime which is mapped, although it is fairly straight forward to find data on other crimes and the police are inviting requests for other information. 

The map is perhaps useful if you are considering a number of different areas, but areas like Westminster in particular may appear particularly high to eyes with little knowledge of London.  The fact that Oxford Street and many tourist areas fall within it’s boundaries help to explain why the apparently crime-ridden borough,  is actually rather a desirable place to live.

It is also useful at street level, but inevitably some results look a little odd.  For those with the good fortune to live in Upper Berkeley Street or George Street, the position of the home within each street will denote whether they live in an area of high or average crime.  Those living in white stucco in Hyde Park Gardens, Sussex Square etc can rejoice in lower than average crime figures and look down on neighbouring Tony and Cherie in Connaught Village, who have to put up with average crime.  Maybe the figures refer to the coppers outside their house nicking the last of the Fortnum’s florentines?  Contact this London Property finder do the hard groundwork of finding your next home!

http://maps.met.police.uk/

Technorati Tags: Crime, London crime figures, London property, London Property Finder, property

Tags: Crime, London crime figures, London property, London Property Finder, property