London Bridge Lettings and Sales Insights for Q4 2017

Sales

With the festive season in full swing and Christmas in just a few days, like many we are looking forward to the festive break with the chance to re-charge our batteries in readiness for the New Year and a busy January. Although the Brexit negotiations are blamed for the sluggish market across the capital this year, it is with some irony that the first quarter of 2017 showed more activity than the same period in 2016. It is therfore not surprising as history has a habit of repeating itself that we are optimistic for the first 3 months of next year. Moreover many buyers have already admitted they have shelved buying plans for 2017 with the specific intent to resurrect their search in January. As with last year the great majority of interest has been from those discovering this vibrant corner of London for the very first time and buying for their occupation or for offspring starting their first job or beginning university.

As the Bermondsey Street market is synonymous with converted warehouses and industrial conversions, it’s no surprise these have seen the strongest demand with sold prices maintaining their premium over their more modern conterparts, even in these supposedly uncertain times. Furthermore there can be no greater testiment to buyer’s confidence in the area than the sale of the largest of 2 Grade 11 Listed townhouses dating from the early 18th century and currently being refurbished by The Acorn Property Group (Asking Price-£2,800,000), with completion in January 2018. The remaining house is available for £2,400,000.

Looking ahead to 2018 if your plans are to buy in the New Year, please let us know, as we are seeing new properties daily. If you are considering selling in the near future, we may already have the perfect buyer for your property. For further information or to have a chat about what your property might be worth, contact Mark Andrews (Sales Manager) at the London Bridge Office.

Lettings

December has proven to be a fantastic month for Lettings in the London Bridge office, as we have seen a high level of activity including the number of viewings and offers agreed. Stock levels remain higher than usual, as more people turn to Letting their property rather than selling, although this has sloped off from the initial surge following Brexit. We have found stock levels remain particularly high for two bedroom apartments, and so we are advising our clients to remain realistic when pricing in order to remain competitive in a high stock market. In line with this, it has been reported that rental values in SE1 are achieving 6.2% less than in 2016, and there has been an increase of 3.4% in the number of properties let.

With potential tenants having a wide choice of properties to consider, our advice to Landlords is to ensure their properties are presented as best as possible and to keep on top of property maintenance and repairs.

Our advice to applicants in such a busy market is to begin their property search 6-8 weeks in advance where possible. This is to ensure enough time is given for them to find their ideal home, and also encourages tenants to have everything prepared so that when the right property comes along, they can make an offer immediately.

 If you are on the market at the moment or considering letting your London Bridge property in the near future, we will happily have a conversation or a sit down with you to formulate your perfect plan. For further information, contact Lia Girandola (Lettings Manager).

May we take this opportunity to thank you for your ongoing support, and wish you a Merry Christmas and Happy New Year!