London Bridge Sales and Lettings Market Insights for Q3 2019
Area Guide - News
Living In London Bridge : Area Guide - 162
Sales
With the first half year now behind us, it is an ideal opportunity to both reflect on the property market we've witnessed and to consider the market for the months ahead.
Activity since January has increased as the year has progressed with a notable surge in applicant registrations, viewings and transactions in the second quarter. The increased activity is all the more surprising when viewed in the context of the ongoing political uncertainty. It is as if the desire to move on with life plans has greater priority than any of the feared economic consequences as a result of our departure from the European Union, with or without a Brexit agreement.
April and May were without doubt our best months this year, with transactions across the market and seeing the sale of the last apartment in the Design House development on Long Lane and with it the sale of Hepple, an adjacent, fully restored Grade II listed Georgian freehold house, with an asking price just under £2,000,000.
In the light of this activity, it's no surprise we have every confidence for the remainder if 2019, although it's difficult to know what effect the appointment of Boris Johnson as the new Prime Minister might have on the market for the months ahead. This said and whilst it is only human to speculate, we are buoyed by the consistent levels of enquiries across the entire market.
It's true to say that prices have had to change since the heady days of 2016 but as the majority of our sellers are also buyers, a pragmatic approach to pricing will ensure their sale and purchase can be managed successfully. The current market does not work for everyone and there have been a handful of sellers choosing to become landlords in July and August when the rental market is at its busiest.
Conversely, July and August are traditionally perceived as our quieter months to sell a property. Strangely, this July has bucked the trend with an increase in enquiries, viewings and transactions. So much so, we received 3 offers for the same property: a beautifully presented freehold house in Pages Walk, on the market at just under £1 Million.
The increased activity is not confined to the second hand market. Following the successful launch of the exciting Trilogy development in Swan Street adjacent to Borough High Street, we have reserved almost 40% of the studio, one, two, and three bedroom apartments including 2 of the 4 stunning duplex penthouses.
Not surprisingly with interest across the entire market, and from serious buyers keen to buy, we would welcome the opportunity to discuss your proposed sale if you are considering a move either in the next few months or later in the year. With these enquiries we may well already have a buyer for your property.
If you therefore like an informal discussion without obligation please call Mark Andrews, Sales Manager at the London Bridge office on 020 7357 0026
Lettings
The second half of the year has started with an extremely busy few weeks, with a huge number of people looking to move to the London Bridge area. Following a quieter Easter, the number of tenancies beginning has increased during the traditionally busy summer period. The area of London Bridge continues to be popular with professionals looking to walk to The City, and couples looking for somewhere with a village feel but lively atmosphere.
Properties have been in extremely high demand, with many commanding multiple offers, following over ten viewings per day for some. Despite the political uncertainty, business has been thriving for the London Bridge area and we are confident we will see this continue for the months ahead. September is our busiest month of the year for new tenancies, and those looking to move in September are starting their search now throughout the lovely weather we have experienced recently.
Rental values have steadied over the past couple of years but we still continue to achieve the best results for our clients, particularly as we reach the summer period. A number of our Sales vendors have chosen to rent their properties with us as the Lettings market is so positive, allowing them to move on with their lives and rent elsewhere.
If you are looking to rent your property in the London Bridge area, we would love to speak with you about our services, so please call 0207 357 0026.
