Trends say cooler markets lie ahead

THE LONG VIEW 2016

The turbulence of the past 12 months is set to continue for the sellers & landlords next years…

 

Season’s greetings!
 This is the time of the year where I look back on the past 12 months and offer my opinion on the one ahead – no crystal ball required!

With that in mind, I think it’s fair to say that this year has been a positive, if a bit challenging time for buyers, sellers, renters and landlords alike.

On the sale side of the business, we have certainly not seen the significant price increases that have become so common in previous years.

The May election and changes to Stamp Duty put the brakes on property prices, while mortgage lenders dampened demand on the red-hot market of 2014. Demand from buyers has also tapered off. And those who are trying to avoid competing for homes with sealed or multiple bids.

Instead, we are seeing more offers on the lower side of valuations. Things are cooling. Yes, we have achieved more completed sales so far this year than in 2014. However, we have seen more sales of flats than houses – and far fewer cash buyers in the marketplace.

On the rentals side of the business, we have seen another very productive year with our business growing further. We are now working with many new landlords and their properties.

This year has been the year of the one and two bedroom flats which have seen up to 10% rent increases and the speediest turnaround times.

In some cases we have seen multiple offers and sealed bids for rentals which is all good news for our landlords. However, the family houses for rent have not seen such increases. Which has meant that many corporate and family tenants are improving rather than moving.

And the proposed new changes to taxes on second homes
and buy-to-let properties is also likely to have a big impact on the local lettings market.

Here in our office, our busy sales and lettings departments have been growing every year since we opened in May 2008.

I now have 11 full-time staff working with me in our King Street office to ensure that we are best placed to deliver the highest professional standards.

We aim to maintain our excellent customer service standards and achieve the best market price and terms for all our clients.

So if you are a landlord or a vendor, are considering a move in the New Year, we would like to speak with you.

Or if you just would like to hear a genuine, honest update of the local sales and rentals market in Hammersmith, Shepherds Bush, Brook Green and surrounding areas do pop in
and see us. Or give us a call.

On behalf of all of my colleagues I would like to wish you a Merry Christmas and a prosperous New Year.

I offer my sincere thanks and gratitude to our clients. We look forward to working with even more of you in the year ahead.