WAKEFIELD

HOLROYD MILLER
Simon Miller, Partner

The property market over the last couple of months in the Wakefield area has slowed, compared to this time last year instructions and sales are down by 25%. Not losing sight of the fact we have entered the slower period of the year with the run up to Christmas. The number of viewings going ahead are still high, but we are seeing less offers being made and less parties who are in a position to proceed. More often than not, when offers come forward we are seeing them below the asking price or from applicants who are in a non-proceedable position. However, we are finding that at the higher end of the market there are more applicants purchasing properties with cash to strengthen their position and secure a property.

Recent increased interest rates, rising living costs and the new fiscal policy due soon are all factors we are seeing effecting the current property market. With so much uncertainty surrounding the property market and rumours in the media that house prices could drop up to 20% in 2023, we are finding applicants have a lot more to consider when purchasing a property. “If in doubt do nowt” – a good Yorkshire phrase but very apt!

‘Half normal’

Given the high level of sales in the past few years the market is now starting to change to a “half normal” market but unfortunately many have forgotten what this looks like, but properties may take longer than a few days to sell and buyers may have a house to sell in what could be a ‘buyers’ market’. Wakefield continues to be a very affordable place to live bearing in mind the excellent commuter links via road and rail with M1 and M62 and main line to London and Edinburgh, together with its fantastic schools makes it a great place for professionals and families.

The lettings market has also seen some great results and we are achieving some great rental prices as demand continues to outstrip supply. If you are thinking of becoming a landlord and need some advice, please do not hesitate to contact us now and we would be more than happy to guide you through the process.

The team at Holroyd Miller are all working out of our offices at Newstead Road and look forward to welcoming our clients.

Featured property: Old Beech Farm, Woolley – prices starting at £1.5 million

JERSEY

INDIGO ESTATES
Daniel Matthews, Director

Indigo Estates (2013) Limited is a family-owned and run agency founded in 2008. Located in Jersey, the biggest of the Channel Islands, it is a busy and well-established company dealing with residential sales and purchases and lettings.

Here the ability to purchase is subject to one’s residential status and certain governing factors must be adhered to i.e., length of time one is resident in the island, if one is Jersey born, and if one is licensed to work here etc. This is a ruling under the Control of Housing and Work (Jersey) law 2012, full details of which can be viewed on www.gov.je, our government’s website.

Market conditions in the island can be a reflection of those prevailing in the UK, and very much so in this current economic climate. Although the actual selling/buying process differs hugely from our UK counterparts, the island is still wholly dependent on ready, willing, and able buyers, and at present they are thin on the ground being at the mercy of rising mortgage rates. For First Time Buyers, it would appear that a step on the property ladder is, very sadly, almost elusive, and for young families looking to trade up, it is also proving nigh impossible.

Higher prices, higher wages

Jersey house prices in comparison to UK are higher, though arguably, so are wages. We have seen a property boom since Covid lockdown lifted and never more so than this year when properties attracted a queue at the open houses and were selling across the board like hot cakes. Now it’s a whole different scenario. Properties are taking longer to sell, multi agents are being appointed, and ‘For Sale’ boards are up for longer with no immediate ‘Sale Agreed’.

There is also change in the rental market, though it’s not quite so bleak. Rental prices are seemingly holding their own, and there is, and always will be, a demand for fairly priced rentals, as those that cannot afford the hefty deposit to buy, will fall back on renting. Those leaving home and branching out on their own have no option but to rent as the ‘Bank of Mum and Dad’ is not as affluent as it once was, as releasing equity from the family home in order to provide a deposit for their offspring, is now more costly due to increase in interest rates.

Featured property: Silcia, St Brelade – Guide price £1,095,000

ISLEWORTH, SW LONDON

THE AGENCY GROUP
Alexandra Walton, Creative Lead

Fitzroy Gate is a stunning gated development that is set in a Grade II Listed Manor House estate. It boasts three acres of private parkland bordering the River Thames. The development is close to a number of outstanding schools, just a mile from Richmond and close to St Margaret’s Station, which has connections into London Waterloo in 31 minutes. The Agency Group have succeeded in selling and renting six Egerton Drive properties within the Fitzroy Gate development, over the past year.

As of early December 2022, Rightmove claim that properties in Isleworth had an overall average price of £614,246 over the last year. Rightmove also claim that sold prices in Isleworth over the last year were 7% up on the previous year. The average price of our sold properties on Egerton Drive, Isleworth is £1,875,000. This means that our average sold property price was three times the average property price in Isleworth.

As of early December 2022, the UK Land Registry showed an exponential rise in sold Isleworth properties in December 2021, as well as March and May 2022. Each time our Egerton Drive listings sold at their higher-than-average price; they impacted the overall average of Isleworth sold property prices.

Pushing the boundaries

We are proud that our listings were among the most expensive properties that positively impacted the statistical average. Our agents are constantly pushing the boundaries and meeting their goals. Our company have greatly and positively influenced Isleworth property sales. We are proud of our influence and our agent’s impeccable work. We aim to not only fulfil our roles, but always consider the unordinary. Our motto is ‘normal gets you nowhere’, which has certainly proven to be the case with the Fitzroy Gate development sales this past year.

Featured property: Fitzroy Gate development, Egerton Drive – £1,500,000