Westerham, West Bridgford and West Hampstead

Each month we visit three agents across the country to discover what is happening in their businesses and local markets. This month we meet members of The Guild of Professional Estate Agents in Westerham, West Bridgford and West Hampstead.

WESTERHAM AND HILDENBOROUGH, KENT

James Millard imageJames Millard, Director, James Millard Estate Agents

Our offices are set around the sought after ‘triangle’ of the busy commuter towns of Sevenoaks, Oxted and Tonbridge. We are fortunate to enjoy a fascinating diversity in our stock of properties for sale, in style, location and price.

So far, the UK’s decision to leave the EU has done little to dent the enthusiasm of those seeking to purchase properties across all price ranges. The London market had cooled significantly well before the referendum due to the reduction of foreign investors and this had already impacted onto the upper ends of the market. That said, the market always finds its way, and once again the London buyers are registering their interests on various properties.

Overall viewing rates are up on last year although purchasers seeking mortgages, continue to find difficulty if their status is in any way outside the lenders parameters of acceptability. This problem is being addressed by some lenders, however countless tenants are paying substantial rents who want nothing more than to become property owners, but simply cannot reach the level of scrutiny required. Even with an impeccable track record of paying their rent and costs and even if these payments were the same or even in excess of the costs associated to being an owner occupier.

Prices remain sensitive, the proof of this is well illustrated when a great house in a great location comes to the market and after a number of viewings fails to sell. With a tweak on the guide price, most notably when the price is brought under a ‘number threshold’ (i.e. 500k or £1m etc.) the property becomes popular. It is clear that the purchasers have an inherent understanding, possibly subliminal, of what they expect for their money. The market is a great leveller of expectations for all sides of a transaction.

The present rise of ‘online agents’ has been noticeable but has not impacted on our core business. Within areas such as ours, those of us with High Street offices with teams of staff working constantly for our clients, are able to provide a reassuring and professional edge that simply cannot be matched by the faceless agents that exist on the internet only. It is evident that these cyber agents see greater success in the more urban areas where the nuance of the properties is less diverse. That said, we recognise our presentation, expertise, professionalism and service have to be second to none to keep our position in the market place.

For well over twenty years we have been selling properties to purchasers who, after a few years have become our vendors and so it goes on. The upward mobility of a house purchaser is natural and necessary and it is imperative that the Government implements a policy to allow the building of required new housing.

WEST BRIDGFORD, NOTTINGHAMSHIRE

Val Shakespeare imageVal Shakespeare, Director and Head of Sales, Royston & Lund

Royston & Lund, an independent estate agent in West Bridgford, Nottinghamshire, continues to lead the field in property sales and service for the local property market and has just won a national award based on on detailed criteria and rigorous customer service checks over a sustained period of time.

Nottinghamshire property image
STATS: Average viewings per month: 600 Average sales price: £275,000 Average sales fee: 1% Average rent: £750 pcm.

Half-year performance is outstanding, following an excellent first quarter where property transactions showed a 30 per cent increase on the same period last year, despite a desperate shortage of available property, according to Director and Head of Property Sales, Val Shakespeare.

West Bridgford is an extremely sought after location, just three miles from Nottingham city centre and demand for traditional property in the heart of West Bridgford in particular continues to attract competitive bidding.

The location has featured in local and national research as being in the top sought-after locations and is well regarded for its excellent schools, mix of traditional and modern property styles, local services and amenities and its social scene.

Demand still fiercely outweighs supply in sales and rental property. Consequently, house prices in this location have remained strong with multiple offers resulting in sealed bids in many cases.

We specialise in the local area covering West Bridgford and south Nottinghamshire and are consistently rated Number One with Rightmove for instructions and property sales. Customer Service is always our top priority supported by knowledge and efficiency, which keeps us at the top of our game. We deal with a variety of properties to meet demand from one bed apartments to substantial five bedroom detached homes.

WEST HAMPSTEAD, LONDON

Jason Werter imageJason Werter, Managing Director, Living Residential

Living Residential is an independent estate agency in West Hampstead, London. Established in 2001, we cover North-West London, West London, Central London and parts of Hertfordshire.

London property image
STATS: Most popular property type: 2 Bedroom flat Average rental: £2600.00 Pcm Average number of lets per month: 18

With a strong online presence via the major property portals, social media and our own website, it is easier than ever to cover a wider catchment area than was traditionally possible than from a high street office.

We specialise in rentals and management and pride ourselves on our professional service and going above and beyond what is normally expected of an estate agent.

We were delighted to be recognised for this having won national awards for rentals and management. We also find investments for our clients, typically being asked for properties to renovate and buy to let investments.

We noticed that as soon as the Brexit result was in, we saw an immediate reduction in sales enquiries and a significant uplift in lettings enquiries. In uncertain times, people remain cautious and reluctant to take on further borrowing, so renting is a safer option whilst people wait for the market to settle.

Whilst the rental market in West Hampstead remains strong, there is a surplus of properties and tenants are often viewing 10-15 properties before deciding on one.

This has resulted in a tenant savvy market and therefore the properties that are priced reasonably are renting quickly, leaving overpriced properties on the market.

We expect the year ahead to continue to be strong for the rental market until the Governments exit strategy for the EU is confirmed. We feel that the sales market will take a 10 -15 per cent reduction in current values by the end of the year. Buyers are waiting for prices to drop but vendors aren’t prepared yet to reduce the price of their property resulting in a standoff and stagnant market.

Before Brexit the buy-to-let market was already suffering as a result of the 3 per cent stamp duty levy on second homes.

Whilst we saw a surge in property purchases shortly before this came into effect, there has been a significant slowdown since and we feel this needs to be looked at by the government to stimulate the market again particularly at the lower end.


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