London, Hampshire and Oxford

LONDON

MALIXONS
Vic Tevari, Associate Director

Malixons have three offices located in Streatham Hill, Tooting and Mayfair and we work with clients in and around the South West London region. We specialise in residential sales, lettings, land, commercial freehold buildings, accusations, and developments. Many of our investment clients who we have long term relationships with are always looking for rental investments, existing or potential HMOs.

Within our market we the demand for houses between £400,000 and £600,00 is higher than the current demand for flats causing multiple offers leading to best and finals being commonplace. There is a plentiful supply of flats giving first time buyers a wide choice, and more viewings however, this in itself lengthens the time buyers make decisions.

It is apparent that the current economic climate, predicted high energy bills, the increasing cost of living and the concern of interest rates increases is having an impact on demand locally as well as on a national level. Whilst the prediction is that by April, we could see 5 or 6% interest rates, when looking at historical figures this not considered high, but the concern is more about the rate of the increase.

Quickly-moving market

The average sales price within our region for houses is circa £500,000 with flats costing around £350,000. On the lettings side of the business the average house cost in the region of £2,400 per calendar month, with flats renting for around £1,600. While it may change as concerns over the economy grow, at the moment the market is moving quickly. We have found that on average new houses listed tend to have a sale agreed within two to four weeks with most rental flats let out within a week. Over the last four weeks we have agreed 12 offers and five sales agreed.

We recently listed a wonderful, double fronted, spacious family home at £700,000. This property has had five enquires withing days of being launched. We had had buyers looking to upgrade, investors looking at potential HMOs and developers seeking to convert into three flats. This just shows that the right property will continue to attract attention, regardless of the external factors surrounding the market.

Featured property: Streatham, London SW16 – £700,000

HASLEMERE, HAMPSHIRE

KEATS ESTATE AGENTS
Jim Stillwell, Branch Director

Despite the concerns voiced by many sectors of the property market in response to the recent mini budget, our experts at Keats Estate Agents firmly believe that there is a bright horizon ahead. I would describe the current property market in Haslemere as ‘business as usual’. Properties for sale, especially those that are new to the market or adjusted in price are still attracting strong interest.

The sales and lettings market began to slow a little over the late summer and early autumn. However, enquiry levels have increased now that the seasonal holiday period is over. We are dealing with eager applicants who are looking to buy or rent a property in time for the end of the year, and we do need more stock to meet demand.

We are currently finding that two-bedroom properties are generally most sought after by prospective tenants, while in the sales market there is strong demand for quality family homes.

Keen lenders

Despite the threat of a mortgage famine, there are still lenders keen to attract new business and more than ever, there is a strong demand from tenants in particular who are very keen to become homeowners.

Looking ahead, we believe that the raising of the stamp duty threshold will not only kick-start the lower end of the market but will also attract property investors to our area. We have recently registered a number of first-time buyers on our books who are actively seeking a new home in the £400,000 to £500,000 price bracket.

We are also noticing an uplift in enquiries from investors who are now keeping a very close eye on the market and potential price reductions. Over the last six or so weeks we have secured three sales on the same development from investors who clearly feel that now is the right time to build up their property portfolios.

The above-mentioned development is located in Haslemere town centre and comprises of 16 exclusive luxury apartments starting from £319,950. With just five apartments remaining, the development is the ideal opportunity for both downsizers and investors alike.

Feature property: Bramshaw Court, Haslemere – Prices from £319,950

OXFORD

WALLERS ESTATE AGENTS
Rowan Waller, Managing Director

The last few weeks has been a bit of a rollercoaster – following the Mini-budget in September, Stamp Duty up to £250,000 is being scrapped, and first time buyers will pay no Stamp Duty at all up to £425,000. However, I thought at the time it was a bit of a red herring and so I think it is proving to be. Helping first time buyers to buy near half-million-pound houses… how does that solve any problems in our housing market at all? If that isn’t entirely loaded to help the wealthy south, I don’t know what is.

But even still, what help really is the saving in Stamp Duty if the £390,000 mortgages those first-time buyers are taking out are at interest rates of 3.1%… sorry 3.4%… sorry, 3.9%… sorry, 4.9%… stop! I can’t keep track!

Over-inflated prices

But don’t worry – it isn’t all doom and gloom. The reality is, prices in this country are currently over inflated, and now we are finally seeing the inevitable, overdue correction in property prices as these start to deflate on themselves. I suspect we won’t see a correction to pre-pandemic levels – that would require around a 20% to 25% drop – incredible, when you think about it, that prices could have shot up so much in the space of two years, and of course therefore an increase such as this was always going to be followed by a bit of a fall. And that is what I suspect we shall get: a bit of a fall. We will still see out 2022 being told that house prices in this calendar year rose by 5 or 6% overall. Mortgage lenders will review their lending policies and issue new deals with rates around the 4.5 to 5% mark – still historically quite low. And we may see more buyers taking tracker rates again. Ultimately, the housing market will move on, for the simple fact that people have to live somewhere.

In the meantime, from an agency point of view I really don’t think it is something to worry about, that prices which are probably 12% too high will fall; and from a moral point of view, I welcome it.

Oh, and one last thing; since the non-budget, we have not agreed a sale to a single first-time buyer that cared one bit about the change in Stamp Duty. Not one…

Featured property: Kimmeridge Road, Cumnor Hill – £425,000