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Regional report – Cornwall, North London and South London

Each month we visit three agents across the country to discover what is happening in their local market. This month we meet members of the Guild of Property Professionals in Cornwall, North London and South London.

The Negotiator
ST. MAWES, CORNWALL
St Mawes - Cornwall - image

STATS: Market Share: 72% in St Mawes and 21 per cent overall. Average House Price: £1,228,560 in St Mawes and £806,799 overall Average cost per square foot: £546 in St Mawes and £365 on The Roseland Peninsula. Instructions to Sales Agreed Ratio: 95%

 

Mark Wilson - H Tiddy - imageMark Willson MNAEA, Director
H Tiddy

H Tiddy, based in St Mawes in Cornwall, established for 100 years, has a 72 per cent market share in St Mawes and a 21 per cent total market share in The Roseland Peninsula and The Cornish Riviera.

In 2018, 43 per cent of sales were on The Peninsula, 34 per cent in the exclusive village of St Mawes and 23 per cent in The Cornish Riviera. It was not without it’s challenges: political uncertainty, the weather, the lack of economic growth, Brexit and a limited supply of property. Despite this, the number and value of properties we sold remained similar to previous years.

Our average house price rose from £797,242 in 2017 to £806,799 in 2018. The Roseland Peninsula had an average house price of £659,133, fed by St Mawes with an average price of £1,228,560.

Movers and competitors

Buyers from London and the Home Counties represented 29 per cent of our sales. The Somerset and Bristol area was fifth equal with Hampshire, Dorset and Wiltshire at 8 per cent – a decrease to 2017, when Hampshire was our top county at 28 per cent. Cornwall and Devon remained second at 20 per cent of sold properties – a 3 per cent increase on 2017. Third place was the Midlands at 17 per cent followed by Gloucestershire at 15 per cent of our sales. In 6th place, 3 per cent of our buyers moved to our area from overseas.

We are very lucky to be based on The Roseland, ‘the jewel in Cornwall’s crown’ an Area of Natural Outstanding Beauty. There is a limited supply of properties at any point in time and a healthy choice of willing and able buyers when the right property becomes available. We have experienced continuous annual house price growth (albeit at inflationary levels) since 2009.

We are recognised specialists in our niche market. Our staff is extremely experienced and have dealt for many years in both “sellers and buyers markets”. Three have worked in the business in the early 1990s when interest rates reached 17 per cent. Anyone remember Black Wednesday, September 16th 1992? Our experience and local knowledge, enthusiasm, professional advice and tenacity contribute towards our success and reputation.

Pictured property: The Mount, St Mawes, £3,250,000

NORTHWOOD LONDON
Northwood - London - property image

STATS: Average Number of viewings per month: 365 Average sale price: £676,096 – in HA6 over the last 12 months Average rental price: £1600 pcm Most in demand type of property: Detached family homes

 

Daniel McGowran - Gibbs Gillespie - imageDaniel McGowran MNAEA, Director
Gibbs Gillespie

Northwood, a favoured suburb, covers the Borough of Hillingdon crossing into Hertfordshire on the Metropolitan Line in Zone 6. We have an abundance of housing stock, with 70 listings.

Although we have seen a reduction in applicant registration, buyers are viewing and will make a quick decision if the property is suitable for their family. Our vendors looking to move locally are some of our most motivated buyers.

We have seen a slight price correction in the market over the past twelve months, but the area is still very much in demand due to the quality of highly regarded schooling and transport links. We have an incredibly local property market, often led by buyers and sellers upsizing or downsizing but wishing to stay local.

The Metropolitan Line is also a key factor in ensuring there is always a healthy number of buyers looking to make home here for the fast and frequent service to central London and the home counties.

Family homes in the £1 million to – £1.5million bracket received the highest demand over the past 12 months with on average 96 per cent of the asking price being achieved.

Looking ahead

Regardless of some press releases we remain very optimistic about 2019. We have already been instructed on more homes to sell and have exchanged on more property transactions than we did in January 2018.

Looking ahead to the second quarter of 2019 onwards there may well be too many unanswered questions to give a clear steer as to the future direction of prices and activity of property, but what is apparent is that there remains a determination among a good many serious buyers and sellers alike; to find a way of moving home.

At Gibbs Gillespie we are in a strong position, we have the largest property showroom in Northwood as well as highly trained staff members who have extensive knowledge to navigate the market.

We are ever so lucky to be part of an 11 office network that works closely with each other and continuously strives for an excellence in all we do.

SOUTH LONDON
South London property interior image

STATS: Average sale price: £710,000 Average rental price: £1950pcm Number of viewings for February – lettings and sales combined: 323

 

Armond Ghahramani - Orlando Reid - imageArmond Ghahramani, Area Manager
Orlando Reid

I’ve been pleasantly surprised by the local sales market in Clapham, Brixton, Balham and Battersea since the New Year. I had anticipated that the increased turmoil over Brexit and the subsequent deadlock, would slow the property market. How wrong I was! We have had a fantastic start to 2019, with a record January and February with a positive trend in March. Viewing numbers are the highest in 16 months with three sales achieving above the asking price. Several properties on the market for six months sold for close to the asking price, even after such a long period on the market.

On the lettings side, some flats are renting on the day they came to market with several applicants applying for the same property. I expect this to continue as rents rise due to a lack of rental stock. Tenants seem to be after longer term contracts as they are seeing increasing rents.

Sellers become landlords

Another pattern is that sales clients who haven’t sold are using the strong rental market to find tenants for a year to ride out the Brexit storm and have an income on their property, before trying to sell. I think this is shrewd thinking. Even if we get a hard Brexit, things will be clearer and the market can start to stablise.

We have seen success with many clients due to our customer service-based approach. We are transparent and put procedures in place to ensure we must live up to our promises.

Nowadays, with the rise of online agencies who don’t really have the customer service aspect sorted yet, this is where an agency like us can flourish. This is illustrated by kind words from happy clients. For example, a vendor wrote the following very kind review: “Having had several bad experiences with various agents, Armond managed to restore our faith with his outstanding professionalism and attention to detail. Nothing was too much trouble and he was always willing to go the extra mile. It was more like dealing with a friend rather than one of those wheeler- dealer types we’ve come across in the past. The all-round service that he provided was excellent and we would not hesitate to recommend him. He made the whole process stress-free and we will be eternally grateful for everything he did for us.”

April 29, 2019

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