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Regional report

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 Enfield, Hayling Island and Wigan.

The Negotiator
ENFIELD, NORTH LONDON
Link to Regional Report

STATS: In last 30 days offers made on our listings: 76 (25 August to 25 September). Average sale being agreed: 10% over asking price Average let agreed figure over last 30 days: £1,200 PCM

 

Link to Regional ReportSHEPHERDS PROPERTY SALES & LETTINGS
Adam Sanders, Director

Over the last three months, we have seen very little stock coming on to the local market for sale. If there were normally eight pages of available listings on Rightmove, there are now three or four. This has created an extremely competitive market for buyers to operate in. For each new listing we put on between £300,000 and £600,000, we have a minimum of five proceed-able applicants, with their proof of funding ready to go. On a recent sale, we had eight applicants all go over the asking price with the bid accepted being over 12 per cent higher than the price set by the vendor. With the buyers being shocked that they had secured the property at this level! We now have seven applicants chomping at the bit to buy a property and nothing to sell them. But this is not just an issue that is affecting us, it is hampering all local agents.

Wealth of new clients

With the public starting to come around to the new-old ways, where we have more domestic freedom of movement again, a few tenants have purchased their first homes or moved on to their next rental properties. As such we have seen more of our retained clients’ properties being listed back on the market for the first time in several years. The success of the marketing of these properties has brought us a wealth of new clients. As a direct result of having four or five properties available at any one time, all around the same rental price, we have been able to have more of a degree of flexibility when marrying a tenant and property together. This ensures we can match tenants more appropriately to the property, rather than trying to find a tenant that fits a property, as we were earlier in the year.

Many of our sales will be completed by the end of the month, as our clients push to move before the final Stamp Duty relief ends. We are sure that the reduction of pressure on conveyancing services and some of our sales team, at the start of October, will be a welcomed proposition. However, if their diaries remain free going into the late autumn and early winter and we do not see a stark increase in properties coming to the selling market, some of our sales staff might need to join our rentals team!

Pictured property: Two-bedroom apartment in Enfield, exclusive gated development – £995,000

HAYLING ISLAND, HANTS
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STATS: Average house price: £550,000 Average monthly rental: £750 Large portion of properties receiving multiple offers and going under offer within a week of hitting the market.

 

Link to Regional ReportHAYLING PROPERTY
Julia Jordan, Director

Sales and lettings over the last year have been very challenging with demand for properties increasing to exceptional levels. The end of the stamp duty holiday was nervously awaited, and we expected to see a slowing down in the property market, but we have found this is not the case and the market is still buoyant with prices stable and purchasers very much active.

With house prices averaging £550,000 we are seeing a dramatic increase in full asking price offers to secure purchases with a large proportion of properties having multiple offers and going under offer within a week of hitting the market.

We have also found that the rental market has strengthened significantly with the easing of lock down restrictions meaning that tenants are now moving again, and demand is currently outstripping supply, and we are seeing an increase in rental figures as well with the calendar monthly rent averaging £750. Here we are also finding properties are being applied for within days of marketing and are achieving a 100% letting rate.

Forgotten Utopia

Hayling is becoming increasingly popular and a recent write up in a national newspaper classifying Hayling Island as ‘Britain’s forgotten Utopia by the Sea’ has proved the increase of properties being purchased as holiday homes and buyers moving onto the Island to live and enjoy all that it has to offer. This includes aspects such as rural Northney, the Hayling Island Sailing Club being one of only four RYA coastal centres of excellence, Sparkes Marina, miles of sunny south facing beaches and a broad range of properties from beach front apartments and waterfront properties to bungalows and houses. We have even sold a substantial number of beach huts this summer as people invest in holidaying in the UK post Covid.

Hayling Property is an independent branch owned and run by born Islanders and my wealth of property knowledge spans a 30-year career in the industry. We are proud members of The Guild of Property Professionals, and our office is situated in the prominent high street location for maximum exposure.

Pictured property: Wheatlands Avenue – £590,000

WIGAN, LANCASHIRE
Link to Regional Report

STATS: Average property price: £187,275 Average price of terraced property: £134,720 Average price of semi-detached: £164,615

 

Link to Regional ReportABODE SALES AND LETTINGS
Lucy Watson, Director

Operating in Orrell, Wigan, our business wants to tackle existing negativity which often surrounds the estate agency sector through providing a service which is tailored to the needs of our clients and providing different levels of client care. Proud members of the Guild of Property Professionals, Abode is the only approved agent in the Wigan area.

Abode was created when we identified an opportunity for a truly independent estate agency, built on values of honesty, integrity, support, and trust. Our values are important to us as they guide the direction, growth and culture of Abode and ensure that we put clients first.

Abode offers a wide variety of services, which includes acting as buying or sourcing agent, negotiating purchases for clients; selling agent or property management where Abode manage a landlord’s property portfolio. In addition to managing client property Abode can facilitate the provision of mortgage advice.

Independent

A private independent with a small, carefully chosen team made up of highly experienced agents with extensive knowledge of Orrell and its surrounding areas, Abode offers a unique level of care. Our team offers an extensive knowledge of the local area, along with substantial expertise in estate agency. The team at Abode make it their mission to fully understand needs, best represent interests, and achieve a positive outcome whilst striving to ensure that the buying or selling process is fun, easy, and stress-free.

Looking at the property market in Orrell, the overall average price of property in the area has been £187,275 over the past year. According to Rightmove, most of the sales during the past 12 months were semi-detached properties selling for an average price of £164,815. Terraced homes achieved an average price of £134,720, while detached properties saw an average price of £287,932. As with much of the country, high levels of demand and constrained supply has pushed price up in Orrell with sold prices over the last year 14% up on the previous year.

Pictured property: Chequer Close, Upholland – offers over £475,000

 

December 29, 2021

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