From first time buyers to families, there is strong demand for a diverse range of properties, with prices typically ranging from £120,000 to £170,000.
The local area is very desirable for people relocating from other parts of the country and who want to be in the countryside either near the stunning coast of Llyn peninsula or the amazing sites of Snowdonia mountain range. North Wales has so much to offer and with continued improvements linking roads to the A55, it is becoming even more appealing to people from further afield.
The rental market in the Caernarfon area is very strong, particularly for smaller properties close to the town centre making it ideal for commuters who work in Caernarfon or the nearby city of Bangor. Demand significantly outstrips supply and has done for the past six months meaning landlords generally have a good choice of tenants to choose from and a good return.
The area offers a diverse range of properties from terraced houses in town to rural country mansions.
Employment is a key factor to sustainability, with the local authority being the main employer in the region, followed by farming and tourism.
At Williams & Goodwin we are a traditional general practice company offering sales and lettings of agricultural land and property, town and country homes and commercial and business property transactions. Our sub-brand, All Wales Auction, provides a real option for people to sell property at auction, with sales held every nine weeks throughout the year.
Company turnover has increased steadily over the last few years and is now roughly double what it was at the start of the recession in 2008. We have witnessed growth across Sales, Lettings and Property Management during that time.
Instruction levels are currently lower than expected, while demand is growing but still remains sensitive to media reports.
With an increase of almost 10 per cent in house prices in 2014, demand has remained high for sensibly priced properties at the start of 2015. Some 35 per cent of our buyers are from out of area and have a healthy appetite for both downsizing and upsizing. All price ranges seem to be popular as there is very little new build in our area.
Just down the road in Bury St Edmunds, demand for properties in the town far outstrips supply. We have been launching many of our properties in town with Open Houses. Rather than using them as an appeasement to the owner we have honed the Open House to a fine art. At our latest Open House we had 28 viewings, nine buyers making offers and achieving in excess of 8 per cent of the asking price – 27 disappointed buyers!
The rental market of course is extremely strong with both new landlords coming to the market as well as the more experienced investor. Our quarterly landlord evenings are a phenomenal success. The public clamours for information and particularly if it is free! Typical rents have increased by around 15 per cent over the past year with the average three-bedroom semi-detached house producing around £700 per month.
Our International department for overseas property is now seeing a return in demand for second homes particularly in the traditional destinations of Spain and Florida.
In Spain, apartments start from £42,000 and £72,000 for beachfront.
In Florida, just 15 minutes from Disney, a four-bedroom detached pool home starts from just £100,000, truly amazing value. Of course the coast, particularly the Gulf, is more expensive but has less holiday renting potential than Central Florida, but nevertheless remains popular.
Shoreditch has been a trendy buzzword for a while now but in recent years some of the historically lesser-loved parts of the E1 postcode have become hotspots in with fi rst time buyers and investors clamouring for the next big growth area.
The ‘Crossrail effect’ has had a massive impact. Prices in Whitechapel soared in 2014, with certain properties rising by 40 per cent in a year. With such a strong market, the gentrifi cation of the area has accelerated, with many of the original right-to-buy owners now moving to the outer suburbs, selling to eager investors or young professionals drawn by transport links and host of trendy bars and restaurants on the doorstep. Many young buyers are priced out of buying in the areas where they’ve rented and have turned east for their first step on the ladder where prices are traditionally more affordable.
With many investors targeting east London, as well as many of the tech companies moving to the area, certain parts of E1, now considered ‘city fringes’, are seeing price-per-square foot levels reaching those of central London. Many new residential developments have begun to dominate areas around Aldgate, such as Redrow’s One Commercial Street attracting huge overseas investment.
Market intelligence received through our membership of the Guild of Professional Estate Agents has shown that 80 per cent of buyers in the area are chain-free and that o -plan properties make up an increasing percentage of the stock in E1, resulting in a very fast-fl owing dynamic market.
Our register is as diverse and ever changing as the area, with ex-local authority, modern, period conversion and new-build stock passing through our books. Characterising this diversity is a two-double bedroom, loft-style church conversion apartment (pictured) at £450,000, close to popular Columbia Road and transport links from Bethnal Green and Shoreditch High Street; a historical nod to Shoreditch’s past standing proud among new builds and council developments in one of London’s most architecturally diverse areas.