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Good afternoon everyone,
For those of you who are new to these reports I add all of our current vendors, past valuations and current buyers to a list of recipients for a monthly report of what’s really happening in the market. There’s no sales patter and no pushiness, it’s just an honest and open take on the market as we see it. As ever, if you want to be taken off the list please just ask.
My last update was soon after the referendum result, 5 weeks on from this and the dust is very much starting to settle in the Battersea and Wandsworth market place. July has proven to be a month of renewed confidence with double the amount of applicants registering compared to the same time last year and more sales agreed this month than in the last 2 combined. In addition to this, week on week, property listings are also slowly starting to increase, indicating sellers who were initially watching and waiting are now making the decision to proceed with their plans and come to market.
In my previous update I spoke about the importance of communication from estate agents, and this has never been truer. It is only by speaking regularly to our customers and buyers that we can offer a balanced view – I think we’ve all become accustomed to hearing one side of the story recently! While the market today is challenging, we actually see this as an opportunity to show that we are more than property tour guides. As one of the leading property experts in the local area, we want to provide a balanced opinion supported by our research.
With this in mind, I would like to write about our experiences in Battersea since the 24th June. Firstly, our phone bills have gone up! Naturally, our clients are keen to hear about general market sentiment but buyers are particularly keen to understand the market including many of our international purchasers. Very few buyers are acting quickly and prices need to be properly justified. Therefore we are keen to hear all opinions and (where necessary) overcome objections. It is because of this approach that we have enjoyed a reasonable amount of success since the referendum result.
Looking more closely at our sales agreed since 24th June; on average we have achieved more than 99% of asking price, with properties ranging from £560,000 to £2,000,000 and everything in between. We have received offers from investors, first time buyers and international buyers, but what has surprised us most is the return of the coveted cash buyer, whom have been mainly absent from the market since the beginning of the year. Nothing about the above would suggest the local market is in decline in my humble opinion and in fact the market demonstrates a healthy appetite as we enter August which is usually a quiet month but maybe this year we will break that mould!
The weaker pound is also starting to entice the international demand back in to the local market place which combined with the continued strength of demand in the mid to upper end of the market from UK based buyers, is leading to renewed confidence. As always, the market is price sensitive with even the most bullish buyers wanting to ensure they are not paying above market value, however correctly priced sellers should remain very confident that their property will have the desired levels of interest from committed buyers from the outset. As always in slightly uncertain times, clear, open and honest communication and advice is very much at the forefront of our business.
And so on with our usual round up of current stock. As ever, we look at what is on the market, at what price levels and how long places are taking to sell. The table below shows all of the fully available (not yet under offer) stock between the commons, from Bolingbroke Grove to Clapham Common and from Battersea Rise to Nightingale Lane (source- rightmove.co.uk):
|Property||No. Available||Average time on the market so far||£ per square foot||No. Available last month||Average time on the market last month||£ per square footage last month|
|1 Bed Flats||14||73 days||£921||14||74 days||971|
|2 Bed Flats||30||94 days||£878||35||126 days||894|
|3 bed + Flats||13||84 days||£849||16||95 days||840|
|Houses||52||115 days||£747||68||121 days||810|
All in all the numbers across the board seem to be very similar to last month, the only noticeable difference is the average time on the market and available stock has gone down. Now there will be an element of vendors who weren’t motivated taking their properties off the market, however it also backs up what I mentioned above, that buyers who have previously been out serial viewing are finally committing to purchases and moving forward.
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