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Busy summer ahead
“The market has drawn breath in recent weeks, new mortgage approvals fell 6% in June, while buyer demand dipped 7% in the four weeks since June 28th. However, with over 81,000 mortgages approved in June, over 20% higher than the longer-term June average, and agents reporting buyer enquiries remain steady, the market remains buoyant.”
The PwC report consumer confidence is at its highest level since its survey began back in 2008. Although inflation has breached the government’s 2% target, there is little suggestion that interest rates will rise soon; mortgage rates remain close to their all-time low and affordability is on par with longer term averages.
“The increased availability in recent months of high loan-to-value mortgage products, thanks to the government-backed guarantee, provides support for both those looking to upsize and make lifestyle changes, and those looking to purchase their first home. Zoopla reports lending to first-time buyers has risen twenty five per cent year-on-year.”
Rents rise for the first time in prime London since start of the pandemic
This is the first time rents have increase in prime London since the start of the pandemic.
Strong rental growth continued across London’s commuter belt where demand from relocating families for three and four bedroom homes in regional towns and cities massively exceeded supply as ‘accidental tenants’ compete with try before you buy renters.
In the country markets, the study shows that connectivity has unsurprisingly become more important for those moving out of London while some wealthy tenants are opting to take a country house style residence in the London suburbs.
January 2019 arrived with an encouraging start for the housing market with some of Londons’ priciest properties selling faster than expected. Holland Park and Notting Hill contains of the most famous and sought-after roads in London and recent applicant interest is good news for all local homeowners.Luxury homes worth £10 million and more are selling on average within 6 months and achieving offers far closer to the asking price than has been the case since 2016. This is a massive change, since these properties were taking up to 18 months by the end of 2017. Reductions of the original price on these significant properties are as low as 10%, which is also better than in the past three years. Significantly, as a postcode W11 performed extremely well in 2018 compared to other prime London areas with prices remaining broadly static (Land Registry figures suggest an average price change of -0.9%).Following the impact of Brexit and political instability on the Continent we are seeing not only British but a welcome return from foreign buyers seeking to take advantage of the perceived stable investment offered by a luxury London home. We anticipate this trend continuing throughout 2019.
In contrast to the sales market, the prices of renting in the big city have been increasing. The average renting cost in London has hit £2,034 at the end of 2018, which is 5,3% more than 2017 according to the latest research from Rightmove.
The research also predicts another increase of around 4% in 2019, supply fails to keep pace with demand.
But if we look at the bright side, the prices are almost 3% lower than the projected rate of growth since Brexit was announced, leaving tenants with more money at the end of the month.
As Holland Park and Notting Hill remain to be within the most beautiful, fashionable and safest areas in London, the future of rentals continues to look bright. Large Victorian family villas and charming multi-coloured houses, give us the security of high demand and continues population.
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The best in the business - A seamless and painless transaction – he truly understood our needs and was able to meet them.
Najib, Bank of America
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Honest and hardworking, but most of all, prepared to put in that extra effort to ensure complete customer satisfaction.
Jane, Let & Managed on Gloucester Terrace W2
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An agent I could trust and who got the job done consistently.
Frank, Let & Sold on Elgin Crescent, Notting Hill W11
Extremely pro-active - Within a week a new long term tenancy was secured.
Gina, Let in Ink Building, North Kensington W10
"Highly recommend Sandersons!"
Highly recommend Sandersons! Got our dream apartment via agency. Throughout the process Ledian was super responsive via text, phone and email.
Najib, Bank of America
Extremely efficient, thorough and very supportive throughout the whole process.
Jo, Let on Bassett Rd, North Kensington W10
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Let our property in 24 Hours - worthy of recommendation - more than willing to go the extra mile.