Sales and Lettings Market Insights for Q4 2018
2018 has been a busy year for everyone at Daniel Cobb, so here's a round up from some of the team on the past year and their thoughts on the year ahead.
Ian Boardman Sales Manager, Kennington
2018 has been a very steady market. Whatever your opinions on Brexit, it is clear that the uncertainty surrounding it is making buyers consider their options, with many would-be purchasers choosing to wait it out. Of course, where there is apathy there is also opportunity. Those looking to buy could be paying less than they were at the peak of the market in 2014. And those looking to trade up, may find that the gap between the price of their current home and their new property is at its lowest for five years. This sentiment also offers buyers a more relaxed experience compared to the mayhem in previous years, where they would have been experiencing bidding wars and being gazumped. Many of the sales we have dealt with this year have taken longer to actually complete, with conveyancing taking on average a month longer than it did 18 months ago, but on the whole, both buyers and sellers have been very pleased with the outcomes.
Douglas Booth Lettings Manager, Westminster
The last 12 months can be summarised as a mixed bag. In Westminster, we as an office have covered all sectors of the market from £350pw up to £2000pw and it's been a very different picture from bottom to top. The overriding theme has been more tenancies renewing and less new stock coming to the market. The sub £500pw bracket has been in the highest demand and rewarded some Landlords with a 5 - 15% rental increase and multiple offers to choose between. The mid to high end market has been particularly difficult to predict with demand and stock levels fluctuating greatly month to month, and its been the properties with something unique or special about them that have been the most resilient. 2019 will be much the same for the most part with Landlord mortgage relief, the impending Tenant fee ban and BREXIT all making the decision to invest or even move a potentially costly decision.
Alice Fyfe Senior Lettings Negotiator, London Bridge
Although nearing the Christmas period where traditionally the market slows, our London Bridge Lettings department have been exceptionally busy and at the time of writing, have received thirteen offers in as many days, with many of these offers translating into tenancies that are due to begin before Christmas. We have continued to be busy throughout the year at London Bridge, with the area being as popular as ever with professionals working in the city and couples wanting to move to a new, exciting location. Presently, our busy winter period coupled with receiving an ‘Excellent’ award from the EA Masters Best Estate Agency Guide (putting us in the top 10% of estate agents nationally) has meant we can’t wait to see what 2019 brings, and to continue to provide exceptional customer service to our landlords and tenants.
If you are considering selling or letting in the New Year, we may already have the perfect person for your property. For more information on what we can do to help, please do not hesistate to contact our team. Wishing you all a very Merry Christmas and a Happy New Year.