London Bridge Sales and Lettings Market Insights for Q4 2019
In our previous Monthly Market update at the end of the July, we had reported a busy market with an increase of buyers, viewings and transactions across the entire market. Not surprisingly we were nervous this activity might not have continued further throughout August and into the hopefully busier and traditional 2nd market of the year in September and October. Our concerns were unnecessary as since then the story has been much the same with a similar level of fresh interest for all properties, which not only flies in the face of the ongoing uncertainty surrounding Brexit, but more importantly is testament to the continuing interest and popularity of Bermondsey or as it is known to many of the residents as our village in the city.
There is no better illustration of the fantastic popularity for this iconic corner of the capital than the sight of the many thousands who thronged to the 12th annual Bermondsey Street Festival last month. It was a tremendous day without a hint of rain and a wonderful spectacle to see so many enjoying all the wide variety of stalls, street food and attractions. The dog show was as popular as ever. For us it was a great opportunity to showcase our business and with our staff manning stalls giving away Daniel Cobb mugs, bags and the very novel “Grow your own herb” pencils. For the 2nd year running the “draw your own T shirt! proved to be as popular as ever. A £100 gift voucher for our In House Maintenance team was the prize for the winner of the raffle. We are already looking forward to 2020 festival!
As with every festival, it is a great opportunity to extoll the attractions of the area to the many we meet and it never fails to surprise us the incredible variety of buyers attracted to the area and for some the Festival was their first experience of seeing the village in the city. Undoubtedly the common thread throughout all of our buyers is the desire to be in a village atmosphere but within walking distance of their work either in the city or close to London Bridge to take them wherever else in the capital they need to be. Our buyers are therefore predominantly buying for their own occupation and or for their offspring whom are beginning their careers or starting at university. Whilst the majority are UK domestic buyers, we are also seeing a growing international market, particularly those who have been tenants in the area and now want to buy their own home but not wishing to forsake the great appeal and attraction of being in this vibrant and vivacious part of the capital.
Not surprisingly with interest across the entire market, and from serious buyers keen to buy, we would welcome the opportunity to discuss your proposed sale if you are considering a move either now or in the New Year. With these enquiries we may well already have a buyer for your property. Contact Mark Andrews, Sales Manager.
The lettings market is still extremely strong in SE1, with the majority of tenancies being agreed at the asking price and tenants being found swiftly, with little void period. There is still a strong demand for both one and two bedroom properties, suiting sharers and single occupants who wish to live within close proximity to The City and Canary Wharf.
Thanks to the village-like feel of the London Bridge area, niche properties are letting quickly such as a wonderful school conversion on Grange Walk with a magnificent 40ft living space. Tenants are still moving to the area for somewhere to settle for the long term, and 24 month tenancies are common. We have seen a recent change in more corporate tenancies in the area, something we have not seen a lot of for a couple of years, and many more young families looking to stay in the area they first moved to as a couple and don’t want to leave!
Looking towards the end of the year, at London Bridge we are confident we will continue to enjoy our busiest year to date. A year never goes by without a tenancy beginning just before Christmas, so if your property is becoming available in late December, please do not hesitate to call us as we would love to find you a tenant! Contact Alice Fyfe, Lettings Manager.