Winkworth, in association with Primelocation.com, The Mail on Sunday and British Institute of Interior Design, has launched a competition looking for Britain’s Best Home Renovation. The winning renovation will be selected by a panel of interior design experts and the winner will be awarded a cash prize of £5,000.
Research conducted by Winkworth, the leading franchisor of real estate agencies, shows that a surge in demand for rental accommodation over the summer has outstripped rental supply. Winkworth’s latest quarterly review analysing trends and the outlook for the UK residential property sales and lettings markets, shows that tenant registrations soared over July and August, finishing 47% up on May, and the number of potential renters in August was up 14% on last year. In contrast, the number of rental properties on the market in August was over 50% lower than a year ago.
Winkworth Estate Agents are opening their sixth new office this year in Beckenham, Kent – cited as a property hot spot back in 2001 (Independent, 31.03.01). Property prices in the area are now 43% above the national average – but homes are still 12% cheaper than in the Capital (Land Registry, April 2009).
2009 has started on a much more positive note than 2008 finished on. Most of our sellers have realised that there is a need to be more flexible in the price they are willing to accept for their property, and this in turn has resulted in many more sales being agreed. Buyers have also recognised that, by putting forward realistic offers, they are more likely to get the property they want. This has resulted in a more balanced market.
I am sure I was not alone in being pleased to see the end of 2008, a very difficult year for sellers in Notting Hill,where prices continued to fall and numbers of transactions dropped to unprecedented levels. The million dollar question is of course,will 2009 be any better? Well in general economic terms, there is little doubt that more difficult times are ahead, but there is strong argument to say that the Notting Hill sales market is likely to recover sooner than the broader economic climate might suggest.
Anticipated, debated and by some, dreaded for years,Westfield shopping centre is finally with us. Here atWinkworth Shepherds Bush,we’ve been looking forward to this event for what seems like an age. Our franchisee, Ian Dickson, remembers the project being mooted as early as the mid- 1980’s, but one thing has remained consistent throughout the ‘will they/won’t they years’: the firm belief that the positive effects on both the local sales and lettings property markets would be colossal.
The Brighton & Hove office have had a very busy year for lettings. During the summer months,which are traditionally quieter for sales, our lettings stock increased substantially and we saw a brisk turnover of one and two bedroom flats let within the area.
Rental prices remained strong and extra stock was gained from the ‘accidental landlords’ – our sellers who decided to let their property through us instead of trying to sell in the summer market. Now in autumn, the rental market continues to flourish and there seems to be no shortage of prospective tenants looking for a variety of property in the city.
It has been a very challenging market this year. Unsurprisingly in this area, press reports of a 25% drop in house prices never materialised. Activity in the market was mostly affected by interest rates,which in historical terms are still fairly low, allowing some homeowners the flexibility to wait to sell. However, there has been some decrease in the value of property in the area and therefore,when selling, asking prices have been absolutely key to the success or failure of a sale. In the areas we cover (NW10, NW2 and NW6) the percentage downturn can vary a lot from street to street so we’ve found that, if you want to achieve the best possible price for your property, it is more important than ever to price aggressively and really know and monitor the market from the outset. With the right knowledge and attitude, favourable prices can still be achieved today.
