Another Year, another Election. Our buyers and sellers seem to be treating the prospect with supreme indifference, at least as far as the market here in the Clerkenwell & City goes. It is also the Bank Holiday season and the time of year that traditionally heralds our peak selling months.
Another Year, another Election. Our buyers and sellers seem to be treating the prospect with supreme indifference, at least as far as the market here in Clerkenwell & City goes. It is also the Bank Holiday season and the time of year that traditionally heralds our peak selling months.
London-wide the market has flattened somewhat. Prices are still mixed, but the feeling is that in the suburbs the steam is coming out a little. At the same time, of course, with record low interest rates, mortgages have never been so affordable or so achievable. Recent studies have shown that the number of people being refused a mortgage has dropped by almost half over the past year. Likewise, the self-employed are finding their access to mortgage finance is better than it’s been since the onset of the credit crunch in 2008.
A little word of warning. Inflation is tickling up as our lower post referendum currency imports inflation which ultimately will raise UK bond yields which mortgage rates track.
Here in Clerkenwell & City there are definite signs that buyers are starting to emerge and dip a few of their collective toes into the water. Our buyers are still largely needs-driven and end-users. They are looking for value, not necessarily deals. So beware, optimistic pricing will result in prospective buyers looking at the details on-line and then taking it no further.
Three of our last four sales here have been within the £2m to £3.5 range. This has been a tough market recently but indicates that there are buyers out there at these levels. All the properties concerned were reduced from previous ambitious levels to come into line. A strong lesson there.
The market here is nicely balanced between Buyers and Sellers. If you would like to discuss your thoughts or property plans with me I will be delighted to hear from you.
0207 405 1288