The start of the year has seen a flurry of activity, as London continues to attract buyers and landlords looking for a safe place to invest.
Mortgage rates have settled in recent months and both buyers and sellers are pressing on with their moves with renewed confidence. Harry Buchanan, Pimlico Sales Director says, “There is more property on the market than this time last year satisfying the high buyer demand, and as a result our sales numbers are 30% up.” However, discerning buyers are actively avoiding properties that appear to be overpriced and instead, are focusing their attention on quality housing in the best locations that present good value. As demand Demand continues to rise as more sellers and landlords enter the market.
The start of the year has seen a flurry of activity, as London continues to attract buyers and landlords looking for a safe place to invest. Mortgage rates have settled in recent months and both buyers and sellers are pressing on with their moves with renewed confidence. Harry Buchanan, Pimlico Sales Director says, “There is more property on the market than this time last year satisfying the high buyer demand, and as a result our sales numbers are 30% up.” However, discerning buyers are actively avoiding properties that appear to be overpriced and instead, are focusing their attention on quality housing in the best locations that present good value. As demand picks up pace, our London-wide offices are supporting customers and clients on their property journey, with local knowledge and expert advice.
Tim Firth, Weybridge Sales Director, explains the benefits of using an experienced agent. “Many of our clients are very wealthy individuals, moving from or to the private residential estates, so they rely on us to make it happen. We recently managed a property chain of four houses, all moving locally within the area. We worked out that it takes approximately 150 hours to complete a successful transaction, so we are well versed in the complexities of selling and letting. By offering a personal service and skilful negotiation, we achieve success for all our clients.”
Harry adds, “Not only can we support our sellers within the local area we operate in, our national coverage allows us greater scope to make sales happen anywhere in the UK. We recently sold a property in Pimlico, our client was so delighted he sold his country home through our Bridport office and then reinvested through Jackson- Stops Sherborne. This is how we develop trusted lifelong partnerships, where our clients never need to go anywhere else.” The London network of offices covers some of the most affluent sought-after areas, including Mayfair, Pimlico, Richmond, Teddington, Weybridge and Wimbledon. Specifically for some locations, the combination of living along the river in an idyllic setting, whilst quickly being able to get into the city, makes these markets much more resilient to external influences.
Tom Hodgson, Richmond Lettings Director explains, “Because of large businesses based in Richmond such as PayPal and eBay, we work closely with our Corporate and International Relocation team based in Mayfair, who receive hundreds of enquiries every week from major corporations. Towns like these become hubs for families looking for long-term tenancies because of the exceptional schools and lifestyle they offer, making the market busy all y ear round.”
In prime central London, the rents on some of the most highly desirable roads have still not reached their ceiling. Alex McConnell, Pimlico Lettings Director adds, “We recently re-let a property on Warwick Square, which achieved a rise of 20% in as little as twelve months. We go the extra mile for our landlords, which is why on average they stay with us for ten years. Relying on our commercial approach to maximising rents and minimising arrears and void periods, provides peace of mind.”
In the capital, prices and demand remain strong, and we expect this to continue for the foreseeable future. Price sensitivity will continue to be a factor, but through guidance and a bespoke marketing strategy, we are confident our sellers and landlords will achieve the best possible price. The service you can expect to receive from our teams is honest and reliable, having navigated every type of market condition over the years. This is why we have proudly received over 2,000 Google reviews with an average rating of 4.9.
