It’s beginning to feel more and more like Christmas, with the lights twinkling in Sloane Square, Santa in his grotto at Harrods (and, magically, managing to make appearances elsewhere) and hotel lobbies competing in the tree stakes. If you’re considering putting your house on the market, you’re probably thinking of waiting until after Christmas, but in actual fact there are plenty of good reasons to do it right now. We ourselves have seen a flurry of activity over the past week or so on the sales side – those shrewd enough to know an opportunity when they see one – and buyers who have been sitting on the side-lines cautiously are coming out and making offers with a view.
Twelve quirky ‘facts’ about the city we call home, by NVP Black cabs will not necessarily stop, even if their light is on to say they’re available. If you want to visit a ‘typical’ London pub, choose very carefully. They are not all quaint. English people like talking about the weather as much as Italians like talking about food. A shop that sells books is called a book shop, not a library – this is something quite different. If in doubt say sorry; it’s a word Brits use a lot. Many English people consider it completely normal to wear flip-flops in the middle of winter. Most Englishmen are not inclined to go for a manicure or pedicure (despite their love.
In yesterday’s Autumn Statement Philip Hammond had the perfect opportunity to listen to the property professionals and remove the onerous SDLT increases brought in by the previous chancellor George Osbourne. We were disappointed however, though once again not entirely surprised, that the Chancellor did not reform stamp duty at the upper end of the market, or reverse the extra 3% recently introduced on secondary homes and BTL landlords. The government also missed a trick to bring regulation to letting agents by creating a standard fee and instead opted to ban lettings fees charged to tenants altogether. Clearly the government has failed to get to grips with the industry, as they don’t seem to realise that agents are not able to afford to.
For the first time since we opened our doors for business in 2014 we have found that our rental income, for the last 3 months, has overtaken our sales income. This has come as no surprise to us at NVP. We were expecting the sea change and believe the trend is here to stay for the next couple of years while our government implements Article 50 and negotiates new trade agreements with Europe and the rest of the world. This seems to correlate with the other leading estate agencies, most of which are anticipating more properties being available to rent than for sale in 2017. Recent data relating to the PCL super-prime lettings market regarding transactions above £5,000 per.
After a subdued 3 months post the referendum we crossed our fingers that we would see a pick-up of activity heading towards the Christmas period. Our expectations, or rather our hopes, have been realised this week as we have received more offers on our properties than we’ve seen in the last quarter. We are finding that offers coming in on properties which have already had a price reduction are within 5-10% of the new asking prices. However, those properties which have seen no price reductions throughout their marketing period are failing to receive offers or are receiving offers 20%-30% below their asking prices. This seems to dovetail in quite nicely with recent data released by LonRes for Autumn 2016 which shows that.