Date Published 04 March 2020
The rental market has joined sales in its upward momentum in the 1st two months of 2020.
Selling & Buying
Homeowners and Investors are still feeling cautious, still somewhat concerned about the economic changes and appear to have a little uncertainty as what sale price their property could achieve. During our valuations we have been able to reassure homeowners that that confidence has returned to the market, that there has been a healthy increase of people registering their interest since the start of the year and if the property is on the market at the right price it will sell.
Confidence has returned amongst buyers. We believe the ‘Boris bounce' helped and now that people have clarification that we are exiting the EU, they have felt safer in making the decision to move.
There has been far more activity compared to the tail end of 2019 and it appears that peoples motivation to move before the end of 2020 is high, with the need for more space being the biggest reason to begin the new house hunt. This enables us to impart our local knowledge and expertise, bringing together buyers and sellers and helping both to achieve their property goals. First time buyers still remain the largest buyer demographic outside of London and the South East.
Landlords & Tenants
A lot of Landlords exited the market last year, our feedback showing that the main reasons were the ever growing number of laws, selective licencing and tax changes taking effect which meant keeping the property just became un-affordable. It's now more important than ever to ensure the agent you use for the letting and management of your biggest asset is registered and compliant.
Since the beginning of 2020 demand for the few properties available on the rental market has inflated the prices across much of Greater London. We have seen rent increases in the London boroughs more so then Bexley so far, but this will eventually have a knock on effect to the South East/North Kent areas. We do expect the rental trend to continue upwards as the year progresses.
It's very easy to measure the success using only the data gained from the numbers of sales or lets that complete within a month or quarter, but it's now more important than ever to know your clients wants and needs, so that the service provided is swift and purposeful for everyone involved. Communication in the sales and rental markets will always be top priority.
As we work through the 1st week of March both Able Estates offices are busy, many properties have sale offers agreed within 24–48 hours & lets have been agreed with in 3-4 days, so we are in need of new properties. If you have a property to sell or let, get in touch, we will arrange to come and see you and see if we can be of service.