Page 43 - The Negotiator Mag 52pp

CLAPHAM, LONDON
ORLAND REID
Tom Butler
Sales Manager
www.orlandoreid.co.uk
The Clapham property market began very buoyantly in 2022, with Covid restrictions ending and people returning to the office this was creating more confidence in the market and like with the stamp duty holiday of last year, was encouraging people to move.
The house market has been especially busy, back to pre-Brexit 2016, with houses going on the market and selling within a matter of days, normally at significantly over guide prices. This obviously led to
a rise in prices around the Clapham and surrounding areas with buyers vying for their ideal home and houses selling for as much
as 10% higher in May then they were at the start of the year.
Flats have also been selling well with many first-time buyers keen to
get on the property ladder. Garden flats have generally seen increases by around 5% this year, especially ones that have been extended to create open plan living at the rear of the property leading onto the garden. Flats lacking outside space, however, are still struggling since Covid. These have continued to have price reductions to attract buyers and only if competitively priced are selling at similar, if not lower values than last year. This has especially been the case with
the larger split level period flats that have no outside space, normally around 800/1000 sq. Ft. They are competing with garden flats, which although slightly smaller, have the sought-after outside space.
Slow-down of the market evident
With rising interest rates and the global uncertainties, we are now seeing a slow-down of the market and prices tailing off slightly. There have been a handful of houses that have been agreed at above asking, which are now being down valued on survey. These are now going back on the market and achieving lower prices.
However, I don’t foresee much of a drop in the property market. Although interest rates are rising, they are still much lower than they were in the past. There is still a drive to move after the pandemic when many people’s moves were put on hold for two years. The Clapham market always rallies, and I always advise it is a great place to invest and live.
Featured property: Porteus Place, Clapham, 2-bedroom house – £1,150,000
WAREHAM, DORSET
DOMVS ESTATE AGENCY
Alison Owens
Associate Director
www.domvs.co.uk
STATS
While the total number of buyers registered on our database remains higher than in January (up 36 per cent), we believe this is the start
of a return to a more ‘normal market,’ in which there is a more equal balance between supply and demand. This shows that there is an increase in the number of listings offering more choice for buyers.
Viewings per property reducing
Website traffic remains as active. In fact, we have seen growth in
the number of hits to each of our available properties. However, there are clearly other things now available for people to do, as the world has opened up from Covid restrictions. The number of viewings
per property has reduced in the last month – albeit consistent with previous years, in which we would describe the market as more stable.
Holiday lettings
Interestingly, 55 per cent of recent new-buyer enquiries have come with a desire to own a home with flexibility and the option to earn
a passive income through holiday lettings. Our pocket of Dorset
is a haven for holidaymakers and buyers realise that stretching their borrowing-power to afford an annex, land or outbuilding for example, will more than pay for any additional mortgage repayments. This is
a new phenomenon and something we haven’t seen with such prevalence in previous years.
All-in-all, estate agents are now having to work a little harder with their sales and marketing strategies, which is something we are good at. Properties are selling in a more normal time frame now, and agents that go above and beyond to attract the best buyers are standing out from the competition.
Featured property: Corfe Castle – Offers over £625,000
AUGUST2022 43
Average time on sale: 14.34 weeks
Average sale price: £651,225 Av Sale Value
Number of transactions (or going under offer) in past four weeks: Six under offer in the past four weeks.
STATS
www.thenegotiator.co.uk
Most successful start to the year since: 2016
Completions in first half of year compared to 2021: 40% more Record sales prices on a number of roads
TN0822_42-43 Regional Report glfin.indd
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SALES AND LETS