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Hot Property

There was some good news coming out this week with the announcement that it was the busiest month for processing new mortgage applications since the beginning of the credit crunch.

Additionally, the weekend FT reported that foreign buyers were purchasing around 50% of the current stock on offer in excess of £4 million and 80% of properties offered for sale at between £2 million and £4 million.

Surprisingly the stats showed 4 out of 10 of these overseas buyers were purchasing property as 2nd homes.

Our Chigwell office contributed to these figures by selling a fine house backing onto the golf course in Manor Road to a charming couple from Hong Kong which, through competition, achieved its full asking price.

We have, at long last, received several attractive new instructions from clients who are keen to sell and it seems that we are getting a good few enquiries to purchase from our new “all singing and all dancing” website. It seems that the most popular price range however is still below £2 million.

Now that we are able to get buyers inside all of the new fabulous apartments at Eton Heights, Woodford Green things are starting to move very fast. The development is due to be completed early in the new year and with its indoor pool, sauna, gymnasium and full concierge service, represents a lifestyle never before seen in the area.

The two premiership football teams (Spurs & West Ham) for which we act as advisers are at opposite end of the league table. We expect each of them to be quite active during the approaching transfer window in January – so if you have a smart, ready to go apartment or house to rent or sell, call us now in order that we may be ready to put it in their shopping trolley after Christmas.

Just a word of warning. Our wonderful government are producing a pre-budget report on the 9th December. It's my guess that they could choose to prop up their flagging coffers by raising the rate of stamp duty at the top end to 5%, maybe choosing to start with homes above £1 million. They will I am certain leave the tax free limit at £175,000. My advice if you are buying is to exchange contracts before the 9th to be on the safe side, in either case!    

Phillip Leigh is the Principal of Phillip Leigh Associates of Chigwell and Loughton established by him in 1966.
Tel 020 8501 2424.E.Mail Phillip@phillipleigh.com
www.phillipleigh.com