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The Local Property Market Dec 09

THE LOCAL PROPERTY MARKET

How’s The Market?
This is a question every estate agent is asked at every dinner party they attend.
In my case I answer it as it is and as I see it. Others may choose to “talk it up” (as I have often seen) as they feel it is good for business and their image.
My stock answer has always been “that depends if you are buying or selling!” and more importantly where you are buying or what you are selling!
For as I have said on countless occasions there is no such thing as a “property market” just a myriad of micromarkets.

When assessing our local market over the past year it has been, as they say in football parlance, “a game of two halves”. No Not necessarily two halves of the year, but two halves of the market. At the high end (say £1.5 million and above) it has been and still is a difficult time with probably only one third of those formally (pre-October 2007) looking to buy from a market which is currently 60% down from 10/07 levels. In many cases, at the very top end, prices have fallen to their 2004 values.

At the other extreme there is an acute shortage of property of any shape or form under £400,000 and this is undoubtedly assisting in keeping prices firm at this level which in cases means sellers are achieving much the same prices that they would have received in 10/07.

Our Chigwell Office recently agreed a sale of a very modest detached house in Chigwell pitched at around the half million mark at a figure £20,000 above the figure being asked in 10/07.


You will understand from this that this is certainly the best opportunity for anyone looking to “trade up” to spend the Winter months scouring the market for bargains. I am sure that they are there to be had and I am equally sure this is as good a time as any to take advantage of a situation that could very well be short lived.

Although I have penned this piece halfway through December you will be reading this in early January, or for the lucky few that are still sipping slowly on their cocktails during the happy hour of your favourite beachside bar, not until the second or third week of January.
None of us have a crystal ball but it is my guess that there will be quite a few people who feel that with a March/April election a near certainty and a change of government on the cards, property prices could increase once the leaves are back on the trees.

We are talking to clients now who are asking us to launch their property into the market in Mid January. This coincides with our launch of two fantastic new developments in Chigwell which will be supplying the needs for super large luxury apartments and beautiful detached houses, each development in the heart of Chigwell Village in prime positions and fully gated and secure.

All in all they amount to over 40 homes which will in most cases release an equal number of much needed homes in return.

Ensure you call now to reserve your place to view the show homes.

A very happy 2010 to you all.