Although the news headlines are suggesting that many areas of London and the South East are seeing a ‘seasonal summer slowdown’ in terms of buyer activity, in the lovely enclave of Cheam village, as well as the wider areas of Sutton and Epsom, the market appears to be sizzling not slumping! Our founder, Monica Bradley, gives her views on the local property market in July…
“They say that ‘sunshine sells houses’ and from what we’ve seen so far this month, this certainly seems to have a ring of truth to it” says Monica. “The clients we’re assisting who are currently buying seem to be very motivated to move, and this is leading to deals concluding relatively swiftly in many cases. Contrary to popular belief, the summer months are usually quite busy, as families especially aim to make the most of the long school holidays to move home so that they are settled in ready for the new term in September. Therefore, if you’re thinking about selling its certainly not the worst time in the year to put your home on the market.
Likewise, we’ve also been very busy with first time buyer enquiries over the past few weeks, which is a great sign as they tend to underpin the rest of the market. We’d suggest that this could be down to the fact that there are fewer landlords purchasing at the moment, which means that there is less competition between first time buyers and investors, as chances are most of the time what makes a great home for those taking their first steps on the ladder also makes a great buy to let investment. That said, we are seeing serious investors still adding to their portfolios, but they have taken time to take specialist tax advice and have geared their purchasing strategy accordingly.”
Monica continues, “Looking at the local market picture, so far in July we would suggest that property values have held steady locally on last month, however our clients who are selling and have secured a buyer quickly have been pragmatic about their asking price and been realistic, rather than ambitious. In their minds, everything is relative, as whilst they may not have achieved top dollar on the home they are selling, they have perhaps been able to negotiate on their onwards purchase, meaning that overall, they aren’t any worse off. However, those who have taken this approach did take our advice in terms of working through the numbers to make sure that they stacked up before they accepted or made an offer. Our doors are always open for any of our clients who would like to pop in and just double check that a deal adds up before they make a final decision; after all, it’s probably the biggest purchase you will have made to date, and sometimes an extra pair of eyes over the figures can provide some reassurance, which we’re delighted to provide.”
If you’re currently considering moving and would like any advice on your mortgage, or perhaps would value an independent view of the local market, please don’t hesitate to give us a call or pop in to our Cheam offices.