With house price data released over the last month pointing to selling conditions in London and the South East becoming more challenging in recent months, our founder Monica Bradley provides her views on the local property market in Cheam this month…
“The news headlines are perhaps scaremongering slightly, as actually on the ground in Cheam, Sutton and Epsom we’re seeing demand for homes at all levels remain resilient, particularly the first time buyer and family mover sectors. Although there are areas further afield that are experiencing tougher conditions, due to the desirability of this particular pocket of Surrey, the market is largely unchanged, with reasonably priced properties still attracting plenty of interest” explains Monica.
According to the latest data from Rightmove, as of June the average asking price of property in the South East is £412,073 with an average of 58 days to agree an offer, whilst the median property value in London currently stands at £631,737 with an average time to sell of 67 days. By comparison, the UK average property value is £309,439 and will take 56 days to sell.
So, what advice for those who are considering moving home over the next few months?
“Before you even book a viewing on a property, do take the time to get a mortgage agreement in principle,” Monica advises. “We’ve had so many clients in recent years who’ve guessed what they might be able to borrow and, on that basis, have gone out ‘house shopping’, only to find once they’ve had an offer received and then apply for a mortgage that they aren’t able to raise the funds to buy it due to the tougher lending criteria that was introduced a few years ago.”
Monica continues, “It’s so much better to get professional advice before you start. That way you can understand how much you can borrow so you have a budget to work to, which avoids disappointment later on, but also it puts you in a strong position when you make an offer on a property.”
For those selling Monica suggests, “Taking a realistic view on the asking price. It’s far better to have multiple viewings, because you’ve marketed a property at a price that’s actually achievable, rather than trying to set the ceiling price for the road then finding you can’t get people through the door. It’s worth spending the time researching the market and understanding what similar properties are currently being marketed at and have recently sold for to make sure that your expectations are achievable.”
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.