For many homeowners waiting for the right time to move, it has been a difficult decision to make for the past few years. The property market in the UK has been subject to an onslaught of market slowing events with what feels like endless elections, the EU referendum, changes to stamp duty land tax, and then this year to top it all off, the world was pretty much shut down by a coronavirus pandemic from COVID-19.

As soon as the property market was put on pause, the headlines wrote themselves, and the media reported that the property market apocalypse was approaching… but it never arrived.

Then, as the property market opened again, we were warned about how tough it was going to be to sell our properties, so was this prediction right?

Let’s take a look at what the data tells us…

The below graph is taken from Rightmove data for the KT7, KT8 and KT10 postcodes which covers Thames Ditton, East and West Molesey, Hinchley Wood, Claygate and Esher (where Newton Huxley sell the most properties).

The local property market was showing very positive signs at the beginning of the year throughout January and into February, with the number of New Listings and Sales Agreed at healthy levels as you would expect to see. Then things began to turn in March as COVID-19 became the focus of everyone’s attention, and finally in April the market stopped almost entirely as viewings and mortgage applications were no longer possible.

In May, we can see the tide beginning to turn with urgent moves progressing and then in June we can finally begin to see what the property market looks like post lockdown… and so far it looks very good!

New property listings are quickly returning to pre-covid levels and as these properties attract the wave of new buyers from Central and South West London, we expect the number of sales agreed to catch up in July.

Our own internal data also shows positive signs for the local property market, with the number of offers received in June being at its highest level since October 2017.

This next graph shows the number of new buyers registering (people calling to ask us to help with their search for a property,) viewings booked, and the number of individual offers received on our listed properties.

Whilst it is too early to know for sure what the long-term impacts of COVID-19 will be on the property market, property transactions in the South East have been stunted since Stamp Duty Land Tax was changed in 2016 (by as much as 30% in our local area), and a bottleneck of buyers waiting for the right time to make their move has been building ever since.

Now interest rates are lower than ever before, and we’ve experienced a genuine public health issue that has had an impact on every single person one way or another. For many this has put things into perspective, and has served as a catalyst to further increase buyer migration out of Central and South West London, with some 51% of buyers that already live in the capital looking to move out.

With so many properties coming to market right now, and with lenders tightening criteria for mortgages, it is unlikely your property value will be shooting up any time soon. Many market reports are suggesting a 0% change in property values this year, and a modest 2% next year. So, if you have been waiting for the right time to move over the last few years like so many others in the KT7, KT8 and KT10 postcode areas, now is the closest you are going to get to the perfect time to finally get moving!

CLICK HERE To book a free valuation and market appraisal with one of the partner directors at Newton Huxley

The necessary restrictions put in place by Government to slow the spread of COVID-19 have essentially paused property transactions in the UK.

Agents are currently only permitted to carry out “virtual viewings” on vacant properties, and mortgage lenders are putting a temporary stop to new mortgage applications whilst restrictions prevent their surveyors from valuing properties with usual accuracy, given that they cannot physically visit the vast majority of properties at present.

The only ones that are still moving home, are those that are well progressed with their sale or purchase and are contractually bound to move. The same more or less applies to those renting as well, with virtual viewings applicable to vacant properties only, and only those that absolutely have to move are able to do so.

Were you planning a move this spring like many others who have been waiting for the right time to sell?

Prior to the outbreak of COVID-19, the property market was doing extremely well, and there was already strong evidence that the so called Boris Bounce was having a positive impact on the property market.

Our own data showed a 14% increase in the number of property viewings immediately following the election, and an overall increase of 32% when compared with the same period in 2019. This was also evident in the most recent property transactions for 2020, showing an increase in the average price paid for a property in Thames DItton, Esher, Claygate, Hinchley Wood and Molesey of £25,000.

Right now, we should be experiencing one of the busiest seasons for the property market, commonly known as the Spring Market, but restrictions are preventing people from bringing their property to market, causing a back log of people that were planning to move at this time.

Can you think of another recent event that was talked about in the news every day that may have also had a bottleneck effect, and created a back log of people that were waiting for more certainty before putting their property on the market…?

Brexit is relevant to property market predictions around COVID-19

The EU referendum in the UK along with amendments to how stamp duty land tax is calculated, reduced transactions in Molesey, Esher, Thames Ditton, Claygate and Hinchley Wood by around 30% and as a result, 2020 was expected to be a busy year for the UK Property market with pent up demand reaching critical mass.

We now have one bottle neck on top of another bottle neck, and if the data tracking property transactions in South Korea and China is anything to go buy, we can expect transaction levels and the health of the property market to snap back at an exceptional pace.

With the UK’s own specific set of circumstances leading up to this point, we are expecting a wave of new properties coming to market in the second half of 2020.

If you are one of those people that are planning to sell your property once life begins to return to normality, is there anything that you can do to beat the crowd?

Get yourself "Contract Ready"

You may or may not already know that you can instruct a solicitor before you find a buyer. Our panel of solicitors work just like our estate agents do, on a No Sale, No Fee basis.

Why does this matter? The initial process of setting up the sale of your home with a solicitor takes anywhere from 2-3 weeks. Most people wait until they have a buyer to begin this process, but if everyone is trying to do this at the same time, it will likely take longer than usual for the initial steps to be completed.

If you are serious about moving, why not put yourself in a position where you are up to 3 weeks further ahead than other properties that launch to market? There’s no catch, and you don’t even have to use Newton Huxley Estate Agents to sell your property to get access to this service. However, if you decide to take advantage of our award winning estate agency services, your solicitor fee payable upon the completed sale of your home will be absorbed into the commission we charge, saving you an average of at least £1000.00

For more information please contact our team on 01372 631 622 or email info@newtonhuxley.co.uk

If I had £1 for everytime someone asked me "what is the property market like at the moment?" I could pay off the mortgage for every friend and family member in the contact list on my phone!

The nature of the private housing market in Britain means that it is always changing and evolving, and the value of your property can change from month to month, and so called uncertainty surrounding UK politics has left many people unsure as to how this has affected the value of their home.

With the Pound (£) offering very good value for money against the Euro and US dollar, foreign purchases in Central London are reportedly on the up again, and as Molesey was more or less built for commuters, this has a knock on affect  within our local market as many buyers who move to Molesey, do so after selling a property in London in search of more square footage, garden space and good schools whilst retaining the ability to get to work in London with relative ease.

So what does the property market look like now compared to this time last year? 2018 was our busiest year yet at Newton Huxley, and here is why we are confident that 2019 will be the same, if not better.

Now this does not mean that asking prices are down by nearly 20%! We have noticed more properties coming to market below the £500k threshold which shows more confidence from those looking to upsize from their first purchase. We also published an article last year explaining that over inflated asking prices were causing a slow down in the market (as commented on by The Times in their recent article about overvaluing) and that the eventual sale prices of properties had remained more or less the same, this shows that home sellers are adjusting their asking prices to be more in line with buyer expectations which will increase movement.

The number of new properties coming to market has been in decline for the past 2-3 years. In terms of real numbers, the difference is 73 new properties in 2018 vs 65 in 2019 and although this will help speed up a potential buyers decision making with slightly less choice to consider, we do not see this having any significant affect on pricing at this level.

This is ultimately a result of the above two market factors, with less choice and more affordable properties on offer, activity will naturally increase. We have also noticed increased interest in properties that have previously been struggling to achieve a sale, showing further increased movement within Central and SW London is having a positive impact.

For practical purposes there is no real change here, this does however mean that a higher percentage of buyers that are out viewing, are making offers. It is more important than ever to ensure that the number of feet through the door from potential buyers remains high as this will dramatically increase your chances of securing a buyer and will help create a sense of urgency that will help you achieve the best possible price. In essence you should price your property to entice viewings and leverage negotiation against other interest as opposed to just stating what you want for your property as a seller, as this carries a lot more weight!

If you are thinking of selling and would like an idea on the current value of your home, you can use our FREE instant valuation tool below for an instant estimation. Additionally, if you have been on the market without success and would like to discuss other available strategies for selling your property, please call our Molesey team on 0208 396 6717 or email molesey@newtonhuxley.co.uk

GET AN INSTANT PROPERTY VALUATION FOR FREE!

Once again we have been trawling the land registry to gain further insight into the Molesey housing market. For many it has been a year of uncertainty and we are delighted to deliver some clarity to value and transaction trends in the Molesey area.

Hopefully you find the below statistics interesting, but if you would like to obtain an instant valuation of your own property, you can do so by clicking here:

FIND THE VALUE OF YOUR PROPERTY IN 60 SECONDS

At the time of publishing this article the last full month of completed transactions submitted by the land registry was September 2018.

There were 658 new listings uploaded to Rightmove.co.uk between the 1st January – 3rd December 2018

Out of those 658 listings in Molesey (KT8 postcode), 49% reduced their asking price, and 43% of the total listings agreed a sale.

The number of completed transactions on record has remained in line with predictions at the begining of the year:

The average price paid has remained strong due to a lack of supply to the Molesey market, and a continued influx of buyers moving out of central and SW London.

Terraced properties have the highest transaction rate in terms of property type, which is consistent with expectations given the number of terraced homes in Molesey.

We have also calculated the transaction rate for the top 10 roads in Molesey. This is calculated as a percentage of the total properties on the road, as opposed to the total number.

Transaction levels remain surpressed, but values remain high.

If you are looking for more space and would like to upsize and sell your current property. Now is the perfect time to do so.

FIND THE VALUE OF YOUR PROPERTY IN 60 SECONDS

The "B" word is firmly placed into our vocabulary, but what is happening in the local Molesey property market in the run up to Brexit?

If you don't have the time to read all of this article, here are our key points.

• Transaction levels have decreased in Molesey by 23.4% in the last 12 months.
• Real-time property values for Terraced and Semi-Detached homes in Molesey have increased by 0.6% (£3500 average).
• Asking prices in Molesey have increased by 9%.
• Asking prices in SW London have decreased by -18%.
• Asking prices in neighbouring towns are currently representing better value having acknowledged adjustment in the market.
• Increase in asking prices likely cause of slow down in transactions.
• Brexit has created some uncertainty from sellers which has restricted supply.
• Low interest rates and consistent demand for Surrey commuter towns has maintained a strong market.
• Stamp Duty changes and affordability concerns greater than those regarding Brexit.

Here's how Molesey asking prices compare to neighbouring towns that are equally as popular with buyers moving out of London.

Could this mean that transaction levels are being unneccesarily supressed by an uncompetitive increase in asking prices in Molesey when compared to neighbouring towns?

Want to get stuck into the nitty gritty? Let's get started.

Below is specific data collected from Land Registry archives, showing the average price paid, and the number of completed transactions for semi detached, and terraced properties in the KT8 postcode area. Each graph includes data between 1st January and 23rd October for each year so that we are able to compare to the current market with greater accuracy.

TOTAL TRANSACTIONS IN MOLESEY 2016, 17, 18 – 1st January – 23rd October.

AVERAGE PRICE PAID (£) FOR A SEMI DETACHED OR TERRACED PROPERTY IN MOLESEY 

2016,17,18 – 1st January – 23rd October.

What does this data mean?

From a transactional point of view, we have seen a sharp decrease in the amount of completed transactions compared to last year, yet prices have increased by just over £3500. This is expected with a reduced supply so nothing particularly unusual there.

By reading headlines in the media, you would be lead to believe the property market is in a terrible state, and Mark Carney, Governor of the Bank of England has claimed a potential value drop of up to 35%! We of course completely disagree with this estimation. To try and bring things back to reality we have compared this data with the period before and after the GLOBAL recession in 2008.

TOTAL TRANSACTIONS IN MOLESEY 2007, 8, 9 – 1st January – 23rd October.

AVERAGE PRICE PAID (£) FOR A SEMI DETACHED OR TERRACED PROPERTY IN MOLESEY 

2007,8,9 – 1st January – 23rd October.

Comparisons between the current market, and the global recession of 2008.

Aside from the fact that property values in Molesey have on average increased by 48% since 2009, we can see that already, transaction levels are lower right now than they were in 2008/09. Average prices for semi detached and terraced properties in Molesey decreased by 22% (approx. £84,000), given the banks were in crisis mode and the whole world was experiencing a financial meltdown, this is not difficult to understand. 

This is just our own opinion, but we cannot find any reasonable prediction that would conclude the value of property in the UK will be worse affected due to Brexit. The cost of borrowing is still at an exceptionally low level, so the demand is there but the affordabilty has hit its current ceiling, especially with the change in stamp duty bandings that has slowed movement at the upper end of the market.

The London Market.

Surrey's property market and consistently high performance in terms of transactions and value, is largely due to the ever increasing migration from buyers moving out of South West London. Whenever we are looking for insight into the local market in Molesey, we look at what is happening in driver towns in SW. For this example, we have used Clapham (SW4) as a comparable, to show how it stacks up against local areas, with Molesey of course being our main focus.

Transaction and property values are being affected in a similar way in SW4, as they are accross SW London. So in the present market, Surrey commuter towns like Molesey need to remain competitive. It is no secret the the London market relies on foreign investment to maintain a trend of property values increasing, but as the ripple effect into Surrey takes place, this has not translated into values taking a nose dive, they just aren't jumping up in the same way that we have grown acustomed to.

THINKING OF SELLING OR ALREADY ON THE MARKET WITHOUT SUCCESS?

CALL YOUR MOLESEY MARKET EXPERTS ON

0208 396 6717.

FIND THE CURRENT VALUE OF YOUR OWN PROPERTY IN 60 SECONDS HERE.

If you live in either Esher, Claygate or Hinchley Wood, you may be interested in average property values. If you are looking to buy in the area, you may be interested to know the average value of a property in your favoured roads. We have it covered with our comprehensive list of average property values, increase over the last 5 years, and the number of completed transactions over the last 12 months.

Given there are nearly 300 roads accross the KT10 postcode area, we have listed each road in alphabetical order, with a top 25 list for price increase, and a top 25 list for number of completed transactions.

GET AN ESTIMATED VALUE OF YOUR OWN PROPERTY IN 60 SECONDS.

TOP 25 ROADS BY VALUE INCREASE

TOP 25 LIST BY NUMBER OF COMPLETED TRANSACTIONS

Most will already know that the KT10 postcode is home to some of the highest property values outside of London, mainly driven by demand from buyers moving out of London to Surrey for more outdoor space, excellent schools and a greater sense of community. Esher, Claygate and Hinchley Wood tick all of those boxes, so it is no surprise that those that move to the area, tend to stay here, and those moving out of London gravitate towards these locations.

GET AN ESTIMATED VALUE OF YOUR OWN PROPERTY IN 60 SECONDS.

BOOK A FREE FACE-TO-FACE VALUATION WITH ONE OF OUR AGENTS. 

If you're a homeowner in Molesey, you'll be interested in the current value of your home. If you're looking to up or down size, and plan to stay local, you'll be interested in the current value of property on some of your favourite streets!

The list below shows the increase in value over the last 5 years, as well as the number of transactions over the last 12 months to give you an idea of how often property becomes available to buy in any given road.

If you would like an instant valuation of your own home, this handy instant valuation tool is completely free and will give you an immediate indication as to your properties current value

As a whole, property values in Molesey have increased by £160,549.76 on average in the last 5 years, with the current average proeprty value in the area at £630,572.09.

If you are considering moving on to the next chapter of your life and would like to book a free market appraisal of your home, please click the link below, alternatively you can obtain a quick online valuation here.

You may be thinking of moving, or more likely, you are just interested to know if the value of your property has gone up or down. It can be really difficult to guage what is happening with property values, some estate agents are always talking up the market, and the media is generally extremely negative and apocalyptic about the housing market around Surrey and London.

Let us cut out the rhetoric and the "sales spiel" and get down to some undeniable cold hard facts!

Transaction Levels

For most of us, it feels like 2008 was only yesterday, the recession hit and transaction levels went through the floor. As an example, the KT10 postcode area (Esher, Claygate, Hinchley Wood) dropped from over 400 annual transactions to just 184. Since then transactions have increased until the most recent peak in 2013 of 446 total transactions. There has been a steady decline in the number of transactions since then, and in 2017 the Land Registry recorded 354 transactions across Esher, Claygate and Hinchley Wood. The level of transactions has declined by 21% since the most recent peak in 2013, but has increased by 4% over the last year. Hardly a disaster story and by contrast to 2008 levels, a very healthy market place indeed.

A similar story applies to areas like Molesey and Thames Ditton, with transaction levels down 21% over a similar period, and still way above 2008 levels.There really is no comparison to the 2008 recession that has been quoted by some of the more dramatic media sources. To sum up, we are not at the "height" of a market trend but we predict prices to remain where they are for the next 2-3 years with modest fluctuations of around 5% +/- throughout this period.

Property Values

So you know transaction levels are still high, just not as high as they’ve been before, and we know what we're all really interested in… The value of property!

Last year property values across Molesey, Esher, Claygate, Hinchley Wood and Thames Ditton slipped slightly, with the lower end of the market dipping around 5% and the £1m + market dipping by 7% or more. This was purely down to affordability issues and scepticism from would be buyers. As a company, we experienced a market where buyers wanted to buy with interest rates at an all-time low, but sellers were still hoping for record breaking prices creating a gap that either the seller, or the buyer needed to fill. As the consumer dictates the price of a product by demand, this quickly formed a "buyers’ market" mentality, but once asking prices were adjusted, there were plenty of buyers for every property as they jumped at the chance to secure a reasonably priced home.

Since the beginning of 2018, house values have increased across all of the areas we cover: KT10 by 5%, KT8 by 3.14% and KT7 by 5.43%, this shows that the adjustment in asking prices last year from the majority of sellers created more competition from buyers and therefore, persuaded buyers to part with (or borrow) more cash to purchase their next home.

What we are still seeing is an extremely price sensitive marketplace, overestimating your property's value or listing with an agent purely because they provided you with a surprisingly high and intoxicating valuation, can cost you in the long run. Where properties remain on the market for longer than expected, buyers will assume you are desperate to sell and we have in extreme cases, received offers 15% below asking price. This will hinder your chances of getting market value and will make it nearly impossible for your agent to negotiate the best possible price for your property. Correct asking price = hordes of buyers = multiple offers = best price AND best position to proceed.

If you are thinking of selling, look at the sold history in your area on either Rightmove, Zoopla or Land Registry, asking prices are not always, what a property will sell for. Check how long a property has been on the market for, ask yourself why it hasn't sold if it has been on the market for months. Get multiple valuations from agents who have a good record of accomplishment in your area, listen to the facts and evidence rather than just listening to what you hope to hear. In an age where "fake news" has penetrated the majority of information sources, only the facts and evidence that you can verify matter, and that is all a buyer will consider – unless they fall in love with your property and have to submit a sealed bid because there are multiple interested parties! They are more likely to consult their mortgage broker than sold data at that stage!

If you are thinking of selling, would like clear advice on the value of your home and the best marketing strategy to adopt when and if you decide to sell, please call our sales team on either 0208 396 6717 or 01372 631 622 for more information. Alternatively, you can book a FREE valuation by clicking the link below.

BOOK A VALUATION

For those that live locally, you have hopefully noticed the increasing number of our "for sale" and "to let" boards going up over the last two years and more importantly, the high proportion that are being changed to "sold" and "let by". With a business model that focuses on proactivity in selling and letting property, by encouraging a "pick up the phone and sell" culture within our sales and lettings teams, we have experienced exponential growth in East and West Molesey, Claygate, Hinchley Wood, Esher and Walton On Thames, and are proud to report that our list of happy sellers and landlords keeps on growing!

Here is our latest video advert highlighting some of the statistics taken from the past year:

So What About 2017?

Many experts predict either a slow in growth or in some cases (particularly in South West & Central London), a drop in property values. Surrey has always been resilient in turbulent property markets and we fully expect this trend to continue.

As we focus on the South West London buyer that is looking to increase space in search of better value for money than what is offered by the London market, and looking to settle their family here and secure a place in one of Surrey's renowned primary and/or secondary schools, we have noticed that areas such as East Molesey, Hinchley Wood, Claygate, Walton On Thames, Hersham and Esher are still increasing in popularity thus creating a temporary boom within the local market, allowing sellers to hold firm on asking prices and achieve the result they are looking for.

There will inevitably be periods of uncertainty as we progress towards our exit from the EU. This will require some additonal proactivity from estate agents to secure fewer proceedable buyers, but we see no evidence of property values in the local area decreasing, however the chances of property values moving upward are very low.

This is still very good news for those looking to upsize and we would recommend that anyone looking to move this year do so sooner rather than later whilst activity and interest from buyers remains high.

If you are considering moving this year and would like an up to date valuation of your property, please call 0208 396 6717 or complete our valuation request form and a member of our team will contact you to arrange a free, no obligation appointment.

Here's to continued success and another fantastic year ahead!

Over the past few years, interest in Molesey as an area for families moving out of London has increased significantly. Mainly driven by price, areas such as Molesey also offer great schools and a more "family paced" lifestyle. 

This is why we work incredibly hard to draw in the attention of these better budget buyers, many of whom have not considered Molesey as an area but are looking in surrounding towns such as Hampton, Thames Ditton, and Esher. Needless to say, they are soon converted to the idea of living in Molesey and as many you know, once you move into Molesey, you tend to stay forever!

So with all of the positives that and area such as East Molesey has to offer, and with recent events such as the change in stamp duty bandings, and the EU refurendum, London is going through a period of uncertainty, but people are still keen to buy. Combine this with a shortage of homes coming to market and you have a recipe for a quick sale at a great price.