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:
At the time of publishing this article the last full month of completed transactions submitted by the land registry was September 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.
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Could this mean that transaction levels are being unneccesarily supressed by an uncompetitive increase in asking prices in Molesey when compared to neighbouring towns?
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.
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.
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.
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.
Recent Rightmove data shows that more homeowners in East & West Molesey are choosing Newton Huxley Estate Agents to sell their home over any other Molesey Estate Agent.
It really is great to see how recommendations spread fast. The team has worked tirelessly to provide all of our customers with a friendly, straight forward and diligent service. In such a competitive market and at a time when stock levels are lower than usual (a.k.a "a sellers market") we see our commitment to providing the best service available in estate agency really working wonders.
A sellers’ market is something that many home owners will welcome (especially if you're not making an onward purchase), as this inherently pushes property values upwards. However, the dangers of over pricing can also increase as agents "starved" of new instructions seek to impress potential clients with over inflated valuations. Not only can this throw a real spanner in the works in terms of the time it takes to sell your property, but it can also encourage low offers if your property remains on the market for a prolonged period of time.
Here are three ways we think sellers in the Molesey area can avoid the aggravation of price inflation:
1. GET A ROUGH IDEA ON THE VALUE OF YOUR HOME.
Simply having 2 or 3 estate agents out to value your property may not be enough, it may seem obvious but looking at other properties that are currently on the market, or that have recently sold will give you a very good idea of what your property is worth. A simply way to judge another property by comparison to yours is to check photographs for condition and floor plans for size. If the property is not under offer, check the listing history to see how long the property has been on the market. The internet is overflowing with local property price information and we have access to archive data on literally 1000's of properties. (contact us for more information 0208 396 6717 | firstname.lastname@example.org)
2. BROWSE THE WEBSITES OF POTENTIAL AGENTS.
We are surprised to learn that many of our clients ONLY call us because they have noticed "sold" boards or have received a letter from us, you can easily tell if an agent is proactive and a consistent performer by the presentation of their website, and the quality of their property photography. If you want to achieve the best possible price for your home you need to attract as many buyers as possible, presenting your home to the market with great photos on an easy to use website will make all the difference. After all, there is a reason that Waitrose can charge more for a bag of sugar than ASDA. It’s all in the presentation!
3. AVOID ON LINE INSTANT VALUATION TOOLS.
Some property and estate agent websites offer an instant valuation. The algorithms used in these apps are nowhere near detailed enough to provide a reliable valuation of your property. In some cases, we have seen these provide valuations that are off by over 25%! Until additional data can be stored within these applications such as square footage and internal condition we recommend you avoid the temptation to use them.
The first two weeks of marketing your property are crucial, and an unrealistic asking price can not only put potential buyers off, but will encourage "low ball" offers if your property remains on the market for too long.
Interpreting the market correctly and setting your asking price at just the right level will help you achieve the best result possible. We are proud to report that more than 70% of the properties we have sold are at record prices when compared with similar properties in the immediate area, whilst achieving more than 98% of asking prices throughout 2015, many of which were previously on the market without success. Further proving that our model for selling property is highly effective.
If you are considering selling in East or West Molesey and the surrounding areas, and would like an independent valuation of your home without obligation and free of charge. Please call our team on 0208 396 6717 or email email@example.com
Figures from August show UK mortgage borrowing increased by the largest amount since the economic crash and should be taken as another sign that the housing market is heating up.
According to the Financial Times mortgage lending rose £3.4bn. The amount of new mortgage approvals for house purchases have reached an 18-month high of 71,000, according to figures released last Tuesday by the Bank of England.
Approvals for mortgaging also rose in August from the previous month as home owners sought to lock in current low interest rates deals.
Expert analysts are constantly warning that a shortage of supply on the market has been driving up values, especially in the London and Greater London Area.
With this in mind, if you are thinking of selling now is the perfect time to come to market before the Christmas market hits and buyers slow down. If you are about to come to market or already selling and you are without a buyer, call us to find out more about these findings and how our results back this information.
Sam Kamali | Diretor of Residential Sales
0208 396 6717 (option 1) | firstname.lastname@example.org
We are about to enter a sellers’ market, Halifax has put the average house price at £200,280, 3.3% higher than three months ago and up 9.6% from 12 months ago.
Martin Ellis, Halifax economist has said that the shortage of new properties coming onto the market has been a major factor in house price growth this year.
In a recent report from RICS (Royal Institute of Chartered Surveyors) confirms that the average number of properties on the market per estate agency is at a record low since 1978.
RICS said that both house prices and rents are likely to grow at a rate exceeding growth in wages.
Corporate Estate Agency LSL have also reported a 15% increase in sales last month. Signifying the start of the anticipated post-election boom.
Is it really a sellers’ market? We think so. Having reviewed transactions throughout the first six months of 2015 we can confirm there has been a steady increase in buyer activity. We can also see evidence that properties will begin securing buyers that have previously struggled to sell. Here are our reasons why:
Tory Victory In General Election
Many believed the post-election market would immediately take off, however confidence in the market that was anticipated did not arrive. Homeowners that were expected to put their property on to the market post-election delayed their move creating a shortfall in property stock for proceedable buyers, which has increased demand to supply ratio significantly. This is the main factor in our achieving over 98% of asking prices throughout 2015.
Low Interest Rates
Attractive interest rates have not just increased activity from buyers, many homeowners have opted for a remortgage and to stay put, further exasperating the current market. Recent media reports suggest that interest rates are set to remain low for the foreseeable future. In some cases remortgages are saving homeowners £100's of pounds a month on repayments – if you would like us to put you in touch with a broker to explore potential savings please call us on 0208 396 6717.
Increase In Buy To Let Activity
Partly due the lower interest rates available, there has been a jump in the number of investors registering for buy to let opportunities, increasing competition for property even further.
So what is the right choice for you?
For a confidential discussion, whether or not you are looking to Sell or Buy in the East Molesey, West Molesey, Thames Ditton, Esher or Walton On Thames area please get in touch on 0208 396 6717, email email@example.com or request a valuation.
At the start of 2015 there was a lot of speculation as to how the election would effect the property market. Following our launch in January we noticed that the market was incredibly price sensitive with pre election jitters.
As we gained more momentum and built up the number of properties we were marketing we noticed that many of the properties coming to us that had been unsuccessful with other estate agents were selling, and quickly. One example of which was a property in East Molesey that had been marketed for around 4 months by two established local firms prior to coming on with us.
In 4 days we were able to source a buyer and an askng price offer. Since then (March) the market has gone from strength to strength with confidence from buyers and sellers at high levels.
We are extremely pleased to report that the post election market is incredibly buoyant and we are achieving record results on a number of properties, with an average 98% of asking price achieved throughout 2015!
If you are considering selling your property or are currently on the market and experiencing a similar situation to the one mentioned above, please do give us a call on 0208 396 6717 or contact us to arrange a valuation. Whilst we cannot guarantee the same result, you can be confident that if it can happen, our proactivity and positive attitude will make it happen for you.