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.
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.
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.
We caught up with the new owners who took over the cafe in March, they are extremely welcoming and have quickly become huge fans of the Molesey community.
We serve many kinds of cakes, such as Victoria sandwich, Apple pie with ice cream on top, Non gluten Carrot cake, Non gluten brownie, Forest fruit cake, homemade fruitloaf and many others, we bake our croissants and pain au chocolate daily, we have freshly made sandwiches, paninis, wraps with a big variety of fillings,we do all kinds of breakfast as well.
My favourite is the Chiken pesto panini.
Lovely supportive people around.
I would definitely advise Lamb Moussaka from our chef.
Most of all I like the smell of fresh roasted coffee in the morning during prep, it is a real sign that the day is starting and it is a great way to start every day!
English breakfast which includes two eggs, crispy bacon, sausages, beans, tomatoes, mushrooms, two slice of toast for only £6 + tea comes free.
The Courtyard Cafe are extremely welcoming to pets and children, it's the perfect place to pitch up after nursery, school, or dog walking!
You can find them at 105 Walton Road, East Molesey, Surrey, KT8 0DR.
Yes that is a chrome guitar, and yes the only other time you may have seen one like it was on the cover of Brothers In Arms by Dire Straits!
The shop has an extremely welcoming feel, and you are instantly greeted by some amazing instruments (and musicians).
The workbench where James repairs and maintains instruments.
As soon as you enter the shop your are welcomed by the relaxed and unpolished vibe that is clearly perfect for the creative nature of teaching and experimenting with music. There is an array of stringed instruments that line the walls, along with amplifiers, straps, leads and retro festival posters amongst other things. The entire building is charming, even down to the work bench where James repairs and maintains their customer's instruments.
One of the teaching rooms at Musicland East, just look at those posters! How could you not be inspired!
Thats right. Thats a guitar made around a motor oil can. They are even cooler in real life!
Whilst there is a clear emphasis on the technical and theoretical side of music, the teaching/ practise rooms continue the relaxed vibes within the shop, and the staff have a superb knowledge of their respective crafts. This makes for a perfect, pressure free learning environment for any aspiring musicians, whether it be guitar, piano, or drums, this has to be one of the most charming and inspirational places to learn.
We asked James a few questions whilst we were there, we hope you enjoy reading what he had to say, and we've included contact details at the end of this article in case you want to start (or continue!) a passion for music at Musicland East.
How long has Musicland East been in Molesey for?
Since 1996, so about 22 years on the corner of Matham Road and Walton Road.
What services and products do you offer?
We do a lot of teaching here, with guitar, bass, drums, piano and ukelele lessons going seven days a week, out of four teaching rooms. We also stock new and second hand instruments and accessories, and I carry out repairs and setups on string instruments on site as well.
What is it that you like about working in Molesey and the general community?
The people are cool and really get behind stuff. There's quite a few open mic nights in the area and we've had a massive response to our larger Musicland Live events, which give our students the opportunity to get together into bands and have them perform on a proper stage and gain some experience. Its' a great evening and we always sell hundreds of tickets, and it can only grow off the back of the community that supports it. Luckily, Molesey has a great one!
What's your top tip for someone looking to get into music/learning an instrument?
Get a reasonable instrument but don't break the bank yet, make sure it's set up and tuned correctly, and play everyday for the love of it so you advance naturally. My main instrument is the guitar and there's such a range of approaches and styles you can play in and so much advice out there, but play the music you love to hear and you'll be on the right track.
What is your favourite thing about your job?
We get a real opportunity to make a difference. The shop meant a lot to me growing up, and I can see it means a lot to some of our younger students now. The community atmosphere gives way to the tendency to dream big, and it's great to have a shop full of musicians and those who support them, seven days a week, in a community that lets it thrive.
52-54 Walton Road, East Molesey, Surrey, KT8 0DL
0208 979 9443
Will you show your support? Karen Lamb of West Molesey is fundraising for the Princess Alice Hospice with a target of £3000. She has already raised nearly £500.00 of her target and is training hard. Her heart felt story of what inspired her to take on this challenge is below along with details of how to donate.
"Three years ago, my partner Mike and I were leading a normal, happy life together when everything changed. Mike was diagnosed with esophageal cancer at the age of 50. Three weeks later, on New Year’s Eve, he died.
Mike didn’t have the chance to benefit from the wonderful care of the Princess Alice Hospice. I want to raise money so that this care is available to as many people as possible who find themselves in a similar position.
My name is Karen, I am 48 years old and I work in the Retail Department of Princess Alice Hospice.
A few months ago, the only reason I would get on my bike was to cycle to the pub! Now I’m training to do a 10 day, 500km cycle from Vietnam to Cambodia.
If you’d like to help me to achieve my goal, please donate whatever you can to this wonderful organisation.
Thank you for taking the time to read my story."
If you would like to make a donation please visit: https://www.justgiving.com/Karensbikechallenge/
Best of luck Karen!