Bankside
Southwark, Elephant and Castle, London Bridge, Borough, Waterloo
Southwark, Elephant and Castle, London Bridge, Borough, Waterloo
Clerkenwell
Islington, Old Street, Bloomsbury, Kings Cross, Holborn
Islington, Old Street, Bloomsbury, Kings Cross, Holborn
Shoreditch
Hoxton, Brick Lane, Old Street, Liverpool Street, Whitechapel, Dalston
Hoxton, Brick Lane, Old Street, Liverpool Street, Whitechapel, Dalston
Hackney
Hackney Central, Hackney Wick, London Fields, Victoria Park, Dalston, Stoke Newington, Shacklewell, Clapton, Homerton
Hackney Central, Hackney Wick, London Fields, Victoria Park, Dalston, Stoke Newington, Shacklewell, Clapton, Homerton
Sales Market Overview - Summer 2008
The summer continues to be a waiting game for many of our vendors. Whilst there are some excellent buyers out viewing and offering, there is an incresing level of available property for buyers to get round and see. Vendors have varying degrees of fexibility in what they can either afford or are prepared to accept in terms of offers. Someone selling who bought 2 years ago, for example, is clearly going to have less flexibility than someone who has been in situ, say, 6 years or more and some buyers are finding this hard to accept.
Buyers, chasing that 'bargain', are finding themselves disappointed with vendors more inclined to rent their properties out or stay put, rather than accept below their 'bottom line'. That said, most of our vendors are quite realistic about selling in the current market and are open to sensible negotiations. Starting offers of about 90% won't offend, and we are agreeing sales between 90% and 96% of asking price.
Across the group we agreed just over double the amount of sales in July than we did in June so we are witnessing signs of both buyers and vendors getting used to and settling into the current market conditions.
The media continues to have field day with an everlasting supply of confusing and contradictory reports from numerous sources concerning both the housing market and the general economy, and addressing the arguments of both buyer and vendor in relation to these is often difficult.
Mortgage applications continue to be a concern, with record low numbers being approved but at the same time taking longer than ever to get through. Some surveys are taking up to 8 weeks to book in making the sale process a lot longer than everyone would like. The flip side of this that the more savvy buyers are helping push their sales through in case the deal they have been offered expires and a less favourable rate put to them, and, of course, people buying purely with cash have really come into their own.
Buyers, chasing that 'bargain', are finding themselves disappointed with vendors more inclined to rent their properties out or stay put, rather than accept below their 'bottom line'. That said, most of our vendors are quite realistic about selling in the current market and are open to sensible negotiations. Starting offers of about 90% won't offend, and we are agreeing sales between 90% and 96% of asking price.
Across the group we agreed just over double the amount of sales in July than we did in June so we are witnessing signs of both buyers and vendors getting used to and settling into the current market conditions.
The media continues to have field day with an everlasting supply of confusing and contradictory reports from numerous sources concerning both the housing market and the general economy, and addressing the arguments of both buyer and vendor in relation to these is often difficult.
Mortgage applications continue to be a concern, with record low numbers being approved but at the same time taking longer than ever to get through. Some surveys are taking up to 8 weeks to book in making the sale process a lot longer than everyone would like. The flip side of this that the more savvy buyers are helping push their sales through in case the deal they have been offered expires and a less favourable rate put to them, and, of course, people buying purely with cash have really come into their own.