The London property market
“We have been incredibly busy throughout the summer with both our sales and letting teams breaking records and achieving great results for our clients,” says Andy Shepherd, Dexters Chief Executive. “We currently have over 80,000 buyers and tenants looking with us for their next London home."
Sales market update
“Recent research shows the number of sales agreed in London has increased by more than 5% compared to a year ago, this proves what we already know: now is a great time to sell,” says Andy. “This news isn’t surprising to us, as we know many people are ‘BOBs’ (Bored of Brexit) and are requesting our assistance to simply ‘GOWI’ (Get on with it)!”
“We expect property prices will increase a further 50% over the next 10 years as pent up demand from the growing population continues to outstrip the supply of housing. London’s shortage of homes has long been an area of focus, yet the London Plan’s yearly target of 65,000 new builds is not being met. The capital’s population is estimated to be almost 9 million people by the end of this year and with just over 3.5 million dwellings currently available, demand will only continue to increase and prices will naturally follow suit.”
“The Dexters website is appealing to more and more home movers and now receives over 250,000 visits every month," says Andy. "Interestingly though, only three out of every 20 viewings we arrange come from the property portals, the vast majority are generated by our local experts who get on the phone and talk to our buyers, encouraging them to view.”
“You may have seen that sales transaction times across the industry have slowed due to the lending and conveyancing processes. At Dexters, we ensure we are offering professional guidance throughout the sale which includes the introduction of our recommended financial services experts and specialist conveyancing solicitors," says Andy. "We have found those who instruct solicitors and seek financial advice early on will speed up the transaction and we calculate that a sale agreed through us is two to three times more likely to go through.”
If you are considering selling your property or would like an update on your local market, we would be delighted to assist. Please click the link to make contact with your local Dexters office.
Lettings market update
“London’s Landlords remain fully engaged in the market and are staying invested in the capital,” says Alex Harrington, Dexters Group Lettings Managing Director. “We are averaging 5% more rent than last year and over the past 12 months less than 1% of our Landlords have sold their property asset. In fact, more than 10,000 Landlords have already come to us this year for expert opinion and professional advice. These clients are conscious that with more than 160 pieces of legislation relating to the lettings market they can leave the smooth running of their rental to us. As managing agent, we will take on all responsibilities and provide detailed advice and guidance. Our dedicated Property Managers are always within 15 minutes of properties in their portfolio. Well run properties encourage tenants to stay longer and we are seeing more three year terms being agreed, which is great for our Landlords, many of whom have a long term horizon.”
“Our expanding Short Lets team, based in Mayfair, handle the letting of properties that are available for just six weeks to six months and provide a higher return to our Landlords," says Alex. "This means we are able to offer specialist assistance to tenants who need more flexibility such as those relocating from abroad before they buy or professionals who are only in London for a limited time. Our International Relocation and Corporate Lettings team handle more than 200 such enquiries a week.”
“We have seen a significant increase in lettings transaction numbers year on year and now have a total of 27,000 Landlords who put their trust in us," explains Alex. "This is attributable to the dedication of our local offices who work tirelessly to find the very best tenant, keeping void periods and arrears to an absolute minimum – only 1% of Dexters Landlords experience rent arrears against a national average of 36% according to the National Landlords Association.”
If you are considering letting your property or would like an update on your local market, we would be delighted to assist. Please click the link to make contact with your local Dexters office.
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