Dexters Winter 2022/23 market comment

Winter 2022/23 market comment

The London property market

This year marks a huge milestone for Dexters who are celebrating 30 years as London’s leading Estate Agent. With a network of over 80 offices across the capital and over 40 in central London, Ash Kashap, Chief Financial Officer, shares his views on why the company is so successful and why over 300,000 customers are choosing to use Dexters.

Market update

Ash explains, “London remains an exciting place to live and invest. We have three times as many people registered with us today compared with 2019 and demand remains high despite recent increases in mortgage rates. Historically interest rates have been as high as 17 per cent and so the last 10 years have been unprecedented with record lows. We're now back to normal and buyers and investors recognise this and are pressing on with their moves.

“There has been particularly strong demand for homes in the super-prime market in recent months, with record numbers of deals being achieved across our 12 prime central London offices. Dexters work exclusively with Wetherell, headed up by Peter Wetherell, the ‘Mayfair Guru’, well known for selling the area's most prestigious homes. We expect interest in the prime market to continue as local investors and overseas clients are attracted by the potential for long-term capital growth. 

“The average age of a first-time buyer is now in the late 30's, so it is becoming the norm for people to stay in the private rental sector for longer. However, there has been a real lack of supply of quality rental properties over the last few years due to a combination of lower tax incentives for Landlords and higher than anticipated demand from tenants after lockdown. This has resulted in Dexters’ average initial tenancy length being 24-months and over 70 per cent of tenants choosing to renew their contracts. We expect high tenant demand to continue as we head towards spring.”

Ash continues, “Our reputation for offering the very best London property means that we attract quality tenants from around the world, which is why the 30,000 Landlords we work in partnership with choose to come to Dexters. Our Corporate Lettings and International Relocation team handle over 200 enquiries each week from high-net-worth individuals, embassies and international blue-chip companies, including Bloomberg, Clifford Chance, and Deutsche Bank. Knowing that they are in safe hands, many use Dexters exclusively for all their property needs.”

“When looking for the key to the success for our clients, you need to look no further than our people,” says Ash. “We invest in long-term relationships, and 90 per cent of our managers have started their careers with us as trainees. Dexters is one of London’s only major residential Estate Agents that is a firm of Chartered Surveyors, regulated by the Royal Institution of Chartered Surveyors (RICS). This provides our customers with the reassurance of working with experts who adhere to the highest standards of regulation and ethical behaviour.”

Dexters is determined to maintain its professional approach by providing outstanding training and development. Colleagues at all levels attend Dexters’ industry-leading Training Academy and are proud to be the UK’s first Estate Agency employer provider, offering a range of professional accreditations.

“All of this is what makes us different,” Ash explains. “We offer our clients an altogether better experience of selling or letting their property by working with a trusted professional. But don’t just take our word for it, we have 45,000 Google reviews averaging 4.9 out of 5 stars, which is a testament to the hard work of our dedicated teams who go the extra mile. We are completely focused on consistently achieving our high standards and delivering a great service.

“Our clients understand that London remains a brilliant investment and we are here to support them throughout the duration of their property journey. As we continue to grow and strengthen every part of the business, Dexters is looking ahead with great optimism and has every confidence in the future of the London market.”

If you are considering selling or 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.