The Word with Sarah Gerrett, Sales Manager Marsh & Parsons East Sheen surveys her neighbourhood where homes sell well in any market.
July saw England at its best: scorching temperatures, record-breaking football, Love Island and Wimbledon. It has also been an exciting time in the residential property market, with many of our vendors achieving excellent sale prices – proving there is still a lot of activity in this traditionally quieter time.
With the media and worry over Brexit, it’s easy to think that the property market has come to a halt. However, this is not the case, especially in East Sheen, a neighbourhood where homes sell in any market. Having spent a large portion of my career working in central London, running Marsh & Parsons’ East Sheen office has been a refreshing change.
Undeniably, short-term investors and landlords are still cautious, however we continue to see a steady stream of families and young professionals looking to find their home in East Sheen. For them, this is not a business transaction, it is a new chapter in their life that requires transitioning to a new property; they’re buyers who value the importance of a good quality of life and are attracted to the area for its safety and excellent schools. Indeed, East Sheen offers a selection of Ofsted rated ‘outstanding’ primary schools to choose from.
Recent reports state that interest base rates will rise again before the end of the year, which has instilled an urgency in savvy buyers to purchase whilst rates remain competitive. Indeed, a small rate increase could cost a family thousands over the course of their mortgage. As a result, we’ve seen the number of applicants registered per property increase from 17 to 22 since the beginning of the year. This shows that buyers are returning to the market with more confidence and are looking to capitalise on the great value on offer.
Thanks to the stamp duty changes for first-time buyers earlier this year, the lower end of the market has remained buoyant. Comparatively, this has had a knock-on effect for more expensive properties, kickstarting chains that have previously been sluggish until now. Certainly, demand in East Sheen has increased by 7% since the changes were implemented in November and it’s indicative that we have dealt with a number of competing offers on properties in this bracket.
As Marsh & Parsons operates an open network, we often see buyers registered in neighbouring offices purchasing in East Sheen. Whilst prices have stabilised, premium properties are still achieving excellent prices. Indeed, we recently sold a property for the asking price in The Retreat, SW14, to a family who were initially looking to purchase in Barnes. East Sheen is a hidden gem that not many people know about but fall in love with when they move here.
The area is a commuter’s paradise, with trains running to Waterloo in just 22 minutes and offers a perfect balance of city and country life, merged into one local community. These suburban areas of London will always have a steady turnover, so whether you’re looking to buy or sell your property, there’s no reason to wait!