James Ankers from KFH gives us his regular update on the property market

Q: Spring is usually the time for buying and selling.  How strong is the market so far this year?

James: Despite all the ‘noise’ out there right now regarding the election, the French election, Brexit negotiations etc etc the London property market continues to hold solid. While our buyer levels are slightly down the ‘quality’ of these buyers is as strong (if not stronger) than previous years, so while you may not have hundreds of viewings if you’re on the market, the ones you do get are serious and the buyers are motivated.

Q: Where do you see the most activity in the market at the moment?

James: The flat market has continued longer than normal this year and the house market (while active) has taken slightly longer to really get going. All pointers suggest that this could now swing round.

Q: How much of an effect has the Brexit vote had?

James: We believe the Brexit vote has definitely contributed to a reduction in the number and quality of buyers.  It has definitely has taken some buyers from the market but the ones left are very savvy and they want to buy more than ever!

Q: We read different stories about the property market in Central London – it’s down, it’s up.  Does what happens in Central London impact on us here?  And if so, what effect is it happening?

James: The central London market definitely affects us in Lee/Hither Green , but in a weird way we seem to  benefit directly regardless of whether the central market is up or down. When the central London market is up we benefit from sellers in those areas moving out for bigger family homes and when that market is down its generally because no one its looking to commit to such high value purchases and they start looking in ‘cheaper areas’

Q: If you want to buy, what should you be doing?

James: First things first –  get all your eggs lined up in a row.

  1. Book a valuation in on your home  so you know what you’ve got in the ‘pot’. At this meeting we will advise on ways to increase your value and improve your chances of successfully finding a buyer. The agent can also advise on any industry changes and regulations like stamp duty etc.
  2. Once you know what your home is worth, move on to sorting out your finances. You can do this  either by contacting your mortgage lender or seeking advice from a mortgage broker. At this point you will then know how much your home is worth, how much you can spend on your new home and all of the costs involved in the house move.
  3. Get you home on the market and start your new home search in earnest!!!

Q: If you’re a first time buyer, where should you look?

James: We’ve sold some great first time buyer properties so far this year from a one bedroom flat in Summerfield Street for £195,000 to a 2 bedroom flat in Hither Green Lane for £275,000. The properties are definitely out there and while the deposits that are required are still substantial (10% min in most cases), there are great opportunities.

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