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Our CEO Richard Palfreeman’s Insider Views of the Property Market October 2013

17 Oct 2013
Our CEO Richard Palfreeman’s Insider Views of the Property Market October 2013
The leaves are starting to fall, the nights are drawing in and the weather has certainly turned colder. Summer is truly over and autumn is upon us. Britain’s Housing Market at Its Strongest in 6 Years Britain’s housing market is at its strongest for six years. According to HMRC, there were almost 90,000 UK residential property transactions in August, just 0.4% up on July, but 19.2% up on August last year. The number of transactions (not subject to seasonal adjustment) was just over 100,000 and the highest since December 2009. However, despite the optimism in the press and signs of confidence in the residential property market rippling from London, the person in the street still needs convincing that their financial position is improving. London Property Market Defying Expectations Prime Central London and London have defied all expectations so far this year. Prices are continuing to rise and properties are selling fast. But it’s not quite the same story for the rest of the country – and those looking to move out of the Capital are being presented with a perfect opportunity to swap their moderate London property for an impressive rural home. Now is a good time to buy in the country On the assumption that most people have to buy and sell a property, it’s a good time to be moving. So, for families living in London, now is an opportune time to buy in the country. From a buyer’s point of view, there is not a lot of property available, and competition for limited good stock can be strong both in London and the country. The Help to Buy Scheme The press has been full of the Government’s Help to Buy scheme which the Prime Minister launched on 7 October.  This is the second phase of the scheme and first time buyers and existing home owners are now able to buy a resale or new build property with a 5% deposit. To participate in the scheme it must be the buyers’ only property. With so much pent-up demand from first-time buyers and improving access to finances, activity levels have increased significantly. And, although it may take a few months before it impacts on house prices, many reporters believe the Help to Buy scheme will push up prices even further. The Lettings Market Our lettings offices have reported that activity is steady and rental levels remain good.  In August, we achieved our best month ever in lettings and agreed substantially more lets than at any other time, making it our record month!  Landlords are continuing to see strong tenant interest and I suspect this will continue throughout November. Drum roll please…..  West London Business Awards - Finalist 2013I’m delighted to announce that Northfields has been shortlisted as a finalist in the West London Business of the Year category of the 2013 West London Business Awards, organised by West London Business and Charter Lane in association with Trinity Mirror Southern.  The winners will be announced on 28 November at a gala presentation dinner at the Heathrow Marriot Hotel. Help us to support our nominated charity The Log Cabin On Friday 18 October we will be holding a fundraising quiz supper for our nominated charity the Log Cabin in Ealing. If you’d like to join us for an evening of entertainment and fun, please email enquiries  or phone 020 8799 3377.                       How can we help you? We are family run, independent and enthusiastic about the future and would be delighted to help you with any property matter. Our staff are here seven days a week, ready to help anyone thinking of buying, selling, letting or renting.  Just call us on 020 8840 6666 for details on properties, mortgages and conveyancing. It’s the little things that count…. The small things, such as talking to our clients regularly, providing feedback for every viewing and quickly returning telephone calls and replying to emails ensure we set ourselves apart from our competitors.  And the excellent prices we achieve speak for themselves. Enjoy the rest of October and I look forward to speaking with you soon.  In fact, you can ask me any of your property related questions directly on Twitter @northfields at any time. Richard Palfreeman CEO