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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

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.

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

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

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
, 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

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….

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

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