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Further to my reaction to the news on 23rd of June that the UK decided to leave the EU, I am pleased to report that we have seen very much business as usual.
When I posted my article, we had lost one sale due to the referendum and I am pleased to say that it remained the only one.
We had a few wobbles and a couple of chains that we were involved with had links that broke but have subsequently been repaired. Unfortunately the English and Welsh conveyancing system does not commit buyers and sellers it until the day of exchange and as an industry the usual rate of sales falling through is around one third (Thirty percent). My feeling is that Brexit has become an easy excuse when a buyer or a seller is getting cold feet. I would like to see a change in the system but I will save that debate for another day!
It looks like Lloyds bank has just used it as an excuse for job cuts that they would have surely been planning to make well before the referendum result!
As the leading agency in Staines upon Thames and its suburbs, I am pleased that we experience a far lower percentage of sales falling through. At Oasis it is less than ten percent which in my opinion is because we spend the time at the start of the transaction making sure that we use our experience and as such follow a rigorous process of due diligence regarding the buyers ability and indeed desire to proceed forward. I really believe that alot of sales are agreed where either one of the parties has been forced into an agreement that they are not comfortable with .This will only ever lead to the sale collapsing at some stage. We always aim to create fair transactions and as such this is avoided.
The number of new buyers registering during July was lower than usual and therefore viewing levels where less, however those buyers registering have been buying and as such we agreed a similar number of sales compared to the same month last year. That said we did see a few more cheeky offers with buyers citing Brexit as the reason.
In terms of asking prices and offers we have agreed a number of sales at asking price and a few a little below and we have sold in all price ranges from £200,000 up to just shy of one million. The higher end is still a little more cautious. On a few occasions we have received multiple bids and have seen great levels of interest on new instructions coming to the market especially around three and four bedroom homes in the mid -market. We still have a shortage of three and four bedroom homes around the £400,000 to 650,000.
We have taken on some fantastic new instructions to the market which are selling swiftly such as a number of two bedroom maisonettes one in central Staines and one on a river road both of which are already under offer. Village way in Ashford has been a big hit with a fantastic semi-detached family home coming to the market and selling within two weeks.
We have also agreed a sale on a lovely home on the river in Laleham and two detached homes in Riverside Close both a fantastic family homes finished to a great standard.
We have a building plot coming to the market shortly and are delighted to have secured a brand new development “Provident House” which consists of fourteen two bedroom apartments in central Staines which we are launching on the 24th September.
Pre inspections can be arranged and prices start at just shy of £300, 000, There are also two penthouses which are very spacious with lovely terraces!
My prediction is that August will be steady, let’s not forget it is traditionally a quieter month for buyers and sellers of homes with families. Many of whom do not want to be out viewing with their children in tow! MY Wife and I have a ten and eleven year old boys and we know how stressful that could be!
The appointment of Theresa May so swiftly has certainly helped calm the markets nerves and the pound and the stock market both seem to be more stable which is great news’s. As I said before access to the single market is key and I remain confident that by the autumn there will be a far clearer picture of how this will look for the UK and the rest of Europe. The banks are strong and we have had good news regarding the general state of the economy from the bank of England and the treasury. It seems that we are in safe hands with Mark Carney and there is an appetite to support business and to continue to grow the economy which is great news for the housing market.
Having had time for the dust to settle I am confident that the housing market will be fine, we have to embrace change and make the best of the situation. Bananas will no longer need to be straight!
Staines upon Thame is a lovely spot and demand will always be high. The communications are excellent and the world’s busiest airport is so close to us.
Our location has kept the lettings market really buoyant and if anything the referendum has improved results. We have seen plenty of new tenants registering and have agreed a staggering twelve lets this month!
Interestingly we have been in conversation with a number of key investors looking to expand their portfolios into the Staines upon Thames area which again is great news for the housing market locally.
On another note I have been invited to join the steering committee for the Staines Bid, if successful Staines-upon-Thames BID will invest up to £1.5 million over a five year period, enabling over twenty new projects to boost trade and increase footfall including comprehensive marketing and a PR campaign to raise the profile of the town and businesses, improvements to the appearance of the town centre, year round events, group business initiatives and creating a strong business voice for the town. There are some great ideas such as an Ice rink at Christmas and general promotion for the town with the possibility of Staines upon Thames day becoming a weekend event. I will let you know more in next month’s newsletter.
So in summary, the world has not stopped, the housing market is robust and stable and we all live in a lovely area where there is plenty of demand.
So if you are considering a move there are buyers and tenants out there. Please call into the office for a chat and a coffee or make contact with myself or any of the team. My email is firstname.lastname@example.org and my direct dial is 01784 415442 or my mobile 07799 887716.