First Quarter of 2021

MULTIPLE OFFERS, INDOOR AND OUTDOOR SPACE, AND THE RUSH TO BEAT THE STAMP DUTY HOLIDAY DEADLINE.

OUR EDGWARE BRANCH MANAGER, ROBERT MURRAY TAKES A LOOK BACK AT THE NORTH WEST LONDON HOUSING MARKET FOR THE FIRST QUARTER OF 2021

With the current buying frenzy in the property market and lack of stock, it is not uncommon for sellers to receive multiple offers on their property and often for above asking price. Here we assess our local market in North West London and what trends have developed during the first quarter of this year.

According to the property reports the house price increases in the last month have been the highest month-on-month increase in nearly two decades.

So, with the stamp duty holiday ending in six weeks and a lack of stock what does this mean for vendors?

Firstly, the stamp duty holiday is pretty much over so vendors should take advantage of the multiple buyers chasing each property to secure a fast sale at record prices.

Once the lockdown and stamp duty holidays finish I predict that vendors who have been hesitating to sell their home will come to the market and buyer demand will be supported further ensuring an increase in property sales and maintained selling prices.

We are seeing more buyers looking for larger homes with outside space and the potential to have a home space as it seems more and more people will continue to work from home once the lockdown ends. Properties that are coming to the market with these features particularly are being snapped up in record time.

They say it’s a buyers market but I think the vendor marketing at the right price with the right agent can take advantage of the depleted stock to garner a super price in record time as previously stated.

We are being called back more often to previous valuations where vendors have chosen an agent offering a low fee followed by an inflated valuation who has failed to achieve a sale.

The cheapest agent is the one who puts the most money in the clients pocket not the one with the lowest fee. We focus our efforts on increased marketing presence and transparent service to manage expectations of both buyer and seller to ensure a smooth and efficient transaction to their new homes.

The days of overpromising and under delivering are hopefully a thing of the past.