The Haus Oracle 2012
Since opening our doors in November 2011, Haus Properties have made a huge splash in SW6. In the estate agency world, the last few weeks of Christmas are renowned for having as much dynamism as a grave yard, but Haus beat the odds and stormed the market right up until we closed our doors for the Christmas break.
Our Putney instruction on Bective Road is a good example of the Haus Properties Christmas surge. We were instructed and listed the unmodernised family home on the morning of December 23rd 2011. The same day we received an asking price offer but declined, understanding the vendors best intentions to wait until after the holidays for best offers. On Saturday 7th January 2012 we held an open house with almost twenty buyers viewing the property, the same day we sold to a cash buyer at almost 10 % over the asking price. Excluding the Christmas holidays, it took Haus only six days to sell the property and our commitment to the marketplace is getting stronger by the day.
With January behind us, we take a look at the 2012 marketplace using our expertise to predict and comment upon the year ahead.
The property calendar has a notable ebb and flow that mirrors the rise and fall of seasons; this pattern is experienced by estate agencies nationwide. Traditionally, the marketplace becomes quieter during the lead up to Christmas and crosses over into January. However, as February commences, agencies usually experience an increase of instructions and as spring hits in March/April, the marketplace blooms.
The amount of applicants searching for properties in London outweighs the amount of instructions on the market. Prime London buyers are experiencing a fiercely competitive market. Haus believes that this supply and demand will increase in 2012 undoubtedly increasing property prices by around 5-10%, with sealed bids becoming a common procedure. As the market becomes ever more aggressive, properties are frequently selling above asking price and gazumping is becoming increasingly common.
House prices in Central London including Westminster, Kensington & Chelsea are at an all time high, for this reason Fulham is becoming popular with investors. Fulham has recently taken on a 'trickle effect' of prime central London buyers that are looking for a similar lifestyle as prime central but avoiding the record high pricing.
As the Eurozone uncertainty continues, we have noted a massive increase in the amount of overseas buyers investing in the London property market. This has indeed fared well on the Fulham market, investors becoming part of the 'trickle effect' understanding SW6 to be a good area in which to invest. Similarly, as we approach the 2012 Olympic Games, we have noticed that London residents with second homes are already considering the benefits of short term lettings. With average rentals rocketing up to three times higher during the Olympic season and Fulham's superb links to sites such as Earls Court and Wimbledon, short term rentals are an excellent idea for any property owners in the SW6 area.