Three trends for this year’s autumn property market

buy and sellThe London property market experiences several high points each year driven by different seasonal trends.

For example, the market heats up during the run up to Christmas as people try to complete before the market closes down for the festivities. Then, during the first week of January a surge in the number of buyers pushes up demand and therefore prices.

During July and August, when most families go on holiday, activity increases once as owners try to sell before they go on holiday and again in September as buyers come back from their trips away ready to move home.

Rising demand during the autumn peak period pushes up prices. For example the team at Wandsworth Estate agents James Pendleton last year observed that prices began creeping up in October and November before peaking at a monthly average increase of 2.1% in December – before simmering down to a relatively tame increase of 1% in January.

In London properties sell 5% faster in October than in September so the later in Autumn a property goes on the market, the quicker the sale is likely to be. Properties sell even more quickly after the New Year –homes sold 40% faster during the first three months of the year in London compared to the three months before.

To find out about the current market conditions or if you have a question about buying selling or renting property speak to the team at London estate agents James Pendleton.

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London lets: Are new-builds better than ‘period’ properties?

London is currently awash with new-build developments rising, shiny and new into the capital’s skyline in almost every district. Many of the individual properties within these developments are being snapped up by landlords and in some cases as many as 70% can be destined for the lettings market.

And yet for many landlords new build properties are seen as less attractive than solid period properties that come with a rental track record and are within proven property markets.

So if you can’t decide between these radically different buy to let offerings, here’s a guide to each type’s pros and cons, courtesy of London estate agent James Pendleton.

New-build properties

For

  • Fixtures, fittings, equipment and appliances are totally up to date and meet the latest requirements.
  • Leasehold lengths tend to be longer than older properties.
  • The buying process is easier because there’s no onward chain.
  • Developers often offer ‘buy to let’ packages including multiple property purchase discounts, furniture packages and property warranties.
  • New homes are more energy efficient than older ones and therefore cheaper to heat.

Against

  • Annual service charges within new-build apartment blocks can be pricey.
  • New-build blocks tend to flood the local rental market with properties, potentially weakening local average rental yields.
  • New-build properties can require a lot of post-purchase remedial work, which may annoy tenants.
  • New-build properties are often more expensive to buy than older ones.

Period properties

For

  • Victorian, Georgian and Edwardian homes are more sought-after than newer ones.
  • Period features such as tiled fireplaces, cornicing and bay windows have timeless appeal.
  • Room sizes and ceiling heights are usually more generous than new-build ones.
  • Walls and ceiling thicknesses are larger, making neighbour noise less of a problem than new-build homes.

Against

  • For apartments, leaseholds are more likely to be shorter unless the lease has been extended recently.
  • Maintenance and renovation bills will be higher and more frequent than new-builds.
  • Heating bills may be more expensive than for new builds.
  • Planning permission for extensions can be difficult to win if the property is listed.

To enquire about making a buy to let investment or for questions about rental property contact London estate agents James Pendleton here.

Property guide: Parsons Green

The White Horse, Parsons Green

The White Horse, Parsons Green

 

Parsons Green is a large neighbourhood located within a large bend of the Thames that has been sought after by property investors for some time now for several reasons. The area’s chief appeal lies in being less expensive than neighbouring Chelsea while still offering the kind of airy, wide streets and substantial Victorian houses Londoners love.

The area, which is named after the village green on which the vicar of Fulham once lived, is only 25 minutes by tube from the West End and 35 minutes to the City. It offers four-bedroomed terraced period houses for on average up to £1 million more than Clapham Common, for example, but significantly less than Chelsea. Part of its allure, and high prices, is that the whole area is a conservation area, which in part has helped keep the character of the area intact.

The area is split into around three distinct and desirable areas and property values vary accordingly.

Peterborough Estate
Named after Peterborough House, a mansion that used to stand here, the estate is to the south east of Parsons Green tube station and is famed for the ‘lion’ statues that sit atop each of the red-brick houses on its streets. “Chipstead, Chiddingstone and Quarrendon Streets are all very popular but in general the Peterborough Estate is where the area’s most sought-after houses are found,” says Peter Clarkson, sales manager of agent James Pendleton’s local office.

Hurlingham
It’s a name forever connected to its eponymous tennis club, but the roads to the north and west of this sprawling park and private sports and leisure club are much loved for their wide, ‘riverside’ feel and the many villa-style period houses that line the streets; These are very popular with those lucky enough to be members of the Hurlingham, which is a 42-acre oasis of verdant calm set around a Georgian mansion.

Moore Park Estate
Named after the Irish estate of the area’s former owner J Percival Maxwell, Moore Park Estate is in the northern half of Parsons Green and ends on the Fulham Road by the entrance to Fulham FC. Many of its homes are a short walk away from both Eel Brook Common and Fulham Broadway tube station. The bright lights of both the Fulham Road and the King’s Road are also nearby.

What about the rest?
These three areas, and the types of large house they feature, are most popular with families but it’s the homes around Parsons Green tube and the famous White Horse pub or ‘Sloaney Pony’ which attract singles, professionals and young couples in droves.

 

Wandsworth area property guide

Wandsworth Town has transformed into a fashionable place to live as high prices in other areas of the borough, coupled with a billion pound investment scheme, make it one of London’s new hotspots.

Home buyers and in particular dual-income 30-somethings with and without children love the area’s diverse range of properties including cute period cottages, large early Victorian villas, mid-range period semis as well as modern riverside apartments.

“Wandsworth town centre is relatively small and consequently a few ‘villages’ within it have become the most popular places to live,” says David Barker, Wandsworth Town & Tonsleys office manager at local estate agent James Pendleton.

These include the Tonsleys, a grid of streets, many with Tonsley in their titles and containing some 600 Victorian and mostly terraced houses. Demand for these houses has pushed up the average for the area to just over £1m although some of the larger high spec properties have been on the market for up to and over £1.2 million. To give a measure of their popularity, ten years ago these wisteria covered properties were selling for approximately £400,000. This area, which is bordered on two sides by the A3 and by the A214 and A217 on the other two, is also famous for fashionable gastro pubs and cafes.

Another area that has witnessed feverish development and house prices rises recently is Spencer Park to the South West. Locals like to call it ‘millionaire’s row’ and its large mansions, one of which is home to chef Gordon Ramsay, command prices of several million pounds.

Some of Wandsworth’s most sought after addresses are those on the ‘toast rack’ roads on the edge of Wandsworth Common, so named as they are arranged in a way that resembles a stretched Dualit. Prices for detached and semi-detached houses there have been approaching (and in one case achieving) £4 million-good news for one of its famous residents, Location, Location, Location presenter Phil Spencer.

The town’s centre is tipped for great things at the moment, helped by the imminent redevelopment of the famous Ram Brewery site, formerly where Young’s beer was brewed and part of a £1 billion makeover for the town’s central streets. Nearby, more new-build developments are popping up. Stroll along the area’s former industrial wharf river frontage and you’ll see a waterfront shimmering on both sides of Wandsworth Bridge with an array of upmarket glass-and-steel apartment developments.

London’s £1m-plus housing market is expanding

If you live in London and your home is worth more than £1 million then you may be one of the 60,000 or more people who joined this relatively exclusive club last year.

Approximately 240,000 apartments and houses in London are now said to be worth £1m or more and it’s a property market that has turned in an extraordinary performance over the past six or so years since the 2008 financial crisis.

As London’s economy continued to recover this year and unemployment hit a four year low at the end of last year so this increased optimism continues to feed through to the top of the market. Over the past 12 months some 10,000 £1m-plus properties were sold in London, up by over 10% compared to the previous 12 months, latest figures reveal.

“James Pendleton is confident that levels of activity in the £1m-plus housing market will continue to increase this year and although the price increases seen in the prime market within London may not reach the highs of 2013 which saw rises of approximately 9% across the Capital, we anticipate this buoyant market to continue,” says the London estate agents’ Sales Director Ewen Bunting.

London estate agents' Sales Director Ewen Bunting

London estate agents’ Sales Director Ewen Bunting

Experts say the London property market, particularly in central London, has become greatly influenced by foreign buyers and last year some £7 billion was spent by them on property within the M25, a level of investment which is expected to be repeated in 2014 despite new government policies designed to reduce tax breaks for non-UK homeowners.

But as central London’s high prices force many £1m home buyers to look elsewhere, estate agents in Clapham South, Fulham, Wandsworth and beyond are seeing more properties at this price being recorded on their streets.

Why London is on track for a repeat of 2013’s property market growth

property for sale in Battersea

Battersea is one of several areas in South West London reporting strong growth in 2013

House prices in London enjoyed a year of unexpected growth in 2013 with official figures revealing an average rise of 10.6% and estate agents in Clapham South, Wandsworth, Battersea and Fulham reporting rises far in excess of this. But what will happen this year?

Prices depend on activity and the number of homes sold in London rose significantly during 2013.  Whilst levels have not reached the Capital’s pre-2007 peak of 1.3 million homes sold a year, Land Registry figures clearly point to further increases in property sales in London during 2014 and this will help keep its housing market motoring, experts say.

Predictions for house prices in London are buoyant for the coming year because the recovery in the UK economy continues and forecasts for national price rises vary between 4% and 8% while in London they vary from between 8% and 11%.

Confidence is not restricted to experts. A survey published by property website Zoopla found that nearly all of nearly 8,000 Londoners it canvassed expected property values in the Capital to rise during the first half of the year by an average of 9.6%, compared to a national expectation of 7.2%.

Such optimism has been created in part by two key government measures designed to boost buyer and seller confidence.

These are the Help To Buy and Funding for Lending schemes both of which have succeeded, by the government’s own measures, in thawing the lending freeze brought on by the 2008 financial crisis.

Funding for Lending offers lenders cheap funds on the proviso they use it to create more affordable mortgages while Help To Buy (in its current form) has created several new routes for first time buyers as well as those further up the ladder to put down greater deposits and therefore be approved for more affordable mortgages.

James Pendleton welcomes a new Angel!

Angellogo

 

South West London property experts James Pendleton have expanded their popular Angel department with the addition of a new team member.  With nine Estate Agents’ offices in South West London the company is well established throughout the area and is nationally recognised for service innovations.

One such advance introduced over the past few years is the Angel department.  Run by experienced property expert Zara Salih the department was introduced with the aim of extending the service offered during a sale or rental to cover the period from move-in onwards.

By speaking to a James Pendleton Angel a new homeowner or tenant can find solutions to the variety of questions and issues arising during what can be a chaotic time.  On move in day a representative from the department will provide a welcome pack and introduction to the property and local area. There is also an opportunity to leave keys with the secure Angel key holding service, a free concierge style initiative which allows residents to organise access to their property remotely as well as arranging contractor visits through the department’s recommended list of contacts.  This service is extended to buyers for the entire duration of the property ownership.

Joining the Angel team this autumn is experienced property administrator and local resident Sarah Vorley.  Sarah has already made a fantastic impression with local residents and company representatives alike and has proved to be the perfect new addition to a department known for outstanding customer service.

To find out more about the Angel department contact 020 7501 1045.

An incredible development opportunity in Battersea

highres1454368James Pendleton take great pleasure introducing to the market a fantastic development opportunity in a highly sought after location moments from Clapham Junction.

This three story building combines a commercial premises on the ground and basement levels with a five bedroom apartment above and there is potential to renovate both. The flat has its own front door from street level with stairs leading up to the first floor landing and down to the cellar, separate from that of the commercial unit.

To the front of the property on the first floor is a generous reception room and to the rear there is an eat-in kitchen and a WC. Second floor accommodation comprises three double bedrooms and a family bathroom as well as storage under the stairs. The loft has been converted to make space for a further two double bedrooms and eaves storage. The property also benefits from a south facing garden in excess of 40 ft.

The existing business premises and dwelling above can be converted into separate flats subject to the necessary planning permissions, making this an ideal Buy To Let investment opportunity. The property is very well located on St John’s Hill close to an excellent range of local amenities and a short walk from the outstanding local and national transport links of Clapham Junction station. The green open spaces of Clapham Common and Wandsworth Common are also within easy reach.

To find out more about this excellent opportunity contact James Pendleton Estate Agents’ Battersea office

96 Northcote Road
SW11 6QW
Tel: 020 7223 8000
Fax: 020 7223 8007

battersea@jphomes.co.uk

James Pendleton opens a ninth office in Wandsworth Town

Estate Agents in Wandsworth Town

With offices throughout South West London including a recent expansion to Fulham and Parsons Green, James Pendleton are delighted to be extending their service with the opening of a second, larger Estate Agents in Wandsworth Town to accompany the existing office at 503 Old York Road. Look out for the spacious new office on the corner of Old York Road and Ebner Street.

Since the opening of the independent Estate Agents’ Clapham South and Balham office ten years ago the team has expanded rapidly, accumulating numerous awards as well as 9 locally staffed offices including the Wandsworth Town Estate Agents’ office on Old York Road.  This office has proven a very popular hub for property hunters in search of their perfect London home; Wandsworth Town is a wonderfully diverse area comprising a variety of property styles from charming Victorian terraces in the Tonsleys to sleek riverside apartments.

The expansion to a second Wandsworth Town office on Old York Road was made with client convenience in mind.  The new space is located on a corner, giving a greater feeling of accessibility, and more space means a larger team are available at all times.  The office is in the heart of the Wandsworth Town neighbourhood and the area’s excellent transport links mean easy access from central London.

To find out more about this award winning Estate Agents in Clapham, Battersea, Fulham and Wandsworth and the new office opening contact James Pendleton Estate Agents’ Fulham and Parsons Green office on 020 7183 4000.

James Pendleton: nobody does it better!

James Pendleton Estate Agents South West London Billboard Wandsworth Bridge Road

Local Estate Agents in South West London James Pendleton are known for the vibrant and original branded billboards which have become a familiar sight among local motorists.  These campaigns, created by the company’s in house design team, have earned the company marketing acclaim in the form of a silver award for Best Marketing at the Sunday Times and the Times Lettings Agency of the Year Awards (the full list of company awards can be seen here).

The latest offering from the Fulham based design team alludes, in part, to these award wins.  However, the stronger underlying message of the ‘Nobody Does it Better…’ campaign is ‘stop by at one of our offices and give us a try; we will do you and your property proud’. For the awards could not have been won if it weren’t for an unusually dedicated team of experts whose commitment to the property market and to customer service truly sets them apart.  Visit any of the Estate Agents’ offices in South West London and you’ll encounter a thorough, committed service eons apart from the casual agreements made on sites like Upad.

The ‘Nobody Does it Better…’ campaign also alludes to a great British cultural institution whose finesse and style perfectly personifies this part of London.  We’re not saying that explosive toothpaste is a regular sight in Clapham’s supermarkets; nor do we suggest that visitors to the Riverside at Nine Elms are likely to spot a speedboat driven by a cocktail drinking gentleman surrounded by lingerie models cruising the Thames.  It is fair to say though that that the skyline at Nine Elms would be an excellent backdrop for a high speed chase, and the thought of Judi Dench’s M taking up residence in an elegant Tonsleys townhouse is far from alien.  Evil overlords may have trouble finding an underground volcanic lair, but if you’re looking for quality and decadence you will find plenty to captivate.

Of course, the James Bond connection is just for fun, but for this Estate Agents in South West London it’s a perfect way to remind clients that theirs is a service run with integrity, professionalism and style, as the accolades prove.  Whether you’re looking for a seamless property transition, a unique investment opportunity or an in depth introduction to a new area, this team of not so secret agents will be ready and waiting.

Contact us on 020 7501 1044 jpinfo@jphomes.co.uk www.jamespendleton.co.uk