The last quarter has been an interesting one both in terms of residential sales and lettings. The stamp duty runoff, the loosening of Covid restrictions and the yearly influx of tenants desperately trying to secure property during what is the busiest time of the year. I will also highlight the trends and reveal how to rent or sell your home quicker and for more money by utilising a new service exclusively for Hudsons Property customers.
Instructions across the market were down 47% year on year compared to the same quarter last year, however, viewing levels were up by 10%. There was a 62% increase in buyers registering and a steady stream of international buyers from the Far East and Europe, in particular. Prices remain steady, however, if the trend continues where stock is in short supply and more foreign investors return to the market, expect prices to start nudging up possibly later this year but if not certainly in 2022.
With the stamp duty tapering off until 30 September there was a 25% increase in properties that went to exchange, resulting in multiple exchanges and completions on the same day towards the end of last month!
The full stamp duty holiday came to an end in June and families went on holiday, which slowed new enquiries. But by September we saw international buyers start to return to the market as travel restrictions eased. We have also seen a trend in international families who have struggled to find a rental property for their children at university now looking to buy to avoid the hassle next year and have a good investment for the future.
During the last quarter, we saw a huge 250% increase in tenants renewing terms on their properties, which had an impact on available stock which ran at only 40% of the same quarter last year. This caused rental values to move up by an average of 20% on last year’s values which more than makes up for last year’s reductions due to Covid.
Autumn is always a busy period for students from high-net-worth families looking for suitable accommodation close to central London’s prestigious universities. Last year 30% of tenants took on properties via a video viewing tour, utilising 360-degree walkthroughs, but this year it has increased to 90% based on a mixture of travel issues and urgency due to a lack of stock on the market and trusting the technology we provide them with.
This urgency has helped us achieve record rents for our landlords. We have just let this lovely modernised apartment, pictured below, in Bloomsbury, which previously got closer to £500 per week, for £930 per week, such is the scarcity of property and the high interest we receive. So, if you’re a landlord make sure you make the most of this buoyant market, which will start to slow down soon.
In both sales and lettings, we’ve witnessed fresh enquiries from tenants and buyers who moved out of central London and are now yearning to return to the buzz of the West End. We expect this trend to continue with many workers keen on having the best of both worlds dividing their time between urban and rural life with more understanding about flexible working from employers.
Are you are an owner looking to improve the value of your property, which not only gets properties bought or let quicker but also achieves a premium price? If so, then consider our home staging offer. Below, you can see the transformation of Cranfield Court, a property we then went on to sell for a price that exceeded our owners’ expectations and in under two weeks of marketing.
Hudsons and The Space Consultancy offer sole agency sellers the opportunity to use our bespoke furniture sourcing service with individual furniture packs for clients. Whether you're a landlord or an international investor, we're offering an exclusive 0% finance offer (subject to terms and conditions, please call 020 7323 2277 for more information). We’ll deliver, install, style and dress the property leaving it ready to be photographed and put on the market.
Watch the latest residential property market update by Jon Hudson
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