Buyers voted with their chequebooks at Christies Network Auctions May sale!

Leading auction house, Christies Network Auctions, enjoyed their most successful ever two day sale in May with total sales in excess of £6.5 million being achieved and a sales rate of 77%.

The two day sale which took place on May 7th in London and May 13th in Birmingham saw good levels of activity from buyers on lots stretching across the length and breadth of the Country and who were clearly positive about the outcome of the General Election and who voted accordingly with some frantic and positive bidding.

Lot Two which was a cottage with development potential, was an excellent example as to how Christies Network Auctions’ national reach and local expertise saw local buyers compete with London investors resulting in the best price being achieved.

This lot saw phone bids, on line and proxy bids plus bidders present in the room. The property had a guide price at £59,000 and ended up sold at £116,000. A massive 97% uplift on the reserve price.

The two day sale saw a variety of properties sold including freehold and leasehold residential investments, commercial investments, beach huts, ground rents and life tenancies. Prices sold under the hammer from as little as £1550 (lot 45) to £1.2m (lot 27).

Jeremy Richardson of Christies Network Auctions’ was delighted with the result and said; “The May sale was an interesting one as the first day coincided with the General Election yet there were few signs of nervousness and buyers were clearly positive about taking purchase decisions. This was reinforced even further a week later by which time the election result was clear.”

“Once again, our combination of local expertise and national marketing resulted in some excellent prices being obtained and we are looking forward to our next two day auction which will take place in London on 9th July and Birmingham on the 15th July.”

Lots are now being taken for inclusion in the July catalogue.

To discuss how selling by auction can get you the sale you require, please contact Jeremy Richardson of Christies Network Auctions on 020 8643 7777 or email at sales@christiesworld.com

www.christiesworld.com

May Market Update - Christies House Price Index - Local property prices continue to increase

The latest Christies House Price Index, uses the most up to date reliable data from the Land Registry, and also confirms that property in the local area continues to represent an outstanding investment.

Local property prices increased by at least 19% in 2014 and continue to rise in 2015. Medium and long term gains are even more exceptional. 

Based on past performance potential buyers will be very encouraged to see that prices have risen by 33% over the previous five years, by 42% over the previous ten years and by an astonishing 140% over the previous 15 years.

What is perhaps even more impressive is that prices are now also 18% higher than at the previous peak of the market in early 2008.

The comparison is based on the average price of all local properties sold including flats, maisonettes, all types of houses and bungalows. Figures for April onwards are not yet available - the Index will be revised as soon as the data is released so please check this page regularly for any updates.

Date..............Average Price.........Average Price Mar 2015.......YEARS............INCREASE

Mar-00..............£132,549.........................£318,864.....................15....................140%
Mar-05..............£224,043.........................£318,864.....................10.....................42%
Mar-10..............£238,831.........................£318,864......................5......................33%

In recent times, demand for properties in Cheam, North Cheam, Sutton, Stonecot Hill, Carshalton, Worcester Park, Ewell, Epsom & Banstead  and surrounding towns and villages has increased dramatically. Much of this demand is due to the extremely popular local schools which are nationally renowned and attract large numbers of enquiries, ensuring that property sale levels and prices have remained well above quoted national averages.

Buyers also flood into the area to take advantage of a wide range of leisure and shopping amenities. Flourishing local communities offer popular cafés, restaurants and varied independent shops and businesses coupled with many high street names, creating an enviable mix of retail and food outlets.

These combine with excellent road and rail links, to ensure demand for property remains constant and represents an exceptional investment.

Christies have an unparalleled understanding of the locality and are dedicated to ensuring customers are always informed – not just on the property market and prices, but also the wider area and amenities. 

For example, the location of the properties we sell, are ideally situated on the fringes of London, bordering rural Surrey greenbelt countryside with picture postcard villages and market towns full of rich heritage and character.

When looking at buying a new home, we believe it is imperative that our purchasers are fully informed about all aspects of the potential move.

Your estate agent should be able to answer any of your questions regarding this. We are proud to represent this area and convey that passion to anyone looking to move here.

Please contact us on 020 8643 7777 or email at sales@christiesworld.com

www.christiesworld.com

Safe as Houses

Nick Churton of our London Mayfair Global Network gauges the effect that the Election result will have on the residential property market.

For several weeks leading up to the 2015 general election houses didn’t seem as safe as they might be.

Across the country, house buying and selling activity stalled as people awaited the result. 

So the announcement that there would be a winner with a clear if perhaps only slender majority was met by those in the housing industry with a collective sigh of relief.

It wasn’t necessarily the political stripe of the party that won but the fact there was at least a clear result and the property market would not be left in limbo during weeks and possibly months of political horse-trading and in-fighting.

Also, there will be an acknowledgement that the threat of mansion tax has gone. This was a significant concern towards the upper end of the market. Another worry was the threat of rent control. This would potentially have affected the buy-to-let market dramatically.

So there is a mandate from the electorate. The city has responded favourably. The pound is up; shares in major house building firms are up and at least 37% of the population feel a little more confident about the immediate future – buoyed by a trend of improving trade, employment and cost of living figures. But let us all hope - no matter which party we supported – that the next government, besides dealing with a small majority, a large deficit, Europe, devolution, world hot spots and many other incredibly important issues, will at last get to grips with an effective and sustainable housing policy in the UK. It will not be before time.

www.christiesworld.com

Voting With Their Feet

Nick Churton of our London Mayfair Global Network gauges the impact housing polices have had on public opinion in the lead up to the general election.

Four weeks before the 2015 general election the voters had already made their thoughts known. Or at least those who had anything to do with buying property had. The political parties had been trying hard to woo the electorate with a plethora of housing-related inducements. But did they really mean anything to anyone?

The Conservatives promised huge numbers of new homes would be built and also dangled a right-to-buy opportunity for those with shared ownership arrangements through housing associations. Labour had been pinning their hopes on the popularity - with those who would never have to pay it - of a mansion tax. Also of rent control.

Had either party the right answer to excite the electorate? It seems not. In the heat of electioneering it appeared that the only thing which significantly made buyers more active during the campaign was sunshine. The minute the spring sun came out so did buyers. Almost immediately viewings were up, offers were up and sales were up. What did this mean? It seems that the weather was more influential on buyers than the political climate.

Successive governments haven’t exactly won people’s respect on housing. The coalition has had four housing ministers during its recent tenure, and, between 1997 and 2008 the previous Labour government elevated eight different ministers to the post. This is hardly good for long-term stability in the sector. So we have all come to learn that if we want something done about roofs over our heads we must do it for ourselves.

Simply put, the economy in general seems more immediately important to voters than housing in isolation – and with good reason. When the economy is up people feel better and can afford more things – like properties. If it’s down everyone hunkers down and goes nowhere: demand drops, values drop and new home building decreases which leads to a drop in land values – no matter what the housing policy at the time. Housing depends on the economy. The electorate understands that. It is people who create demand once the means to buy is in their favour and no right-to-buy or mansion tax policies will change that.

The past fifty years have not led us to believe that the next five will be any better for government housing policies – especially if the ministerial door remains revolving. So we are on our own. Perhaps the next government should just neatly put all these polices under another title - devolution.

www.christiesworld.com

April Showers

Nick Churton of our London Mayfair Global Network looks at the market as we head towards the Easter weekend, the spring market and a General Election.

The property market can sometimes seem a bit like the weather. Some days it is fine and sometimes it is rainy. But some days it really does not know what it is doing. The market is a bit like that at the moment. Just when it looks as if there is no momentum there is a surge of interest and then as quickly as it comes it stops - just like an April shower.

So in this pre-general election period buyers and sellers seem to lurch between wanting to do something but at the same time worrying about doing it. It is almost as if they know that there are so many factors are in place that make buying a new home favourable but that there are others which could in the future weigh against such a big decision.

So the answer for some seems to be not to do anything at all. But for many that is not the answer. Parents with young children may need to move before the autumn term for schooling reasons – or rather good-schooling reasons. Then there are the work-related movers and those whose lives have reached a stage where selling and/or buying is a matter of necessity rather than choice.

But it is hard to think of a period in the past seven or eight years when there has been a better time to be propelled into a sale or purchase. With low interest rates and others holding back for many this will be a good time to make a move. You probably won’t pick up a bargain. It is a hard truth but bargains are seldom to be found in property – would you sell your home at a bargain price? - and this is particularly so at the moment when there are fewer properties on the market than for several years.

So if you are going to buy or sell in the coming months when the weather in the property market seems fickle, as long as you take some sensible precautions – just like wearing a mac or taking an umbrella in changeable weather - there is no real reason to get wet. In fact by the time all the others come out from wherever they have been sheltering you will be home and dry.

www.christiesworld.com

March Market Update - Christies House Price Index - Local property prices have already increased this year

The latest Christies House Price Index, uses the most up to date reliable data from the Land Registry, and also confirms that property in the local area continues to represent an outstanding investment.

Local property prices increased by at least 19% in 2014 and continue to rise in 2015. Medium and long term gains are even more exceptional. 

Based on past performance potential buyers will be very encouraged to see that prices have risen by 34% over the previous five years, by 41% over the previous ten years and by an astonishing 145% over the previous 15 years.

What is perhaps even more impressive is that prices are now also 17% higher than at the previous peak of the market in early 2008.

The comparison is based on the average price of all local properties sold including flats, maisonettes, all types of houses and bungalows. Figures for March onwards are not yet available - the Index will be revised as soon as the data is released so please check this page regularly for any updates.

Date..............Average Price.........Average Price Feb 2015.......YEARS............INCREASE

Feb-00..............£129,516.........................£317,456.....................15....................145%Feb-05..............£225,668.........................£317,456.....................10.....................41%Feb-10..............£236,242.........................£317,456......................5......................34%

In recent times, demand for properties in Cheam, North Cheam, Sutton, Stonecot Hill, Carshalton, Worcester Park, Ewell, Epsom & Banstead  and surrounding towns and villages has increased dramatically. Much of this demand is due to the extremely popular local schools which are nationally renowned and attract large numbers of enquiries, ensuring that property sale levels and prices have remained well above quoted national averages.

Buyers also flood into the area to take advantage of a wide range of leisure and shopping amenities. Flourishing local communities offer popular cafés, restaurants and varied independent shops and businesses coupled with many high street names, creating an enviable mix of retail and food outlets.

These combine with excellent road and rail links, to ensure demand for property remains constant and represents an exceptional investment.

Christies have an unparalleled understanding of the locality and are dedicated to ensuring customers are always informed – not just on the property market and prices, but also the wider area and amenities. 

For example, the location of the properties we sell, are ideally situated on the fringes of London, bordering rural Surrey greenbelt countryside with picture postcard villages and market towns full of rich heritage and character.

When looking at buying a new home, we believe it is imperative that our purchasers are fully informed about all aspects of the potential move.

Your estate agent should be able to answer any of your questions regarding this. We are proud to represent this area and convey that passion to anyone looking to move here.

Please contact us on 020 8643 7777 or email at sales@christiesworld.com

www.christiesworld.com

Budget Comment 2015 – Bottoms Up

Nick Churton of our London Mayfair Global Network looks at the key property related feature in this year’s budget.

The property market is like a building. It is built from the bottom up. Good foundations underpin the market just as they do a fine building.

Much nonsense is spoken about the market being driven by the wealthy. In fact it is driven by the needy – those people who simply need a roof over their head rather than desiring a better home for extra convenience or social status.

The two central piles of good property market foundations are affordability and confidence. Chancellor George Osborne sought to further strengthen these in this year’s Budget speech.

The most important Budget feature for the property market is a Help to Buy ISA which will act as a 25% top-up on deposits. The government will add £50 to every £200 that an intending home buyer saves in one of these new ISAs. George Osborne said the new scheme could be used by a first-time buyer needing a 10% deposit of £15,000. Therefore a buyer now only needs to save £12,000 as the Government will top up the amount by £3,000. The chancellor said, “A 25% top-up is equivalent to saving for a deposit from your pre-tax income – it’s effectively a tax cut for first-time buyers.”

The scheme will be available on properties worth up to £450,000 in London and up to £250,000 outside the capital. It can also be used by couples buying a home together, potentially doubling the government’s contribution to the scheme which should be launched this autumn.

For deposit-strapped first time buyers this is a welcome and timely boost. It should accelerate the speed in which they can get into the market by shortening the period they have to spend in saving for a deposit. This is important at a time when in many areas house price inflation has outpaced wage inflation.

So confidence in the economy is growing. Unemployment is falling. Some are beginning to see their wages rise ahead of inflation and interest rates are at an all time low. Hand in hand with this confidence boost is growing affordability. Buying a home will for many now be a cheaper option than renting. So far so good: but what we need now is some more stock for these aspirational purchasers to buy! Property is never all Champagne and roses. But at least some first time buyers can now crack open the fizz.

www.christiesworld.com