Market update – October 2021
By Nick Staton – Owner Statons Estate Agents
As strong buyer demand continues in the local Hertfordshire and North London property market and as the value of homes coming on to the market continue their seemingly never-ending rise, this month we look at the local property market in a little more detail.
With a sustained period of such high demand for property, the stock levels of available property for sale has been relatively low when compared to recent years. This has resulted in some unexpected changes in buyer behaviour and a real benefit to many homeowners that have invested in quality updating.
Premium Prices Paid for Quality
For many years, indeed for as many years as I can remember, homes that had been modernised by clients, often with enormous amounts of money having been lavished on new windows, kitchens, and bathrooms. Decorated with marble, granite or glass with the very best high-end luxury appliances, fixtures and fittings.
These properties have historically, more often than not, failed to reach the owner’s aspirations with regard to re-sale value, as these things are subjective, personal choice and not bricks and mortar… As their estate agent, it’s never easy explaining this to clients, having put heart, soul and a lot of money into their fabulous home.
This is however, now no longer the case, properties that have been updated and improved with quality fixtures and fittings are selling at premium prices. This is in part due to the current low levels of available stock, as the best homes do often sell at premium prices, but it’s more so due to the impact of Brexit and the lack and cost of both building materials and tradesmen.
For anyone having tried to arrange for work to be carried out on their home will be all too aware, this is a real issue and does make those homes that have been beautifully updated with high-end finishes and fittings, a great selling point and likely to achieve premium prices.
Central London Buyers
Interestingly, we also continue to see an unusually large percentage of buyer demand from more central London areas. These are the ‘search for space’ buyers we have previously reported on and are typically buyers that, prior to Covid, lived and worked in London.
Over time, many of these buyers have found that working from home, either full or part-time, is a real option, or that living in a built-up area with little space is no longer where they want to live. We have many buyers in these urban areas that look to leafy North London or Hertfordshire as a great option. With fantastic transport options and access to open countryside as well as offering great value for money compared to central London prices.
If you’re thinking of selling or buying either now or in the future, or would simply like some advice, please pop into one of our offices or call us.
Nick Staton, Statons Estate Agents
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