Springing to life
The housing market is livening up a little bit too. Despite all the politics, people are moving – life has to go on... With high employment and real wage increases, there is plenty to be optimistic about. And Spring will bring its usual upturn, whatever is happening in Westminster.
The mortgage companies are also doing their bit. With fierce competition for business, there are plenty of deals around to encourage first time buyers to take the plunge. That’s good news as they’re one of the key drivers of the market and have been sorely missed in recent years. We recently had 6 bids at or above the asking price on a one bedroom flat in need of a bit of love at £325,000, there are good buyers out there when the price is right.
Spring is also busy for the house market because of the school year. In order to buy a home by June/July and be in situ in good time for the new school year you need to be looking in the Spring. We have some excellent houses for sale from a 3 bedroom in Wendell Mews, W12 at Guide £965,000 to one in Luxemburg Gardens, just off Brook Green with 6 bedrooms at Guide £3,150,000.
Meanwhile, the lettings market has had a good start to the year with the best first quarter in 5 years. Spring will bring more property to the market and we are looking forward to being very busy this year.
There is new legislation being introduced for the good of the tenant – The Tenant Fees Bill. This bill prohibits fees being charged to tenants and the implication of this is that Landlords will be responsible for covering all costs throughout a tenancy. We believe this is a misguided bill because unfortunately for tenants, it could lead to long term rent increases. We will of course keep up to date on new legislation and it’s consequences so do drop us a line if you would like to discuss this or any other lettings matters.
In Monaco, the International office has also seen an encouraging start to the year with much interest in our “bullet proof” villa in Mougins in the south of France. We are acting for a growing number of buyers and sellers looking from anything from a secluded villa in the hills to secure indoor parking for 30 cars! The international property show, MIPIM is in March, the ATP Tennis in April and the famous Grand Prix here again at the end of May. Monaco is a hive of activity in the Spring, there’s always plenty of festivals to keep you entertained including the Festival Printemps des Arts de Monte-Carlo.
If you have a property and you are thinking of putting it onto the market to sell or rent then Spring is the perfect time to do it. Do give us a call and we will give you a realistic market appraisal and some tips to help you achieve the best possible price. Who knows, maybe having a good sweep-up and getting those roses pruned will turn out to be an investment that will bring some real returns!
That’s all from me for this month, if I don’t hear from you before, enjoy your March and I’ll see you again next month.
