Tom Gladwin, Parkheath's Managing Director, shares his thoughts on what lies ahead

DESPITE THE FROSTY START to the year, I am pleased to report that the local property market has lost none of its fire from the second half of 2009. In a December frenzy, Parkheath saw a 300% increase in exchanges compared to the previous year. But would it, and could it continue without leading to the dreaded double-dip?

Motivated buyers and a lack of supply always make for interesting times and this year we have already seen remarkable prices achieved for properties which we have sold. In certain cases, we have exceeded the values of the peak of the market in 2007.

This continuing activity is helping confidence across the market, but there are simply not enough properties available to buy. This causes the market to be erratic. High quality, well priced properties in prime locations sell easily, at good prices, often with multiple back up buyers, yet if a property is compromised or over priced, purchasers will not overlook these things as they were doing at the height of the market.

Parkheath is carrying out an ever increasing number of valuations and our stock levels are steadily growing. In the months to come this greater choice of property will slow these recent and dramatic price rises. The balance between supply and demand will begin to become more equal. As we head into the spring and summer I predict that we will continue to see a growing number of transactions, and the growth we have seen since the bottom of the market in early 2009 will become steadier and therefore more sustainable.

TOM GLADWIN - MD Parkheath
tom.gladwin@parkheath.com

FROM THIS MONTH you can talk to us face to face without leaving home. Save yourself time, and check in with us via our Skype link where you will find one of our negotiators ready to answer your queries in a virtual setting with visual contact. Call quality is excellent and the service is free.

So if you want to see us but don’t want the hassle of the journey or to think about where to park the car, ‘come in’ and talk to us via skype at the following addresses:

parkheathnw3
parkheathsouthhampstead
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You can reach us easily during office hours:
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 AT PARKHEATH it is our attention to service that sets us apart. Unlike many other agents we have a dedicated property management division, offering a bespoke service via an expert team whose focus is to protect the landlord’s investment with integrity, reliability and industry knowledge. Property issues are resolved swiftly and cost effectively, leaving landlords free to concentrate on other aspects of their property portfolio.

Keeping a rental property in good order additionally benefits the landlord as higher rental prices are more attainable for a well-kept home. At Parkheath we manage around one third of our rental properties, and with this many properties under our wing we get great leverage on service costs, achieving a lower price than a landlord could get on his or her own.

Property management fees are a small price to pay for added convenience and profitability, as many of our landlords can tell you:

‘We have been delighted with your customer service. We have always been able to reach you when we needed you and you have been honest in your advice and suggestions’ ST

Parkheath Property Management Services include: Lease preparation + Tenant referencing + Rent collection + Handling tenant repair requests + Property maintenance issues

For our full range of services click here

A positive start to 2010

OVER THE LAST THREE MONTHS Chapelgate Associates has seen significant improvement in the mortgage market. The recent Bank of England quarterly inflation report indicated that the Bank felt that inflation would fall back to the Government’s target of 2% towards the end of 2010, based on current interest rate levels, meaning interest rates are likely to remain low well into 2011.

We are finding that estate agents still have low levels of stock, which is resulting in increased competition as more and more purchasers chase too few properties. Sealed bids are once again becoming the norm.

To increase our clients' chances of successfully securing a property we are advising that an agreement in principle is obtained from a lender to present with any offer which is made.

An agreement in principle will not only make you more attractive to your potential vendor, but it will also give you the peace of mind of knowing your borrowing criteria. This could save you future heartache as many Banks and Building Societies are still very selective as to whom they lend to, opting to cherry pick only the best applicants.

Call us on 020 7772 6777 or visit our website www.chapelgateassociates.com