Welling Property Market Update - July 2017

It's been two months since the last Rightmove update on this blog, and what a difference those two months can make. 

The first quarter of the year our portfolio of property for sale and under offer consisted mainly of houses, with a few two beds but pre-dominantly three bedrooms, being the most common purchases. Almost all went on the market and created immediate interest, with viewing numbers high, Saturday Open Day's and offers within a very short period of time. 

The last few months have been different. The portfolio remains largely three bedroom houses, but the prices, viewing numbers and offers are all in lesser supply than before. 

And the message is the same across the whole of Welling, DA16 based on my conversations with other local agents, surveyors, and the volume of reduced properties on a daily basis on Rightmove. 

So to the Rightmove stats ...

Average Property Prices in Welling, DA16 in July 2017

Referring back to the comparable figures from May 2017 from the same Source (Rightmove) prices for 2/3/4 bedrooms houses are all lower. Not massively so, but all the same there has been a small reduction. Five bedroom house prices are, ironically, up by over 15k, but given there were only half a dozen transactions of five beds in that time its a small sample to judge on. 

The same applies with flats, with 1/2 beds down in price, and three beds up slightly. 

If you are looking to move now, especially over school holiday season, you still will, but pricing is clearly more crucial than ever. Get it wrong, and you will have to lower the price, and the initial impact of hitting the market will be lost. 

As always, if you need advice on anything relating to residential property please do not hesitate to getting touch directly on kevin@dansonpropertyservices.com

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

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Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Welling Investment Property of the Week - 26th July

Marketing Price - Guide Price £160,000 - £180,000 Cash Buyers only
Expected Rental - £950 - £1500pcm
Rental Yield - Between 7% and 11% depending on letting type

Something a bit different this week, a cash buyers only tower. But why? Read on ..

If you are looking for a good investment property in the local area, looking for the "norm" is fine, but you will come across considerable competition from other investors, as well as the regular first-time buyer. That means getting a great deal is unlikely. 

Looking for something "outside the box" makes more sense, where you can add value, or maybe chip away at the asking price a little. 

Step forward any property being advertised as "Cash Buyers Only".

But why?

Supply and demand, simple. With the removal of the all regular mortgage buyers, the amount of people interested in any cash only property will inevitably be smaller, and that potentially gives you more room to negotiate, and the vendor less alternative options when you place your offer forward. 

In this example we have Shenfield House, SE18 by the Queen Elizabeth Hospital ....

Perhaps not the prettiest thing you've ever seen, but at a Guide Price of £160,000 - £180,000 numbers wise its as attractive as they come. 

A regular rental would achieve a rent of around £950pcm. This is a 7.1% rental return at the lower end of the guide price quoted. Not too bad. 

Bearing in mind you neighbour the hospital, with shift workers, and maybe some lower end income hospital employees or student/doctors/nurses, and looking more closely at the floor plan, you'll note that a room let arrangement wouldn't be beyond the possibilities. 

It's fair to assume that people living in tower blocks often don't have the higher expectations of many others, and the option to house three tenants across the three double rooms, at circa £500 per room per month offers affordable housing to low income tenants, and a fantastic £1500pcm income ... £18,000pa!!

A return of nearer 10-11%. Well worth considering. 

Perhaps this one isn't quite right for you, but if you want help in finding one that is, or have a rental investment elsewhere you would like a second opinion on, please do not hesitate to get in touch directly at kevin@dansonpropertyservices.com

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Are house prices in Welling dropping?

I wrote last week about house prices in Welling and the figures released by Zoopla, monthly like clockwork, showing increases across the board over the last 3, 6 and 12 months. (You can find that piece here ... http://dansonps.blogspot.co.uk/2017/07/welling-house-prices-july-2017-are.html)

And then this week we get the BBC publishing Halifax's view that "prices fall further in June" ... http://www.bbc.co.uk/news/business-40529560

So what's really happening, who should we believe?

It is impossible for me to know what is happening in every little pocket of the UK. Likewise yourself reading this. "Experts" and huge national companies, mortgage lenders and banks will naturally have their marketing departments and statisticians monitoring everything to the finest detail nationwide, but if I am honest, you should be ignoring it unless your property portfolio is of dozens of units scattered all over the UK. 

If you are a Welling property owner, all you should be interested in is the Welling Property Market.

Unless you have plans to move on, in which case wherever you are off to will enter the equation. 

And if you want information on the Welling Property Market then keep reading this blog - it will give you all you need to know about prices in the local area from someone working in it everyday. And if there is anything over and above that you need, then please do not hesitate to get in touch personally on kevin@dansonpropertyservices.com

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Welling Investment Property of the Week - 8th July

Marketing Price - £265,000

Expected Rental - £1200pcm

Rental Yield - 5.4% at asking price

The supply of good rental properties for landlords to acquire in the local area shows no sign of dropping. 

This two bedroom maisonette in Bexleyheath offers an excellent rental return and given it's immaculate condition and being within sensible walking distance of Bexleyheath station you would expect it to sell quickly, but then rent quickly as well. 

Well located and in excellent condition

Tenants generally, especially young professional couples, will just want something clean, modern and well located for them to get to work. Add to that the private garden space and quiet cul-de-sac location and you are looking at an easy rental for 3-5 years. 

Well worth a call to Parris in Bexleyheath to enquire in more detail. The full property particulars can be found here ... http://www.rightmove.co.uk/property-for-sale/property-67528304.html

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation

Welling Property Market update - July 2017

Do you know what is happening to property prices in and around Welling?

You can find out the latest with this downloadable Welling Property update, or by visiting the Danson website here ...

https://www.dansonpropertyservices.com/news/welling-property-news-july-2017.html

Welling House Prices - July 2017 - Are prices dropping?

I have written many times before about house prices in Welling and the general trend has been a positive upward one, but at the moment, things are perhaps not so simple. 

Last week Zoopla sent out their usual report on house prices in the DA16 area, and the figures can be seen below ...

Figures from Zoopla, June 2017

Referring back to my article in late March 2017, I note that the equivalent data was ... 

Figures from Zoopla, March 2017

What does this tell us about house prices in Welling?

On first glance at the most recent figures lots of green arrows pointing upwards indicating price rises in the Welling area in recent times would be seen by most vendors to be a positive. I wouldn't necessarily disagree. 

But you will note that the amount of the increase over the last 3-6 months is not as significant as it has been in the past, and also that transaction numbers are down. 

But statistics can be used to prove anything, what is really happening in Welling?

From a personal perspective, running a local agency, and speaking to other local agents, vendors and landlords, the message seems to be the same from all - it is quieter than expected at present.

101%

For example, in the first quarter of the year, our main property type listed was a three bedroom semi-detached house in central Welling, in the £400,000-£425,000 range. We had 5-6. All sold, and the average achieved price was a fantastic 101% of asking price meaning more people were achieving over their expectations than under. Average sale time from first listing on the market to under offer was 2-3 weeks, some being a few days and some being a month or so. We had one sale collapse, and when re-marketing, the price achieved was HIGHER than the original sale agreed, not bad. 

In the last three months, co-incidentally since an Election was called and then conducted, the market has slowed. Our main property type is still a family three bedroom house, and the prices being commanded are still in the £400,000-$425,000 bracket with the occasional one over and above if particularly modern or extended, but the prices achieved and sale time now? Average offers of £10,000-£15,000 below asking price, and sale times from marketing until offer accepted nearer to 4-6 weeks. 

Reductions

And what is really interesting, is that across DA16 as a whole, there are more properties being reduced online than there are new properties becoming available. In fact, a quick search on Zoopla this morning shows that 39 of 88 properties currently available in Welling, DA16 have been reduced in the last month. Nearly 50%!

But don't be concerned, many of these properties are being reduced from what I would argue were ambitious figures in the first place. 

In conclusion, it is my opinion that the market is a little slow at the moment, but that decent properties will still sell. However, for the time being at least, gone are the days of aiming high and hoping to get lucky, you must price your property sensibly in order to get the interest needed to achieve a sale.

And remember it is all relative, if you are taking an offer on your house for £5,000-£15,000 less than you had hoped, chances are the one you are buying elsewhere is in the same position and you can negotiate on that one to the same degree. 

And ultimately, if you are serious about moving, you still will.

If you are looking for an agent that is well established, professional and communicative, then contact us to find out how we can get the best out of your investment property.

Email me on kevin@dansonpropertyservices.com or call on 020 3397 4499. If you are in the area, feel free to pop into the office – we are based on 116 High Street, Welling, Kent, DA16 1TJ.

Don’t forget to visit the links below to view back dated deals and Welling Property News.

Follow The Buy-To-Let Property Investment Market in Welling

Welling Property Market LinkedIn Page

Danson Property Services Welling Facebook Page

Danson Property Services Welling Twitter Page

Welling Investment Property Specialist Danson Property Services Website

Find out how much is your Welling home worth. Click here for your FREE Instant Online Valuation