Welling Property News: 2017

Showing posts with label 2017. Show all posts

Wednesday, 6 December 2017

Why its better to advertise your Welling property for sale NOW rather than wait until January

Yep, it's that time of year again where the housing market grinds to a halt for three weeks in the build up to, and throughout, the Christmas period.

But ironically, if you are thinking of moving in 2018, NOW is the best time to have your property prepped and launched on to the market. Do NOT wait until January.

Here's why written this time last year, and the same still applies ....

There is always a reduction in the number of people out viewing property in December as attention inevitably turns to Christmas. Shopping, social and work nights out, and the freezing weather, as well as homeowners not waiting people visiting, all mean that viewing activity is very low.

BUT, viewing properties online that are available for sale peaks during the festive period and we're told by Rightmove is at its highest between December 24th and New Years Day. If I were selling, I would want my property online having all those eyes gazing at it, wouldn't you?

January brings New Year Resolutions, as well as the festive period meaning time off work, and family time, to discuss and plan a house move, an investment purchase, a re-mortgage, and its a time traditionally when a lot of people get together.

Supply and demand is a massive factor when selling too. So when your property goes online for sale in January, it is going online alongside all the other January sellers, and you've more competition. Go online before the rush and you'll be raking in the viewing requests as one of only a few properties on the market, so come January you'll already have people pencilled in ready to visit the moment the decorations are down.

You'll be one step ahead of the rest. And you'll be under offer and planning a move whilst they are still waiting for the photos to be taken.

So, if you are thinking of moving in the New Year, don't wait until January, get in touch now and allow us to discuss your requirements and prepare you for a pre-Christmas launch.

And if that weren't enough of an incentive, get a valuation and instruct us to market pre-Christmas and we'll give you 10% off our standard rates.

Or if its merely curiosity for now, then try our online estimate tool which can be found on the links below.

Merry Christmas.

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

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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

Friday, 1 December 2017

Welling Property Market update - December 2017

Our latest thoughts on the Welling Property Market can be found here ...

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Tuesday, 28 November 2017

Rightmove update on current market conditions and prices in Welling - November 2017

With last week's Budget announcement about the amendment to Stamp Duty for first time buyers up to the £300,000 mark there was an unusual positive surrounding the housing market.

Sadly in the latter part of this year there seems to have been a lot of pessimism in general, and a lot of people appear to hold off moving, although what they are holding off for, and how long this will be, is unknown.

At some point the corner will turn, and the market will improve. But Stamp Duty or not, that isn't now likely to be until January given the seasonal slowdown towards Christmas.

A small positive on Stamp Duty should be applauded, but there were still some negative comments about it therefore pushing house prices up, largely from those that can't afford to buy a house of course.

In my opinion this is unlikely to be a direct influence as no vendor should suddenly decide to add another 10-20k to their asking price if they expect anything other than disappointment, but if demand suddenly improves as a result, then I suppose it could lead to Open Days and bidding wars which were very regular in the first quarter of 2017, but haven't been heard of since.

So what is the latest in Welling?

Well, first and foremost, there is hardly anything available! This makes it even more surprising that what is on the market isn't moving, and so many properties across the board need to bed reduced in price before they finally sell, or the owner gives up and withdraws it until next year.

In the month of October there were only 59 new properties put on the market in Welling, DA16. The lowest all year. You would generally expect that with less properties available, there would be greater competition amongst those that are, but as buyer numbers are also down, it all balances out.

Despite a lack of supply in DA16, the market is still tough. Figures, Rightmove, October 2017

And in September there were only 61 new properties, as opposed to 80 odd in August.

Less houses for people to buy, means less motivation to flat owners to put their property on the market in order to upsize, and as a result, amongst those 59 and 61 properties in the last two months, only 15 of them were flats (only 12 if taking out retirement flats).

In short, if you are looking to buy a flat at the moment, good luck! Slim pickings.

And that is why the negativity from some over the Stamp Duty amendment is even more baffling. Because at the moment you can get a "bargain".

Whereas at the start of the year people were getting in to bidding wars and having to offer asking price, or even above, to secure the property they wanted, now you can make an offer 5/10/15k below asking price and have a pretty good chance of it being accepted.

So if you are a first time buyer, moving from flat to house, upsizing from two bed to four bed, then all of the signs remain positive. There isn't much choice, but it makes sense to make the move. The only people it seems better to hold off for are the downsizers.

If you feel like moving, or need to move, my suggestion would be that you still do so and take advantage. And if you are a vendor, remember, what you get for your property on its own is an irrelevance if you are then buying another, its one figure in relation to the other that really matters.

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

Thursday, 23 November 2017

Budget 2017 - Stamp Duty changes, how will they impact on you and the Welling Property Market

Well I wasn't expecting that!

In the Budget report of Wednesday 22nd November Chancellor Philip Hammond made the announcement that with immediate effect Stamp Duty for first time buyers would be removed for anyone purchasing up to £300,000.

Whatsmore, if purchasing between £300,000 and £500,000, the first £300,000 would be exempt from Stamp Duty, again, only for first time buyers.

This is great news for the lower end of the housing market, and for young first-time buyers so reliant on the Bank of Mum and Dad to fund their first step on to the housing ladder.

But its bigger than that.

This will have a positive impact on the middle of the housing market. With first time buyers getting assistance on to the ladder, those looking to make a second step, from flat to house maybe, will have more potential buyers for their property, and find moving upwards easier. In turn, those looking to move from small house to large, or even retired people looking to downsize from house to bungalow, will find more activity below them, and more potential buyers for your property can never be a bad thing.

In short, the more people getting on to the ladder, the more activity you are likely to see in general, so if you own a home already, this is good news.

Will prices go up?

More buyers, and more activity, could in theory mean higher prices. But lets be realistic, it won't have an instant impact. What is more likely to assist in the short-term is a good news story about the housing market, it is just frustrating that the news has come at a time when we slow down until Christmas. A big January re-annoucement would be very welcome. It's a small step given the Stamp Duty amount in question is relatively low, especially with deposit requirements still being so high, but any step, small or otherwise, in the right direction is a good thing.

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

Thursday, 9 November 2017

Welling Property Market update - November 2017

As we enter November and with Christmas approaching the housing market usually takes a slowdown. But rest assured, the fact some hold off until the New Year can offer a peak in January which benefits any seller.

So what is happening in the housing market in Welling at present?

Find out with our November report here ... https://www.dansonpropertyservices.com/news-and-updates/

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

Wednesday, 18 October 2017

Welling Property Market update - October 2017

The last few months have been challenging in the local area for sales. So what is the latest with the Welling Property Market?

Our October report is below. It shows, amongst other things, a decline in transaction numbers in the latter part of 2017 so far.

For more please visit ... https://www.dansonpropertyservices.com/news-and-updates/

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

Wednesday, 4 October 2017

What on Earth is going on with property prices in Welling? October 2017

The housing market is a funny place at the moment. With each passing week there seem to be differing reports of prices remaining static, some people believing they are already dropping or will drop, and some of my vendors still telling me they are on the rise!

No-one has mentioned a crash yet though, which I suppose is good news.

But what about Welling specifically?

I've often put Rightmove stats on here over the months, so I have re-visited the figures going back a few months to see if there are any trends, and it doesn't help much!

In May there were 70 properties listed, yet in August 86, in a month when many people are away on holidays, or busy with weddings or with the kids being off school. The rental supply was up, but seasonally this is the norm.

Available properties listed in May 2017

Available properties listed in August 2017

As a result of this increased level of stock, and with buyers away on holidays in August too, there were price reductions across the board. Over 33% of properties in the £350,000 - £450,000 price range were reduced prior to going under offer, and indeed over 25% of properties listed on Rightmove today in the DA16 area are showing as having been reduced since first arriving on the market.

This does not mean prices are going down. It just means people are advertising them for more than they should, and then having to make the adjustment later.

This is proven by the asking prices of properties over the same period, comparing May 2017 and August 2017, having increased. But these are asking prices, not sold prices.

Average asking prices at first listing, May 2017

Average asking prices at first listing, August 2017

Basic supply and demand applies in property even more than many other markets. There is more stock out there at the moment, and less buyers, you need to price your property correctly to sell, and you need to be open-minded regarding sensible negotiation on price.

And it seems a little daft to increase your average price, when there is more competition out there with more houses to choose from, only to have to drop your price 3-4 weeks down the line when the initial impact of hitting the market has been lost.

If you are serious about moving this side of Christmas, hit the ground running, price correctly and sell promptly, otherwise be prepared to give it 6-8 weeks which we're finding is currently the norm, but you will still sell.

The market is not the best it has been, but things are still moving, and if you are upsizing, it remains a good time, as whatever you are buying up the pricing ladder will no doubt find themselves in a similar position to you, so negotiate that onward purchase well.

If you need help with any aspect of residential property please do not hesitate to get in touch.

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.

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

Tuesday, 26 September 2017

Excellent Auction Result - a 16.5% return!

During 2017 I have highlighted on this blog many properties I consider to be good buy-to-let investments for landlords looking to grow their portfolio, as well as development projects.

Well its about time we started demonstrating some of the results!

And its prompted by the sale (at last!) of Flat 5, 104 Southwood Road, SE9 which has been in various auctions this year.

We recommended it as a potential purchase, for a good rental return, back in June of this year (link here ... http://dansonps.blogspot.co.uk/2017/06/welling-investment-property-of-week.html)

At the time the Guide Price was in the region of £90,000, with a tenant in situ paying £840pcm rent, offering a return of as much as 9%. A very good return, albeit for a small property.

It appears that no-one appreciated the good deal in June and it remained unsold at auction, which I imagine was disappointing news for the owner.

BUT ....

Better news for the new buyer! It was re-listed at auction in September and sold at £61,000. Not a great result of the seller, and I've no idea what prompted such a cheap sale, but what an outstanding buy-to-let return for the new owner. £61,000 outlay, with a return of £840pcm rent, is a rental yield of 16.5% !!!!! Unheard of in my career other than for high-rise unmortageable concrete tower blocks on horrible estates.

Be sure to follow our blog, because if you have money to invest in property, we'll point you in the right direction.

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.

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

Tuesday, 5 September 2017

How is the property market in Welling? - September 2017

It never ceases to amaze me how the housing market can fluctuate up and down over time without any real explanation as to why to your average Welling resident, or even estate agent like me.

Earlier this year, prior to the announcement of the General Election, our most popular type of property for sale was a three bedroom semi-detached house in the centre of Welling. Ideal for any family you'd think. We had a variety of modern and dated, large and small, with most near the station, ranging from £400,000 to £440,000.

Without exception, every one of these houses, about six in total, when marketed led to numerous phone calls same day, an Open House that coming weekend, and in the majority of cases offers followed almost immediately. Four of the six sold at asking price, one at over asking price, and one fell through, only to be re-marketed and sold for a higher amount within days.

So what's changed? Good question!

There is often a summer lull with people going on holiday, the kids are off school, wedding season, and just people wanting to enjoy the weather and relax rather than look at houses. Thankfully, with September arriving, a traditionally busy month as routine goes back to normal, and people look to buy in order to move prior to Christmas, you'd hope that is all behind us.

So I thought I would do some quick research in to the current state of the market and what is available to purchase in Welling, DA16.

There are currently 303 properties in DA16 on Rightmove, with 177 sold and 126 available. This is freehold houses only, ranging from 300k to 650k. That means 58% of houses are under offer.

Bearing in mind most houses don't sell on the first day I thought I would look into the number of houses sold in the first 14 days of marketing.

There are currently 53 houses on the market which have been listed in the last 14 days. And how many are under offer according to Rightmove? just two. Yep, TWO! With 51 available.

This would have been unheard of in the opening quarter of the year.

The fact is that people are still buying, but there are less of them, and if you want someone to purchase your property and not the one down the street, you best make sure when marketing you are pricing correctly, and presenting the house to the best of your ability.

With 51 new properties available for a buyer to choose from, and as many as 20 in the core 375k-425k range, you best make your one stand out!

87 of the 303 properties in the DA16 area have been reduced ... 29%! So again, get it right and price and present correctly.

But don't be concerned.

Finding a buyer is still perfectly achievable, it is just taking longer.

If you are upsizing, the chances are you may get a little less for your home than six months ago, but you'll probably get a discount off of what you are buying. Indeed, one of our clients moving out into Kent has recently negotiated an offer more than 50k below the asking price for a property on the market for over 12months, making the 10-20k potential "loss" on his one relatively speaking nothing to worry over.

Things are tough at present, but if you are committed to moving you still will, but testing the market without the desire to see it through, is perhaps best left for 2018.

For any advise of residential property, please do not hesitate to get in touch directly on kevin@dansonpropertyservices.com

Statistics taken from Rightmove on 5th September 2017 and correct at the time of writing.

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

Friday, 1 September 2017

Welling Property Market Update - September 2017

Are you up to date with what is happening in the local property market?

You can find out the latest on our blog, and with our monthly newsletter style update.

For more please also visit our website https://www.dansonpropertyservices.com/news/welling-property-news-september-2017.html

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

Tuesday, 1 August 2017

Welling Property Market Update - August 2017

Do you know what is happening with the Property Market in 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-august-2017.html

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

Friday, 28 July 2017

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

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

Monday, 10 July 2017

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.

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

Saturday, 8 July 2017

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.

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

Wednesday, 5 July 2017

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

Wednesday, 22 March 2017

What is the latest on Welling property prices?

I am still amazed on a weekly basis to be told by vendor after vendor that the housing market isn't very good.

"Where are you getting that impression from?" I ask... the answers are wide ranging.

And is it any wonder when Rightmove and Zoopla, the nations two biggest property portals, are both issuing reports to prospective buyers and sellers that all is doom and gloom?

Zoopla have issued figures this week showing property prices in Welling, DA16 are down over the last six months (see graphic below). Working in the area on a daily basis I don't agree, but maybe its just us!

If you delve deeper, do bear in mind that those prices are transacted properties. Those coming to market in the last month or so will not have concluded and been reported back to the Land Registry. As we are averaging this calendar year over 100% of asking price achieved across our sales pipeline I would assume that things are on the up for anyone looking to sell in Welling, and as they say, you shouldn't be reliant on stats, but should speak to a local agent.

Then come Rightmove with their report on average prices for sales and rentals, but most alarmingly of all, the average rental yield for DA postcodes being just 4.71%. That, frankly, annoys me, because anyone renting out their property for a low yield is effectively losing money, and if that is the average, there are some almost giving their properties away. See below.

So for those of you insistent on being sceptical, including the big portals, what about some factual evidence.

Take Coleman Road, DA17 for example, a nice residential street in Belvedere, what would a house there sell for? Circa £300,000 we decided in conjunction with the owner. And the result?

And of those ten offers, nine were asking price or over, and all achieved within one week. And the one under asking price? "Zoopla says the average price in the area is £285,000 so I'm offering that and think it's fair". Sadly for that buyer, nine other parties, one vendor and his wife, and three estate agents didn't agree.

The market is strong, in Welling and surrounds at least, so if you are considering a move, don't believe what generic websites and stats tell you, or historical data, ask the people in the know, the agents, looking at property and speaking to buyers and sellers on a daily basis. Gauge their opinion, and as mentioned before, you might be pleasantly surprised as to what your property is really worth, and how quickly it will sell.

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. There is plenty of parking and the kettle is always on.

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

About Me

I have been working in the property industry since 2006 and running my own estate agency since 2010.

Having lived in Welling for the vast majority of my life I feel I can offer local property owners, and their buyers, the perfect balance of estate agency expertise and first-hand local knowledge having experienced the schools, amenities and transport links myself.

In this blog you will find a variety of help and advice for property owners considering a sale of their property, as well as the odd property market piece.

I hope you find this resource useful.

If I can assist with your residential property requirements in any way please do not hesitate to get in touch directly on kevin@dansonpropertyservices.com

Wednesday, 6 December 2017

Friday, 1 December 2017

Tuesday, 28 November 2017

Thursday, 23 November 2017

Thursday, 9 November 2017

Wednesday, 18 October 2017

Wednesday, 4 October 2017

Tuesday, 26 September 2017

Tuesday, 5 September 2017

Friday, 1 September 2017

Tuesday, 1 August 2017

Friday, 28 July 2017

Monday, 10 July 2017

Saturday, 8 July 2017

Wednesday, 5 July 2017

Wednesday, 22 March 2017

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