A competitive market
Frank Harris & Co. have over 40 years experience dealing with property in central London. Their four local offices cover a wide area including Bloomsbury, Kings Cross, Barbican, The City, Clerkenwell, Tower Bridge, Bermondsey, South Bank and Waterloo. Although 8,000 visitors use the Frank Harris & Co. website every month, two thirds of their business come from word of mouth referrals, demonstrating how hard the team works to provide a great service.
‘Following on from the start of the year, the sales market continues to be incredibly active. Many of our properties are achieving offers in excess of their asking prices so now is a great time to sell,’ says Tina Evans at Frank Harris & Co. ‘Prices are strong and there is a third less stock on the market which makes it extremely competitive. Many of our buyers are those who either want to be able to walk to work or those who have retired but enjoy the central location and excellent transport links on offer. Our advice to sellers would be to instruct a solicitor and complete the protocol forms as soon as possible. If the property you’re purchasing is leasehold, it’s also worth checking how long it will take your managing agent to issue the management pack. As for buyers, we are advising them to ensure their cash funds or deposit is readily available. Make sure you speak to a good mortgage advisor for the best options on the market, rather than going directly to your bank or building society.’
‘Similarly to sales, lettings are also finding the market extremely busy at the moment as lots of people continue to return to work in offices across The City. Demand for properties currently outstrips supply and this trend is expected to continue throughout the summer,’ says Ryan Morgan at Frank Harris & Co. ‘Prices have increased since last year and part of this growth has been fuelled by a high volume of corporate and international tenants relocating to the capital, almost twice as many as there were 12 months ago. Our advice to landlords is to be prepared to act quickly. There’s never been a better time to secure a high calibre tenant who also wants to sign a long term tenancy agreement. As for tenants, be ready to put your best offer forward so you don’t miss out. The market is likely to remain strong for the foreseeable future, and we’re seeing incredible results. 2022 is set to be our best year yet!’
If you would like an update on the local market, or if you are considering selling or letting your property, please contact your local Frank Harris & Co. office where our team will be happy to help.