Prices on the rise
At Frank Harris & Co. we have over 40 years experience dealing with property. As our presence in central London continues to grow, so do our teams of local experts. Following a busy sales and lettings market in 2021, activity levels are significantly higher than usual for this time of year. To meet the growing demands of our customers and clients, we are excited to announce that we have added a new office in Tower Bridge & Bermondsey, as we continue to invest in the London property market.
‘We have kicked off 2022 with a busy start to the year, we're receiving lots of enquiries from potential buyers across all price ranges,’ says Tina Evans at Frank Harris & Co. ‘Since this time last year we have seen a noticeable increase of buyers with more affordability due to the low interest rates. Many families gravitate to this part of London because of the excellent nurseries and the City of London schools for boys and girls. In contrast we also help a large number of retirees who love London and the transport links on offer and want to buy a property here. There are also a number of investors looking to purchase within the square mile who are focused on capital growth and find buying property in the capital as an excellent investment. The Grade II Listed Barbican Estate remains popular with a diverse range of styles and features in the apartments and houses available. St. John Street and all the roads surrounding it including St. John’s Square are extremely sought after. One of our key pieces of advice for sellers is to instruct a solicitor as soon as they enter into a contract with an agent. This organisation is beneficial in starting the process so as soon as an offer is accepted the ball is already rolling and should encourage a smooth and quick sale. On the other hand, we are advising buyers to ensure they have their mortgage in principle or if they are cash buyers, check to make sure there aren’t any penalties for releasing their funds. We are anticipating that this year we will see an increase in prices between three and five per cent and that well presented properties will sell quickly.’
‘Similarly to sales, we are seeing high volumes of enquiries coming from tenants actively looking to rent in the SE1 area,’ says Bobby Coshall at Frank Harris & Co. ‘One of the main changes I’ve witnessed over the last 12 months is a shift in the cycles of when the market is at its busiest which previously has been during the summer months. However, since 2020, we’ve seen the pandemic shift the cycle and as a result of this we have been experiencing an incredibly busy market continuously regardless of the time of year. As more people return to the office and work in the city, lots of professionals are heading back into London to live, hand in hand with this is the demand of properties for corporate tenants also relocating to the city. For landlords investing in your portfolio is crucial, we find the best kept properties attract good quality tenants who are looking to make the property into a home. During this busy market, we are also advising tenants to try and secure a long term tenancy as this benefits both the landlord and tenant through gaining stability after a difficult couple of years. The most desirable streets in our area are those with character and charm such as Roupell Street and Whittelsey Street which are popular locations for film crews shooting TV series and not forgetting Chicheley Street which is opposite the London Eye. Carrying on from 2021, we expect the busy market to continue this year. There will be a lot more activity and demand as people move back to the City.’
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.