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Property Market Comment May 2011

By The Beresfords Marketing Team - 16 May 2011

As winter finally fades into a distant memory, the property market seems to be gaining strength. Since the start of the year, all the key ‘front end’ indicators have improved considerably especially in terms of buyers and tenants actively out viewing.

Comparing the last quarter (January to March 2011) against October to December saw rises of over 35% in the number of buyers registering, property viewings and offers accepted. For the same periods, the level of first time buyers registering increased by just under 40% and was even up 15% on the first quarter of 2010. All in all, good signs of confidence from buyers.

Sellers also seem to be reacting to properties being sold around them too, we’ve been to value 43% more properties January to March than October to December.

Sales agreed in terms of the actual number of properties sold across Beresfords network of offices between January to March against October to December grew by 44%. What’s more properties are being sold very quickly. Here are some recent examples:

Ingatestone: took photos of a period cottage 2.15pm, viewing arranged 5.00pm the same day, sale agreed 9.15am the following morning.
Hornchurch: sale agreed on a semi-detached house to a buyer able to purchase immediately within 48 hours of the property coming onto the market.
Brentwood: 4 bed Victorian semi, viewing made for 10.30am the day after it came onto the market, offer received 11.11am, sale agreed by 1.25pm.
Upminster: arranged a viewing on a 2 bedroom first floor apartment within 48 hours of it coming onto the market and agreed a sale the following day.

Beresfords also continue to witness strong activity within the local lettings market. Landlords are not only securing top rents but many properties are being let within a very short time of them coming into the market. A typical example was an apartment in Narboro Court in Manor Road, Romford. Beresfords received instructions from the landlord to market the property for rent and Beresfords pro-active lettings team let the property at full price a couple of days later.

We definitely feel that the City ‘pull’ is a major factor and there’s no doubt London is riding high at the moment. Regardless of where you are in Essex, even for our Country Homes clients, you will not be far from a main line direct into Liverpool Street or Fenchurch Street. Shenfield in particular has a fantastic service into Liverpool Street and that is reflected in the prices in the town. The leafy laned private estate directly adjacent to the station, Hutton Mount, is one of the most expensive areas in the County.

For further information on how your area is doing please contact your local Beresfords office, details of which can be found by visiting our branch listing.