Pimlico update

As usual there is plenty of ‘commentary’ on the property market but most of it is not from us and by us, I mean agents on ground. This means you are getting an opinion based on delayed Land Registry updates and mortgage lenders.

So, what has been going on in the first four and half months this year, I hear you ask…

Q1 kicked off with a bang. There has been plenty of new stock coming to the market and plenty of deals being agreed often with multiple bids. So despite everything you might be reading or assuming, the market is steaming along nicely and we are still averaging in excess of 95% of guide price.

So far this year we have sold a huge range of stock, from studios and one bedrooms right up to five or six bedroom houses so there has been something for everyone. It is not often one can say that the market is moving well in all sizes and price regions. Why?

Our feedback based on real time conversations is that often buyers do not want to pay a landlord’s mortgage and with rents continuing to achieve record prices combined with ever increasing tenancy lengths (without break clauses); the smart thing to do is get on the ladder and pay your own mortgage. Whether they are selling to upsize or downsize they don’t want to be out of London market or they have realised that getting out of the London market during Covid was a mistake – yes we still have ‘boomerang’ buyers, it has just taken them longer to pull the trigger and come back.

Furthermore, as I write this I am delighted to say we have the largest register I have had in 20 years of selling in Pimlico, but what is even better news is that we have live offers on circa 25% of it, this is again another record. This simply would not be possible if buyers were not motivated to move, whether they be first time buyers, upsizers or downsizers.

So what is my advice? Given we know there is going to be a general election this year and we know that often brings some unnecessary procrastination I would advise you get going NOW. Having sold our own flat in Pimlico last year I can vouch for the fact that selling often takes longer than you think, and the market is busy NOW, do not miss this opportunity!

With regards to Lettings, although the ever increasing prices are one of the fuelling factors of the sales market for those who are not coming off fixed rate mortgages; this is a superb market with record prices and length of tenancy being achieved. Long term landlords are benefiting from a huge reduction in stock levels given the exit of many ‘accidental’ landlords and so there is plenty of opportunity to make hay.

So, if you are thinking of moving, be it locally or further afield, disposing of an investment or simply would like a marker in the sand then please do get in touch. We would be delighted to chat you through the local market be it from a sales or rental perspective and see what we can do to help.