Land Registry Data for February 2017 show that the volume of property transactions in 3 popular London Boroughs was surprisingly low. This is an indication that owners are happier to hold on to properties and either lease them out or leave them empty as they wait for prices to rise.
The sales volumes in February in the three areas were:
Westminster – 55 transactions
Redbridge – 82 transactions
Wandsworth – 105 transactions
These figures are for the whole of each Borough. To show just how many properties are being held on to it is wise to look at the past data. In Westminster in February 2009 60% more transactions were recorded. This was immediately following the global financial crisis and the market still saw more purchases.
The story for Redbridge and Wandsworth is similar. Just last year February saw 260 and 370 transactions respectively. This is a dramatic drop in just 12 months. In addition the year-on-year reduction in sales was 68% and 72%.
The figures indicate a slowing of the market and more people holding on to properties. It could also be a knock-on effect of the wave of sales made before April 2016 when new stamp duty rules were put in place.
At Finefair we have continued to provide our fantastic array of services through all kinds of market conditions, from periods of high growth and sales transactions to low periods of growth and investors looking at the long term. We can adapt to suit any need and will still deliver the same high quality we have become renowned for.
One service we offer is estate management in Redbridge. We can assist clients with this, managing any number of properties for them and ensuring they are properly maintained. We can handle the maintenance, marketing, and even collect rent and manage the homes if necessary.
If you would like to find out more about our services please get in touch.