Market Comment – December 2016

GarySolid and steady best describes the housing market from Coulsdon to Crystal Palace in all the areas that we operate in during November.

While we watched with interest the American elections with the president elect trump due to take office in January 2017, a few have asked has this had an effect on the Croydon market and we have seen no signs of any movement as a result of this election. In fact whilst we are in no doubt changing times, the one thing in my business that has remained constant throughout 2016 is the supply and demand for home ownership.

I was delighted to attend for the 5th year running Develop Croydon on 22nd November and to listen first hand Councillor Allison Butler, cabinet member for Homes, Regeneration and Planning, Colm Lacey, Director of Development at Croydon Council and even a message from Gavin Barwell, Housing Minister specifically for the Develop Croydon conference. It was fantastic to hear first-hand timelines, breaking news, new planning proposals and the aspirations of so many positive people who have already invested so much in Croydon and likewise it was great to see so many new faces from all over the world who are looking not only to invest in central Croydon but both in the north and south of the borough. If anyone has any questions regarding the Develop Croydon conference please do not hesitate to email me personally and I will be happy to help.

As we approach the end of the year, it is often time for reflection and I recall my positivity at the beginning of the year and in fact this has borne out to be correct in that the Croydon market has shown impressive resilience and positivity and in the words of Gavin Barwell, ‘’House prices have jumped 17% year on year’’ equivalent to £53,164.
I note also that in a recent survey that house prices in the south east stretching from Berkshire to the Isle of Wight also had annual growth of 9.9% with an average house price at £313,000.
Rents throughout our offices have remained static for November and I fully expect that to continue throughout December in 2016.

I began the year on a positive note and after going to the Develop Croydon conference and listening to all the exciting 2017 projects and finishing off at Boxpark (which I would recommend to anybody); I am pleased to finish the year on the same positive note.

I fully expect and anticipate the confidence in the housing market for Croydon, the borough of opportunity to remain solid and strong throughout 2017, both in the residential sales and letting market.

I hope you have all found my market comments this year helpful and an insight into what’s happening in your area and I look forward to reporting to you In and throughout 2017 and in this respect please do not hesitate to email me personally if you have any questions.

May I lastly take this opportunity to wish all of our clients past, present and in the future a very happy Christmas and prosperous New Year.

Gary O’Hare