Market Comment – September 2018

Gary 4x3It hardly seems possible that we are now in the last quarter of the year and I know many of you will be saying the same as me “where has 2018 gone?!” but that just means that we are all working hard and hopefully enjoying ourselves and that’s why time fly’s.

September turned out a little erratic from week to week and I was slightly apprehensive at the half way point at how the final result would turn out, however both sales, lettings and land and new homes turned the month round to meet all departments expectations in the last 10 days. By and large, prospective applicant levels were the same as September 2017 with prospective tenant enquiries about 4% up on September 2017, where we did see a significant spike in increased activity from prospective first time buyers seeking new homes taking advantage of the help to buy incentive.

I was interested to read that in August 2018, the average price of a house in London was £609,205 according to Rightmove, which was more than double the national average of £301,974 and in another report on the 29th August The Guardian online. A Reuters poll of 30 analysts suggest that hosuing prices in the capital are predicted to fall 0.1% next year, this is such a small decrease and I would call this a correction rather than ‘a fall’. Whilst writing this article, I scowered the internet for nationwide reports on the housing market and generally apart from London it appears up beat and I have said it many times, although all of the offices we operate in are in London boroughs, I don’t forsee and havent seen any evicence yet of a lack of apetite.

I am looking forward to the busy months ahead in 2018.