SIDCUP PROPERTY NEWS - JUNE 2016

Newsletter June 2016
NO SLOW DOWN ON PROPERTY PRICES AT THE
LOWER END OF THE PROPERTY MARKET
• Strong price surge of +6.2% on lower end properties across the country
• Drewery sales department witnessed 60% increase in property transactions for buy to
let investments during run up to stamp duty changes
• Rightmove reports annual price change for Bexley of +13.2% and a monthly change of
+1% for May
• Nearby Dartford top price-rise hotspot for property coming second only to Croydon
Tom Ferguson (Sales Manager of Drewery Property Consultants) gives an update on the
local sales market:
It was speculated by most that the investor activity drop-off after the April 1st stamp duty
deadline would help to slow down property prices at the lower end of the property market.
However, the rush of transactions that the
property market witnessed in March seems to
have only caused a property drought in this
sector and because of this we are starting to
witness price increases on one and two bedroom
properties in the Sidcup and Bexley area and
Rightmove has also reported a strong price surge of +6.2% on lower end properties across
the country. Our very own sales department also witnessed a 60% increase in property
transactions in March compared to 2015 and it has also been reported that total
transactions overall increased by 80% on a national basis during the same period.
Despite the increase in stamp duty we are still seeing investors keen to purchase one and
two bedroom flats in the Sidcup and Bexley area because they still make a good long term
investment due to their higher yields, potential for capital gains and consistently high
demand from tenants. With Bexley still being considered as
one of the most affordable London Boroughs, many property
investors we are working with consider Bexley as a safer
option to invest in as they consider there is still much growth
in the area for property prices to increase.
In May Rightmove reported that Croydon was country’s top
price-rise hotspot for property coming on the market
compared to a year ago, and perhaps what was more
interesting is that Dartford was a close second and has
recorded a jump of 18.5% in property prices. Like Bexley it seems that Dartford is now
considered a popular and affordable area for London buyers prepared to commute from
the South east region but both boroughs also still provide good rental yields for investors
so demand is still coming from both investors and first time buyers.
The Rightmove house price index has reported an annual price change of +13.2% in May
for Bexley and a monthly change of +1%. The neighbouring borough of Bromley witnessed
no monthly change in property prices. Greenwich witnessed a –5.2% drop in property
prices again confirming that the property market is still behaving very different in each
London Borough.
If you are planning your move and would like to discuss the potential value of your property,
then please call us for an informal no obligation market appraisal on 020 8300 6761 or
email me t.ferguson@drewery.co.uk. Alternatively, why not use our free online valuation
tool to obtain a guide on the potential value of your property and we can then come and
see you at a later date to confirm the guide value.
RIGHTMOVE HOUSE PRICE
INDEX FOR MAY 2016
Buy-to-let feast leaves
higher prices for firsttime
buyers
l Modest May rise of 0.4% (+£1,118) in
price of property coming to market in the
last month masks nasty spring surprise for
first-time buyers
l An 80% uplift in March transaction
numbers has left behind a property
drought and price surge:
– 6.2% (+£11,298) monthly jump in
price of typical first-time buyer
properties
– Strong demand continues in this sector
despite withdrawal of many investors
following introduction of higher stamp
duty taxes, yet new-to-the-market supply
is down 1.5% year-on-year
l First-time buyer regional hotspots led by
Croydon, Dartford and Luton, all with
annual surges of over 18%
PROPERTY OF THE MONTH
As Featured On Front Page …
Rarely available four bedroom, mock Tudor detached house. Located in a very
popular and quiet residential road in Sidcup yet situated just a short distance from
Sidcup High Street, Sidcup station, local bus routes and some of the area’s most
popular primary and secondary schools.
This spacious detached family home comprises: Entrance hall, spacious lounge
room to the front of the property, kitchen, downstairs w.c. and dining room offering
access to the conservatory which overlooks a beautifully maintained rear garden.
To the first floor are four well portioned bedrooms with ensuite to the master
bedroom and a large family bathroom. Externally there are well maintained front
and rear gardens, large outbuilding and a garage.
The property also benefits from central heating.
Properties of this type are rarely available and are in high demand. Early viewings
are highly recommended to fully appreciate this detached family home.
http://tinyurl.com/jlpr4s7 (ref 4626).
St Johns Road, Sidcup, DA14 4HB - Guide Price: £800,000
Avg. Price Avg. Price Monthly Avg. Price Annual
Mayl 2016 April 2016 Change May 2015 Change
Bexley £359,692 £356,208 1.0% £317,698 13.2%
Bromley £541,856 £541,610 0.0 £490,080 10.6%