Well what a month June was!

I think I, like many others will remember the 23rd June for many years to come and as the news of our surprise Brexit from the European Union and what can only be described as political turbulence engulfs the news, it is important to remember that we have experienced unexpected and unprecedented events in the past and I remain confident that this will come and pass and the housing market will survive.

I understand that many people are feeling anxious however it is important to remind ourselves that bad news and gloom mongering sells news and as it stands now, it is paramount for those feeling nervous about moving to remember that people need to move and people want to move and the list of reasons why is huge.

I think we may see a flattening off in prices and this could be a fantastic opportunity for first time buyers. I have already heard reports that the monetary committee headed up by Mark Carney the governor of the Bank of England, may reduce interest rates and for all these reasons, both the staff and I think this is a fantastic opportunity and we have no cause to panic. Already, 95% of the customers that my staff and I have spoken to have confidence in the medium to long term effect of the housing market.

Looking at the residential lettings market, post and pre June 23rd across our group, there has been no change in stock coming to the market and there was even a small spike towards the end of June in prospective tenants looking.

I suspect we may all be bombarded with negative propaganda of which I hope I am wrong over the next few weeks and I would urge and encourage anybody who is anxious about moving to email me with your concerns directly.

In one of the most historic days in decades, the UK has decided to leave the European Union after months and months of campaigning.

Some of the campaigning has been criticised for being negative and scaremongering but people of the United Kingdom have ultimately decided.

It is unlikely that there will be an immediate shift in the UK’s status within the EU while discussions and negotiations to plan the future and next steps take place.

The conservative government will probably act quickly and decisively to calm the market and encourage continued investment, maintain economic growth and ensure stable confidence.

As in 2008 there may be some short term turbulence but the longer term trajectory for the UK market is still onwards and upwards driven by the UK’s resilient and global supply and demand.

Home buyers looking for a unique architect-designed home will want to view two beautiful new executive mews properties being launched onto the market by Streets Ahead.

The Streets Ahead New Homes team are delighted to offer for sale The Mews on Addiscombe Road. Each property boasts high quality finishes throughout, with bespoke, fully integrated kitchens and luxury bathrooms,

New Homes Sales Manager, Michelle Whittle said: “The Mews offer a fantastic and rare opportunity to acquire a superb and unique new home, finished to the highest and a very exacting standard.”

Offers In Excess of £599,995 are being asked for each home. For further information and to view contact Michelle Whittle. Call 020 8655 4780 or email michelle.whittle@streetsahead.info

Once again the old wives tale that the property market goes quiet in August proved nothing more than just that and I am pleased to read numerous articles underpinning that confidence returns to the post Brexit housing market.

As I mentioned last month, we did experience a small price adjustment in some cases with a few properties post Brexit and I credit this to gloom mongering reporting. However in the areas that we operate in, the confidence remains as solid and steady as our pre Brexit housing market and I was pleased to read this week that RICS reported that house prices both in the short term and long term would rise for the first time since April but London is expected to experience little change.

As I have mentioned many times before, housing is like any commodity in that confidence can drive supply and demand and there is still more demand than there are properties. I am delighted to see the owner occupier market remains completely unchanged and robust. I am also very pleased to see that buy to let investor enquiries increased in August, particularly in our lower end market. Nationwide also reported a slight pick up by 0.6% and prices in August 2016 were 5.6% higher than August 2015.

Turning to the lettings market, we experienced a 2% increase on new prospective tenants registering in August from the previous month and across our group we have seen a substantial 12% increase in our available lettings stock to rent from the previous month and therefore it is no surprise that new prospective tenants are looking at an average of 6-8 properties as opposed to 4-6 at the beginning of the year and I shall be looking at this trend very closely.

Lastly turning to our new homes, whilst other parts of London are reporting a slowdown, our new homes department reported steady figures in August and I think that this is partially assisted by the impending demolition of the Whitgift Centre prior to Westfield starting work but primarily Croydon is just viewed as a fantastic opportunity with its superb connections to London and everybody can see for themselves all the changes that are happening.

I fully expect September to be a strong and solid month for sales as the Brexit fear seems to have virtually disappeared and I look forward to reporting to you in a few weeks.

Three of Croydon’s main parks are to become more cycle-friendly as the council changes byelaws and invests in better paths and signage.

Lloyd Park, Park Hill Recreation Ground and Wandle Park are all to get cycle routes, making riding a bike to school or work and getting out on two wheels at the weekend as far safer and more pleasant experience.

The project is part of nearly £4m of investment by the council in improved connections across the borough and will complete Croydon’s Connect2 walking and cycling route, part funded by the charity Sustrans. It follows a consultation that received nearly 1,000 responses, approximately three quarters of which supported the idea.

“Croydon is well-known for being exceptionally well-served by public transport, but as more people move into the area to live and work here we want to encourage cycling and walking for shorter journeys. This project will go a long way to achieving that aim.  Allowing cycling through these parks is a key part of creating a safe cycle network which will help us to reduce air pollution and encourage more people to make healthier travel choices.”

Councillor Stuart King, cabinet member for transport and environment

Croydon has some 127 parks and open spaces. Although byelaws are in place to prohibit cycling the council allows the safe and considerate use of bicycles, and will only enforce the rules if people are acting inconsiderately and putting other park users at risk.
“Parks are great shared spaces that can be used by all sorts of people for a wide range of different things. So for those who want to give cycling a try, on their own, with friends or family shared paths like these are ideal.”

Councillor Timothy Godfrey, cabinet member for culture, leisure and sport

The consultation exercise resulted in a number of minor amendments being made to the original proposals, including changes to the routes and landscaping, including the planting of new trees.

I am happy to report that the housing market in September officially bounced back according to the Bank of England figures. A total of 62,932 house purchases worth 11.1 billion pounds were approved in September as opposed to 60,984 in August. It is slightly down on the previous 6 months average 64,841 but this was boosted due to stamp duty rates changing on the 1st April.

Mortgage rates have remained a record low and as I write to you, new rates such as 0.98% have been unveiled with the Yorkshire Building Society, 0.98% with the Monmouthshire Building Society and 0.99% with HSBC and to me these unprecedented low rates prove that there is a real appetite for UK lenders.

On another positive note, two of our offices had their best sales month ever in October with already an overflow into November which is going to be good news for our last quarter figures. Analysing the figures and statistics for the properties that our group sold in October, it is very split between flats and houses although there was a big 6% leap on the previous month on new first time buyers registering.
Another nationwide statistic that I read recently was that the average UK home was on the market 91 days up 33 days from 58 days in 2012 according to the post office. Interestingly enough across our group our average time on the market is enormously lower at only 31 days, two thirds lower than the national average and I hope that this gives our existing and clients to be, good confidence.
The average price of a home in the United Kingdom has risen 8% over the last year surpassing £200,000 for the first time which is another interesting statistic that I read.

Turning to the lettings market, this has been steady through the last 3 months with no movements in rent, a slight increase in prospective tenants registering between 1 and 2% on the month before and interestingly although there are still 5 tenants for every property, tenants are tending to look at a few more properties before making a decision and this has resulted in a more steady but solid lettings market in Croydon.

As we get closer to the Whitgift Centre’s last Christmas, Box Park opens and the prime minister has announced that we will be out of the EU no later than April 2019, there has been a upturn in investment interest in Croydon and I readily expect to see that flow go through out the rest of this year and into 2017 and for any doubters, you just have to look at the cranes and the buildings surrounding East Croydon station. I also have first-hand knowledge that all the apartments at the Morello department by Redrow Menta homes area now under offer. A great success for Craig Marks of Redrow Menta and his team.

Early November brings not only firework night but the opening of Boxpark East Croydon and of course the American election so plenty to talk about both locally, nationally and internationally.
I suspect that November will be as steady and solid as October and I am looking forward to the last quarter of 2016 and will of course report back to you at the beginning December.

‘’House prices will rise in the coming 3 months and over the next year as buyer demand continues to re bound’’

This is a quote that I thought sums up my sentiments for the housing market in the areas that we operate in for the remainder of 2016 and going into next year.

Whilst the formula for my view is nothing new and applies to any basic commodity in that as long as demand outweighs supply, there will be confidence in that commodity.

Conversely I have read a number of reports in September and October where pundits, experts and surveyors expect central London prices to fall or in my words ‘’re adjust’’ over the coming months and I can foresee stabilisation in 2017 with central London house prices. Of course the gloom mongers will call it something else but this is nothing to panic about and merely a stable market.

We cannot ignore low interest rates and extremely competitive fixed mortgages all the way up to 10 years and let me be clear when I hear pundits compare the post Brexit nervousness to other markets whereby in times gone by there has been no appetite to let, this is definitely not the case now.

Turning to the number of new prospective purchasers registering to purchase, I am pleased to report that was up 4% as confidence grows in strength and new homes enquiries also showed a pleasant spike in new enquiries.

Turning to the lettings market, rents have remained static and there have been strong enquiries whilst landlords are deciding to keep the same tenants and electing for longer tenancies.

I look forward to reporting back to you in November on what I think is exciting and promising times ahead.