2013 PROPERTY PRICES Great Expectations

Sales and lettings insights for the year ahead by George Swinton

Concordia Wharf Williams Lynch London

i met with Mark Williams at Williams Lynch Estate Agents in Bermondsey Street to discuss what the New Year will bring in terms of property prices and expectations across SE1 in 2013. As the MD of an agency approaching its 15th year of trading in the area Mark is well placed to predict the trends in both sales and lettings.

As he said himself, “Although the Bermondsey Street area has changed physically since early 1998 the most noticeable difference for me is the obvious increase in the number of people on the street at any one time compared to then. I remember the area seemed much quieter and a little unloved before a splash of brilliant orange arrived in the form of the Zandra Rhodes Fashion & Textile Museum. Since then the regeneration and  gentrification of the area has been amazing.”

“Every year brings about a change that has a dramatic effect on property prices and 2013 will be no different. SE1 is still relatively inexpensive compared to other now fashionable areas of London such as Wapping, Clerkenwell and Shoreditch.”

“When Williams Lynch opened in 1998 we were selling units in a development called Leathermarket Court in Leathermarket Street at £190.00 per square foot. Compare that to this year when we recently we sold a two-bedroom apartment in the same development and achieved a price of £685 per square foot. Typical values now on Bermondsey Street are between £750 and £850 per square foot.”

“New Homes developments planned for 2013 are likely to be marketed at £825 per square foot.” No wonder Mark is buoyant about sales and rental opportunities for next year.

“Every year brings about a change that has a dramatic effect on property prices

“It’s a great time to sell in SE1 right now due to the tremendous media attention the area is receiving as a result of the Shard and redevelopment of London Bridge Station. However, the various new developments coming on stream in 2013 will inevitably increase the number of properties available to buyers and therefore make the market more competitive for sellers.”

I asked Mark about the prospects at Shad Thames. “The demand for properties in Shad Thames is relentless as it provides an established safe haven for investors and continues to attract city professionals looking for secure developments with concierge facilities.”
Mark Williams Lynch

“Any properties we have been instructed to sell or let in Shad Thames have generated such high levels of interest that asking price offers, and above, have been achieved. We occasionally use a discreet method of marketing which can often lead to surprising results as buyers and tenants seem attracted towards a property that few people are aware of.

So for sellers the message is this: capitalise now on high prices available from buyers hungry for great properties before lots of new units come onto the market over the next year or two.

For buyers there is a clear message: Property prices have a long way to go and next year will see good 5% increase in prices. Buy as quick as you can.

The first quarter of 2013 will be a great time to act in the lettings market too. Tenants will need to be quick off the mark to secure quality accommodation before the seasonal rush from mid-January to avoid competing with the rising demand from eager tenants.

Similarly for landlords the New Year is a great time to get your property on the market before the spring influx as generally there is little stock in the marketplace in the New Year and optimal rental values can be achieved for the ‘early birds’.

Williams Lynch
63 Bermondsey Street
t: 020 7940 9940
w:  www.williamslynch.co.uk

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