“First-time buyers in our market are… - Knight Frank

WIMBLEDON
market overview
The sales market in Wimbledon has flourished
recently with buyers looking for a wide range
of properties across price ranges. A mini boom
was triggered by purchasers of houses priced
over £1m rushing to buy before the stamp duty
increase on 6 April.
Where the market stands now that the charge has increased is
unclear, but demand for properties at every level is strong and
we therefore look forward to positive conditions continuing.
One thing that vendors must acknowledge is that buyers simply
“
The biggest new trend in our market is...
…the desire to have a cinema and media room in the larger houses. This has recently
”
replaced swimming pools as the most desired feature.
WIMBLEDON BY
NUMBERS *
We have 473 potential buyers on our books looking
to spend a collective total of £1.55bn
Knight Frank Wimbledon’s online property † listings
are viewed 676 times a day through our awardwinning
website KnightFrank.co.uk/Wimbledon
We currently have 9 buyers on our books for every
property we have for sale
Around 60% of our tenants are from overseas
We register an average of 41 new rental applicants
a month
*figures relate to the 12 months to March 2011 unless otherwise stated
† for sale
“ “
” ”
14 LOCAL VIEW
Sales by price band
under £500k 8%
£500k to £750k 8%
£750k to £1m 13%
£1m to £1.5m 27%
£1.5m to £3m 19%
£3m+ 25%
The best thing to happen to the rental market would be for…
…banks and lending arms to relax the stringent
buy-to-let lending criteria.
will not show interest in properties they deem to be over-priced.
Our lettings market continues to suffer from a shortage of
properties, particularly with one- and two-bedroom flats. But
three- and four-bedroom houses are in greatest demand. Rents
are back to the highs achieved in 2007 and tenants are having
to pay more at renewal
to ensure they can stay
in their property. While
it appears to be a
landlords’ market, both
private and corporate
tenants are increasingly
cost-conscious.
Office Head – Sales
Dominic Pasqua
Office Head – Lettings
Ruth Barr
Our Team in action
We had been renting out and managing a wonderful detached
house off Parkside for the last six years, with tenants ranging from
Japanese corporates to American bankers and their families, but
always staying for a minumum of two years per tenancy. We also
handled the refurbishment of the property with the help of our
Property Management department. And when the owner decided
to sell the house late last year, they instructed our sales team on a
sole agency basis. The house attracted a good level of interest at an
asking price of £1,490,000 and exchanged and completed to a local
family - a great example of our lettings and sales experts working
together, and with other Knight Frank specialists when called for.
“
Sellers are increasingly…
…making the most of their properties, with modern
kitchens, bathrooms, and good decoration making
”
the
most of all available light.
Let by price band (cost per week)
under £350 14%
£350 to £500 25%
£500 to £750 17%
£750 to £1,000 20%
£1,000 to £1,500 12%
£1,500+ 12%
Our most exciting emerging hotspot is…
…West Wimbledon, due to its proximity to
Raynes Park railway station.