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MARKET NEWS & COMMENT
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Record City bonuses and the improved transport links to Canary Wharf, including the DLR link from Lewisham, has led to strong interest being shown in quality apartments and higher priced properties in Bromley and Beckenham, during the first half of 2007.
RECENT INTEREST RATE RISES seem to
have done nothing to dent the healthy demand for
property in the Bromley borough. All Andrew Reeves
offices report brisk demand and prices continue to be
driven up - not by irresponsible estate agents, but by
an excess of demand over supply, and an underlying
confidence among buyers.
Concern over the US SUB PRIME MORTGAGE MARKET has led to a 5% - 6% fall in house prices in the States. Despite the Federal Reserve's move to underpin the lending banks, this has caused jitters on the world's stock markets. Only time will tell whether there is a knock-on effect in the UK although confidence should remain high in those areas of the London property market such as the Bromley borough, where demand is usually consistently good.
The London Olympic Effect
"We are currently enjoying considerable capital growth in Central London, possibly in anticipation of the 2012 London Olympics", says Russell Sinclair, Sales Director at the Belgravia branch of Andrew Reeves "For this reason, investors from home and abroad are eager to buy a stake in the London market, and this is fuelling demand.
Buy to Let keeps rolling on….
The Buy to Let scheme and its ‘early bird' investors enjoyed great success in the Bromley area in the late 1990s.
A number of Andrew Reeves clients are now re-investing in the prime Central London market via their Belgravia office.
...or Fly to Let!
Others have been looking abroad at off-plan properties in the latest
"Hotspots". The Cape Verde islands are tipped to be the new
"Caribbean for Europe", whilst Northern Cyprus offers an 8 or 9
month season, and extremely low property prices. A choice of overseas properties for sale and to let are on our
website: www.homesabroadgroup.com
the ever-popular Bromley borough
Best of Both Worlds
Excellent transport links, including a plethora of train stations - not
to mention the Tramlink to Croydon and now the DLR to
the City and Docklands - have enticed many commuting families to
the Bromley borough over the years. Unique access to five London
rail terminals, and to Kentish villages in peaceful green countryside, as well as airports, channel ports and the Kent coast, really make the
Bromley area hard to beat when choosing a convenient place to live.
"It was certainly the reason I settled in Bromley in 1975 as a
newly qualified 25 year old", explains Andrew Reeves, founder
and chairman of the company, "and why we started trading in Bromley High Street in 1982" he added.
Spoilt for Choice
The diverse choice of property available across the Bromley borough, stretching from Crystal Palace to Chelsfield and from Downham to Keston Park and beyond, is another reason why the area appeals to so many people. Regency properties, Victorian conversion flats, Edwardian villas, 1930's semis, 1980's executive detached houses, modern starter homes, trendy apartments and extravagant penthouses on the old Wellcome site - the area has it all!!
HIP, HIP... HURRAH! Home Information Packs
These became a reality for all vendors of 3 & 4 bedroom properties on 10th September 2007, when government legislation took effect. Designed to change the face of house buying and selling in the UK for ever, there is a lot for property owners to find out about. "Time and effort spent gathering information about the property in advance", explains Andrew Reeves, "should mean a speedier completion, with less chance of a sale falling through. All you need is a fully informed selling agent to guide you through the new requirements, and leave the rest to the professionals!"
Better still, the Andrew Reeves new deal for home-owners includes the cost of the HIP, with all arrangements being made by the agency. Add to this their high-speed conveyancing service (no sale - no fee) and property sales really will be completed in DOUBLE QUICK time!!
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