Are house prices in Morden benefiting from a 'Boris Bounce'
After two and a half years of uncertainty, homeowners and buyers alike are beginning to see an increase in activity across all sectors of the property market and this is no different in Morden and the surrounding areas.
But, it’s not quite as straight-forward as some property agents might make out. Turners Property answers your question; How is the so-called ‘Boris-bounce’ affecting the value of property in Morden?
Case Study – Property is Selling Faster
Turners recently sold a probate property on Burnham Road. When it first came to market at the beginning of Oct 2019, it took until the end of November, just over 50 days, to have an offer agreed. While this was still significantly faster than any other agent in the area*, It was still much longer than the 17 days on average that we were seeing in 2017.
At the start of this year however, the initial buyer reneged on the sale. While this was frustrating Turners immediately re-marketed the property and it went under offer within 5 five days, showing that that buyer confidence is returning and that people have entered 2020 with a renewed optimism. It also shows that, realistically priced property in a good location, will always sell.
6 weeks and still not sold?
Of course, there will be sellers reading this and wonder why their own property has not sold as quickly as other property in the area. In nearly all cases, the answer is it overpriced for the current market.
People think that estate agents dictate property prices. They don’t. The market does.
Buyers are intelligent and have access to reliable information. If a property is over-priced, whether it’s because a corporate agent is being bullish; or the vendor thinks their property is worth more; buyers will have done their research and know what your property is really worth. That is why having a local agent value your property and marketing it at a sensible level from the outset will help you get the best price for your property. In the press people are seeing statements like ‘Property sales increase by 10%’ be careful not to misinterpret this! The number of property transactions has gone up by 10% not the value of the property. However, the Chartered institute of Surveyors (RICS) have reported that “both the number of agreed sales and new homes being listed for sale improving over the month.”
So, is there a ‘Boris Bounce in Morden?
There are definitely signs of activity and optimism. People are looking forward to the spring; feeling more confident and secure than they have for a long time. But let’s not forget more specific, local factors that may dictate property prices in Morden.
For example, The St Helier Hospital is having yet another consultation on its future. The Bishopsford Road Bridge is still being repaired affecting local travel, and Morden Regeneration has yet to break ground. But more positively, what really draws people to Morden are the excellent transport links and property that is actually affordable. One and two bedroom apartments in the Willows development are available for under 350k and are great for first time buyers. Houses on the St Helier Estate have seen a healthy increase in both value and attractiveness. Buyers wanting to get onto the property ladder recognise these, solidly-built, generously-proportioned houses offer good value for money. Turners recently sold a two-bedroom house on Chester Gardens as an example of this.
The local property market – what the portals cannot tell you.
People sell for many reasons. Whether it is up-sizing for growing families, relocating for a new job, or sadly a relationship ending or a loved one passes on. All of these will affect the asking price of houses in the area. Such factors can influence timescales, demand and 'property chains'. Yet it is this vital ‘over-the-garden-fence’ information that property portals like Rightmove, cannot tell you. A Morden-based estate agent like ourselves, often does have such information, and this is why we are best placed for knowing the true value of your property. We can use our local knowledge of why people are selling and what their timescale is, that can have an unseen affect on the value of your own home.
Anyone can, and should, look for comparisons to their property online. So before you set your mind on an asking price; contact Turners and get a valuation that factors in all of the above. And not just rely on a bounce that eventually peters out.
