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Local Sales Market Update
In the first couple of months of 2017 we saw an enormous uplift in the number of people looking to both rent and buy properties in Richmond; an almost five-fold increase versus Q4 2016.
In the sales market, we’ve seen buyers across all demographics but especially families, looking for a wide variety of homes in the area.
David Hill – Associate Director, Sales Manager – describes the recent sale of a house on Sydney Road…
“In the first fortnight, we saw over 40 viewings, resulting in five offers. It left a number of buyers who narrowly missed out on it, still actively searching for similar properties.”
We now have buyers who are eager to find homes in and around Richmond. But, although we’ve seen more movement in the market so far in 2017, the supply still isn’t meeting this unprecedented demand.
“Most of the people who are currently registered with us, want to move within the next few months. There is a constant flow of buyers and they understand the pace of, and competition in, this market.
“Richmond is a dynamic market. People make a conscious decision to live in Richmond and the buyers that we have registered with us at the moment, are ready to move sooner rather than later.”
Richmond 020 8115 8734
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Local Lettings Market Update
The lettings team has experienced similar high levels of demand in the first few months of this year, with a 36% uplift in tenants registering from February 2017.
In particular, we’ve seen a shortage in the rental market of three and four-bedroom family houses; meaning that the primary tenant profile in Richmond – corporate employees and their families – is being significantly underserved.
Corporate demand
One of our key strengths as an agency is our dedicated Corporate & Relocation Services department, which has by far the largest pool of corporate tenants searching throughout London.
In fact, there have been 12% more corporate lettings searches year on year (Q1 2017 vs Q1 2016) and 25% more in the previous quarter (Q1 2017 vs Q4 2016).
We have high quality, motivated tenants who want to live in Richmond. This desirability, particularly from professional couples, is due to its excellent transport infrastructure between central London, Reading and Heathrow Airport, the hustle and bustle of restaurants and bars, and the tranquility of the green open spaces.
In particular, we’re working with employees, and their families, from GSK, Sony and BP, looking for rented accommodation in and around Richmond this quarter.
Matt Huggins – Lettings Manager
“I’m anticipating a spring rush from this month and throughout the busy summer and autumn. It’s already clear that competition between tenants will be tough, given the shortage of properties available on the lettings market. The climate represents a prime opportunity for landlords in Richmond to maximise their yields.”
Richmond continues to be a popular location with families so larger houses are always in demand. Given its attractiveness to professionals, one and two-bedroom apartments are also highly sought-after.
Richmond 020 8115 8734
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