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Lex Allan Group “Award Winning Agents” The Lex Allan Report Autumn 2013 sm sm a l l a g en c y a l l a g en c y Market Overview for Stourbridge, Halesowen, The Black Country, plus the Towns and Villages of North Worcestershire General Overview My gosh what a difference three months make in the world of property! Much has been spoken in the press and online about Britain being on the verge of another “housing bubble”. Mark Carney, Governor of the Bank of England has vowed to take whatever steps he perceives to be necessary and expedient to avoid another property price boom as he did in Canada between 2008 and 2012. Property prices have risen in the UK in 2013 but predominantly in the South East and specifically within the core area of London where reports indicate residential property price rises of up to 7%. As a contra to this, property prices have continued to fall in the North East and closer to home statistics indicate that property prices are stable and are set to remain so for the remainder of the year. Commercial property transactions have picked up with an upturn in investor interest for packaged commercial property investments including those with a mixed residential aspect. Lex Allan Principal Residential Sales Stewart Allcock Residential Director September confirmed our position as the “Agent of choice” in Halesowen, as we once again recorded a market leading market share of 26% of all new instructions coming to the market place. readily available, lending criteria continues to be restrictive. A marked improvement has been noted for sales converted in the £150,000 – £200,000 price bracket. In Stourbridge we “topped the poles” for recorded sales in our core area beating off stiff opposition from seventeen competitors. Many of these properties have been sold to first time buyers, who hitherto have resisted the temptation to venture into the “land of home ownership” until they were confident that property prices had no further to fall. Our respective market shares are rising against a backdrop of improving confidence. This confidence however is not likely to manifest itself in an uplift in property prices respecting the fact that salary levels are not rising in the West Midlands and although mortgages are now Stability has undoubtedly returned to the market place from which buyer confidence will grow and unit transactions should remain strong certainly until the end of the year. Desperately Seeking... Lex Allan have established a reputation for “Doing Things Differently” and now seem to be prepared to resort to extreme measures to attract buyers by making a tongue in cheek pull on the heart strings of potential purchasers, with our new wave of ‘desperately seeking’ adverts recent examples include:- If you are looking for a new property “Love Match” contact one of the Lex Allan Love Doctors! Stourbridge 01384 442 464 Halesowen 0121 550 5400 www.lexallan.co.uk Residential Lettings The third quarter of 2013 has been our best three month period of production since the company’s humble beginnings working from a one bedroom flat in Amblecote twenty two years ago. Lex Allan Lettings are a leading force not only in Stourbridge, Halesowen and the surrounding towns and villages of North Worcestershire, but their portfolio size exceeding a thousand properties is rivalled by very few letting operators in the Midlands. Despite the Government’s ‘Help To Buy’ initiatives (which have been brought forward from their proposed start date of 2014) a number of first time buyers still find saving for a deposit of 10 – 20% of a purchase price a significant uphill challenge and accordingly they remain committed to their status as tenants. Several vendors who have benefitted from an increase in transactions in the house sale marketplace have opted to rent short term whilst they wait for the “house of their dreams” to come to the market place. Jerry Reeve & Jason Morris Lettings Directors The combination of an improving house sale market place, static salaries and the relentless march of inflation, has resulted in a recent Homelet Survey posting a fall in average rents year on year in the Midlands by 2.1% (£633 p.c.m. down to £620 p.c.m.). Commercial Property Under the careful guidance of our recently appointed Commercial Property Surveyor – Ian Appleby our Commercial Property Department has gone from strength to strength, boasting our best ever “pipeline” of agreed sales and letting transactions. We are delighted to confirm that the final office suite available at the stunning Enville Hall Mews development has now been let and sales have recently been agreed on packaged commercial investments in Attwood Street and Bott Lane, Lye, reflecting healthy yields of circa 10%. Lex Allan Surveyors have recently been appointed approved West Midlands valuers for Sanctuary Housing in connection with long leasehold extensions. Lex Allan said:“We are delighted with this appointment which appropriately reflects our recognised expertise within this specialised market place.” Ian Appleby Commercial Property Surveyor Agents Recognised as ‘Property Professionals of Excellence’ Key staff members Simon Senior and Rob Blunt, based in Stourbridge and Halesowen respectively have successfully passed their NFOPP Level 3 Technical Award in the sale of residential property. Lex Allan is amongst the steadily growing number of Agents across the UK who are working with the NAEA and the NFOPP Awarding Body to become qualified and raise standards within their field. Lex Allan said last week:- Simon and Rob after their Award success “We are really proud of Simon’s and Rob’s achievement. We strongly believe that our vendors and buyers favour an Agency that is staffed by hardworking, experienced and qualified local property experts.” The Lex Allan Group incorporating Lex Allan Estate Agency, Lex Allan Lettings, Lex Allan Commercial and Lex Allan & Grove, are an independent company of property specialists offering professional services including estate agency, residential lettings, commercial agency and property management, valuations and advice on land and new homes. Their area of operation covers Stourbridge, Halesowen, the Black Country and the towns and villages of North Worcestershire. Lex Allan Lex Allan Group “Award Winning Agents” The Auction House 87– 88 St. Johns Road, Stourbridge, West Midlands, DY8 1EH Email: [email protected] Lex Allan & Grove 18 Hagley Road, Halesowen,West Midlands, B63 4RG E-mail: [email protected] Stourbridge 01384 442 464 The Auction House Halesowen 0121 550 5400 www.lexallan.co.uk
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