winter 2011 - Lex Allan Grove
Transcription
winter 2011 - Lex Allan Grove
WINTER 2011 Market Overview for Stourbridge, Halesowen,The Black Country, plus the Towns and Villages of North Worcestershire General Overview: With the festive marketing wheels already beginning to turn, and a backdrop of nights drawing in and outdoor temperatures dropping, we brace ourselves for a period of economic uncertainty as the Euro Zone “bail out” struggles to be clearly defined. Whatever the pill that the Euro Nations will have to swallow, it is inevitable that part of the fall out will impact upon British banks and lending institutions, who are making no secret of the fact that mortgage interest rates will rise in a bid to recover Euro debt write offs. Market commentators are predicting that increased mortgage rates will bring about a further fall in house prices, and those who are hoping that the market had dipped as far as it was going to go, may be disappointed. Lex Allan Managing Director On the flip side, the residential lettings market remains buoyant with an increasing number of Tenants taking medium term comfort from their enforced or chosen sabbatical from home ownership. Residential Sales: With unit transactions running at approximately half of the level experienced in the summer of 2008, the majority of people buying and selling are either in a “must buy” or “must sell” position. This factor coupled with falling house prices has left a number of estate agents scrabbling for business in a much reduced house sale market sector. The two offices within the Lex Allan Group – Lex Allan in Stourbridge and Lex Allan & Grove in Halesowen, significantly bucked the trend in September, recording record months in both offices. We have managed to maintain our unit transaction levels by taking bigger market shares. Primarily this has been achieved by re-inventing our Unique Selling Propositions, and assigning “Personal Agents” to individual properties, ensuring that none of our house sale stock is allowed to become stale, and each individual marketing plan is regularly under review. Stewart Allcock, our Director of Estate Agency in Stourbridge said “the assignment of a Personal Agent to each property, coupled with the fact that we always have at least one member of staff in our office who has seen any property that may be the source of an enquiry, gives us a significant advantage in a difficult market place”. Dean Grove and Stewart Allcock Residential Directors Love is in the air We are delighted to announce that two key members of the Lex Allan Lettings Division “tied the knot” this month at a glamorous ceremony held at the Hotel Du Vin – Birmingham. The couple were surrounded by close friends and family for the ceremony, and then joined by the full entourage of Lex Allan Staff for a private function at the Hotel Du Vin later that evening. The couple are honeymooning in the Far East, and Jason who has always been an exponent of “be prepared” has taken his lilo and water wings – just in case local flooding prevails!! On behalf of all staff, clients, friends and family we wish them all the very best for the future. Commercial: Although “caution” has been the keyword for commercial investors, and property occupiers, “speciality” retailers looking to take up space, either at Chenevere Mews in Kinver or on the Hagley Road in Oldswinford, have been out in force, and on one particular unit on the Hagley Road, we had three prospective Tenants eagerly looking to take up space. Understandably,Tenants continue to remain cautious relevant to the length of Term that they are prepared to commit to. Office rents are declining across the sector as the surfeit of supply rages on, amidst the back drop of limited demand. Positive news for any individual or company looking to take up commercial space, is that there is wide and varied choice of units available, and most Landlords/Owners are prepared to negotiate competitive deals to secure interest. Residential Lettings: With falling house prices and rising rents, the reality of achieving a 5% or 6% return on the capital invested has refocused the appeal of the residential sector to many investors, and several of our Buy To Let investor clients have re-entered the market place, confident that house sale prices in certain areas are at or close to, their lowest potential ebb. The local “smart money” is once again investing in the residential sector. Having prominent house sale and residential letting divisions, we are best placed to advise on Buy To Let investment propositions. For professional and personal advice, speak to one of our residential sales or lettings directors. Jerry Reeve and Jason Morris Lettings Directors Whilst rentals continue to increase unabated in the two and three bedroom, semi-detached market place, rents for one bedroom flats have, for now peaked, which is a reflection of supply and demand being currently in balance. Andy ‘Masters’ his Profession Trainee commercial property surveyor Andy Dixon has just successfully completed his MSc in Real Estate Management. Andy who lives in Norton has been with Lex Allan for just over 4 years and has worked tirelessly on evenings and weekends to achieve this professional accolade. Lex Allan said “I have been immensely impressed with Andrew’s commitment – deservedly he is now well on his way to becoming a qualified Chartered Surveyor!” Andrew Dixon MSc!! Lex Allan Market leading Chartered Surveyors and Estate Agents “Your Property in Safe Hands” 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. The Auction House, 87–88 St. Johns Road, Stourbridge, West Midlands, DY8 1EH Tel: 01384 442464 Email: [email protected] The Auction House 18 Hagley Road, Halesowen, West Midlands, B63 4RG Tel: 0121 550 5400 E-mail: [email protected]