September/october 2023
Spotlight Feature
"How quickly will my house sell?"
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Read our September/October Issue
Rendel House, London City Island, E14
Queens Court, Limehouse, E14
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That means straight-talking, honesty and doing ordinary things extraordinarily well. Phone calls promptly returned. Turning up on time. Doing the paperwork. Being polite and friendly. And while our team are enthusiastic, energetic and empowered to make things happen, they know that dishonesty – such as inflating an asking price to secure an instruction – simply won’t be tolerated. It’s not fancy. It’s just Frank. We believe that if a job is worth doing, it is worth doing really well. No half measures. We take pride in our work, which means we put in the hours, we work hard for our clients and we earn our fee.
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Docklands
Sunderland Point, Galleons Reach, E16
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Jessop Building, Canary Wharf, E14
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Limehouse
Medland House, Limehouse, E14
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Demand for property in your area is high and we have registered buyers and tenants waiting. Now is a great time to sell or let your property.
It can also depend on the time of year, the state of the economy, and how many similar properties are on the market at the same time. Then there's the biggest variable of all: price. If the property is competitively priced and located in a desirable area, it is likely to spend far less time on the market than a highly-priced flat in a street full of similar properties.
It's a common enough question, but unfortunately, it's one that doesn't always have easy answers. If you are in a major hurry, you can instruct, exchange and complete in just 4 weeks. However, normally you should allow 4 to 6 weeks for marketing and then another 4 weeks to complete the sale.
To get a truly accurate picture of how long the process will take, you would need average figures for every single variable. Clearly, that wouldn't be practical. However, thanks to Rightmove, there is a guide to average times across the UK.
AVERAGE TIME ON THE MARKET 2023
• January – 62 days (national) 74 (London) • Mar – 55 days (national) 65 (London) • July - 55 days (national) 61 (London)
With the base rate and mortgage costs rising, affordability is getting stretched. As a result, the housing market is seeing a shift in dynamics, with buyers behaving more cautiously and a significant number waiting for the base rate to come down before making a move.
THE EFFECT OF THE RISING BASE RATE
Tim Bannister, Rightmove's Director of Property Science, notes: "Our analysis shows that homes that are priced right the first time, rather than priced too high only to be reduced later, are not only more likely to find a buyer but more likely to find a buyer quickly. This supports local agent reports of a two-speed market, with some properties for sale being overpriced and at risk of going stale, and many competitively priced homes which are attracting multiple prospective buyers."
There are plenty of regional variations. In London, sales are taking 11% longer than average at 61 days. In Scotland, sales are running far faster at just 31 days, and in the North East, they are taking 49 days. These figures do not take into account the time taken between exchange and completion, which typically adds another 2 weeks. It is also worth bearing in mind that with property sales, you can encounter the odd complication, such as a disappointing survey or a particularly long chain. The amount of time they add to the sales process is normally directly related to their complexity.
To put this into context, it's worth having a quick look at it from a buyer's perspective. The average buying cycle takes almost twice as long as the sales one.
THE AVERAGE BUYING TIMES
• Beginning of the search to offer accepted: 12 weeks • Obtaining a mortgage offer: + 6 weeks • Conveyancing: 8 to 10 weeks • Exchange of contracts: 2 to 3 weeks • Completion: + 2 weeks • Total: 31 weeks (217 days)
60 Westferry Road, London E14 8JE
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29 Narrow Street, London E14 8DP
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Apartment / Flat
Price £350,000
Offering a fantastic riverside location and direct river views, Franklyn James are proud to offer this spacious two bedroom, two bathroom property to the market. Located on the fourth floor with lift access, this property comprises a spacious open plan living room and kitchen with the added benefit of access to a private balcony overlooking the river, a spacious master bedroom with ensuite shower room, second double bedroom and a family bathroom. Galleons Lock is located in an area which has seen massive development in recent years, and is within a 9 minute walk from King George V DLR Station. Gallions Reach DLR is within easy reach allowing easy access to Canary Wharf, into City, and the Elizabeth line at Custom House. The property benefits from access to a shared site-concierge service and overlooks the River Thames. Gallions Reach Shopping Centre with its range of shops and restaurants including a large Tesco Extra is just a mile from the property. You can also easily access Sainsbury’s, Asda and Lidl which are all within a 5 minute bus or car journey.
Key Features
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key features
Spacious two bedroom apartment Private balcony with views of the River Thames Spacious open-plan kitchen/diner En-suite master shower room & family bathroom 710 SqFt / 65.96 SqM Fantastic riverside location Secure allocated underground parking Chain-free 24 hr on-site security/concierge EWS1 compliant (A1 rating)
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Price £470,000
Franklyn James are proud to present this two double bedroom apartment in this newly built sought-after Ballymore development. This bright apartment is situated on the ninth floor and compromises of two spacious double bedrooms, an expansive open plan living kitchen area with fully equipped integrated appliances and four-piece family bathroom suite.Further benefits include on-site 24-hour security, floor to ceiling windows, large private balcony, and secure underground bike storage. Jessop Building is set in a family-friendly and residential area with a real community feel, this property is within walking distance of Blackwall station for DLR access as well as Canary Wharf Station for Jubilee Line access and Crossrail for an easy commute to the City and Heathrow Airport. The property is surrounded by the banks of River Thames for lovely evening strolls or morning runs and with Canary Wharf set within walking distance, you can find a collection of bars, restaurants and local amenities all on your doorstep.
Two double bedrooms One bathroom Spacious open plan living kitchen area Large private balcony Secure bike storage 24-hour on-site security Great transport links
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Price £695,000
This expansive two-bedroom apartment is located on the 10th floor of Rendel House, a prominent component of the vibrant new Goodluck Hope development in E14. Offering captivating views over Thames River, The O2 and Canary Wharf, this property boasts an open-concept kitchen-living space with a stylish concrete-effect island table, two generously sized double bedrooms complete with integrated storage, an ensuite bathroom, a main bathroom, and generous private balcony. Apartments within the Goodluck Hope development embrace the timeless charm of the warehouse aesthetic with a modern twist.
Spacious two bedroom apartment Two bathrooms Situated on the 10th floor Views over Canary Wharf, The O2 and Thames river Large balcony Plenty of built in storage The property is in overall excellent decorative order Residents gyms, swimming pools, cinema room, lounge and 24 hr concierge Comfort cooling Located in Zone 2
What the vendor says...
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Residents benefit from an array of amenities to include two gyms and swimming pools, cinema, sports pitch, business lounge and residents lounge, on site Sainsbury's, coffee shops and cafes, bars, restaurants, and shortly a bakery, too!
For those seeking the convenience of riverside living for their daily commute, the addition of a new Thames Clipper service at Goodluck Hope will provide swift access to Canary Wharf in just 17 minutes and London Bridge in a mere 31 minutes. Canning Town Station is also located within a short walk from the development where you can access the Jubilee line, DLR and also a local buses.
We're not just great...
We are award winning
Price £2,750
A bright and spacious two double bedroom, two bathroom apartment in this desirable Limehouse development located just off Narrow Street. The property benefits from impressive park views and three private balconies. The spacious lounge has floor to ceiling windows, the kitchen is fully fitted and there is ample storage throughout. Brightlingsea Place is within walking distance to either Limehouse or Westferry DLR and Canary Wharf is also within close proximity.
Spacious two bedroom apartment Large master bedroom with en-suite Second spacious bedroom Family bathroom Abundance of storage Close to Ropemakers Field park Three private balconies Secure entry Quiet and charming location near Narrow Street Close to Limehouse DLR station
Price £595,000
Franklyn James is proud to present this exquisite two-bedroom apartment on the 3rd floor of Medland House, a well-regarded development in Limehouse. This spacious residence spans 787 sq ft (73.15 sq m) and boasts breathtaking panoramic views of the Limehouse Basin. This property comprises two generous double bedrooms, an open-plan living and dining area with access through sliding patio doors to a large marina facing balcony, a fully fitted kitchen, a family bathroom and updated modern ensuite bathroom. As an added bonus, a secure underground parking space is included for your peace of mind.
Two double bedrooms & two bathrooms including ensuite Lift access Private balcony facing Limehouse marina 24/7 porter/concierge 787 sq ft / 73.15 sq m Underground secure parking EWS1 compliant Excellent transport links, on the doorstep of Limehouse DLR Residents private waterside garden Chain-free
Kelday Heights, Shadwell, E1
Price £395,000
Presenting this charming 2-bedroom, 1-bathroom flat in E1, available without the burden of a chain. This property offers an excellent opportunity for first-time buyers or investors. Located on the 8th floor of the highly sought-after Kelday Heights development, this apartment is filled with natural light and boasts expansive views. It comprises two generously sized double bedrooms, a spacious lounge with a private balcony, a contemporary open-plan kitchen, and a modern bathroom.
Generous two bedroom apartment Both bedrooms are spacious and of equal size Private balcony with far reaching views from the 8th floor Practical layout Overall excellent decorative order Secure parking available Excellent transportation links Secure development Offered chain free
Additional features of this apartment include stunning eastward views towards Canary Wharf, high-speed fiber optic internet connectivity, a secure entry system, and convenient lift access. Furthermore, you have the option to lease an underground parking space from the freeholder for just £80 per year.
Kelday Heights enjoys an enviable location, being only a 1-minute walk from Shadwell DLR and Overground stations, providing swift access to the City and Canary Wharf in under 10 minutes. Whitechapel, Wapping, and St. Katherine's Dock are all within a 10-minute stroll.
Arranging a free, no-obligation market appraisal with Franklyn James couldn’t be easier. Just phone or email us using the details below, or complete the form and request an appointment with an experienced valuer at a time which works for you.
Alternatively, call into one of our high street offices where a member of staff will be happy to take all the necessary information. Our valuer will provide you with an up-to-date market valuation for sales, lettings, or both, and will advise you of current market trends and provide you with detailed information on how your property would be marketed. You can be confident that you will receive an honest and frank appraisal – we see no benefit in grossly inflating an asking price or setting unrealistic expectations.
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