april/MAY 2022
Spotlight Feature
The latest news from the property market
Prices and demand continue to surge, with Rightmove declaring it ‘the best ever spring sellers’ market.’
Read our Spring Offer Issue
Chart House, Isle of Dogs, E14
Keepier Wharf, Limehouse, E14
Spring Offer
Spring
has
Sprung
franklynjames.co.uk
Are you thinking about selling or letting your property? Get in touch now!
SPRING SPECIAL
We are delighted to offer the following rates:
We are so confident that we will sell or let your property within 6 weeks from instruction, that if we do not secure you a purchaser or tenant within this timescale we will further reduce our fees to:
1.5%*
SALES:
LETTINGS:
...............................................................
SOLE AGENCY
12%*
MANAGED
1.2%*
9.6%*
Limehouse@franklynjames.co.uk 29 Narrow Street, London E14 8DP
Docklands@franklynjames.co.uk 60 Westferry Road, London E14 8JE
@franktalking Franklyn James Estate Agents
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Limehouse & Wapping
020 7791 1777
020 7005 6080
Docklands
* All rates include VAT.
Subject to terms and conditions.
We believe in being Frank.
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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05
Galaxy Building, London, E14
06
Denison House, 20 Lanterns Way
10
Limehouse
Birkdale House, St Annes Street, E14
09
Eagle Wharf West, 31 Narrow Street
Book a free, no obligation valuation now
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.
There are a number of factors behind these rises, including the ongoing race for space, but it’s the imbalance between supply and demand that is the main driver, with demand currently running at almost twice the level of supply. According to Rightmove’s Tim Bannister (Director of Property Data): “The imbalance between high buyer demand compared to low available property supply is the greatest that we have ever seen for the start of a spring market.” As a result of those unprecedented levels of demand, 22% of sales are now being agreed within the first week of a property being listed on Rightmove’s portal and an astonishing 47% within the first fortnight. The biggest price increases have been occurring at the top end of the market, which was up by 3.8% in March, but it’s the second-stepper homes that are selling fastest, with 50.3% agreeing an offer within the first two weeks.
Prices and demand continue to surge, with Rightmove declaring it ‘the best ever spring sellers’ market.’ Asking prices rose by 1.7% last month, the largest increase in March since 2004 and house prices hit a record high of £354,564, breaking through the £350,000 barrier for the very first time.
Wales saw some of the largest rises, where prices were up by 3.3% in March. In London, prices dipped by 0.4%. It was only a minor blip in the capital’s ongoing recovery, though - annual growth remains at a very healthy 6.3% and there was a 20% reduction in the amount of time a property spent on the market. The buoyancy of the housing market is a little surprising, given the increases in the base rate, the rising cost of living and the war in Ukraine. Lender Nationwide believes this is the result of several factors – unemployment remains exceptionally low at 3.9% and is continuing to fall. Inflation may be rising, but so are wages. In addition, many buyers saved an extra £190bn during the pandemic (an average of £6,500/household), considerably increasing their buying power.
Affordability, though, is likely to soon become over-stretched, especially when interest rates rise again. And, with record gaps between the property types, buyers are already finding it difficult to trade up to the next level. The price jump between an average flat and a 3-bed house, for example, has grown from £12,000 to £25,000 since pre-pandemic 2019. Many commentators are therefore expecting the market to return to more normal levels of activity (and price rises) over the coming months.
All the indices continue to show strong monthly and annual growth, with many hitting record levels.
HOUSE PRICES AND STATISTICS
BUY-TO-LET
“Demand will continue to outstrip supply, and when that is the case, rent prices will surely continue to grow. The March figures are a perfect example of this, with the average rental price for the UK rising almost an entire percentage point in the space of a single month.”
Unlike the sales sector, there is currently no end in sight for price rises in the rental sector, and a recent report commissioned by the National Residential Landlord’s Association (NRLA) shows why. The report’s data suggests that the imbalance between supply and demand is likely to get considerably worse, especially with the predictions of 1.8 million new households being formed over the next ten years. In order just to keep up, the supply of rental properties would need to increase by 227,000 per year until 2032. In London, the imbalance is even more acute. The report estimates there is a requirement for at least 85,000 additional rental homes per year and yet, over the last five years, London’s supply of rental property fell by 85,000. Unsurprisingly, the NRLA is demanding the Treasury finds ways to encourage investment in the sector.
As with the sales market, demand and prices continue to rise. According to the latest data from Homelet, the average rent hit £1,078 in March - up by 0.8% from the previous month and by 8.7% annually. In London, the average rent hit £1,770 and annual growth climbed to as high as 11.6%.
If you are thinking of investing in a new property contact Franklyn James today
Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, says:
Month
Average price
Monthly change
Annual change
Nationwide
Land Registry
Zoopla
Rightmove
Mar
Halifax
Feb
Jan
£265,312
£282,753
£354,654
£245,200
£273,762
+1.1%
+1.4%
+1.7%
+8.1%
+0.4%
+14.3%
+11%
+10.4% (asking prices on Rightmove)
+9.6%
60 Westferry Road, London E14 8JE
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29 Narrow Street, London E14 8DP
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Apartment / Flat
Price £360,000
A modern one bedroom apartment in the popular Odyssey development located just off Westferry Road. The apartment has floor to ceiling windows in the bedroom and reception room which both benefit from vaulted ceilings. Further benefits from a private balcony with access from living room,, fully fitted kitchen and wood laminate flooring. The Galaxy Building includes an onsite gym, 24 hour concierge and has no cladding issues. This property is perfect for first time buyers and buy-to-let investors.
Key Features
1
key features
One double bedroom apartment Floor to ceiling windows and vaulted ceilings Balcony Wood laminate flooring Onsite gym and 24 hour concierge No chain
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Return to property overview
Price £1,750
A modern one bedroom apartment with a balcony set on the 3rd floor on the Isle of Dogs, Canary Wharf E14. The light open plan kitchen/ living/dining area features a fully fitted kitchen, wood flooring and full length windows. The ample bedroom has sizeable fitted bedroom storage, and there is a stylish bathroom. The development provides access to a concierge service and gymnasium. The development is located on a quiet backstreet, a short walk from the historic Millwall Inner Dock as well as the amenities and businesses in Canary Wharf including the Underground, DLR and future Crossrail transport services. The nearest station is South Quay DLR, a stroll from the development.
Offered fully furnished Concierge Good links into Canary wharf A short walk to canary wharf Jubilee line Gymnasium
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Under Offer
Bright and spacious duplex apartment, with expansive river views to be enjoyed from a wide private balcony. The apartment boasts six metre high ceilings, oak floors throughout, and is in immaculate condition. This property includes a share of freehold, exclusive underground parking, and onsite concierge service. It is next to the Masthouse Pier with swift boat service to central London, and near the DLR for fast access to Canary Wharf and the City. Situated on the third and fourth floors, the apartment comprises an ample reception area, an open plan kitchen with high quality integrated appliances, a contemporary four piece bathroom, and a master bedroom on the top level.
One bedroom duplex Double height ceilings Direct river views Share of freehold Underground Parking Residents gym and swimming pool 24/7 onsite concierge No onward chain Boat service and DLR EWS1 Compliant
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What the vendor says...
The proactive and friendly team at Franklyn James who dealt with my house move displayed a high level of professionalism and made the whole process as smooth as it could possibly be even during these difficult times. The regular updates and progress reports were very helpful.
Burrell’s Wharf is a grade II listed development with an active community life, rare for most developments in the area. Historic grounds, the river, Mudchute Farm, the DLR, the Greenwich markets, all a short walk away, made of this area one of the best places to live in the UK in 2019, according to The Times.
Historic grounds, the river, Mudchute Farm, the DLR, the Greenwich markets, all a short walk away, made of this area one of the best places to live in the UK in 2019, according to The Times.
We're not just great...
We are award winning
Eagle Wharf West, 31 Narrow Street, London
£1,650
Offered to the market is this large one double bedroom apartment with balcony overlooking Narrow Street. The property benefits from a spacious reception room leading onto a private balcony, fully fitted kitchen, luxury bathroom and a good size double bedroom. The property is in a lovely quiet location in a desirable development with lift. The property comes with its own allocated underground parking space and offers plenty of storage space.
One double bedroom Private balcony Separate kitchen Ample storage space Underground parking Close to Limehouse DLR station
Price £415,000
Franklyn James is proud to present this stunning 4th floor one bedroom penthouse in Birkdale House located in the new Canary Gateway development E14. This modern property offers a spacious open-concept kitchen and lounge with floor to ceiling windowed doors that lead to a beautiful wrap-around terrace with panoramic views. The kitchen is fully fitted with built-in fridge, oven, hob, dishwasher and microwave, and has been finished to an excellent standard with ample storage. The double bedroom contains built-in wardrobes and ample space for additional storage or desk, and direct access to the terrace. Further benefits from a three-piece modern bathroom.
One-bedroom modern penthouse apartment Massive wrap-around terrace In excellent decorative order Floor to ceiling windows Close to both Westferry and Limehouse DLR stations and 16 minute walk to Canary Wharf. EWS1 Compliant, B1 rating Lease remaining: 985 years Service Charge: approx £2,500pa Ground Rent: £275pa Council Tax Band: C
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Price £1,900,000
3
Franklyn James is delighted to offer you the opportunity to purchase this luxurious split level penthouse. Features are to include a welcoming hallway, three double bedrooms, three luxury bathrooms and a modern fully fitted kitchen. There is a large reception room with doors leading to a private balcony from which there is stunning direct river views to be admired. As well as all of these fabulous features, there is additional office space and a utility room plus a further two private terraces. Residents parking and a concierge service can also be enjoyed as part of residing in this development. The penthouse is ideally located for Narrow Street, its many restaurants and bars and Limehouse DLR station which provides excellent transport links into the City and Canary Wharf.
Three Double Bedrooms Three Luxury Bathrooms Modern Fitted Kitchen Direct River Views Balcony and Two Terraces Excellent Location Secure parking included
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Marks professionalism, dedication and hard work on securing our property was outstanding. His ability to cut right to the important points and get business done efficiently is a great skill that people really need from their agent when looking for a property. The fact we both had the same designer socks on that day secured the deal but not sure how he did that :) Thanks for all your help it has been a pleasure dealing with you.
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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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