INSIDE THIS ISSUE...
A selection of recent properties from our three offices
Sell or Let your property for FREE with Franklyn James' Blackheath Office
What is actually happening?
View our latest properties
Blackheath Special Offer
We’re not the only ones who believe there is light in this tough market. “We do expect the Government’s first-time buyer Stamp Duty changes to provide some stimulus to demand, particularly in London and the south-east where the impact is greatest,” said Russell Galley, Head of the Halifax Community Bank.
What are the new Stamp Duty Land Tax rates? Brackets Rates 0 - £125,000 0% £125,001 - £250k 2% £250,001 - £925k 5% £925,001 - £1.5m 10% £1.5m+ 15% You’ll have to pay 3% on top of the normal SDLT rates if buying a new residential property means you’ll own more than one. Here is a great SDLT calculator to work out how much tax you’ll pay. Although the news may be good for first-time buyers and those purchasing in the lower end of the market, those buying an average priced or above property in the Docklands may not be so happy with the increase in Stamp Duty Land Tax. But as we said, with everything property related, there are always regional variations.We are privileged to work in such a desirable area within and surrounding the Docklands. Our property portfolio spans the spectrum of available properties, from houseboats and dockers’ cottages to Victorian town houses and converted warehouses. Before you make any assumptions about how the changes to Stamp Duty or the market in general will affect you and your property, come and talk to our team, who will always give you a frank assessment.
The Royal Institution of Chartered Surveyors recently conducted a snapshot survey to see the initial impact of these changes. Simon Rubinsohn, RICS Chief Economist, stated, “It is perhaps not surprising that the headline indicators for both prices and activity are subdued as Christmas approaches. But once again the feedback we are receiving from respondents points to quite marked differences in trends across the country. ”The news headlines depict a time of doom and gloom in the housing market at present; but although the reports and surveys give an overall representation, they are unable to give you a true overview of what each estate agent in their area is experiencing.
What is the impact of the
Times are tough, there is no denying that fact; there is a lack of movement in the market place, but that doesn’t mean that we are unable to navigate around it. Our team work tirelessly to see a positive outcome for all our vendors, whilst utilising all our contacts in the area to source that irresistible property for buyers.
The Chancellor gave first-time buyers an early Christmas present in his Autumn Budget, with the announcement of changes in Stamp Duty Land Tax. His decision to change the rates means the 95% of first-time buyers would see their rate of stamp duty reduced, and 80% would end up paying nothing at all. Mr Hammond suggested that the abolition of the tax for homes under £300,000 could help the property market.
Be social with us
Click on one of our branches below to view a selection of their properties
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. Click/tap an option on this screen to discover more.
Impressive Marina views
On the market
A stunning two bedroom, two bathroom apartment located in the extremely desirable Tequila Wharf. This beautiful property is located on the first floor and benefits from an open plan kitchen/reception room, modern bathroom, en-suite shower room, and large storage cupboards. The property also benefits from a private balcony with wonderful views of the Regents Canal as well as having an allocated parking space. The development has a day time concierge and is in close proximity to the historic and vibrant Narrow Street, offering a selection of restaurants and bars such as The Grapes and The Narrow. The property is within walking distance to both Limehouse C2C and DLR stations offering quick access to Canary Wharf and the City, and even with easy access to the coastline of Essex.
Limehouse, E14 £795,000
• Two spacious bedrooms • Private balcony with Marina views • Fully intergrated kitchen • Spacious living/dining area • Walk-in wardrobe • Ample storage • Concierge service • Secure parking space • No onward chain
Telling it like it is.
Limehouse office 020 7791 1777
Limehouse, E14 £435 PW
29 Narrow Street London E14 8DP
“The team at Franklyn James has been very professional and proactive. Lee was particularly helpful and always responded very promptly whenever we had any queries, which made our lives less stressful! A very satisfying experience overall in renting our flat.” Ionian October 2017
Located in an extremely desirable location
Opening Hours Monday - Thursday 9am - 7pm Friday - 9am - 6pm Saturday - 10am - 4pm
• Two bedrooms • Two bathrooms • Private balcony with canal views • Allocated parking space • Excellent local amenities • Close to Limehouse DLR station
Enjoy Marina views from this impressive high spec spacious two double bedroom apartment. The property has been extremely well maintained throughout and comprises of a large open-plan reception room with floor to ceiling windows, an integrated modern kitchen, an en-suite to the master bedroom, modern main bathroom, and a large private balcony. Further benefits include underfloor heating in the kitchen and both bathrooms, and a secure parking space. Berglen Court is one of Limehouse’s most desirable, secure developments and benefits from a concierge service. Located along the historic Narrow Street, ample bars and restaurants, such as the famous ‘The Narrow’, are just stones’ throw away. The apartment is ideally located within a few minutes’ walk to Limehouse DLR and C2C stations, granting fast and easy access to Canary Wharf, the City and Stratford.
With best wishes to all of our clients and customers for a very Merry Christmas and a happy and prosperous 2018!
Overall, the market has experienced highs and lows throughout 2017. The beginning of the year saw the rental market flooded with properties. Franklyn James were marketing around 90 units for rent between the two E14 offices; often estate agents are always crying out for more property but not during this period. With a healthy amount of stock on our books, our main objective during the first quarter was to get the vacant properties occupied. Due to the high supply and lower demand, we saw rents take a slight dip.
by Lee Alter - Lettings Manager
The second and third quarters saw activity pick up once again with rents gradually increasing back to the same level as the previous year. The high supply began to ease up and there was a fresh influx of tenants moving into the area. Typically towards the end of the year, activity on the rental side tends to slow down however, we are still enjoying a busy period with a number of tenancies due to start in December. We are looking forward to the challenges that 2018 will have to offer. It will be interesting to see what effect the ban on tenant’s fees will have within the market place.
Review of 2017
Greenwich, SE10 £2,250 PCM
Greenwich, SE10 £429,995
• Two bedrooms • Two bathrooms • Balcony • Open plan living • On site concierge • Long lease • Near Greenwich town centre • Chain free
Earning our fee.
Beautiful 3 bed Victorian house located within the prestigious Ashburnham Triangle conservation area. The house is on a sought after street just a 2 minute walk to Greenwich Mainline station and DLR, 10 mins with the DLR to Canary Wharf or 13 mins with the train to London Bridge Central London. Just minutes away are shops, cafes and the restaurants and the River Thames within lovely Greenwich Village plus Greenwich Royal park on your doorstep. This split level property has three good sized bedrooms with loads of natural light and an airy 23ft open plan kitchen living room diner. The wide entrance hallway has a wooden floor and original features. The house has high ceilings and feature fireplaces throughout. There is a family bathroom with a separate WC. A downstairs cupboard and attic for storage. Off street parking available with permit.
Blackheath office 020 3370 2222
4-6 Blackheath Hill London SE10 8DE
“We have dealt with different estate agencies previously, and I have to say Frankly James are the best! They proactively understand our exact needs and execute the plan effectively. We highly recommend to anyone!!” Sheila August 2017
Well presented two double bedroom 8th floor (lift access) modern apartment situated within the sought after Greenwich Collection development located close to Greenwich town centre. The property comprises open plan kitchen / living room with doors leading to private balcony giving far reaching views of south London and the O2. The kitchen boasts integrated appliances to include Bosch oven and induction hob, Zanussi dishwasher, handless units and under cupboard lighting. There is a luxury, fully tiled family bathroom boasting contemporary suite. Both bedrooms are of a good size with the master having an en-suite shower room. Further benefits include wooden flooring, good storage, underfloor heating, floor to ceiling windows, concierge and entry phone. Located within walking distance of Greenwich town centre, Deptford Bridge DLR station (Canary Wharf - 16 mins / Bank - 23 mins) and Blackheath Common. Equidistant from Greenwich and Lewisham overground stations you will benefit from very short commutes to Canon Street, Waterloo, Victoria, London Bridge and Charing Cross. The property makes an ideal first time purchase and investment opportunity
• Three bedroom • Victorian conversion • Ample storage in loft space • Located within prestigious conservation area • Original period features • Easy commute into Canary Wharf and the city
Opening Hours Monday - Thursday 9am - 7pm Friday - 9 am - 6pm Saturday - 10am - 4pm
Location, Location, Location!
On the letting front we have seen a similar pattern with landlords being forced to reduce rents in order to secure a tenant. Some landlords have also offered free or discounted rent for the first month in order to ‘stand out’ from the crowd. Properties have taken longer to let due to tenants having plenty of choice when commencing their search. With the influx of new build developments, many new properties have come to the market and in certain areas supply has outstripped demand, hence the rent reductions/discount incentives. So what does 2018 have in store? Well, there are plenty of reasons to be optimistic going in to the New Year. The UK government and the EU have announced that sufficient progress has been made in the negotiations and have given the green light for future trade talks to begin. Hopefully the first round of talks will take place before the year ends and both sides can report a positive outlook for the year ahead. In addition to this the Chancellor in the recent Autumn budget announced stamp duty incentives for properties up to £500,000. This will help to encourage buyers to come forward sooner rather than later as this gives a considerable saving to the cost of buying. Despite the recent interest rate increase to a base rate of 0.5%, historically this is still extremely low and mortgage lenders are offering great fixed rate deals giving buyers the peace of mind that they are protected from any rises in the interest rate in the short term. We can expect to see the opening of London’s and the South East’s newest railway – Crossrail. The Elizabeth Line will improve journey times across London, easing congestion and offering better connections and help keep London as one of the most desirable and attractive places to live and work in the world.
by Philip Dockerill - Branch Manager
As we approach the end of the year, here is my insight into 2017, and also share my expectations for the property market in 2018. There is no doubt that 2017 saw a shift in power between homeowners and buyers as the sales market struggled to find its legs. At the beginning of the year sellers were confident in finding a buyer within the first 3-4 weeks of coming to the market. Sellers didn’t have to accept the first offer that came through and could push for the asking price with relative confidence. As the year progressed we have seen the level of new buyer enquiries for second hand homes reduce and with it the balance of power has shifted from the seller to the buyer. It’s a fact that property is now taking longer to sell compared to the start of the year and the number of transactions has dropped. Motivated sellers need to think very carefully about their pricing in order to attract a motivated buyer and at the same time, know their numbers in relation to any intended onward purchase. If a seller knows the minimum amount they need to achieve in order to give them the move they want then, share that with the agent. Property will sell provided buyers see good value for money and we encourage any seller in the current climate not to dismiss the first offer that comes through, as more often than not this can end up being the best offer. You may be thinking why the balance of power has changed? Well there are many reasons for this, the biggest is arguably the uncertainty over the Brexit negotiations. Many buyers that we have previously been looking for a property have put their search on hold until there is clarity in the terms of the deal on offer. As talks advance we should start to see buyer confidence increase alongside. Other reasons for the slowdown include political uncertainty and a squeeze on personal finances with the threat of further interest rate rises and a higher than expected inflation rate
Considering all of the above, I have high hopes for 2018 and wish you all a Merry Christmas and prosperous New Year!
Review of 2017
Freehold terraced house!
This magnificent ninth floor apartment located in the prestigious Canary Riverside development has been furnished to a high standard and has been well maintained throughout. Benefits include stunning views over the River and towards Canary Wharf, spacious reception room, modern fully integrated kitchen, two bedrooms and two bathrooms, one of which is an en-suite to the master bedroom. Additional benefits include a private balcony, an underground parking space and 24 hour concierge. Canary Riverside is located in a prime location being in the heart of Canary Wharf.
Docklands office 020 7005 6080
Canary Wharf, E14 £600 PW
Isle of Dogs £650,000
Keeping our promises.
“I would recommend to anyone looking for a new place. Great positive attitude, flexibility, and responsiveness. Strongly recommend! ” Jane October 2017
• Freehold • Gated development • Two double bedrooms • Large family garden • Private garage • Close to Thames Clipper dock • Close to Mudchute DLR
On the market
Offered to the market in immaculate condition throughout is this stunning two double bedroom freehold house situated in the gated private development of Maritime Quay. Well maintained throughout by the current owners and kept in immaculate condition, the property comprises of hallway entrance, separate kitchen area, and large living room with floor to ceiling window patio doors leading onto a large family garden. The first floor consists of two double bedrooms and main bathroom. The property has the potential for a rear and loft extension STPP. The property benefits from its own private use of a garage. Maritime Quay is ideally located for access into Canary Wharf and the City with the use of the Thames clipper within a minutes’ walk, use of the Thames footpath and Mudchute DLR a short walk away. This property is the perfect first time purchase or family home.
Prestigious Canary Riverside development
60 Westferry Road London E14 8JE
• Ninth floor • Two bedrooms • Two bathrooms • Private balcony with river views • Underground parking space • 24 hour concierge service
Opening Hours Monday - Thursday 9am - 7pm Friday - 9am - 6pm Saturday - 10am - 4pm
Review of 2017
Fourth quarter was helped by the stamp duty discount for first time buyers and we quickly agreed sales to buyers looking to take advantage of this saving and the continued low interest rates. Market conditions (mainly Brexit) have dictated overall and there has been more caution, but it has not stopped the fluidity of sales in the location. Having the offices based in strategically placed locations within E14 means that we are close to the river and excellent transport links. We constantly have buyers registering interest to either reduce their commute times or those looking for waterside apartments at affordable prices in comparison to other areas nearby. Canary Wharf & Limehouse have always been very appealing to our type of buyer given the proximity to the City without the price tag of the City. The offers we have been receiving throughout the year are approximately 2-5% lower than the asking prices across the board and this is due to the level of demand vs supply. Help to Buy, new build and shared ownership schemes have offered first time buyers a more affordable option which has also impacted on the level of demand. Properties have had to be priced realistically rather than optimistically, otherwise they are running the risk of being on the market for several months. Applicants have been very diligent and cautious with offers due to Brexit.
by Antony Cherriman - Area Sales Manager
2018 is likely to bring more first time buyers purchasing because of reduced stamp duty which is the fuel we need to keep the market moving.
E14 has historically been a location which is sensitive to fluctuations in the financial markets/ political changes, and we’ve seen a slight effect on sales due to the uncertainty of Brexit. Canary Wharf has previously been fuelled by the investor market (UK and overseas) for many years and the increase in stamp duty, landlord taxes and now Brexit has impacted sales to a degree. Having said that, as far as investments go, bricks and mortar present the best returns compared to savings and shares. There has been a surge in first time buyers who have been taking advantage of the buyers’ market and the very low interest rates. This enabled for a steady flow of sales at the start of the year. The first quarter saw sales up 22% above target and this was a majority of 85% first time buyers looking to snap up a deal before the summer months. Second & third quarters dipped slightly due to applicants sitting on the fence due to the uncertainty of Brexit which dictated the rest of the months leading up to the end of the third quarter.
Tower Hamlets still remains a desirable place to live and work which is apparent when you look at the population growth in this borough over the last few years. The increase in population in Tower Hamlets is set to increase to approximately 22% in the next 10 years according to the Government, which means there will be more demand for property and will help to steadily increase values going forward.
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.
Call for a valuation Docklands 020 7005 6080 Limehouse 020 7791 1777 Blackheath 020 3370 2222
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.
Free & frank valuations