November 2022
Spotlight Feature
Property prices
As you know, at Franklyn James, we like to keep you up to date with all the latest developments in the property market and the current political and economic upheavals mean there has been a great deal of speculation over what is going to happen to it over the next 12
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Plymouth Wharf, E14, Docklands
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26
Docklands
Lowry House, South Quay, E14
41
Sail Court, Isle of Dogs, E14
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Limehouse
Ascot House, Chrisp Street, E14
34
Papermill Wharf, 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.
As you know, at Franklyn James, we like to keep you up to date with all the latest developments in the property market and the current political and economic upheavals mean there has been a great deal of speculation over what is going to happen to it over the next 12 months. Many are expecting the heat to come out of demand and prices to fall, especially with the base rate rising once again last month. However, it is not as straightforward as it may appear, as there are a number of factors at work which need to be taken into account before it is possible to get a true understanding of what is actually going on.
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The latest data from Rightmove’s index shows, for example, that far from falling asking prices were up again in October, by 0.9% nationally and by an impressive 1.9% in London. At the same time, Rightmove notes that demand softened, but not by much and is still 20% ahead of pre-Covid levels (2019). The data also shows no evidence of a surge in the number of sales falling through - just 3.1% of agreed deals compared to a long-term average of 3.0%. Nor were vendors making significant reductions to their asking prices - 23% of listings had their prices reduced compared to a more typical 32%. These are the kind of statistics that you would normally expect from a healthy market, however, when you dig a little deeper, it seems that some of that momentum is being driven by buyers who have had mortgages agreed before rates rose and are therefore rushing to push through deals in order not to lose them. When those buyers complete their deals (and there are 293,000 of them, according to Zoopla) there may be a more pronounced slowdown, but that is not likely to happen until the first quarter of 2023. And that slowdown is unlikely to be anywhere near as serious as some of the more lurid recent headlines have suggested. That is because prices will continue to be supported both by the shortage of property and the current historically high levels of employment. Perhaps more significantly, prices will also be supported by the improving outlook for mortgage costs. Although the base rate went up by 0.75% last month, mortgage rates actually fell. That’s because prices are affected as much by the outlook for interest rates as the current base rate (see this month’s financial section). And the outlook for the UK’s inflation, and therefore the base rate, has been adjusted down in recent weeks, with many experts now predicting mortgages have already peaked at 6.5% and are likely to start falling back over the next 12 months, dropping to somewhere between 4% and 5% towards the end of 2023. These are, though, challenging times and the economic outlook could still change rapidly, especially, for example, if inflation dropped faster than expected, which would be good news, or if there was a significant wave of redundancies, which would not be such good news. In the meantime, the housing market is, and is likely to continue to be, remarkably resilient. Tim Bannister, Rightmove’s Director of Property Science says: “What’s going to happen to house prices is understandably on the minds of many home-movers right now, especially following the market uncertainty after the government’s mini-budget. There has been no immediate effect on prices, but the trend of a slight softening in the pace of growth continues. New sellers coming to market in the month have been pricing strongly, and the number of homes that were already on the market seeing a reduction in price is still well below the long-term average. It will take a bit of time for the market to settle in to a new, more ‘normal’ level of activity following over two years of market frenzy, especially with new developments happening almost daily at the moment.” And finally, the Autumn Statement was not as bad for the housing as many feared. Liz Truss’ Stamp Duty will be reversed, but not until April 2025, turning it into a Stamp Duty holiday rather than a long-term commitment. It means the threshold will go back to £125,000 from £250,000 and the first-time buyer exemption will be reduced to £300,000 from £425,000 and be limited to properties of up to £500,000. The restricted timescale might at least put some urgency into the sales market, just as it is starting to slow. Changes in Capital Gains Tax are another area where there are implications for housing, especially landlords and second-home owners. The annual exemption they would receive when they sell a property will be reduced from £12,300 to £6,000 from April 2023 and to £3,000 in April 2024. Inflationary pressure and the social care crisis have also meant the Chancellor will allow councils to raise council tax by as much as 5%, up from a limit of 2.0% previously. At the same time, Hunt capped social rent rises to a below inflation 7%. HOUSE PRICES AND STATISTICS Rightmove’s index was up last month, but Nationwide’s and Halifax’s were down, although their annual figures were up by 7.2% and 8.3%, respectively. Nationwide: Oct: Avge. price £268,282. Monthly change -0.9%. Annual change +7.2% Halifax: Oct. Avge. price £292,598. Monthly change -0.4%. Annual change +8.3% Land Registry: Aug: Avge. price £295,903. Monthly change +0.9%. Annual change +13.6% Zoopla: Sept: Avge. price £259,100. Annual change +8.1% Rightmove: Oct: Avge. price £371,158. Monthly change +0.9%. Annual change +7.8% (asking prices on Rightmove)
10. Many people are also considering alternative sources of heat and energy, such as wood burners, solar panels, and/or making more use of existing fireplaces. There are though, a few things to bear in mind: Solar panels: a 4KW PV system will cost around £6,000 to install and will normally save you between £180 – £480 a year. Demand for them, though, is likely to be very high at the moment. Wood burning stoves: The average stove costs between £900 and £1,500 and another £800 to £2,500 to install, depending on whether you have a chimney or not. You should be aware that they are subject to Building Control. Before energy prices rose, wood-burning stoves were said to be 13% cheaper than gas central heating, so they will be even better now. Making use of existing fireplaces: if you haven’t used them for a while, make sure you get them cleaned first, which should be done at least once a year. You also need to check if you are in a smoke Control Area (https://www.gov.uk/smoke-control-area-rules) before deciding what type of wood or coal to buy. *Savings will vary considerably between properties. Older, more inefficient homes may see considerably more savings than newer ones. Savings are based on the current, £2,500 price cap.
5. Try taking a shower rather than a bath, as it uses almost 70% less hot water. If at the same time, you fit an eco-showerhead, a family of four will save about £150/year. And, if you have a water meter, you will save on your water bill too. 6. Just turning things off rather than leaving them on standby will save you £100-£180/year. 7. According to LG Electronics, "heating the water in the wash drum accounts for about 90% of the energy your machine uses." So, do your wash at lower temperatures and save £80/year.
8. Some of the more expensive solutions include changing your boiler, which accounts for 79% of your fuel usage. Replacing one for a 3-bed house costs around £1,500-£2,000 but could save over £400/year if your boiler was old and inefficient. 9. If you put in double or secondary glazing, it’s expensive, but could save you £330/year and eliminate some of those unpleasant draughts. The installation costs will vary wildly depending on the number of windows, their size and the materials used. An average-sized, double-glazed window will cost around £600 to buy and fit.
Buy-to-let (BTL)
3. Lights account for 19% of your electricity bill. If you replace all your standard bulbs with energy-saving LED ones, you’ll save around £120/year. 4. Something else that’s quick and easy to do is to fit draught excluders in those gaps around doors and windows, especially where sash windows join. And, since around 14% of air escapes via the chimney, it is also worth sealing up any unused fireplaces. Savings - appx. £150/ year.
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Lowry House
South Quay, E14
Price £525,000
A large and spacious two-bedroom apartment offering over 740 sqft of internal space, situated in Lowry house, which forms part of one of South Quay's most sought-after developments, with residents' gym, swimming pool and 24-hour concierge. Internally the property comprises of a bright and spacious, open-plan living room/kitchen, off which is a private balcony looking onto the communal gardens. The master bedroom benefits from built-in wardrobes and a four-piece en suite bathroom with double-length shower, while there is a second, similarly spacious bedroom and a further, luxury family bathroom. The property benefits from a combination of hard wood and ceramic tiled flooring throughout, with the highest overall standard of finish.
Key Features
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Two double bedrooms Two bathrooms 24-hour concierge Secure underground parkling On-site leisure facilites Great transport links Long lease
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Lowry House is conveniently located within walking distance of South Quay DLR but also of the Canary Wharf estate where you have access to the Jubilee line and the DLR. Canary Wharf provides you with a vast array of trendy bars and restaurants but also a wealth of shops and other amenities.
Sail Court
Isle of Dogs, E14
Price £520,000
Chain Free! Set within a gated complex and offering the use of an allocated car space and concierge services, Franklyn James are pleased to offer this well-proportioned apartment within Newport Avenue. The property comprises three good sized bedrooms, en-suite to the master bedroom and main bathroom off the hallway. The living room is very generous in size with large patio doors leading onto a balcony. The kitchen again is a good size and separate from the living room. Newport Avenue's great location is perfect for riverside walks and moments from Canary Wharf, where you have an excellent range of shops, bars and restaurants. Local transport links include East India Station (DLR) and Crossrail in Canary Wharf.
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Three bedroom apartment Two bathrooms Gated complex Private balcony Parking Separate kitchen Concierge En-suite bathroom to master bedroom Long Lease and chain free
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Plymouth Wharf
Price £425,000
Carefully refurbished and with stunning river views, this is a great opportunity to purchase in popular Plymouth Wharf. he property comprises a semi-open plan reception with modern fitted kitchen, private balcony located directly on the river, double bedroom with fitted wardrobes and a luxury bathroom with walk in shower. Further benefits from allocated parking, plenty of clever storage solutions and offered chain free. Plymouth Wharf is a well maintained and gated development located within easy access of Island Gardens DLR, the Greenwich foot tunnel and the Thames Clipper ferry.
Modern one bedroom apartment Luxury shower room Fantastic river views Modern kitchen with breakfast bar Popular riverside development Located on the 1st floor Share of Freehold and chain free Close to Island Gardens DLR Station Easy commute to Canary Wharf Allocated parking space included
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What the vendor says...
With stunning river views, this is a great opportunity to purchase in popular Plymouth Wharf
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Papermill Wharf
Limehouse, E14
£2,250
With an abundance of space to entertain from a spacious living room with dining area, this charming property is located on popular Narrow Street and is available now. The property further comprises a separate modern kitchen, two spacious bedrooms, both with built in wardrobes, and en-suite to master and a spacious three piece bathroom. Papermill Wharf is renowned as being one of Limehouse’s most popular developments. The development is six stories high and consists of just fifty-one apartments and all communal areas are carefully maintained and looked after.
Two Double Bedrooms Two bathrooms Concierge Underground Parking Furnished Close to Limehouse DLR Station Walking distance to Canary Wharf Daytime porter
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There are also a plethora of great restaurant and pubs on your doorstep, such as Gordon Ramsay’s “The Narrow” and Sir Ian McKellen’s “The Grapes” which has been a pub site for over 500 years. You can also enjoy peaceful walks with picturesque views along the Thames Path, Limehouse Marina and the canal. Limehouse and Westferry DLR are moments away and provide excellent links to The City and Canary Wharf.
Ascot House
Chrisp Street, E14
£2,200
Set within a small development to the north of E14, is this lovely two bedroom property that would make an excellent home. This property is modern and contemporary, yet warm and welcoming thanks to thoughtful decoration and enhancements by the current owner. It has excellent room sizes and proportions, giving a wonderful sense of space. Plenty of windows allow a high level of natural light and the reception room is dual aspect. Both bedrooms comfortably fit super king size beds as well as storage and there are also two bathrooms (en suite to the main bedroom). Further benefits include a large private balcony from the reception, a gas hob and ample storage. Ascot House is superbly positioned on the border of E14 and E3. There are several green spaces nearby as well as the Limehouse Cut and a nearby gym on Violet Road, giving access to cycle routes and leisure space.
Two double bedrooms Two super king size beds Private balcony Two bathrooms Recently refurbished New carpets Convenient location Ample storage
There are a wide range of local amenities close by including Chrisp Street’s authentic East End Market, local shops along St. Paul’s Way and the extensive facilities of Canary Wharf. There is a wide range of transport options including the DLR from Langdon Park, and the tube from Bromley-by-Bow, in addition to local buses.
Versace Damac Tower
Nine Elms, SW8
Price £5,500
Located on the 37th floor of the most spectacular new development in Nine Elms. In an exclusive partnership with Versace Home, DAMAC Tower brings you the ultimate in branded living experience with unparalleled facilities. Be the the first resident to enjoy this high-tech and stylish apartment which comprises two spacious double bedrooms with en-suite to master, a further luxury bathroom, a large open-plan living room and kitchen and two winter garden to enjoy the far-reaching views. The highly anticipated Versace Damac Tower is equipped with a 24 hour concierge, residents pool, spa, sauna, steam room, gym, cinema and children's play area all situated on the 23rd floor.
Luxury property situated on the 37th floor Spacious bedrooms and two luxury bathrooms Interior designed by Versace Located in the heart of Nine Elms Luxury facilities such as residents gym, swimming pool and sauna Resident's lounge, roof and terrace and kids play area Available now
DAMAC Tower brings you the ultimate in branded living experience with unparalleled facilities
The Nine Elms area is already home to the New Covent Garden Market, the new US Embassy and Battersea Power Station, a cherished feature of the London skyline. It's also blessed with almost two miles of Thames River frontage, and will be lined with cafés, bars, restaurants, cultural attractions and public space as part of the planned regeneration.
Call to arrange your viewing. What the vendor says: "The flat was my home when I was working in London. I used it as a very large bachelor pad with home gym, American pool area, cinema area, study and 2 bedrooms. I later rented it out as a 4 bedroom apartment after moving out of London, and it has since provided me with a very good rental income. The time has now come, however, to sell the apartment as other opportunities are on the horizon.
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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