We speak with the sales and lettings managers of our Catford branch to find out how the market has fared since we opened our doors in January.
First, we’ll take a look at the sales market. The London property market is currently experiencing appreciable house price growth, with a 14% increase year on year*. However, with an annual 36% rise in property prices, Catford is outshining the rest of the city.
Ronke Maye, Sales Manager of KFH Catford branch, comments: “We are seeing huge demand for the area and offers over asking price are regularly being submitted. One vendor, who had originally had her property listed with another estate agent, was pleased when we valued her house 14% over the price given to her last year. She was then delighted when we held an incredibly successful open day and agreed an offer with an additional 2% on the asking price.
“We are seeing a lot of interest from buyers already living in Catford who are keen to take another step up the property ladder. The abundance of good quality schools and the local high street ensure that both vendors and buyers tend to remain in the area having already started to put down roots.
“We are also seeing a lot of movement from New Cross, with buyers keen to take advantage of the relatively affordable property available in SE6. With the average house price in Catford currently standing at £383,913, 28% lower than the London average, those moving from other areas of the city, such as New Cross, can upgrade from flats and maisonettes to houses with gardens.
“There are plenty of gains to be made by investing in Catford. The mix of Victorian and Edwardian property along with green space, good transport links and community-based initiatives all help to create the demand being experienced in SE6.”
In our next post, we'll look at the lettings market.
*Source: Land Registry House Price Index, January 2016
**Source: Land Registry, January 2016