Canary Wharf Property Update Sept 10

September has been one of the busiest months on record for lettings applicant enquiries. Unfortunately there has been a distinct lack of supply of quality rental properties to satisfy this demand. Many of our existing tenants have chosen to stay where they are even when landlords have been increasing their rent. Many new tenants have been forced to look further afield for a suitable apartment or increase their budgets. It seems that many people who would normally be looking to buy have decided to rent instead. Any landlord with property available or soon to become available should contact Movello.

There is a distinct lack of buyers in the market and an increasing number of apartments available for sale. Vendors are becoming frustrated with the lack of activity in the sales market and already feel their marketing prices are fair. However, it is definitely a buyers market and vendors need to be more realistic if they are serious about selling. Getting a high price agreed is not always the answer since the property still needs to pass the surveyors valuation. Surveyors are being particularly cautious in the current market and down valuations are common. When a property is down valued it is usually not an option for a buyer to put more money in themselves so it usually comes down to the vendor to reduce the price in order for the sale to proceed.
A recent situation occurred where a repossessed apartment was priced realistically and attracted two keen buyers from different agents. Unlike normal property sales where a property is taken off the market when an offer has been accepted, lenders prefer to continue marketing repossessed properties right up until exchange of contracts to try to get the best price possible. This tactic backfired on this occasion since both buyers became so frustrated with the process that they both pulled out. The two bed property in central Canary Wharf has now gone back on the market at £305,000 (£10,000 less than the previously agreed price).
We are now close to agreeing our first deals for the Olympics but still require further properties for the 8 week period from 25th June 2012. If you have one or two bed apartments in Canary Wharf or The Excel Centre please contact Movello for details of the rent we can achieve for you.
For more information on selling or renting in Canary Wharf contact Angus Edy, Movello Managing Director on angus@movello.com, 020 7473 9533 or visit http://www.movello.com/.