The first sale of the year at Auction House London was a rousing success. The room was described as energized and 89% of the lots for sale found a buyer. Many of these sold above their list price as well. This is an excellent sign of recovery in the housing market after years of uncertainty.
Results of the Sale
A few interesting properties were up for sale. One of the most notable sales was a property in Tooting, located in southwest London. While close to the Tooting Bec underground and near green spaces like Tooting Bec Common and Tooting Bec Lido, the three-bedroom semi was described as severely fire damaged. The list price was £375,000 and it ended up selling for £647,000.
Another interesting property was a Grade II building currently set up as two flats. The home once belonged to the first captain and club founder of the Tottenham Hotspurs, Bobby Buckle. The double-fronted home was described as in need of modernization and is overlooked by the club’s new stadium. It was listed in the guide at a price of £450,000 and sold for £580,000.
Positive Economic Signs?
While there have been talks of a Boris bounce now that Brexit is settled, it appears this uptick in the property market might stay for the foreseeable future. There have been many positive signs, such as increases in buyers looking for homes, new buyers jumping into the market for the first time, and investors jumping into the commercial property market again. London is finally seen as a good place to invest in properties after several years of stagnation.
Home prices have also risen, making it a good time to sell. Since 2016, major uncertainties in the future of the UK and its property market had caused many to hold off in making major purchases like new homes. A disappointing December 2019 in terms of retail spending had caused much pessimism for 2020. However, the housing market showed growth in the first results for the year.
Related industries will also be picking up. Builders, remodelers, and estate agents will be seeing a big uptick in their business as the year goes on. Estate agent software, project management, and materials will all need to be accounted for and ready for the year ahead.
What does this mean?
It means now is the time to jump into the housing market if you’ve been putting it off. Whether buying or selling now is the time to jump in. Competition for homes will be high until supply catches up with demand. Anyone in the property market needs to be ready for an increase in demand. Making sure your schedule is free and your estate agent software is up to date will be incredibly important for any estate agents out there.
For those in London, this will be particularly important given how much interest is picking up for the market. That doesn’t mean you should slack off if you work elsewhere. Be ready for a big market as the year picks up.