The St John’s Wood, Little Venice and Regents Park Residential property market has been affected by high Stamp Duty, lack of confidence since Brexit and multiple policy changes aimed at the buy to let investors. There has been a slowdown in demand with enquiry levels lower than we saw this time last year. The rate of house price growth in the previous 12 months in the capital fell to 7.6%, the lowest in 39 months and far below the same period last year which saw a growth at 11.8%.

The Council of Mortgage Lenders ( CML ) said it expected the number of transactions in 2017 to fall to 1.17m, the lowest level since 2013.

The rules around Landlords tax relief will start to change in April 2017 and some Landlord will feel nervous and be tempted to sell.

There has been more properties available to let ( 33 % more to let in the Capital than this time last year ) and this is due mainly to the rush of purchases in the Q1 2016 where Landlords wanted to beat the extra 3% stamp duty hike, coupled with a slow demand

Rents are falling for the 1st time in 8 years so prospective tenants are looking for good rent levels and it seems only properties that are very keenly priced are shifting.

We are fortunate that the local letting market of St. Johns Wood still has fair demand. Our focus is providing quality of tenant and a longer term of tenancy. We are placing long term tenants in most of our properties to ensure Landlords have a steady stream of income through the year.

We are also pleased to confirm the appointment of Simone Jones in August to run our Property Management department, as we understand that providing tenants with excellent service is an important way to keep them in situ for as long as possible.

Greenstone also offer a monthly fee programme so not to affect Landlords cash flow with big upfront commissions.

To keep a high service level to our Vendors we have increased our advertising on both Rightmove and Zoopla and ensure, should you want to sell your property through Greenstone, not only do you have the personal service that we know gets results but this is backed up by maximum exposure and marketing on the web and local press.

If you would like to discuss your property plans for 2017 please contact me directly for a chat on my direct dial 0203 7800 199

Season’s Greetings to all

Lewis Green
Director