When we sat down to write this we discussed talking about The Eurozone collapse, Standard and Poors (how are they still in business?) downgrading US Federal debt, and the wider imminent global double dip recession. Chuck in the recent rioting in the SW London and we expected another market meltdown.
We thought here we go again, lots of reduced or withdrawn offers, viewings cancelled and a dip in registrations! But no, not a single squeak from anyone, not a dicky bird. Steady as she goes. And after our two best months in sales ever (June and July 2011) we carry merrily along in our busiest ever August. We think that this just goes to show the solidity of the Northcote Rd housing market, and the total desirability of the area as a place to live.
When the market collapsed in 2008 it fell by about 25% in a few months. So rapidly in fact that it was hard to price property to get it sold. Finding a market level for someone to buy the property was tough. Then in the following six months it rose - very, very steeply, making it hard to price in the opposite direction as you wondered how bold you could be and still get a buyer. We felt that people sensed the bottom of the market and were charging back in to quality London bricks and mortar, not only because they rushed out of the market as it fell, but also because it was one of the only secure places to put cash.
This surge has continued almost unabated for the last 18 months, and we are now experiencing prices well above the historic high point of Spring and Summer 2007 before the Northern Rock collapse.
It's accelerated this year too, with Rampton Baseley achieving record prices on any number of roads between the commons. We also think that this phenomenon is totally area specific. This isn't happening in Streatham or Tooting, or even other parts of Clapham. As far as we can tell it's only happening in gilt-edged, copper-bottomed areas of London; here, Putney, Barnes, Richmond, Wimbledon etc. It's certainly not happening in Gravesend and Solihull!
We don't think that it's hugely prevalent over the river either – it's not Indians, Chinese and Russian oligarchs and investment funds. It's normal middle class families wanting nice houses in nice parts of London with good local schools.
Since the bottom of the market we have always had too few houses and too many good buyers. So prices started to go up. And it's been the story ever since. Thankfully we think the market has calmed and stabilised as we go into Autumn - it was all getting a touch frothy and reminiscent of 2007. However we still have many. many good buyers and very few houses to sell them.
For more information on property Between-the-Commons please contact Patrick Rampton at
patrick@ramptonbaseley.com
or take a look at their website
www.ramptonbaseley.com