Residential sales market June 2023

While challenging market conditions still prevail throughout the UK sales this spring, Chase Evans’ agreed property sales are at the pre-pandemic level. The asking prices are holding high and the new instructions is rising. The number of agreed sales for the month of April topped the highest monthly record Chase Evans sales achieved in 2022.  According to Rightmove House Price Index, the national average asking price for the month of May 2023 was up 1.8% compared to prices in April this year. The average asking price for a property in London in the month of May was £696,477, with the year-on-year change of 1.3% up.

Current UK market conditions are influenced by rising mortgage rates and do not affect all property sales nor all buyer types equally. The first-time buyers’ property market is facing most of the challenges as I tis linked to the Band of England (BoE) interest rates, which will be revised again on 22 June. This market segment relies on UK mortgage lenders who have been increasing their fixed mortgage rates based on the expectation that the BoE basic rates would go up. And the BoE has been increasing the rate since the start of 2022.

Cash buyers and equity rich purchasers are the least hit by the interest rate increases. London owes its market resilience to the continuous demand from buyers and investors who can finance their purchases without a mortgage or sale of own home.

Being exposed to high financial pressures, first-time buyers and mortgage purchases and are naturally cautious. So are the UK lenders who have approved their lowest level of mortgages on record in April this year. According to the report from the BOE, the number fell from 51,500 in March to 48,700. A recent mortgage market report says that “2-year fixed deals are back in fashion as searches for two-year fixed mortgages accounted for around 42.8 % of product searches, making it the most sought-after term.”

The mainstream UK sales market is therefore increasingly price sensitive with realistic pricing remaining the key to a successful property sales strategy.

Challenging market conditions are expected to stay and will favour certain type of buyers. Cash buyers and home movers have always had the best position, followed by first-time buyers and mortgaged buy-to-let investors.

Recently Sold by Chase Evans 

Principal Tower, Shoreditch, EC2

Guide price: £725,000 L/H

 A perfectly located city pied-a-terre in the landmark Principal Tower, this one-bedroom property is approx. 535sq ft/49.7sq m and offers all the best Principal Tower apartment features including a stylish curved balcony, full height glazing, comfort cooling and heating, timber veneered kitchen cabinetry, a bespoke bedroom wardrobe, timber flooring, porcelain and stone tiling. Old Street and Liverpool Street (Elizabeth line), two major City transport stations are within its vicinity, as are many dinging and entertaining options of Shoreditch and Spitalfields. Designed by the award-winning Foster & Partners architects, Principal Tower property comes with 24hr concierge services, access to an onsite gym and spa, lap pool, a screening room and a residents’ bar.

For more City & Aldgate sales please contact: +44 (0)20 7488 2777  city.sales@chaseevans.co.uk

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Goodman’s Fields, Aldgate, E1G

Guide price: £600,000 L/H

Set in the sought-after Goodman’s Fields development in Aldgate, this one-bedroom property offers the best of true city living: a comfortable home with a balcony featuring the latest in interior design; convenient location with an easy access to major Underground and Rail stations, and a lively neighbourhood with stunning landscaping, grocery shops, restaurants and cafes, fitness workshops and even a cinema.  The apartment overlooks the verdant private garden and is approx. 539sq ft/50.1sq m. It comprises a generous entry hall, sizeable/spacious bedroom, bright open plan kitchen/living room and a family bathroom. Goodman’s Fields is located south of Aldgate East, next Leman Street. It is conveniently placed for St Katharine Docks, Spitalfields and the City of London.

For more City & Aldgate sales please contact: +44 (0)20 7488 2777 city.sales@chaseevans.co.uk

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West Tower, Pan Peninsula, E14

Guide Price: £410,000 L/H

Almost 15years on, and Pan Peninsula in Canary Wharf is still one of the most desirable E14 waterfront residences attracting young buyers and investors from all over the world. This one-bedroom property is set on the 17^th floor and is 474sq ft/44sq m. Its living quarters, features an expansive floor-to-ceiling window, and its balcony afford a unique view of South Dock and other high-rise developments such as South Quay Plaza and Wood Wharf. The apartment has a modern finish and includes a semi-separated kitchen, living/dining area, spacious bedroom, and a family bathroom. The development’s facilities include 24-hr concierge, swimming pool, cinema and a gym. The nearest station is South Quay DLR. The Elizabeth line is a short distance away as are modern amenities at Jubilee Park, Cabot Square and Crossrail Place.

For more Pan Peninsula sales please contact: +44 (0)20 7536 7901 panp.sales@chaseevans.co.uk

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