Watford Property Market Update – Summer 2019

When Jemma asked for an update on the state of the market, we weren’t thrilled because current conditions aren’t necessarily the best and we’d have to waffle on about Brexit and you would get bored very quickly, plus we are REALLY busy, so when would we find the time to write something?

Hold on, did we say BUSY? Well yes, actually we are. So how is that so, when most would agree that the market is generally quieter?

The answer is simple. We can’t change the way the market is, but there is no point worrying about it, instead we focus on the things we CAN change and work harder to ensure that we continue to get results for our clients.

For example, we ensure we give our clients the right advice regarding price when it comes to selling their property. A competitive price is essential in this market if you want to generate interest from potential buyers.

Presentation is also important. De-clutter. Mow the lawn. Don’t leave laundry lying around when you have viewings. Open the windows. Get some air fresheners. Little things that can make a difference between selling or staying put.

Keep an open mind. If the only offer you receive is lower than you expected, that probably represents the true value of your home at the current time. Don’t dismiss the offer without thought, as if you are also looking to buy you can adjust your budget to reflect the price achieved on your own, not forgetting that the people you buy from are in the same boat as you.

So far this year, with sensible pricing and good presentation, we have had excellent results. If you want to sell, you will, you just need an agent that gives you the right advice…assuming they are not too busy!!!

These are interesting times for landlords too. Many of you will be aware of the tenant fee ban introduced on 1st June, together with the fact that security deposits are now limited to a maximum of 5 weeks’ rent. These measures have clearly been introduced to protect tenants, but limiting the deposit many have consequences for some of them. Larger deposits have often been requested in the past where a landlord wanted extra reassurance, in cases where there was any doubt about a possible tenants circumstances. This was then returned at the end of a tenancy if all was well. Now that this is not allowed, landlords may push for higher rental figures, which will be more of a financial burden for tenants than a larger returnable deposit.

Generally the demand for rental properties remains high – just ensure that you use a reputable agent who is up to date with legislation changes.

We hope that you have a great summer in Watford. Get in touch on 01923 230302 if you need any property advice and we assure you of our best attention and award winning customer service at all times!

Neil Marshall and David Vizard

 

 

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