Latest News

Couple arrested in money laundering crackdown

24 September 2018

The National Crime Agency (NCA) arrested a ‘Politically Exposed Person’ from Pakistan and his wife last week, following allegations of money laundering corruption. Read More...

Are bats sucking the blood out of your sale?

21 September 2018

House sales are tricky enough, but what happens when there are bats living in the property you are selling? Here's what you need to know... Read More...

Funding boost for affordable housing

20 September 2018

Prime Minister Theresa May has called for an end to the stigma of social housing and offered a £2 billion handout to housing associations as part of and ambitious plan to provide tens of thousands of new affordable homes. Read More...

A fairer deal for leaseholders?

20 September 2018

The Law Commission unveiled its long-awaited consultation on leasehold reform this week, which is seeking views on how to save leaseholders time, stress and money during the enfranchisement process and how to reduce legal costs, prevent unnecessary disputes, and the impact reform may have. Read More...


Fast growing demand in East Anglia

Wednesday 08 November 2017

Estate agency Fenn Wright has recorded a strong summer for sales across its eight residential branches this year, but NAEA Propertymark member Alan Williams is now advising sellers to be realistic in their pricing strategy as the autumn market transitions.

“We have had an excellent summer for sales across all of our offices, and this autumn we are seeing a lot of activity and better availability of properties coming onto the market - creating some good buying opportunities.

“However, it’s now a much more price sensitive market. Some properties are taking longer to sell so sellers need to be properly advised on a pricing strategy at the outset because a modest reduction from an over ambitious asking price can sometimes do more harm than good.”

According to the latest Halifax house price survey it has been predicted that a squeeze on spending and rising prices could stifle future demand. However, it is believed that the housing market is unlikely to be badly affected by a future interest rate rise. 

Alan continues: “In this market, a lot of care and attention is needed by experienced agents to steer a sale effectively through to exchange of contracts and completion, and we have noticed an increased ‘fall-through’ rate across the region, which can be frustrating for all concerned.

“Stretched affordability is now impacting the market and indications are that prices will stabilise for the time being but against that we all know that there is enormous long term demand for housing in our fast growing region.”

As expected for the lettings sector demand from tenants over the summer months has remained strong and the market overall has performed well for investors. However, it isn't all roses as Fenn Wright's partner, Joseph Hall explains: “Available stock remains an issue for all types of property and this continues to fuel tenant demand and rents as the lack of supply continues to fall short of tenant demand. 

“We are yet to feel the full effect of the abolition of mortgage interest relief, and we believe with the hardening of the residential sales market that investors will now take the opportunity to purchase properties at a reduced rate in a more static market.”

In the commercial sector, continuing strong demand for vacant freehold property in Essex and Suffolk has led to good prices being achieved within both the occupier and development markets.

Fenn Wright partner, Alistair Mitchell said: “The availability of vacant freehold property in the region is extremely limited across most sectors and good secondary investment properties in lot sizes of anything between £100,000 and £2,000,000 are equally scarce.

“We have been experiencing significant levels of competition amongst cash purchasers for the few well let opportunities which do come to the market.

“However, tenant enquiries are more limited in some areas. It is quite apparent that the office market in a number of towns is quieter than has been the case for some considerable time, with occupiers biding their time before committing to new leases; Brexit and general economic uncertainty having their part to play in moderating occupation demand in the short term.” 

We want to hear from you

If you want to have your say on current issues, or if you've got a great story you think other members will love, get in touch by sending an email to Stacey Ballard with the subject title 'Member's View'.