DOCKS HOUSE PRICES MOVE
AHEAD FOR THE THIRD MONTH
After three successive months of soaring house prices following the two autum 2001 months without increases, the London Docklands market appears to have retained its old vigour as confidence returns and interest rates stay low.

The February 2002 house market survey from researchers, hometrack.com, shows much change from their September chart which sent alarm ringing amongst sellers when it was published exclusively in Property Digest. Estate agents, already struggling for properties at "realistic prices" were stopped in their tracks wondering which way the market would go

Back then, there was no growth in the market and it was the same during October. Figures nudged upwards slightly in November and December and more strongly into January 2002. Most of the London Docklands districts showed 1.8 percent to 1.9 percent increases in property prices during February. Royal Docklands, despite its seeming remoteness and lack of amenities led the way with 2 percent.

During 2001 there had been shortages of homes for sale for months as owners hedged their bets on prices continuing their upward surge. Meanwhile, new stock from housebuilders were being snapped up off-plan to be re-traded or held for the buoyant rental market in London Docklands. The much hyped launch of Ballymore's New Providence Wharf development in the Isle of Dogs followed the broad pattern of the last two years as buyers flocked in.

There are plenty of buyers out there. The London Docklands Online
property location forms flow in day and night from all over the world, keeping our panel estate agents busy with viewings and deals.

London Docklands Property Charts Results February 2002

Post code	monthly price change	Av price	weeks to sell	viewings to sale	% change in reg. properties	% in sales agreed	% change in registered buyers
E1	1.9	244,500	2	9	9	39	36
E14	1.8	244,200	3	7	13	44	36
E16	2	97,700	2	8	-22	22	50
SE1	1.8	266,800	3	6	8	90	33
SE3	4.2	190,200	4	12	12	265	20
SE8	0.8	137,700	3	11	13	28	35
SE10	1.1	206,500	3	13	6	340	26
SE16	1.8	180,400	2	7	16	55	53

 

 

 

 

 

London Docklands Property Results chart September 2001

Post code	monthly price change	Av price	weeks to sell	viewings to sale	% change in reg. properties	% in sales agreed	% in registered buyers
E1	0.1	240,800	3	9	8	-5	-7
E14	0	241,900	3	9	10	-7	-7
E16	0	95,300	1	7	-7	-13	-3
SE1	0	259,400	4	10	0	-8	-20
SE3	0	182,500	4	13	12	0	2
SE8	0	136,500	4	11	-4	-11	-16
SE10	0	205,100	5	12	13	0	0
SE16	0	176,900	3	14	5	-8	-10

One lawyer, about to exchange on a £400,000 apartment deal in Wapping, phoned the seller's agent to demand a 20 percent cut in the agreed price as his client felt the terrorism in America would hit the property market. That deal was the first victim of the events in New York and Washington and more swiftly followed in the days to the end of the month. Within days deals worth over £2M were called off as buyers panicked.

Agents reported a steep decline in calls and interest and their websites visitor numbers fell away. London Docklands Online's climbing visitor numbers went into reverse showing a 20 percent dip before the final days of the month when they started to recover.

Part of the recovery was increased confidence and the human resources logistics of the companies affected by the USA disasters. New York traders posted to London and Tokyo while Tokyo execs found themselves being despatched to London at short notice, one banker never having visited London before.

Suddenly the Docklands market was showing signs of life. With October normally a good month for trades in Docklands, property professionals are keeping their fingers crossed.

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