Quinton Scott

House prices in Wimbledon and Kingston continue to rise although at a slower pace than before, according to local Chartered Surveyors Quinton Scott. This is in contrast with other areas where current values are static or falling.

This trend is borne out by rental returns having increased locally as vendors are refusing to be knocked off their asking prices with the result that many purchasers are adopting a cautious ‘wait and see’ attitude and renting instead.

Quinton Scott attributes the continued strength in house prices to a shortage in supply as fewer homes come on to the market and this is supporting prices.

“The introduction of the HIP (Home Improvement Pack) scheme has not helped encourage people to put their homes on the market. What is strange is that many purchasers are not even requesting sight of the HIP documents which makes us wonder why they were introduced in the first place,” said Terry Pierre, a Quinton Scott director.

“The real issue is fewer homes are available resulting in more competition for good properties. As an example of this, our Wimbledon Village office recently took on a £1.6 million home and organised 13 viewings, resulting in four offers, in just two days. There is an expectation amongst many potential homebuyers that prices will fall, however, this is unlikely as there is still a large underlying demand for property in Kingston and Wimbledon.

” Pierre concluded, “We are expecting a tougher market in 2008 and it is in these times that buyers and sellers really need professional advice from senior consultants with good local knowledge and experience. We certainly think our team qualifies!