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Covid-19: Fisks London are open

How has Fisks London coped with the Covid-19 pandemic?

In late February, before any official government guidance on Covid-19 in relation to Estate Agents had been published, Fisks London were ahead of the curve. All of our staff were issued with face masks and latex gloves for use on property viewings, during which we followed strict social distancing measures. On return from the viewings, any keys and fobs that we had used were disinfected before being returned to our secure key cupboard.

On the 24th of March all Estate Agencies were ordered to close. Fisks London were able to continue to service our clients’ needs remotely.  We continued to oversee our Management Portfolio and successfully let several apartments through video viewings.

On the evening of the 12th of May the news broke that Estate Agents could open for business the next day, and promptly, our sales office opened at 9:00am the following morning.

Most of the procedures and measures that Fisks London implemented in February now form the official recommendations for Estate Agents, published in May. We have adopted a responsible socially distanced approach to the viewings, we wear masks and gloves whenever necessary, and continue to provide video viewings. At the office, our desks are arranged to enable applicants and property consultants to remain at least two meters from each other. Combined, these measures underscore Fisks London’s responsible attitude to the health of our clients, applicants and sales and lettings consultants.

As part of the new governmental health and safety advice, I’m afraid for the time being we are not able to drive applicants to viewings and open homes are not permitted, but other than that its very much business as usual.

 

 

 

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Will the ‘Boris Bounce’ lead to an increase in Canary Wharf property values?

An elected majority government in December 2019 brought an end to four years of stalemate in the house of commons and uncertainty in the financial and property markets.

Since the vote to leave the European Union on the 23rd June 2016, property values across London have fallen by approximately 3%.

At Fisks London we felt the uncertainty caused by the referendum result was the final straw, adding further pressure on a market that was already showing signs of overheating and suffering from an oversupply of new build property and a weakening global economy.

Sales instructions reduced as the majority of vendors adopted a ‘wait and see’ approach. Inevitably this lead to fewer properties available for buyers, so despite the uncertainty and negative sentiment, our vendors have been pleasantly surprised by the final agreed selling prices we achieved.

As we all know location is key, and demand for river facing apartments on Westferry Rd or property located in South Quay or other popular locations such as Narrow Street and Fairmont Avenue, Blackwall, remained strong during this challenging time.

Is this the return of positive sentiment?

Although it is too early to have any meaningful data on house price sales to analyse since the election result, there is unquestionable return of positivity amongst buyers. The sales team at Fisks London believe that the fourth quarter 2019 is likely to have represented the bottom of the market and many of our investor clients agree.

There have been reports that multi million pound prime Central London properties that had been stagnating in the market since the referendum result, have had sales agreed, subject to contract, in early January 2020. This is encouraging, as Prime Central London property sales are generally the first to slow when the market is in distress but the the first to increase when the market improves.

Due to the decline in capital values over the last three years, London now represents a good value for money, comparative to other international cities.

I am yet to read or hear market commentator who does not believe that London prices will increase in 2020.

Will this “Boris Bounce” continue for another five years? At Fisks London our view is: certainly, yes! The threat of recession has receded, the base rate remains low with the potential to reduce again, and there are plenty of first time buyers who now feel confident enough to make a property purchase and take advantage of the governments stamp duty incentives.  There is still a shortage of good quality property in the market and at Fisks London we believe that the pent up demand could overtake supply.

Should we pop the champagne corks?

Perhaps just the one bottle for now! We still need to agree a trading deal with the EU and other partners. The Nationwide Building Society has reported that UK house prices increased by 1.4% year-on-year in December. Industry predictions for 2020 remain modest at between 1% and 2%.  However, my view is that the value of second hand property in Canary Wharf and its environs could increase more aggressively.  There is strong demand for one bedroom apartments in South Quay, Westferry, Narrow St and Blackwall priced between £350k – £450k and two bedroom apartments in the same locations between £550k – £650k.

Potential vendors will benefit from our experience of how to implement a marketing strategy needed to achieve maximum value.

Do not hesitate to contact us to discuss the current market value of your property.

 

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Fisks London’s new look for 2020

We are delighted to announce the launch of our brand-new website.

In line with our ongoing commitment to offer our clients the very best standard of service, the team have been working hard to ensure the new site provides all the latest information and property options for London and the Docklands. We appreciate, that in this day and age, a modern property agent needs to move with the times and provide a slick and intuitive online experience that enables landlords and tenants to browse properties and learn about our service, at their own pace and convenience.

“We felt that the time was right to make the change. As we head into a new decade, we want Fisks London to remain at the forefront of the London property market and be offering clients the same high level of service that they’ve come to expect from us. Having an effective and contemporary online presence is a key part of realising that objective.”

On the new site, landlords, tenants and vendors and buyers will be able to browse all of our available properties and access a range of useful resources. Details of our lettings and management services are quick and easy to review and you can download our latest furniture brochures, prepared in collaboration with NEW ID and ideal for London property investors. The site will also feature all of the latest property news and views from Fisks London HQ, as we keep our finger on the pulse of the developments in the industry and offer our readers valuable insight and advice. And of course, our team are always on-hand to answer any enquiries.

So please explore the site and acquaint yourself with the new features. We welcome your feedback and will strive to continually improve our online service.

From all of the team at Fisks London.