The flood of Londoners moving to Surrey hasn’t gone unnoticed in the area. Largely due to Covid, city dwellers have sought the tranquillity and lush greenbelt land of Surrey as a huge investment and bonus; with beautiful walks, parks, stunning scenery and outdoor activities to enjoy.
In comparison their compact city pads which bore the brunt of lockdown (with limited or no garden space) and with shops that rely on the buzz of commuters to stay afloat consequently closing down – the mass appeal of living in London is not quite what it used to be.
Due to this, properties in Surrey had an overall average price of £604,930 over the last year, up 8% on the previous year, according to a recent Right Move survey.
And the majority of these sales in Surrey during the last year were detached properties, selling for an average price of £910,753 while semi-detached properties sold for an average of £516,108.
Thus, proving that the Government’s stamp duty holiday (that ended after its final extension in September 2021) may not have really played that huge a part in the decision-making process of people purchasing a house in Surrey – or indeed buying a second property in Surrey.
It’s considered more of a lifestyle choice. Many have family members in the area that they obviously missed seeing during the pandemic, some elderly that has made them reassess lifestyle and living choices.
Plus, with more flexible working from home patterns initiated in lockdown that have continuing in the form of ‘hybrid working’ in the office just a mere one or two days a week – the Surrey Property Market has never been a more attractive proposition for investment than it is now.
Indeed, the last year has seen Surrey property prices rise from their previous 2007 high. Couple this with predicted trends that London will lose a further 2% of its permanent residents to greenbelt commuter areas like Surrey – then we have a serious MOVEmber situation on our hands!
The recent ‘London Assembly Housing Committee Survey’ reported in March 2021 that one in seven Londoners wanted to leave the city as a result of the pandemic.
Of those that wanted to move when asked about the likelihood of moving within 12 months, around two-thirds will definitely, probably or possibly move (22%, 21% and 24% respectively).
ASKING THE EXPERTS
With this in mind, Surrey Rocks caught up with leading local estate agent, Jackie Quinn, to get her take on the current Surrey Property Market.
“They all said that the property market would tumble after the end of the stamp duty holiday, but this simply couldn’t be further from the truth – there is a great shortage of properties for sale and when one comes on to the market, there are dozens of prospective purchasers desperate to view at the first opportunity and many are offering much higher than the guide price in an attempt to secure the home of their dreams. Most of these buyers are moving out of central London, as they are now only having to commute several times a week and have realised they can buy a great size house with lots of outside space for a lot less money than a similar property would cost them in London,” Jackie reveals.
“Also some properties are having well over 20 viewings on the first day of marketing and receiving multiple offers. This is a great scenario for sellers but leaves all but one applicant disappointed and it is really difficult as an agent to keep everyone happy. On the flip side, most sellers are also buying, so they experience the same difficulties too! There is absolutely no sign of this changing at the moment but if interest rates rise, it could be a different story,” she explains.
James Bailey, who has recently launched his Sutton and Cheam based estate agents, James Bailey Property, added:
“Surrey is one of the best counties our country has to offer. Property prices here have always remained incredibly steady and Surrey is a fantastic place to invest your money. Whether it be for your own needs or as an investment to let out, it will be an excellent purchase located in an affluent area. While the stamp duty holiday recently ended there are still some excellent options on the market. Properties that may not have been able to get through in time and have become unexpectedly available again.
“Also, it is very worthwhile getting in touch with your local agent to build up a friendship with them. January normally sees a spike of instructions and therefore if you get on well with your agent, they may just give you a heads up on what’s coming to market.”
BUY TO LET IS BIG BUSINESS
Reads Property has also noticed the increase in buy to let home owners in the area, as Lynsey Read said, “Surrey is in its own bubble with great schools, greenbelt land and transport links to London. Many are using their savings to invest in property in Surrey as it’s such a worthy investment.”
Reads Property are not just a normal estate agent and are also in the business of securing land that developers can build on. With demand far outstripping supply, Surrey residents may not actually realise how much their land is worth.
For example, if you have a 200 foot garden that has become a bit too much to manage – it could well be sold to one of the reputable Surrey based developers Reads Property deals with and provide a huge nest egg for you and your family going forward.
If you are worried about intrusion on your own property – do not fear – it’s nothing a row of planted conifer trees cannot disguise. If you are in the fortunate position do get in touch with Reads and they can discuss your options.
THE ESTATE AGENTS RECOMMEND….
JACKIE QUINN
£195,000
A second floor studio apartment situated close to Leatherhead town centre and train station. The property has a kitchen, bathroom, good size living area and allocated parking. Ideal first time buy or investment opportunity. No onward chain. The property recently let for £850pcm (5.1% yield on investment) The property also benefits from an allocated parking space. Further opportunities to purchase the loft space and extend making a 1 bedroom split level apartment. One bedroom apartments have recently sold in the block between £220,000 – £240,000. Jackie adds, “A split-level apartment would achieve somewhere in the region of £1000 pcm rental. This is a superb investment opportunity.”
READS PROPERTY
£230,000
Fountain House offers 30 studio and one bedroom new build apartments built by well-regarded Westmede Properties. The available apartment 15 is located at the rear of the building on the first floor. Once inside you are greeted with the open plan living space which is flooded with light, the kitchen is an attractive charcoal and white with marble effect worktops, Bosch Oven and Hob, a stunning breakfast bar perfect for when you are entertaining and ample storage space, the shower room offers a large shower and a useful backlit LED mirror, marble effect tiles and vanity unit encased basin. Secure video entry phone systems as standard to all upper floors, 10 year ICW build warranty. Parking is available by separate negotiation. New 125 year leases available.
