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Lex Allan Group
“Award Winning Agents”
The Lex Allan
Report
Autumn 2013
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a l l a g en c y
a l l a g en c y
Market Overview for Stourbridge, Halesowen, The Black Country,
plus the Towns and Villages of North Worcestershire
General Overview
My gosh what a difference three months make in the world of property!
Much has been spoken in the press and online about Britain being on the verge of another
“housing bubble”. Mark Carney, Governor of the
Bank of England has vowed to take whatever
steps he perceives to be necessary and expedient
to avoid another property price boom as he did in
Canada between 2008 and 2012.
Property prices have risen in the UK in 2013 but
predominantly in the South East and specifically
within the core area of London where reports
indicate residential property price rises of up to
7%. As a contra to this, property prices have
continued to fall in the North East and closer to
home statistics indicate that property prices are
stable and are set to remain so for the remainder
of the year.
Commercial property transactions have picked
up with an upturn in investor interest for packaged
commercial property investments including those
with a mixed residential aspect.
Lex Allan
Principal
Residential Sales
Stewart Allcock
Residential Director
September confirmed our position as the “Agent
of choice” in Halesowen, as we once again
recorded a market leading market share of 26%
of all new instructions coming to the market place.
readily available, lending criteria continues to
be restrictive. A marked improvement has been
noted for sales converted in the £150,000 –
£200,000 price bracket.
In Stourbridge we “topped the poles” for recorded
sales in our core area beating off stiff opposition
from seventeen competitors.
Many of these properties have been sold to
first time buyers, who hitherto have resisted the
temptation to venture into the “land of home
ownership” until they were confident that property
prices had no further to fall.
Our respective market shares are rising against
a backdrop of improving confidence. This
confidence however is not likely to manifest
itself in an uplift in property prices respecting
the fact that salary levels are not rising in the
West Midlands and although mortgages are now
Stability has undoubtedly returned to the market
place from which buyer confidence will grow and
unit transactions should remain strong certainly
until the end of the year.
Desperately Seeking...
Lex Allan have established a reputation for “Doing Things Differently” and now seem to be prepared to resort to extreme measures to
attract buyers by making a tongue in cheek pull on the heart strings of potential purchasers, with our new wave of ‘desperately seeking’
adverts recent examples include:-
If you are looking for a new property “Love Match” contact one of the Lex Allan Love Doctors!
Stourbridge 01384 442 464
Halesowen 0121 550 5400
www.lexallan.co.uk
Residential Lettings
The third quarter of 2013 has been our best three month period of production since the
company’s humble beginnings working from a one bedroom flat in Amblecote twenty
two years ago. Lex Allan Lettings are a leading force not only in Stourbridge, Halesowen
and the surrounding towns and villages of North Worcestershire, but their portfolio size
exceeding a thousand properties is rivalled by very few letting operators in the Midlands.
Despite the Government’s ‘Help To Buy’ initiatives (which have been brought forward
from their proposed start date of 2014) a number of first time buyers still find saving for a
deposit of 10 – 20% of a purchase price a significant uphill challenge and accordingly they
remain committed to their status as tenants.
Several vendors who have benefitted from an increase in transactions in the house sale
marketplace have opted to rent short term whilst they wait for the “house of their dreams”
to come to the market place.
Jerry Reeve & Jason Morris
Lettings Directors
The combination of an improving house sale market place, static salaries and the
relentless march of inflation, has resulted in a recent Homelet Survey posting a fall in
average rents year on year in the Midlands by 2.1% (£633 p.c.m. down to £620 p.c.m.).
Commercial Property
Under the careful guidance of our recently
appointed Commercial Property Surveyor – Ian
Appleby our Commercial Property Department
has gone from strength to strength, boasting our
best ever “pipeline” of agreed sales and letting
transactions.
We are delighted to confirm that the final office
suite available at the stunning Enville Hall Mews
development has now been let and sales have
recently been agreed on packaged commercial
investments in Attwood Street and Bott Lane,
Lye, reflecting healthy yields of circa 10%.
Lex Allan Surveyors have recently been
appointed approved West Midlands valuers
for Sanctuary Housing in connection with long
leasehold extensions. Lex Allan said:“We are delighted with this appointment which
appropriately reflects our recognised expertise
within this specialised market place.”
Ian Appleby
Commercial Property Surveyor
Agents Recognised as ‘Property Professionals of
Excellence’
Key staff members Simon Senior and Rob Blunt, based in Stourbridge and
Halesowen respectively have successfully passed their NFOPP Level 3 Technical
Award in the sale of residential property.
Lex Allan is amongst the steadily growing number of Agents across the UK who
are working with the NAEA and the NFOPP Awarding Body to become qualified
and raise standards within their field.
Lex Allan said last week:-
Simon and Rob after their Award success
“We are really proud of Simon’s and Rob’s achievement. We strongly believe
that our vendors and buyers favour an Agency that is staffed by hardworking,
experienced and qualified local property experts.”
The Lex Allan Group incorporating Lex Allan Estate Agency, Lex Allan Lettings, Lex Allan Commercial and Lex Allan
& Grove, are an independent company of property specialists offering professional services including estate agency,
residential lettings, commercial agency and property management, valuations and advice on land and new homes.
Their area of operation covers Stourbridge, Halesowen, the Black Country and the towns and villages of North
Worcestershire.
Lex Allan
Lex Allan Group
“Award Winning Agents”
The Auction House
87– 88 St. Johns Road, Stourbridge, West Midlands, DY8 1EH
Email: info@lexallan.co.uk
Lex Allan & Grove
18 Hagley Road, Halesowen,West Midlands, B63 4RG
E-mail: info@lexallanandgrove.co.uk
Stourbridge 01384 442 464
The Auction House
Halesowen 0121 550 5400
www.lexallan.co.uk