winter 2011 - Lex Allan Grove

WINTER 2011
Market Overview for Stourbridge, Halesowen,The Black Country,
plus the Towns and Villages of North Worcestershire
General Overview:
With the festive marketing wheels already beginning to turn, and a backdrop of nights drawing in and outdoor temperatures
dropping, we brace ourselves for a period of economic uncertainty as the Euro Zone “bail out” struggles to be clearly
defined.
Whatever the pill that the Euro Nations will have to swallow, it is inevitable that part of the
fall out will impact upon British banks and lending institutions, who are making no secret of
the fact that mortgage interest rates will rise in a bid to recover Euro debt write offs.
Market commentators are predicting that increased mortgage rates will bring about a
further fall in house prices, and those who are hoping that the market had dipped as far as
it was going to go, may be disappointed.
Lex Allan
Managing Director
On the flip side, the residential lettings market remains buoyant with an increasing number
of Tenants taking medium term comfort from their enforced or chosen sabbatical from
home ownership.
Residential Sales:
With unit transactions running at approximately half of the level experienced in the summer of 2008, the majority of people
buying and selling are either in a “must buy” or “must sell” position. This factor coupled with falling house prices has left a
number of estate agents scrabbling for business in a much reduced house sale market
sector. The two offices within the Lex Allan Group – Lex Allan in Stourbridge and Lex
Allan & Grove in Halesowen, significantly bucked the trend in September, recording
record months in both offices.
We have managed to maintain our unit transaction levels by taking bigger market shares.
Primarily this has been achieved by re-inventing our Unique Selling Propositions, and
assigning “Personal Agents” to individual properties, ensuring that none of our house
sale stock is allowed to become stale, and each individual marketing plan is regularly
under review.
Stewart Allcock, our Director of Estate Agency in Stourbridge said “the assignment of a
Personal Agent to each property, coupled with the fact that we always have at least one
member of staff in our office who has seen any property that may be the source of an
enquiry, gives us a significant advantage in a difficult market place”.
Dean Grove and Stewart Allcock
Residential Directors
Love is in the air
We are delighted to announce that two key members of the
Lex Allan Lettings Division “tied the knot” this month at a
glamorous ceremony held at the Hotel Du Vin – Birmingham.
The couple were surrounded by close friends and family for
the ceremony, and then joined by the full entourage of Lex
Allan Staff for a private function at the Hotel Du Vin later
that evening. The couple are honeymooning in the Far East,
and Jason who has always been an exponent of “be prepared”
has taken his lilo and water wings – just in case local flooding
prevails!!
On behalf of all staff, clients, friends and family we wish them
all the very best for the future.
Commercial:
Although “caution” has been the keyword for commercial investors, and property occupiers, “speciality” retailers looking
to take up space, either at Chenevere Mews in Kinver or on the Hagley Road in Oldswinford,
have been out in force, and on one particular unit on the Hagley Road, we had three prospective
Tenants eagerly looking to take up space.
Understandably,Tenants continue to remain cautious relevant to the length of Term that they are
prepared to commit to. Office rents are declining across the sector as the surfeit of supply rages
on, amidst the back drop of limited demand.
Positive news for any individual or company looking to take up commercial space, is that there is
wide and varied choice of units available, and most Landlords/Owners are prepared to negotiate
competitive deals to secure interest.
Residential Lettings:
With falling house prices and rising rents, the reality of achieving a 5% or 6% return
on the capital invested has refocused the appeal of the residential sector to many
investors, and several of our Buy To Let investor clients have re-entered the market
place, confident that house sale prices in certain areas are at or close to, their lowest
potential ebb.
The local “smart money” is once again investing in the residential sector. Having
prominent house sale and residential letting divisions, we are best placed to advise on
Buy To Let investment propositions. For professional and personal advice, speak to one
of our residential sales or lettings directors.
Jerry Reeve and Jason Morris
Lettings Directors
Whilst rentals continue to increase unabated in the two and three bedroom, semi-detached market place, rents for one
bedroom flats have, for now peaked, which is a reflection of supply and demand being currently in balance.
Andy ‘Masters’ his Profession
Trainee commercial property surveyor Andy Dixon has just successfully completed his MSc
in Real Estate Management. Andy who lives in Norton has been with Lex Allan for just over
4 years and has worked tirelessly on evenings and weekends to achieve this professional
accolade.
Lex Allan said “I have been immensely impressed with Andrew’s commitment – deservedly he
is now well on his way to becoming a qualified Chartered Surveyor!”
Andrew Dixon MSc!!
Lex Allan
Market leading Chartered Surveyors and Estate Agents
“Your Property in Safe Hands”
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.
The Auction House, 87–88 St. Johns Road,
Stourbridge, West Midlands, DY8 1EH
Tel: 01384 442464
Email: info@lexallan.co.uk
The Auction House
18 Hagley Road, Halesowen,
West Midlands, B63 4RG
Tel: 0121 550 5400
E-mail: info@lexallanandgrove.co.uk