So far, it’s been a typical British summer – hot sun and clear skies followed by days of thunder and rain, with a distinct chill in the air. 

Whatever the weather or sales market developments, as specialists in mews properties, Lurot Brand have reason to remain optimistic about achieving strong prices for their London mews houses.

Recently news about the property market has followed a similar pattern: every optimistic, positive story seems to be followed by a pessimistic warning. However, having followed market developments over the past year, we’re feeling surprisingly upbeat about London property prices. Are you?

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WHAT'S MY MEWS PROPERTY WORTH?
 

What’s my mews property worth?

Let’s start with house prices: all-time-low mortgage rates and the undersupply of properties has helped the market defy expectations. The average price for a terraced property in prime Central London rose to £2,207,808 between April 2016 and April 2017; in the Sales Market section of our summer edition of Mews News magazine, we report that average house prices rose by 5.6% in the same period. House prices in London are still 56% higher than they were in pre-crisis peak in 2007, compared with 13% in the rest of the UK. To sum up, Miles Shipside, director and housing market analyst for the property website Rightmove, says "A year on from the shock referendum result and subsequent dent in activity levels, the fundamentals remain strong.”

The economy underpins much of what is happening in the property market, and here resilience is the key. Despite the confusion and uncertainty caused by the Brexit vote followed by a snap election, GDP is still managing to grow. In June, the NIESR (National Institute of Economic and Social Research) reported "Our monthly estimates of GDP suggest that output grew by 0.2 per cent in the three months ending in May 2017 after growth of 0.2 per cent in the three months ending in April 2017.

Significantly, demand has remained strong. Mortgage lending was higher than expected in May and this month the Telegraph has reported that competition among lenders is intensifying, driving many mortgage rates even lower. Lenders are currently offering historically low rates on 10-year fixed deals, so buyers are in a great position to get a good mortgage offer.

Like the weather forecasters at the Met Office, the media may paint a mixed and often gloomy picture of the property sales market, but the figures - produced by trusted public bodies and business organisations - speak for themselves. This is a good time to sell your mews property and at Lurot Brand we’re achieving excellent prices.

In the words of James Robinson, General Manager of Lurot Brand says "If you are thinking of selling your Mews house, and want to achieve a record price, then call us to book an appointment where we will give you a full market report, an accurate evidenced valuation and the right strategy to achieve the best price possible in the time scale you require.” 

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