Little houses are hot property (From Your Local Guardian)

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Little houses are hot property

1:52pm Tuesday 27th January 2009

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ALISON BATEMAN finds first-time buyers snapping up cheaper homes

Small is beautiful and cheap is cheerful when it comes to property right now — because that’s what’s getting snapped up.

Across south east London, little houses are hot, whereas larger ones are not and local estate agents are putting it down to the desire for a bargain in 2009.

While they still say properties near the centre of towns with good transport links to central London, or those in sought after areas like West Dartford, Bexley, and Chislehurst are always popular, the “cheapies” are current favourites with buyers.

Clinton Wells, senior branch manager at Alan de Maid, with offices across Bromley, explains: “It’s one and two-bed flats and terraced houses for first-time buyers that are selling. Anything up to £300,000. Access to stations is key for first-time buyers and obviously walking into town. For more upmarket properties it’s stations and schools. But it’s all bottom-end activity.”

Gavin Kelly, sales associate at Mann, Beckenham, agrees, saying first-time buyers and people taking advantage of Government and key worker schemes such as Homebuy, are creating a lot of activity.

“We are seeing most interest in flats around the £200,000 mark. They’ve been based around the High Street area, which is important for the stations.

“The repossessions are having an effect on the market — so we’ve taken the forward step of getting property competitively priced, then they attract the right buyers.”

Jane Challoner, branch manager of Your Move, Bexleyheath, agrees that it is the bottom end of the market that is shifting. She says: “We have sold four small houses since the beginning of the year and they have all been under £200,000. No particular area — it’s the price. The others have been maisonettes under £175,000, so no stamp duty. It’s all about the bargain.”

Ruth Souten at McConnells, Dartford, agrees, saying those under £150,000 are getting the most interest.

“It’s the bottom end that’s selling. We’ve just had a couple of sales, two mid-terrace houses, £149,000 and £135,000. Because of the New Year, people are looking for a bargain.”

Chris Fox, senior branch manager at haart, Dartford, said his sales were generally under £250,000.

“We’ve been selling quite a mix of properties but mainly at the bottom end. In the very recent past we haven’t sold anything over £250,000. If it’s over-priced, it won’t sell.”

Jamie Parr, senior negotiator at The Property Shop, Gravesend, adds: “The smaller properties are going quite well. Anything around the £130,000 mark, houses mainly. Then the next price band £200,000, then £300,000.”

He says the English Park estate near Greenhithe is popular (“at the moment the prices don’t seem to matter”) as well as Maritime Gate, Heritage Park and property near Ebbsfleet.

Carl Arnold, assistant branch manager at Bexleyheath’s Robinson-Jackson, added The Pantiles, the south side of Bexleyheath and anywhere near the area’s very good infant and junior schools, such as Bursted Wood, to the list of hot spots for the area.

He says: “We’ve had a mixture of properties, from £120,000 to £300,000 and it’s not a particular kind, it’s anything people feel they are getting a good deal on. There’s a lot of activity out there.”

Neel Syal, estate agency partner at Halifax, Catford, says cheaper houses are being snapped up in Downham and BR1.

“People who used to buy one bed flats can now get a two or three bed house.

“The houses are value for money now. If you were buying a one-bed flat for £140,000, you can pick up a two-bed house now for £170,000.”

Bromley’s Halifax manager Stephanie Parnell agrees: “It’s the two-bed houses in Bromley and Downham, ranging from £145,000 to £160,000, that are going.

“We have had a couple of three-beds ranging from £180,000 to £200,000, but it’s mostly the two-beds and it’s because they are cheap, a little bit bigger and freehold rather than leasehold.”

Their positive comments follow Housing Minister Margaret Beckett’s recent claims there are signs of an upturn in the market.

Her remarks were thought to be based on a new survey by the Royal Institute of Chartered Surveyors, which found the number of new buyers registering with estate agents had risen to its highest level since 2006.