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Tuesday, 12 June 2012

Buyers Have Confidence In Wimbledon’s Property Market

A renewed confidence is giving life to Wimbledon's housing market. After three to four years of slow sales, local agents are eager to make sales and buyers are ready to purchase rentals.

The sudden increase in house sales has local experts surprised. Jonathan Dyson, Director at the Wimbledon branch says "Properties that were sitting are selling fast and for 97% of the property's asking price." But, he stresses caution and warns not to see to much into the turn of events. Jackson-Stop and Staff believe agents should not become too greedy and keep their prices within range.

The Spring Bounce

After a long bitter recession, the Spring season brought a welcome increase in profits for local rental agents. And, it was long overdue and unexpected. "We are confident homes will move swiftly and continue to help turn the economy around. Residents are feeling confident about their financial situations and are willing to purchase a home. Their jobs are safe, they have more money and the economy feels stable," says Dyson. "So they are investing their money into new properties."

Village Life

Businessmen are taking advantage of the improved economy and purchasing property in Wimbledon as a retreat from the city. "Wimbledon is a good place to raise a family. Our average one bedroom flat or 6 bedroom home sells for roughly £300,000 to £3 million. You can find a big park side villa for £732,000," says Dyson. Wimbledon is perfect for the commuter. The village has a commuter station a short walking distance for those who commute to the city daily.

The Championships

The tennis tournament is something local residents look forward to each year. Wimbledon Village's tennis tournaments bring increased revenue to the town as out-of-town buyers look for properties to rent or to rent to visiting tennis players. A buyer stands to make £15,000 in three weeks from a rental 3 minutes walking distance from the tennis club.

"Buyers can also purchase less expensive town bedroom rentals and make £6,000 to £7,500 in a three week period." says Dyson. "The target market is visiting tennis players. High ranking players usually rent the more expensive homes while lower ranked players take the less expensive homes and spend a shorter time in the city."

"Rentals provide a convenient source of income for the city," said John Keeble, Associate Director, Hamptons International. "But, our town also has quality schools for children, a great location, a variety of detached properties in a village with a relaxed small town atmosphere. Plus, we have many activities for residents to enjoy like our sports and cultural scenes."

The period homes on Marryat and Alan Roads are attracting new families to the village. While, the contemporary and new build homes attract young city workers. A young banker recently purchased a home on Vineyard Hill Road because he fell in love with the style of the home and its garage large enough for his Range Rover.

Wimbledon Village's English charm and tennis scene are very attractive to international bankers looking for a relaxing retreat.

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