First Quarter 2011

Welcome

Thank-you for visiting the new Portsmouth Property Association Website which I hope you will find useful and easy to navigate around. It contains information and contact details on many professionals involved in property work in the Greater Portsmouth Region as well as articles and market reports which give a view to the state of the commercial and residential markets. These reports are prepared by our Members who are literally making the market every day so they are an invaluable guide to both layman and professionals alike. We will be working hard to improve the website in the future to make it the essential first stop for anyone seeking information about property in Portsmouth and the surrounding towns.

Roger Sherliker BA (Hons) MRICS Chairman

Residential Sales

THE coming of spring and warmer weather means that shoots of recovery are appearing in our gardens and the countryside – and the same can be said for the local property market. Many sellers, buyers and agents reported a tough start to 2011 but things are looking up. Sellers need to remain positive and motivated. There is no point sellers being all doom and gloom. If they remain positive, things will happen. The key is “keen and realistic” prices. There are buyers out there and they will buy, as long as the prices are right. Motivated vendors are accepting sensible offers and negotiating hard on their prices. Competitive pricing is a key issue.

Historically more transactions taking place over the April and May period no matter what market conditions are. Take the agents advice: To sell in this market, properties need to be in a good location, well-presented and competitively priced – holding out for unrealistic prices will just lead to frustration. 

Kerry Applin, Director, Chapplins Estate Agents, Havant

Residential Lettings

The lettings market during the first quarter of 2011 has been extremely buoyant with good levels activity in all sectors. Due to a limited number of new properties entering the market there has been upward pressure on rents, in particular we have seen 3 bedroom semi-detached houses rise in value by £75 pcm. We have also seen the return of corporate lets with a number of high value tenancies agreed. All in all it has been a good time to be a landlord and we hope bodes well for the rest of 2011. 

Simon Pinkney FNAEA MARLA, Pearsons Residential Lettings. 

Commercial

Enquiries are back up to pre-recession levels which is very encouraging, but prospective tenants and purchasers are still being cautious before committing themselves. Office supply is falling, albeit there is still over-supply particularly along the eastern M27 corridor, from Solent Business Park to Lakeside, although both these locations have seen the majority of take – up during the last 15 months.Industrial floor space availability is at its lowest for many years, there was not development bonanza at the height of the market and there are shortages of buildings in some sectors and geographical location in the Solent Conurbation. Landlords who are prepared to be flexible over lease terms are letting space but the squeeze on household budgets in the next 12-18 months will affect the retail sector. There have been some high profile casualties in recent weeks such as Oddbins. There is an oversupply of space in secondary centres, but prime locations still enjoy high occupancy rates.

Roger Sherliker BA (Hons) MRICS

Legal

A quiet month for most legal conveyancing professionals with the market still going through a patchy time, consequently meaning new instructions are less in number than desired. However building on a good start to the year has meant that with Spring starting to bud, the property world is looking a little more optimistic in these challenging times. The recent budget, whilst not wildly exciting, is hopefully going to strengthen the property market by assisting first time buyers with a form of shared equity scheme/first time buyer scheme, and anyone wishing to move should do so now whilst prices and properties are excellent value.

Barry King F.Inst.Lex Glanvilles LLP