London Property Market Projections For 2018

London Property Market Projections For 2018

What will the London property market look like in 2018? Will housing prices drop or continue to rise in a new two-tier market? These are questions that many London property owners and investors are asking themselves as the New Year fast approaches. Many top housing price indexes are showing a rise in prices, but with a two-tier market slowly emerging. Keep reading as we take a look at the latest London property market projections for 2018.

Forecasted Growth for 2018

With price growth forecasted for the lower and middle sectors of the market, experts are seeing an average growth of 3% for typical first-time-buyer homes and 2% for second-stepper properties as the market continues to strengthen from previous lows. This growth comes as a surprise to some investors who have seen upper tier homes in more affluent parts of London predicted to fall an average of 2 percent over the next 12 months. Combined with the 3 percent growth for lower market homes, we see an average of 1 percent growth overall for 2018.

That little growth may not seem like a lot, especially when compared to previous years including 2017’s 1.2%, but in a slow market, growth is still growth and that means profit.

A Two-Tier Market

Now, let’s take a look at that two-tier housing market I mentioned earlier. What is the reason behind it and why are 2018’s growth predictions so subdued?

First, we have the ongoing shortage of suitable properties for sale. This is in areas where demand is high and prices are pushed higher as new sellers look to take advantage of the strong seller’s market. Now, combine this with historically cheap mortgage rates and you have a market that is slightly unstable due to its own strength.

Secondly, with interest rates low, overall affordability stretched due to subdued wage growth, and reduced numbers of high-end movers, particularly in London and the South East, another property price boom isn’t likely to happen.

Yet, despite all the geo-political factors of the last twelve months, the UK property market remains in good health. If we see a steady market with subdued growth in 2018, existing home owners could see the value of their asset hold, and new home buyers will have an opportunity to take advantage of the slow market and purchase more of a property than they had expected. We will continue to look forward to 2018 and watch as the London property market grows slowly and steadily and keep you updated and informed right here on our blog.

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How to Ensure Project Success

kitchen fitters london

How to Ensure Project Success

Project success isn’t just about avoiding failure, but also delivering high quality results. So even when you manage to meet the deadline, if the outcome is subpar, the entire project is still unsatisfactory. This is especially true in construction projects where mistakes can mean blowing off a lot of money.

So, How do you ensure project success?

Avoid common pitfalls

The phrase “the devil is in the details” has never been truer in any project. One wrong move, one miscalculation can lead to a major fallout. This is why, from the outset, every aspect of a construction project must be taken into account and listed down, complete with a timeframe and all pertinent details. When this is done, you can avoid the following pitfalls:

An unrealistic project time frame

Some projects take longer to complete than others. Be completely honest about this, rather than overextending yourself just to be awarded the project. Save yourself from unnecessary stress, and your reputation from being tarnished.

Dragging the planning stage

Don’t waste time consulting with planners before creating and submitting plans. The longer you delay, the longer it will take for the project to complete.

Inaccurate quotations

A good budget for a project should have around 10% contingency fund. Make sure you have expenses down pat, and then add the 10% for good measure. The last thing you want is the lack of budget to put the project on hold indefinitely.

Don’t let indecisions get in the way

There should always be room for adjustments in any project, but mostly minor ones. If changing your mind can mean a major overhaul, then you’ll never complete anything on time.

Working with the wrong tradesmen

It doesn’t take a genius to figure out why working with the wrong people can result in an unsuccessful project. The lack of skills and knowledge, however, is just half of the problem. A skilled worker’s attitude and level of cooperation also matters. Make sure that the tradesmen you work with share your visions and passion for getting the job done.

Failing to keep things running smoothly

Creating a plan should cover every aspect of the project, including the ground rules and house rules. This would help ensure a project is completed on time with as minimal fuss as possible. It should follow a per-stage progress, where one level is finished before the next one is started, and all within the set time frame.

You should also take into consideration the amount of stress the project will impose on your clients. This is especially true with a home renovation where the family continues to reside while the project is underway.

Failing to provide the essentials in home construction

A bathroom is an essential part of any home, and should always be top on the list. For every three bedrooms there should be one bathroom. The design of the windows also matter. This is especially true if you are extending a home, where the original and the new construction should match to a T, and appear a seamless extension. So make sure the window design is an exact match.

Most importantly, the construction site must have access to water and electricity, and are kept clean through regular skip hire. Don’t forget to regularly communicate with builders to stay updated with the project.

Combit Construction Attends Home Renovation and Building Show in Birmingham

Two hands using a scale ruler on a set of blueprints

We recently had a day out at the home renovation and building show in Birmingham which was a fantastic way to research new technology and building innovations. Walking around the different stalls gave us some eye opening ideas on ways to incorporate new techniques and products into our own building work here in North London.

One of the stands that really caught our eye was polycool – this is a great way to keep your conservatory temperature moderated and here at Combit Construction we would like to incorporate this product for those with conservatories that have the same issue.

Check out their website for more information and read why Polycool is a great addition to every conservatory