12th Jul 2017 July Blog: School’s out for summer

James Gubbins writes:

School’s out for summer – word association that takes me back immediately to Alice Cooper, Top of the Pops and ‘idyllic’ childhood summer holidays. For me the worrying thing is that the song is now 45 years old so it rather blows my cover age-wise, although in my defence my Dad ran a ‘discotheque’ at the time so I was an early starter in appreciating the hit-parade!

It’s got a refreshing verse: ‘Well, we got no class, and we got no principals, we ain’t got no innocence, we can’t even think of a word that rhymes’. I mention it for no particular reason; it just always amused me that Alice also sometimes struggled with words.

Back to reality. Summer in Pimlico and Westminster usually heralds an influx of rental enquiries. It’s started early this year with a new batch of MPs searching out accommodation within the ‘division bell’. The division bell is not a specific area as such, it’s defined by time: MPs have 8 minutes to cast their vote from the time the bell rings. I guess these days they get notification on their smartphones and if they are swift movers some Pimlico flats will suit them very nicely.

Others looking to rent flats include students, already preparing for the new academic year in a couple of months’ time, though by far the largest number of applicants are those ex-students (school’s out forever!), graduates taking up their first job placements. Pimlico is ideal for them. It’s perfectly positioned in central London, abounds with public transport, is safe, quiet but with a pleasant, vibrant village vibe. Most of all it is relatively cheap. Presently there is a healthy amount of stock so they have a decent choice but as the weeks go by we expect this to reduce as properties go under offer.

The sales market is steady just now. Nothing very exciting to report. Properties are receiving offers close to asking prices so there is no change there but the availability is increasing so that may make a difference in the supply/demand balance. We won’t really know that for sure until after the holiday period though and whether any change affects price. We are not expecting it to.

If you would like further advice on the market generally of more specifically in regard of a particular property please contact:
Nicola Owen – BSc (Hons) CPEA MARLA FNEA – Lettings expert on 020 7834 8000
or Alex Jerram – MNAEA – Sales expert on 020 7834 8000

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