Alasdair Morrison has been an acknowledged property expert in the Newark and Southwell area since he first was interviewed for a position with an estate agency in Southwell in 1982.
2017 marked his 35th year as a successful independent estate and letting agent. This remarkable career has given him a unique insight into the performance of the local property market over the years and the challenges modern estate and lettings agents face.
Here, Alasdair looks back over 2017, which has proved to be a challenging, and yet ultimately very successful year for the two-office, independent estate agency Alasdair Morrison and Partners.
Demand for property results in above-asking price sales in record times
Across the country, estate agents have been reporting fewer sales instructions than in previous years and this is certainly also true of Newark and Southwell.
Alasdair says:
"A positive note is that we have seen the industry change to a seller’s market, with buyers competing for fewer properties. This surplus demand has led to average house price growth of 6.5%, and in some instances, intense competition for properties has resulted in sales taking place at above asking price and in record timescales.
"Demand for individual building plots continues to grow as homeowners want to realise their ‘Grand Designs’. A recent redevelopment site at Thurgarton achieved close to £500,000, while £250,000 to £300,000 is readily achievable in many instances for the right plot in the right location.”
Local rental market remains strong
A consequence of the lack of available property is that more people are finding a solution by staying in medium- to long-term rented property. As a result, growth in the rentals sector has continued, despite the imposed 3% Stamp Duty surcharge on the purchase of a second home.
Estate and Lettings agency goes from strength to strength
In November 2017, Alasdair Morrison & Partners became one of the largest independent letting agencies in Newark and Southwell, when the company acquired a supplementary Newark lettings agency.
Alasdair said:
“The day-to-day management of the agency remains in the very capable hands of Rentals Manager, Deb Simpson, ensuring landlords and tenants continue to receive a high standard of customer care.”
December 2017, also marked the first work anniversary of Chris Pick, the company’s Business Development Manager, who with the assistance of Faye Wiltshire, Tammi Smith and more lately Karen Fenton, has transformed the Southwell office into the number one estate agent in the town.
During 2017, the Newark office has achieved some remarkable sales; most noticeably a cottage with several acres scheduled for development achieving in excess of £1.5 million. It is also good to see first-time buyers returning to the market, now that the financial institutions have greater confidence in lending. This can only help first and second time sellers move up the local property ladder in 2018.
Giving back to the local community
The two offices of Alasdair Morrison & Partners launched a new initiative in November, a Reverse Advent Calendar, where customers and staff were invited to contribute items to then be donated to Newark Foodbank.
Alasdair said:
“After a successful year helping many people move into their dream homes, we felt it was important to acknowledge that many out there in our local community are still struggling to put food on the table. We hope that everyone, including other local businesses, will rally and join us in helping to support those in need this Christmas-time. Donations can be made at our offices in Newark and Southwell.”
A positive outlook for the local property market in 2018
Alasdair Morrison and Partners anticipate continued property growth in 2018, in both sales and rentals, although the government’s proposed tenant fees ban coming in early 2018 is likely to cause uncertainty for landlords until more details of the proposed bill are known.
Alasdair finishes:
“We shall continue to deliver a complete professional property service comprising valuation and surveys, sales and rentals for property in Southwell, Newark and surrounding villages, for the benefit of our clients and customers in 2018.”
