The real deal in Totteridge
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Real estates of Woodside Park, north London has opened a second office, at 74 Totteridge Lane, N20. In Woodside Park since 1981, the estate agent is now targeting Totteridge, Whetstone, Oakleigh Park, Arkley and Mill Hill.
Stephen Barnett, proprietor of Real Estates, aims to bring a new reality to the Totteridge market.
He says that the property market is booming - as long as properties are priced to sell.
"At the moment there's a lack of stock and there's demand as long as properties come on at the right level," he says.
"There are people looking in all price ranges. Only recently we exchanged contracts on a house in just seven days. It had been on the market with other agents. It was over-priced. We gave the vendors the right level to sell it at, and they sold it.
"It comes down to being sensible with the marketing price from day one. We've opened this Totteridge office to give the public what we perceive is 100 per cent service, for both vendors and purchasers."
The new homes market suffers from lack of stock, says Mr Barnett. "There are not a lot of new homes coming through," he explains.
"We have a couple of houses in Reenglass Road we're selling for developer Octagon. We have had a lot of interest in them and we have had offers, but not quite the right offers yet. Because there's a shortage of stock, new property will sell well. Purchasers have to be conscious that they are paying the right price."
Real Estates is selling a new house at Arkley, which it took over from rival agents, who had the property on the market for £2 million.
"We have now set the asking price at £1.85 million and it's already under offer," says Mr Barnett.
Mr Barnett believes that the general election will create no more than a blip in the graph of estate agency viewings.
"This week, people are going to be looking more at what's going on outside, rather than looking at property," he says.
"After the election is out of the way, things will just carry on. The result is not going to affect the position we're in. The housing market will remain stable.
"Interest rates may rise, but the type of clients who buy in the areas in which we work are not reliant on 90 per cent mortgages. They are not highly geared. If the interest rates go up 0.5 per cent, it's not going to stop them from buying.
"All that's stopping them is that properties are not being marketed at the right level."
Real Estates has sold properties all over Totteridge during the past 30 years, many on behalf of developers.
Other services provided by the firm include all residential property matters, rentals, land acquisitions and appraisals.