Spring Fever in London Property Market

After a very quiet and gloomy period there is a buzz back in the market place. Contrary to media reports there were no bargains to be had in London’s prime areas. With interest rates at such low levels most owners can afford to hold and wait and they have.

The rental market however, has seen a pretty sharp decline. Flooded with properties that are not selling, it was reported by one leading property portal that there is 52% more stock on the market compared to this time last year.

As a result , rents are low and even existing tenants are trying to negotiate their rents down in midst tenancy, some for as much as 20%.

It is a good time to buy as competition is weak and it is easier to agree deals and proceed to exchanging contracts without the added stress of being gazumped.

The current activity in the market place is resulting from a few different factors.

It is firstly due to the fact that no new properties have been coming to the market so demand was stacking up waiting for supply.

Traditionally spring has always been the time to sell so we are seeing new instructions coming on daily at double the volumes of last quarter.

The Euro & the Dollar are also very strong against the pound so demand from overseas investors has been on the increase. Some say these conditions are a once in a life time opportunity, weaker prices , low confidence amongst sellers, strong currencies and low interest rates.

Its also a good time to renovate as construction

With so many transactions now happening off market, an increasing number of buyers are seeking representation and using the services of retained buying agents. Buying agent who have access to market intelligence and strong relationships within it can make the difference between finding the right property or losing it.