The London Barometer August 2013

Friday, August 09, 2013 by Douglas And Gordon

August 2013 / Sales

Market Comment

“The summer is traditionally a quieter time to put a house onto the market as buyers tend to be away or less motivated when their children are on school holidays. However, savvy sellers are benefiting from an 18% increase in buyers registering in July this year, which is the same level you would expect to see in the busy spring market. The good weather has resulted in more people viewing properties and using the summer holidays to reconsider their living arrangements.

“We continue to see stock levels decreasing in London whilst house prices are increasing which is creating a competitive sales market where the best houses are selling in record time and in some cases receiving multiple bids.”

George Franks, Sales Director

 

August 2013 / Lettings

Market Comment 

“We are now slap bang in the middle of the busy summer lettings market and despite registering 15% fewer applicants in July compared to this time last year, the number of new tenancies agreed during July was 20% higher, showing that tenants registering are much more motivated to move.

“The supply of properties available to rent in July was almost 10% up on this time last year, in spite of the fact that 11% of tenancies which ended in July were properties which were not coming back to market as the landlord has decided to sell.

“Although we are expecting to see an increasing number of tenants opting to rent long-term, there is still a strong desire to get onto the property ladder – in July, 15% of tenants that moved out of properties they had been renting through D&G moved because they had bought a property.

“Rental prices remain high in the capital which has resulted in some tenants trying to find ways to reduce their rental outgoing either by moving in with a partner or into house shares, which has contributed to the higher numbers of move ins and move outs.”

Virginia Skilbeck, Lettings Director